Document:

EXHIBIT 10.5

  

  

  

  

  

  
    Performance-based

    Restricted Stock Award

    

    

    Granted by

    

    

    DIME COMMUNITY BANCSHARES, INC.

    

    

    under the

    

    

    DIME COMMUNITY BANCSHARES, INC.

    2020 EQUITY INCENTIVE PLAN

    

    

    This restricted stock agreement (“Restricted Stock Award” or “Agreement”)

      is and will be subject in every respect to the provisions of the 2020 Equity Incentive Plan (the “Plan”) of Dime Community Bancshares, Inc. (the “Company”) which are
      incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan and related prospectus have been provided to each person granted a Restricted Stock Award pursuant to the Plan.  The holder of
      this Restricted Stock Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and
      interpretations of the Plan and this Agreement by the committee appointed to administer the Plan (“Committee”) or the Board of Directors will be final, binding and conclusive upon the Participant and the
      Participant’s heirs, legal representatives, successors and permitted assigns.  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

    1.    Name of Participant:    ___________________________________________________

    2.      Date of Grant: __________________________________

    
      
        	
                3.

              	
                Total number of shares of Company common stock, $0.01 par value per share, covered by the Restricted Stock Award: ___________ (target award; final award is subject to
                  determination in accordance with Exhibit A attached hereto and

                  subject to adjustment pursuant to Section 9 hereof).

                 

                

              

      

      
        	
                4.

              	
                Vesting Schedule.  Except as otherwise provided in this Agreement, this Restricted Stock Award shall vest as
                  follows:

                 

                

              

      

      
        	
                5.

              	
                Distribution of Shares.  The shares of stock subject to the Restricted Stock Award will be distributed (if any) as soon as practicable after [date],
                  and when the performance measurements are available and certified by the Company, which is expected to occur on or before [date].

              

      

      

    
      
        	6.	
                Grant of Restricted Stock Award.  The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be registered in the name of the
                  Participant and held by the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock.  Notwithstanding the foregoing, the Company may, in its sole
                  discretion, issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of such Awards.

              

      

    

  

  
    
      

  

  
    
      	7.	
              Voting and Dividends.

               

              

              
                Voting rights appurtenant to the Stock subject to this Restricted Stock Award, shall be exercised consistent with the
                  recommendation of the Board of Directors to shareholders for each matter for which a recommendation is made and by the Committee in its discretion in all other cases.

                Any cash dividends declared on the non-vested Restricted Stock (and any earnings thereon) will be delayed and distributed
                  to the Participant within thirty (30) days of the time when the Restricted Stock is distributed to the Participant under Section 5 of this Agreement.

              

            

    

    
      	8.	Delivery of Shares.   Delivery
                of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity.

    

    
      
        	9.	
                Adjustment Provisions.  This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the
                  events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

              

      

    

    
      
        	10.	
                Effect of Termination of Service and a Change in Control on Restricted Stock Award.

              

      

    

  

  
    Notwithstanding Section 4 of this Restricted Stock Award Agreement, this Restricted Stock Award will vest as follows:

     

    

    
      	
              (i)

            	
              Death.  In the event of the Participant’s Termination of Service by reason of the Participant’s death, any unvested shares of Restricted Stock subject
                to this Agreement will vest, pro-rata, by multiplying (i) the number of shares that would be obtained based on achievement at target (or if actual achievement of the performance measures is greater than the target level, at such actual
                achievement level) as of the date of death, by (ii) a fraction, the numerator of which is the number of whole months the Participant was in Service during the performance period and the denominator of which is the number of months in the
                performance period.

               

              

            

    

    
      	
              (ii)

            	
              Disability.  In the event of the Participant’s Termination of Service by reason of the Participant’s Disability, any
                  unvested shares of Restricted Stock subject to this Agreement will vest, pro-rata, by multiplying (i) the number of shares that would be obtained based on achievement at target (or if actual achievement of the performance measures is
                  greater than the target level, at such actual achievement level) as of the date of Termination of Service by reason of Disability, by (ii) a fraction, the numerator of which is the number of whole months the Participant was in Service
                  during the performance period and the denominator of which is the number of months in the performance period.

            

    

    
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              (iii)

            	
              Termination for Cause.  If the event of the Participant’s Termination of Service for Cause, all Restricted
                Stock subject to this Agreement that has not vested will expire and be forfeited.

               

              

            

    

    
      	
              (iv)

            	
              Change in Control.  In the event of a Change in Control, the number of unvested shares subject to the Restricted Stock Award will vest based on actual
                performance measured on the most recent completed fiscal quarter. If actual performance cannot be determined, a prorated portion of the Awards will vest at the target performance level. The pro-rata portion will be calculated based on a
                number of months worked during the performance period as a percentage of the total performance period. A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan.

               

              

            

    

    
      	
              (v)

            	
              Other Termination.  In the event of the Participant’s Termination of Service for any reason
                other than due to death, Disability or for Cause, all shares of Restricted Stock subject to this Agreement which have not vested as of the date of Termination of Service will expire and be forfeited.

               

              

            

    

    11.    Miscellaneous.

     

      

    
      
        	

              	11.1	
                This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

                 

                

              

      

    

    
      
        	

              	11.2	
                A Restricted Stock Award is not transferable prior to the time such Awards vest in the Participant.

                 

                

              

      

    

    
      
        	

              	11.3	
                This Restricted Stock Award and this Agreement will be governed by and construed in accordance with the laws of the State of New York.

                 

                

              

      

    

    
      
        	

              	11.4	
                This Restricted Stock Award and this Agreement is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the
                  Company will not be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

                 

                

              

      

    

    
      
        	

              	11.5	
                All Awards under this Plan are subject to required federal, state and local tax withholding which may be effected in the manner or manners permitted by the Company.

                 

                

              

      

    

    
      
        	

              	11.6	
                Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Affiliate to terminate your employment or service at any time, nor confer upon you any right to continue in the
                  employ or service of the Company or any Affiliate.

              

      

    

    
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              	11.7	
                This Award Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Agreement and the Plan.

              

      

    

     

    

    [Signature Page Follows]

  

  

    
    
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    IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its
      behalf as of the date of grant of this Restricted Stock Award set forth above.

    DIME COMMUNITY BANCSHARES, INC.

    By:
        __________________________________

    

    

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof,
      including the terms and provisions of the Plan.  The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.

    PARTICIPANT

     

    

    
       __________________________________

      

      

      

      

    

     
    

    

    
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    EXHIBIT A

    

    

    

    

    

    

    

    

  

  6EXHBIT 10.6

  

  

  

  

    Stock Option

    

    

    Granted by

    

    

    DIME COMMUNITY BANCSHARES, INC.

    

    

    under the

    

    

    DIME COMMUNITY BANCSHARES, INC.

    2020 EQUITY INCENTIVE PLAN

    

    

    This stock option agreement (“Option” or “Agreement”) is and will be subject in
      every respect to the provisions of the 2020 Equity Incentive Plan (the “Plan”) of Dime Community Bancshares, Inc. (the “Company”) which are incorporated herein by
      reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan and related prospectus have been provided to each person granted a stock option pursuant to the Plan.  The holder of this Option (the “Participant”) hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the
      committee appointed to administer the Plan (“Committee”) or the Board of Directors will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and
      permitted assigns.  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

    1. Name of Participant:  ______________________________

    2. Date of Grant:    ___________________________________

    3. Exercise price
        per share: $
            ________________

    4.    Total number
        of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option: 

    (subject to adjustment pursuant to Section 10 hereof).  The Option will be an Incentive Stock Option to the maximum extent permitted under the tax laws, which means that up to
      $100,000 of Options that vest in any one calendar year will be Incentive Stock Options (based on the exercise price of the Option).

    Example:  A participant is granted 140,000 options that vest in equal installments of 28,000 options per year over a 5 year period.  The
      exercise price is $10.89, which is equal to the fair market value of the stock on the date of grant.  Since $10.89 multiplied by 28,000 (the number of Options that vest each year) is $304,920.00,  some of the Options that vest each year will not
      be Incentive Stock Options.  Based on a $10.89 exercise price, the maximum number of Incentive Stock Options that can vest for any one year is 9,182 ($100,000 ÷ $10.89 = 9,182 (fractional shares are not included)).  The remainder will be
      Non-Statutory Stock Options.

    Please note that for purposes of determining the maximum number of Options that can vest in any one
        calendar year as Incentive Stock Options, the Options granted to you in this Agreement that vest in a calendar year will be aggregated with any earlier Option grant that you received that vest in the same calendar year.  If you vest in the maximum
        number of Incentive Stock Options in which you are permitted to vest for a calendar year under a prior Option Award, all Options that you receive under this

    
      
        

    

    
    Agreement that vest in the same calendar year will be considered Non-Statutory Stock Options.

    
      
        	
                5.

              	
                Expiration Date of Option:  _________________, subject to
                  earlier expiration due to Termination of Service.  This Option may not be exercised at any time on or after the Option’s expiration date. 

                 

                

              

      

      
        	
                6.

              	
                Vesting Schedule.  Unless sooner vested in accordance with the terms of this Award Agreement, the Options
                  granted hereunder shall vest (i.e., become exercisable) in accordance with the following:

                 

                

              

      

    

    Vesting Date Number of
          Options Vesting

    

    

    [date]      [number]

    [date]      [number]

    [date]       [number]

    [date]      [number]

    

    

    As set forth in Section 11 of this Agreement, vesting will automatically accelerate pursuant to Section 2.5, 2.7 and 4.1 of the Plan (in the event of
      Termination of Service due to death or Disability or an Involuntary Termination following a Change in Control).

    
      
        	7.	
                Exercise Procedure.  The Participant may exercise this Option in whole or in part by  delivering to the Company a written notice (the “Notice

                    of Exercise of Option” attached hereto as Exhibit A or a similar form acceptable to the Committee) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or other
                  means acceptable to the Committee.

              

      

    

    
      
        	8.	
                Delivery of Shares.  Delivery of shares of Stock upon the exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act)
                  and the applicable requirements of any securities exchange or similar entity.

              

      

    

    

    

    9.     Change in Control.

    

    

    
      
        	

              	9.1	
                In the event of the Participant’s Involuntary Termination following a Change in Control, all Options held by the Participant, whether or not exercisable at such time, will become fully exercisable for a period
                  of one year following the Involuntary Termination, subject to the expiration under the expiration provisions otherwise applicable to the Option.

              

      

    

    

    

    
      
        	

              	9.2	
                A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan.

              

      

    

    

    

    
      
        	10.	
                Adjustment Provisions.  This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events
                  specified in, and in accordance with the provisions of Section 3.4 of the Plan.

              

      

    

    

    

    

    

    
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    11.   Termination of Option and Accelerated Vesting.

    This Option will terminate upon the expiration date, except as set forth in the following  provisions:

    
      
        	

              	11.1	
                Death.  In the event of the Participant’s Termination of Service by reason of the Participant’s death, any unvested Options subject to this Agreement will vest. Any
                  Options awarded under this Agreement that are outstanding at that time may thereafter be exercised by the Participant’s legal representative or beneficiaries for a period of one year following Termination of Service due to death or the
                  remaining unexpired term of the Option, if less.

              

      

    

    
      
        	

              	11.2	
                Disability.  In the event of the Participant’s Termination of Service by reason of the Participant’s Disability, any unvested Options subject to this Agreement will vest.
                  Any Options awarded under this Agreement that are outstanding at that time may thereafter be exercised by the Participant or the Participant’s legal representative for a period of one year following Termination of Service due to
                  Disability or the remaining unexpired term of the Option, if less.

              

      

    

    
      
        	

              	11.3	
                Termination for Cause.  In the event of the Participant’s Termination of Service for Cause, all Options subject to this Agreement
                  that have not been exercised will immediately expire and be forfeited.

              

      

    

    

    

    
      
        	

              	11.4	
                Other Termination.  In the event of the Participant’s Termination of Service for any reason other than due to death, Disability,
                  Cause of an Involuntary Termination following a Change in Control, this Option may thereafter be exercised, to the extent it was exercisable at the time of such termination, for a period of three months following termination, subject to
                  termination on the Option’s expiration date, if earlier.  All unvested Options will be forfeited.

              

      

    

    

    

    
      
        	

              	11.5	
                Incentive Option Treatment.  The Incentive Stock Options granted hereunder are subject to the requirements of Section 421 of the Internal Revenue Code.  No Option will be
                  eligible for treatment as an Incentive Stock Option in the event such Option is exercised more than three months following Termination of Service (except in the case of Termination of Service due to Disability).  In order to obtain
                  Incentive Stock Option treatment for Options exercised by heirs or devisees of the Participant, the Participant’s death must have occurred while the Participant was employed or within three months of the Participant’s Termination of
                  Service.

              

      

    

    

    

    12.    Miscellaneous.

    

    

    
      
        	

              	12.1	
                No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

              

      

    

    

    

    
      
        	

              	12.2	
                This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

              

      

    

    

    

    
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              	12.3	
                Except as otherwise provided by the Committee, Incentive Stock Options under the Plan are not transferable except (1) as designated by the Participant by will or by the laws of descent and distribution, (2) to
                  a trust established by the Participant, or (3) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however,  that in the case of a transfer described under (3), the Option will not qualify as an
                  Incentive Stock Option as of the day of such transfer.

              

      

    

    

    

    
      
        	

              	12.4	
                This Option will be governed by and construed in accordance with the laws of the State of New York.

              

      

    

    

    

    
      	
              12.5

            	
              The granting of this Option does not confer upon the Participant any right to be retained in the employ of the Company or any subsidiary.

            

    

    

    

    
      	
              12.6

            	
              Under current tax laws, an Option that is exercised as an Incentive Stock Option is not subject to ordinary income taxes so long as it is held for the requisite holding period, e.g., two (2)
                years from the date of grant of the Option and one (1) year from the date of exercise, whichever is later.  A Non-Qualified Stock Option will be subject to income tax withholding at the time of exercise.  Upon the exercise of a
                Non-Statutory Stock Option, the Participant shall be required to satisfy the minimum required federal, state and local tax withholding in the manner or manners permitted by the Company.

            

    

    

    

    
      	
              12.7

            	
              This Stock Option Award, or any portion of this Award, is subject to forfeiture in accordance with the requirements of Section 7.17 of the Plan.

            

    

    

    

    

    

    
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    IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its
      behalf as of the date of grant of this Option set forth above.

    DIME COMMUNITY BANCSHARES, INC.

    By:
        __________________________________

    Its:__________________________________

      

    

    

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the
      terms and provisions of the Plan.  The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.

    PARTICIPANT

     

    

    
      __________________________________

      

      

      

      

    

      

     

    

    
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    EXHIBIT A

    

    

    NOTICE OF EXERCISE OF OPTION

      (BY EMPLOYEE)

    

    

    I hereby exercise the stock option (the “Option”) granted to me by Dime Community Bancshares, Inc. (the “Company”) or its affiliate, subject to all the terms and provisions set forth in the Stock
      Option Agreement (the “Agreement”) and the Dime Community Bancshares, Inc. 2020 Equity Incentive Plan (the “Plan”) referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company for a purchase
      price of $_______ per share.

    

    

    I wish to pay the purchase price by (check one or more):

    [Any payment to be delivered must accompany this Notice of Exercise of Option]

    

    

    
      
        	

              	___	
                Cash or personal, certified or cashier’s check in the sum of $_______, in full/partial payment of the purchase price.

              

      

    

    
      
        	

              	___	
                Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*

              

      

    

    
      
        	

              	___	
                A “net settlement” of the Option whereby I direct the Company to withhold a sufficient number of shares to satisfy the purchase price.  [  ]  Withhold a sufficient number of shares to pay minimum required taxes  [  ]  Calculate minimum
                  required withholding and I will submit payment.

              

      

    

    
      
        	

              	___	
                A check (personal, certified or cashier’s) in the sum of $_______ and Stock of the Company with a fair market value of $______, in full payment of the purchase price.*

              

      

    

    
      
        	

              	___	
                Please sell ______ shares from my Option shares through a broker in full/partial payment of the purchase price.  If my broker requires additional forms in order to consummate this “broker cashless exercise,” I have included them with
                  this election.

              

      

    

    I understand that after this exercise, ____________ shares of Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

    I hereby represent that it is my intention to acquire these shares for the following purpose:

    ___ investment

    ___ resale or distribution

    

    

    Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise,
      the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

    Date: ____________, _____.          _________________________________________

    Participant’s signature

    

    

    * If I elect to exercise by exchanging shares I already own, I
      will constructively return shares that I already own to purchase the new option shares.  If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having been
      exchanged.  If the shares are held in “street name” by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged.  I will keep the shares that I
      already own and treat them as if they are shares acquired by the option exercise.  In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.

  

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