Document:

EXHIBIT 10.22 
  FORM OF OUTSIDE DIRECTOR RESTRICTED STOCK AWARD GRANT LETTER

DATE OF GRANT

NAME OF DIRECTOR

ADDRESS OF DIRECTOR

Dear Name:

                 This letter sets forth the terms and conditions of the shares of restricted stock granted to you by
Flushing Financial Corporation (the “Company”), in accordance with the provisions of its
1996 Restricted Stock Incentive Plan (the “Plan”), as amended. You have been granted NUMBER shares (the “Restricted Shares”) of the Company’s Common Stock (“Common Stock”).
Your Restricted Shares are subject to the terms and conditions set forth in the Plan, any rules and
regulations adopted by the Board of Directors of the Company (the “Board”), and this letter.
Any terms used in this letter and not defined have the meanings set forth in the Plan.

                 This grant is intended to fulfill the Plan’s purpose of providing additional incentives to outside
directors such as yourself through the award of Restricted Shares, thereby increasing your personal
stake in the continued success and growth of the Company and encouraging you to remain in the service
of the Company.

                 In addition to serving as a grant letter, this document constitutes part of a prospectus covering securities

that have been registered under the Securities Act of 1933. The date of this part of the prospectus

is DATE OF GRANT.

1.             Vesting of Restricted Shares

	 

		(a)	Unless they vest on an earlier date as provided in paragraphs 4 or 5 below, none of your Restricted
  Shares will vest until DATE.

			 
		(b)	Unless they vest on an earlier date as provided in paragraphs 4 or 5 below, your Restricted Shares
  will vest in installments as follows, provided that you are a director of the Company or its subsidiaries
  on each such date:

			 

	Vesting Date
	Cumulative Number

        of Restricted Shares Vested

    

	
	

	DATE
	 
	DATE
	 
	DATE
	 

		 	 
		(c)	You do not need to pay any purchase price to receive the Restricted Shares granted to you by this letter.

	 
	
2.             Restrictions on the Restricted

Shares

                 Until your Restricted Shares have vested, you may not sell, transfer, assign or pledge them. Stock
certificates representing your Restricted Shares will be registered in your name as of the date of
this letter, but such certificates will be held by the Company on your behalf until such shares vest.
When all or a portion of your Restricted Shares vest, a certificate representing such shares will
be delivered to you (or, in the event of your death, to your heirs or personal representatives) as
soon as practicable. To the extent your Restricted Shares have vested, they shall be fully transferable
and not subject to forfeiture upon termination of your service as a director.

	

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	3.             Dividends and Voting

                 From the date of this letter, you will receive, with respect to your Restricted Shares, payments equal

to the amount of dividends paid on Common Stock. Such payments will be paid directly to you at
the
same time dividends are paid with respect to all other shares of Common Stock. You will have
the
right to vote your Restricted Shares.

4.             Termination of Service as
a Director

	 

		(a)	General.  Special rules apply to the vesting of your Restricted Shares in the event of your death, disability,
retirement, or other termination of service as a director.
			 
		(b)	Death or Disability.  If your service as a director terminates by reason of death or Disability, all of your Restricted
Shares will immediately vest. For this purpose, “Disability” means that you have been unable
to perform your duties as a director due to disability or incapacity, as determined by the Board
of Directors.
			 
		(c)	Retirement. Upon your Retirement from the Board of Directors, all of your Restricted Shares will immediately vest.
For purposes of this provision, “Retirement” means termination of your service as a director
other than for Cause (as defined below), after at least five years of service as an Outside Director.
For purposes of this provision, “Cause” means termination of service for dishonesty or
willful misconduct involving moral turpitude.
			 
		(d)	Other Termination of Service.  If you cease to be a director of the Company or its subsidiaries for any reason other than death,
Disability, or Retirement, any of your Restricted Shares which have not vested prior to the termination
of your service as a director will be forfeited.

	 
	
5.             Change of Control  

                Notwithstanding
the provisions of paragraph 1, upon the occurrence of a Change of Control, all of your Restricted
Shares will vest immediately if you are a director of the Company or its subsidiaries at such time.
In general, a Change of Control will be deemed to have occurred if:

	 

		(a)	any person or group becomes the owner of (or obtains the right to acquire) 25% of the voting securities

of the Company or Flushing Savings Bank, FSB (the “Bank”);
			 
		(b)	there is a change in the composition of a majority of the Board of Directors of the Company or the

Bank which change was not approved by a majority of the Board of Directors as previously constituted;
			 
		(c)	any entity acquires all or substantially all of the assets of the Bank or the Company; or
			 
		(d)	the Company’s or the Bank’s shareholders approve a merger or consolidation with another company

where such shareholders would not own 50% or more of the surviving corporation.

	 
	
This description of a Change of Control is only a summary, and the definition contained in the Plan

is controlling.

6.             Federal Income Tax Consequences

	 

		(a)	General.
       The following description of the federal income tax consequences of
      your Restricted Shares is based on currently applicable provisions of the
      Internal Revenue Code of 1986, as amended (the “Code”) and related
      regulations, and is intended to be only a general summary. The summary does
      not discuss state and local tax laws, which may differ from the federal
      tax law, or

	

      103

	
	 

		(b)	 federal
      estate, gift and employment tax law. For these reasons, you are urged to
      consult your own tax advisor regarding the application of the tax laws to
      your particular situation.

      

      Income Recognition Date.  Except as noted below, the grant of
      Restricted Shares is not taxable to you. As a general matter, you will recognize
      ordinary income on the date your Restricted Shares vest in an amount equal
      to the fair market value of the Restricted Shares on that date. You may,
      however, elect to recognize income with respect to some or all of your Restricted
      Shares as of the date of grant of such Restricted Shares in an amount equal
      to the fair market value of the Restricted Shares on that date. In order
      to make this election, you must file an election under Section 83(b) of
      the Code with the Internal Revenue Service no later than 30 days after
      the date of this letter. Further information about Section 83(b) and
      a copy of the election form can be obtained from the Company’s Human
      Resources Department.
			 

	 	If you make a Section 83(b) election and subsequently forfeit some or all of the Restricted Shares

that were subject to the election, you will not be able to claim a deduction or capital loss with

respect to the forfeited shares.
		 
	 	As used in this letter, the “income recognition date” of your Restricted Shares is the date
the shares are no longer to a substantial risk of forfeiture, which is generally the date the shares
vest, unless you make a Section 83(b) election as described above, in which case the income
recognition date is the date of grant.
		 

		(c)	Valuation of Shares for Tax Purposes.  For purposes of determining the amount of income to be recognized by you (and the tax basis

of the shares), the fair market value of your Restricted Shares on the income recognition date
will
be calculated as the mean between the highest and lowest quoted selling price, regular way,
of the
Company’s Common Stock on the Nasdaq National Market (or the principal exchange upon
which the
Common Stock is listed) on the day before such date or, if no such sale of Common Stock
occurs on
such date, the mean between the highest and lowest quoted selling price on the nearest
trading day
before such date.
			 
		(d)	Basis and Holding Period.  Your tax basis in the shares acquired upon the vesting of your Restricted Shares will be equal

to the fair market value of the shares on their income recognition date.
			 

	 	You will recognize capital gain or loss on your sale or exchange of the shares to the extent of any
difference between the amount realized and your tax basis in the shares. The tax treatment of such
gain or loss will depend on the length of time you have held the shares after their income recognition
date and certain other factors. 
		 

		(e)	Dividends.  You will receive payments equal to the dividends on the full number of Restricted Shares granted,
regardless of whether you have made a Section 83(b) election. If you have made a Section 83(b) election,
or if your Restricted Shares have vested, such payments will be treated for tax purposes as dividend
income (in certain years eligible for the lower tax rates generally applicable to net capital gains);
otherwise, they are taxable as income for services. In either case, such payments will be taxable
in the year received.
			 
		 (f)	Company Deductions.  As a general rule, the Company or one of its subsidiaries will be entitled to a deduction for
federal income tax purposes at the same time and in the same amount that you recognize compensation
income in connection with the receipt of Restricted Shares (including your receipt of dividend-equivalents
on your Restricted Shares before they vest if you have not made a Section 83(b) election), to the
extent that such income is considered reasonable compensation under the Code.
			 
		(g)	ERISA.  The Plan is not qualified under Section 401(a) of the Code and is not subject to any of

the provisions of the Employee Retirement Income Security Act of 1974.

	

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	7.             Administration of the Plan

                 The Plan is administered by the Board of Directors of the Company. The Board has authority to interpret

the Plan, to adopt rules for administering the Plan, to decide all questions of fact arising

under

the Plan, and generally to make all other determinations necessary or advisable for administration

of the Plan. All decisions and acts of the Board are final and binding on all affected Plan
participants.

8.             Adjustment in Certain Events

                 In the event of specified changes in the Company’s capital structure, the Board is required to
make appropriate adjustment in the number and kind of shares authorized by the Plan, and the number
and kind of shares covered by outstanding awards. This letter will continue to apply to your awards
as so adjusted. 

                 The Board’s determination as to which adjustments shall be made and the extent thereof shall be

final, binding and conclusive.

9.             Amendment

                 The terms of this award cannot be amended except for (i) amendments or updates to this letter
that describe changes in the law that apply to your Restricted Shares, and (ii) any changes
that may be required by the OTS. The Plan and your Restricted Shares are expressly subject to any
terms and conditions that may be required by the OTS.

                 The Plan is of unlimited duration, but may be amended, terminated or discontinued by the Board of Directors

at any time. However, no amendment, termination or discontinuance of the Plan (other than an amendment

or termination that may be required by the OTS) will unfavorably affect any Restricted Shares previously

granted to you.

10.          Section 16(b) Considerations

                 Since you are a director of the Company, under Section 16(b) (“Section 16(b)”)
of the Securities Exchange Act of 1934 (the “Exchange Act”), you will be required to return
to the Company any “profit” you realize from the “purchase” and “sale,”
or “sale” and “purchase,” of Common Stock within any six month period. Under
current law, neither the grant nor the vesting of your Restricted Shares is a “purchase”
for purposes of Section 16(b). Accordingly, your receipt of the Restricted Shares will not affect
your ability to sell any other shares of Common Stock you may own.

                 The sale of your Restricted Shares in a private transaction or on the open market will generally be
a “sale” for purposes of Section 16(b). However, a sale of shares to the Company which
has been authorized in advance by the Board of Directors will not be a “sale.”

                 Reporting requirements apply with respect to the above transactions. In most cases, such reports must
be received by the Securities and Exchange Commission (the “SEC”) by the second business
day after the date of the transaction. All such reports must be filed electronically. You should
consult the Company’s Senior Vice President/Human Resources with respect to these provisions.

11.          Restrictions on Resale

                      
        There are no restrictions
        imposed by the Plan on the resale of Common Stock acquired under the Plan.
        However, it is Company policy that all sales of Common Stock by directors
        be pre-cleared by the Senior Vice President/ Human Resources. Transactions
        by directors are also subject to the Company’s insider trading policy,
        including its quarterly blackout policy. In addition, under the provisions
        of the Securities Act of 1933 (the “Securities Act”) and the
        rules and regulations of the SEC, resales of stock acquired under the
        Plan by directors of the Company, who may be deemed to be “affiliates”
        of the Company, must be made pursuant to an appropriate effective registration
        statement filed with the SEC, pursuant to the provisions of Rule 144
        issued under the Securities Act, or pursuant to another exemption from
        registration provided in the Securities Act. At the present

    

	

      105

	
       time, the
        Company does not have a currently effective registration statement pursuant
        to which such resales may be made by affiliates. There are no restrictions
        imposed by the SEC on the resale of stock acquired under the Plan by persons
        who are not affiliates of the Company at the time of such resale.

12.          Stockholder Rights Plan

                 On September 17, 1996, the Company adopted a Stockholder Rights Plan pursuant to which it declared
a dividend of one Right (a “Right”) for each outstanding share of Common Stock. The Rights
Plan provides that the Company will issue one Right together with each share of Common Stock issued
by it in the future. Each Right entitles the holder to purchase from the Company a fraction of a
share of the Company’s Series A Junior Participating Preferred Stock. The Rights included in
your award will vest when the underlying Restricted Shares vest. 

                 The Rights are not exercisable at the present time. At the present time the Rights are represented

by certificates for the Common Stock and can only be transferred together with the Common Stock.

However, if certain events occur, the Rights will become exercisable and at that time will be able

to be transferred separately from the Common Stock. If the Rights become exercisable, you will
receive
more detailed information about how they affect your awards under the Plan.

                 The Rights Plan will expire on September 30, 2006, at which time all Rights issued under it will expire.

13.          Regulatory Compliance

                 Under the Plan, the Company is not required to deliver Restricted Shares or Common Stock if such delivery

would violate any applicable law or regulation. If required by any federal or state securities
law
or regulation, the Company may impose restrictions on your ability to transfer shares received
under
the Plan.

14.          Company and Plan Documents

                 You may obtain a copy of the Company’s most recent Annual Report to Stockholders and all other
communications distributed by the Company to its shareholders, without charge, by written or oral
request to the Senior Vice President/Human Resources, Flushing Financial Corporation, 1979 Marcus
Avenue, Lake Success, New York 11042 (telephone (718) 961-5400). 

                 The following documents filed by the Company with the SEC under the Exchange Act are incorporated herein

by reference:

	 

		(1)	The Company’s most recent Annual Report on Form 10-K;

			 
		(2)	All other reports filed by the Company under Section 13(a) or 15(d) of the Exchange Act after

the end of the period covered by its most recent Annual Report on Form 10-K; and

			 
		(3)	The description of the Common Stock and the Rights contained in the registration statements therefor
  under Section 12 of the Exchange Act, including any amendments filed for the purpose of updating
  such descriptions.

	 
	
                 All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange

Act after the date of this letter and prior to the filing of a post-effective amendment, which
indicates
that all securities offered under the Plan have been sold or which deregisters all securities
then
remaining unsold, shall be deemed to be incorporated by reference herein and to be a part
hereof
from the date of the filing of such documents.

                      
        You may obtain a copy
        of any or all of the documents referred to above, as well as any documents
        constituting part of a prospectus covering shares offered to you under
        the Plan, without charge, by written or oral request to the Senior
        Vice President/Human Resources, Flushing Financial Corporation, 1979 Marcus
        Avenue, Lake Success, New York 11042 (telephone (718) 961-5400).

    

	

      106

	
      15.
                 Experts

                 The consolidated financial statements of the Company appearing in the Company’s Annual Report

on Form 10-K for the year ended December 31, 20XX have been audited by NAME OF AUDITING FIRM, independent auditors, as set forth in their report thereon included therein and incorporated herein
by reference. Such financial statements, and the audited financial statements to be included in subsequently
filed documents, are incorporated herein in reliance upon the reports of a firm of independent accountants
pertaining to such financial statements (to the extent covered by consents filed with the SEC) given
upon the authority of such firm as experts in accounting and auditing.

*             *             *              *              *

                 This letter contains the formal terms and conditions of your award and accordingly should be retained

  in your files for future reference.

	 

	 	Very truly yours,
		 
	 	Michael J. Hegarty
	 	President and Chief Executive Officer

	

      107EXHIBIT 10.23
  FORM OF OUTSIDE DIRECTOR RESTRICTED STOCK UNIT AWARD GRANT LETTER

	 

	 	DATE OF GRANT

	 
	
DIRECTOR NAME & ADDRESS

Dear DIRECTOR NAME:

                 This letter sets forth the terms and conditions of the restricted stock units (“RSUs”) which

have been granted to you by Flushing Financial Corporation (the “Company”), in accordance

with the provisions of its 1996 Restricted Stock Incentive Plan (the “Plan”). You have

been granted NUMBER RSUs. Each RSU represents the right to receive one share of the Company’s Common Stock (“Common

Stock”) on the applicable vesting date for the RSU. Your award is subject to the terms and
conditions
set forth in the Plan, any rules and regulations adopted by the Board of Directors (the
“Board”),
and this letter. Any terms used in this letter and not defined herein have
the meanings set forth
in the Plan.

1.             Vesting of RSUs

	 

		(a)	Unless they vest on an earlier date as provided in paragraphs 3 or 4 below, none of your RSUs will

vest until DATE.
			 
		(b)	Unless they vest on an earlier date as provided in paragraphs 3 or 4 below, your RSUs will vest in
  installments as follows, provided that you are a director of the Company or its subsidiaries on each
  such date:
			 

	 	Vesting Date
	Cumulative Number

    of RSUs Vested

	 	DATE
	

	 	DATE
	

	 	DATE
	

		 	 
		(c)	You do not need to pay any purchase price to receive the RSUs granted to you by this letter.
			 
		(d)	You may not sell, transfer, assign or pledge your RSUs or any rights under this award. On or as soon

as practicable after the vesting date of an RSU, the Company will issue to you one share of Common

Stock for each of your RSUs vesting on such date. The Common Stock issued upon the vesting of your

RSUs will be fully transferable and not subject to forfeiture.

	 
	
2.             Dividends and Voting

	 

		(a)	At the time
      cash dividends are paid on the Common Stock, you will be entitled to receive
      a cash payment for each of your RSUs equal to the amount of the dividend
      paid on a share of Common Stock. 
		 	 
		(b)	You will
      have no voting rights or other rights as a shareholder with respect to your
      RSUs. 

	

      108

		(c)	The shares
      of Common Stock issued upon the vesting of your RSUs will have full voting
      and dividend rights and all other rights of a shareholder of the Company.

	 
	
3.             Termination of Service as
a Director

	 

		(a)	General.  Special rules apply to the vesting of your RSUs in the event of your death, disability, retirement,
or other termination of service as a director.
			 
		(b)	Death or Disability.  If your service as a director terminates by reason of death or Disability, all of your RSUs
will immediately vest. For this purpose, “Disability” means that you have been unable to
perform your duties as a director due to disability or incapacity, as determined by the Board of
Directors.
			 
		(c)	Retirement. Upon your Retirement from the Board of Directors, all of your RSUs will immediately vest. For purposes
of this provision, “Retirement” means termination of your service as a director other than
for Cause (as defined below), after at least five years of service as an Outside Director. For purposes
of this provision, “Cause” means termination of service for dishonesty or willful misconduct
involving moral turpitude.
			 
		(d)	Other Termination of Service.  If you cease to be a director of the Company or its subsidiaries for any reason other than death,
Disability, or Retirement, any of your RSUs which have not vested prior to the termination of your
service as a director will be forfeited.

	 
	
4.             Change of Control  

                Notwithstanding
the provisions of paragraph 1, upon the occurrence of a Change of Control, all of your RSUs will
vest immediately if you are a director of the Company or its subsidiaries at such time. In general,
a Change of Control will be deemed to have occurred if:

	 

		(a)	any person or group becomes the owner of (or obtains the right to acquire) 25% of the voting securities

of the Company or Flushing Savings Bank, FSB (the “Bank”);
			 
		(b)	there is a change in the composition of a majority of the Board of Directors of the Company or the

Bank which change was not approved by a majority of the Board of Directors as previously constituted;
			 
		(c)	any entity acquires all or substantially all of the assets of the Bank or the Company; or
			 
		(d)	the Company’s or the Bank’s shareholders approve a merger or consolidation with another company

where such shareholders would not own 50% or more of the surviving corporation.

	 
	
This description of a Change of Control is only a summary, and the definition contained in the Plan

is controlling.

5.             Administration of the Plan

                      
        The Plan is administered
        by the Board of Directors of the Company. The Board has authority to interpret
        the Plan, to adopt rules for administering the Plan, to decide all questions
        of fact arising under the Plan, and generally to make all other determinations
        necessary or advisable for administration of the Plan. All decisions and
        acts of the Board are final and binding on all affected Plan participants.

      6.            
        Adjustment in Certain Events

                      
        In the event of specified
        changes in the Company’s capital structure, the Board is required
        to make appropriate adjustment in the number and kind of shares authorized
        by the Plan, and the number and kind of shares

	

      109

	
       covered by outstanding awards.
        If adjustments are made under this provision, this letter will continue
        to apply to your RSU award as so adjusted.

7.             Amendment

                 The terms of this award cannot be amended except for any changes that may be required by the OTS. The
Plan and your RSUs are expressly subject to any terms and conditions that may be required by the
OTS.

                 The Plan is of unlimited duration, but may be amended, terminated or discontinued by the Board of Directors

at any time. However, no amendment, termination or discontinuance of the Plan (other than an amendment

or termination that may be required by the OTS) will unfavorably affect any RSUs previously granted

to you.

8.             Regulatory Compliance

                 Under the Plan, the Company is not required to deliver Common Stock (including upon the vesting of

RSUs) if such delivery would violate any applicable law or regulation or stock exchange requirement.

If required by any federal or state securities law or regulation, the Company may impose restrictions

on your ability to transfer shares received under the Plan.

*             *             *             *             *

                 This letter contains the formal terms and conditions of your award and accordingly should be retained

in your files for future reference.

	 

	 	Very truly yours,
		 
	 	Michael J. Hegarty
	 	President and Chief Executive Officer

	

      110

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