Beverly White is head of the firm’s Executive Compensation, Employee Benefits and Taxation Group. Ms. White has over 30 years’ experience in the areas of employee benefits and taxation, with over 20 years’ devoted almost exclusively to working with financial institutions and their executives. Ms. White works closely with our clients in the preparation of executive employment agreements, severance and change in control agreements. She has negotiated numerous non-compete agreements and releases, and has established hundreds of equity and non-equity incentive plans and nonqualified deferred compensation plans, paying particular attention to tax law requirements, including Section 409A of the Internal Revenue Code.
Ms. White regularly advises compensation committees and boards on various benefits matters from an ERISA, tax, and/or regulatory perspective, including on executive compensation disclosure rules for public companies under the federal securities laws. She also works with both acquirors and target companies and executives on transaction related benefits issues, including golden parachute calculations and tax planning to avoid golden parachute excise taxes.
She also designs and implements tax-qualified defined contribution plans, having prepared more than 100 employee stock ownership plans (ESOPs) on behalf of our publicly-traded and Sub-chapter S clients, and assists clients in implementing employer stock funds in existing 401(k) plans in connection with stock offerings. Ms. White also represents both financial institutions and benefits consultants in bank-owned life insurance (BOLI) transactions, and has assisted boards in performing BOLI due diligence required by the Interagency Guidance.
As the head of our tax practice and a member of the firm’s opinions committee, Ms. White prepares or reviews the tax opinions issued on all corporate reorganizations and mergers and acquisition transactions for which our firm has served as counsel.
Represented PCSB Bank, Yorktown Heights, New York, in its conversion to a stock savings bank and related $178.3 million public offering of common stock, including the establishment of a leveraged ESOP and coordinated the implementation of an employer stock fund in the bank’s 401(k) Plan.
Represented Northfield Bancorp, Inc. in its acquisition of Hopewell Valley Community Bank in a stock and cash transaction valued at $55.4 million.
As head of the Executive Compensation, Employee Benefits and Taxation Group, Ms. White supervised the amendment of over 700 nonqualified deferred compensation plans for changes required by Section 409A of the Internal Revenue Code.