Amendment No. 1 to the Cathay Bank Employee Stock Ownership Plan by Cathay General Bancorp
Cathay General Bancorp has amended its Employee Stock Ownership Plan, effective August 1, 2016. The amendment lowers certain monetary thresholds in the plan from $5,000 to $1,000 and deletes Section 6.7 entirely. The changes are intended to update the plan's terms and are officially executed by the company's Chairman, CEO, and President.
Exhibit 10.2.1
AMENDMENT NO. 1
TO THE
CATHAY BANK
EMPLOYEE STOCK OWNERSHIP PLAN
Cathay General Bancorp (the "Company") hereby amends the above-named plan
(the "Plan"), effective as of August 1, 2016, as follows:
1. Section 6.1 (b) of the Plan is hereby amended by deleting the reference to "$5,000" where it appears and replacing it with "$1,000."
2. Section 6.2(a)(ii)(B) of the Plan is hereby amended by deleting the reference to "$5,000" where it appears and replacing it with "$1 ,000."
3. Section 6.7 of the Plan is hereby deleted in its entirety.
4. Section 9.4(c) of the Plan is hereby amended by deleting the reference to "$5,000" where it appears and replacing it with "$1,000."
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The Company has caused this Amendment No. 1 to be signed on the date indicated below, to be effective as indicated above.
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| Dated: August 18, 2016 | CATHAY GENERAL BANCORP | ||
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| By | /s/ Dunson K. Cheng |
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| Its | Chairman, CEO and President |
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