Attached files
| file | filename |
|---|---|
| 8-K - REPORT DATED AUGUST 25, 2010 - SOUTH FINANCIAL GROUP INC | form8k-08252010.htm |
| EX-99.1 - BLACKOUT NOTICE DIRECTORS & OFFICERS - SOUTH FINANCIAL GROUP INC | blackoutnoticed-o.htm |
The
South Financial Group
401(k)
Plan
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To:
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All
Participants, Alternate Payees and
Beneficiaries
|
|
From:
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Retirement
Plan Administrative Committee
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|
Date:
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August
25, 2010
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|
Re:
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The South Financial Group
Unitized Stock Fund Blackout
Period
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This
notice is from The South Financial Group, Inc. (“TSFG”) to inform you that TSFG
currently anticipates that, subject to approval by our shareholders at a meeting
scheduled to be held on September 28, 2010, TSFG will be merging with
an affiliate of The Toronto-Dominion Bank (“TD”).
Because
the TSFG 401(k) Plan (the “Plan”) holds shares of TSFG common stock that must be
exchanged for shares of TD common stock and/or cash in connection with the
merger (the “Exchange”), access to the amounts held in your TSFG Unitized Stock
Account (TSFGU) and the successor TD Unitized Stock Account (TDBU) under the
Plan must be suspended for a limited period (called a “blackout period”) to
permit the Exchange to be completed. This notice includes important
information about the blackout period. We encourage you to review
carefully this notice and consider how the blackout period may affect your
retirement planning, as well as your overall financial plans.
IMPORTANT
DATES & TIMES FOR BLACKOUT PERIOD
1. September
21, 2010 at 4:00pm ET
All
applications for loans or withdrawals must be received by American
Pensions. Applications received after this time will be queued for
processing after the end of the blackout period.
2. September 24, 2010 at
4:00pm ET
Last day
and time on which you may submit investment changes with respect to investments
into or out of TSFGU or TDBU prior to the expiration of the blackout on October
4, 2010 at 4:00pm ET. (Note that any normally occurring contributions
to the plan will be allocated according to allocations on file at this time,
except for TSFGU, which may be allocated either to TSFGU or TDBU depending on
the timing of the contribution.)
3. October
4, 2010 at 4:00pm ET
Expected
end of the blackout period. At this time, your account will be
available for all permitted transactions.
We have
the right to extend the blackout period if additional time is needed to complete
the Exchange. We can also end the blackout period earlier if the
conditions applicable to the merger are not satisfied or if the exchange is
completed more quickly than we anticipate. We will notify you if we
extend or shorten the blackout period. You can also determine whether
the blackout period has ended or been extended by calling 1-888-321-4015 (toll
free) or login to your account online at www.TSFG401kAdvantage.com.
This
notice is provided in accordance with the provisions of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), which generally require that
we furnish you with notice at least 30 days before the beginning of the blackout
period.
Limitations During the Blackout
Period – During the blackout period, you will be unable to:
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1.
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Obtain
a loan.
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2.
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Make
a withdrawal or distribution.
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3.
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Engage
in transactions involving your TSFGU or TDBU account balances (i.e., transfers into or
out of, or changing allocation percentages to/from these
accounts).
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Investment Elections in TSFGU and
TDBU – During the blackout period, you will be unable to make investment
changes with respect to the amounts held in your TSFGU or TDBU
accounts. It is important that you carefully review and consider the
appropriateness of your current investment elections before the blackout period
begins, since you will not be able to transfer amounts into or out of these
accounts during the blackout period.
Any cash
that you receive in connection with the merger in respect of your TSFG common
stock will be allocated to the Company Stock Fund during the blackout
period. Following the blackout period, the amounts held in the
Company Stock Fund may be reallocated by you among the investment funds in the
Plan.
In
addition, you should be aware that there is a risk to holding a substantial
portion of your assets in a non-diversified investment, such as the common stock
of a single company. This would include an investment in TSFGU or
TDBU. Non-diversified investments are generally more volatile than
diversified investments, such as mutual funds which invest in a number of
securities. Since you will be unable to change the investment of the
amounts invested in your TSFGU or TDBU accounts during the blackout period, you
should consider whether diversification is appropriate and make any necessary
changes before the blackout period begins.
At the
end of the blackout period, any portion of your plan contributions that had been
previously allocated to TSFGU will be allocated to TDBU. Once the blackout
period ends, you will be entitled to direct the investment of any cash or stock
received by the Plan and allocated to your accounts at your discretion to the
investment options available under the Plan.
Additional Information about the
Merger with TD - You should soon receive information about the Exchange
and your election options. If you have not received this information
by September 3, 2010, please contact Jill Wolfe at The South Financial
Group, Inc, 104 South Main Street, Greenville, SC 29601 or call 1-877-724-9610
to obtain a copy of this information. Specific questions related to
special meeting dates and proxy materials should be directed to the Investor
Relations department.
If you
have any questions about this notice or your rights during the
blackout
period, please contact American Pensions
at
1-888-321-4015