Document:

Exhibit 10.5

 

[FORM OF]

 

 

October 9, 2020

 

Mr. [_________]

[________________]

 

Dear Mr. [_______]:

 

This retention and
award agreement (this “Agreement”) is entered into by [_________] (the “Executive”) and [___________________]
(the “Company”) in connection the Agreement and Plan of Merger by and between the Company and Bridge Bancorp,
Inc. ( “Bridge”), dated as of July 1, 2020 (the “Merger Agreement”), pursuant to which the
Company will be merged with and into Bridge in a merger of equals transaction (the “Merger”).

 

		1.	Effectiveness and Definitions

 

Capitalized terms
used but not defined in this Agreement have the meanings ascribed to them in the employment agreement between Executive, Dime Community
Bank (the “Bank”) and the Company (the “Employment Agreement”). This agreement shall be effective
upon the effective time of the Merger (the “Effective Time”). If the Executive’s employment with the Company
or Bridge, as the case may be, terminates for any reason before the Effective Time, this Agreement will automatically terminate
and be of no further force or effect and neither of the parties will have any obligations hereunder. Except as specifically set
forth in this Agreement or in another written agreement between the Executive and the Company or the Bank, no amount paid or due
to Executive under this Agreement shall be deemed to be in lieu of other compensation to which Executive is entitled.

 

2.       Merger-Related
Compensation.

 

(A)       Transaction
Bonus. The Bank will pay the Executive a cash bonus of $[_______], in a single lump sum, less required tax withholding,
on the first payroll following the Effective Date provided the Executive is employed by the Bank or Company on the Effective Date.

 

(B)       Retention
Payment. The Company or the Bank shall pay the Executive a retention payment of $[_________], less required tax
withholding. This payment will be in addition to (and not in lieu of) the Executive’s annual bonus. Of this amount, (i)
$[_______] shall be paid in cash as a single lump sum on the one-year anniversary of the Effective Date, less required tax
withholding (but in no event will this payment be later than March 15th of the calendar year following the year in which the
one-year anniversary of the Effective Date occurs), provided that the Executive is employed by the Company or the Bank on the
one-year anniversary of the Effective Date (except as set forth below), and (ii) $[________] shall be paid in the form of a
restricted stock award, which shall be granted as of the Effective Date and which shall vest one hundred percent (100%) on
the one-year anniversary of the Effective Date (e.g., there shall not be any pro-rata vesting) subject to Executive’s
employment with the Company or the Bank through such one-year anniversary (except as set forth below) The terms of the
restricted stock award shall be set forth in a grant award agreement and shall provide that the restricted stock shall be
eligible for dividends on terms no less favorable than those provided under equity awards granted to Executive prior to the
closing of the Merger (the “Closing”). Any unvested portion of the restricted stock shall become vested
immediately and the cash payment set forth in Section 3(B)(i) of this Agreement shall be paid immediately in the event of a
change in control (as such term is defined in the Employment Agreement) or a termination of Executive’s employment by
the Company and/or the Bank without Cause, by Executive for Good Reason, or on account of Executive’s death or
Disability.

 

     

     

    

 

Mr. [_________] 

October 9, 2020 

Page 2

 

(C)       One-Time
Equity Grant. As of the Effective Date, the Company shall make a restricted stock award grant to the Executive with a fair
market value of $[________] as of the date of grant (the “One-Time Equity Grant”), the terms and conditions
of which shall be set forth in a grant agreement, shall ensure that the restricted stock award qualifies as exempt from Section
409A of the Internal Revenue Code of 1986 (the “Code”), and shall include without limitation that (i) the restricted
shares shall vest in three equal installments on the second, third and fourth annual anniversary the Effective Date provided the
Executive is employed by the Bank or Company on each vesting date (but shall not be subject to any performance or other non-service
conditions); and (ii) such restricted stock award shall be eligible for dividends on terms no less favorable than those provided
under equity awards granted to Executive prior to the Closing.

 

(D)       For purposes of Sections 2(b) and 2(c), the number
of restricted stock awards to be granted in accordance with such provisions shall be determined by dividing the restricted stock
award value by the closing price of the Company’s common stock as of the date of grant as reported on The NASDAQ Stock Market,
LLC and without regard to any after-hours trading. Nothing paid to Executive under any plan, program or arrangement referenced
in this Section 2 shall be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

 

3.       Governing
Law

 

This Agreement shall
be governed by and construed and enforced in accordance with the laws of the State of New York, without reference to conflicts
of law principles, except to the extent governed by federal law in which case federal law shall govern.

 

4.       Entire
Agreement; Amendments

 

Except as expressly
set forth herein, this Agreement, together with the Employment Agreement, contains the entire agreement between the parties with
respect to the employment of Executive and the Company and Bank and supersedes any and all prior understandings, agreements or
correspondence between the parties. This Agreement may not be altered, modified or amended except by written instrument signed
by the parties.

 

     

     

    

 

Mr. [_________] 

October 9, 2020 

Page 3

 

5.       Section
409A

 

The parties
intend that the benefits and rights provided under this Agreement be exempt from or comply with Section 409A, and the
provisions of this Agreement shall be construed in a manner consistent with that intent and the requirements for avoiding
taxes or penalties under Section 409A. If either party believes, at any time, that any such benefit or right that is subject
to Section 409A does not so comply, it shall promptly advise the other parties and all parties shall negotiate reasonably and
in good faith to amend or clarify the terms of such benefits and rights such that they do not violate Section 409A (with the
intent and effect of avoiding any adverse economic effect for Executive). No party, individually or in combination, may
accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions
of this Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be
paid without violating Section 409A. To the extent required to comply with Section 409A, no payment or benefit required to be
paid under this Agreement on account of termination of Executive’s employment shall be made unless and until Executive
incurs a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of
this Agreement, references to a “termination,” “separation” or like terms shall have the meaning set
forth in Section 409A. For purposes of applying the provisions of Section 409A to this Agreement, each amount to be paid or
benefit to be provided to Executive pursuant to this Agreement, and each individual installment in a series of payments,
shall be construed as a separate identified payment for purposes of Section 409A.

 

6.       Miscellaneous

 

The invalidity or unenforceability of any provision of this Agreement will not affect the validity or
enforceability of any other provision hereof, and this Agreement will be construed as if the invalid and unenforceable provision
were omitted (but only to the extent that such provision cannot be appropriately reformed or modified).

 

Upon the expiration
or other termination of this Agreement, the respective rights and obligations of the parties hereto will survive such expiration
or other termination to the extent necessary to carry out the intentions of the parties hereunder. This Agreement may be executed in separate counterparts, each of which
is deemed to be an original and all of which taken together constitute one and the same agreement.

 

[Signature Page Follows]

 

     

     

    

 

Mr. [_________] 

October 9, 2020 

Page 4

 

       If
this Agreement correctly describes our understanding, please execute and deliver a counterpart of this signature page, which will
become a binding agreement on our receipt.

 

	 	Sincerely,
	 	[____________________]
	 	 
	 	By:	                     
	 	Duly Authorized Officer
	 	 
	 	[____________________]    
	 	 
	 	By:	 
	 	Duly Authorized Officer
	 	 
	 	Accepted and Agreed
	 	 
	 	I hereby agree with and accept the terms and conditions of this Agreement:
	 	 
	 	Name: [___________]
	 	Date: October 9, 2020

 

[Signature Page to Retention and Award
Agreement]Exhibit 10.6

 

[FORM OF]

 

DEFENSE OF TAX POSITION AGREEMENT

 

THIS DEFENSE
OF TAX POSITION AGREEMENT (the “Agreement”) is entered into as of this 9th day of October,
2020, but shall be effective upon the Effective Time (as defined in the Merger Agreement defined below) (hereinafter the “Effective
Date”) by and between [________________], a [__________] corporation (the “Company”), and [______________]
(the “Executive”).

 

WHEREAS, 
the Company entered into an Agreement and Plan of Merger, dated as of July 1, 2020 (the “Merger Agreement”)
with Bridge Bancorp, Inc. (“Bridge”), pursuant to which the Company will be merged with and into Bridge (the
 “Merger”); and

 

WHEREAS, pursuant
to the terms of the Merger Agreement, the name of Bridge Bancorp, Inc. will be changed to Dime Community Bancshares, Inc.; and
accordingly, all references in this Agreement to Bridge Bancorp, Inc. shall be replaced with Dime Community Bancshares, Inc. as
of the Effective Date; and

 

WHEREAS,
pursuant to the terms of the Merger Agreement, the Company desires to indemnify the Executive for certain tax provisions; and

 

WHEREAS, as
of the Effective Date, the Company and the Executive mutually desire to memorialize the terms under which the Executive will be
indemnified for certain tax provisions.

 

NOW, THEREFORE, in
consideration for the above recited promises and the mutual promises, agreements and covenants of the Company and the Executive
contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as
follows:

 

Section 1.        Defense
of Tax Position. 

 

In the event the
Executive shall notify the Company in writing of any claim, notice of audit, or similar correspondence by the Internal
Revenue Service (together with any comparable state or local tax authority, the “IRS”) (collectively, a
 “Claim”) that, if successful would require payment of an excise tax under Section 4999 of the Internal
Revenue Code of 1986, as amended (the “Code”) with respect to any compensation or other payment or benefit
made or provided by Bridge, Dime Community Bank, the Company or BNB Bank, or any of their affiliates, in connection with the
Merger, the Company shall pay the costs of defending Executive’s tax position, including reasonable attorney’s
fees or other costs of defending against such Claim. This Section 1 applies only to compensation, payments or benefits paid
to the Executive as a result of the change in control of the Company and/or Bridge pursuant to the Merger and this Section 1
does not apply to a subsequent change in control of the Company, if any. For purposes of clarity, this Agreement shall not
entitle the Executive to a reimbursement or any similar payment for any excise tax (and related interest or penalties) under
Section 4999 of the Code, and instead, this Agreement requires the Company to pay directly all costs and expenses incurred by
the Executive and the Company in connection with an IRS levy, contest or Claim pursuant to the terms of Section 2 of this
Agreement.

 

     

     

    

  

Section 2.        IRS
Disputed Claims.

 

The Executive shall
notify the Company in writing of any Claim by the IRS that, if successful, would require the payment by the Executive of an excise
tax under Section 4999 of the Code. Such notification shall be given as soon as practicable but no later than fifteen (15) business
days after the Executive is informed in writing of such Claim and shall apprise the Company of the nature of such Claim, the date
on which such Claim is requested to be paid, and shall be accompanied by a copy of the IRS notice. The Executive shall not pay
such Claim prior to notifying the Company as provided in this Agreement and the Company shall have thirty (30) days to respond
to the Executive following the date on which the Executive gives such notice to the Company. If the Company notifies the Executive
in writing prior to the expiration of the thirty (30) day period that it desires to contest such Claim, the Executive shall:

 

(i)       Give
the Company any information reasonably requested by the Company related to such Claim;

 

(ii)       Take
such action in connection with contesting such Claim as the Company shall reasonably request in writing from time to time, including,
without limitation, accepting legal representation with respect to such Claim by an attorney reasonably selected by the Company;

 

(iii)       Cooperate
with the Company in good faith in order to effectively contest such Claim; and

 

(iv)       Permit
the Company to participate in any proceedings relating to such Claim;

 

provided, however, that the Company
shall pay directly all costs and expenses (including legal and accounting fees, as well as other expenses and any additional interest
and penalties) incurred by the Executive and the Company in connection with an IRS levy, contest or Claim.

 

If the Company is not
timely notified as provided in this Agreement, the Company shall not be obligated to make any payments to the Executive under this
Agreement. Written notification shall be deemed given if delivered by receipted hand delivery or mailed by prepaid registered or
certified mail (return receipt requested) or by recognized overnight courier addressed to Kevin M. O’Connor, President and
Chief Executive Officer, Bridge Bancorp, Inc., 2200 Montauk Highway, Bridgehampton, New York 11932.

 

The Company shall notify
the Executive in writing of any Claim by the IRS that, if successful, would require the payment by Executive of any Excise Tax.
Such notification shall be given as soon as practicable but no later than fifteen (15) business days after the Company is informed
in writing of such Claim and shall apprise the Executive of the nature of such Claim, the date on which such Claim is requested
to be paid, and shall be accompanied by a copy of the IRS notice.

 

    2

     

    

 

Section 3.        Miscellaneous.

 

(a)       Successors.
The terms of this Agreement shall be binding upon all parties hereto and their respective heirs, successors, and assigns.

 

(b)       Final
Agreement. This Agreement represents the entire understanding of the parties with respect to the subject matter hereof and
supersedes all prior understandings, written or oral. The terms of this Agreement may be changed, modified or discharged only by
an instrument in writing signed by the parties hereto. The Executive acknowledges that the Executive has carefully read the foregoing,
has had sufficient opportunity to review the Agreement with legal counsel of the Executive’s own choosing, knows and understands
this Agreement contents, and freely and independently signs this Agreement. No inducements, representations, or agreements have
been made or relied upon to make this Agreement except as stated in this Agreement.

 

(c)       Governing
Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State
of New York without regard to principles of conflicts of laws thereof.

 

(d)       Statutory
Changes. All references to sections of the Code shall be deemed also to refer to any successor provisions to such sections.

 

(e)       Validity.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

 

(f)       No
Assignment of Benefits. Except as otherwise provided herein or by law, no right or interest of the Executive under the Agreement
shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise.

 

(g)       Counterparts.
This Agreement may be signed in counterparts, and all of the counterpart copies shall be treated as a single agreement.

 

Section 4.        Effectiveness.

 

Notwithstanding anything
to the contrary contained herein, this Agreement shall be effective as of the Effective Date. In the event the Merger Agreement
is terminated for any reason, this Agreement shall be deemed null and void.

 

[Signature Page to Follow]

 

    3

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement as of the day and year first written above.

 

	 	[______________]
	 	 
	 	  
	 	 
	 	[______________________________]
		  
	 	By:	                                                  
	 	 	Duly Authorized Officer

 

[Signature Page to Defense of Tax Position
Agreement]

 

    4

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