EX-10.30



 





Exhibit 10.30




Hudson City Bancorp, Inc.




2006 Stock Incentive Plan




Stock Option Agreement for Non-Employee Directors




Name:

Social Security No.:



Address:



This Stock Option Agreement is intended to set forth the terms and conditions on which a Stock
Option (an “Option”) has been granted under the Hudson City Bancorp, Inc. 2006 Stock Incentive
Plan. Set forth below are the specific terms and conditions applicable to this Option. Attached as
Exhibit A are its general terms and conditions.




	 	 	 	 	 
	Option
Grant
	 	 	 	 
	 
	Grant Date

	 	 	7/21/2006	 
	Class of Optioned Shares*

	 	Common

	No. of Optioned Shares*

	 	 	50,000	 
	Exercise Price per Share*

	 	 	$ 12.76	 
	Option Type (ISO or NQSO)

	 	NQSO

	VESTING:
	 	 	 	 
	Earliest Exercise Date*

	 	 	7/21/2007	 
	Option Expiration Date*

	 	 	7/20/2016	 








 




			
	*	 	Subject to adjustment as provided in the Hudson City Bancorp, Inc. 2006 Stock Incentive Plan and
Exhibit A attached hereto.




By signing where indicated below, Hudson City Bancorp, Inc. (the Company) grants this Option upon
the specified terms and conditions, and the Recipient acknowledges receipt of this Stock Option
Agreement, including Exhibit A, and agrees to observe and be bound by the terms and conditions set
forth herein.




	 	 	 	 	 
	Hudson City Bancorp, Inc.	 	Recipient
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Ronald E. Hermance, Jr.
	 	«FIRST_NAME» «LAST_NAME»
	 

	 	Chairman, President and CEO	 	 







 









 








EXHIBIT A




Hudson City Bancorp, Inc. 2006 Stock Incentive Plan




Stock Option Agreement for Non-Employee Directors




General Terms and Conditions




     Section 1. Option Size and Type. The number of shares of Common Stock, par value
$.01 per share (“Shares”), that have been optioned to you is specified in this Stock Option
Agreement. Your Options are non-qualified stock options, or “NQSOs” and do not qualify for the
special tax benefits applicable to incentive stock options under the Internal Revenue Code of 1986.



     Section 2. Exercise Price. The Exercise Price for your Option is the price per Share
at which you may acquire the Shares that have been optioned to you and is specified in this Stock
Option Agreement. As a general rule, the Exercise Price for your Option will not change unless
there is a stock split, stock dividend, merger or other major corporate event that justifies an
adjustment under section 15.3 of the Plan.



     Section 3. Vesting.



     (a) Earliest Exercise Date. You may not exercise your Options until they are vested.
The date on which your Options become vested is specified in this Stock Option Agreement as the
Earliest Exercise Date. As a general rule, you must be in the service of the Company on an
Earliest Exercise Date in order to be vested in the Options that vest on that date. You may
acquire the Shares that have been optioned to you by exercising your Options at any time during the
period beginning on the Earliest Exercise Date and continuing throughout the Exercise Period, by
following exercise procedures prescribed by the Compensation Committee of the Company and available
on request through the Company’s Human Resources Department.



     (b) Accelerated Vesting. If your service terminates with the Company, Hudson City
Savings Bank or an affiliate of the Company for which you serve as an non-employee director (the
“Employer”) due to your death or Disability (as defined in the Plan) within six (6) months prior to
the Earliest Exercise Date, the Options that are scheduled to vest on the Earliest Exercise Date
will become fully and immediately vested, without any further action on your part, upon your death
or Disability. In addition, in the event of Change in Control (as defined in the Plan), your
Options will be fully and immediately vested on the date of the Change in Control.



     (c) Forfeiture. If you terminate service, you forfeit all Options that have not
vested and do not vest on an accelerated basis on your termination date due to the circumstances of
your termination. When you forfeit Options, you relinquish any and all rights that you have to
acquire the Shares underlying the options.



     (d) Definition of Service. For purposes of determining the vesting of your Options,
you will be deemed to be in the service of the Company for so long as you serve in any capacity as
a common-law employee, non-employee director or consultant of your Employer.



     Section 4. Exercise Period.



     (a) General. You will have the right to purchase all or any portion of your Option
at any time during the period (“Exercise Period”) beginning on the applicable Earliest Exercise
Date (or any earlier date when the Option has vested on an accelerated basis) and ending on the
earliest to occur of the following dates:




     (i) the Option Expiration Date specified in this Stock Option Agreement;




     (ii) the last day of the three-month period after your (A) voluntary
resignation that is not in anticipation of a Termination for Cause (as defined in
the Plan) or (B) discharge that is not a Termination for Cause (as defined in the
Plan);




     (iii) the first anniversary of your termination of service due to Death or
Disability;



 









 






     (iv) if section 4(a)(ii) and (iii) above do not apply, the date and time of
your termination of service with your Employer for any other reason; and




     (v) the last day of the ten-year period commencing on the date on which the
Option was granted.



     (b) Special Circumstances in which the Exercise Period Will Be Extended.




     (i) If you hold vested Options and there is a Change in Control (as defined
in the Plan) on or before the Option Expiration Date, the date on which the Exercise
Period expires will be extended to the earliest of (A) the third (3rd)
anniversary of the date of the Change in Control; and (B) the tenth
(10th) anniversary of the Grant Date; or (C) any later date determined
under section 4(b)(ii) of this Stock Option Agreement.




     (ii) If on the date the vested Options are scheduled to expire, you are unable
to exercise the Options or sell the Shares on a national securities exchange without
violating applicable federal, state or local securities laws, the terms of a
securities trading blackout or other trading suspension described in section
5.4(b)(iii) of the Plan, the Exercise Period will be extended to the earliest of (A)
ninety (90) days after the last day of the trading suspension; and (B) the tenth
(10th) anniversary of the date the Grant Date; or (C) any later date
determined under section 4(b)(i) of this Stock Option Agreement.



     Section 5. No Right to Continued Service. Nothing in this Stock Option Agreement or
any action of the Board or Committee with respect to this Stock Option Agreement shall be held or
construed to confer upon you any right to a continuation of service by your Employer. You may be
dismissed or otherwise dealt with as though this Stock Option Agreement had not been entered into.



     Section 6. Taxes. Where any person is entitled to receive Shares pursuant to the
exercise of the Option granted hereunder, the Company shall have the right to require such person
to pay to the Company the amount of any tax which the Company is required to withhold with respect
to such shares, or, in lieu thereof, to retain, or to sell without notice, a sufficient number of
Shares to cover the amount required to be withheld.



     Section 7. Notices. Any communication required or permitted to be given under the
Plan, including any notice, direction, designation, comment, instruction, objection or waiver,
shall be in writing and shall be deemed to have been given at such time as it is delivered
personally or five (5) days after mailing if mailed, postage prepaid, by registered or certified
mail, return receipt requested, addressed to such party at the address listed below, or at such
other address as one such party may by written notice specify to the other party:


If to the Company:



Hudson City Bancorp, Inc.

West 80 Century Road

Paramus, New Jersey 07652

Attention: Corporate Secretary





     If to your Employer, to the Employer in care of Hudson City Bancorp, Inc., at
the Company’s address specified for notices under this Stock Option Agreement.




     If to the Recipient, to the Recipient’s address as shown in the Company’s records.



     Section 8. Restrictions on Transfer. The Options granted hereunder shall not be
transferable by the Recipient other than by will or by the laws of descent and distribution, to a
Family Member (as defined in the Plan) or as otherwise permitted by the Plan. To designate a
Beneficiary to receive any Options that remain outstanding at the
time of your death, you must complete and file the Beneficiary Designation attached to this
Retention Stock Option Agreement as Appendix A or another form provided by the Human Resource
Department.



 









 





     Section 9. Successors and Assigns. This Stock Option Agreement shall inure to the
benefit of and shall be binding upon the Company and you and the Company’s successors and assigns
and your respective heirs, successors and assigns.



     Section 10. Construction of Language. Whenever appropriate in the Stock Option
Agreement, words used in the singular may be read in the plural, words used in the plural may be
read in the singular, and words importing the masculine gender may be read as referring equally to
the feminine or the neuter. Any reference to a section shall be a reference to a section of this
Stock Option Agreement, unless the context clearly indicates otherwise. Capitalized terms not
specifically defined herein shall have the meanings assigned to them under the Plan, as amended
from time to time.



     Section 11. Governing Law. This Stock Option Agreement shall be construed,
administered and enforced according to the laws of the State of New Jersey without giving effect to
the conflict of laws principles thereof, except to the extent that such laws are preempted by the
federal law. The federal and state courts located in the Counties of New Jersey shall have
exclusive jurisdiction over any claim, action, complaint or lawsuit brought under the terms of this
Stock Option Agreement. By accepting this Stock Option Agreement, you agree to submit yourself,
and any such legal action as you shall bring under the Plan, to the sole jurisdiction of such
courts for the adjudication and resolution of any such disputes.



     Section 12. Amendment. This Stock Option Agreement may be amended, in whole or in
part and in any manner not inconsistent with the provisions of the Plan, at any time and from time
to time, by written agreement between the Company and you.



     Section 13. Plan Provisions Control. This Stock Option Agreement and the rights and
obligations created hereunder shall be subject to all of the terms and conditions of the Plan. In
the event of any conflict between the mandatory provisions of the Plan and the provisions of this
Stock Option Agreement, the terms of the Plan, which are incorporated herein by reference, shall
control. By signing this Stock Option Agreement, you acknowledge receipt of a copy of the Plan.
You acknowledge that you may not and will not rely on any statement of account or other
communication or document issued in connection with the Plan other than the Plan, this Stock Option
Agreement, and any document signed by an authorized representative of the Company that is
designated as an amendment of the Plan or this Stock Option Agreement.




 









 





Appendix A to Stock Option Agreement



Hudson City Bancorp, Inc.



2006 Stock Incentive Plan



Beneficiary Designation Form









			
	GENERAL

INFORMATION

	 	Use this form to designate the Beneficiary(ies) who will receive vested Performance Stock Options outstanding to you at the time of your death.
	 
	 	 
	Name of Person

Making Designation

	 	Social Security No.
	 
	 	 
	BENEFICIARY 

DESIGNATION

	 	Complete sections A and B. If no percentage shares are specified, each Beneficiary in the same class (primary or contingent) shall have an equal share. If any
designated Beneficiary predeceases you, the shares of each remaining Beneficiary in the same class (primary or contingent) shall be increased proportionately.
	 
	 	 
	A. PRIMARY BENEFICIARY(IES) I hereby designate the following person(s) as my primary Beneficiary(ies), reserving the right to change or revoke this designation at any time prior to my death:






	 	 	 	 	 	 	 	 	 	 	 
	Name	 	Address	 	Relationship	 	Birth Date	 	Share	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%	 
	 

	 	 
	 	 
	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%	 
	 

	 	 
	 	 
	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%	 
	 

	 	 
	 	 
	 	 
	 	 	 	 
	 

	 	 	 	 	 	 	 	Total = 100
	%	 





B. CONTINGENT BENEFICIARY(IES) I hereby designate the following person(s) as my contingent Beneficiary(ies) to receive benefits only if all of my primary Beneficiaries should predecease me, reserving the right to change or revoke this designation
at any time prior to my death with respect to all outstanding Performance Stock Options:




	 	 	 	 	 	 	 	 	 	 	 
	Name	 	Address	 	Relationship	 	Birth Date	 	Share	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%	 
	 

	 	 
	 	 
	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%	 
	 

	 	 
	 	 
	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%	 
	 

	 	 
	 	 
	 	 
	 	 	 	 
	 

	 	 	 	 	 	 	 	Total = 100
	%	 






	 	 	 	 	 	 	 
	S

I

	 	H

E
	 	I understand that this Beneficiary Designation shall be effective only if properly completed and received by Hudson City Bancorp, Inc. prior to my death. I also understand that an effective
Beneficiary Designation revokes my prior designation(s) with respect to all stock options outstanding to me under the 2006 Stock Incentive Plan and any other prior or subsequent stock option plan,
program or arrangement of Hudson City Bancorp, Inc.
	G

	 	R
	 	 

	 	 


	N

	 	E
	 	Your Signature
	 	Date










Internal Use Only




	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	This Beneficiary Designation was received by Hudson City
 Bancorp, Inc. on the date indicated.	 	 	Comments	 
	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Authorized Signature

	 	Date