ESOP TRUST AGREEMENT BETWEEN PENTEGRA TRUST COMPANY AND ASHEVILLE SAVINGS BANKEsop Trust Agreement • July 13th, 2011 • ASB Bancorp Inc • Maine
THIS AGREEMENT OF TRUST (the “Agreement”) is effective as of July 1, 2011, by and between ASHEVILLE SAVINGS BANK, Candler, North Carolina, a chartered corporation (the “Company”) and PENTEGRA TRUST COMPANY, a non-depository trust company incorporated under the laws of the State of Maine (the “Trustee”);
ARTICLE I 1 DEFINITIONS 1 1.1 ACTUAL CONTRIBUTION PERCENTAGE (ACP) 1 1.2 ACTUAL DEFERRAL PERCENTAGE (ADP) 1 1.3 ADOPTION AGREEMENT 2 1.4 AGGREGATE LIMIT 2 1.5 ALLOCATION DATE(S) 2 1.6 ANNUAL ADDITIONS 2 1.7 ANNUITY STARTING DATE 3 1.8 APPLICABLE...ASB Bancorp Inc • July 13th, 2011
The Sponsor hereby establishes this Plan for use by its clients who wish to adopt a qualified retirement plan. This Plan shall be interpreted in a manner consistent with the intention of the adopting Employer that this Plan satisfies Internal Revenue Code Sections 401 and 501. Any Plan and Trust established hereunder shall be so established for the exclusive benefit of Plan Participants and their Beneficiaries and shall be administered under the following terms and conditions:
