Document:

ex10-14.htm

    
      
        

      

    

    Exhibit
10.14

    

    NEWALLIANCE
BANCSHARES, INC.

    PERFORMANCE
SHARE AWARD AGREEMENT

    (Employee
Award)

    

    

    This agreement dated as of May 29, 2009
(the “Award Agreement”) is entered into by and between NewAlliance Bancshares,
Inc., a Delaware corporation (the “Company”) and ___________________________
(the “Participant”). All capitalized terms used and not otherwise defined herein
shall have the meanings ascribed to them by the NewAlliance Bancshares, Inc.
2005 Long-Term Compensation Plan (the “Plan”).

    

    1.           General.  The
Participant is hereby granted as of May 29, 2009 (the “Award Date”) the
opportunity to earn a range of shares of the common stock of the Company, with
the amount earned to be based on the Company’s total shareholder return as
compared to companies in an index as set forth below.  The target
number of shares of the Company’s common stock to be earned if the Company
performs at the median of the companies in the index is ______ shares (the
“Performance Shares”).  As indicated below, the actual number of
shares earned may be higher or lower than the target amount, based on the
Company’s total shareholder return.  This grant is made pursuant to
and subject to all of the provisions hereof and of the Plan, which provisions
are, unless otherwise provided herein, incorporated by reference and made a part
hereof to the same extent as if set forth in their entirety herein, and to such
other terms necessary or appropriate to the grant hereof having been made. The
Participant hereby acknowledges receipt of a copy of the Plan.

    

    2.           Performance
Period.  The Performance Period is May 29, 2009 through and
including the earlier of (a) May 31, 2012, or (b) the date of completion of any
Change in Control.

    

    3.           Settlement of
Awards.

    

    (a)           The
number of Performance Shares earned shall be calculated based on the following
table.  If the Company’s TSR Percentage (as defined in Section 3(b))
equals an amount set forth in column A of the table, then the percentage of
Performance Shares earned shall equal the corresponding percentage shown in
column B of the table.  If the Company’s TSR Percentage falls between
35% and 85% but does not equal an amount set forth in column A, then the
percentage of Performance Shares earned shall be interpolated between the two
closest corresponding amounts in column B, with the percentage rounded to four
decimal points (for example, if the Company’s TSR Percentage equals 55%, then
the percentage of Performance Shares earned will equal ____%).  In
each case, the percentage of Performance Shares earned will be multiplied by the
number of shares set forth in Section 1 above (subject to adjustment pursuant to
Section 3(c) or Section 4 below in the event of a Change in Control, death or
Disability prior to May 31, 2012), with the end result rounded to the nearest
whole share.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Column
      A -

            	 
      	
              Column
      B -

            
	 
      	 
      	 
      
	
              Company’s TSR Percentage

            	 
      	
              TSR Performance Shares
    Earned

            
	 
      	 
      	 
      
	
              Below
      35th percentile

            	 
      	
              0%

            
	
              35th
      percentile

            	 
      	
              50%

            
	
              41st
      percentile

            	 
      	
              70%

            
	
              50th
      percentile

            	 
      	
              100%

            
	
              57th
      percentile

            	 
      	
              120%

            
	
              64th
      percentile

            	 
      	
              140%

            
	
              71st
      percentile

            	 
      	
              160%

            
	
              78th
      percentile

            	 
      	
              180%

            
	
              85th
      percentile or higher

            	 
      	
              200%

            

    

    

    

    (b)           For
purposes of Section 3(a), the Company's TSR Percentage shall be determined based
upon the Company’s total shareholder return (defined as share price appreciation
from the beginning of the Performance Period to the end of the Performance
Period, plus the total dividends paid on the common stock during the Performance
Period) as reported on the SNL Thrift Index (as published by SNL
Financial)  (or, in the event such Index shall be discontinued, a
comparable index as determined in the discretion of the Company’s Compensation
Committee) versus the  total shareholder return for all companies
included in the SNL Thrift Index at both the beginning and the end of the
Performance Period.  The Company’s TSR Percentage will be calculated
by listing the thrifts in the Index that at the end of the Performance Period
were also in the Index at the beginning of the Performance Period in ascending
order of total shareholder return; (2) determine the Company's rank in such
list, counting up from the bottom, and designate such rank as "x"; (3) divide
"x" by the total number of companies in the Index at the end of the Performance
Period (including the Company) and multiply the resulting quotient by 100%, with
such result rounded to the nearest whole percentage being the Company’s TSR
Percentage. Share appreciation shall be measured for the Company using the
average closing price of the Company’s common stock for the 10 business day
period ending on May 29, 2009 as the starting point and the average closing
price of the Company’s common stock for the 10 business day period ending on the
last day of the Performance Period as the ending point. Share appreciation for
the other thrifts in the Index shall be measured using the average closing price
of their common stock for the 10 business day period ending on May 29, 2009 as
the starting point and the average closing price of their common stock for the
10 business day period ending on the last day of the Performance Period as the
ending point.  In the event the Index data is not available on the
date of the beginning or the end of the Performance Period, the closest date
prior to such date on which the data is available shall be used.

    

    (c)           If
the last day of the Performance Period is prior to May 31, 2012 due to the
completion of a Change in Control prior to such date, then the number of
Performance Shares earned pursuant to Section 3(a) above shall be multiplied by
a

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    fraction,
the numerator of which is the number of days in the Performance Period and the
denominator of which is 1096, with the result rounded to the nearest whole
share.

    

    4.           Vesting.  The
Performance Shares earned hereunder will vest on the last day of the Performance
Period (the “Vesting Date”).   If the Participant's employment
with the Company terminates during the Performance Period due to the
Participant's death or Disability, then the Participant shall receive, at the
time set forth in Section 5, a number of Performance Shares equal to the product
of (x) the number of Performance Shares earned as calculated pursuant to Section
3(a) above, except using the date of such termination as if it were the last day
of the Performance Period, multiplied by (y) a fraction, the numerator of which
is the number of days in the  Performance Period that elapsed through
the date of the Participant's termination of employment with the Company, and
the denominator of which is 1096. No Performance Shares shall be earned if
the Participant’s employment with the Company terminates for any other reason
prior to the earlier of May 31, 2012 or a Change in Control.

    

    5.           Distribution;
Transferability.  The Company shall, subject to Section 8,
deliver to the Participant or his or her beneficiary any vested Performance
Shares as soon as practicable following the conclusion of the Performance Period
(or, in the case of a termination of employment during the Performance Period
due to death or Disability, following the date on which the Performance Period
concludes pursuant to Section 4 above for purposes of determining the number of
Performance Shares earned).

    

    6.           Applicable
Law.  The validity, construction, interpretation and
enforceability of this Award Agreement shall be determined and governed by the
laws of the State of Delaware without regard to any conflicts or choice of law
rules or principles that might otherwise refer construction or interpretation of
this Award Agreement to the substantive law of another
jurisdiction.

    

    7.           Severability.  The
provisions of this Award Agreement are severable and if any one or more
provisions may be determined to be illegal or otherwise unenforceable, in whole
or in part, then the remaining provisions, and any partially unenforceable
provision to the extent enforceable in any jurisdiction, shall nevertheless be
binding and enforceable.

    

    8.           Waiver.  The
waiver by the Company of a breach of any provision of this Award Agreement by
the Participant shall not operate or be construed as a waiver of any subsequent
breach by the Participant.

    

    9.           Binding
Effect.  The provisions of this Award Agreement shall be
binding upon the parties hereto, their successors and assigns, including,
without limitation, the Company, its successors or assigns, the estate of the
Participant and the executors, administrators or trustees of such estate and any
receiver, trustee in bankruptcy or representative of the creditors of the
Participant.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    10.           Withholding.  The
Participant agrees, as a condition of this grant, to make acceptable
arrangements to pay any withholding or other taxes that may be due as a result
of the vesting of the Performance Shares acquired under this grant. In the event
that the Company determines that any federal, state, local or foreign tax or
withholding payment is required relating to the vesting of shares arising from
this grant, the Company shall have the right to require such payments from the
Participant, or withhold such amounts from other payments due the Participant
from the Company or any subsidiary or Affiliate.  The Company shall,
upon the written request of the Participant, automatically withhold from
delivery shares having a fair market value on the Vesting Date equal to the
amount of tax to be withheld. Fractional share amounts shall be settled in
cash.

    

    11.           Taxes.  The
Participant has reviewed with the Participant’s own tax advisors the federal,
state, local and foreign tax consequences of this grant and the transactions
contemplated by this Award Agreement. The Participant is relying solely on such
advisors and not on any statements or representations of the Company or any of
its agents. The Participant understands that the Participant (and not the
Company) shall be responsible for the Participant’s own tax liability that may
arise as a result of this award opportunity or the transactions contemplated by
this Award Agreement.

    

    12.           No Retention
Rights.  Nothing herein contained shall confer on the
Participant any right with respect to continuation of employment by the Company
or its Affiliates, or interfere with the right of the Company or its Affiliates
to terminate at any time the employment of the Participant.

    

    13.           Construction.  This
Award Agreement is subject to and shall be construed in accordance with the
Plan, the terms of which are explicitly made applicable hereto. In the event of
any conflict between the provisions hereof and those of the Plan, the provisions
of the Plan shall govern. Nothing herein is intended to amend or revise the
terms of any written employment agreement executed prior to the Award Date by
the Participant and the Company and/or the Bank.

    

    
      	
              PARTICIPANT

            	
              NEWALLIANCE
      BANCSHARES, INC.

            
	 
      	 
      
	 
      	 
      
	____________________________ 
      	
              By: 
      ______________________________

            
	 
      	
              Name: 
      ____________________________

            
	 
      	
              Its: 
      ______________________________

            

    

    

    

    4ex10-15.htm

    
      
        

      

    

    Exhibit
10.15

     

    NEWALLIANCE
BANCSHARES, INC.

    RESTRICTED
STOCK AWARD AGREEMENT

    (Employee
Award)

    

    

    This
agreement dated as of May 29, 2009 (the “Award Agreement”) is entered into by
and between NewAlliance Bancshares, Inc., a Delaware corporation (the
“Company”), and ___________________ (the “Participant”).  All
capitalized terms used and not otherwise defined herein shall have the meanings
ascribed to them by the NewAlliance Bancshares, Inc. 2005 Long-Term Compensation
Plan, as amended from time to time (the “Plan”).

     

    1.           General.  The
shares of restricted stock granted under this Award Agreement are granted as of
May 29, 2009 (the “Award Date”) pursuant to and subject to all of the provisions
hereof and of the Plan applicable to restricted Stock Awards granted pursuant to
Section 8 of the Plan, which provisions are, unless otherwise provided herein,
incorporated by reference and made a part hereof to the same extent as if set
forth in their entirety herein, and to such other terms necessary or appropriate
to the grant hereof having been made.  The Participant hereby
acknowledges receipt of a copy of the Plan.

     

    2.           Grant.  The
Company hereby grants to the Participant a total of _____________ shares of
restricted stock (the “Restricted Shares”).

     

    3.           Stock
Certificates.  Each stock certificate evidencing any Restricted
Shares shall contain such legends and stock transfer instructions or limitations
as may be determined or authorized by the Committee in its sole discretion; and
the Company may, in its sole discretion, retain custody of any such certificate
throughout the period during which any restrictions are in effect and require
that the Participant tender to the Company a stock power duly executed in blank
relating thereto as a condition to issuing any such certificate.  In
lieu of a stock certificate for the Restricted Shares being issued in the name
of the Participant prior to the vesting of such shares, the Company may cause
the underlying shares of common stock to be held pursuant to a trust or escrow
agreement until such time as the Restricted Shares become vested.

     

    4.           Rights as
Stockholder.  From the Award Date until the Restricted Shares
vest, the Participant shall be entitled to all rights associated with ownership
of the Restricted Shares, except:

     

    
      	
               
      

            	
              (a)

            	
              If
      the Restricted Shares are held in trust or escrow, the Restricted Shares
      shall be voted in accordance with the applicable trust or escrow
      agreement.

            

    

     

    
      	
               
      

            	
              (b)

            	
              None
      of the Restricted Shares may be sold, transferred, pledged, hypothecated
      or otherwise encumbered or disposed of until they have vested in
      accordance with Section 5 of this Award
  Agreement.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Any
      additional shares of Common Stock or other noncash property issued with
      respect to unvested Restricted Shares granted hereunder (e.g., a stock
      dividend) shall be subject to the same restrictions as the shares of
      Restricted Shares to which they
relate.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              (d)

            	
              Any
      cash dividends on unvested Restricted Shares granted hereunder shall be
      accumulated by the Company and paid when and if such shares
      vest.

            

    

     

    5.           Vesting.

     

    
      	
               
      

            	
              (a)

            	
              The
      Restricted Shares granted hereunder will vest according to the following
      schedule:

            

    

     

    
      	
              Date

            	
              Percentage of
      Restricted

              Shares
      Vested

            
	
              May
      31, 2012

            	
              100%

            

    

     

    Notwithstanding
the foregoing, none of the Restricted Shares granted hereunder shall vest prior
to the date upon which a registration statement with respect to the Common Stock
being offered under the Plan has been filed with the Securities and Exchange
Commission (“SEC”) and has become effective.  No Restricted Shares
shall vest after the Participant’s service as an Outside Director, employee,
consultant or advisor has terminated.

     

    
      	
               
      

            	
              (b)

            	
              Notwithstanding
      the vesting schedule set forth in Section 5(a) above, the Restricted
      Shares granted hereunder shall become fully vested if  the
      Participant’s employment with the Company and all of its Subsidiaries and
      Affiliates is terminated due to: (i) Disability; or (ii)
      death.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Notwithstanding
      the vesting schedule set forth in Section 5(a) above, the Restricted
      Shares granted hereunder shall become fully vested upon the occurrence of
      a Change in Control, as that term is defined in the Plan, provided that
      the Participant is an Outside Director, employee, consultant or advisor of
      the Company (or an Affiliate thereof) on the date of the Change in
      Control.

            

    

     

    6.           Applicable
Law.  The validity, construction, interpretation and
enforceability of this Award Agreement shall be determined and governed by the
laws of the State of Delaware without regard to any conflicts or choice of law
rules or principles that might otherwise refer construction or interpretation of
this Award Agreement to the substantive law of another
jurisdiction.

     

    7.           Severability.  The
provisions of this Award Agreement are severable and if any one or more
provisions may be determined to be illegal or otherwise unenforceable, in whole
or in part, the remaining provisions, and any partially unenforceable provision
to the extent enforceable in any jurisdiction, shall nevertheless be binding and
enforceable.

     

    8.           Waiver.  The
waiver by the Company of a breach of any provision of this Award Agreement by
the Participant shall not operate or be construed as a waiver of any subsequent
breach by the Participant.

     

    9.           Binding
Effect.  The provisions of this Award Agreement shall be
binding upon the parties hereto, their successors and assigns, including,
without limitation, the Company, its

    
      
        
        

      

      
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    successors
or assigns, the estate of the Participant and the executors, administrators or
trustees of such estate and any receiver, trustee in bankruptcy or
representative of the creditors of the Participant.

     

    10.           Withholding.  The
Participant agrees, as a condition of this grant, to make acceptable
arrangements to pay any withholding or other taxes that may be due as a result
of the vesting of the Restricted Shares acquired under this grant.  In
the event that the Company determines that any federal, state, local or foreign
tax or withholding payment is required relating to the vesting of shares arising
from this grant, the Company shall have the right to require such payments from
the Participant, or withhold such amounts from other payments due to the
Participant from the Company or any Subsidiary or Affiliate.

     

    11.           Taxes.  The
Participant has reviewed with the Participant’s own tax advisors the federal,
state, local and foreign tax consequences of this grant and the transactions
contemplated by this Award Agreement.  The Participant is relying
solely on such advisors and not on any statements or representations of the
Company or any of its agents.  The Participant understands that the
Participant (and not the Company) shall be responsible for the Participant’s own
tax liability that may arise as a result of this grant or the transactions
contemplated by this Award Agreement.  The Participant understands
that Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”),
taxes as ordinary income the Fair Market Value of the Restricted Shares as of
the date any restrictions on the Restricted Shares lapse.  The
Participant may elect to be taxed at the time the Restricted Shares are granted
rather than when the date any restrictions on the Restricted Shares lapse by
filing an election under Section 83(b) of the Code with the Internal Revenue
Service within 30 days from the date hereof.  THE FORM FOR MAKING THIS
ELECTION IS ATTACHED AS EXHIBIT A HERETO.

     

    THE
PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT’S SOLE RESPONSIBILITY AND
NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER CODE SECTION 83(b), EVEN IF
THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVES (INCLUDING THE
COMPANY’S LEGAL COUNSEL) TO MAKE THIS FILING ON THE PARTICIPANT’S
BEHALF.

     

    12.           No Retention
Rights.  Nothing herein contained shall confer on the
Participant any right with respect to continuation of employment by the Company
or its Affiliates, or interfere with the right of the Company or its Affiliates
to terminate at any time the employment of the Participant.

     

    13.           Construction.  This
Award Agreement is subject to and shall be construed in accordance with the
Plan, the terms of which are explicitly made applicable hereto, as such Plan may
be amended from time to time.  In the event of any conflict between
the provisions hereof and those of the Plan, the provisions of the Plan shall
govern.  Nothing herein is intended to amend or revise the terms of
any written employment agreement executed prior to the Award Date by the
Participant and the Company and/or the Bank.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	
              PARTICIPANT

            	
              NEWALLIANCE
      BANCSHARES, INC.

            
	 
      	 
      
	 
      	 
      
	
              By: 
      ____________________________

            	
              By:_________________________

            
	
              Name: 
      __________________________

            	
              Name:  Peyton
      R. Patterson

            
	 
      	
              Its:      
      Chairman, President and CEO

            

    

    

    

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    EXHIBIT
A

     

    Election
Under Section 83(b) of the Internal Revenue Code

     

    The
undersigned hereby makes an election pursuant to Section 83(b) of the Internal
Revenue Code with respect to the property described below and supplies the
following information in accordance with the regulations promulgated
thereunder:

     

    1.           The
name, address and social security number of the undersigned:

     

    Name:
___________________________________________________________

     

    Address:
_________________________________________________________

     

    _________________________________________________________________

     

    Social
Security No.:________________________________________________

     

    2.           Description
of property with respect to which the election is being made:

     

    ______________
shares of common stock, par value $.01 per share, of NewAlliance Bancshares,
Inc., a Delaware corporation (the “Company”).

     

    3.           The
date on which the property was transferred (date of grant) is
__________________, 20__.

     

    4.           The
taxable year to which this election relates is calendar year
______.

     

    5.           Nature
of restrictions to which the property is subject:

     

    The
shares of stock are subject to the provisions of a Restricted Stock Award
Agreement between the undersigned and the Company.  The shares of
stock are subject to forfeiture under the terms of the Agreement.

     

    6.           The
fair market value of the property at the time of transfer (date of grant)
(determined without regard to any lapse restriction) was $__________ per share,
for a total of $__________.

     

    7.           The
amount paid by taxpayer for the property was $      -0-      .

     

    8.           A
copy of this statement has been furnished to the Company.

     

    

     

    Dated:
___________________, 20__

    

    __________________________________                                                                                                ________________________________

    Taxpayer’s
Signature                                                                                                            Taxpayer’s Printed
Name

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    PROCEDURES
FOR MAKING ELECTION UNDER

     

    SECTION
83(b) OF THE INTERNAL REVENUE CODE

     

    The
following procedures must be followed with respect to the attached form for
making an election under Section 83(b) of the Internal Revenue Code in order for
the election to be effective:

     

    1.           You
must file one copy of the completed election form with the IRS Service Center
where you file your federal income tax returns within 30 days after the date
your shares of restricted stock are issued.

     

    2.           You
must also give a copy of the election form to the Committee c/o the Chief
Financial Officer of the Company within 10 days of filing notice of the election
with the IRS.

     

    3.           You
must file another copy of the election form with your federal income tax return
(generally, Form 1040) for this taxable year.

     

    NOTE:  WHETHER
OR NOT TO MAKE THE ELECTION IS YOUR DECISION AND MAY CREATE TAX CONSEQUENCES FOR
YOU.  YOU ARE ADVISED TO CONSULT YOUR TAX ADVISOR IF YOU ARE UNSURE
WHETHER OR NOT TO MAKE THE ELECTION.

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