AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 3, 2001
FILE NO. 333-________
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
CENTURY BANCORP, INC
(Exact Name of Registrant as Specified in its Charter)
MASSACHUSETTS 04-2498617
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
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400 MYSTIC AVENUE, MEDFORD, MA 02155
(Address of Principal Executive Offices) (Zip Code)
CENTURY BANCORP, INC. 2000 STOCK OPTION PLAN
(Full Title of the Plan)
MARSHALL M. SLOANE
Chairman, President and Chief Executive Officer
CENTURY BANCORP, INC.
400 Mystic Avenue
Medford, Massachusetts 02155
(Name and address of Agent for Service)
(617) 391-4000
Telephone Number, Including Area Code, of Agent for Service
Copy to:
STEPHEN H. FABERMAN, ESQ.
BINGHAM DANA LLP
150 Federal Street
Boston, MA 02110-1726
(617) 951-8000
CALCULATION OF REGISTRATION FEE
---------------------------- --------------- --------------- ----------------- ---------------
PROPOSED PROPOSED
AMOUNT MAXIMUM MAXIMUM AMOUNT OF
TITLE OF EACH CLASS OF TO BE OFFERING PRICE AGGREGATE REGISTRATION
SECURITIES TO BE REGISTERED REGISTERED(1) PER SHARE(2) OFFERING PRICE(2) FEE
---------------------------- --------------- --------------- ----------------- ---------------
Class A Common Stock,
$1.00 par value............ 150,000 $18.125 $2,718,750 $600
---------------------------- --------------- --------------- --------------- ---------------
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(1) Pursuant to Rule 416 under the Securities Act of 1933, this Registration Statement also covers an indeterminate number of shares as may be required to cover possible adjustments under the Plan by reason of any stock dividend, stock split, share combination, exchange of shares, merger consolidation, separation, reorganization recapitalization, liquidation, or the like, of or by the Registrant. In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan described herein.
(2) Calculated in accordance with the provisions of Rule 457(h) based on the average of the bid and listed prices reported on April 2, 2001. It is not known how many shares, if any, will be purchased upon exercise of the election granted under the Plan or at what price such shares will be purchased.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I of Form S-8 (plan information and registrant information) will be sent or given to employees as specified by Rule 428(b)(1) of the Securities Act. Such documents need not be filed with the Securities and Exchange Commission (the "SEC") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents, which include the statement of availability required by Item 2 of Form S-8, and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Form S-8 (Part II hereof), taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents filed by Century Bancorp, Inc. (the "Registrant") with the SEC are hereby incorporated by reference in this Registration Statement:
(a) The Registrant's latest Annual Report filed on Form 10-K for the fiscal year ended December 31, 2000; and
(b) The description of the Class A Common Stock contained in the Registrant's Registration Statement on Form 8-A, as filed with the SEC under Section 12(g) of the Exchange Act, including any amendment or report filed for the purpose of updating such description.
In addition, all documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all of such securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing of such documents. Any statement contained herein or in a document, all or a portion of which is incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or amended, to constitute a part of this Registration Statement.
ITEM 4. DESCRIPTION OF SECURITIES.
A description of the Registrant's Common Stock to be offered is not provided in this Registration Statement because such class of the Registrant's securities is registered under Section 12 of the Exchange Act.
ITEM 5. INTERESTS OF NAMED EXPERTS OR COUNSEL.
Neither the Registrant's independent auditors, KPMG LLP, nor the Registrant's counsel, Bingham Dana LLP, nor any individual employed by or associated with such firm or individual in a professional capacity, was employed by the Registrant in connection with matters described in this registration statement on a contingent basis or has, or is to receive in connection with this offering, a substantial interest, direct or indirect, in the Registrant or was connected with the Registrant as a promoter, managing underwriter (or any principal underwriter, if there are no managing underwriters), voting trustee, director, officer or employee.
ITEM 6. INDEMNIFICATION oF DIRECTORS AND OFFICERS
Section 67 of Chapter 156B of the Massachusetts General Laws provides a statutory framework covering indemnification of directors and officers against liabilities and expenses arising out of legal proceedings brought against them by reason of their status or service as directors or officers. In addition, the Registrant's Articles of Organization provide for indemnification of officers and directors, subject to certain limitations.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. EXHIBITS.
The following exhibits are filed as part of this Registration Statement:
4.3 2000 Stock Option Plan.
5 Opinion of Bingham Dana LLP as to the legality of the securities being registered.
23.1 Consent of Bingham Dana LLP (included in Exhibit 5).
23.2 Consent of KPMG LLP.
24 Power of Attorney (included in signature page to Registration Statement).
ITEM 9. UNDERTAKINGS
The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement, to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;
(4) That, for purposes of determining any liability under the Securities Act of 1933 (the "Securities Act"), each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and
(5) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
[Remainder of page intentionally left blank]
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Medford, Commonwealth of Massachusetts, on this 26th day of March, 2001.
CENTURY BANCORP, INC.
By: /s/ Marshall M. Sloane
Marshall M. Sloane, Chairman, President and
Chief Executive Officer
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POWER OF ATTORNEY
We, the undersigned Officers and Directors of Century Bancorp, Inc., hereby severally constitute and appoint Marshall M. Sloane, Jonathan G. Sloane and Paul V. Cusick, Jr. and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Registration Statement on Form S-8 filed herewith and any and all pre-effective and post-effective amendments to said Registration Statement, and generally to do all such things in our names and on our behalf in our capacities as Officers and Directors to enable Century Bancorp, Inc. to comply with the provisions of the Securities Act of 1933, and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys or any of them, to said Registration Statement and any and all amendments thereto.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.
Signature Title Date _______________________ Director March __, 2001 GEORGE R. BALDWIN _______________________ Director March __, 2001 ROGER S. BERKOWITZ /s/ KARL E. CASE, PH.D. Director March 26, 2001 KARL E. CASE, PH.D. /s/ HENRY L. FOSTER, D.V.M. Director March 26, 2001 HENRY L. FOSTER, D.V.M. /s/ MARSHALL I. GOLDMAN Director March 26, 2001 MARSHALL I. GOLDMAN /s/ RUSSELL B. HIGLEY, ESQ. Director March 26, 2001 RUSSELL B. HIGLEY, ESQ. |
/s/ JONATHAN B. KAY Director March 26, 2001 JONATHAN B. KAY /s/ DONALD H. LANG Director March 26, 2001 DONALD H. LANG /s/ FRASER LEMLEY Director March 26, 2001 FRASER LEMLEY /s/ JOSEPH P. MERCURIO Director March 26, 2001 JOSEPH P. MERCURIO /s/ JOSEPH J. SENNA, ESQ. Director March 26, 2001 JOSEPH J. SENNA, ESQ. /s/ BARRY R. SLOANE Director March 26, 2001 |
BARRY R. SLOANE
/s/ JONATHAN G. SLOANE Director and Executive Vice President March 26, 2001 JONATHAN G. SLOANE /s/ MARSHALL M. SLOANE Chairman, President and Chief March 26, 2001 MARSHALL M. SLOANE Executive Officer /s/ STEPHANIE SONNABEND Director March 26, 2001 STEPHANIE SONNABEND /s/ GEORGE F. SWANSBURG Director March 26, 2001 GEORGE F. SWANSBURG /s/ JON WESTLING Director March 26, 2001 JON WESTLING /s/ PAUL V. CUSICK, JR. Vice President and Treasurer March 26, 2001 PAUL V. CUSICK, JR. Principal Financial Officer |
/s/ KENNETH A. SAMUELIAN Vice President and Controller March 26, 2001
KENNETH A. SAMUELIAN Century Bank and Trust
Principal Accounting Officer
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INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION
4.3 2000 Stock Option Plan.
5 Opinion of Bingham Dana LLP as to the
legality of the securities being
registered.
23.1 Consent of Bingham Dana LLP (included
in Exhibit 5).
23.2 Consent of KPMG LLP.
24 Power of Attorney (included in signature
page to Registration Statement).
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Exhibit 4.3
CENTURY BANCORP, INC.
2000 STOCK OPTION PLAN
1. PURPOSE
The purpose of the Century Bancorp, Inc. 2000 Stock Option Plan is to encourage ownership of Class A common stock of the Company by directors, officers and employees of the Company and its Affiliates and to provide additional incentives for them to promote the success of the Company's business through the grant of options to purchase shares of the Company's Class A common stock. The 2000 Stock Option Plan is intended to be an incentive stock option plan within the meaning of Section 422 of the Code but not all Awards granted hereunder are required to be Incentive Options.
2. DEFINITIONS
As used in this Plan the following terms shall have the respective meanings set out below, unless the context clearly requires otherwise:
2.1. Affiliate means any corporation, partnership, limited liability company, business trust, or other entity controlling, controlled by or under common control with the Company.
2.2. Award means any grant of Options pursuant to the Plan.
2.3. Board means the Company's Board of Directors.
2.4. Class A Common Stock means Class A common stock, par value $1.00 per share, of the Company.
2.5. Code means the Internal Revenue Code of 1986, as amended from time to time, or any statute successor thereto, and any regulations issued from time to time thereunder.
2.6. Company means Century Bancorp, Inc., a corporation organized under the laws of the Commonwealth of Massachusetts.
2.7. Compensation Committee means the Compensation Committee of the Board or any other committee of the Board delegated by the Board responsibility for the administration of the Plan, as provided in Section 5 of the Plan.
2.8. Grant Date means the date as of which an Option is granted, as determined under Section 7.1.
2.9. Incentive Option means an Option which by its terms is to be treated as an "incentive stock option" within the meaning of Section 422 of the Code.
2.10. Market Value means the value of a share of Class A Common Stock on any date as determined by the Compensation Committee.
2.11. Nonstatutory Option means any Option that is not an Incentive Option.
2.12. Option means an option to purchase shares of Class A Common Stock.
2.13. Option Agreement means an agreement between the Company and the recipient of an Award, setting forth the terms and conditions of the Award.
2.14. Optionee means a Participant to whom an Award shall have been granted under the Plan.
2.15. Participant means any holder of an outstanding Option under the Plan.
2.16. Plan means this 2000 Stock Option Plan of the Company, as amended from time to time.
2.17. Ten Percent Owner means a person who owns, or is deemed within the meaning of Section 422(b)(6) of the Code to own, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (or any Affiliate). Whether a person is a Ten Percent Owner shall be determined with respect to each Option based on the facts existing immediately prior to the Grant Date of such Option.
3. TERM OF THE PLAN
Unless the Plan shall have been earlier terminated by the Board, Options may be granted hereunder at any time in the period commencing on the approval of the Plan by the Board and ending immediately prior to the tenth anniversary of the earlier of the adoption of the Plan by the Board or approval of the Plan by the Company's Class B stockholders. Awards granted pursuant to the Plan within such period shall not expire solely by reason of the termination of the Plan. Awards of Incentive Options granted prior to approval of the Plan by the Company's Class B stockholders are hereby expressly conditioned upon such approval, but in the event of the failure of the Company's Class B stockholders to approve the Plan shall thereafter and for all purposes be deemed to constitute Nonstatutory Options.
4. STOCK SUBJECT TO THE PLAN
At no time shall the number of shares of Class A Common Stock issued
pursuant to or subject to outstanding Options granted under the Plan exceed
150,000 shares of Class A Common Stock; subject, however, to the provisions of
Section 8 of the Plan. For purposes of applying the foregoing limitation, if
any Option expires, terminates, or is cancelled for any reason without having
been exercised in full, the shares not purchased by the Optionee shall again be
available for Options thereafter to be granted under the Plan. Shares of Class
A Common Stock issued pursuant to the Plan may be either authorized but
unissued shares or shares held by the Company in its treasury.
5. ADMINISTRATION
The Plan shall be administered by the Compensation Committee. Subject to the provisions of the Plan, the Compensation Committee shall have complete authority, in its discretion, to make or to select the manner of making all necessary determinations with respect to each Option to be granted by the Company under the Plan in addition to any other determination allowed the Compensation Committee under the Plan including the director, employee or officer to receive the Option. In making such determinations, the Compensation Committee may take into account the nature of the services rendered by the respective employees, officers, and directors, their present and potential contributions to the success of the Company and its subsidiaries, and such other factors as the Compensation Committee in its discretion shall deem relevant. Subject to the provisions of the Plan, the Compensation Committee shall also have complete authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine the terms and provisions of the respective Option Agreements (which need not be identical), and to make all other determinations necessary or advisable for the administration of the Plan. The Compensation Committee's determinations made in good faith on matters referred to in this Plan shall be conclusive. Without in any way limiting the foregoing, the Compensation Committee shall at the time each Option is granted designate such Option as either an Incentive Option or a Nonstatutory Option.
6. AUTHORIZATION AND ELIGIBILITY
Pursuant and subject to the terms of this Plan, the Compensation Committee may grant from time to time and at any time prior to the termination of the Plan any number of Options as the Compensation Committee shall in its discretion determine, to any non-employee member of the Board or of any board of directors (or similar governing authority) of any Affiliate or any employee of or officer to one or more of the Company and its Affiliates. However, only employees of the Company, and of any parent or subsidiary corporations of the Company, as defined in Sections 424(e) and (f), respectively, of the Code, shall be eligible for the grant of an Incentive Option.
Each grant of an Option shall be subject to all applicable terms and conditions of the Plan, and such other terms and conditions, not inconsistent with the terms of the Plan, as the Compensation Committee may prescribe. No prospective Participant shall have any rights with respect to a grant of Options, unless and until such Participant has executed an agreement evidencing the Award, delivered a fully executed copy thereof to the Company, and otherwise complied with the applicable terms and conditions of such Award.
7. SPECIFIC TERMS OF OPTIONS
7.1 Date of Grant. The granting of an Option shall take place at the time specified in the Option Agreement.
7.2 Exercise Price. The price at which shares may be acquired under each Incentive Option shall be not less than 100% of the Market Value of Class A
Common Stock on the Grant Date, or not less than 110% of the Market Value of Class A Common Stock on the Grant Date if the Optionee is a Ten Percent Owner. The price at which shares may be acquired under each Nonstatutory Option shall not be so limited solely by reason of this Section.
7.3 Option Period. No Incentive Option may be exercised on or after the tenth anniversary of the Grant Date, or on or after the fifth anniversary of the Grant Date if the Optionee is a Ten Percent Owner. The Option period under each Nonstatutory Option shall not be so limited solely by reason of this Section.
7.4 Exercisability. An Option may be immediately exercisable or become exercisable in such installments, cumulative or non-cumulative, as the Compensation Committee may determine. In the case of an Option not otherwise immediately exercisable in full, the Compensation Committee may accelerate the exercisability of such Option in whole or in part at any time, provided the acceleration of the exercisability of any Incentive Option would not cause the Option to fail to comply with the provisions of Section 422 of the Code.
7.5 Termination of Association with the Company. Unless the Compensation Committee shall provide otherwise in the grant of a particular Option under the Plan, if the Optionee's employment or other association with the Company and its Affiliates is terminated, whether voluntarily or otherwise, any outstanding Option of the Optionee shall cease to be exercisable in any respect not later than ninety (90) days following such termination and, for the period it remains exercisable following termination, shall be exercisable only to the extent exercisable at the date of termination.
7.6 Exercise of Option. An Option may be exercised by the Optionee giving written notice to the Company, specifying the number of shares with respect to which the Option is then being exercised. The notice shall be accompanied by payment in the form of cash, or certified or bank check payable to the order of the Company in an amount equal to the exercise price of the shares to be purchased or, if the Compensation Committee had so authorized on the grant of any particular Option hereunder (and subject such conditions, if any, as the Compensation Committee may deem necessary to avoid adverse accounting effects to the Company) by delivery of that number of shares of Class A Common Stock having a Market Value equal to the exercise price of the shares to be purchased. Receipt by the Company of such notice and payment shall constitute the exercise of the Option. Within 30 days thereafter but subject to the remaining provisions of the Plan, the Company shall deliver or cause to be delivered to the Optionee or his agent a certificate or certificates for the number of shares then being purchased. Such shares shall be fully paid and nonassessable. Nothing herein shall be construed to preclude the Company from participating in a so-called "cashless exercise", provided the Optionee or other person exercising the Option and each other party involved in any such exercise shall comply with such procedures, and enter into such agreements, of indemnity or otherwise, as the Company shall specify.
7.7 Limit on Incentive Option Characterization. An Incentive Option shall be considered to be an Incentive Option only to the extent that the number of
shares of Class A Common Stock for which the Option first becomes exercisable in a calendar year do not have an aggregate Market Value (as of the date of the grant of the Option) in excess of the "current limit". The current limit for any Optionee for any calendar year shall be $100,000 minus the aggregate Market Value at the date of grant of the number of shares of Class A Common Stock available for purchase for the first time in the same year under each other Incentive Option previously granted to the Optionee under the Plan. Any shares of Class A Common Stock which would cause the foregoing limit to be violated shall be deemed to have been granted under a separate Nonstatutory Option, otherwise identical in its terms to those of the Incentive Option.
7.8 Notification of Disposition. Each person exercising any Incentive Option granted under the Plan shall be deemed to have covenanted with the Company to report to the Company any disposition of such shares prior to the expiration of the holding periods specified by Section 422(a)(1) of the Code and, if and to the extent that the realization of income in such a disposition imposes upon the Company federal, state, local or other withholding tax requirements, or any such withholding is required to secure for the Company an otherwise available tax deduction, to remit to the Company an amount in cash sufficient to satisfy those requirements.
8. ADJUSTMENTS FOR CORPORATE TRANSACTIONS
8.1. Stock Dividend, Etc. In the event of any dividend on Class A Common Stock payable in Class A Common Stock or any split-up or contraction in the number of shares of Class A Common Stock after the date of an Option Agreement evidencing an Award, the remaining number of shares of Class A Common Stock subject to such Award and the price to be paid for any share subject to the Award, if any, shall be proportionately adjusted.
8.2. Stock Reclassification. In the event of any reclassification or change of outstanding shares of Class A Common Stock, immediately thereafter (and subject to further adjustment for subsequent events) any outstanding Award shall thereafter relate to shares of stock or other securities equivalent in kind and value to those shares which the Participant would have received if he or she had held of record the full remaining number of shares of Class A Common Stock subject to the Award immediately prior to such reclassification or change.
8.3. Consolidation or Merger. In case of any consolidation or merger of the Company with or into another company or in case of any sale or conveyance to another company or entity of the property of the Company as a whole, any outstanding Award shall terminate and, to the extent that the value of the shares of stock, other securities or cash which a stockholder is entitled to receive for one share of Class A Common Stock in connection with such transaction exceeds the option price of the Award, the Optionee shall be entitled to receive either cash or shares of stock or other securities equivalent in kind to the cash or those shares which a holder would have received if he or she had exercised the Award and held the number of shares of the Class A Common Stock upon such exercise immediately prior to such consolidation, merger, sale or conveyance and with a value equal to such excess
amount multiplied by the number of shares he or she would have received if he or she so exercised the Award at such time.
8.4. Related Matters. Any adjustment required by this Section 8 shall be
determined and made by the Compensation Committee. No fraction of a share shall
be purchasable or deliverable upon exercise, but in the event any adjustment
hereunder of the number of shares covered by an Award shall cause such number
to include a fraction of a share, such number of shares shall be adjusted to
the nearest smaller whole number of shares. In the event of changes in the
outstanding Class A Common Stock by reason of any stock dividend, split-up,
contraction, reclassification, or change of outstanding shares of Class A
Common Stock of the nature contemplated by this Section 8, the number of shares
of Class A Common Stock available for the purposes of the Plan as stated in
Section 4 shall be correspondingly adjusted.
9. SETTLEMENT OF AWARDS
9.1. Investment Representation. The Company shall be under no obligation to issue any shares covered by any Award unless the shares to be issued pursuant to Awards granted under the Plan have been effectively registered under the Securities Act of 1933, as amended, or the Participant shall give a written representation to the Company which is satisfactory in form and substance to its counsel and upon which the Company may reasonably rely, that he or she is acquiring the shares for his or her own account for the purpose of investment and not with a view to, or for sale in connection with, the distribution of any such shares.
9.2. Registration. If the Company shall deem it necessary or desirable to register under the Securities Act of 1933, as amended or other applicable statutes any shares of Class A Common Stock issued or to be issued pursuant to Awards granted under the Plan, or to qualify any such shares of Class A Common Stock for exemption from the Securities Act of 1933, as amended or other applicable statutes, then the Company shall take such action at its own expense.
9.3. Tax Withholding. Whenever shares of Class A Common Stock are issued or to be issued pursuant to Awards granted under the Plan, the Company shall have the right to require the recipient to remit to the Company an amount sufficient to satisfy federal, state, local or other withholding tax requirements if, when, and to the extent required by law (whether so required to secure for the Company an otherwise available tax deduction or otherwise) prior to the delivery of any certificate or certificates for such shares. However, in such cases, Participants may elect, subject to the approval of the Compensation Committee, to satisfy the withholding requirement, in whole or in part, by having the Company withhold shares to satisfy their tax obligations. Participants may only elect to have Shares withheld having a Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction. All elections shall be irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Compensation Committee, deems appropriate.
The obligations of the Company under the Plan shall be conditional on satisfaction of all such withholding obligations and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the recipient of an Award.
10. NONTRANSFERABILITY OF AWARDS
Except as otherwise provided in this Section, Awards shall not be transferable, and no Award or interest therein may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. All of a Participant's rights in any Award may be exercised during the life of the Participant only by the Participant or the Participant's legal representative.
11. LIMITATION OF RIGHTS IN STOCK; NO SPECIAL SERVICE RIGHTS
A Participant shall not be deemed for any purpose to be a stockholder of the Company with respect to any of the shares of Class A Common Stock issuable pursuant to an Award, except to the extent that the Option shall have been exercised with respect thereto and, in addition, a certificate shall have been issued therefor and delivered to the Participant or his agent. Nothing contained in the Plan or in any Option Agreement shall confer upon any recipient of an Award any right with respect to the continuation of his or her employment or other association with the Company (or any Affiliate), or interfere in any way with the right of the Company (or any Affiliate), at any time to terminate such employment agreement or to increase or decrease, or otherwise adjust, the other terms and conditions of the recipient's employment or other association with the Company and its Affiliates.
12. TERMINATION AND AMENDMENT OF THE PLAN
The Board may at any time terminate the Plan or make such modifications of the Plan as it shall deem advisable. No termination or amendment of the Plan may, without the consent of any recipient of an Award granted hereunder, adversely affect the rights of such recipient under such Award. The Compensation Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, provided as amended such Award is consistent with the terms of the Plan, but no such amendment shall impair the rights of the recipient of such Award without his or her consent.
13. GOVERNING LAW
The Plan and all Option Agreements and actions taken thereunder shall be governed, interpreted and enforced in accordance with the laws of the Commonwealth of Massachusetts, without regard to the conflict of laws principles thereof.
Exhibit 5
Bingham Dana LLP
150 Federal Street
Boston, MA 02110
April 3, 2001
Century Bancorp, Inc.
400 Mystic Avenue
Medford, Massachusetts 02155
Re: Registration Statement on Form S-8 2000 Stock Option Plan
Ladies and Gentlemen:
This opinion is furnished in connection with the registration, pursuant to a Registration Statement on Form S-8 under the Securities Act of 1933, as amended (the "Act"), to be filed with the Securities and Exchange Commission on or about April 3, 2001 (the "Registration Statement"), of 150,000 shares (the "Shares") of Class A common stock, par value $1.00 per share (the "Class A Common Stock"), of Century Bancorp, Inc., a Massachusetts corporation (the "Company"), which are or will be issuable to employees and directors of the Company upon the exercise of options granted pursuant to the Company's 2000 Stock Option Plan (the "2000 Plan").
We have acted as counsel to the Company in connection with the foregoing registration of the Shares. We have examined and relied upon originals or copies of such records, instruments, certificates, memoranda and other documents as we have deemed necessary or advisable for purposes of this opinion and have assumed, without independent inquiry, the accuracy of those documents. In that examination, we have assumed the genuineness of all signatures, the conformity to the originals of all documents reviewed by us as copies, the authenticity and completeness of all original documents reviewed by us in original or copy form and the legal competence of each individual executing such documents. We have further assumed that all options granted or to be granted pursuant to the 2000 Plan were or will be validly granted in accordance with the terms of the 2000 Plan and that all Shares to be issued upon exercise of such options will be issued in accordance with the terms of such options and the 2000 Plan.
This opinion is limited solely to the laws of The Commonwealth of Massachusetts, as applied by courts located in Massachusetts and the Delaware General Corporation Law, as applied by courts located in Delaware, the applicable provisions of the Delaware Constitution and the reported judicial decisions interpreting those laws.
Based upon and subject to the foregoing, we are of the opinion that, upon the issuance and delivery of the Shares in accordance with the terms of such options and the 2000 Plan, the Shares will be validly issued, fully paid and non-assessable shares of the Company's Class A Common Stock.
We consent to the filing of a copy of this opinion as an exhibit to the Registration Statement.
Very truly yours,
/s/ BINGHAM DANA LLP BINGHAM DANA LLP |
Exhibit 23.2
CONSENT OF INDEPENDENT ACCOUNTANTS
In connection with the filing of Form S-8 of Century Bancorp, Inc., we consent to the incorporation by reference of our report dated January 8, 2001, relating to the consolidated balance sheets of Century Bancorp, Inc. and subsidiaries as of December 31, 2000 and 1999 and the related consolidated statements of income, changes in stockholders' equity and cash flows for each of the years in the three-year period ended December 31, 2000, which report appears in the December 31, 2000 annual report on Form 10-K of Century Bancorp, Inc.
KPMG LLP
Boston Massachusetts
March 26, 2001