Amendment No. 3 to the Cathay Bank Employee Stock Ownership Plan
Cathay General Bancorp has amended its Employee Stock Ownership Plan, effective January 1, 2016. The amendment specifies that any benefits in a participant's stock account consisting of stock in an S Corporation will be distributed as cash. Other stock benefits will also be distributed as cash unless the participant chooses to receive stock instead. This amendment was signed by the company's CEO and President on June 21, 2018.
Exhibit 10.1
AMENDMENT NO. 3
TO THE
CATHAY BANK
EMPLOYEE STOCK OWNERSHIP PLAN
Cathay General Bancorp (the "Company") hereby amends the above-named plan (the "Plan"), effective as of January 1, 2016, as follows:
1. Subsection (iv) of Section 6.2(a) of the Plan is hereby amended in its entirety to read as follows:
"(iv) Despite any other provision of the Plan, the benefits in the Participant's Stock Account that consist of Stock in an S Corporation shall be distributed in the form of cash. Any benefits in the Participant's Stock Account that do not consist of Stock in an S Corporation shall also be distributed in the form of cash, unless such Participant elects to receive his or her benefits in the form of Stock."
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The Company has caused this Amendment No. 3 to be signed on the date indicated below, to be effective as indicated above.
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| CATHAY GENERAL BANCORP | |||||
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| Dated: | June 21, 2018 | By: | /s/ Pin Tai |
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| Its: | CEO and President |
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