Exhibit 10.3



 Exhibit 10.3 
  

 
 STERLING BANCORP 

ID: 80-0091851 
 21
Scarsdale Road 
 Yonkers, NY 10707 
 2015
CEO Special Performance Award Notice and Award Agreement 
  
  

 

											
	 Jack L. Kopnisky
	 		 	Award Number:	 		 	  

	Name of Award Holder	 		 	Plan:	 		 	2015

 At the address most recently on the books and records of the Company.

  

									
	Address	 		 	City	 	State	 	Zip

  
  

Effective December 8, 2015 (“Award Date”), you have been granted a Performance Award of 180,505 shares of STERLING BANCORP (the
“Company”) Common Stock (the “Performance Award Shares”). This Performance Award is conditioned upon achievement of any one or more of three Performance Goals and, after achievement of the Performance Goals, satisfaction of the
Service Vesting Condition. 
 The total Fair Market Value of the Performance Award on the Award Date is $3,000,000. 

The Performance Period commences on the Award Date and ends on December 31, 2018. The three Performance Goals are set forth in Exhibit B hereto and
achievement of any one or more thereof will be determined during the Performance Period. 
 The Vesting Date is December 31, 2018, subject to
compliance with the satisfaction of the Service Vesting Condition after achievement of any one or more of the three Performance Goals during the Performance Period. 
  

 
 By your signature and the Company’s signature
below, you and the Company agree that this Performance Award is granted under and governed by the terms and conditions of the Plan and this 2015 CEO Special Performance Award Notice and Award Agreement (including Exhibit A and
Exhibit B attached hereto and made a part hereof). 
  
  

 

					
	STERLING BANCORP	 		 	
			
	 /s/ Louis J. Cappelli
	 		 	 12/08/15

	Print Name: Louis J. Cappelli	 		 	Date
	Title: Chairman of the Board of Directors	 		 	
			
	AWARD HOLDER	 		 	
			
	 /s/ Jack L. Kopnisky
	 		 	 12/08/15

	Print Name: Jack L. Kopnisky	 		 	Date








 EXHIBIT A 

STERLING BANCORP 

2015 OMNIBUS EQUITY AND INCENTIVE PLAN 

2015 CEO SPECIAL PERFORMANCE AWARD NOTICE AND AWARD
AGREEMENT 
 General Terms and Conditions 

Section 1. Size and Type of Performance Award; Performance Goals. This Performance Award is granted under Article VI of the Sterling
Bancorp 2015 Omnibus Equity and Incentive Plan (the “Plan”). The total number of shares of Common Stock (the “Shares”) of Sterling Bancorp (the “Company”) covered by this Performance Award (the
“Performance Award Shares”) are listed on the 2015 CEO Special Performance Award Notice and Award Agreement (the “Award Notice”), and subject to all of the terms and conditions of the Plan. 

After achievement of one or more of the three Performance Goals during the Performance Period, Performance Award Shares relating to such
achieved Performance Goal(s) will be settled in Shares of Restricted Stock which will be designated “Escrow,” registered in your name and held by the Compensation Committee, together with a stock power executed by you in favor of the
Compensation Committee. You may forfeit Performance Award Shares and Shares of Restricted Stock, as set forth in Section 2 below. 

Your employment with the Company, Sterling National Bank, and/or any of their subsidiaries constitutes adequate consideration for the issuance
(after achievement of any one or more of the three Performance Goals during the Performance Period) of the Shares of Restricted Stock to you having a value at least equal to the par value of such Shares of Restricted Stock, but the Service Vesting
Condition described below will nevertheless determine your right to acquire unrestricted ownership of the Shares of Restricted Stock. 

Section 2. Vesting. 

(a) Service Vesting Condition. You must remain in the continuous service of the Company, Sterling
National Bank and/or any of their subsidiaries through the December 31, 2018 vesting date (the “Vesting Date”) specified in this Award Notice (the “Service Vesting Condition”) in order to vest any Shares of
Restricted Stock you receive upon the achievement of one or more of the three Performance Goals during the Performance Period. 
 (b)
Vesting Date. The Vesting Date for any Shares of Restricted Stock you receive as the result of achievement of any one or more of the three Performance Goals is specified in this Award Notice. If the Service Vesting Condition is
satisfied on the Vesting Date, you will obtain unrestricted ownership of the Shares of Restricted Stock on that Vesting Date. 
 (c)
Forfeitures. If you terminate service with the Company, Sterling National Bank and/or any of their subsidiaries prior to the Vesting Date, you will forfeit this Performance Award in its entirety. If you remain in continuous service
with the Company, Sterling National Bank and/or any of their subsidiaries through the Vesting Date but one or more of the applicable Performance Goals are not achieved, you will forfeit any Performance Award Shares which depended on achievement of
the unsatisfied Performance Goal(s). When you forfeit Performance Award Shares, all of your interest in the Performance Award Shares will be canceled and when you forfeit Shares of Restricted Stock such Shares of Restricted Stock will be cancelled
and any stock certificate or other evidence of ownership must be returned to the Company. You agree to take any action and execute and deliver any document that the Company requests to effect the return of your unvested Shares of Restricted Stock.
In the event you do not cooperate with the Company in this regard, you hereby appoint and designate the Company as your attorney-in-fact for the purpose of taking any action and signing any document, in your name, which the Company determines is
necessary to enforce the forfeiture. 

  
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 (d) Change in Control. The Service Vesting Condition applicable to your
Shares of Restricted Stock shall be deemed satisfied and such Shares of Restricted Stock shall become free of all restrictions and become fully vested and transferable if prior to the Vesting Date (1) a Change in Control occurs, and
(2) at any time after the Change in Control and during the twenty-four (24) month period ending on the second anniversary of the Change in Control, your service with the Company, Sterling National Bank and/or any of their subsidiaries is
terminated without Cause or for Good Reason (and you will forfeit any Performance Award Shares for which the Performance Goals have not been attained prior to termination). 

(e) Death or Disability. In the event your service terminates due to death or disability prior to the Vesting
Date, you will receive the Shares of Restricted Stock, if any, that you received after achievement of one or more of the three Performance Goals prior to your termination free of all restrictions and such will become fully vested and transferable
(and you will forfeit any Performance Award Shares for which the Performance Goals have not been attained prior to termination). 

(f) Termination without Cause, Termination for Good Reason and Retirement. If the Company, Sterling National Bank
and/or any of their subsidiaries terminates your employment without Cause or you terminate your employment with Good Reason or due to Retirement prior to the Vesting Date, you will receive your Shares of Restricted Stock, if any, that you received
after achievement of one or more of the three Performance Goals prior to your termination free of all restrictions and such will become fully vested and transferable (and you will forfeit any Performance Award Shares for which the Performance Goals
have not been attained prior to termination). 
 (g) Definition of Service. For purposes of determining the vesting on
the Vesting Date of any Shares of Restricted Stock you receive upon the achievement of one or more of the three Performance Goals, you will be deemed to be in the service of the Company, Sterling National Bank and/or any of their subsidiaries for so
long as you serve in any capacity as an employee, officer, non-employee director or consultant of the Company, Sterling National Bank and/or any of their subsidiaries. 

(h) Application of Clawback Policy. Notwithstanding anything in this Award Notice to the contrary, any Shares of
Restricted Stock and any related dividends shall be subject to adjustment and/or recovery, in whole or in part, following the Vesting Date (i.e., December 31, 2018) if and to the extent (i) required by any applicable law, rule or
regulation or (ii) provided under the terms of any clawback policy or other policy of similar import adopted by the Company and in effect on the Vesting Date. 

Section 3. Dividends. Dividends or distributions paid on any Shares of Restricted Stock you receive upon the achievement of
one or more of the three Performance Goals, whether or not in cash, will not be paid to you currently. Instead, they will become vested, accumulated and paid to you if, as and when such Shares of Restricted Stock become vested and will be subject to
the same Service Vesting Condition as the Shares of Restricted Stock. 
 Section 4. Voting and Tender Rights. You will not
have the right to vote, or direct the voting of, Shares of Restricted Stock, or the right to respond, or direct the response with respect to Shares of Restricted Stock to any tender offer, exchange offer or other offer made to the holder of Shares,
unless and until the applicable Service Vesting Condition has been satisfied and ownership of record of the Shares has been transferred to you. 

Section 5. No Right to Continued Service. Nothing in this Award Notice, or any action of the Board or the Compensation Committee
with respect to this Award Notice, shall be held or construed to confer upon you any right to a continuation of service by the Company, Sterling National Bank, or any of their subsidiaries. You may be dismissed or otherwise dealt with as though this
Award Notice had not been entered into. 

  
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 Section 6. Taxes. Where you or any other person is entitled to receive Shares pursuant
to the Award granted hereunder, the Company shall have the right to require you or 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 you, to your address as shown in the Company’s records. 

If to the Compensation Committee: 

Sterling Bancorp 
 c/o Sterling
National Bank 
 21 Scarsdale Road 

Yonkers, NY 10707 
 Attention:
Compensation Committee and Corporate Secretary 
 Section 8. Restrictions on Transfer. The Performance Award granted hereunder,
including, without limitation, any Shares of Restricted Stock you receive after achievement of one or more of the three Performance Goals, shall not be subject in any manner to anticipation, alienation or assignment, nor shall such award be liable
for or subject to debts, contracts, liabilities, engagements or torts, nor shall it be transferable by you other than by will or by the laws of descent and distribution or as otherwise permitted by the Plan. To name a beneficiary, complete the
attached Appendix A and file it with the Corporate Secretary of the Company. 
 Section 9.
Successors and Assigns. This Award Notice shall inure to the benefit of and shall be binding upon the Company and you and the Company’s and your respective heirs, successors and assigns. 

Section 10. Construction of Language. Whenever appropriate in this Award Notice, 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 Award
Notice, unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have the meanings assigned to them under the Plan. 

Section 11. Governing Law. This Award Notice shall be construed, administered and enforced according to the laws of the State
of New York without giving effect to the conflict of law principles thereof, except to the extent that such laws are preempted by federal law. The federal and state courts having jurisdiction in Westchester County, New York shall have exclusive
jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan. By accepting the Performance Award granted under this Award Notice, you and any other person claiming any rights under this Award Notice, agrees to submit
himself or herself, and any such legal action as he or she 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 Award Notice 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. This Award Notice amends and supersedes any award notice bearing the same effective date. 

  
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 Section 13. Plan Provisions Control. This Award Notice and the rights and obligations
created hereunder shall be subject to all of the terms and conditions of the Plan that would apply if this Award Notice were being made under the Plan. In the event of any conflict between the provisions of the Plan and the provisions of this Award
Notice, the terms of the Plan, which are incorporated herein by reference, shall control. By signing this Award Notice, 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 Award other than the Plan, this Award Notice, or any document signed by an authorized representative of the Company that is designated as an amendment of the Plan or this Award Notice.


  
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 APPENDIX A TO 2015 CEO SPECIAL
PERFORMANCE AWARD NOTICE AND AWARD AGREEMENT 

Beneficiary Designation Form 

 

															
		 	 GENERAL
 INFORMATION
	  	Use this form to designate the Beneficiary(ies) who may receive Shares of Restricted Stock that become vested at your death.	 	
					
		 	 Name of Person
 Making Designation
	  	  
	  	Social Security Number         —        —        	 	
				
		 	 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 as my primary Beneficiary under the Plan, reserving the right to change or revoke this designation at any time prior to my death:	 	


															
							
		  	Name	  	Address	  	Relationship	  	Birthdate	  	 	Share	  	 	
		  	  
	  	  
	  	  
	  	  
	  	 	                    	% 	 	
	  	  	  
	  		  		  				 	
		  	  
	  	  
	  	  
	  	  
	  	 	                    	% 	 	
	  	  	  
	  		  		  				 	
		  	  
	  	  
	  	  
	  	  
	  	 	                    	% 	 	
	  	  	  
	  		  		  	 	Total = 100	% 	 	
			
		  	B CONTINGENT BENEFICIARY(IES). I hereby designate the following person(s) as my contingent Beneficiary(ies) under the Plan 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 as to all outstanding Awards:	    	 	
							
		  	Name	  	Address	  	Relationship	  	Birthdate	  	 	Share	  	 	
		  	  
	  	  
	  	  
	  	  
	  	 	                    	% 	 	
	  	  	  
	  		  		  				 	
		  	  
	  	  
	  	  
	  	  
	  	 	                    	% 	 	
	  	  	  
	  		  		  				 	
		  	  
	  	  
	  	  
	  	  
	  	 	                    	% 	 	
	  	  	  
	  		  		  	 	Total = 100	% 	 	


															
					
		 	 S
 I

G
 N
	  	 H
 E

R
 E
	    	I understand that this Beneficiary Designation shall be effective only if properly completed and received by the Corporate Secretary of Sterling Bancorp prior to my death, and that it is subject to all of the terms
and conditions of the Plan. I also understand that an effective Beneficiary designation revokes my prior designation(s) with respect to all outstanding Awards.	 	
	 	  	    	  

 
	    	  

 
	 	
	 	  	    	 Your Signature

 
	    	 Date
  
	  		 	

 
  

									
		 	  
  
	 	Internal Use Only	 	  
  
	  	

  

													
	 	 	This Beneficiary Designation was received by the Corporate Secretary of Sterling Bancorp on the date indicated.	  	Comments	 	 
	 				 		 
	 	 	By	 	  
	 		 	                    	  		 	 
	 	 	 	 	 Authorized Signature

 
	 	 	 	 Date

 
	  	 	 	 








 EXHIBIT B 

STERLING BANCORP 
 2015
OMNIBUS EQUITY AND INCENTIVE PLAN 
 2015 CEO SPECIAL PERFORMANCE-BASED
STOCK AWARD NOTICE  
 PERFORMANCE GOALS 

[APPLICABLE MEASURES AND TARGETS TO BE
DETERMINED BY THE COMPENSATION COMMITTEE]