ESOP Definitions
This is what ESOP stands for.
What is Employee Stock Ownership Plan?
This is the year that the company became an ESOP.
What is 2018?
This is the minimum number of years of credited service an employee must have to be 100% vested in the ESOP.
What is 6 years?
You earn this number of allocations for every year of credited service.
What is 1?
This is the period used for ESOP accounting and administrative purposes, consisting of the twelve-month period ending on December 31.
What is the plan year?
This is the stock share value in 2018, the first year our company was an ESOP.
What is $6.41?
This is the "normal retirement" age according to our ESOP plan document.
What is 62?
You earn this number of allocations for every $1000 of compensation, rounded to the nearest $1000.
What is 1?
The term used when referring to the dollar amount per share.
What is Share Value?
This is the percentage of our company that is employee owned.
What is 100%!
This is the annual fee that all eligible employees must pay to belong to the ESOP.
What is NOTHING? There is no fee.
This one of the members of the administrative committee on our ESOP plan.
Who are Craig Baumgartner or Steve George?
The term used when describing the percent of your account balance you are entitled to.
What is Vesting?
These are the number of hours of service for a year of credited service.
What is 1000?
These two conditions must be met for a share in the Plan allocation.
As a Participant, but subject to limited exceptions, you will receive this for a Plan Year if you are: (a) credited with at least 1,000 Hours of Service during the Plan Year and (b) employed with the Company as of the Wednesday immediately preceding Thanksgiving of the Plan Year (“Thanksgiving Wednesday”).
This is the name of one of the members of the ESOP Communication Committee.
Who are Steve George, Jim Purvis, Craig Baumgartner, JT Mackey. Jason Golden, Steve Willoughby, Mark Minch, Jason Skwarcan, and Andy Robison?
This is the term for any portion of the final balance in a Participant’s Account that is not vested and is forfeited following termination of employment.
What is Forfeiture?
One of many factors that impact share value.
What are company performance, industry performance, future profitability, and company debt?
This is the time that an employee becomes a participant in the plan after joining Baumgartner.
The first day of the month following 60 days of employement.
This is the name of our ESOP Plan Trustee.
What is Horizon Bank?