This excerpt taken from the IBKC 10-K filed Mar 15, 2006.
This plan holds the assets of the IBERIABANK Corporation Employee Stock Ownership Plan (Legacy ESOP), which merged into the IBERIABANK Corporation Profit Sharing Plan and Trust (Profit Sharing Plan). The merged plan is hereby renamed the IBERIABANK Corporation Retirement Savings Plan. The history of the Plan is as follows:
The Profit Sharing Plan was originally established effective January 1, 1982, and has been amended and restated numerous times since then (most recently restated effective January 1, 2003). The Profit Sharing Plan was amended effective June 30, 2005 to create an employee stock ownership plan within the Profit Sharing Plan, represented by the assets held in the form of Employer Securities.
The Legacy ESOP was originally established effective January 1, 1995, to enable eligible employees to acquire a proprietary interest in capital stock of the Employer, while allowing the use of exempt loans to the Legacy ESOP pursuant to Labor Regulation §2550.408b-3 and Treasury Regulation §54.4975-7(b). The exempt loan was repaid in full as of March 31, 2005.
The Legacy ESOP merged into the Profit Sharing Plan effective April 1, 2005, to create the IBERIABANK Corporation Retirement Savings Plan (Plan). The Plan no longer allows exempt loans, but remains an ESOP (represented by assets in the Legacy ESOP Accounts and other assets of the Plan held in the Employer Securities Fund).
To the extent not inconsistent with the terms of this Plan document, the Trust document for the Plan shall be the trust provisions in the Merrill Lynch Special/Flexible Prototype Defined Contribution Plan and Trust, until such time as the individual Trustees named by the Company are replaced by an institutional directed trustee.
The purpose of this Plan is to encourage Employees to save and systematically invest a portion of their current compensation in order that they may have an additional source of income upon their retirement, to provide them with an opportunity to become stockholders of the Company, and to provide an opportunity to receive current income in the form of dividends on Employer Securities (which dividends may also be reinvested to purchase additional Employer Securities). The benefits provided by the Plan are paid from the Trust Fund established by the Employer and are in addition to the benefits Employees are entitled to receive under the United States Social Security Administration. The Plan and the Trust forming a part hereof are maintained for the exclusive benefit of the Participants and their Beneficiaries.
The Plan is hereby restated effective April 1, 2005 (except as otherwise stated) to implement provisions relative to the Merger, to incorporate prior amendments relating to the addition of employee stock ownership plan features, and to make other changes and clarifications.