ENTERPRISE BANCORP,INC. (NASDAQ:EBTC) Files An 8-K Other EventsItem 8.01.Other Events.
Amendment to Enterprise Bancorp, Inc. 2009 Stock Incentive Plan and Enterprise Bancorp, Inc. 2016 Stock Incentive Plan.
On October 16, 2018, the Board of Directors (the “Board”) of Enterprise Bancorp, Inc. (the “Company”) approved an amendment to Section 9(b) (the “2009 Plan Amendment”) of the Enterprise Bancorp, Inc. 2009 Stock Incentive Plan (the “2009 Plan”) and an amendment to Section 10(b) (the “2016 Plan Amendment”) of the Enterprise Bancorp, Inc. 2016 Stock Incentive Plan (the “2016 Plan”). Section 9(b) of the 2009 Plan and Section 10(b) of the 2016 Plan each contain a net withholding provision that allows for a grantee, at his or her election, to have the Company satisfy its income withholding obligations by withholding shares otherwise subject to the award. Previously, the amount of the net withholding was to be not more than the amount otherwise required by the Company to satisfy its minimum required tax withholding obligation. The result of these provisions was that the Company must round down to the nearest whole share in order to satisfy the net withholding provisions. In contrast, the 2009 Plan Amendment and the 2016 Plan Amendment provide that, in instances where net withholding is utilized, the Company may round up to the nearest whole share in order to satisfy the net withholding provisions, instead of rounding down. All other provisions of the 2009 Plan and the 2016 Plan remain in effect and are unchanged by the 2009 Plan Amendment and the 2016 Plan Amendment, respectively.
The Board has determined that the 2009 Plan Amendment and the 2016 Plan Amendment are ministerial in nature, are not a material amendments to the terms of the 2009 Plan and the 2016 Plan, and are materially consistent with the terms of the 2009 Plan and the 2016 Plan. Accordingly, the Board has determined that the approval of the 2009 Plan Amendment and the 2016 Plan Amendment by the Company’s shareholders is not required.
The foregoing descriptions of the 2009 Plan Amendment and the 2016 Plan Amendment are a summary and are qualified in their entirety by reference to the copy of the 2009 Plan, as amended, attached as Exhibit 10.1 to this report and the 2016 Plan, as amended, attached as Exhibit 10.2 to this report, each of which are hereby incorporated by reference to this report.
Item 9.01Financial Statements and Exhibits
(a)Not applicable
(b)Not applicable
(c)Not applicable
(d)The following exhibits are filed herewith:
ENTERPRISE BANCORP INC /MA/ ExhibitEX-10.1 2 exhibit1012009stockincenti.htm EXHIBIT 10.1 Exhibit Exhibit 10.1ENTERPRISE BANCORP,…To view the full exhibit click here
About ENTERPRISE BANCORP,INC. (NASDAQ:EBTC)
Enterprise Bancorp, Inc. operates as the parent holding company of Enterprise Bank and Trust Company (the Bank). The Company is engaged in the business of gathering deposits from the general public and investing primarily in loans and investment securities and utilizing the resulting cash flows to conduct operations, expand the branch network, and pay dividends to stockholders. Through the Bank and its subsidiaries, it offers a range of commercial and consumer loan products, deposit products and cash management services. It also offers investment advisory and wealth management, trust and insurance services. It offers commercial mortgage loans; construction and land development loans; secured and unsecured commercial loans; lines of credit, and standby letters of credit. The Company provides a range of investment advisory and management services delivered through two channels, Enterprise Investment Advisors and Enterprise Investment Services.
