Beverly White is head of the firm’s Executive Compensation, Employee Benefits and Taxation Group. She has expertise in designing and implementing tax-qualified defined contribution plans, and has completed more than 100 employee stock ownership plans (ESOPs) on behalf of our publicly-traded clients. Ms. White also works closely with clients in the preparation of employment agreements and change in control agreements for executives, and in establishing equity incentive plans and nonqualified deferred compensation plans. She also regularly advises compensation committees and boards on various benefits matters from a tax, securities law and/or regulatory perspective. Ms. White also represents both financial institutions and benefits consultants in bank-owned life insurance (BOLI) transactions, and assists boards in performing BOLI due diligence required by the Interagency Guidance. In addition, Ms. White counsels clients on the executive compensation disclosure rules for public companies under the federal securities laws, and works with clients in implementing employer stock funds in existing 401(k) plans in connection with stock offerings. She has extensive experience in advising both acquirors and target companies on merger related benefits issues, including the preparation of golden parachute calculations and tax planning to avoid golden parachute excise taxes.
Ms. White has extensive experience in designing and implementing nonqualified deferred compensation, tax-qualified plans and 403(b) plans for nonprofit organizations.
Ms. White also advises clients on the tax consequences of corporate reorganizations and mergers and acquisitions, and has worked closely with clients and Internal Revenue Service staff in receiving private letter rulings on significant issues in corporate reorganizations.
Prior to entering private practice, Ms. White was an Attorney Advisor, Office of Tax Policy and Tax Legislative Counsel to the United States Treasury Department.
Represented OmniAmerican Bank, Fort Worth, Texas, in its conversion to a stock savings bank and related $119.0 million public offering of common stock, and coordinated the implementation of an employer stock fund in the bank’s 401(k) Plan.
Represented Third Federal Savings, Cleveland, Ohio, in its $1.0 billion initial public offering of common stock and the design and establishment of a $106.0 million leveraged ESOP.
Represented Cape Bank, Cape May, New Jersey, in its mutual to stock conversion, holding company reorganization, and $105.0 million initial public offering, coupled with a simultaneous acquisition of Boardwalk Bancorp, Inc. in a $107.0 million cash and common stock transaction. Negotiated all benefits matters relating to the acquisition, including tax planning in the restructuring of benefit plans.
Represented Fidelity Bankshares, Inc., West Palm Beach, Florida, in its acquisition by National City Corporation in a $1.2 billion cash and stock transaction.
Represented over 100 ESOP companies, including Subchapter S companies and closely-held companies, with leveraged and non-leveraged ESOPs in the implementation, administration and termination of ESOPs.
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.