Common use of STOCK COMPENSATION PLANS Clause in Contracts

STOCK COMPENSATION PLANS. (a) The Holding Company and the Savings Bank are authorized to adopt Tax-Qualified Employee Stock Benefit Plans in connection with the Conversion, including without limitation an employee stock ownership plan. (b) The Holding Company and the Savings Bank also are authorized to adopt stock option plans, restricted stock grant plans and other Non-Tax-Qualified Employee Stock Benefit Plans, provided that no stock options shall be granted, and no shares of Common Stock shall be purchased, pursuant to any of such plans before the earlier of (i) the one-year anniversary of the consummation of the Conversion or (ii) the receipt of stockholder approval of such plans at either an annual or special meeting of stockholders of the Holding Company held no earlier than six months following the Conversion. (c) Existing, as well as any newly-created, Tax-Qualified Employee Stock Benefit Plans may purchase shares of Common Stock in the Offerings, to the extent permitted by the terms of such benefit plans and this Plan. (d) The Holding Company and the Savings Bank are authorized to enter into employment or severance agreements with their Officers.

STOCK COMPENSATION PLANS. (a) The Holding Company and the Savings Bank Association are authorized to adopt Tax-Qualified Employee Stock Benefit Plans in connection with the ConversionConversion and Reorganization, including without limitation an employee stock ownership plan. (b) The Holding Company and the Savings Bank Association also are authorized to adopt stock option plans, restricted stock grant plans and other Non-Tax-Qualified Employee Stock Benefit Plans, provided that no stock options shall be granted, and no shares of Common Conversion Stock shall be purchased, pursuant to any of such plans before prior to the earlier of (i) the one-year anniversary of the consummation of the Conversion and Reorganization or (ii) the receipt of stockholder shareholder approval of such plans at either an annual or special meeting of stockholders shareholders of the Holding Company held no earlier than six months following the ConversionConversion and Reorganization. (c) Existing, Existing as well as any newly-created, created Tax-Qualified Employee Stock Benefit Plans may purchase shares of Common Conversion Stock in the Offerings, to the extent permitted by the terms of such benefit plans and this Plan. (d) The Holding Company and the Savings Bank Association are authorized to enter into employment or severance agreements with their Officersexecutive officers.

STOCK COMPENSATION PLANS. (a) The Holding Company and the Savings Bank are authorized to adopt Tax-Qualified Employee Stock Benefit Plans in connection with the ConversionConversion and Reorganization, including without limitation an employee stock ownership plan. (b) The Holding Company and the Savings Bank also are authorized to adopt stock option plans, restricted stock grant plans and other Non-Tax-Qualified Employee Stock Benefit Plans, provided that no stock options shall be granted, and no shares of Common Conversion Stock shall be purchased, pursuant to any of such plans before prior to the earlier of (i) the one-year anniversary of the consummation of the Conversion and Reorganization or (ii) the receipt of stockholder shareholder approval of such plans at either an annual or special meeting of stockholders shareholders of the Holding Company held no earlier than six months following the ConversionConversion and Reorganization. (c) Existing, Existing as well as any newly-created, created Tax-Qualified Employee Stock Benefit Plans may purchase shares of Common Conversion Stock in the Offerings, to the extent permitted by the terms of such benefit plans and this Plan. (d) The Holding Company and the Savings Bank are authorized to enter into employment or severance agreements with their Officersexecutive officers.