Document:

EX-10.IV.H

Exhibit 10. (iv) (H)

FORM OF AMENDMENT TO CHANGE IN CONTROL SEVERANCE AND RETENTION AGREEMENT

     THIS AMENDMENT (the “Amendment”) is made by Sterling Bancorp (the “Company”)
and                                          (“Executive”) to be effective as of December 29, 2008.

     WHEREAS, the Company and Executive are parties to a Change in Control Severance and Retention
Agreement dated                                   (the “Agreement”);

     WHEREAS, the Company and Executive desires to amend certain provisions of the Agreement in
order to be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as
amended (“Section 409A”); and

     NOW, THEREFORE, the Agreement is hereby amended as follows:

	1.	 	Section 4(a)(2) of the Agreement is hereby replaced by the following:
	 
	 	 	“Subject to Section 4(c) below, within 60 days following the Date of Termination, a lump sum
cash severance amount equal to one (1) times Executive’s highest annual rate of base salary
during the 12-month period immediately prior to Executive’s Date of Termination.”
	 
	2.	 	Section 4(c) of the Agreement is hereby amended by adding the following at the end thereof:
	 
	 	 	“; provided, that, such release must become effective (that is be signed and not be revoked
within any applicable revocation period) within 55 days following the Date of Termination.”
	 
	3.	 	The following paragraph shall be added as the new Section 19 of the Agreement as follows:
	 
	 	 	“19. Section 409A. It is the parties’ intent that the Agreement comply with or be
exempt from the requirements of Section 409A and that the Agreement be administered and
interpreted accordingly. Each payment made under this Agreement shall be deemed to be separate
payments. Amounts payable under this Agreement shall be deemed not to be a “deferral of
compensation” subject to Section 409A to the extent provided in the exceptions in Treasury
Regulation Sections 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,”
including the exception under subparagraph (iii)) and other applicable provisions of Treasury
Regulation Section 1.409A-1 through A-6. Notwithstanding the previous sentence, if and to the
extent that any payment or benefit under this Agreement is determined by the Company to
constitute “non-qualified deferred compensation” subject to Section 409A and is payable to
Executive by reason of Executive’s termination of employment, then (a) such payment or benefit
shall be made or provided to Executive only upon a “separation from service” as defined for
purposes of
Section 409A under applicable regulations and (b) if Executive is a “specified employee” (within
the meaning of Section 409A and as determined by the Company), such payment or benefit shall be
made or provided on the date that is six months and one day after the date of Executive’s
separation from service (or earlier death). Any amount not paid in respect of the six month
period specified in the preceding sentence will be paid to Executive (plus interest at the
applicable federal rate as defined in Section 1274(d) of the Code) in a lump sum on the date
that is six months and one day after the Executive’s separation from service (or earlier

 

 

	 	 	death). Except as otherwise expressly provided herein, to the extent any expense reimbursement
or other in-kind benefit is determined to be subject to Section 409A, the amount of any such
expenses eligible for reimbursement or in-kind benefits in one calendar year shall not affect
the expenses eligible for reimbursement or in-kind benefits in any other taxable year (except
under any lifetime limit applicable to expenses for medical care), in no event shall any
expenses be reimbursed or in-kind benefits be provided after the last day of the calendar year
following the calendar year in which Executive incurred such expenses or received such benefits,
and in no event shall any right to reimbursement or in-kind benefits be subject to liquidation
or exchange for another benefit.”
	 
	4.	 	The definition of Good Reason in Paragraph 6 of Appendix A to the Agreement is hereby replaced by
the following:

“Good Reason” will mean, without Executive’s express written consent, the occurrence of any of
the following events after a Change in Control:

(a) (1) Any change in the duties or responsibilities (including reporting responsibilities) of
Executive that is inconsistent in any material and adverse respect with Executive’s
positions(s), duties, responsibilities or status with the Company immediately prior to such
Change in Control (including any material and adverse diminution of such duties or
responsibilities) or (2) a material and adverse change in Executive’s titles or offices
(including, if applicable, membership on the Board) with the Company or its affiliates as in
effect immediately prior to such Change in Control;

(b) A material reduction by the Company in the aggregate of Executive’s rate of base salary and
bonus opportunity (including any material and adverse change in the formula for such Bonus
opportunity) as in effect immediately prior to a Change in Control or as the same may be
increased from time to time thereafter; or

(c) Any requirement of the Company or any Subsidiary that Executive be based anywhere other than
within a thirty-five (35) mile radius of the Company’s principal executive offices immediately
prior to a Change in Control (or the principal executive office of a subsidiary or division of
the Company, if Executive is based at such office immediately prior to such Change in Control),
and such new location is also more than thirty-five (35) travel miles from Executive’s primary
residence immediately prior to such Change in Control, other than an immaterial change in the
geographic location;

provided that, a termination by Executive with Good Reason shall be effective only if,
(1) within 90 days following Executive becoming aware of the circumstances giving rise to Good
Reason, Executive delivers a Notice of Termination for Good Reason to the Company, (2) the
Company within 30 days following its receipt of such notification has failed to cure the
circumstances giving rise to Good Reason, and (3) Executive terminates Executive’s employment
with the Company within 90 days after the lapse of such 30 day cure period. Executive’s right
to terminate employment for Good Reason shall not be affected by Executive’s incapacities due to
mental or physical illness.”

 

 

	5.	 	This Amendment constitutes the entire agreement among the parties hereto with respect to the
subject matter hereof and shall not be altered or amended except in a writing signed by the parties
whose rights or obligations are affected by such amendment or alteration. Except as expressly
stated herein, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties have executed this Amendment effective as of as of the first date
written above.

	 	 	 	 	 
	STERLING BANCORP	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 
	 
	 	 	 	 
	EXECUTIVEEX-10.1

Exhibit 10.1

Annex A

SEVERANCE COMPENSATION, ETC.

	(1)	 	A lump sum payment in an amount equal to three times the sum of (A) Base Pay (at the rate in
effect for the year in which the Termination Date occurs), plus (B) Incentive Pay Target (or,
if the Incentive Pay Target shall not have been established or shall be reduced after a Change
in Control, the highest aggregate Incentive Pay Target as in effect for any of the three
fiscal years immediately preceding the year in which the Change in Control occurred).
	 
	(2)	 	(A) For any Welfare Benefits that the Executive was receiving or entitled to receive
immediately prior to the Termination Date (or, if greater, immediately prior to the reduction,
termination or denial described in Section 1(l)(ii)) that are considered to be “reimbursement
arrangements” covered under Section 1.409A-1(b)(9)(iv)(A) of the Code:

	 	(i)	 	for a period of 18 months following the Termination Date (the
“Continuation Period”), the Company will arrange to provide the Executive with
Welfare Benefits substantially similar to those that the Executive was
receiving or entitled to receive immediately prior to the Termination Date (or,
if greater, immediately prior to the reduction, termination, or denial
described in Section 1(l)(ii)) except that the level of any such Welfare
Benefits to be provided to the Executive may be reduced in the event of a
corresponding reduction generally applicable to all similarly situated
recipients of or participants in such Welfare Benefits. If and to the extent
that any benefit described in this Paragraph 2 is not or cannot be paid or
provided under any policy, plan, program or arrangement of the Company or any
Subsidiary, as the case may be, then the Company will itself pay or provide for
the payment to the Executive, Executive’s dependents and beneficiaries, of such
Welfare Benefits along with, in the case of any benefit described in this
Paragraph 2 that is subject to tax because it is not or cannot be paid or
provided under any such policy, plan, program or arrangement of the Company or
any Subsidiary, an additional amount such that after payment by the Executive,
or Executive’s dependents or beneficiaries, as the case may be, of all taxes so
imposed, the recipient retains an amount equal to such taxes. Such tax payment
will be made to the Executive by the Company no later than December
31st of the year in which the Executive remits such tax payments to
the appropriate taxing authorities.
	 
	 	(ii)	 	the Company will pay to the Executive, in a lump sum within the
time period described in Section 4(a), an amount equal to the difference
between (1) the present value of the continuation of such benefits for 18
months and (2) the present value of the benefits the Executive will receive
under Paragraph 2(A)(i).

 

 

	 	(B)	 	Notwithstanding the foregoing, or any other provision of the Agreement, for
purposes of determining the period of continuation coverage to which the Executive or
any of Executive’s dependents is entitled pursuant to Section 4980B of the Code under
the Company’s medical, dental and other group health plans, or successor plans, the
Executive’s “qualifying event” will be the termination of the Continuation Period and
the Executive will be considered to have remained actively employed on a full-time
basis through that date, provided, however, that (1) with respect to health benefits
the continuation period will in all events terminate on the 18-month anniversary of the
termination date as so determined and (2) the Company will pay, or reimburse the
Executive for, all COBRA continuation costs during such period.
	 
	 	(C)	 	For purposes of the immediately preceding sentence and for purposes of
calculating service or age to determine the Executive’s eligibility for welfare
benefits, including benefits under any retiree medical benefits or life insurance plan
or policy, the Executive will be considered to have remained actively employed on a
full-time basis through the termination of the Continuation Period.
	 
	 	(D)	 	For any Welfare Benefits that the Executive was receiving or entitled to
receive immediately prior to the Termination Date (or, if greater, immediately prior to
the reduction, termination, or denial described in Section 1(l)(ii)) that are not
considered to be “reimbursement arrangements” covered under Section
1.409A-1(b)(9)(iv)(A) of the Code, the Company shall pay to the Executive, within the
time period described in Section 4(a), in a lump sum, an amount equal to the present
value of the continuation of such benefits for 18 months following the Termination
Date.
	 
	 	(E)	 	Welfare Benefits otherwise receivable by the Executive pursuant to this
Paragraph 2 will be reduced to the extent comparable Welfare Benefits are actually
received by the Executive from another employer during the Continuation Period
following the Executive’s Termination Date, and any such Welfare Benefits actually
received by the Executive will be reported by the Executive to the Company.

	(3)	 	The Non-Competition Period contemplated by Section 8(a) will be 12 months from the
Termination Date.

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