Document:

Exhibit 4.4

      

     

        

    CHANGE IN CONTROL EMPLOYMENT AGREEMENT

    

    

    THIS CHANGE IN CONTROL EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into, as of February 1, 2019, by
        and between Dime Community Bancshares, Inc., a Delaware corporation (the “Company”) and Mr. Conrad Gunther (“Executive”).

    

    

    WHEREAS, the Board of Directors of the Company
        (the “Board”) and has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued
        dedication of Executive, notwithstanding the possibility, threat or occurrence of a Change in Control (as defined below); and

    

    

    WHEREAS, the Board believes it is imperative to
        diminish the inevitable distraction of Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change in Control and to encourage Executive’s full attention and dedication to the Company currently and in the
        event of any threatened or pending Change in Control, and to provide Executive with compensation and benefits arrangements upon a Change in Control that ensure that the compensation and benefits expectations of Executive will be satisfied and that
        are competitive with those of other corporations.

    

    

    NOW, THEREFORE, in order to accomplish the foregoing objectives and in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which
        are acknowledged, the parties agree as follows.

    

    

    1.           Certain Definitions.

    

    

    (a)          “Affiliate” shall mean an entity controlled by, controlling or under
        common control with another entity.

    

    

    (b)          “Change in Control” shall mean:

    

    

    (i)          The occurrence of any event (other
        than an event satisfying the conditions of Section 1(b)(iii)(A)(I) and (II)) upon which any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, or any successor thereto (the “Exchange Act”)) becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities issued by the
        Company representing 25% or more of the combined voting power of all of the Company's then outstanding securities, other than an acquisition by (A) a trustee or other fiduciary holding securities under an employee benefit plan maintained for the
        benefit of employees of the Company; (B) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company; or (C) any group constituting a person in
        which employees of the Company are substantial members;

    

    

    
      
        

    

    
    (ii)          the occurrence of any event upon
        which the individuals who, on the date of this Agreement, are members of the Board, together with individuals whose election by the Board or nomination for election by the Company’s stockholders was approved by the affirmative vote of at least
        two-thirds of  the members of the Board then in office who were either members of the Board on the date of this Agreement or whose nomination or election was previously so approved, cease for any reason to constitute a majority of the members of
        the Board, but excluding, for this purpose, any such individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of directors of the Company;

    

    

    (iii)        (A) the consummation of a merger or
        consolidation of the Company with any other corporation, other than a merger or consolidation following which both of the following conditions are satisfied:

    

    

     (I)          either (x) the members of the Board
        immediately prior to such merger or consolidation constitute at least a majority of the members of the governing body of the institution resulting from such merger or consolidation; or (y) the stockholders of the Company own securities of the
        institution resulting from such merger or consolidation representing 80% or more of the combined voting power of all such securities of the resulting institution then outstanding in substantially the same proportions as their ownership of voting
        securities of the Company immediately before such merger or consolidation; and

    

    

    (II)          if the entity which results from such merger or consolidation is not the Company, such entity expressly
        agrees in writing to assume and perform the Company's obligations under the Plan; or

    

    

    (B)          The approval by the stockholders
        of the Company of a complete liquidation or dissolution of the Company; or

    

    

    (C)          Any event that would be described
        in section 1(b)(i), (ii) or (iii) if “The Dime Savings Bank of Williamsburgh, a New York state chartered savings bank (and any successor thereto)” or “Dime Community Bank (and any successor thereto)” were substituted for the “Company” therein.

    

    

    (c)          “Change in Control Period” shall mean the period commencing on the
        date hereof and ending on the third anniversary of the date hereof; provided, however, that
        commencing on the date one year after the date hereof, and on each annual anniversary of such date (such date and each annual anniversary thereof shall be hereinafter referred to as the “Renewal Date”), unless previously terminated, the Change in Control Period shall be automatically extended so as to terminate three years from such Renewal Date, unless at least 60 days prior to the Renewal Date the Company
        shall give notice to Executive that the Change in Control Period shall not be so extended.

    

    

    
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    (d)          “Code” shall mean the Internal Revenue Code of 1986, as amended.

    

    

    (e)          “Effective Date” shall mean the first date during the Change in
        Control Period on which a Change in Control occurs.  Notwithstanding anything in this Agreement to the contrary, if (i) Executive’s employment with the Company is terminated by the Company, (ii) the Date of Termination is prior to the date on which
        a Change in Control occurs, and (iii) it is reasonably demonstrated by Executive that such termination of employment (A) was at the request of a third party that has taken steps reasonably calculated to effect a Change in Control or (B) otherwise
        arose in connection with or anticipation of a Change in Control, then for all purposes of this Agreement, the “Effective Date” means the date immediately prior to such Date of Termination.

    

    

    2.           Employment

            Period.  The Company hereby agrees to continue Executive in its employ, and Executive hereby agrees to remain in the employ of the Company subject to the terms and conditions of this Agreement,
        for the period commencing on the Effective Date and ending on the second anniversary of such date (the “Employment Period”).  The Employment Period shall
        terminate upon Executive’s termination of employment for any reason.

    

    

    3.           Terms

            of Employment.  (a)  Position and Duties.  (i) During the Employment Period, (A) Executive’s
        position (including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be at least commensurate in all respects with the most significant of those held, exercised and assigned to Executive at any time
        during the 120‐day period immediately preceding the Effective Date and (B) Executive’s services shall be performed at the location where Executive was  employed immediately preceding the Effective Date or any office or location less than 25 miles
        from such location.

    

    

    (ii)          During the Employment Period, and excluding any
        periods of vacation and sick leave to which Executive is entitled, Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the
        responsibilities assigned to Executive hereunder, to use Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities.  During the Employment Period it shall not be a violation of this Agreement for Executive to
        (A) serve on corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments, so long as such activities do not significantly interfere
        with the performance of Executive’s responsibilities as an employee of the Company in accordance with this Agreement.  It is expressly understood and agreed that to the extent that any such activities have been conducted by Executive prior to the
        Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of Executive’s
        responsibilities to the Company.

    

    

    
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    (b)          Compensation.  (i)  Base Salary.  During the Employment Period, Executive shall receive an annual base salary (“Annual Base Salary”), that shall be paid at an annual rate, at least equal to 12 times the highest monthly base salary paid or payable, including any base salary
        that has been earned but deferred, to Executive by the Company and its Affiliates in respect of the 12‐month period immediately preceding the month in which the Effective Date occurs.  The Annual Base Salary shall be paid at such intervals as the
        Company pays executive salaries generally.  During the Employment Period, the Annual Base Salary shall be periodically reviewed and increased in the same manner and proportion as the base salaries of other senior executives of the Company and
        Affiliates, but in no event shall such review and adjustment be more than 12 months after the last salary increase awarded to Executive prior to the Effective Date and thereafter at least annually.  Any increase in Annual Base Salary shall not
        serve to limit or reduce any other obligation to Executive under this Agreement.  Annual Base Salary shall not be reduced after any such increase and the term Annual Base Salary as utilized in this Agreement shall refer to Annual Base Salary as so
        increased.

    

    

    (ii)          Annual

            Bonus.  In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to the greater of (A) Executive’s target annual bonus for the fiscal year in which the Effective Date occurs (or (x) if no target annual bonus has been set for
        such fiscal year, the target annual bonus for the immediately preceding fiscal year, or (y) if Executive has no such target annual bonus, an amount equal to at least 35% of Annual Base Salary) and (B) the average of the annual bonuses paid or
        payable to Executive in respect of the last three full fiscal years prior to the Effective Date (or, if Executive was first employed by the Company after the beginning of the earliest of such three fiscal years, the average of the bonuses paid or
        payable under such plan(s) in respect of the fiscal years ending before the Effective Date during which Executive was employed by the Company), in each case, with any bonus that was prorated for a partial fiscal year being annualized (the “Recent Bonus”).  Each such Annual Bonus shall be paid no later than two and a half months after the end of the fiscal year for which the Annual Bonus is awarded,
        unless Executive shall elect to defer the receipt of such Annual Bonus pursuant to an arrangement that meets the requirements of Section 409A of the Code.

    

    

    (iii)         Incentive,

            Savings and Retirement Plans.  During the Employment Period, Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs
        applicable generally to other peer executives of the Company and its Affiliates, but in no event shall such plans, practices, policies and programs provide Executive with incentive opportunities (measured with respect to both regular and special
        incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the
        Company and its Affiliates for Executive under such plans, practices, policies and programs as in effect at any time during the 120‐day period immediately preceding the Effective Date or if more favorable to Executive, those provided generally at
        any time after the Effective Date to other peer executives of the Company and its Affiliates.

    

    

    
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    (iv)          Welfare

            and Insurance Benefit Plans.  During the Employment Period, Executive and/or Executive’s family, as the case may be, shall be eligible for participation in and shall receive all benefits under
        welfare and insurance benefit plans, practices, policies and programs provided by the Company and its Affiliates (including medical, prescription, dental, disability, salary continuance, employee life, group life, accidental death and travel
        accident insurance plans and programs) (“Company Welfare Benefit Plans”) to the extent applicable generally to other peer executives of the Company and its
        Affiliates, but  if the Company Welfare Benefit Plans provide Executive with benefits that are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for Executive at any time during the
        120‐day period immediately preceding the Effective Date or, if more favorable to Executive, those provided generally at any time after the Effective Date (the “Former
          Company Welfare Benefit Plans”), the Company shall provide Executive with supplemental arrangements (such as individual insurance coverage purchased by the Company for Executive) such that the Company Welfare Benefit Plans together with
        such supplemental arrangements provide Executive with benefits that are at least as favorable, in the aggregate, as those provided by the Former Company Welfare Benefit Plans.

    

    

    (v)          Expenses.  During the Employment Period, Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by Executive in accordance with the most favorable policies, practices and
        procedures of the Company and its Affiliates in effect for Executive at any time during the 120‐day period immediately preceding the Effective Date or, if more favorable to Executive, as in effect generally at any time thereafter with respect to
        other peer executives of the Company and its Affiliates.

    

    

    (vi)         Fringe

            Benefits.  During the Employment Period, Executive shall be entitled to fringe benefits and, if applicable, use of an automobile and payment of related expenses, in accordance with the most
        favorable plans, practices, programs and policies of the Company and its Affiliates in effect for Executive at any time during the 120‐day period immediately preceding the Effective Date or, if more favorable to Executive, as in effect generally at
        any time thereafter with respect to other peer executives of the Company and its Affiliates.

    

    

    (vii)        Office

            and Support Staff.  During the Employment Period, Executive shall be entitled to an office or offices of a size and with furnishings and other appointments, and to personal secretarial and
        other assistance, at least equal to the most favorable of the foregoing provided to Executive by the Company and its Affiliates at any time during the 120‐day period immediately preceding the Effective Date or, if more favorable to Executive, as
        provided generally at any time thereafter with respect to other peer executives of the Company and its Affiliates.

    

    

    (viii)        Vacation.  During the Employment Period, Executive shall be entitled to paid vacation, in each case in accordance with the most favorable plans, policies, programs and practices of the Company and its Affiliates as in
        effect for Executive at any time during the 365‐day period immediately preceding the Effective Date or, if more favorable to Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its
        Affiliates.

    

    

    
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    4.          Termination

            of Employment.  (a)  Death or Disability.  The Executive’s employment shall terminate
        automatically upon Executive’s death during the Employment Period.  If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it
        may give to Executive written notice in accordance with Section 11(b) of its intention to terminate Executive’s employment.  In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such
        notice by Executive (the “Disability Effective Date”), provided that, within the
        30 days after such receipt, Executive shall not have returned to full‐time performance of Executive’s duties.  For purposes of this Agreement, “Disability”
        shall mean the absence of Executive from Executive’s duties with the Company on a full‐time basis for 180 consecutive business days (or for 180 business days in any consecutive 365 days) as a result of incapacity due to mental or physical illness
        that is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to Executive or Executive’s legal representative.

    

    

    (b)          Cause.  The Company may terminate Executive’s employment during the Employment Period with or without Cause.  For purposes of this Agreement, “Cause” shall mean:

    

    

    (i)           the willful and continued failure
        of Executive to perform substantially Executive’s duties with the Company or one of its Affiliates (other than any such failure resulting from incapacity due to physical or mental illness or following Executive’s delivery of a Notice of Termination
        for Good Reason), after a written demand for substantial performance is delivered to Executive by the Board or the Chief Executive Officer of the Company that specifically identifies the manner in which the Board or Chief Executive Officer of the
        Company believes that Executive has not substantially performed Executive’s duties, or

    

    

    (ii)          the willful engaging by Executive in
        illegal conduct or gross misconduct that is materially and demonstrably injurious to the Company.

    

    

    For purposes of this provision, no act or failure to act, on the part of Executive, shall be considered “willful” unless it is done, or
        omitted to be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission was in the best interests of the Company and its Affiliates.  Any act, or failure to act, based upon authority given pursuant to a
        resolution duly adopted by the Board, or if the Company is not the ultimate parent entity of the Company and is not publicly traded, the board of directors (or, for a non-corporate entity, equivalent governing body) of the ultimate parent of the
        Company (the “Applicable Board”) or upon the instructions of the Chief Executive Officer of the Company or a senior officer of the Company and its Affiliates
        or based upon the advice of counsel for the Company and its Affiliates shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company and its Affiliates.  The cessation of
        employment of Executive shall not be deemed to be for Cause unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the
        Applicable Board (excluding Executive if Executive is a member of the Applicable Board) at a meeting of the Applicable Board called and held for such purpose (after reasonable notice is provided to Executive and Executive is given an opportunity,
        together with counsel for Executive, to be heard before the Applicable Board), finding that, in the good faith opinion of the Applicable Board, Executive is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the
        particulars thereof in detail.

    

    

    
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    (c)          Good

            Reason.  The Executive’s employment may be terminated during the Employment Period by Executive for Good Reason or by Executive voluntarily without Good Reason.  “Good Reason” means actions taken by the Company resulting in a material negative change in the employment relationship.  For these purposes, a “material negative change in the employment
        relationship” shall include:

    

    

    (i)           the assignment to Executive of duties materially
        inconsistent with Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 3(a), or a material diminution in such position, authority, duties or
        responsibilities or a material diminution in the budget over which Executive retains authority;

    

    

    (ii)          a material diminution in the authorities, duties or
        responsibilities of the person to whom Executive is required to report, including a requirement that Executive report to an officer or employee instead of reporting directly to the Applicable Board;

    

    

    (iii)         a material reduction of (A) any element of the
        compensation and benefits required to be provided to Executive in accordance with any of the provisions of Section 3(b); (B) Executive’s aggregate annual cash compensation, that for this purpose shall include Base Salary and Annual Bonus; or (C)
        the benefits, in the aggregate, required to be provided to Executive in accordance with the provisions of this Agreement;

    

    

    (iv)          the Company’s requiring Executive (A) to be based at
        any office or location other than as provided in Section 3(a)(i)(B) resulting in a material increase in Executive’s commute to and from Executive’s primary residence (for this purpose an increase in Executive’s commute by 25 miles or more shall be
        deemed material); or (B) to be based at a location other than the principal executive offices of the Company if Executive was employed at such location immediately preceding the Effective Date; or

    

    

    
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    (v)          any other action or inaction that constitutes a
        material breach by the Company of this Agreement, including any failure by the Company to comply with and satisfy Section 10(c).

    

    

    In order to invoke a termination for Good Reason, Executive shall provide written notice to the Company of the existence of one or more of the conditions
        described in clauses (i) through (v) within 90 days following Executive’s knowledge of the initial existence of such condition or conditions, specifying in reasonable detail the conditions constituting Good Reason, and the Company shall have 30
        days following receipt of such written notice (the “Cure Period”) during which it may remedy the condition.  In the event that the Company fails to remedy the
        condition constituting Good Reason during the applicable Cure Period, Executive’s “separation from service” (within the meaning of Section 409A of the Code) must occur, if at all, within two years following the initial existence of such condition
        or conditions in order for such termination as a result of such condition to constitute a termination for Good Reason.  The Executive’s mental or physical incapacity following the occurrence of an event described above in clauses (i) through (v)
        shall not affect Executive’s ability to terminate employment for Good Reason and Executive’s death following delivery of a Notice of Termination for Good Reason shall not affect Executive’s estate’s entitlement to severance payments benefits
        provided hereunder upon a termination of employment for Good Reason.

    

    

    (d)          Incapacity.  The Executive’s mental or physical incapacity following the occurrence of an event described above in clauses (i) through (v) of Section 4(c) shall not affect Executive’s ability to terminate employment for
        Good Reason and Executive’s death following delivery of a Notice of Termination for Good Reason shall not affect the entitlement of the estate of Executive to severance payments or benefits provided hereunder upon a termination of employment for
        Good Reason.

    

    

    (e)          Notice

            of Termination.  Any termination of employment by the Company for Cause, or by Executive for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in
        accordance with Section 11(b).  For purposes of this Agreement, a “Notice of Termination” means a written notice that (i) indicates the specific termination
        provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) if
        the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the Date of Termination (which date shall be not more than 30 days after the giving of such notice) (subject to the Company’s right to cure in
        the case of a resignation for Good Reason).  The failure by Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Good Reason or Cause shall not waive any right of Executive or
        the Company, respectively, hereunder or preclude Executive or the Company, respectively, from asserting such fact or circumstance in enforcing Executive’s or the Company’s rights hereunder.

    

    

    
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    (f)          Date

            of Termination.  “Date of Termination” means (i) if Executive’s employment is terminated by the Company
        for Cause, or by Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, (ii) if Executive’s employment is terminated by the Company other than  for Cause or Disability,
        the date on which the Company notifies Executive of such termination, (iii) if Executive resigns without Good Reason, the date on which Executive notifies the Company of such termination and (iv) if Executive’s employment is terminated by reason of
        death or Disability, the date of death of Executive or the Disability Effective Date, as the case may be.

    

    

    5.           Obligations

            of the Company upon Termination.  (a)  By Executive for Good Reason; By the Company Other Than for Cause,
            Death or Disability.  If, during the Employment Period, the Company shall terminate Executive’s employment other than for Cause, Death or Disability or Executive shall terminate employment for Good Reason:

    

    

    (i)           subject to Section 11(l), the
        Company shall pay to Executive in a lump sum in cash within 30 days after the Date of Termination the aggregate of the following amounts:

    

    

    (A)          the sum of (1) Executive’s Annual
        Base Salary through the Date of Termination to the extent not theretofore paid, (2) Executive’s business expenses that are reimbursable pursuant to Section 3(b)(v) but have not been reimbursed by the Company as of the Date of Termination; (3)
        Executive’s Annual Bonus for the fiscal year immediately preceding the fiscal year in which the Date of Termination occurs, if such bonus has been determined but not paid as of the Date of Termination; (4) any accrued vacation pay to the extent not
        theretofore paid (the sum of the amounts described in subclauses (1), (2), (3) and (4), the “Accrued Obligations”); and (5) an amount equal to the product of
        (x) the Recent 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 (the “Pro Rata Bonus”); provided,
        that notwithstanding the foregoing, if Executive has made an irrevocable election under any deferred compensation arrangement subject to Section 409A of the Code to defer any portion of the Annual Base Salary or the Annual Bonus described in
        clauses (1) or (3) above, then for all purposes of this Section 5 (including Sections 5(b) through 5(d)), such deferral election, and the terms of the applicable arrangement shall apply to the same portion of the amount described in such clause (1)
        or clause (3), and such portion shall not be considered as part of the “Accrued Obligations” but shall instead be an “Other Benefit” (as defined below); and

    

    

    (B)          the amount equal to the product of
        (1) two and (2) the sum of (x) Executive’s Annual Base Salary and (y) the Recent Bonus;

    

    

    
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    (C)        an amount equal to
        Company and its Affiliates contributions under the tax-qualified defined contribution plan and any excess or supplemental defined contribution plans sponsored by the Company or its Affiliates, in which Executive participates as of immediately prior
        to the Date of Termination (or, if more favorable to Executive, the plans as in effect immediately prior to the Effective Date) (collectively, the “Savings
          Plans”) that Executive would receive if Executive’s employment continued for the two-year period following the Date of Termination (the “Benefits
          Period”), assuming for this purpose that (A) Executive is fully vested in the right to receive employer contributions under such plans; (B) Executive’s compensation during each year of the Benefits Period is equal to the Annual Base Salary
        and the Recent Bonus, and such amounts are paid in equal installments ratably over each year of the Benefits Period; (C) Executive received an Annual Bonus with respect to the year in which the Date of Termination occurs equal to the Pro Rata
        Bonus, only if a contribution in respect of the compensation described in this clause (C) has not already been credited to Executive under the Savings Plans; (D) the amount of any such employer contributions is equal to the maximum amount that
        could be provided under the terms of the applicable Savings Plans for the year in which the Date of Termination occurs (or, if more favorable to Executive, or in the event that as of the Date of Termination the amount of any such contributions for
        such year is not determinable, the amount of contribution that could be provided under the Savings Plans for the plan year ending immediately prior to the Effective Date) for a participant whose compensation is as provided in clauses (B) and (C)
        above; and (E) to the extent that the employer contributions are determined based on the contributions or deferrals of Executive, disregarding Executive’s actual contributions or deferral elections as of the Date of Termination and assuming that
        Executive had elected to participate in the Savings Plans and to defer that percentage of Annual Base Salary and/or Annual Bonus under the Savings Plans that would result in the maximum possible employer contribution

    

    

    (D)          an amount equal
        to the product of (A) the sum of (x) 150% of the monthly premiums for coverage under the Company’s or and its Affiliates health care plans for purposes of continuation coverage under Section 4980B of the Code with respect to the maximum level of
        coverage in effect for Executive and his or her spouse and dependents as of immediately prior to the Date of Termination, and (y) 150% of the monthly premium for coverage (based on the rate paid by the Company and its Affiliates for active
        employees) under the life insurance plans of the Company and its Affiliates, in each case, based on the plans and at the levels of participation in which Executive participates as of immediately prior to the Date of Termination (or, if more
        favorable to Executive, the plans as in effect immediately prior to the Effective Date), and (B) the number of months in the Benefits Period;

    

    

    
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    (ii)          the Company shall, at its sole expense as incurred,
        provide Executive with outplacement services the scope and provider of which shall be selected by the Company prior to the Effective Date; provided, further, that such outplacement benefits shall end not later than the last day of the second calendar year that begins after the Date of Termination; and

    

    

    (iii)         except as otherwise set forth in the last sentence of
        Section 6, to the extent not theretofore paid or provided, the Company shall timely pay or provide to Executive any other amounts or benefits required to be paid or provided or that Executive is eligible to receive under any plan, program, policy
        or practice or contract or agreement of the Company and its Affiliates (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”)

        in accordance with the terms of the underlying plans or agreements.  Without limiting the generality of the foregoing, Executive shall be entitled to all rights and benefits set forth in the plans and agreements governing Executive’s outstanding
        equity awards.

    

    

    (b)          Death.   If Executive’s employment is terminated by reason of Executive’s death during the Employment Period, the Company shall provide Executive’s estate or beneficiaries with the Accrued Obligations and the Pro Rata
        Bonus and the timely payment or delivery of the Other Benefits, and shall have no other severance obligations under this Agreement.  The Accrued Obligations (subject to the proviso set forth in Section 5(a)(i)(A) to the extent applicable) and the
        Pro Rata Bonus shall be paid to Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination.  With respect to the provision of the Other Benefits, the term “Other Benefits” as utilized in this
        Section 5(b) shall include and Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most favorable benefits provided by the Company and its Affiliates to the estates and beneficiaries of peer
        executives of the Company and such Affiliates under such plans, programs, practices and policies relating to death benefits, if any, as in effect with respect to other peer executives and their beneficiaries at any time during the 120-day period
        immediately preceding the Effective Date or, if more favorable to Executive’s estate and/or Executive’s beneficiaries, as in effect on the date of Executive’s death with respect to other peer executives of the Company and its Affiliates and their
        beneficiaries.

    

    

    (c)          Disability.   If Executive’s employment is terminated by reason of Executive’s Disability during the Employment Period, the Company shall provide Executive with the Accrued Obligations and Pro Rata Bonus and the timely
        payment or delivery of the Other Benefits in accordance with the terms of the underlying plans or agreements, and shall have no other severance obligations under this Agreement.  The Accrued Obligations (subject to the proviso set forth in Section
        5(a)(i)(A) to the extent applicable) and the Pro Rata Bonus shall be paid to Executive in a lump sum in cash within 30 days of the Date of Termination.  With respect to the provision of the Other Benefits, the term “Other Benefits” as utilized in
        this Section 5(c) shall include, and Executive shall be entitled after the Disability Effective Date to receive, without limitation, disability and other benefits (either pursuant to a plan, program, practice or policy or an individual arrangement)
        at least equal to the most favorable of those generally provided by the Company and its Affiliates to disabled executives and/or their families in accordance with such plans, programs, practices and policies relating to disability, if any, as in
        effect generally with respect to other peer executives and their families at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to Executive and/or Executive’s family, as in effect at any time
        thereafter generally with respect to other peer executives of the Company and its Affiliates and their families.

    

    

    
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    (d)          Cause;

            Other than for Good Reason.   If Executive’s employment is terminated for Cause during the Employment Period, the Company shall provide Executive with Executive’s Annual Base Salary (subject to
        the proviso set forth in Section 5(a)(i)(A) to the extent applicable) through the Date of Termination, and the timely payment or delivery of the Other Benefits, and shall have no other severance obligations under this Agreement.  If Executive
        voluntarily terminates employment during the Employment Period, excluding a termination for Good Reason, the Company shall provide to Executive the Accrued Obligations and the Pro Rata Bonus and the timely payment or delivery of the Other Benefits
        and shall have no other severance obligations under this Agreement.  In such case, all the Accrued Obligations (subject to the proviso set forth in Section 5(a)(i)(A) to the extent applicable) and the Pro Rata Bonus shall be paid to Executive in a
        lump sum in cash within 30 days of the Date of Termination.

    

    

    6.          Non‐exclusivity

            of Rights.  Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its
        Affiliates and for which Executive may qualify, nor, subject to Section 11(h), shall anything herein limit or otherwise affect such rights as Executive may have under any other contract or agreement with the Company or its Affiliates.  Amounts that
        are vested benefits or that Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its Affiliates at or subsequent to the Date of Termination shall be
        payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.  Without limiting the generality of the foregoing, Executive’s resignation under this Agreement with or
        without Good Reason, shall in no way affect Executive’s ability to terminate employment by reason of Executive’s “retirement” under any compensation and benefits plans, programs or arrangements of the Company or its Affiliates, including any
        retirement or pension plans or arrangements or to be eligible to receive benefits under any compensation or benefit plans, programs or arrangements of the Company or any of its Affiliates, including any retirement or pension plan or arrangement of
        the Company or any of its Affiliates or substitute plans adopted by the Company or its successors, and any  termination that otherwise qualifies as Good Reason shall be treated as such even if it is also a “retirement” for purposes of any such
        plan.  Notwithstanding the foregoing, if Executive receives payments and benefits pursuant to Section 5(a) of this Agreement, Executive shall not be entitled to any severance pay or benefits under any severance plan, program or policy of the
        Company and its Affiliates, unless otherwise specifically provided therein in a specific reference to this Agreement.

    

    

    
      12

      
        

    

    7.           Full

            Settlement; Legal Fees.  (a)  Full Settlement.  The Company’s obligation to make the payments
        provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set‐off, counterclaim, recoupment, defense or other claim, right or action that the Company may have against Executive or others.  In no
        event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not
        Executive obtains other employment.

    

    

    (b)          Legal

            Fees.  The Company agrees to pay as incurred (within 10 days following the Company’s receipt of an invoice from Executive), at any time from the Effective Date through Executive’s remaining
        lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the
        Company, Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof whether such contest is between the Company and Executive or between either of them and
        any third party, and (including as a result of any contest by Executive about the amount of any payment pursuant to this Agreement), plus in each case interest on any delayed payment at the applicable federal rate provided for in Section
        7872(f)(2)(A) of the Code (“Interest”) determined as of the date such legal fees and expenses were incurred.

    

    

    8.           Treatment of Certain Payments.

    

    

    (a)          Anything in the Agreement to the contrary
        notwithstanding, in the event the Accounting Firm (as defined below) shall determine that receipt of all Payments (as defined below) would subject Executive to the excise tax under Section 4999 of the Code, the Accounting Firm shall determine
        whether to reduce any of the Payments paid or payable pursuant to the Agreement (the “Agreement Payments”) so that the Parachute Value (as defined below) of
        all Payments, in the aggregate, equals the Safe Harbor Amount (as defined below).  The Agreement Payments shall be so reduced only if the Accounting Firm determines that Executive would have a greater Net After-Tax Receipt (as defined below) of
        aggregate Payments if the Agreement Payments were so reduced.  If the Accounting Firm determines that Executive would not have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Agreement Payments were so reduced,
        Executive shall receive all Agreement Payments to which Executive is entitled hereunder.

    

    

    (b)          If the Accounting Firm determines that aggregate
        Agreement Payments should be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, the Company shall promptly give Executive notice to that effect and a copy of the detailed calculation thereof.  All
        determinations made by the Accounting Firm under this Section 8 shall be binding upon the Company and Executive and shall be made as soon as reasonably practicable and in no event later than 15 days following the date of Termination of Employment. 
        For purposes of reducing the Agreement Payments so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, only amounts payable under the Agreement (and no other Payments) shall be reduced.  The reduction of the
        amounts payable hereunder, if applicable, shall be made by reducing the payments and benefits under the following sections in the following order:  (i) cash payments that may not be valued under Treas. Reg. § 1.280G-1, Q&A-24(c) (“24(c)”), (ii) equity-based payments that may not be valued under 24(c), (iii) cash payments that may be valued under 24(c), (iv) equity-based payments that may be
        valued under 24(c) and (v) other types of benefits.  With respect to each category of the foregoing, such reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A of the Code and
        next with respect to payments that are deferred compensation, in each case, beginning with payments or benefits that are to be paid the farthest in time from the Accounting Firm’s determination.  All fees and expenses of the Accounting Firm shall
        be borne solely by the Company.

    

    

    
      13

      
        

    

    (c)          To the extent requested by Executive, the Company shall
        cooperate with Executive in good faith in valuing, and the Accounting Firm shall take into account the value of, services provided or to be provided by Executive (including Executive’s agreeing to refrain from performing services pursuant to a
        covenant not to compete or similar covenant, before, on or after the date of a change in ownership or control of the Company (within the meaning of Q&A‐2(b) of the final regulations under Section 280G of the Code), such that payments in respect
        of such services may be considered reasonable compensation within the meaning of Q&A‐9 and Q&A‐40 to Q&A‐44 of the final regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment” within
        the meaning of Q&A‐2(a) of the final regulations under Section 280G of the Code in accordance with Q&A‐5(a) of the final regulations under Section 280G of the Code.

    

    

    (d)          The following terms shall have the following meanings
        for purposes of this Section 8:

    

    

    (i)           “Accounting Firm” shall mean a nationally recognized certified public
        accounting firm or other professional organization that is a certified public accounting firm recognized as an expert in determinations and calculations for purposes of Section 280G of the Code that is selected by the Company prior to a Change in
        Control for purposes of making the applicable determinations hereunder and is reasonably acceptable to Executive, which firm shall not, without Executive’s consent, be a firm serving as accountant or auditor for the individual, entity or group
        effecting the Change in Control.

    

    

    (ii)          “Net After-Tax Receipt” shall mean the present value (as determined in
        accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying
        the highest marginal rate under Section 1 of the Code and under state and local laws which applied to Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Accounting Firm determines to be likely to
        apply to Executive in the relevant tax year(s).

    

    

    
      14

      
        

    

    (iii)         “Parachute Value” of a Payment shall mean the present value as of the
        date of the change of control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Accounting Firm for purposes of determining
        whether and to what extent the excise tax under Section 4999 of the Code will apply to such Payment.

    

    

    (iv)         “Payment” shall mean any payment or distribution in the nature of
        compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of Executive, whether paid or payable pursuant to the Agreement or otherwise.

    

    

    (v)          “Safe Harbor Amount” shall mean 2.99 times Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Code.

    

    

    (e)          The provisions of this Section 8 shall survive the expiration of the Agreement.

    

    

    9.           Confidential

            Information.  The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its
        Affiliates, and their respective businesses, which shall have been obtained by Executive during Executive’s employment by the Company or any of its Affiliates and which shall not be or become public knowledge (other than by acts by Executive or
        representatives of Executive in violation of this Agreement).  After termination of Executive’s employment with the Company, Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal
        process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those persons designated by it.  In no event shall an asserted violation of the provisions of this Section 9 constitute a basis for
        deferring or withholding any amounts otherwise payable to Executive under this Agreement, but the Company otherwise shall be entitled to all other remedies that may be available to it at law or equity.

    

    

    10.         Successors.  (a)  This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive
        other than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives.

    

    

    (b)          This Agreement shall inure to the benefit of and be
        binding upon the Company and its successors and assigns.  Except as provided in Section 10(c), without the prior written consent of Executive, this Agreement shall not be assignable by the Company.

    

    

    (c)          The Company will require any successor (whether direct
        or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the
        Company would be required to perform it if no such succession had taken place.  As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and
        agrees to perform this Agreement by operation of law, or otherwise.

    

    

    
      15

      
        

    

    11.         Miscellaneous.

    

    

    (a)         Governing Law and Dispute Resolution.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without reference to
        principles of conflict of laws.  The parties irrevocably submit to the jurisdiction of any state or federal court sitting in or for the United States District Court for the Eastern District of New York or any New York State court sitting in Kings
        County, New York with respect to any dispute arising out of or relating to this Agreement, and each party irrevocably agrees that all claims in respect of such dispute or proceeding shall be heard and determined in such courts.  The parties hereby
        irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the venue of any dispute arising out of or relating to this Agreement or the transactions contemplated hereby brought in such court or
        any defense of inconvenient forum for the maintenance of such dispute or proceeding.  Each party agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  THE
        PARTIES HEREBY WAIVE A TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTER CLAIM BROUGHT OR ASSERTED BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT.

    

    

    (b)          Notices.  All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other
        party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

    

    

    If to Executive:

    

    

    Mr. Conrad Gunther

    249 Jennings Road

    Cold Spring Harbor, NY 11724

    

    

    If to the Company:

     

      

    300 Cadman Plaza West, 8th Floor

    Brooklyn, New York 11201

    Attention:  General Counsel

    

    

    or to such other address as either party shall have furnished to the other in writing in accordance herewith.  Notice and communications shall be
        effective when actually received by the addressee.

    

    

    
      16

      
        

    

    (c)          Invalidity.  If any term or provision of this Agreement or the application thereof to any person or circumstance shall to any extent be invalid or unenforceable, the remainder of this Agreement or the application of such
        term or provision to persons or circumstances other than those to which it is invalid or unenforceable shall not be affected thereby, and each term and provision of this Agreement shall be valid and be enforced to the fullest extent permitted by
        law.

    

    

    (d)          Survivorship.  Upon the expiration or other termination of this Agreement or Executive’s employment, the respective rights and obligations of the parties hereto shall survive to the extent necessary to carry out the
        intentions of the parties under this Agreement.

    

    

    (e)          Section

            Headings; Construction. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation hereof.  For
        purposes of this Agreement, the term “including” shall mean “including, without limitation.”

    

    

    (f)          Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

    

    

    (g)          Amendments;

            Waiver.  No provision of this Agreement shall be modified or amended except by an instrument in writing duly executed by the parties hereto.  The Executive’s or the Company’s failure to insist
        upon strict compliance with any provision hereof or any other provision of this Agreement or the failure to assert any right Executive or the Company may have hereunder, including the right of Executive to terminate employment for Good Reason
        pursuant to Section 4(c)(i)‐(v), shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

    

    

    (h)          At-Will

            Employment.  The Executive and the Company acknowledge that, except as may otherwise be provided under any other written agreement between Executive and the Company, the employment of Executive
        by the Company is “at will” and, subject to Section 1(e) of this Agreement, prior to the Effective Date, Executive’s employment may be terminated by either Executive or the Company at any time prior to the Effective Date, in which case Executive
        shall have no further rights under this Agreement.  From and after the Effective Date, except as specifically provided herein, this Agreement shall supersede any other employment agreement between the parties.  For the avoidance of doubt, prior to
        the Effective Date, any other employment agreement between the parties shall continue to govern the relationship between the parties.

    

    

    
      17

      
        

    

    (i)          Entire Agreement.  This Agreement constitutes the entire agreement of the parties hereto in respect of the terms and conditions of Executive’s employment with the Company
        and its Affiliates, including his severance entitlements, and, as of the Effective Date, supersedes and cancels in their entirety all prior understandings, agreements and commitments, whether written or oral, relating to the terms and conditions of
        employment between Executive, on the one hand, and the Company or its Affiliates, on the other hand.  For the avoidance of doubt, this Agreement does not limit the terms of any benefit plans (including equity award agreements) of the Company or its
        Affiliates that are applicable Executive, except to the extent that the terms of this Agreement are more favorable to Executive.  From and after the Effective Date, the obligations of Executive under Section 9 shall be the exclusive restrictive
        covenant to which Executive is bound and any other restrictive covenants, including noncompetition and nonsolicitation restrictions, set forth in any agreement between Executive and the Company or its Affiliates, including any equity award
        agreement, shall be void and of no force and effect.

    

    

    (j)          Tax Withholding.  The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld
        pursuant to any applicable law or regulation.

    

    

    (k)          Section 409A.

    

    

    (i)           General.  It is intended that payments and benefits made or provided under this Agreement shall not result in penalty taxes or accelerated taxation pursuant to Section 409A
        of the Code.  Any payments that qualify for the “short-term deferral” exception, the separation pay exception or another exception under Section 409A of the Code shall be paid under the applicable exception.  For purposes of the limitations on
        nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Agreement shall be treated as a separate payment of compensation.  All payments to be made upon a termination of employment under this
        Agreement may only be made upon a “separation from service” under Section 409A of the Code to the extent necessary in order to avoid the imposition of penalty taxes on Executive pursuant to Section 409A of the Code.  In no event may Executive,
        directly or indirectly, designate the calendar year of any payment under this Agreement, and to the extent required by Section 409A of the Code, any payment that may be paid in more than one taxable year shall be paid in the later taxable year.

    

    

    (ii)          Reimbursements and In-Kind Benefits.  Notwithstanding anything to the contrary in this Agreement, all reimbursements and in-kind benefits provided under this Agreement that
        are subject to Section 409A of the Code shall be made in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (A) any reimbursement is for expenses incurred during Executive’s lifetime (or
        during a shorter period of time specified in this Agreement); (B) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to
        be provided, in any other calendar year; (C) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (D) the right to reimbursement or in-kind
        benefits is not subject to liquidation or exchange for another benefit.

    

    

    
      18

      
        

    

    (iii)         Delay

            of Payments.  Notwithstanding any other provision of this Agreement to the contrary, if Executive is considered a “specified employee” for purposes of Section 409A of the Code (as determined in
        accordance with the methodology established by the Company and its Affiliates as in effect on the Termination Date), any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code that is otherwise
        due to Executive under this Agreement during the six-month period immediately following Executive’s separation from service on account of Executive’s separation from service shall instead be paid, with Interest (based on the rate in effect for the
        month in which the Executive’s separation from service occurs), on the first business day of the seventh month following his separation from service (the “Delayed
          Payment Date”), to the extent necessary to prevent the imposition of tax penalties on Executive under Section 409A of the Code.  If Executive dies during the postponement period, the amounts and entitlements delayed on account of Section
        409A of the Code shall be paid to the personal representative of his estate on the first to occur of the Delayed Payment Date or 30 calendar days after the date of Executive’s death.

    

    

    (l)          Indemnification.  The Company shall indemnify Executive and hold him harmless to the fullest extent permitted by law and under the charter and bylaws of the Company (including the advancement of expenses) against, and with
        respect to, any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney fees), losses and damages resulting from Executive’s good faith performance of his duties and obligations with the
        Company and its Affiliates.

    

    

    (m)        Federal

            Deposit Insurance Act.  Notwithstanding any provision of this Agreement to the contrary, payments and benefits to Executive hereunder shall be paid or provided, to the extent applicable, in
        compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and any regulations promulgated thereunder.

     

      

    
      19

      
        

    

    IN WITNESS WHEREOF, Executive has hereunto set
        Executive’s hand and, pursuant to the authorization from the Board, the Company has caused this Agreement to be executed in its name on its behalf, all as of the day and year first above written.

    

    

    	 	
            DIME COMMUNITY BANCSHARES, INC.

          
	 	 	 
	 	
            By:

          	

          	 
	 	

          	
            Name:  Kenneth J. Mahon

          
	 	 	
            Title: President and Chief Executive Officer

          
	 	 	 
	 	
            Conrad Gunther:

          
	 	 
	 	 	 

    
       

      

       

      

      [Signature Page]Exhibit 10.1

 

BIONIK LABORATORIES CORP.

 

PROMISSORY NOTE

 

	Principal Amount: US$500,000.00	Issue Date: May 8, 2019

 

Bionik
Laboratories Corp., a Delaware corporation (the “Company”), for value received, hereby promises
to pay to Star SCI or its permitted assigns or successors (the “Holder”), the principal amount
of Five Hundred Thousand Dollars (US$500,000.00) (the “Principal Amount”), without demand, on the Maturity
Date (as hereinafter defined), together with any accrued and unpaid interest due thereon. This Note shall bear interest at a fixed
rate of 1.0% per month, beginning on the Issue Date. Interest shall be computed based on a 360-day year of twelve 30-day months
and shall be payable, along with the Principal Amount, on the Maturity Date. Payment of all principal and interest due shall be
in such coin or currency of the United States of America as shall be legal tender for the payment of public and private debts at
the time of payment.

 

1.             Definitions.

 

1.1             
Definitions. The terms defined in this Section 1 whenever used
in this Note shall have the respective meanings hereinafter specified.

 

“Change
in Control” means a merger or consolidation of the Company with or into any other entity in which the stockholders
of the Company immediately prior to the merger or consolidation do not own more than 50% of the outstanding voting power (assuming
conversion of all convertible securities and the exercise of all outstanding options and warrants) of the surviving entity or the
sale, lease, licensing, transfer or other disposition of all or substantially all the assets of the Company; provided, however,
that any new issuance of capital stock (or securities convertible or exercisable into capital stock) of the Company to one or more
third parties for the sole purpose of providing funding for the Company shall not constitute a Change in Control.

 

“Event
of Default” shall have the meaning set forth in Section 4.1.

 

“Holder”
or “Holders” means the Person named above or any Person who shall thereafter become a recordholder of
this Note in accordance with the terms hereof.

 

“Issue
Date” means the issue date stated above.

 

“Maturity
Date” shall mean the earlier of (i) May 8, 2021, (ii) the date of receipt of an aggregate of $10,000,000 in gross
proceeds to the Company from the sale of the Company’s securities subsequent to the Issue Date, or (iii) the date of a Change
in Control.

 

“Note”
means this Note, as amended, modified or restated.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust, joint venture, unincorporated organization
or any government, governmental department or agency or political subdivision thereof.

 

    	 	1	 

     

    

 

2.             GENERAL PROVISIONS.

 

2.1             
Loss, Theft, Destruction of Note. Upon receipt of evidence satisfactory
to the Company of the loss, theft, destruction or mutilation of this Note and, in the case of any such loss, theft or destruction,
upon receipt of indemnity or security reasonably satisfactory to the Company, or, in the case of any such mutilation, upon surrender
and cancellation of this Note, the Company will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Note, a
new Note of like tenor and unpaid principal amount dated as of the date hereof. This Note shall be held and owned upon the express
condition that the provisions of this Section 2.1 are exclusive with respect to the replacement of a mutilated, destroyed,
lost or stolen Note and shall preclude any and all other rights and remedies notwithstanding any law or statute existing or hereafter
enacted to the contrary with respect to the replacement of negotiable instruments or other securities without their surrender.

 

2.2             
Prepayment. This Note may not be prepaid by the Company in whole or in
part, except with the prior written consent of the Holder.

 

3.             STATUS; RESTRICTIONS ON TRANSFER.

 

3.1             
Status of Note. This Note is a direct, general and unconditional obligation
of the Company, and constitutes a valid and legally binding obligation of the Company, enforceable in accordance with its terms
subject, as to enforcement, to bankruptcy, insolvency, reorganization and other similar laws of general applicability relating
to or affecting creditors’ rights and to general principles of equity. This Note does not confer upon the Holder any right
to vote or to consent or to receive notice as a stockholder of the Company, as such, in respect of any matters whatsoever, or any
other rights or liabilities as a stockholder.

 

3.2             
COVENANTS. In addition to the other covenants and agreements of the Company set forth in this Note, the Company covenants
and agrees that so long as this Note shall be outstanding, if any one or more events occur which constitute or which, with the
giving of notice or the lapse of time or both, would constitute an Event of Default or if the Holder shall demand payment or take
any other action permitted upon the occurrence of any such Event of Default, the Company will forthwith give notice to the Holder,
specifying the nature and status of the Event of Default or other event or of such demand or action, as the case may be.

 

4.             REMEDIES.

 

4.1             
Events of Default. “Event of Default” wherever used
herein means any one of the following events:

 

(a)              
Default in the due and punctual payment of the principal of, or any other amount owing in respect of (including interest),
this Note when and as the same shall become due and payable;

 

(b)             
Default in the performance or observance of any covenant or agreement of the Company in this Note (other than a covenant
or agreement a default in the performance of which is specifically provided for elsewhere in this Section 4.1), and the
continuance of such default for a period of 10 days after there has been given to the Company by the Holder a written notice specifying
such default and requiring it to be remedied;

 

    	 	2	 

     

    

 

(c)              
The entry of a decree or order by a court having jurisdiction adjudging the Company as bankrupt or insolvent; or approving
as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under
the Federal Bankruptcy Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee
or sequestrator (or other similar official) of the Company or of any substantial part of its property, or ordering the winding-up
or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 calendar
days;

 

(d)             
The institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the
institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under the Federal Bankruptcy Code or any other applicable federal or state law, or the consent by it to
the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar
official) of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors;

 

(e)              
The Company seeks the appointment of a statutory manager or proposes in writing or makes a general assignment or an
arrangement or composition with or for the benefit of its creditors or any group or class thereof or files a petition for suspension
of payments or other relief of debtors or a moratorium or statutory management is agreed or declared in respect of or affecting
all or any material part of the indebtedness of the Company; or

 

(f)               
It becomes unlawful for the Company to perform or comply with its obligations under this Note.

 

4.2             
Effects of Default. If an Event of Default occurs and is continuing, then
and in every such case the Holder may declare this Note to be due and payable immediately, by a notice in writing to the Company,
and upon any such declaration, the Company shall pay to the Holder the outstanding principal amount of this Note plus all accrued
and unpaid interest through the date the Note is paid in full.

 

4.3             
Remedies Not Waived; Exercise of Remedies. No course of dealing between
the Company and the Holder or any delay in exercising any rights hereunder shall operate as a waiver by the Holder. No failure
or delay by the Holder in exercising any right, power or privilege under this Note shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power
or privilege.

 

5.             MISCELLANEOUS.

 

5.1             
Severability. If any provision of this Note shall be held to be invalid
or unenforceable, in whole or in part, neither the validity nor the enforceability of the remainder hereof shall in any way be
affected.

 

    	 	3	 

     

    

 

5.2             
Notice. Where this Note provides for notice of any event, such notice
shall be given (unless otherwise herein expressly provided) in writing and either (a) delivered personally, (b) sent by certified,
registered or express mail, postage prepaid or (c) sent by facsimile or other electronic transmission, and shall be deemed given
when so delivered personally, sent by facsimile or other electronic transmission (confirmed in writing) or mailed. Notices shall
be addressed, if to Holder, to its address as provided in the books and records of the Company or, if to the Company, to its principal
office.

 

5.3             
Governing Law. This Note shall be governed by, and construed in accordance
with, the laws of the State of Delaware (without giving effect to any conflicts or choice of law provisions that would cause the
application of the domestic substantive laws of any other jurisdiction).

 

5.4             
Forum. The Holder and the Company hereby agree that any dispute which
may arise out of or in connection with this Note shall be adjudicated before a court of competent jurisdiction in the State of
Delaware and they hereby submit to the exclusive jurisdiction of the courts of the State of Delaware, as well as to the jurisdiction
of all courts to which an appeal may be taken from such courts, with respect to any action or legal proceeding commenced by either
of them and hereby irrevocably waive any objection they now or hereafter may have respecting the venue of any such action or proceeding
brought in such a court or respecting the fact that such court is an inconvenient forum.

 

5.5             
Headings. The headings of the Articles and Sections of this Note are inserted
for convenience only and do not constitute a part of this Note.

 

5.6             
Amendments. This Note may be amended or waived only with the written consent
of the Company and the Holder.

 

5.7             
No Recourse Against Others. The obligations of the Company under this
Note are solely obligations of the Company and no officer, employee or stockholder shall be liable for any failure by the Company
to pay amounts on this Note when due or perform any other obligation.

 

5.8             
Assignment; Binding Effect. This Note may be assigned by the Company without
the prior written consent of the Holder. This Note shall be binding upon and inure to the benefit of both parties hereto and their
respective permitted successors and assigns.

 

 

[Signature
on the Following Page]

 

 

    	 	4	 

     

    

 

In
Witness Whereof, the Company has caused this Note to be signed by its duly authorized officer on the date hereinabove
written.

 

	 	Bionik Laboratories Corp.
	 	 
	 	By:	 /s/ Eric Dusseux 
	 	Name:	Eric Dusseux
	 	Title:	CEO

 

 

 

    Signature Page to Promissory Note

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