Common use of ESOP Clause in Contracts

ESOP. a. In accordance with section 11.1 of the State Financial Services Corporation Employee Stock Ownership Plan (the “ESOP”), as of the Effective Time, the Company shall make a contribution to the ESOP which is equal to the amount the Company would have contributed to the ESOP pursuant to Section 3.2(a) of the ESOP as if the date of the Effective Time were the last day of a Plan Year (in no event less than the amount needed to pay the current obligation under the Exempt Loan, as defined in the ESOP) and shall cause the Trustee of the ESOP to use the full amount of such contribution promptly to repay a portion of the outstanding Exempt Loan. As a result of the aforementioned contribution and repayment, the Company shall take such action as may be necessary or appropriate to cause shares of Company Common Stock to be released from the suspense account maintained under the ESOP and allocated to the accounts of Participants (as defined in the ESOP), together with any amounts previously forfeited but unallocated, as if the Effective Time were the last day of the Plan Year, but applying the 1000 hour requirement of Section 3.2(b) by multiplying 1000 by a fraction, the numerator of which is the days elapsed from the first day of the current Plan year to and including the Effective Time and the denominator of which is 365.

ESOP. a. In accordance with section 11.1 (a) As of the State Financial Services Corporation Employee Stock Ownership Plan date (the “ESOP”), as of "Contribution Date") immediately prior to the Effective Time, the Company shall make a contribution to the ESOP which is Company's Employee Stock Ownership Plan (the "ESOP"), which, together with any dividends on the Company Common Stock held in the ESOP, will equal to the amount the Company would have contributed to the ESOP pursuant to Section 3.2(a) 3.01 of the ESOP as if the date of the Effective Time were the last day of a Plan Year (year, and in no event less than the amount needed to pay the current obligation under the Exempt Loan, Loan (as defined in the ESOP) and shall cause the Trustee of the ESOP to use the full amount of such contribution promptly to repay a portion of the outstanding Exempt Loan. As a result of the aforementioned contribution and repayment, the Company shall take such action as may be necessary or appropriate to cause shares of Company Common Stock to be released from the suspense account maintained under the ESOP and allocated to the accounts of Participants (as defined in the ESOP), together with any amounts previously forfeited but unallocated, ) as if the Effective Time Contribution Date were the last day of the Plan Yearyear, but applying the 1000 hour requirement of Section 3.2(b3.01(c) by multiplying 1000 by a fraction, the numerator of which is the days elapsed from the first day of the current Plan year to and including the Effective Time Contribution Date and the denominator of which is 365.