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Title: |
Employee Stock Ownership Plan |
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Date: |
2005 |
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Preview shows 11KB of 105KB total |
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Price: |
$52 |
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ID: |
#828965 |
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LEGACY BANKS
EMPLOYEE STOCK OWNERSHIP PLAN
EFFECTIVE AS OF , 2005
LEGACY BANKS
EMPLOYEE STOCK OWNERSHIP PLAN
TABLE OF CONTENTS
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SECTION 1 INTRODUCTION |
1 | |
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SECTION 2 DEFINITIONS |
1 | |
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SECTION 3 ELIGIBILITY AND PARTICIPATION |
8 | |
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SECTION 4 CONTRIBUTIONS |
9 | |
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SECTION 5 PLAN ACCOUNTING |
11 | |
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SECTION 6 VESTING AND FORFEITURES |
17 | |
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SECTION 7 DISTRIBUTIONS |
19 | |
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SECTION 8 VOTING OF COMPANY STOCK AND TENDER OFFERS |
24 | |
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SECTION 9 THE COMMITTEE AND PLAN ADMINISTRATION |
25 | |
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SECTION 10 RULES GOVERNING BENEFIT CLAIMS |
28 | |
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SECTION 11 THE TRUST |
29 | |
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SECTION 12 ADOPTION, AMENDMENT AND TERMINATION |
30 | |
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SECTION 13 TOP-HEAVY PROVISIONS |
31 | |
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SECTION 14 EGTRRA |
32 | |
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SECTION 15 GENERAL PROVISIONS |
35 |
SECTION 1
INTRODUCTION
1.01 NATURE OF THE PLAN.
Effective as of , 2005 (the Effective Date), Legacy Banks (the Bank) hereby establishes the Legacy Banks Employee Stock Ownership Plan (the Plan) to enable Eligible Employees (as defined in Section 2.01(o) of the Plan) to acquire stock ownership interests in Legacy Bancorp, Inc. (the Company), the holding company of the Bank. The Bank intends this Plan to be a tax-qualified stock bonus plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (the Code), and an employee stock ownership plan within the meaning of Section 407(d)(6) of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and Sections 409 and 4975(e)(7) of the Code. The Plan is designed to invest primarily in the common stock of the Company, which stock constitutes qualifying employer securities within the meaning of Section 407(d)(5) of ERISA and Sections 409(l) and 4975(e)(8) of the Code. Accordingly, the Plan and Trust Agreement (as defined in Section 2.01(mm) of the Plan) shall be interpreted and applied in a manner consistent with the Banks intent for it to be a tax-qualified plan designed to invest primarily in qualifying employer securities.
The Plan reflects certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). The provisions related to EGTRRA are intended as good faith compliance with EGTRRA and the guidance issued thereunder. To the extent any provision of the Plan was operated according to an effective date earlier than as required by law, then such date shall be the effective date with respect to that provision of the Plan.
1.02 EMPLOYERS AND AFFILIATES.
The Bank and each of its Affiliates (as defined in Section 2.01(c) of the Plan) that, with the consent of the Bank, adopt the Plan pursuant to the provisions of Section 12.01 of the Plan are collectively referred to as the Employers and individually as an Employer. The Plan shall be treated as a single plan with respect to all participating Employers.
SECTION 2
DEFINITIONS
2.01 DEFINITIONS.
In this Plan, whenever the context so indicates, the singular or the plural number and the masculine or feminine gender shall be deemed to include the other, the terms he, his, and him, shall refer to a Participant or Beneficiary, as the case may be, and, except as otherwise provided, or unless the context otherwise requires, the capitalized terms shall have the following meanings:
| (a) | ACCOUNT or ACCOUNTS mean a Participants or Beneficiarys Company Stock Account and/or his Other Investments Account, as the context so requires. |
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