Document:

Prepared by MERRILL CORPORATION

AMENDMENT NUMBER

ONE to the Employment Agreement (the “Amendment”) dated as of the 7th

day of August, 2001 by and among GreenPoint Financial Corp., a Delaware

corporation (the “Company”), GreenPoint Bank, a New York chartered savings bank

(the “Bank”) and Bharat B. Bhatt (the “Executive”).

 

WHEREAS, as of August 21,

1995, the Company, the Bank and the Executive entered into an Employment

Agreement (the “Agreement”); and

 

WHEREAS, the Company, the Bank and the Executive now desire to amend

the Agreement.

 

NOW, THEREFORE, in consideration of the premises, the mutual covenants

herein set forth and other good and valuable consideration, the Company, the

Bank and the Executive hereby agree as follows:

 

1.     The following sentences should be inserted

immediately following the first sentence of Section 4(b)(ii) of the Agreement:

 

“During the Employment Period, the Target Bonus and

Maximum Bonus payable to Executive shall be reviewed periodically.  As a result of such review, the Target Bonus

and/or Maximum Bonus may be increased, but not decreased.  The terms Target Bonus and Maximum Bonus as

utilized in this Agreement shall refer to the Target Bonus and/or Maximum Bonus

as so increased.”

 

2.     The following sentence should be inserted

immediately following the last sentence of Section 4(b)(viii) of the Agreement:

 

“The GreenPoint Financial Corp. Supplemental Executive

Retirement Plan II provides interpretive guidance with respect to and

facilitates the administration of the supplemental retirement benefit provided

to the Executive under this Section 4(b)(viii), and the applicable terms of the

GreenPoint Financial Corp. Supplemental Executive Retirement Plan II are

incorporated herein by this reference.”

 

3.     A new Section 4(b)(ix) should be inserted

immediately following Section 4(b)(viii) as follows:

 

“(ix) Retiree Insurance Benefits.  Upon a termination of Executive’s employment

for any reason, including for Good Reason, as defined in Section 5(d), and the

death of the Executive, other than (a) a termination for Cause, as defined in

Section 5(b), or (b) a voluntary termination of employment by Executive not

recognized by a Committee designated by the Board as a ‘retirement’, for the

remainder of the Executive’s life and that of his current spouse, the Company

shall provide medical, dental and life insurance benefits to the Executive and

his current spouse on the same basis such benefits are provided by the Company

to its retirees; provided, however, if the Company does not

provide medical, dental or life insurance benefits to its retirees, the Company

shall provide medical, dental or life insurance benefits, as the case may be,

to the Executive and his current spouse on the same basis such benefits were

provided to the Executive immediately prior to the Date of Termination (or

Effective Date, in the event the Date of Termination is after the Effective

Date).  The benefits provided for under

this Section 4(b)(ix) will be effective as of the later of (x) the Date of

Termination or (y) the end of the benefits continuation period described in

Section 6(a)(ii), after taking into consideration for purposes of clauses (x)

and (y), with respect to medical and dental insurance benefits, any period

during which the Executive or his spouse continued medical and dental insurance

benefits under the Consolidated Omnibus Reconciliation Act of 1985 ('COBRA').”

4.     Section 6(a)(i)A of the Agreement should be

deleted in its entirety and the following substituted therefor:

 

“A.  the sum of

(1) the Executive’s Annual Base Salary through the Date of Termination to the

extent not theretofore paid, (2) the product of (x) the higher of (I) the

Maximum Bonus payable to the Executive with respect to the year in which the

Date of Termination (or Effective Date, in the event the Date of Termination is

after the Effective Date) occurs (whether or not actually paid) and (II) the

Annual Bonus paid or payable, including any bonus or portion thereof which has

been earned but deferred (and annualized for any fiscal year consisting of less

than twelve full months or during which the Executive was employed for less

than twelve full months), for the most recently completed fiscal year during

the Employment Period, if any (such higher amount being referred to as the

‘Highest Annual Bonus’) and (y) a fraction, the numerator of which is the

number of days in the current fiscal year through the Date of Termination, and

the denominator of which is 365 and (3) any compensation previously deferred by

the Executive (together with any accrued interest or earnings thereon) and any

accrued vacation pay, in each case to the extent not theretofore paid (the sum

of the amounts described in clauses (1), (2), and (3) shall be hereinafter

referred to as the ‘Accrued Obligations’); and”

 

5.     In clause (a) of Section 6(a)(i)C of the

Agreement, the words “immediately prior to the Date of Termination (or

Effective Date, in the event the Date of Termination is after the Effective

Date)” should be inserted immediately after the words “in effect under the

Company’s qualified defined benefit retirement plan” and immediately before the

words “(the ‘Retirement Plan’))” and the words “(both for purposes of the

Executive’s age and service),” should be inserted immediately after the words

“continued for three years after the Date of Termination” and immediately

before the words “assuming for this purpose that all accrued benefits are fully

vested,”.

 

6.     The following sentence

should be inserted immediately following the first sentence of Section

6(a)(ii):

 

“The Executive’s rights

and his dependents’ rights under COBRA shall begin upon the expiration of such

coverage.”

 

7.     A new Section 6(a)(iii) should be inserted

immediately following Section 6(a)(ii) of the Agreement as follows, and the

current Sections 6(a)(iii) and 6(a)(iv) should be renumbered 6(a)(iv) and

6(a)(v), respectively.

 

“(iii) the amount equal to three times the product of

(1) the number of shares allocated to the Executive’s account under the

GreenPoint Bank Employee Stock Ownership Plan with respect to the fiscal year

immediately preceding the Date of Termination (or Effective Date, in the event

of a Change of Control) and (2) the higher of (I) the closing price of the

Company’s stock on the last trading day of the fiscal year immediately

preceding the Date of Termination (or Effective Date, in the event of a Change

of Control) and (II) the closing price of the Company’s stock on the last

trading day immediately prior to the Date of Termination (or Effective Date, in

the event of a Change of Control), plus the amount equal to three times the

higher of (Y) the maximum employer matching contribution allowable under the

GreenPoint Bank 401(k) Savings Plan in the fiscal year immediately preceding

the Date of Termination (or Effective Date, in the event of a Change of

Control) and (Z) the maximum employer matching contribution allowable under the

GreenPoint Bank 401(k) Savings Plan in the year in which the Date of

Termination (or Effective Date, in the event of a Change of Control) occurs;”

 

8.     Except as amended hereby, the Agreement

shall remain in full force and effect and is hereby ratified, adopted and

confirmed in all respects.

 

[The remainder of this page is intentionally left blank.  Signatures to follow.]

 

SIGNATURES

 

                IN WITNESS

WHEREOF, GreenPoint Financial Corp. and GreenPoint Bank have caused this

Amendment to be executed and their seals to be affixed hereunto by their duly

authorized officers, and Executive has signed this Amendment, as of the day,

month and year first above written.

 

 

	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  GREENPOINT FINACIAL CORP.

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  BY:

  	

  /s/ Mary M.

  Massimo

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  Mary M. Massimo

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  Director of

  Human Resources

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  ATTEST:

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  GREENPOINT BANK

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  /s/ Howard C. Bluver

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  BY:

  	

  /s/ Mary M.

  Massimo

  
	

  Secretary

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  Mary M. Massimo

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  Director of

  Human Resources

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  [SEALS]

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  WITNESS:

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

    /s/ Andy Occhino

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  /s/ Bharat B. Bhatt

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  Bharat B. Bhatt

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  ExecutivePrepared by MERRILL CORPORATION

AMENDMENT NUMBER

ONE to the Amended Employment Agreement (the “Amendment”) made effective as of

August 7, 2001 by and among GreenPoint Financial Corp. (formerly known as GP

Financial Corp.), a Delaware corporation (the “Company”), GreenPoint Bank

(formerly known as The Green Point Savings Bank), a New York chartered savings

bank  (the “Bank”), and Thomas S.

Johnson (the “Executive”).

 

WHEREAS, effective as of

August 4, 1994, the Company, the Bank and the Executive entered into an Amended

Employment Agreement (the “Agreement”); and

 

WHEREAS, the Company, the Bank and the Executive now desire to amend

the Agreement.

 

NOW, THEREFORE, in

consideration of the premises, the mutual covenants herein set forth and other

good and valuable consideration, the Company, the Bank and the Executive hereby

agree as follows:

 

1.     The words “Company Bank” in the second

WHEREAS clause of the Agreement should be deleted and the words “Company and

the Bank” substituted therefor.

 

2.     The words “Section 9” in Section 2(a) of

the Agreement should be deleted and the words “Section  10” substituted therefor.

 

3.     The following sentence should be inserted

immediately following the last sentence of Section 3(b) of the Agreement:

 

“The term Base Salary as utilized in this Agreement

shall refer to Base Salary as so increased.”

 

4.     The last sentence of Section 3(c) of the

Agreement should be deleted in its entirety and the following substituted

therefor:

 

“Performance Awards payable with respect to fiscal

years after fiscal year 1994 during the term of this Agreement shall range from

0% to 125% of the Executive’s Base Salary with a target Performance Award equal

to 50% of the Executive’s Base Salary being paid upon the attainment of certain

mutually agreed upon performance targets for each fiscal year, with greater or

lesser Performance Awards within said range being paid based on relative

performance in accordance with the Annual Incentive Plan or any successor or

similar plan maintained by the Company or the Bank from time to time.  Notwithstanding the foregoing, during the

term of this Agreement, the range and target of the Performance Award payable

to Executive shall be reviewed periodically. 

Such review shall be conducted by a Committee designated by the Board,

and the Board may increase, but not decrease, Executive’s range and target for

the Performance Award. The term Performance Award as utilized in this Agreement

shall refer to the range and target for the Performance Award as so increased.”

 

5.     The fifth sentence of Section 3(g) of the Agreement

should be deleted in its entirety and the following substituted therefor:

 

“In the event of Executive’s Termination for Cause, as

defined in Section 8, all unvested and unexercised options shall become void.”

 

6.     The word “salary” in the first sentence of

Section 3(i) of the Agreement should be deleted and the words “Base Salary”

substituted therefor.

 

7.     The following sentence should be inserted

immediately following the last sentence of Section 3(i) of the Agreement:

 

“The GreenPoint Financial Corp. Supplemental Executive

Retirement Plan II provides interpretive guidance with respect to and

facilitates the administration of the supplemental retirement benefit provided

to the Executive under this Section 3(i), and the applicable terms of the GreenPoint

Financial Corp. Supplemental Executive Retirement Plan II are incorporated

herein by this reference.”

 

8.     A new Section 3(j) should be inserted

immediately following Section 3(i) of the Agreement as follows:

 

“(j) Upon a termination of Executive’s employment for

any reason, including for Good Reason, as defined in Section 4(a), and the

death of the Executive, other than (a) a Termination for Cause, as defined in

Section 8, or (b) a voluntary termination of employment by Executive not

recognized by a Committee designated by the Board as a ‘retirement’, for the

remainder of the Executive’s life and that of his current spouse, the Company

shall provide medical, dental and life insurance benefits to the Executive and

his current spouse on the same basis such benefits are provided by the Company

to its retirees; provided, however, if the Company does not

provide medical, dental or life insurance benefits to its retirees, the Company

shall provide medical, dental or life insurance benefits, as the case may be,

to the Executive and his current spouse on the same basis such benefits were

provided to the Executive immediately prior to the Date of Termination (or

immediately prior to a Change in Control, in the event the Date of Termination

is after a Change in Control).  The

benefits provided for under this Section 3(j) will be effective as of the later

of (x) the Date of Termination or (y) the end of the benefits continuation

period described in Section 4(e), Section 5(c)(iv) or Section 6(b), after

taking into consideration for purposes of clauses (x) and (y), with respect to

medical and dental insurance benefits, any period during which the Executive or

his spouse continued medical and dental insurance benefits under COBRA (as

defined in Section 4(e)).”

9.     The words “Section 9” and “Target

Performance Award” in Section 4(b) of the Agreement should be deleted and the

words “Section 10(b)” and “target Performance Award” substituted therefor,

respectively.

 

10.   Subsections (a)(i), (a)(ii), (a)(iii) and

(a)(iv) of Section 5 of the Agreement (and any cross-references thereto) should

be renumbered (a)(I), (a)(II), (a)(III) and (a)(IV), respectively.

 

11.   The words “subsection (a)” and “subsection C”

in Section 5(a)(I) of the Agreement (as renumbered in accordance with number 9

above) should be deleted and the words “subsection (I)” and “subsection (III)”

should be substituted therefor, respectively.

 

12.   In the first sentence of Section 5(b) of the

Agreement, the words “paragraph (c) and (d)” should be deleted and the words

“paragraphs (c) and (d)” substituted therefor.

 

13.   The following introductory language should be

inserted at the beginning of Section 5(c) of the Agreement:

 

“Upon the occurrence of

any of the events described in Section 5(a) hereof constituting a Change in

Control and pursuant to Section 5(b), the Company shall pay to Executive, or,

in the event of his subsequent death, his beneficiary or beneficiaries, or his

estate, as the case may be, in a lump sum in cash within 30 days after

Executive’s Date of Termination, the aggregate of the following amounts:”

 

14.   Section 5(c)(i) of the Agreement should be

deleted in its entirety and the following substituted therefor:

 

 “(c) (i) the sum of (1) the Executive’s Base

Salary through the Date of Termination to the extent not theretofore paid, (2)

the product of (x) the higher of (I) the maximum Performance Award payable to

the Executive with respect to the year in which the Change in Control occurs

(whether or not actually paid) (the ‘Maximum Bonus’) and (II) the Performance

Award paid or payable, including any bonus or portion thereof which has been

earned but deferred (and annualized for any fiscal year consisting of less than

twelve full months or during which the Executive was employed for less than

twelve full months), for the most recently completed fiscal year during the

period of this Agreement, if any (such higher amount being referred to as the

‘Highest Annual Bonus’) and (y) a fraction, the numerator of which is the

number of days in the current fiscal year through the Date of Termination, and

the denominator of which is 365 and (3) any compensation previously deferred by

the Executive (together with any accrued interest or earnings thereon) and any

accrued vacation pay, in each case to the extent not theretofore paid (the sum

of the amounts described in clauses (1), (2), and (3) shall be hereinafter

referred to as the ‘Accrued Obligations’);”

 

15.   Section 5(c)(iii) of the Agreement should be

deleted in its entirety and the following substituted therefor:

 

“(iii) an amount equal to

the difference between (a) the actuarial equivalent of the benefit (utilizing

actuarial assumptions no less favorable to the Executive than those in effect

under the Company’s qualified defined benefit retirement plan immediately prior

to the Change in Control (the ‘Retirement Plan’)) under the Retirement Plan

immediately prior to the Date of Termination, and any excess or supplemental

retirement plan in which the Executive participates (together, the ‘SERP’)

which the Executive would receive if the Executive’s employment continued for

three years after the Date of Termination (both for purposes of the Executive’s

age and service), assuming for this purpose that all accrued benefits are fully

vested, and, assuming that the Executive’s compensation in each of the three

years is the sum of Executive’s Base Salary and the Maximum Bonus, and (b) the

actuarial equivalent of the Executive’s actual benefit (paid or payable), if

any, under the Retirement Plan and the SERP as of the Date of Termination;”

 

16.   The following sentence

should be inserted immediately following both the first sentence of Section

5(c)(iv) and the second sentence of Section 6(b):

 

“The Executive’s rights

and his dependents’ rights under COBRA shall begin upon the expiration of such

coverage.”

 

17.   A new Section 5(c)(v) should be inserted

immediately following Section 5(c)(iv) of the Agreement as follows, and the

current Sections 5(c)(v), 5(c)(vi) and 5(c)(vii) (and any cross-references

thereto) should be renumbered 5(c)(vi), 5(c)(vii) and 5(c)(viii), respectively.

 

“(v) the amount equal to

three times the product of (1) the number of shares allocated to the

Executive’s account under the GreenPoint Bank Employee Stock Ownership Plan

with respect to the fiscal year immediately preceding the Change in Control and

(2) the higher of (I) the closing price of the Company’s stock on the last

trading day of the fiscal year immediately preceding the Change in Control and

(II) the closing price of the Company’s stock on the last trading day

immediately prior to the Change in Control, plus the amount equal to three

times the higher of (Y) the maximum employer matching contribution allowable

under the GreenPoint Bank 401(k) Savings Plan in the fiscal year immediately

preceding the Change in Control and (Z) the maximum employer matching

contribution allowable under the GreenPoint Bank 401(k) Savings Plan in the

year in which the Change in Control occurs;”

 

18.   The words “Section 5(c)(i), (ii) and (iii)”

in the first sentence of Section 6(a) of the Agreement should be deleted and

the words “Section 5(c)(i), (ii), (iii) and (v)” substituted therefor.

 

19.   Except as amended hereby, the Agreement shall

remain in full force and effect and is hereby ratified, adopted and confirmed

in all respects.

 

[The remainder of this page is intentionally left blank.  Signatures to follow.]

 

SIGNATURES

 

                IN WITNESS

WHEREOF, GreenPoint Financial Corp. and GreenPoint Bank have caused this

Amendment to be executed and their seals to be affixed hereunto by their duly

authorized officers, and Executive has signed this Amendment, as of the day,

month and year first above written.

 

 

	

   

  	

   

  	

  GREENPOINT FINACIAL CORP.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  BY:

  	

  /s/ Mary M.

  Massimo

  	

   

  
	

   

  	

   

  	

   

  	

  Mary M. Massimo

  
	

   

  	

   

  	

   

  	

  Director of

  Human Resources

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  ATTEST:

  	

   

  	

  GREENPOINT BANK

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  /s/ Howard C. Bluver

  	

   

  	

   

  	

  BY:

  	

  /s/ Mary M.

  Massimo

  	

   

  
	

  Secretary

  	

   

  	

   

  	

  Mary M. Massimo

  
	

   

  	

   

  	

   

  	

  Director of

  Human Resources

  
	

   

  	

   

  	

   

  	

   

  
								

 

 

 

                [SEALS]

 

 

 

	

  WITNESS:

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  /s/ Andy Occhino

  	

   

  	

   

  	

   

  	

  /s/ Thomas S.

  Johnson

  
	

   

  	

   

  	

   

  	

  Thomas S.

  Johnson

  
	

   

  	

   

  	

   

  	

   Executive

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