Document:

10.31 Sterling--Form of Stock Option Award Agreement under 2014 Plan

EXHIBIT 10.31

STERLING BANCORP (FKA PROVIDENT NEW YORK BANCORP)
ID:  80-0091851
400 Rella Boulevard
Montebello, NY  10901

 
Notice of Grant of Stock Options and Option Agreement

_______________________________________            Option Number:     _________
Name of Option Holder                        Plan:          2014

                
Address                    City            State                Zip Code

Effective __________, you have been granted a(n) Incentive Stock Option to buy __________ shares of STERLING BANCORP (FKA PROVIDENT NEW YORK BANCORP) (the Company) stock at $_______ per share.

The total option price of the shares granted is $__________.

Shares in each period will become fully vested on the date shown.
                        
	
				
	Shares   
	Vest Type
	Full Vest   
	Expiration

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

By your signature and the Company’s signature below, you and the Company agree that these options are granted under and governed by the terms and conditions of the Company’s Stock Option Plan as amended and the Option Agreement, all of which are attached and made a part of this document.

STERLING BANCORP (FKA PROVIDENT NEW YORK BANCORP)

________________________________________________    _____________________________
Print Name:                            Date:
Title:        

OPTION HOLDER:

________________________________________________    _____________________________
Print Name:                            Date:

             

 

EXHIBIT 10.31

EXHIBIT A

STERLING BANCORP 2014 STOCK INCENTIVE PLAN
STOCK OPTION AWARD AGREEMENT

General Terms and Conditions

Section 1.    Incentive Stock Option.  If the Option has been granted to an Option Holder who is a non-employee director, it is a Non-Qualified Stock Option (“NQSO”).  If the Option has been granted to an individual who is an employee and is designated as an ISO, Sterling Bancorp (the “Company”) intends the Option evidenced hereby to be an “incentive stock option” within the meaning of section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).  If the Option or any part of the Option does not qualify as an “incentive stock option” under the Plan or the Code, the Option, or the part not qualifying, shall be treated as an NQSO under the Code.   

Section 2.    Exercise Period.  (a)  Subject to section 2(b), the Option Holder shall have the right to purchase all or any portion of the optioned Shares at any time during the period (“Exercise Period”) commencing on the Earliest Exercise Date and ending on the earliest to occur of the following dates:

(i)    the date and time of the Option Holder’s termination of service for any reason other than the Option Holder’s death, Retirement, Disability or discharge that is not a Termination for Cause;

(ii)    last day of the 3-month period commencing on the date and time of the termination of all service with the Company, Sterling National Bank and/or any of their subsidiaries due to a discharge that is not a Termination for Cause;

(iii)    the last day of the 1-year period commencing on the date and time of termination of all service with the Company, Sterling National Bank and/or any of their subsidiaries due to death, Disability or Retirement, and

(iv)    the last day of the ten (10) year period following the date on which the Option was granted.

(b)    If the Option is designated as an ISO, the favorable tax treatment applicable to incentive stock options will not apply if it is exercised more than three (3) months after termination of employment for reasons other than death or total and permanent disability (within the meaning of section 22(e)(3) of the Code) or more than one (1) year after termination of employment due to total and permanent disability.  

(c)    If the Option has an Earliest Exercise Date that is before its Vesting Date, the Option may be exercised before it is vested.  In this case, the Shares issued will bear a restrictive legend and will be nontransferable and subject to forfeiture until their Vesting Date.

(d)    To become vested in an Option, the Option Holder must be in continuous service with the Company, Sterling National Bank and/or any of their subsidiaries during the period beginning on the Grant Date and ending on the Vesting Date.  In addition, the disinterested members of the Compensation Committee must determine in its discretion that the Option Holder's performance as an officer or employee has been satisfactory.  In general, performance is considered satisfactory if the Option Holder has been the subject of a formal written performance appraisal within the most recent twelve (12) months and received a salary increase or one-time payment in lieu of a salary increase and no material negative change in the performance level has occurred.   If  performance is not determined to have been satisfactory, or, if the Option Holder terminated service with the Company, Sterling National Bank and/or any of their subsidiaries prior to a Vesting Date, any Options granted hereunder that are scheduled to vest on that Vesting Date, and any 

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EXHIBIT 10.31

Shares issued upon exercise of such an Option, are deemed forfeited for that Option Holder.  In the event of the Option Holder’s termination of service with the Company, Sterling National Bank and/or any of their subsidiaries due to death, Disability or Retirement, unvested Options with a Vesting Date that occurs during the calendar year of termination or the following calendar year, and any Shares issued upon exercise of such Options, will be deemed vested as of the termination date.  Options that are forfeited will be immediately canceled and will cease to be exercisable.  Any Shares that are forfeited must be returned to the Company in exchange for a payment equal to Exercise Price paid for the Shares or their Fair Market Value on the date forfeited, whichever is less.  In the event of a Change in Control, all Options evidenced by this Award Agreement that were not previously forfeited will be one hundred percent (100%) vested upon the Change in Control on the business day following consummation of the Change in Control event. 

(e)    To qualify for Retirement, the Option Holder must, as of the termination date, enter into a retirement agreement with the Company in a form approved by the Compensation Committee, within the Compensation Committee’s discretion, and under which the Option Holder agrees, for a period of two (2) years, to provide consulting services to the Company, Sterling National Bank and/or any of their subsidiaries (as specified in Section 2.46 of the Plan) and to refrain from competing with or soliciting employees and customers of the Company, Sterling National Bank or any of their subsidiaries.

Section 3.    Exercise Price.  During the Exercise Period, and after the applicable Earliest Exercise Date, the Option Holder shall have the right to purchase all or any portion of the optioned Shares at the Exercise Price per Share.  

Section 4.    Method of Exercise.  The Option Holder may, at any time during the Exercise Period provided by section 2, exercise his or her right to purchase all or any part of the optioned Shares then available for purchase; provided, however, that the minimum number of optioned Shares which may be purchased shall be one hundred (100) or, if less, the total number of optioned Shares then available for purchase.  The Option Holder shall exercise such right by:

(a)    giving written notice to the Compensation Committee, in the form attached hereto as Appendix A; and

(b)    delivering to the Compensation Committee full payment of the Exercise Price for the optioned Shares to be purchased.    
    
The date of exercise shall be the earliest date practicable following the date the requirements of this section 4 have been satisfied.  Payment shall be made (i) in United States dollars by certified check, money order, official bank check or personal check made payable to the order of Sterling Bancorp, (ii) with the Compensation Committee’s approval, in Shares duly endorsed for transfer and with all necessary stock transfer tax stamps attached (or using a “constructive delivery” method approved by the Compensation Committee), already owned by the Option Holder for more than six (6) months as of the exercise date and having an aggregate Fair Market Value on the date the Option is exercised equal to the aggregate Exercise Price to be paid, such Fair Market Value to be determined in such manner as may be provided by the Compensation Committee or as may be required in order to comply with or conform to the requirements of any applicable laws or regulations, (iii) if and to the extent permitted by the Compensation Committee, by directing the Company to withhold from the Shares to be issued upon exercise of the Option (or a portion thereof) being exercised a number of Shares having a Fair Market Value equal to the aggregate Exercise Price to be paid (a “cashless exercise”), or (iv) in a combination of (i), (ii) and (iii).  In lieu thereof, payment for any Shares to be purchased upon exercise of an Option may also be made by delivering a properly executed exercise notice to the Company, together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds to pay the Exercise Price and applicable tax withholding amounts (if any).

Section 5.    Delivery and Registration of Optioned Shares.  As soon as is practicable following the date on which the Option Holder has satisfied the requirements of section 4, the Compensation 

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EXHIBIT 10.31

Committee shall take such action as is necessary to cause the Company to issue a stock certificate evidencing the Option Holder’s ownership of the optioned Shares that have been purchased.  The Option Holder shall have no right to vote or to receive dividends, nor have any other rights with respect to the optioned Shares, prior to the date as of which such optioned Shares are transferred to the Option Holder on the stock transfer records of the Company, and no adjustments shall be made for any dividends or other rights for which the record date is prior to the date as of which such transfer is affected.  The obligation of the Company to deliver Shares under this Award Agreement shall, if the Compensation Committee so requests, be conditioned upon the receipt of a representation as to the investment intention of the person to whom such Shares are to be delivered, in such form as the Compensation Committee shall determine to be necessary or advisable to comply with the provisions of applicable federal, state or local law.

Section 6.    No Right to Continued Service.  Nothing in this Award Agreement nor any action of the Board or Compensation Committee with respect to this Award Agreement shall be held or construed to confer upon the Option Holder any right to a continuation of service by the Company, Sterling National Bank or any of their subsidiaries.  The Option Holder may be dismissed or otherwise dealt with as though this Award Agreement had not been entered into.

Section 7.  Application of Clawback Policy.  Notwithstanding anything in this Award Agreement to the contrary, the Option shall be subject to adjustment and/or recovery, in whole or in part, following the date on which they become vested and payable 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 date the Option become vested and payable. 

Section 8.    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 9.    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:

(a)    If to the Compensation Committee:

Sterling Bancorp
c/o Sterling National Bank
400 Rella Boulevard
Montebello, New York 

Attention:    Compensation Committee and Corporate Secretary

(b)    If to the Option Holder, to the Option Holder's address as shown in the Company's records.

Section 10.    Restrictions on Transfer.  The Option granted hereunder is not transferable by any Option Holder, except that:  (i) an Option Holder may transfer an NQSO to his or her Family Members during his or her lifetime; and (ii) any Option Holder may transfer Options remaining unexercised at his or her death to a Beneficiary or by will or by the laws of descent and distribution.  Any permitted transfer to Family Members during an Option Holder’s lifetime shall be effected by written notice 

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EXHIBIT 10.31

to the Company given in such form and manner as the Compensation Committee may prescribe and shall be recognized only if such notice is received by the Company prior to the death of the person giving it.  Thereafter, the Permitted Transferee shall have, with respect to such Option, all of the rights, privileges and obligations which would attach thereunder to the Recipient except the right to transfer the Option to Family Members. If a privilege of the Option depends on the life, Service, employment or other status of the transferor, such privilege of the Option for the transferee shall continue to depend on the life, Service, employment or other status of the transferor. The Compensation Committee shall have full and exclusive authority to interpret and apply the provisions of this Plan to transferees to the extent not specifically described herein.

Section 11.    Successors and Assigns.  This Award Agreement shall inure to the benefit of and shall be binding upon the Company and the Option Holder and their respective heirs, successors and assigns.  

Section 12.    Construction of Language.  Whenever appropriate in the Award 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 Award Agreement, unless the context clearly indicates otherwise.  Capitalized terms not specifically defined herein shall have the meanings assigned to them under the Plan.

Section 13.    Governing Law.  This Award Agreement shall be construed, administered and enforced according to the laws of the State of New York without giving effect to the conflict of laws principles thereof, except to the extent that such laws are preempted by federal law. The federal and state courts having jurisdiction in Rockland County, New York shall have exclusive jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan.  By accepting any Option granted under this Award Agreement, the Option Holder, and any other person claiming any rights under the Award Agreement, 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 14.    Amendment.  This Award 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 the Option Holder.  This Award Agreement amends and supersedes any Stock Option Award Agreement bearing the same grant date.

Section 15.    Plan Provisions Control.  This Award 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 provisions of the Plan and the provisions of this Award Agreement, the terms of the Plan, which are incorporated herein by reference, shall control.  By signing this Award Agreement, the Option Holder acknowledges receipt of a copy of the Plan.  The Option Holder acknowledges that he or she 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 Award Agreement, and any document signed by an authorized representative of the Company that is designated as an amendment of the Plan or this Award Agreement.

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EXHIBIT 10.31

APPENDIX A TO STOCK OPTION AWARD AGREEMENT

NOTICE OF EXERCISE

Notice is hereby given pursuant to Section 4 of the General Terms and Conditions of my Stock Option Award Agreement that I elect to purchase the number of Shares set forth below at the Exercise Price set forth in my Stock Option Award Agreement:

Stock Option Award Agreement dated: ____________

Number of Shares being purchased: ____________

Total Exercise Price: $____________

This Notice of Exercise is accompanied by the following (check one):

            certified check, money order, official bank check or personal check made payable to the order of the Company in an amount equal to the Exercise Price;

_____ Shares of the Company already in my possession with a Fair Market Value of $            ;*

_____ I direct the Company to withhold from the Shares to be issued upon exercise of the Option (or portion thereof) being exercised a number of Shares having a Fair Market Value equal to the aggregate Exercise Price to be paid (a “cashless exercise”); 

OR
_____ A combination of the above; I have specified below how I will pay for the Exercise Price and the specific amount for each payment option: 
    
	
		
	

$__________
	Payment made in certified check, money order, official bank check or personal check

	$__________
	Other Company stock in my possession*

	$__________
	Cashless exercise

	$__________
	Total Exercise Price

I agree to provide to the Company such additional documents or information as may be required pursuant to the Company's 2014 Stock Incentive Plan.

OPTION HOLDER

By:                                                           
Print Name:                    

*     If I elect to exercise by exchanging shares I already own, I will constructively return shares that I already own to purchase the new option shares.  If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged.  If the shares are held in “street name” by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged.  I will keep the shares that I already own and treat them as if they are shares acquired by the option exercise.  In addition, I will receive additional shares equal to the difference between the shares I constructively exchanged and the total new option shares that I acquired.

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EXHIBIT 10.31

DESIGNATION OF BENEFICIARY

General Information:  Use this form to designate the Beneficiary(ies) who may exercise Options outstanding to you at the time of 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 (attach additional sheets as necessary):

	 
	 
	 
	 
	 

	Name
	Address
	Relationship
	Birth date
	Share

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	Total=100 percent

	 
	 
	 
	 
	 

	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 Options:

	 
	 
	 
	 
	 

	Name
	Address
	Relationship
	Birth date
	Share

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	Total = 100 percent

	 
	 

	

SIGN
HERE
	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 Options.

	

                                                                
Your signature
	

                           
Date

-------------------------------------------  Internal Use Only ------------------------------------------------

 

EXHIBIT 10.31

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

By                      
Authorized  Signature                                             Date       

	Comments10.32 Sterling--Form of Performance Based Stock Award Notice Under 2014 Plan

EXHIBIT 10.32

STERLING BANCORP (FKA PROVIDENT NEW YORK BANCORP)
ID:  80-0091851
400 Rella Boulevard
Montebello, NY  10901

 
Notice of Grant of Award and Award Agreement

_______________________________________            Award Number:     _________
Name of Award Holder                        Plan:          2014

______
Address                    City            State                Zip
 

Effective __________, you have been granted a performance award of ________ shares of STERLING BANCORP (FKA PROVIDENT NEW YORK BANCORP) (the Company) common stock.  These shares are restricted contingent upon the achievement of the associated Goal(s).

The current total value of the performance award is $__________.

The Goal will be measured in increments on the date(s) shown.

	
			
	

Vest Period   
	

Shares
	Final Measurement Date

	 
	 
	 

	

	 
	 

By your signature and the Company’s signature below, you and the Company agree that this award is granted under and governed by the terms and conditions of the Company’s Award Plan as amended and the Award Agreement, all of which are attached and made a part of this document.

STERLING BANCORP (FKA PROVIDENT NEW YORK BANCORP)

________________________________________________    _____________________________
Print Name:                        Date:
Title:        

HOLDER

________________________________________________    _____________________________
Print Name:                        Date:

         

EXHIBIT 10.32

EXHIBIT A

STERLING BANCORP 
2014 STOCK INCENTIVE PLAN
PERFORMANCE-BASED STOCK AWARD NOTICE

General Terms and Conditions

Section 1.     Size and Type of Award. The shares of Common Stock (the “Shares”) of Sterling Bancorp (the “Company”) covered by this Award (“Awarded Shares”) are listed on the Performance-Based Stock Award Notice. This Performance-Based Stock Award Notice (this “Award Notice”) is subject to all of the terms and conditions of the Sterling Bancorp 2014 Stock Incentive Plan (“Plan”).
 
Unless otherwise specified by the Compensation Committee, your Awarded Shares as set forth on this Award Notice will be designated “Escrow,” registered in the name of the Recipient and held by the Compensation Committee, together with a stock power executed by the Recipient in favor of the Committee, on a pooled basis with other Awarded Shares.  You may receive additional Shares, or forfeit Awarded Shares, 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 of the Awarded Shares to you having a value at least equal to the par value of the Awarded Shares, but the vesting conditions described below will nevertheless determine your right to acquire unrestricted ownership of the Awarded Shares.

Section 2.     Vesting.
 
(a)     Vesting Conditions. There are conditions you must satisfy before your Performance-Based Stock Award will vest:

(i)     You must remain in the continuous service of the Company, Sterling National Bank and/or any of their subsidiaries through the Vesting Date shown in this Award Notice (“Service Conditions”).
 
(ii)     Any Performance Condition(s) specified in this Award Notice must be met as of the end of their respective Performance Measurement Period(s) as determined by the Compensation Committee on the basis of such evidence as it deems appropriate (“Performance Conditions”). 

(iii)     Awarded Shares, as adjusted based on satisfaction of the Performance Conditions, will vest and become non-forfeitable on the Vesting Date.

As a general rule, if you have satisfied BOTH the Service Conditions and the Performance Conditions, your right to the Awarded Shares will be non-forfeitable. 

(b)     Vesting Date.  The Vesting Date for your Awarded Shares, as adjusted, is specified on this Award Notice. On the Vesting Date, you will obtain unrestricted ownership of the Awarded Shares, as adjusted, that vest on that Vesting Date. A stock certificate evidencing unrestricted ownership will be transferred to you. 

(c)     Forfeitures.  If you terminate service with the Company, Sterling National Bank and/or any of their subsidiaries prior to a Vesting Date, you will forfeit any Awarded Shares that are scheduled to vest on that date. If you remain in continuous service with the Company, Sterling National Bank and/or any of their subsidiaries through the applicable Vesting Date but one or more of the applicable Performance Conditions are not satisfied, you will forfeit any Awarded Shares the vesting of which depended on satisfaction of the unsatisfied Performance Condition(s).  When you forfeit Awarded Shares, all of your interest in the Awarded Shares will be canceled 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 Awarded Shares. 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.

(d)     Death, Disability or Retirement.  In the event your service terminates due to death, Disability or Retirement, you will receive a pro-rated portion of the Awarded Shares at the end of the Performance Measurement Period.  The pro-rated portion will be determined by calculating the total number of Awarded Shares you would have received if your employment had not terminated prior to the end of the Performance Measurement Period, and multiplying that number by a fraction, the numerator of which is the number of full and partial months of employment that you completed after the Award Date, and the denominator of which is the number of full and partial months between the Award Date and the end of the Performance Measurement Period. 

To qualify for Retirement, you must enter into a retirement agreement with the Company, Sterling National Bank or any of their subsidiaries in a form approved by the Compensation Committee, within the Compensation Committee’s discretion, and under which you agree, for a period of two (2) years, to provide consulting services to the Company, Sterling National Bank and/or any of their 

52720073v2
Page 1 of 3

subsidiaries (as specified in Section 2.46 of the Plan) and to refrain from competing with or soliciting employees and customers of the Company, Sterling National Bank or any of their subsidiaries.

(e)     Accelerated Vesting.  Upon a Change in Control, the Awarded Shares will vest on an accelerated basis and any Performance Condition for which the Performance Measurement Period has not ended will be deemed satisfied (or will be deemed achieved at target if more than one level of performance is provided for).  In such event, you will receive a pro-rated portion of the Awarded Shares at the time of the Change of Control determined by calculating the total number of Awarded Shares you would have received upon satisfaction of the Performance Condition and multiplying that number by a fraction, the numerator of which is the number of full and partial months of employment that you completed after the Award Date, and the denominator of which is the number of full and partial months between the Award Date and the date of the Change in Control.

(f)     Definition of Service.  For purposes of determining the vesting of your Awarded Shares, 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.

(g) Application of Clawback Policy.  Notwithstanding anything in this Award Notice to the contrary, the Awarded Shares and any related dividends shall be subject to adjustment and/or recovery, in whole or in part, following the date on which they become vested and payable 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 date the Awarded Shares or dividends, as applicable, become vested and payable.
 
Section 3.     Dividends.  Dividends or distributions paid on Awarded Shares, whether or not in cash, will not be paid to you currently.  Instead, they will be vested, accumulated and paid to you if, as and when the related Awarded Shares become vested and will be subject to the same Service Conditions and Performance Conditions as the Awarded Shares.
 
Section 4.     Voting and Tender Rights. You will not have the right to vote, or direct the voting of, Awarded Shares, or the right to respond, or direct the response with respect to Awarded Shares to any tender offer, exchange offer or other offer made to the holder of Shares, unless and until the applicable Service Conditions and Performance Conditions have been satisfied and ownership of record of the Awarded 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 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.

Section 6.    Taxes.  Where any person is entitled to receive Shares pursuant to the Award 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 Recipient, to the Recipient's address as shown in the Company's records.

If to the Compensation Committee:

Sterling Bancorp 
c/o Sterling National Bank 
400 Rella Blvd. 
Montebello, New York 
Attention:  Compensation Committee and Corporate Secretary

Section 8.    Restrictions on Transfer.  The Performance-Based Stock Award granted hereunder 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 the Recipient 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 the Recipient and their respective heirs, successors and assigns.

 
Page 2 of 3

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 Rockland County, New York shall have exclusive jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan.  By accepting any Award granted under this Award Notice, the Recipient, 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 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 the Recipient.  This Award Notice amends and supersedes any Award Notice bearing the same effective date.  

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, the Recipient acknowledges receipt of a copy of the Plan.  The Recipient acknowledges that he or she 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.

 
Page 3 of 3

EXHIBIT 10.32

APPENDIX A TO PERFORMANCE-BASED STOCK AWARD NOTICE
Beneficiary Designation Form - Performance-Based Stock

	
										
	GENERAL
INFORMATION

	Use this form to designate the Beneficiary(ies) who may receive Performance-Based Stock Awards 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.

 

By                      
   Authorized Signature                                                        Date       

	Comments

EXHIBIT 10.32

APPENDIX B TO PERFORMANCE-BASED STOCK AWARD NOTICE 

[Insert Performance Vesting Conditions as determined by the Compensation Committee]

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