N.Y. Comp. Codes R. & Regs. tit. 3 § 111.3

Current through Register Vol. 46, No. 39, September 25, 2024

Section 111.3 - Stock options and stock grants

(a) Shares of stock issued in connection with the reorganization of a mutual savings bank may be reserved, in an amount not to exceed 10 percent of the number of shares held by persons other than the mutual holding company, to satisfy stock option plans approved by the savings bank's stockholders and issued, in an amount not to exceed three percent of the number of shares held by persons other than the mutual holding company, pursuant to restricted stock plans approved by the savings bank's stockholders.

(b) Members of the board of trustees of the mutual holding company, whether at the time of the reorganization or thereafter, shall be ineligible to participate in any stock option plan or restricted stock plan unless such plan has been approved by the holders of a majority of the shares held by the savings bank's disinterested stockholders. For the purposes of this section, shares held by the savings bank's disinterested stockholders shall mean the issued and outstanding shares of stock of the savings bank other than shares held by the mutual holding company. Nothing contained herein shall limit the ability of a trustee of a mutual savings bank to exercise subscription rights granted pursuant to section 111.2 of this Part or to limit the ability of a trustee of a mutual holding company to make subsequent purchases of shares of stock of a subsidiary savings bank subject to section 111.6(c) of this Part.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 111.3