Document:

Exhibit 4.7

 Exhibit 4.7 
 NORTH FORK BANCORPORATION, INC. 
 2003 STOCK COMPENSATION PLAN 
 Section 1. Name and Purpose 
 This is the North Fork Bancorporation, Inc. 2003 Stock Compensation Plan (the “Plan”). The Plan provides for the grant of equity-based awards to officers and employees of North Fork Bancorporation, Inc. (the “Company”)
and its subsidiaries. The purpose of the Plan is to encourage those individuals who receive awards under the Plan to acquire and maintain an equity interest in the Company and thus to have additional incentive to continue to work for the success of
the Company and its subsidiaries. 
 Section 2. Definitions 
 Whenever used herein, the following terms shall have the respective meanings set forth below: 
  

	 	(a)	Award means any Option to acquire Stock or shares of Restricted Stock granted under the Plan. 

  

	 	(b)	Award Agreement means a written agreement evidencing an Award granted under the Plan entered into between the Company and the Holder of the Award, whether such Holder is an
original Grantee or a Permitted Transferee of the Award. 

  

	 	(c)	Board means the Board of Directors of the Company. 

  

	 	(d)	Code means the Internal Revenue Code of 1986, as amended and in effect from time to time. 

  

	 	(e)	Committee means the Compensation and Stock Committee of the Board, or any successor to such Committee charged by the Board with the administration of the Plan.

  

	 	(f)	Company means North Fork Bancorporation, Inc., a Delaware corporation. 

  

	 	(g)	Employee means a salaried employee (including officers and directors who are also employees) of the Company or any Subsidiary. 

  

	 	(h)	Exchange Act means the Securities Exchange Act of 1934, as amended. 

  

	 	(i)	Exercise Price of an Option means that price fixed by the Committee upon grant of an Option as the purchase price per share of Stock that must be paid by the Holder of the
Option upon exercise thereof, as the same may be adjusted under Section 10 of the Plan. 

	 	(j)	Fair Market Value means, for any particular day, for any period during which the Stock shall be listed for trading on a national securities exchange, the average of the high
and low price per share of Stock on such exchange on such day. For any period during which the Stock shall not be listed for trading on a national securities exchange the fair market price per share of Stock for such day shall be determined by the
Committee. If Fair Market Value is to be determined as of a day when the securities markets are not open, the Fair Market Value on that day shall be the Fair Market Value on the nearest preceding day when the markets were open.

  

	 	(k)	Grant Date of an Award means the date the Committee granted an Award. 

  

	 	(l)	Grantee of an Award means the Employee or other eligible individual who was initially granted the Award. 

  

	 	(m)	Holder means that individual who possesses the ownership interest in an Award at a given time, whether such individual is the original Grantee of the Award or a Permitted
Transferee. 

  

	 	(n)	Option means the right to purchase a designated number of shares of Stock at the Exercise Price for a specified period of time and subject to specified conditions. For
purposes of the Plan, all Options shall be so-called nonqualified (or nonstatutory) stock options, not qualifying as “incentive stock options” under Section 422 of the Code. 

  

	 	(o)	Period of Restriction for shares of Restricted Stock granted under the Plan means the period between the Grant Date of the shares and the Vesting Date of the shares.

  

	 	(p)	Permitted Transferee means any person to whom an Award is transferred in accordance with the terms of the Plan and such Award. 

  

	 	(q)	Reporting Person means a person subject to Section 16 of the Exchange Act. 

  

	 	(r)	Restricted Stock means shares of Stock awarded under the Plan that are subject to forfeiture prior to the Vesting Date for such shares, as provided in Section 9 of the
Plan, and which cease to be shares of Restricted Stock upon expiration of the Period of Restriction. 

  

	 	(s)	Rule 16b-3 means Rule 16b-3 promulgated by the Securities and Exchange Commission pursuant to the Exchange Act, or any successor regulation. 

  

	 	(t)	Stock means the Common Stock of the Company. 

  

	 	(u)	Subsidiary means a subsidiary corporation of the Company as defined in Section 424(f) of the Code. 

  

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	 	(v)	Taxable Event means an event relating to an Award granted under the Plan which requires federal, state or local tax to be withheld by the Company or a Subsidiary.

  

	 	(w)	Terminated for Cause means, (i) for Employees serving under an employment agreement containing a provision for termination of employment for “cause,”
termination of employment of the Employee for “cause” pursuant to such provision, and (ii) for other Employees, termination of employment of the Employee by a two-thirds vote of the entire Board or the board of directors of the
Subsidiary employing such Employee, expressly for one or both of the following “causes,” as evidenced in a certified board resolution: (A) willful misconduct by the Employee which is materially injurious to the Company or the
Subsidiary, monetarily or otherwise; or (B) conviction of the Employee with no further possibility of appeal of any felony under applicable state or federal banking or financial institution laws, or the agreement of the Employee to plead guilty
to any such felony. 

  

	 	(x)	Vesting Date means, for an Option or a portion of an Option, the first date on which the Option or such portion may be exercised by the Holder and, for shares of Restricted
Stock, the date on which the shares cease to be forfeitable and become freely transferable shares in the hands of the Holder. 

 Section 3. Administration 
 The Plan will be administered by the Committee. The determinations of the Committee shall
be made in accordance with its judgment as to the best interests of the Company and its stockholders and in accordance with the purposes of the Plan. Notwithstanding the foregoing and only to the extent permitted by applicable law, the Committee in
its discretion may delegate to the President of the Company or other appropriate officers of the Company the authority to make any or all determinations under the Plan (including the decision to grant Awards and types of Awards granted) with respect
and only with respect to Grantees or Holders of Awards (other than the delegates) who are not Reporting Persons, notwithstanding the fact that the delegatees may themselves be persons eligible to receive Awards under the Plan and/or Reporting
Persons. All determinations made or actions taken by the Committee relating to Plan Awards shall be final, binding and conclusive for all purposes and upon all persons. 
 Section 4. Shares Authorized for Awards 
 The maximum number of shares available for Awards
under the Plan is 5,000,000 shares of Stock, of which a maximum of 3,300,000 shares may take the form of Restricted Stock. Upon adoption of the Plan, the Company shall reserve for issuance thereunder an aggregate of 5,000,000 shares of Stock. The
number of shares available for Awards under the Plan, including Awards of Restricted Stock, and the number of shares reserved for issuance shall be subject to adjustment from time to time as provided in Section 10 of the Plan. Shares of Stock
underlying outstanding Options and outstanding shares of unvested Restricted Stock will be counted against the Plan maximum while such Options and shares of Restricted Stock are outstanding. Upon termination of outstanding Options that are
unexercised and upon forfeiture of outstanding shares 
  

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 of Restricted Stock prior to vesting, the shares of Stock underlying such Awards shall be returned to the Plan and
available for future grants of Awards thereunder. In addition, if the Holder of an Option granted under the Plan exercises such Option by surrendering to the Company shares of Stock previously owned by the Holder (or, in lieu of an actual surrender,
by a deemed surrender of such shares), the number of shares of Stock surrendered or deemed surrendered by such Holder shall be returned to the Plan and available for future grants of Awards thereunder. Similarly, if the Holder of any Award granted
under the Plan surrenders such Award to the Company in exchange and substitution for a subsequent Award, the shares underlying the surrendered Award shall be returned to the Plan and available for future grants of Awards thereunder. 
 Section 5. Eligible Grantees 
 (a) Any Employee of the Company or any Subsidiary will be eligible to receive one or more Awards under the Plan if the Committee determines in its sole discretion that the job performance of such Employee is likely to be significantly
enhanced by the latter’s receipt of such Awards. The Committee shall consider such factors as it deems pertinent in selecting Employees to receive Awards and determining the type and amount of their respective Awards. 
 (b) The Committee in its discretion may grant one or more Awards to an individual, in connection with the employment or potential employment of such
individual by the Company or any Subsidiary, prior to the date such individual becomes an Employee, provided that the Vesting Date for any Award granted to a potential Employee, as determined by the Committee, shall not be earlier than the sixtieth
day after the Grantee’s first day of employment. 
 (c) The Committee in its discretion may grant one or more Awards to any consultant,
advisor or other person providing key services to the Company or a Subsidiary, but only if and to the extent that the shares of Stock underlying such Award may be included in a registration statement on Form S-8 under the Securities Act of 1933, as
amended, or any successor form, as filed with the Securities and Exchange Commission. 
 (d) The grant of an Award to any Employee or other
eligible individual in any year shall not entitle such individual to receive an Award in any other year or any other individual to receive an Award in such year or any other year. 
 (e) No individual may receive Awards under the Plan relating to more than 1,500,000 shares of Stock in the aggregate, as adjusted from time to time in
accordance with Section 10 of the Plan. 
 Section 6. Types of Awards 
 Two types of Awards may be granted under the Plan: Options and Restricted Stock. These two types of Awards may be granted in any proportion to each
other, subject to the overall limit on Awards of Restricted Stock set forth in Section 4 of the Plan. Except as specified otherwise in this Plan, the Committee shall have complete discretion in determining the type and number of Awards to be
granted to eligible individuals and the terms and conditions of Awards, which terms and conditions need not be uniform as among different Grantees of Awards or 
  

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 different Awards of the same general type. Each Award shall be evidenced by an Award Agreement, as provided in
Section 7 of the Plan. From time to time, as the Committee deems appropriate and in the best long-term interests of the Company and its stockholders, the Committee may elect to modify or waive one or more terms or conditions of an outstanding
Award previously granted under the Plan, provided that (i) no such discretionary modification or waiver shall give the Holder of any other Award granted under the Plan any right to a similar modification or waiver, (ii) no such
discretionary modification or waiver of an Award shall involve a change in the number of shares subject to the Award or, if the Award is an Option, a change in the Exercise Price thereof, and (iii) no such discretionary modification or waiver
that is adverse or arguably adverse to the interests of the Holder of the Award shall be effective unless and until the Holder consents thereto in writing. 
 Section 7. Award Agreements 
 As soon as practicable after the grant of an Award, the Company
shall notify the Grantee and thereafter shall hand deliver or mail to the Grantee an Award Agreement, duly executed by and on behalf of the Company, with the request that the Grantee execute the Agreement within 30 days after the date of mailing or
delivery by the Company and return the same to the Company. The date of execution and return of the Award Agreement shall not necessarily be or affect the Grant Date of the Award, which may precede such date of execution and return, as the Committee
may determine. If the Grantee shall fail to execute and return to the Company the Award Agreement within said 30-day period, the Committee may elect to treat the Award as void and never granted. If an Award granted under the Plan is eligible for
transfer and proposed to be transferred to a Permitted Transferee, no such transfer shall be or become effective until and unless the Permitted Transferee shall have duly executed and returned to the Company an Award Agreement in a form acceptable
to the Committee. 
 Section 8. Stock Options 
 (a) Options shall consist of Options to purchase shares of Stock at an Exercise Price established by the Committee upon grant, which Exercise Price shall not be less than, but may be more than, 100 percent of the Fair
Market Value of the Stock on the Grant Date. 
 (b) The Committee shall establish upon grant the period of time during which an Option will
be exercisable, provided that no Option shall continue to be exercisable, in whole or in part, later than ten years after the Grant Date. The date of first exercise of an Option (the Vesting Date) may be any date on or after the Grant Date as the
Committee may specify, subject to the limitation on grants of Options to potential Employees in Section 5(b) of the Plan. In lieu of specifying a single date of first exercisability, the Committee may provide upon grant that an Option will
become fully exercisable over some designated period of time, with different Vesting Dates for different portions of the Option. The Committee also may provide that exercisability of an Option will be accelerated, if the Option or a portion thereof
is not already then exercisable, upon the subsequent occurrence of a “change in control” of the Company, as defined by the Committee, or such other circumstances (e.g., early retirement of the Grantee) as the Committee may specify.
Generally, exercisability of an Option also shall be conditioned upon the continued employment of the Grantee by the Company and/or its Subsidiaries, provided that, if the Committee so provides, exercisability of an Option may continue for some
designated 
  

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 period of time after termination of the Grantee’s employment, subject to the following limitations: (i) if the
employment of the Grantee is terminated other than due to the death of the Grantee, exercisability may not be extended to more than one year after the date of termination of employment (or the tenth anniversary of the Grant Date, if earlier), and
(ii) if the employment of the Grantee is terminated due to the death of the Grantee, exercisability may not be extended beyond the tenth anniversary of the Grant Date. No Option granted to an Employee or potential Employee may be exercisable
after Termination for Cause of such Employee. Leaves of absence granted by the Company for military service or illness and transfers of employment between the Company and any Subsidiary shall not constitute termination of employment under the Plan.
Any Options granted to individuals who are retained as advisors or consultants shall be subject to similar limitations on exercise following any termination of their engagement that occurs before the normal end of the exercise period of their
Options. 
 (c) Upon exercise of an Option, in whole or in part, the Exercise Price with respect to the number of shares as to which the
Option is then being exercised may be paid by check or, if the Committee shall have authorized such form of payment and the Holder so elects, by surrender to the Company of shares of Stock owned by the Holder prior to exercise. The Committee may
place such limitations as it deems appropriate and in the best interest of the Company and its stockholders on the length of time any such shares used in exercise of an Option must have been owned by the Holder of the Option prior to exercise. Any
previously-owned shares of Stock to be used in full or partial payment of the Exercise Price shall be valued at the Fair Market Value of the Stock on the date of exercise. In lieu of the actual surrender of a number of shares of Stock by the Holder
to the Company in a qualifying stock-for-stock exercise, the Holder may, with the consent of the Committee, affirm to the Company the Holder’s ownership of such number of shares, in which event the Company, upon its delivery of the shares of
Stock as to which the Option is being exercised, shall deduct from the number of shares otherwise deliverable the number of shares affirmed as owned but not surrendered by the Holder. Delivery by the Company of shares of Stock resulting from
exercise of an Option shall be made to the Holder or the designee of the Holder, subject to such terms, conditions, restrictions and contingencies as the Committee may provide in the Award Agreement. If so provided by the Committee upon grant of an
Option, the shares delivered upon exercise may be subject to certain restrictions upon subsequent transfer or sale thereof by the Holder. 
 (d) The Committee may require reasonable advance notice of exercise of an Option, normally not to exceed three calendar days, and may condition exercise of an Option upon the availability of an effective registration statement or exemption
from registration under applicable federal and state securities laws relating to the Stock issuable as a result of exercise. 
 (e) If the
Committee so provides and subject to such limitations as the Committee may impose, the Holder of an Option may have the right, in connection with the Holder’s exercise of the Option, to elect to defer the delivery by the Company to the Holder
of some or all of the shares of Stock as to which the Option is being exercised to a date or dates after the date of exercise. In the event of any such deferred delivery of shares incident to exercise of an Option, the shares will not be subject to
forfeiture during the deferral period except to the extent, if any, that the Committee may specify in granting such right to the Holder of the Option. The Committee also may specify, in connection with any such deferred delivery of shares, that the
Holder may be entitled to receive from the Company after the exercise of the Option and prior to 
  

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 the deferred delivery of the shares, distributions in cash and kind with respect to such deferred shares identical or
comparable in financial value to the dividends or other distributions that the Holder would have received had the Holder received such shares upon exercise and continued to hold such shares. 
 Section 9. Restricted Stock 
 (a) An Award of Restricted Stock shall
consist of a designated number of shares of Stock that are subject to forfeiture by the Holder to the Company if the Grantee of the Award ceases to be employed by the Company or its Subsidiaries prior to the Vesting Date of the shares, as
established by the Committee upon grant. Restricted Stock may be granted at no cost to Grantees, or, if subject to a purchase price, such price shall not exceed the par value of the Stock and may be payable by the Grantee to the Company in cash or
by any other means, including recognition of past employment, as the Committee deems appropriate. The Committee may provide upon grant of an Award of Restricted Stock that any shares of Restricted Stock that may be purchased by the Grantee in cash
and are subsequently forfeited by the Grantee prior to the Vesting Date therefor shall be reacquired by the Company at the purchase price originally paid therefor by the Grantee. 
 (b) The Committee shall determine upon grant the Vesting Date for shares of Restricted Stock. Except under extraordinary circumstances, the earliest
Vesting Date for any shares of Restricted Stock granted under the Plan shall be three years from the Grant Date. The Committee may provide upon grant of an Award of Restricted Stock that different numbers or portions of the shares subject to the
Award shall have different Vesting Dates. The Committee also may provide that the Vesting Dates will be accelerated upon the subsequent occurrence of a “change in control” of the Company, as defined by the Committee, or such other
occurrence (e.g., early retirement of the Grantee) as the Committee may specify. The Committee also may establish upon grant of an Award of Restricted Stock that some or all of the shares subject thereto shall be subject after the Vesting Date to
additional restrictions upon transfer or sale, although not to forfeiture. 
 (c) Pending expiration of the Period of Restriction, shares of
Restricted Stock shall be registered in the name of the Company or its agent, or their nominees, and certificates for such shares, if the same are certificated, shall be held by the Company or its agent. Upon expiration of the Period of Restriction
for shares of Restricted Stock, the shares shall be registered in the name of the Holder and certificates representing such shares shall be issued and delivered to the Holder or its nominee or assigns. 
 (d) If and to the extent the Committee so specifies upon grant, the Holder of shares of Restricted Stock shall be entitled to receive from the Company,
after the Grant Date and until the Vesting Date, dividends or other distributions with respect to the shares identical or comparable in financial value to the dividends and other distributions that would have been received by the Holder had the
shares not been subject to the restrictions on Restricted Stock imposed under the Plan, and the Holder shall not be required to return any such distributions to the Company in the event of forfeiture of the Restricted Stock; provided that any such
dividends or distribution payable to the Holder that constitute Stock or other equity securities of the Company shall be issued in the same manner and subject to the same restrictions and conditions as apply to the shares of Restricted Stock as to
which such dividends and distributions are paid. 
  

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 (e) If and to the extent the Committee so specifies upon grant, the Holder of shares of Restricted Stock
shall be entitled to vote or direct the voting of such shares after the Grant Date and until the Vesting Date. 
 Section 10.
Adjustment Provisions 
 (a) If the Company shall at any time change the number of issued shares of Stock without new consideration to
the Company (such as by a stock dividend, stock split or similar transaction), the total number of shares reserved for issuance under the Plan, the maximum number of shares available for issuance as Restricted Stock, the maximum number of shares
available for Award of Options to any individual under the Plan, and the number of shares subject to outstanding Awards (and other attributes of such Awards directly affected by the change) shall all be adjusted by the Committee so that the
aggregate consideration payable to the Company, if any, and the value of each such Award to the Holder shall not be changed. Awards may also contain provisions for their continuation or for other equitable adjustments after changes in the Stock
resulting from reorganization, sale, merger, consolidation, issuance of stock rights or warrants or similar occurrence. 
 (b)
Notwithstanding any other provision of this Plan, and without affecting the number of shares reserved or available for issuance hereunder, the Board shall use best efforts to authorize the issuance or assumption of benefits under the Plan in
connection with any merger, consolidation, acquisition of property or stock, or reorganization involving the liquidation, discontinuation, merger out of existence or fundamental corporate restructuring of the Company, upon such terms and conditions
as it may deem appropriate. 
 Section 11. Transfers of Awards 
 (a) Except as otherwise provided in this Section 11, Awards granted under the Plan shall not be transferable by the Grantee, otherwise than
according to an effective beneficiary designation as provided in Section 15(a) of the Plan, by will or similar instrument or by the laws of descent and distribution. 
 (b) Notwithstanding the provisions of Section 11(a) of the Plan and subject to any overriding restrictions and conditions as may be established from time to time by the Board, the Committee may determine that any
Award or portion thereof granted under the Plan may be transferred by the Holder prior to the Vesting Date thereof under such terms and conditions and to such person or persons (“Permitted Transferees”) as it deems appropriate and in the
best interest of the Company. The Committee may specify the procedures applicable to any such permitted transfer, including placing restrictions and limitations on Transferred Awards not applicable to Awards not transferred and requiring Permitted
Transferees to enter into Award Agreements reflecting such restrictions and limitations. 
 (c) In the event of the death of a Holder holding
an unexercised Option, exercise of the Option may be made only by the executor or administrator of the estate of the Holder or the 
  

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 person or persons to whom the deceased Holder’s rights under the Option shall pass according to an effective
beneficiary designation as provided in Section 15(a), by will or similar instrument or the laws of descent and distribution, and such exercise may be made only to the extent that the deceased Holder was entitled to exercise such Option at the
date of death. If and to the extent the Committee shall so provide upon grant or thereafter, the Vesting Date for Restricted Stock may be accelerated upon the death of the Holder during the Period of Restriction, such that the Stock shall be deemed
not to be forfeited and no longer to be Restricted Stock as of the date of death. 
 Section 12. Taxes 
 The Company shall be entitled to withhold, and shall withhold, the minimum amount of any federal, state or local tax attributable to any shares
deliverable under the Plan, whether upon exercise of an Option or expiration of a Period of Restriction for Restricted Stock or occurrence of any other Taxable Event, after giving the person entitled to receive such delivery notice as far in advance
of the Taxable Event as practicable, and the Company may defer making delivery as to any such shares, if any such tax is payable, until indemnified to its satisfaction. Such withholding obligation of the Company may be satisfied by any reasonable
method, including, if the Committee so provides, reducing the number of shares otherwise deliverable to or on behalf of the Holder on such Taxable Event by a number of shares of Stock having a fair value, based on the Fair Market Value of the Stock
on the date of such Taxable Event, equal to the amount of such withholding obligation. 
 Section 13. No Right to Employment

 The right of any Employee or other individual receiving an Award, to continue to serve the Company or any Subsidiary in any capacity,
if any, shall not be enhanced or otherwise affected by the designation of such Employee or other individual as a Grantee of an Award under the Plan. 
 Section 14. Duration, Amendment and Termination 
 No Award shall be granted under the Plan on or after the date which
is the tenth anniversary date of the effective date of this Plan. To the extent permitted under applicable laws, rules and regulations, the Committee or the Board may amend the Plan from time to time or terminate the Plan at any time. By
mutual agreement between the Company and the Holder of an Award, one or more other Awards may be granted to such Holder in substitution and exchange for, and in cancellation of, the existing Award, provided that any such substitution Award shall be
deemed a new Award for purposes of calculating any applicable exercise period for Options or Period of Restriction for Restricted Stock. To the extent that any Awards which may be granted within the terms of the Plan would qualify under present or
future laws for tax treatment that is beneficial to the Holder thereof, any such beneficial treatment shall be considered within the intent, purpose and operational purview of the Plan and the discretion of the Committee, and to the extent that any
such Awards would so qualify within the terms of the Plan, the Committee shall have full and complete authority to grant Awards that so qualify (including the authority to grant, simultaneously or otherwise, Awards which do not so qualify) and to
prescribe the terms and conditions (which need not be identical as among recipients) in respect to the grant or exercise of any such Awards under the Plan. 
  

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 Section 15. Miscellaneous Provisions 
 (a) Naming of Beneficiaries. At any time, the Holder of any Award may name one or more beneficiaries to receive the Award and the Holder’s
benefits thereunder, to the extent permissible pursuant to the various provisions of the Plan, in the event of the death of the Holder. 
 (b) Successors. All obligations of the Company under the Plan with respect to Awards issued hereunder shall be binding on any successor to the Company. 
 (c) Governing Law. The provisions of the Plan and all Award Agreements under the Plan shall be construed in accordance with, and governed by, the
laws of the State of Delaware without reference to conflict of laws provisions, except insofar as any such provisions may be expressly made subject to the laws of any other state or federal law. 
 Dated June     , 2003 
  

 10Exhibit 4.8

 Exhibit 4.8 
 JSB FINANCIAL, INC. 1996 STOCK OPTION PLAN 
  

 Effective as of January 1, 1996 
 Incorporating Amendments through November 12, 1996 

					
		  	ARTICLE I	  	
		  	PURPOSE	  	
	Section 1.1	  	General Purpose of the Plan	  	1
			
		  	ARTICLE II	  	
		  	DEFINITIONS	  	
			
	Section 2.1	  	Administrator	  	1
	Section 2.2	  	Appreciation Right	  	1
	Section 2.3	  	Bank	  	1
	Section 2.4	  	Beneficiary	  	1
	Section 2.5	  	Board	  	1
	Section 2.6	  	Change of Control	  	1
	Section 2.7	  	Code	  	2
	Section 2.8	  	Committee	  	2
	Section 2.9	  	Corporation	  	2
	Section 2.10	  	Disability	  	3
	Section 2.11	  	Disinterested Board Member	  	3
	Section 2.12	  	Dividend Equivalent Right	  	3
	Section 2.13	  	Effective Date	  	3
	Section 2.14	  	Eligible Director	  	3
	Section 2.15	  	Eligible Director Emeritus	  	3
	Section 2.16	  	Eligible Individual	  	3
	Section 2.17	  	Eligible Outside Director	  	3
	Section 2.18	  	Exercise Price	  	3
	Section 2.19	  	Fair Market Value	  	3
	Section 2.20	  	Incentive Stock Option	  	3
	Section 2.21	  	JSBF	  	3
	Section 2.22	  	Non-Qualified Stock Option	  	3
	Section 2.23	  	Option	  	4
	Section 2.24	  	Option Agreement	  	4
	Section 2.25	  	Option Holder	  	4
	Section 2.26	  	Option Period	  	4
	Section 2.27	  	Person	  	4
	Section 2.28	  	Plan	  	4
	Section 2.29	  	Preliminary Purchase Event	  	4
	Section 2.30	  	Retirement	  	5
	Section 2.31	  	Share	  	5
	Section 2.32	  	Termination for Cause	  	5
			
		  	ARTICLE III	  	
		  	ADMINISTRATION	  	
			
	Section 3.1	  	Committee	  	5
	Section 3.2	  	Committee Action	  	5
	Section 3.3	  	Committee Responsibilities	  	6

  

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		  	ARTICLE IV	  	
		  	STOCK OPTIONS	  	
			
	Section 4.1	  	Option Agreements	  	7
	Section 4.2	  	Available Shares	  	7
	Section 4.3	  	Options Granted to Eligible Individuals	  	8
	Section 4.4	  	Options Granted to Eligible Directors	  	9
	Section 4.5	  	Method of Exercise	  	10
	Section 4.6	  	Limitations on Options	  	11
	Section 4.7	  	Additional Limitations on Incentive Stock Options	  	11
	Section 4.8	  	Grants in the Event of a Preliminary Purchase Event	  	12
			
		  	ARTICLE V	  	
		  	APPRECIATION RIGHTS	  	
			
	Section 5.1	  	In General	  	13
	Section 5.2	  	Exercise of Appreciation Rights	  	13
	Section 5.3	  	Effect of Exercise	  	13
			
		  	ARTICLE VI	  	
		  	DIVIDEND EQUIVALENT RIGHTS	  	
			
	Section 6.1	  	In General	  	13
	Section 6.2	  	Value of Dividend Equivalent Rights	  	14
	Section 6.3	  	Exercise Prior to Credit Date	  	15
			
		  	ARTICLE VII	  	
		  	AMENDMENT AND TERMINATION	  	
			
	Section 7.1	  	Termination	  	15
	Section 7.2	  	Amendment	  	15
	Section 7.3	  	Adjustments for Business Reorganization, Stock Split or Stock Dividend	  	16
			
		  	ARTICLE VIII	  	
		  	MISCELLANEOUS	  	
			
	Section 8.1	  	Status as an Employee Benefit Plan	  	16
	Section 8.2	  	No Right to Continued Employment	  	17
	Section 8.3	  	Construction of Language	  	17
	Section 8.4	  	Governing Law	  	17
	Section 8.5	  	Headings	  	17
	Section 8.6	  	Non-Alienation of Benefits	  	17
	Section 8.7	  	Taxes	  	17
	Section 8.8	  	Approval of Stockholders	  	18
	Section 8.9	  	Notices	  	18

  

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 JSB FINANCIAL, INC. 1996 STOCK OPTION PLAN 
 ARTICLE I 
 Purpose 
 Section 1.1 General Purpose of the Plan. 
 The purpose of the Plan is to advance the interests of JSB Financial, Inc. and its shareholders by providing certain directors and officers of JSB Financial, Inc., and its affiliates, with an incentive to achieve corporate objectives, to
attract and retain directors and officers of outstanding competence and to provide such directors and officers with an equity interest in JSB Financial, Inc. 
 ARTICLE II 
 Definitions 
 The following definitions shall apply for the purposes of this Plan, unless a different meaning is plainly indicated by the context. 
 Section 2.1 Administrator means the person or persons designated by the Committee pursuant to Section 3.3 to assist the Committee in the
administration of the Plan. 
 Section 2.2 Appreciation Right means a right granted pursuant to Section 5.1 which shall entitle the
holder thereof to receive in accordance with the terms of such Appreciation Right an amount of cash equal to the difference between the Fair Market Value of the Shares subject to the Appreciation Right and the Exercise Price applicable to such
Appreciation Right. For purposes of this Section 2.2, the Fair Market Value of a Share shall be determined on the date the Appreciation Right is exercised. 
 Section 2.3 Bank means Jamaica Savings Bank FSB, a federally chartered stock savings bank and any successor thereto. 
 Section 2.4 Beneficiary means the person or persons designated by an Eligible Individual, Eligible Outside Director or Eligible Director Emeritus, in such form and manner as may be required by the Committee, to
receive his or her Options in the event such Options remain unexercised upon his or her death or, if no such Beneficiary has been designated, the legal representative of the Eligible Individual, Eligible Outside Director or Eligible Director
Emeritus. 
 Section 2.5 Board means the board of directors of JSBF. 
 Section 2.6 Change of Control means an event of the nature that: (a) would be required to be reported by JSBF in response to Item 1 of the current
report on Form 8-K, as in effect on the date hereof, pursuant to Sections 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (b) results in a Change of Control of the Bank or JSBF within the meaning of the Change
in Bank Control Act and the rules and regulations promulgated 

 thereunder by the appropriate federal banking agency, as in effect on the date hereof; or (c) results in a transaction
requiring prior Federal Reserve Board (“FRB”) approval under the Bank Holding Company Act of 1956 and the regulations promulgated thereunder by the FRB, as in effect on the date hereof; or (d) results in a transaction requiring prior
Office of Thrift Supervision (“OTS”) approval under the Home Owners’ Loan Act and the regulations promulgated thereunder by the OTS, as in effect on the date hereof. Without limiting the foregoing, a Change of Control shall be deemed
to have occurred at such time as: (i) any “person” (as the term is used in Section 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Bank or JSBF representing 20% or more of the Bank’s or JSBF’s outstanding securities, except for any securities of the Bank purchased by JSBF in connection with the conversion of the Bank to the stock form
and any securities purchased by employee benefit plans maintained by the Bank or JSBF, or such plans’ related trusts; (ii) individuals who constitute the Board of Directors of JSBF or the Board of Directors of the Bank on the date hereof (the
“Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any individual becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the
directors comprising the Incumbent Board, or whose nomination for election by JSBF’s stockholders was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for purposes of this clause (ii), considered as though
he were a member of the Incumbent Board, but only if such individual’s election or nomination did not result from an actual or threatened election contest (within the meaning of Rule 14a-11 of Regulation 14A promulgated under the Exchange Act)
or other actual or threatened solicitation of proxies or consents (within the meaning of Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) other than by or on behalf of the Board of JSBF; (iii) a plan of reorganization, merger,
consolidation, sale of all or substantially all the assets of the Bank or JSBF becomes effective or a similar transaction occurs in which the Bank or JSBF is not the resulting entity; (iv) a plan of reorganization, merger, consolidation, sale of all
or substantially all of the assets of the Bank or JSBF or a similar transaction, which will result in the outstanding shares of the class of securities then subject to such plan or transaction being exchanged for or converted into cash or property
or securities not issued by the Bank or JSBF, is approved by the stockholders of JSBF in response to a proxy statement that was distributed, soliciting proxies from stockholders of JSBF, by someone other than the current management of JSBF, or (v)
20% or more of the voting securities of the Bank or JSBF then outstanding are tendered and accepted by an offeror as of the closing of a tender offer for such securities. 
 Section 2.7 Code means the Internal Revenue Code of 1986 (including the corresponding provisions of any succeeding law). 
 Section 2.8 Committee means the Committee described in Section 3.1. 
 Section 2.9 Corporation
means JSBF, the Bank and any successor or successors thereto, and subject to the approval of, and such terms and conditions as may be imposed by, the Board, such other savings bank, savings and loan association, bank, corporation, financial
institution or other business organization or institution as may be or become an affiliate of JSBF. 
  

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 Section 2.10 Disability means a condition of total incapacity, mental or physical, for further
performance of duty with the Corporation, which the Committee shall have determined, on the basis of competent medical evidence, is likely to be permanent. 
 Section 2.11 Disinterested Board Member means a member of the Board who is not currently and has not at any time during the immediately preceding one-year period been an Eligible Individual. 
 Section 2.12 Dividend Equivalent Right means a right described in Article VI. 
 Section 2.13 Effective Date means January 1, 1996. 
 Section 2.14 Eligible Director means an Eligible Outside Director or Eligible Director Emeritus. 
 Section 2.15 Eligible Director Emeritus means a former member of the Board or former member of the board of directors of the Bank who has been declared by the Board or the board of directors of the Bank to have the status of
“director emeritus”. 
 Section 2.16 Eligible Individual means any employee of the Corporation whom the Committee may select
to receive a grant of an Option or Appreciation Right pursuant to the Plan, provided, however, that no Eligible Director shall be identified as an Eligible Individual. 
 Section 2.17 Eligible Outside Director means a member of the Board or a member of the board of directors of the Bank who is not an employee or an
officer of the Corporation. 
 Section 2.18 Exercise Price means the price per Share at which Shares subject to an Option may be
purchased upon exercise of the Option, determined in accordance with Section 4.3, Section 4.4 or Section 4.8. 
 Section 2.19 Fair Market
Value means, when used in connection with Shares on a certain date, the reported closing price of the Shares as reported by the National Association of Securities Dealers Automated Quotation System (as published by the Wall Street Journal, if
published) on the day prior to such date or if the Shares were not traded on such date, on the next preceding day on which the Shares were traded thereon. 
 Section 2.20 Incentive Stock Option means a right to purchase Shares that is granted pursuant to Section 4.3, that is designated by the Committee to be an Incentive Stock Option and that satisfies the
requirements of Section 422 of the Code. 
 Section 2.21 JSBF means JSB Financial, Inc., a corporation organized and existing under
the laws of the State of Delaware, and any successor thereto. 
 Section 2.22 Non-Qualified Stock Option means a right to purchase
Shares that is (a) granted pursuant to Section 4.3, designated by the Committee to be a Non-Qualified Stock Option and not intended to satisfy the requirements of Section 422 of the Code, or (b) granted pursuant to Section 4.4 or Section 4.8.

  

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 Section 2.23 Option means either an Incentive Stock Option or a Non-Qualified Stock Option granted
under this Plan. 
 Section 2.24 Option Agreement means the written agreement evidencing an Option, and the Appreciation Rights and
Dividend Equivalent Rights which relate to such Option, in accordance with the requirements of Sections 4.1, 5.1 and 6.1. 
 Section 2.25
Option Holder means an Eligible Individual, Eligible Outside Director or Eligible Director Emeritus who has been granted an Option under the Plan, or the Beneficiary of such an Eligible Individual, Eligible Outside Director or Eligible
Director Emeritus. 
 Section 2.26 Option Period means the period during which an Option or an’ Appreciation Right may be
exercised, determined in accordance with Section 4.3, Section 4.4 or Section 4.8. 
 Section 2.27 Person means an individual, a
corporation, a bank, a savings bank, a savings and loan association, a financial institution, a partnership, an association, a joint-stock company, a trust, an estate, an unincorporated organization and any other business organization or
institution. 
 Section 2.28 Plan means the JSB Financial, Inc. 1996 Stock Option Plan, as amended from time to time. 
 Section 2.29 Preliminary Purchase Event means any of the following events or transactions occurring after the Effective Date: 
 (a) JSBF or the Bank shall have entered into an agreement to engage in an Acquisition Transaction (as defined below) with any person (the term
“person” for purposes of this Plan having the meaning assigned thereto in Sections 3(a)(9) and 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations thereunder, except
that the term “person” shall not include any employee benefit plan maintained by JSBF or the Bank, or such plan’s related trust) or the Board of Directors of JSBF shall have recommended that the shareholders of JSBF approve or accept
any Acquisition Transaction with any person. For purposes of this Plan, “Acquisition Transaction” shall mean (i) a merger or a purchase, lease or other acquisition of all or substantially all of the assets of JSBF or the Bank or (ii) a
purchase or other acquisition (including by way of merger, consolidation, share exchange or otherwise) of securities representing 10% or more of the voting power of JSBF or the Bank; provided that the term “Acquisition Transaction”
does not include any internal merger or consolidation involving only JSBF and/or any of its subsidiaries. 
 (b) Any person shall have
acquired beneficial ownership or the right to acquire beneficial ownership of 10% or more of the outstanding Shares (the term “beneficial ownership” for purposes of this Plan having the meaning assigned thereto in Section 13(d) of the
Exchange Act, and the rules and regulations thereunder); 
 (c) Any person shall have made a bona fide proposal to JSBF or its
shareholders, by public announcement or written communication that is or becomes the subject 
  

 4 

 of public disclosure, to engage in an Acquisition Transaction (including, without limitation, any situation in which any
person (i) shall have commenced (as such term is defined in Rule 14d-2 under the Exchange Act) or (ii) shall have filed a registration statement under the Securities Act of 1933, as amended, with respect to, a tender offer or exchange offer to
purchase any Shares such that, upon consummation of such offer, such person would own or control 10% or more of the then outstanding Shares; or 
 (d) Any person shall have filed an application or notice with the Office of Thrift Supervision, Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) or any other governmental authority or regulatory or
administrative agency or commission for approval to engage in an Acquisition Transaction. 
 Section 2.30 Retirement means the
termination of an Eligible Individual’s employment with the Corporation at a time when he or she is eligible to begin receiving an immediate retirement allowance under the Retirement Plan of the Bank. 
 Section 2.31 Share means a share of common stock of JSBF. 
 Section 2.32 Termination for Cause means an individual’s termination of service or employment with the Corporation because of the individual’s personal dishonesty, willful misconduct, any breach of
fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction of a felony with respect to the Corporation or for reasons defined in the individual’s employment agreement with the Corporation. 
 ARTICLE III 
 Administration

 Section 3.1 Committee. 
 The Plan shall be administered by the Employee Benefits Committee of the Bank (or any successor committee), or such other committee as shall be designated by or on behalf of the Board to perform the duties as set forth in this Article III;
provided, however, that all members of such Committee must be Disinterested Board Members. If fewer than 3 members of the Employee Benefits Committee are Disinterested Board Members, then the Board shall appoint to the Committee such
additional Disinterested Board Members as shall be necessary to provide for a Committee consisting of at least three Disinterested Board Members. 
 Section 3.2 Committee Action. 
 The Committee shall hold meetings, at least annually, and may make such administrative rules
and regulations as it may deem proper. A majority of the members of the Committee shall constitute a quorum, and the action of a majority of the members of the Committee present at a meeting at which a quorum is present, as well as actions taken
pursuant to the unanimous written consent of all of the members of the Committee without holding a meeting, shall be deemed to be actions of the Committee. All actions of the Committee shall be final and conclusive and shall be binding upon the
Corporation and all other interested parties. 
  

 5 

 Section 3.3 Committee Responsibilities. 
 Subject to the terms and conditions of the Plan and such limitations as may be imposed from time to time by the Board, the Committee shall be responsible
for the overall management and administration of the Plan and shall have such authority as shall be necessary or appropriate in order to carry out its responsibilities, including, without limitation, the authority: 
 (a) to interpret and construe the Plan, and to determine all questions that may arise under the Plan as to eligibility for participation in the Plan, the
number of Shares subject to the Options and Appreciation Rights, if any, to be granted, and the terms and conditions thereof; 
 (b) to adopt
rules and regulations and to prescribe forms for the operation and administration of the Plan; 
 (c) to appoint an officer or officers of
JSBF or the Bank, who shall not be members of the Committee, and who shall, subject to the responsibilities of the Committee and the Board, serve as the Administrator for the Plan and shall have the responsibility for the day-to-day control,
management, operation and administration of the Plan. Such Administrator may, in the Committee’s discretion, have the following responsibilities: 
  

	 	(i)	to maintain records necessary or appropriate for the administration of the Plan; 

  

	 	(ii)	to give and receive such instructions, notices and information as may be necessary or appropriate in the administration of the Plan; 

  

	 	(iii)	to prescribe forms consistent with the terms of the Plan and with the interpretations and other actions of the Committee; 

  

	 	(iv)	to determine any question arising in connection with the Plan, and such officer’s decision or action in respect thereof shall be final and conclusive and binding upon JSBF, the
Option Holders, Beneficiaries and any other person having an interest under the Plan; provided, however, that any question relating to inconsistency or omission in the Plan, or interpretation of the provisions of the Plan, shall be referred
to the Committee by such officer, and the decision of the Committee in respect thereof shall be final; and 

  

	 	(v)	to discharge such other responsibilities or follow such directions as may be assigned or given by the Committee or the Board; and 

 any Option Holder dealing with the Administrator shall be fully protected in relying upon any written notice, instruction, direction or other communication signed by the
Administrator; and 
 (d) to take any other action not inconsistent with the provisions of the Plan that it may deem necessary or
appropriate. 
  

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 ARTICLE IV 
 Stock Options 
 Section 4.1 Option Agreements. 
 Any Option granted pursuant to the Plan shall be evidenced by a written agreement which shall: 
 (a) designate the Option as either an Incentive Stock Option or a Non-Qualified Stock Option; 
 (b) specify the number of Shares covered by the Option; 
 (c) specify the Exercise Price, determined in accordance with Section 4.3, Section 4.4 or Section 4.8, for the Shares subject to the Option; 
 (d) specify the Option Period determined in accordance with Section 4.3, Section 4.4 or Section 4.8; 
 (e) set forth specifically, or incorporate by reference, the applicable provisions of the Plan; and 
 (f) contain such other terms and conditions not inconsistent with the Plan as the Committee may, in its discretion, prescribe with respect to an Option
granted to an Eligible Individual. 
 Section 4.2 Available Shares. 
 Subject to Section 7.3, the maximum aggregate number of Shares with respect to which Options may be granted at any time pursuant to this Plan shall be
equal to the excess of: 
 (a) 800,000 Shares; over 
 (b) the sum of: 
 (i) the number of Shares with respect to which Options previously granted under this Plan
may then or may in the future be exercised; plus 
 (ii) the number of Shares with respect to which Options previously granted under this
Plan have been exercised. 
 Such Shares may be either authorized but unissued Shares, or Shares previously issued and reacquired by JSBF to
be held as issued but not outstanding Shares. Solely, for purposes of this Section 4.2, an Option shall not be considered as having been exercised to the extent that such Option terminates by reason other than the purchase of the related Shares, and
the exercise of an Appreciation Right shall not be treated as an exercise of the related Option. 
  

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 Section 4.3 Options Granted to Eligible Individuals. 
 (a) Subject to the limitations of the Plan, the Committee may, in its discretion, grant to an Eligible Individual an Option to purchase Shares.

 (b) Subject to Section 4.2 and such limitations as the Board may from time to time impose, the number of Shares as to which an Eligible
Individual may be granted Options shall be determined by the Committee, in its discretion. 
 (c) The Exercise Price of an Option granted to
an Eligible Individual shall be determined by the Committee, in its discretion; provided, however, that the Exercise Price established for any Incentive Stock Option shall be determined in accordance with Section 4.7; and provided,
further, that the Exercise Price established for any Option shall not be less than the par value of a Share on the date on which the Option is granted. 
 (d) The Option Period during which an Option granted to an Eligible Individual may be exercised shall commence on the date that is the latter of six months after the date the Option is granted or six months after the
Plan is approved by the Company’s stockholders, and shall expire on the earliest of: 
  

	 	(i)	the date specified by the Committee in the Option Agreement; 

  

	 	(ii)	the last day of the three-month period commencing on the date of the Eligible Individual’s termination of employment with the Corporation, other than on account of death or
Disability, Retirement or a Termination for Cause; 

  

	 	(iii)	the last day of the one-year period commencing on the date of the Eligible Individual’s termination of employment due to death, Disability or Retirement;

  

	 	(iv)	the date the Eligible Individual ceases to be an employee of the Corporation due to a Termination for Cause; and 

  

	 	(v)	the last day of the ten-year period commencing on the date on which the Option was granted; 

 provided, however, that in the event of a Change of Control while there is outstanding any Option for which the Option Period has not commenced, such Option Period shall automatically commence on the earliest
date on which the Change of Control is deemed to have occurred; and provided, further, that in the event an Eligible Individual who ceases to be an employee of the Corporation due to Retirement has not exercised his or her Incentive Stock
Options, if any, within the three-month period commencing on the date of such Retirement, all such Options shall be deemed Non-Qualified Stock Options thereafter. 
 (e) The Committee may, in its discretion, establish a specific date or dates on and after which all or a specified portion of the Shares subject to an Option granted to an Eligible Individual pursuant to this Section
4.3 shall be available for purchase during the Option Period, which date or dates shall be specified in the Option Agreement. 
  

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 Section 4.4 Options Granted to Eligible Directors. 
 (a) Subject to Sections 4.2 and 4.4(c), effective on the first business day of each calendar year during which the Plan is in effect, each Eligible
Outside Director who is an Eligible Outside Director on such date shall be granted a Non-Qualified Stock Option to purchase 4,000 Shares. Notwithstanding the foregoing, in order to attract qualified individuals to serve as Eligible Outside
Directors, an individual who first becomes an Eligible Outside Director on or after the Effective Date of the Plan shall be granted, effective on the date he or she becomes an Eligible Outside Director, a Non-Qualified Stock Option to purchase the
sum of (i) 5,000 Shares, plus (ii) if such individual becomes an Eligible Outside Director subsequent to the first business day of a calendar year, the number of Shares determined according to the following schedule: 
  

			
	 Effective Date of Board Membership
	  	Shares
	 Before April 1st
	  	4,000
	 After March 31st and before July 1st
	  	3,000
	 After June 30th and before October 1st
	  	2,000
	 After September 30th
	  	1,000

 (b) Subject to Sections 4.2 and 4.4(c), on the first business day of each calendar year during
which the Plan is in effect, each Eligible Director Emeritus shall be granted a Non-Qualified Stock Option to purchase 2,000 Shares; provided, however, that no individual shall receive a grant under both Sections 4.4(a) and (b). 

(c) Notwithstanding Sections 4.4(a) and (b), in the event that, as of the first business day of a calendar year, the number of available Shares
determined under Section 4.2 is less than the total number of Shares with respect to which Non-Qualified Stock Options would be granted under Sections 4.4(a) and (b), each Eligible Director shall be granted a Non-Qualified Stock Option for the
number of Shares determined by multiplying (i) the number of Shares with respect to which the Eligible Director would have been granted a Non-Qualified Stock Option on such date by (ii) a fraction, the numerator of which is the number of Shares that
are available under Section 4.2 and the denominator of which is the total number of Shares that would have to have been available under Section 4.2 in order to grant all of the Non-Qualified Stock Options that would otherwise have been granted under
Sections 4.4(a) and (b), absent this Section 4.4(c). 
 (d) The Exercise Price of an Option granted to an Eligible Director shall be the Fair
Market Value of a Share on the date on which the Option is granted. 
 (e) The Option Period during which an Option granted to an Eligible
Director may be exercised shall commence on the date that is the latter of six months after the date the Option was granted or six months after the Plan is approved by the Company’s stockholders, and shall expire on the earliest of: 

 

	 	(i)	the last day of the one-year period commencing on the date the Eligible Director ceases to be an Eligible Director other than due to a Termination for Cause;

  

 9 

	 	(ii)	the date the Eligible Director ceases to be an Eligible Director due to a Termination for Cause; and 

  

	 	(iii)	the last day of the ten-year period commencing on the date on which the Option was granted; 

 provided, however, that in the event of a Change of Control while there is outstanding any Option for which the Option Period has not commenced, such Option Period shall automatically commence on the earliest
date on which the Change of Control is deemed to have occurred. 
 (f) All Shares subject to an Option granted to an Eligible Director
pursuant to this Section 4.4 shall be available for purchase at any time during the Option Period. 
 Section 4.5 Method of Exercise.

 (a) Subject to the limitations of the Plan and the Option Agreement, an Option Holder may, at any time during the Option Period, exercise
his or her right to purchase all or any part of the Shares to which the Option relates; provided, however, that the minimum number of Shares which may be purchased shall be 100, or, if less, the total number of Shares relating to the Option
which remain unpurchased. An Option Holder shall exercise an Option to purchase Shares by: 
  

	 	(i)	giving written notice to the Committee or Administrator in such form and manner as the Committee may prescribe, of his or her intent to exercise the Option;

  

	 	(ii)	delivering to the Committee or Administrator full payment for the Shares as to which the Option is to be exercised; and 

  

	 	(iii)	satisfying such other conditions as may be prescribed in the Option Agreement. 

 Payment shall be made (A) in United States dollars by certified check, money order or bank draft drawn payable to the order of JSBF, (B) in Shares duly endorsed for transfer and with all necessary stock transfer tax stamps attached, already
owned by the Option Holder and having a fair market value equal to the Exercise Price, such fair market value to be determined in such manner as may be provided by the Committee or Administrator or as may be required in order to comply with or
conform to the requirements of any applicable laws or regulations or (C) a combination of (A) or (B). Notwithstanding the provisions of Section 8.9, the date of exercise shall be the earliest date practicable following the date on which the notice
referred to in this Section 4.5(a) is received by the Committee or Administrator, but in no event more than three days after such notice is received. 
  

 10 

 (b) When the requirements of Section 4.5(a) have been satisfied, the Committee or Administrator shall
take such action as is necessary to cause the issuance, in the name of the Option Holder, of a stock certificate evidencing the ownership of such Shares. Except as may be provided under Article VI with respect to Dividend Equivalent Rights, an
Option Holder shall have no right to vote or to receive dividends, nor have any other rights with respect to the Shares, prior to the date as of which such Shares are transferred to the Option Holder on the stock transfer records of JSBF, and no
adjustments shall be made for any dividends or other rights for which the record date is prior to the date as of which such transfer is effected, except as may be required under Section 7.3. 
 Section 4.6 Limitations on Options. 
 (a) No Eligible Individual shall be granted an Option unless at the time the Option is granted, each member of the Committee is a Disinterested Board Member. 
 (b) An Option by its terms shall not be transferable by the Option Holder other than by will or by the laws of descent and distribution, and shall be exercisable, during the lifetime of an Option Holder only by such
Option Holder. 
 (c) The obligation of JSBF to deliver Shares with respect to an Option shall, if the Committee or Administrator so
requests, be conditioned upon the receipt of a representation as to the investment intention of the Option Holder to whom such Shares are to be delivered, in such form as the Committee or Administrator shall determine to be necessary or advisable to
comply with the provisions of applicable federal, state or local law. It may be provided that any such representation shall become inoperative upon a registration of the Shares or upon the occurrence of any other event eliminating the necessity of
such representation. JSBF shall not be required to deliver any Shares under the Plan prior to (i) the admission of such Shares to listing on any stock exchange on which Shares may then be listed, or (ii) the completion of such registration or other
qualification under any state or federal law, rule or regulation as the Committee or Administrator shall determine to be necessary or advisable. 
 Section 4.7 Additional Limitations on Incentive Stock Options. 
 In addition to the limitations of Section 4.6, an Option
designated by the Committee to be an Incentive Stock Option shall be subject to the following limitations: 
 (a) if, for any calendar year,
the sum of (i) plus (ii) exceeds $100,000, where (i) equals the Fair Market Value (determined as of the date of the grant) of Shares subject to an Option intended to be an Incentive Stock Option which first become available for purchase during such
calendar year, and (ii) equals the Fair Market Value (determined as of the date of grant) of Shares subject to any other Options intended to be Incentive Stock Options and previously granted to the same Eligible Individual which first become
exercisable in such calendar year, than that portion of the Shares granted pursuant to such Options which cause the sum of (i) and (ii) to exceed $100,000 shall be deemed to be Shares granted pursuant to a Non-Qualified Stock Option or Non-Qualified
Stock Options, with the same terms as the Option or Options intended to be an Incentive Stock Option; 
  

 11 

 (b) except as provided in Section 4.7(c), the Exercise Price established for an Option intended to be an
Incentive Stock Option shall not be less than the reported closing price of a Share as reported by the National Association of Securities Dealers Automated Quotation System for the date the Option is granted; and 
 (c) the Exercise Price established for an Option intended to be an Incentive Stock Option that is granted to an Eligible Individual who, at the time the
Option is granted, owns Shares comprising more than 10% of the total combined voting power of all classes of stock of JSBF, shall not be less than 110% of the amount determined under Section 4.7(b) without regard to this Section 4.7(c). 

Section 4.8 Grants in the Event of a Preliminary Purchase Event. 
 (a) In the event of a Preliminary Purchase Event, Non-Qualified Stock Options for all of the Shares then available for grant under this Plan pursuant to Section 4.2 shall be automatically granted among those current
Eligible Individuals and current Eligible Directors who have previously been granted Options under this Plan, as of the date of such Preliminary Purchase Event. The number of Shares subject to the Option to be granted to each such individual under
this Section 4.8(a) shall be determined by multiplying the number of Shares then available for grant pursuant to Section 4.2 by a fraction, the numerator of which is the number of Shares subject to Options previously granted to that individual under
this Plan, and the denominator of which is the total number of Shares subject to Options previously granted to all current Eligible Individuals and current Eligible Directors under this Plan; however, both the numerator and the denominator will
exclude the Options granted under Section 4.4(a)(i). 
 (b) The Exercise Price for any Option granted pursuant to Section 4.8(a) shall be the
average of the Exercise Price for each Share subject to an Option granted under this Plan to the respective Eligible Individual or Eligible Director prior to the Preliminary Purchase Event, excluding the Options granted under Section 4.4(a)(i).

 (c) The Option Period during which an Option granted pursuant to Section 4.8(a) may be exercised shall commence on the earliest to occur
of (i) the date which is six months after the date the Option is granted or (ii) the date of a Change of Control and shall expire on the last day of the ten-year period commencing on the date on which the Option is granted. 
 (d) All Shares subject to an Option granted pursuant to Section 4.8(a) shall be available for purchase by the Option Holder immediately upon the date the
Option Period begins. 
  

 12 

 ARTICLE V 
 Appreciation Rights 
 Section 5.1 In General. 
 Each Eligible Individual or Eligible Director who has been granted an Option pursuant to the Plan, shall, at the time the Option is granted, also be
granted an Appreciation Right relating to all of the Shares subject to such Option, with an Exercise Price equal to the Exercise Price of the related Option, and such Appreciation Right shall be exercisable only in the event of a Change of Control.
Such Appreciation Right shall be evidenced by provisions included in the Option Agreement for the Option to which the Appreciation Right relates. Except as provided otherwise in this Article V, Appreciation Rights shall be exercisable in accordance
with and subject to the terms and conditions imposed under the Plan and the relevant Option Agreement. 
 Section 5.2 Exercise of
Appreciation Rights. 
 An Option Holder in possession of an Appreciation Right who desires to exercise such Appreciation Right shall do
so by delivering to the Committee or Administrator advance written notice, in the form and manner prescribed by the Committee or Administrator, of his or her intent to exercise the Appreciation Right and the number of Shares with respect to which
the Appreciation Right is to be exercised. On the date of exercise or as soon thereafter as is practicable, JSBF shall pay to the Option Holder exercising the Appreciation Right an amount equivalent to the excess of (a) the Fair Market Value of the
applicable Shares on the date of exercise, over (b) the Exercise Price of such Shares. Payment of an Appreciation Right shall be made in cash. Notwithstanding the provisions of Section 8.9, the date of exercise shall be the earliest date practicable
following the date on which the notice referred to in this Section 5.2 is received by the Committee or Administrator, but in no event more than three days after such notice is received. 
 Section 5.3 Effect of Exercise. 
 The
exercise of an Appreciation Right shall, for all purposes of the Plan other than determining the amount of Shares available for Options pursuant to Section 4.2, be treated as an exercise of the related Option and a subsequent resale of the Shares
acquired thereby. 
 ARTICLE VI 
 Dividend Equivalent Rights 
 Section 6.1 In General. 
 Each Eligible Individual and Eligible Director who has been granted an Option under the Plan shall, at the time the Option is granted, also be granted a
Dividend Equivalent Right relating to each Share subject to such Option. Upon the exercise of an Option, the Option Holder shall receive a payment equal to the value of the Dividend Equivalent Rights relating to the Shares being acquired pursuant to
such Option exercise. Dividend Equivalent Rights granted 
  

 13 

 pursuant to this Article VI shall be evidenced by provisions included in the Option Agreement for the Option to which the
Dividend Equivalent Rights relate and shall be valued and paid in accordance with and subject to the terms and conditions imposed under the Plan and the relevant Option Agreement. 
 Section 6.2 Value of Dividend Equivalent Rights. 
 (a) For purposes of this Section 6.2 only, the following special definitions shall apply: 
  

	 	(i)	Credit Date means each anniversary of the Effective Date of the Plan. 

  

	 	(ii)	DER Credit means an amount relating to a Share subject to an Option granted pursuant to Section 4.3, 4.4 and 4.8 which amount shall be credited to a memorandum account
established and maintained by the Corporation for the Option Holder. 

  

	 	(iii)	DER Year means the most recent calendar year ending prior to the applicable Credit Date. 

  

	 	(iv)	EPS means earnings per share. 

  

	 	(v)	JSBF DIV means the percentage of EPS paid as cash dividends (including “regular”, “special” or “extraordinary” dividends) on outstanding Shares
of JSBF during the applicable DER Year. 

  

	 	(vi)	US DIV means the average percentage of EPS paid as cash dividends (including “regular,” “special” or “extraordinary” dividends) on the
outstanding common stock of the 25 largest stock form thrift institutions in the United States during the applicable DER Year, as determined by JSBF on the basis of such institutions’ market capitalization at the end of such DER Year.

  

	 	(vii)	Weighted Average Value means the sum of the DER Credits attributable to Shares subject to Options granted to an Eligible Individual or Eligible Director prior to a
Preliminary Purchase Event, divided by the total number of Shares subject to such Options. 

 (b) For purposes of determining
the value of Dividend Equivalent Rights relating to Shares subject to Options granted pursuant to Section 4.3 and 4.4, as of each Credit Date the Option Holder shall receive a DER Credit for each such Share if JSBF DIV exceeded US DIV for the
applicable DER Year. The value of the DER Credit shall be equal to one percent (1%) of JSBF EPS for the applicable DER Year for each whole percentage point that JSBF DIV exceeded US DIV for such DER Year. The value of the Dividend Equivalent Rights
to be paid to the Option Holder upon the exercise of an Option granted pursuant to Section 4.3 or 4.4 shall be equal to the sum of the DER Credits attributable to the Shares acquired pursuant to the exercise of the Option. 
  

 14 

 (c) The value of a Dividend Equivalent Right relating to a Share subject to an Option granted pursuant to
Section 4.8 shall be the Weighted Average Value of all DER Credits attributable to Shares subject to Options granted to the Option Holder prior to the Preliminary Purchase Event, excluding Options granted pursuant to Section 4.4(a)(i). 

Section 6.3 Exercise Prior to Credit Date. 
 In the event an Option Holder exercises an Option granted pursuant to Section 4.3, 4.4 or 4.8 during the period beginning with a Credit Date and ending on the date JSBF actually determines the value of the DER Credit, if any, to be credited
pursuant to Section 6.2(b) with respect to such Credit Date, JSBF shall pay the Option Holder an amount equal to the value of the DER Credit as soon as practicable following the determination of such value. 
 ARTICLE VII 
 Amendment and
Termination 
 Section 7.1 Termination. 
 The Board may suspend or terminate the Plan in whole or in part at any time prior to the tenth anniversary of the Effective Date by giving written notice of such suspension or termination to the Committee. Unless
sooner terminated, the Plan shall terminate automatically on the day preceding the tenth anniversary of the Effective Date. In the event of any suspension or termination of the Plan, all Options, Appreciation Rights and Dividend Equivalent Rights
theretofore granted under the Plan that are effective on the date of such suspension or termination of the Plan shall remain effective under the terms of the Option Agreements granting such Options and corresponding Appreciation Rights and Dividend
Equivalent Rights. 
 Section 7.2 Amendment. 
 The Board may amend or revise the Plan in whole or in part; except that the provisions affecting director awards may not be amended more than once every six months, other than pursuant to changes in the Code, or
ERISA, or the rules thereunder. In addition, if the amendment or revision: 
 (a) materially increases the benefits accruing under the Plan;

 (b) materially increases the number of Shares which may be issued under the Plan; 
 (c) materially modifies the requirements as to eligibility for Options, Appreciation Rights or Dividend Equivalent Rights under the Plan; 
 such amendment or revision shall be subject to approval by the stockholders of JSBF. 
  

 15 

 Section 7.3 Adjustments for Business Reorganization, Stock Split or Stock Dividend. 
 (a) In the event of any merger, consolidation, or other business reorganization in which JSBF is the surviving entity, and in the event of any stock
split, stock dividend or other event generally affecting the number of Shares held by each Person who is then a holder of Shares on the record date for such event, the number of Shares covered by each outstanding Option and the number of Shares
available under Section 4.2 shall be adjusted to account for such event. The adjustment to be made pursuant to this Section 7.3 for outstanding Options shall be effected by multiplying the number of Shares then covered by each such outstanding
Option by an amount (“Adjustment Amount”) equal to the number of Shares that would be owned after such event by a Person who, immediately prior to such event, was the holder of record of one Share, and the Exercise Price for such
outstanding Option shall be adjusted by dividing the Exercise Price by the Adjustment Amount; provided, however, that the Committee may, in its discretion, establish another appropriate method of adjusting outstanding Options. The adjustment
to be made to the number of Shares available under Section 4.2 shall be effected by multiplying the number of such Shares by the Adjustment Amount. 
 (b) In the event of any merger, consolidation, or other business reorganization in which JSBF is not the surviving entity: 
  

	 	(i)	any Options granted under the Plan which remain outstanding may be cancelled by the Committee as of the effective date of such merger, consolidation, business reorganization,
liquidation or sale by the Board upon 30 days’ written notice to each Option Holder in advance of the effective date of such event and the Option Holder shall receive in consideration of such cancellation an amount in cash equal to the excess
of (A) the value, as determined by the Committee in its absolute discretion, of the property (including cash) received by the holder of a Share as a result of such event over (B) the Exercise Price of such Option; and 

  

	 	(ii)	any Option which is not cancelled pursuant to Section 7.3(b)(i) shall be exchanged or adjusted in such manner as the Committee shall deem appropriate, in its absolute discretion, to
account for such merger, consolidation or other business reorganization and, if appropriate, the Committee may provide, in its absolute discretion, that a cash payment will be made to the Option Holder in connection with such exchange or adjustment
of the Option. 

 ARTICLE VIII 
 Miscellaneous 
 Section 8.1 Status as an Employee Benefit Plan. 
 This Plan is not intended to satisfy the requirements for qualification under Section 401(a) of the Code or to satisfy the definitional requirements for
an “employee benefit 
  

 16 

 plan” under Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. It is intended to be a
non-qualified incentive compensation program that is exempt from the regulatory requirements of the Employee Retirement Income Security Act of 1974, as amended. The Plan shall be construed and administered so as to effectuate this intent.

 Section 8.2 No Right to Continued Employment. 
 Neither the establishment of the Plan nor any provisions of the Plan nor any action of the Board or the Committee with respect to the Plan shall be held or construed to confer upon any Eligible Individual any right to
a continuation of employment by the Corporation. The Corporation reserves the right to dismiss any Eligible Individual or otherwise deal with any Eligible Individual to the same extent as though the Plan had not been adopted. 
 Section 8.3 Construction of Language. 
 Whenever appropriate in the Plan, words used in the singular may be read in the plural, words used in the plural may be read in the singular, and words importing the masculine gender may be read as referring equally to the feminine or the
neuter. Any reference to an Article or Section number shall refer to an Article or Section of this Plan unless otherwise indicated. 
 Section 8.4 Governing Law. 
 The Plan shall be construed, administered and enforced according to the laws of the State of
Delaware without giving effect to the conflict of laws principles thereof, except to the extent that such laws are preempted by federal law. 
 Section 8.5 Headings. 
 The headings of Articles and Sections are included solely for convenience of reference. If there is
any conflict between such headings and the text of the Plan, the text shall control. 
 Section 8.6 Non-Alienation of Benefits.

 The right to receive a benefit under the Plan shall not be subject in any manner to anticipation, alienation or assignment, nor shall such
right be liable for or subject to debts, contracts, liabilities, engagements or torts. 
 Section 8.7 Taxes. 
 The Corporation shall have the right to deduct from all amounts paid by the Corporation in cash with respect to an Option, Appreciation Right or Dividend
Equivalent Right under the Plan any taxes required by law to be withheld with respect to such Option, Appreciation Right or Dividend Equivalent Right. Where any Person is entitled to receive Shares pursuant to the exercise of an Option, Appreciation
Right or Dividend Equivalent Right, the Corporation shall have the right to require such Person to pay the Corporation the amount of any tax which the Corporation is required to withhold with respect to such Shares, or, in lieu 
  

 17 

 thereof, to retain, or to sell without notice, a sufficient number of Shares to cover the amount required to be withheld.
The Corporation may consider, but is not required to grant, a request by the Person entitled to receive Shares subject to withholding as to the manner in which such withholding shall be made. 
 Section 8.8 Approval of Stockholders. 
 All Options, Appreciation Rights and Dividend Equivalent Rights granted pursuant to Articles IV, V and VI, respectively, of the Plan shall be conditioned on the approval of the Plan by the stockholders of JSBF on or prior to the date of the
first annual meeting of such stockholders immediately following the adoption of the Plan by JSBF. No Option, Appreciation Right or Dividend Equivalent Right granted under the Plan shall be effective, nor shall any such Option or Appreciation Right
be exercised or any Shares issued or purchased pursuant to the Plan, prior to such approval. 
 Section 8.9 Notices. 
 Any communication required or permitted to be given under the Plan, including any notice, direction, designation, comment, instruction, objection or
waiver, shall be in writing and shall be deemed to have been given at such time as it is delivered personally or five (5) days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such
party at the address listed below, or at such other address as one such party may by written notice specify to the other party: 
  

	 	(a)	If to the Committee: 

 JSB Financial, Inc. 
 303 Merrick Road 
 Lynbrook, New York
11563-2574 
 Attention:        Administrator of the JSB Financial, Inc. 
                           1996 Stock Option Plan 
 (b) If to an Option Holder, to the Option Holder’s address as shown in the Corporation’s personnel records. 
  

 18 

 EXHIBIT A 
 AMENDMENT TO THE 
 JSB FINANCIAL, INC. 1996 STOCK OPTION PLAN 
 Effective as of March 19, 1998, the JSB Financial, Inc. 1996 Stock Option Plan (the “Plan”) shall be amended as follows: 
  

	1.	Section 4.6 of the Plan shall be amended by deleting subsection “(b)” thereof in its entirety and by redesignating subsection “(c)” thereof as subsection
“(b)”. 

  

	2.	A new Section 4.9 “Transferability of Options” shall be added to the Plan, which shall read in its entirety as follows: 

 Section 4.9 Transferability of Options. 
  

	(a)	Options which are intended to be Incentive Stock Options shall not be transferable by an Eligible Individual except by will or the laws of descent and distribution and are
exercisable during such Eligible Individual’s lifetime only by the Eligible Individual or by his or her guardian or legal representative. The Committee shall have the authority, in its discretion, to grant (or to sanction by way of amendment to
an existing Option Agreement) Non-Qualified Options which may be transferred by the Option Holder during his or her lifetime to: (i) any member of the Options Holder’s immediate family (as defined below); (ii) a trust, limited liability
corporation, family limited partnership or other equivalent vehicle, established for the exclusive benefit of one or more members of the Option Holder’s immediate family; or (iii) an entity exempt from federal income tax pursuant to Section
501(c)(3) of the Code, or any successor provision. The written documentation containing the terms and conditions of an Option which is intended to be transferable in accordance with this Section 4.9 shall reflect such transferability. For purposes
of this Section 4.9 “immediate family” shall mean, with respect to any Option Holder, the Option Holder’s spouse, any lineal ascendant or descendant (including stepparents and stepchildren) of the Option Holder or the Option
Holder’s spouse, and siblings (including half-brothers and half-sisters) of the Option Holder or the Option Holder’s spouse, and shall include relationships arising from legal adoption. 

  

	(b)	Transfer of a Non-Qualified Option in accordance with this Section 4.9 shall be effected by giving written notice to JSBF in such form and manner as may be prescribed by the
Committee or Administrator and shall become effective only when received by the Administrator. 

  

	(c)	In the event a Non-Qualified Option is transferred pursuant to this Section 4.9, such Option may not be subsequently transferred by the transferee except by will or the laws of
descent and distribution. An Option transferred pursuant to this Section 4.9 shall continue to be governed by and subject to the terms and limitations of the Plan and the Option Agreement memorializing the Option grant, and the transferee shall be
entitled to the same rights and privileges, and subject to the same obligations, as the person to whom the Option was originally granted, as if no transfer had taken place. If a privilege, right or obligation of the Option depends on the life,
employment or other status of the person 

  

 A-1 

 to whom the Option was originally granted, such privilege, right or obligation shall continue to depend
upon the life, employment or other status of the person to whom the Option was originally granted following the transfer of the Option. The Committee shall have full and exclusive authority to interpret and apply the provisions of the Plan to
transferees to the extent not specifically addressed herein. 
  

	3.	Except as expressly provided otherwise herein, the Plan is hereby ratified and approved and shall remain in full force and effect. 

  

 A-2 

 RESOLUTIONS OF THE BOARD OF DIRECTORS OF JSB FINANCIAL, INC. 
 REGARDING THE JSB FINANCIAL, INC. 1996 STOCK OPTION PLAN 
 WHEREAS, JSB Financial, Inc. (the “Company”) has established the JSB Financial, Inc. 1996 Stock Option Plan (the “Plan”) for the benefit of directors and eligible individuals of the Company and its wholly owned
subsidiary, Jamaica Savings Bank FSB (the “Bank”); and 
 WHEREAS, Section 7.2 of the Plan reserves the right of the Company, by action of its
Board, to amend the Plan in the manner described herein; and 
 WHEREAS, at the request of the Company’s management, the Company’s legal counsel,
Thacher Proffitt & Wood, has prepared a proposed amendment to the Plan to permit option holders to transfer non-qualified stock options granted to them under the Plan under certain circumstances. 
 NOW, THEREFORE, BE IT RESOLVED, that effective as of March 19, 1998, the Amendment to the JSB Financial, Inc. 1996 Stock Option Plan, attached hereto as Exhibit A, be,
and it hereby is, adopted and approved. 
 BE IT FURTHER RESOLVED, that the appropriate officers of the Company, acting for and on behalf of the Company be,
and they hereby are, authorized, empowered and directed to take such actions and execute and deliver such documents, including, but not limited to, the adoption and implementation of procedures to effect the transfer of options under the Plan, as
they, in consultation with legal counsel, may deem necessary or appropriate to implement the foregoing resolutions. 
 APPROVED BY BOARD OF DIRECTORS OF JSB
FINANCIAL, INC. MARCH 19, 1998

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