Amendment No. 2 to the Cathay Bank Employee Stock Ownership Plan
Cathay Bancorp, Inc. and Cathay Bank have amended their Employee Stock Ownership Plan, effective January 1, 2004. This amendment grants employees of First Public Savings Bank and General Bank Corporation, who became employees of Cathay Bank through mergers and remained employed through specified dates, credit for their prior years of service at their former institutions. The amendment ensures these employees' service time is recognized under the plan.
EXHIBIT 10.2.2
AMENDMENT NO. 2
TO THE CATHAY BANK
EMPLOYEE STOCK OWNERSHIP PLAN
Cathay Bancorp, Inc. (the “Company”) hereby amends the above-named plan (the “Plan”), effective as of January 1, 2004, as follows:
Section 1. Eligibility
Effective as of January 1, 1997, each individual who was an employee of First Public Savings Bank (“FPSB”) on November 17, 1996, became an Employee on November 18, 1996, and remained an Employee until January 1, 1997, shall receive credit under the Plan for Years of Service such individual had with FPSB.
Effective as of January 1, 2004, each individual who was an employee of General Bank Corporation (“GBC”) or its Subsidiaries immediately prior to the Effective Time (as such terms are defined in the Agreement and Plan of Merger by and among General Bank, GBC Bancorp, Cathay Bank, and Cathay Bancorp, Inc., dated May 6, 2003), became an Employee at the Effective Time, and remained an Employee until January 1, 2004, shall receive credit under the Plan for Years of Service such individual had with GBC or its Subsidiaries.
* * * * *
The Company has caused this Amendment No. 2 to be signed on the date indicated below, to be effective as indicated above.
| “Company” | ||||||
| Dated: August 25, 2003 | CATHAY BANCORP, INC. | |||||
| By: | /S/ DUNSON K. CHENG | |||||
| Dunson K. Cheng | ||||||
| President | ||||||
| Dated: August 25, 2003 | CATHAY BANK | |||||
| By: | /S/ DUNSON K. CHENG | |||||
| Dunson K. Cheng | ||||||
| President | ||||||
