SEC Contract Filing

Filing Date: 2016-05-25

Document Content:
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<TYPE>EX-10.57
<SEQUENCE>7
<FILENAME>ex10.57ESOP.htm
<DESCRIPTION>EX 10.57 ESOP
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 <p style="margin:0pt; text-align:center"><a name="EDGAR_PAGE_START1"></a><font style="font-family:'Times New Roman'; font-size:12.5pt; font-weight:bold">AMENDED </font><font style="font-family:'Times New Roman'; font-size:12.5pt; font-weight:bold">AND</font><font style="font-family:'Times New Roman'; font-size:12.5pt; font-weight:bold"> RESTATED AMERCO </font></p>
 <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12.5pt; font-weight:bold">EMPLOYEE STOCK OWNERSHIP </font><font style="font-family:'Times New Roman'; font-size:12.5pt; font-weight:bold">PLAN</font></p>
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 <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12.5pt; font-weight:bold; text-decoration:underline">PREAMBLE </font><font style="font-family:'Times New Roman'; font-size:12.5pt; font-weight:bold; text-decoration:underline">AND</font><font style="font-family:'Times New Roman'; font-size:12.5pt; font-weight:bold; text-decoration:underline"> INTRODUCTION</font></p>
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 <p style="margin:0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:12.5pt">On </font><font style="font-family:'Times New Roman'; font-size:12.5pt">March 16, 1973</font><font style="font-family:'Times New Roman'; font-size:12.5pt">, AMERCO, a </font><font style="font-family:'Times New Roman'; font-size:12.5pt">Nevada</font><font style="font-family:'Times New Roman'; font-size:12.5pt"> corporation (the &quot;Corporation&quot;) established the AMERCO Profit Sharing Retirement Trust (the &quot;Profit Sharing Plan&quot;) for certain of its employees.&#160; The Profit Sharing Plan was subsequently amended from time to time.&#160; Effective </font><font style="font-family:'Times New Roman'; font-size:12.5pt">April 1, 1984</font><font style="font-family:'Times New Roman'; font-size:12.5pt">, the Corporation established the AMERCO Employee Savings and Protection Plan (the &quot;Savings Plan&quot;) to permit employee contributions to be made on a favorable tax basis through utilization of the provisions of Section 401(k) of the Internal Revenue Code (the &quot;Code&quot;).&#160; The Savings Plan was subsequently amended from time to time.&#160; Effective </font><font style="font-family:'Times New Roman'; font-size:12.5pt">January 1, 1988</font><font style="font-family:'Times New Roman'; font-size:12.5pt">, the Profit Sharing Plan and the Savings Plan were merged into a single plan called the &quot;AMERCO Retirement Savings and Profit Sharing Plan&quot; (the &quot;Profit Sharing Plan&quot;).</font></p>
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 <p style="margin:0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:12.5pt">Effective as of </font><font style="font-family:'Times New Roman'; font-size:12.5pt">July 24, 1988</font><font style="font-family:'Times New Roman'; font-size:12.5pt">, AMERCO established an &quot;employee stock ownership plan&quot; (as defined in Section 407(d)(6) of the Employee Retirement Income Security Act of 1974 (the &quot;Act&quot;) and Section 4975(e)(7) of the Code) designed to invest primarily in &quot;qualifying employer securities&quot; (as defined in Section 407(d)(5) of the Act and Section 4975(e)(8) of the Code) of the Corporation (the &#8220;ESOP&#8221;).&#160; At the time, the ESOP was contained in a single document with the Profit Sharing Plan and became known as the &quot;AMERCO Employee Savings, Profit Sharing and Employee Stock Ownership Plan.&quot;&#160; Notwithstanding the fact that the ESOP was contained in a single document, it was in fact a &#8220;stand alone&#8221; plan. </font></p>
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 <p style="margin:0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:12.5pt">The AMERCO Employee Savings, Profit Sharing and Employee Stock Ownership Plan was subsequently amended and restated in its entirety effective </font><font style="font-family:'Times New Roman'; font-size:12.5pt">January 1, 1989</font><font style="font-family:'Times New Roman'; font-size:12.5pt"> to comply with the Tax Reform Act of 1986 (&quot;</font><font style="font-family:'Times New Roman'; font-size:12.5pt">TRA</font><font style="font-family:'Times New Roman'; font-size:12.5pt"> 86&quot;) and to make certain other modifications.&#160; The AMERCO Employee Savings, Profit Sharing and Employee Stock Ownership Plan was then amended on four occasions.</font></p>
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 <p style="margin:0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:12.5pt">The AMERCO Employee Savings, Profit Sharing and Employee Stock Ownership Plan was then amended and restated in its entirety to comply with the Small Business Job Protection Act of 1996 (&quot;SBJPA&quot;), the Uniformed Services Employment and Reemployment Rights Act of 1994 (&quot;USERRA&quot;), the Taxpayer Relief Act of 1997 (&quot;</font><font style="font-family:'Times New Roman'; font-size:12.5pt">TRA</font><font style="font-family:'Times New Roman'; font-size:12.5pt"> 97&quot;).</font></p>
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 <p style="margin:0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:12.5pt">The AMERCO Emplo