Document:

EXHIBIT 10.2

 

 

SECOND AMENDMENT

SECOND AMENDMENT, dated as of October 31, 2005 (the “Amendment”), to the Seventh Amended and Restated Credit Agreement, dated as of July 8, 2004  (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among IRON MOUNTAIN INCORPORATED, a Delaware corporation (the “Company”), IRON MOUNTAIN CANADA CORPORATION, a company organized under the laws of the Province of Nova Scotia, the several banks and other financial institutions or entities from time to time parties to the Credit Agreement (the “Lenders”), BANK OF AMERICA, N.A. (successor by merger to Fleet National Bank), as syndication agent, WACHOVIA BANK, NATIONAL ASSOCIATION and
THE BANK OF NOVA SCOTIA, as co-documentation agents, JPMORGAN CHASE BANK, N.A., TORONTO BRANCH (formerly known as JPMorgan Chase Bank, Toronto Branch), as Canadian Administrative Agent, JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan Chase Bank), as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and J.P. MORGAN SECURITIES INC., as arranger and bookrunner. 

W I T N E S S E T H:

WHEREAS, the Company, the Lenders and the Administrative Agent are parties to the Credit Agreement;

WHEREAS, the Company has requested certain amendments to the Credit Agreement; and

WHEREAS, the Lenders are willing to agree to such amendments, subject to the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the Company, the Lenders and the Administrative Agent hereby agree as follows:

1.            Defined Terms.  Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Credit Agreement.

2.            Amendments to Section 1.01(Definitions).  Section 1.01 of the Credit Agreement is hereby amended by adding the following new or substitute definitions, to appear in alphabetical order (additions to substitute definitions are indicated by language that is bold with a double underline): 

“Australian Dollars” shall mean the lawful currency of the Commonwealth of Australia. 

“Eurocurrency Base Rate” shall mean, (a) with respect to any Eurocurrency Loans denominated in Dollars, Canadian Dollars, Australian Dollars, New Zealand Dollars or euros the rate per annum determined on the basis of the rate for deposits in the relevant currency for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on Page 3750 of the Telerate screen or, with respect to Canadian Dollars only, Page 3740 of the Telerate screen as of 11:00 a.m., London time, two Business Days prior to the beginning of such Interest Period; provided that in the event that such rate does not appear on Page 3750 or Page 3740, as applicable, of the Telerate screen (or otherwise on such screen), the
“Eurocurrency Base Rate” shall be determined by reference to such other comparable publicly available service for displaying eurocurrency rates as may be selected by the Administrative Agent or, in the absence of such availability, by reference to the rate at which the Administrative Agent is offered currency deposits in the relevant currency at or about 11:00 a.m., New 

 

 

 

 

 

York City time, two Business Days prior to the beginning of such Interest Period in the interbank eurocurrency market where its eurocurrency and foreign currency and exchange operations are then being conducted for delivery on the first day of such Interest Period for the number of days comprised therein; and (b) with respect to Eurocurrency Loans denominated in Pounds Sterling, the rate per annum determined by the Administrative Agent to be the average of the rates quoted by the Reference Lenders at approximately 11:00 a.m. London time (or as soon thereafter as practicable) on the day two Business Days prior to the first day of the Interest Period for such Loans for the offering by the Reference Lenders to leading banks in the Paris interbank market of deposits in Pounds Sterling having a term comparable to such Interest Period and in an amount comparable to the principal amount of the respective
Eurocurrency Loans of the Reference Lenders to which such Interest Period relates.  If any Reference Lender is not participating in any Eurocurrency Loans during the Interest Period therefor (pursuant to Section 6.04 hereof or for any other reason), the Eurocurrency Base Rate for such Loans for such Interest Period shall be determined by reference to the amount of the Loan which such Reference Lender would have made had it been participating in such Loans. If any Reference Lender does not furnish a timely quotation, the Administrative Agent shall determine the relevant interest rate on the basis of the quotation or quotations furnished by the remaining Reference Lender or Lenders or, if none of such quotations is available on a timely basis, the provisions of Section 6.02 shall apply. 

“Multi-Currency” shall mean each of Pounds Sterling, euros, Dollars, Canadian Dollars, Australian Dollars and New Zealand Dollars.

“New Zealand Dollars” shall mean the lawful currency of New Zealand.

“Second Amendment Effective Date” shall mean the date on which the conditions precedent set forth in Section 5 of the Second Amendment to this Agreement shall have been satisfied, which date is October 31, 2005.

3.            Amendment to Section 9.24.  Section 9.24 of the Credit Agreement is hereby amended by deleting such section in its entirety and substituting in lieu thereof the following language (additions are indicated by language that is bold with a double underline):  

“9.24.      Investments in Excluded Subsidiaries.  The Company will not, and will not permit any of its Subsidiaries (other than its Excluded Subsidiaries), to make any advance, loan or other extension of credit to, or any other Investment in, or Guarantee any Indebtedness of, any Excluded Subsidiary or any other person organized outside of the United States or principally conducting its business outside the United States if, after giving effect thereto, the aggregate outstanding amount of such Investments and Guaranties (other than (a) Guaranties permitted under clause (viii) of the definition of “Permitted Indebtedness” in Section 1.01 hereof, (b) the Guaranties by the Company and its Subsidiaries of Indebtedness under the Canadian Commitments, (c) Investments by the Company of
up to €30,000,000 in IME in order for it to acquire “Project Mont Blanc”, (d) Investments by the Company prior to the Second Amendment Effective Date and (e) Investments by the Company of up to $90,000,000 in order for it to acquire Pickfords Records Management) made after the Second Amendment Effective Date is greater than $150,000,000 (with the applicable exchange rate for any Investment or Guaranty or repayment thereof determined by reference to the relevant Exchange Rate in effect at the time of such Investment or Guaranty or repayment); provided that if the Domestic Leverage Ratio on the last day of each of the most recently completed fiscal quarter and the quarter immediately preceding such quarter is equal to or less than 4.0 to 1, the Company will be permitted to make such Investments and Guaranties up to the
aggregate amount of $300,000,000.”

4.            Representations and Warranties.  On and as of the date hereof, the Company hereby confirms, reaffirms and restates the representations and warranties set forth in Section 8 of the 

 

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Credit Agreement mutatis mutandis, except to the extent that such representations and warranties expressly relate to a specific earlier date in which case the Company hereby confirms, reaffirms and restates such representations and warranties as of such earlier date.  The Company represents and warrants that, after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

5.            Effectiveness.  This Amendment shall become effective as of the date set forth above (the “Effective Date”) upon the satisfaction of the following conditions precedent:

(a)   Second Amendment.  The Administrative Agent shall have received this Amendment executed and delivered by the Administrative Agent, the Company, each Revolving Lender with a Multi-Currency Commitment and Lenders party to the Credit Agreement constituting the “Majority Lenders” thereunder (or, in the case of any Lender, a lender addendum or joinder agreement in a form specified by the Administrative Agent).  

(b)   Security Documents. The Administrative Agent shall have received the Acknowledgment and Confirmation, substantially in the form of Exhibit A hereto, executed and delivered by an authorized officer of the Company, the Canadian Borrower and each Subsidiary Guarantor.

6.            Valid and Binding.  This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.

7.            Payment of Expenses.  The Company agrees to pay or reimburse the Administrative Agent for all out-of-pocket costs and expenses incurred in connection with the Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel.

8.            Reference to and Effect on the Credit Agreement; Limited Effect.  On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.  This Amendment shall not constitute an amendment of any other provision of the Credit Agreement not expressly referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of the Company that would require a waiver or consent of the Lenders or the Administrative Agent.  Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain
in full force and effect.   

9.            Severability.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

10.          Loan Document; Integration.  This Amendment shall constitute a Basic Document.  This Amendment and the other Basic Documents represent the agreement of the Company, the Canadian Borrower, each Subsidiary Guarantor, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Basic Documents. 

11.          GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, 

 

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AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

12.          Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts (which may include counterparts delivered by facsimile transmission), each of which shall be deemed to be an original, and all of which taken together shall be deemed to constitute one and the same instrument.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.

	
             
 	
            IRON MOUNTAIN INCORPORATED
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ J.P. Lawrence

Name:  J.P. Lawrence
 Title:    SVP, Treasurer
 

 

 

 

 

 

 

	
             
 	
            JPMORGAN CHASE BANK, N.A., as 
 Administrative Agent and as a Lender
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Robert T. Sacks

Name:  Robert T. Sacks
 Title:    Managing Director
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            HSBC Bank USA, N.A.
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Kenneth V. McGraime

Name:  Kenneth V. McGraime
 Title:    Senior Vice President, Commercial Executive
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            JP Morgan Chase Bank, N.A. Toronto Branch
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Christine Chan

Name:  Christine Chan
 Title:     Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Webster Bank, National Association
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Gail Bruhn

Name:  Gail Bruhn
 Title:     Sr. Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            General Electric Capital Corporation
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Brian Schwinn

Name:  Brian Schwinn
 Title:     Duly Authorized Signatory
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Bank of America, N.A. 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Luanne T. Smith

Name:  Luanne T. Smith
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            CIBC Inc.
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Dominic J. Sorresso

Name:  Dominic J. Sorresso
 Title:    Executive Director

 

CIBC World Markets Corp., as Agent
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Union Bank of California, N.A. 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Albert W. Kelley

Name:  Albert W. Kelley
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            CALYON NEW YORK BRANCH
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Yuri Muzichenko

Name:  Yuri Muzichenko
 Title:     Vice President

 

By:   /s/  Philip Schubert

Name:  Philip Schubert
 Title:     Director
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            THE BANK OF NOVA SCOTIA
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  William E. Zarrett

Name:  William E. Zarrett
 Title:     Managing Director
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            National City Bank 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Lyle P. Cunningham

Name:  Lyle P. Cunningham
 Title:    Senior Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            SENIOR DEBT PORTFOLIO

 
 
	
             
 	
            By:  Boston Management and Research
 
	
             
 	
            as Investment Advisor

 
 
	
             
 	
            By:   /s/  Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE SENIOR INCOME TRUST

 
 
	
             
 	
            By:  EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE INSTITUTIONAL SENIOR LOAN FUND 
 
	
             
 	
             
 
	
             
 	
            By:  EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR

 
 
	
             
 	
            By:   /s/  Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE CDO III, LTD.

 
 
	
             
 	
            By:  EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            CONSTANTINUS EATON VANCE CDO V, LTD.
 
	
             
 	
             

By:  EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Michael B. Bottho

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE CDO VI LTD.
 
	
             
 	
             

By:  EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            GRAYSON & CO.
 
	
             
 	
             

By:  BOSTON MANAGEMENT AND RESEARCH

AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            THE NORINCHUKIN BANK, NEW YORK BRANCH,
 
	
             
 	
            through State Street Bank and Trust Company N.A. as Fiduciary Custodian

 

By:  Eaton Vance Management, Attorney-in-fact
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            BIG SKY III SENIOR LOAN TRUST 
 
	
             
 	
             

By:  EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE 

VT FLOATING-RATE INCOME FUND
 
	
             
 	
             

By:  EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE 

LIMITED DURATION INCOME FUND
 
	
             
 	
             

By:  EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE SENIOR

FLOATING-RATE TRUST
 
	
             
 	
             

By:  EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE FLOATING-RATE 

INCOME TRUST
 
	
             
 	
             

By:  EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Michael B. Botthof

Name:  Michael B. Botthof
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Fidelity Advisor Series II:  Fidelity Advisor Floating Rate High Income Fund 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Mark Osterheld

Name:  Mark Osterheld
 Title:    Assistant Treasurer
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Fidelity Central Investment Portfolios LLC:  Fidelity Floating Rate Central Investment Portfolio
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Mark Osterheld

Name:  Mark Osterheld
 Title:    Assistant Treasurer
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            The Bank of New York 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Kenneth P. Sneider, Jr.

Name:  Kenneth P. Sneider, Jr.
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            BMP PARIBAS (Canada)
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Andrew Solater

Name:  Andrew Solater
 Title:    Vice President Corporate Banking

 

By:   /s/ Don R. Lam

Name:  Don R. Lam
 Title:    Managing Director Corporate Banking
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Wachovia Bank, N.A. 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ John G. Taylor

Name:  John G. Taylor
 Title:    Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            BNP PARIBAS
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Shayn March

Name:  Shayn March
 Title:    Director

 

 
 
	
             
 	
            BNP PARIBAS
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
             

By:   /s/ Angela R. Arnold

Name:  Angela R. Arnold
 Title:    Vice President
 
	
             
 	
             
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            KZH Pondview LLC
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Virginia Conway

Name:  Virginia Conway
 Title:     Authorized Signatory
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Sovereign Bank 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Walter J. Marullo

Name:  Walter J. Marullo
 Title:     Senior Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            AVALON CAPITAL LTD. 3
 
	
             
 	
             

By:  INVESCO Senior Secured Management, Inc.

As Asset Manager
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Joseph Rotondo

Name:  Joseph Rotondo
 Title:    Authorized Signatory
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            CHARTER VIEW PORTFOLIO
 
	
             
 	
             

By:  INVESCO Senior Secured Management, Inc.

As Investment Advisor
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Joseph Rotondo

Name:  Joseph Rotondo
 Title:    Authorized Signatory
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            DIVERSIFIED CREDIT PORTFOLIO LTD.
 
	
             
 	
             

By:  INVESCO Senior Secured Management, Inc.

as Investment Adviser
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Joseph Rotondo

Name:  Joseph Rotondo
 Title:    Authorized Signatory
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            AIM FLOATING RATE FUND
 
	
             
 	
             

By:  INVESCO Senior Secured Management, Inc.

As Sub-Adviser
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Joseph Rotondo

Name:  Joseph Rotondo
 Title:    Authorized Signatory
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            INVESCO CBO 2000-1 LTD. 
 
	
             
 	
             

By:  INVESCO Senior Secured Management, Inc.

As Portfolio Advisor
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Joseph Rotondo

Name:  Joseph Rotondo
 Title:   Authorized Signatory
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            NAUTIQUE FUNDING LTD. 
 
	
             
 	
             

By:  INVESCO Senior Secured Management, Inc.

as Collateral Manager
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Joseph Rotondo

Name:  Joseph Rotondo
 Title:    Authorized Signatory
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            CITIZENS BANK OF MASSACHUSETTS
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Stephen F. Foley

Name:  Stephen F. Foley
 Title:    Senior Vice President
 

 

 

 

 

 

 

Signature page to the Second Amendment 

dated as of October 31, 2005 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            ECL Loan Funding LLC For Itself or as Agent for ECL2 Loan Funding LLC 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/  Mat Thomason

Name:  Mat Thomason
 Title:    Assistant Vice President
 

 

 

 

 

 

 

 

 

EXHIBIT A

FORM OF ACKNOWLEDGMENT AND CONFIRMATION

ACKNOWLEDGMENT AND CONFIRMATION, dated as of October 31, 2005 (this “Acknowledgment and Confirmation”) made by each of the signatories hereto.

1.            Reference is made to Second Amendment, dated as of October 31, 2005 (the “Amendment”), to the Seventh Amended and Restated Credit Agreement, dated as of July 8, 2004  (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among IRON MOUNTAIN INCORPORATED, a Delaware corporation (the “Company”), IRON MOUNTAIN CANADA CORPORATION, a company organized under the laws of the Province of Nova Scotia, the several banks and other financial institutions or entities from time to time parties to the Credit Agreement (the “Lenders”), BANK OF AMERICA, N.A. (successor by merger to Fleet National Bank), as syndication agent, WACHOVIA BANK, NATIONAL ASSOCIATION and THE BANK OF NOVA SCOTIA, as co-documentation agents, J.P. MORGAN BANK CANADA, as Canadian Administrative Agent, JPMORGAN CHASE BANK, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and J.P. MORGAN SECURITIES INC., as arranger and bookrunner.

2.            Each of the parties hereto hereby agrees, with respect to each Basic Document to which it is a party: 

(a)          all of its obligations, liabilities and indebtedness under such Basic Document shall remain in full force and effect on a continuous basis after giving effect to the Amendment; and 

(b)          all of the Liens and security interests created and arising under such Basic Document remain in full force and effect on a continuous basis after giving effect to the Amendment, as collateral security for its obligations, liabilities and indebtedness under the Credit Agreement and under its guarantees in the Basic Documents.

3.            THIS ACKNOWLEDGMENT AND CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

4.            This Acknowledgment and Confirmation may be executed by one or more of the parties hereto on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

[rest of page intentionally left blank]

 

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgement and Confirmation to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. 

 

	
            IRON MOUNTAIN INCORPORATED
 
	
             
 
	
             
 
	
            By:____________________________

Name:  
        Title:  
 
	
            IRON MOUNTAIN CANADA CORPORATION
 
	
             
 
	
             
 
	
            By:____________________________
 
	
            Name:
 
	
            Title:  
 

 

 

 

	
            SUBSIDIARY GUARANTORS
 	
             
 
	
             
 	
             
 
	
            COMAC, INC.
 	
             
 
	
            IRON MOUNTAIN INTELLECTUAL PROPERTY MANAGEMENT, INC. 
 	
             
 
	
            IRON MOUNTAIN GLOBAL, INC.
 	
             
 
	
            IRON MOUNTAIN GLOBAL, LLC
 	
             
 
	
            IRON MOUNTAIN INFORMATION   
 	
             
 
	
            MANAGEMENT, INC.
 	
             
 
	
            MOUNTAIN REAL ESTATE ASSETS, INC., 
 	
             
 
	
            MOUNTAIN RESERVE II, INC.
 	
             
 
	
            TREELINE SERVICES CORPORATION
 	
             
 
	
             
 	
             
 
	
            By:____________________________
 	
             
 
	
            Name:
 	
             
 
	
            Title:  
 	
             
 

 

 

 

 

 

 

 

 

 

 

 

 

	
            SUBSIDIARY PLEDGORS
 
	
             
 
	
            IRON MOUNTAIN GLOBAL, INC.
 
	
            IRON MOUNTAIN GLOBAL, LLC
 
	
            IRON MOUNTAIN INFORMATION   
 
	
            MANAGEMENT, INC.
 
	
            TREELINE SERVICES CORPORATION
 
	
             
 
	
            By:____________________________
 
	
            Name:
 
	
            Title:  
 
	
             
 
	
             
 
	
            SUBSIDIARY GUARANTORS
 
	
             
 
	
             
 
	
            IRON MOUNTAIN STATUTORY TRUST – 1998
 
	
             
 
	
            By:  WACHOVIA BANK, NATIONAL ASSOCIATION 
(formerly FIRST UNION NATIONAL BANK), not individually 
but as Owner Trustee under that certain Amended and Restated 
Owner Trust Agreement dated as of October 1, 1998, as amended
 
	
             
 
	
            By:______________________________
 
	
            Name:
 
	
            Title:
 
	
             
 
	
             
 
	
             
 
	
             
 
	
            IRON MOUNTAIN STATUTORY TRUST – 1999
 
	
             
 
	
            By:  WACHOVIA BANK, NATIONAL ASSOCIATION 
(formerly FIRST UNION NATIONAL BANK), not 
individually but as Owner Trustee under that certain 
Owner Trust Agreement dated as of July 1, 1999
 
	
             
 
	
            By:______________________________
 
	
            Name:
 
	
            Title:
 

 

 

 

 

 

 

 

	
            SUBSIDIARY PLEDGORS
 
	
             
 
	
             
 
	
            IRON MOUNTAIN STATUTORY TRUST – 1998
 
	
             
 
	
            By:  WACHOVIA BANK, NATIONAL ASSOCIATION 
(formerly FIRST UNION NATIONAL BANK), not individually 
but as Owner Trustee under that certain Amended and Restated 
Owner Trust Agreement dated as of October 1, 1998, as amended
 
	
             
 
	
            By:______________________________
 
	
            Name:
 
	
            Title:
 
	
             
 
	
             
 
	
             
 
	
            IRON MOUNTAIN STATUTORY TRUST – 1999
 
	
             
 
	
            By:  WACHOVIA BANK, NATIONAL ASSOCIATION 
(formerly FIRST UNION NATIONAL BANK), not individually 
but as Owner Trustee under that certain Owner Trust Agreement 
dated as of July 1, 1999
 
	
             
 
	
            By:______________________________
 
	
            Name:
 
	
            Title:<PAGE>

                          10.2    FORM OF AWARD AGREEMENTS

<PAGE>

                        NEW YORK COMMUNITY BANCORP, INC.
                            2006 STOCK INCENTIVE PLAN

                                     FORM OF
                        RESTRICTED STOCK AWARD AGREEMENT

         THIS AGREEMENT (together with Schedule A, attached hereto, the
"Agreement"), made the __________ day of _______________, 2006 (as defined
below, the "Grant Date"), between NEW YORK COMMUNITY BANCORP, INC. a Delaware
corporation (the "Corporation"), and _______________, an Employee of, or
individual in service to, the Corporation or an Affiliate (the "Participant");

                                R E C I T A L S:

         In furtherance of the purposes of the New York Community Bancorp, Inc.
2006 Stock Incentive Plan, as it may be hereafter amended (the "Plan"), the
Corporation and the Participant hereby agree as follows:

         1.       INCORPORATION OF PLAN. The rights and duties of the
Corporation and the Participant under this Agreement shall in all respects be
subject to and governed by the provisions of the Plan, the terms of which are
incorporated herein by reference. In the event of any conflict between the
provisions in the Agreement and those of the Plan, the provisions of the Plan
shall govern. Unless otherwise defined herein, capitalized terms in this
Agreement shall have the same definitions as set forth with the Plan.

         2.       TERMS OF AWARD. The following terms used in this Agreement
shall have the meanings set forth in this Section 2:

         (a)      The "Participant" is __________________________________
[INSERT NAME].

         (b)      The "Grant Date" is __________________________________ [INSERT
DATE].

         (c)      The "Restriction Period" is the period beginning on the Grant
                  Date and ending on such date or dates and satisfaction of such
                  conditions as described in Schedule A, which is attached
                  hereto and expressly made a part of this Agreement.

         (d)      The number of shares of Common Stock subject to the Restricted
                  Stock Award granted under this Agreement shall be _______
                  shares (the "Shares").

         3.       GRANT OF RESTRICTED STOCK AWARD. Subject to the terms of this
Agreement and the Plan, the Corporation hereby grants the Participant a
Restricted Stock Award (the "Award") for that number of Shares of Common Stock
as is set forth in Section 2.

         4.       VESTING AND EARNING OF AWARD.

         (a)      Subject to the terms of the Plan, the Award shall be deemed
                  vested and earned upon such date or dates, and subject to such
                  conditions, as are described in this Agreement, including but
                  not limited to the terms of Schedule A, attached hereto.

<PAGE>

         (b)      The Administrator has sole authority to determine whether and
                  to what degree the Award has vested and been earned and is
                  payable and to interpret the terms and conditions of this
                  Agreement and the Plan.

         5.       FORFEITURE OF AWARD. Except as may be otherwise provided in
the Plan, in the event that the employment or service of the Participant is
terminated for any reason and the Participant has not yet earned all or part of
the Award pursuant to Section 4 and Schedule A herein, then the Award, to the
extent not earned as of the Participant's Termination Date, shall be forfeited
immediately upon such termination, and the Participant shall have no further
rights with respect to the Award or the Shares underlying that portion of the
Award that has not yet been earned and vested. The Participant expressly
acknowledges and agrees that the termination of his or her employment or service
shall result in forfeiture of the Award and the Shares to the extent the Award
has not been earned and vested as of his or her Termination Date.

         6.       SETTLEMENT OF AWARD. The Award shall be payable in whole
shares of Common Stock.

         7.       NO RIGHT OF EMPLOYMENT OR SERVICE; FORFEITURE OF AWARD.
Neither the Plan, this Agreement nor any other action related to the Plan shall
confer upon the Participant any right to continue in the employment or service
of the Corporation or an Affiliate or interfere with the right of the
Corporation or an Affiliate to terminate the Participant's employment or service
at any time. Except as otherwise expressly provided in the Plan or this
Agreement or as determined by the Administrator, all rights of the Participant
with respect to the Award shall terminate upon termination of the employment of
the Participant with the Corporation or an Affiliate.

         8.       NONTRANSFERABILITY OF AWARD AND SHARES. The Award shall not be
transferable (including by sale, assignment, pledge or hypothecation) other than
by will or the laws of intestate succession. The designation of a beneficiary
does not constitute a transfer. The Participant shall not sell, transfer,
assign, pledge or otherwise encumber the Shares subject to the Award (except as
provided in Section 12 herein) until the Restriction Period has expired and all
conditions to vesting and transfer have been met.

         9.       SUPERSEDING AGREEMENT; BINDING EFFECT. This Agreement
supersedes any statements, representations or agreements of the Corporation with
respect to the grant of the Award or any related rights, and the Participant
hereby waives any rights or claims related to any such statements,
representations or agreements. This Agreement does not supersede or amend any
existing confidentiality agreement, nonsolicitation agreement, noncompetition
agreement, employment agreement or any other similar agreement between the
Participant and the Corporation, including, but not limited to, any restrictive
covenants contained in such agreements. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective executors,
administrators, next-of-kin, successors and assigns.

         10.      GOVERNING LAW. Except as otherwise provided in the Plan or
herein, this Agreement shall be construed and enforced according to the laws of
the State of Delaware, without regard to the conflict of laws provisions of any
state, and in accordance with applicable federal laws of the United States.

         11.      AMENDMENT AND TERMINATION; WAIVER. Subject to the terms of the
Plan, this Agreement may be modified or amended only by the written agreement of
the parties hereto. The waiver by the Corporation of a breach of any provision
of the Agreement by the Participant shall not operate or be construed as a
waiver of any subsequent breach by the Participant. Notwithstanding the
foregoing, the Administrator shall have unilateral authority to amend the Plan
and this Agreement (without Participant consent) to the extent necessary to
comply with applicable law or changes to applicable law (including but in no way
limited to Code Section 409A and federal securities laws).

                                       2
<PAGE>

         12.      RIGHTS AS STOCKHOLDER. As of the Grant Date, the Participant
shall have the right to vote the Shares subject to the Award or, if the Shares
are held in trust, direct the trustee to vote the Shares. The Participant shall
be entitled to all dividends paid on the Shares as of the Grant Date. The
Administrator (in its sole discretion) will decide when the dividends (if any)
are distributed. Participants will receive certificates for Shares as soon as
practicable after the end of the Restriction Period.

         13.      WITHHOLDING; TAX MATTERS.

         (a)      The Participant  acknowledges that if he or she is an
                  Employee, the Corporation shall require the Participant to pay
                  the Corporation in cash the amount of any tax or other amount
                  required by any governmental authority to be withheld and paid
                  over by the Corporation to such authority for the account of
                  the Participant, and the Participant agrees, as a condition to
                  the grant of the Award and delivery of the Shares or any other
                  benefit, to satisfy such obligations. Notwithstanding the
                  foregoing, the Corporation may establish procedures to permit
                  the Participant to satisfy such obligations in whole or in
                  part, and any other local, state, federal, foreign or other
                  income tax obligations relating to the Award, by electing (the
                  "election") to have the Corporation withhold shares of Common
                  Stock from the Shares to which the Participant is entitled.
                  The number of Shares to be withheld shall have a Fair Market
                  Value as of the date that the amount of tax to be withheld is
                  determined as nearly equal as possible to (but not exceeding)
                  the amount of such obligations being satisfied. Each election
                  must be made in writing to the Administrator in accordance
                  with election procedures established by the Administrator.

         (b)      The Participant  acknowledges that the Corporation has made no
                  warranties or representations to the Participant with respect
                  to the tax consequences (including, but not limited to, income
                  tax consequences) related to the transactions contemplated by
                  this Agreement, and the Participant is in no manner relying on
                  the Corporation or its representatives for an assessment of
                  such tax consequences. The Participant acknowledges that there
                  may be adverse tax consequences upon acquisition or
                  disposition of the Shares subject to the Award and that the
                  Participant should consult a tax advisor prior to such
                  exercise or disposition. The Participant acknowledges that he
                  or she has been advised that he or she should consult with his
                  own attorney, accountant, and/or tax advisor regarding the
                  decision to enter into this Agreement and the consequences
                  thereof. The Participant also acknowledges that the
                  Corporation has no responsibility to take or refrain from
                  taking any actions in order to achieve a certain tax result
                  for the Participant.

         14.      ADMINISTRATION. The authority to construe and interpret this
Agreement and the Plan, and to administer all aspects of the Plan, shall be
vested in the Administrator, and the Administrator shall have all powers with
respect to this Agreement as are provided in the Plan. Any interpretation of the
Agreement by the Administrator and any decision made by it with respect to the
Agreement is final and binding.

         15.      NOTICES. Except as may be otherwise provided by the Plan or
determined by the Administrator, any written notices provided for in this
Agreement or the Plan shall be in writing and shall be deemed sufficiently given
if either hand delivered or if sent by fax or overnight courier, or by postage
paid first class mail. Notices sent by mail shall be deemed received three
business days after mailed but in no event later than the date of actual
receipt. Notices shall be directed, if to the Participant, at the Participant's
address indicated by the Corporation's records (or at such other address as may
be designated by the Participant in a manner acceptable to the Administrator),
or if to the Corporation, at the Corporation's principal office, attention
_____________________, New York Community Bancorp, Inc. Notice may also be
provided by electronic submission, if and to the extent permitted by the
Administrator.

                                       3

<PAGE>

         16.      SEVERABILITY. The provisions of this Agreement are severable
and if any one or more provisions may be determined to be illegal or otherwise
unenforceable, in whole or in part, the remaining provisions shall nevertheless
be binding and enforceable.

         17.      RESTRICTIONS ON AWARD AND SHARES. The Corporation may impose
such restrictions on the Award and the Shares or other benefits underlying the
Award as it may deem advisable, including without limitation restrictions under
the federal securities laws, the requirements of any stock exchange or similar
organization and any blue sky, state or foreign securities laws applicable to
such Award or Shares. Notwithstanding any other provision in the Plan or the
Agreement to the contrary, the Corporation shall not be obligated to issue,
deliver or transfer shares of Common Stock, to make any other distribution of
benefits, or to take any other action, unless such delivery, distribution or
action is in compliance with all applicable laws, rules and regulations
(including but not limited to the requirements of the Securities Act). The
Corporation may cause a restrictive legend or legends (including but in no way
limited to any legends which may be necessary or appropriate pursuant to Section
12 herein) to be placed on any certificate issued pursuant to the Award in such
form as may be prescribed from time to time by applicable laws and regulations
or as may be advised by legal counsel.

         18.      EFFECT OF CHANGES IN STATUS. Unless the Administrator, in its
sole discretion, determines otherwise (or unless required by Code Section 409A),
the Award shall not be affected by any change in the terms, conditions or status
of the Participant's employment or service, provided that the Participant
continues to be in the employ of, or in service to, the Corporation or an
Affiliate. Without limiting the foregoing, the Administrator has sole discretion
to determine, subject to Code Section 409A, at the time of grant of the Award or
at any time thereafter, the effect, if any, on the Award if the Participant's
status as an Employee, Director or Independent Contractor changes, including but
not limited to a change from full-time to part-time, or vice versa, or if other
similar changes in the nature or scope of the Participant's employment or
service occur.

         19.      RIGHT OF OFFSET. Notwithstanding any other provision of the
Plan or the Agreement, the Corporation may reduce the amount of any payment
otherwise payable to or on behalf of the Participant by the amount of any
obligation of the Participant to the Corporation that is or becomes due and
payable and the Participant shall be deemed to have consented to such reduction.

         20.      COUNTERPARTS; FURTHER INSTRUMENTS. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. The
parties hereto agree to execute such further instruments and to take such
further action as may be reasonably necessary to carry out the purposes and
intent of this Agreement.

                                       4

<PAGE>

         IN WITNESS WHEREOF, this Agreement has been executed on behalf of the
Corporation and by the Participant on the day and year first above written.

                                       NEW YORK COMMUNITY BANCORP, INC.

                                       By:
                                           -------------------------------------
                                           Chairman of the Board of Directors

ATTEST:

-------------------------------------

[Corporate Seal]

                                       PARTICIPANT

                                       -----------------------------------------
                                       Printed Name:

                                       5

<PAGE>

                        NEW YORK COMMUNITY BANCORP, INC.
                            2006 STOCK INCENTIVE PLAN

                        RESTRICTED STOCK AWARD AGREEMENT

                                   SCHEDULE A

                                SERVICE MEASURES
                                ----------------

GRANT DATE:                            _______________, 200__

NUMBER OF SHARES SUBJECT TO AWARD:     _____________ shares.

RESTRICTION PERIOD:                    The Shares subject to the Award shall
                                       vest and be earned, as provided below,
                                       subject to the terms and conditions as
                                       may be imposed by the Plan and the
                                       Agreement:

DATE OF VESTING                     PERCENTAGE OF SHARES VESTED
---------------                     ---------------------------

[Insert Schedule]

<PAGE>

                        NEW YORK COMMUNITY BANCORP, INC.
                            2006 STOCK INCENTIVE PLAN

                                     FORM OF
                       NONQUALIFIED STOCK OPTION AGREEMENT

         THIS AGREEMENT (together with Schedule A, attached hereto, the
"Agreement"), effective as of the date specified as the "Grant Date" on Schedule
A attached hereto, between NEW YORK COMMUNITY BANCORP, INC., a Delaware
corporation (the "Corporation"), and the individual identified on Schedule A
attached hereto, an Employee of the Corporation or an Affiliate (the
"Participant");

                                R E C I T A L S:
                                ---------------

         In furtherance of the purposes of the New York Community Bancorp, Inc.
2006 Stock Incentive Plan, as it may be hereafter amended (the "Plan"), the
Corporation and the Participant hereby agree as follows:

         1.       INCORPORATION OF PLAN. The rights and duties of the
                  ---------------------
Corporation and the Participant under this Agreement shall in all respects be
subject to and governed by the provisions of the Plan, the terms of which are
incorporated herein by reference. In the event of any conflict between the
provisions in the Agreement and those of the Plan, the provisions of the Plan
shall govern. Unless otherwise defined herein, capitalized terms in this
Agreement shall have the same definitions as set forth in the Plan.

         2.       GRANT OF OPTION; TERM OF OPTION. The Corporation hereby grants
                  -------------------------------
to the Participant pursuant to the Plan, as a matter of separate inducement and
agreement in connection with his or her employment or service to the
Corporation, and not in lieu of any salary or other compensation for his or her
services, the right and Option (the "Option") to purchase all or any part of
such aggregate number of shares (the "Shares") of common stock of the
Corporation (the "Common Stock") at a purchase price (the "Option Price") as
specified on Schedule A, attached hereto, and subject to such other terms and
conditions as may be stated herein or in the Plan or on Schedule A. The
                                                                    ---
Participant expressly acknowledges that the terms of Schedule A shall be
------------------------------------------------------------------------
incorporated herein by reference and shall constitute part of this Agreement.
----------------------------------------------------------------------------
The Corporation and the Participant further acknowledge and agree that the
--------------------------------------------------------------------------
signatures of the Corporation and the Participant on the Grant Notice contained
-------------------------------------------------------------------------------
in Schedule A shall constitute their acceptance of all of the terms of this
---------------------------------------------------------------------------
Agreement and their agreement to be bound by the terms of this Agreement. The
------------------------------------------------------------------------
Option (or any portion thereof) shall be designated as a Nonqualified Option, as
stated on Schedule A. Except as otherwise provided in the Plan or this
Agreement, this Option will expire if not exercised in full by the Expiration
Date specified on Schedule A.

         3.       EXERCISE OF OPTION. Subject to the terms of the Plan and this
                  ------------------
Agreement, the Option shall become exercisable on the date or dates, and subject
to such conditions, as are set forth on Schedule A attached hereto. To the
extent that an Option which is exercisable is not exercised, such Option shall
accumulate and be exercisable by the Participant in whole or in part at any time
prior to expiration of the Option, subject to the terms of the Plan and this
Agreement. The Participant expressly acknowledges that the Option may vest and
           -------------------------------------------------------------------
be exercisable only upon such terms and conditions as are provided in this
--------------------------------------------------------------------------
Agreement and the Plan. Upon the exercise of an Option in whole or in part and
----------------------
payment of the Option Price in accordance with the provisions of the Plan and
this Agreement, the Corporation shall, as soon thereafter as practicable,
deliver to the Participant a certificate or certificates for the Shares
purchased. Payment of the Option Price may be made (i) in cash or by cash
equivalent; and,

<PAGE>

where permitted by applicable law, payment may also be made (ii) by delivery (by
either actual delivery or attestation) of shares of Common Stock owned by the
Participant (subject to such terms and conditions, if any, as may be determined
by the Administrator); (iii) by shares of Common Stock withheld upon exercise
but only if and to the extent that payment by such method does not result in
variable accounting or other accounting consequences deemed unacceptable to the
Corporation; (iv) by such other payment methods as may be approved by the
Administrator and which are acceptable under applicable law; or (v) by any
combination of the foregoing methods. Shares delivered or withheld in payment of
the Option Price shall be valued at their Fair Market Value on the date of
exercise, determined in accordance with the terms of the Plan.

         4.       NO RIGHT OF EMPLOYMENT OR SERVICE; FORFEITURE OF OPTION.
                  -------------------------------------------------------
Neither the Plan, this Agreement nor any other action related to the Plan shall
confer upon the Participant any right to continue in the employment or service
of the Corporation or an Affiliate or interfere with the right of the
Corporation or an Affiliate to terminate the Participant's employment or service
at any time. Except as otherwise expressly provided in the Plan or this
Agreement or as determined by the Administrator, all rights of the Participant
with respect to the Option shall terminate upon termination of the employment of
the Participant with the Corporation or an Affiliate.

         5.       TERMINATION OF SERVICE. Unless the Administrator determines
                  ----------------------
otherwise, the Option shall not be exercised unless the Participant is, at the
time of exercise, in service with the Corporation and has been in service with
the Corporation continuously since the date the Option was granted, subject to
the following:

         (a)      Unless the Administrator determines otherwise (subject to any
                  requirements imposed under Code Section 409A), if the
                  Participant's service is terminated because of Disability or
                  death, the Option may be exercised only to the extent vested
                  and exercisable on the Participant's Termination Date. The
                  Option must be exercised, if at all, prior to the first to
                  occur of the following, whichever shall be applicable (X) the
                  close of the period of one year next succeeding the
                  Termination Date; or (Y) the close of the Option Period. In
                  the event of the Participant's death, the Option shall be
                  exercisable by such person or persons as shall have acquired
                  the right to exercise the Option by will or by the laws of
                  intestate succession.

         (b)      Unless the Administrator determines otherwise (subject to any
                  requirements imposed under Code Section 409A), if the
                  Participant's service is terminated for any reason other than
                  Disability, death or for Cause, the Option may be exercised to
                  the extent vested and exercisable on his or her Termination
                  Date. The Option must be exercised, if at all, prior to the
                  first to occur of the following, whichever shall be
                  applicable: (X) the close of the period of three months next
                  succeeding the Termination Date; or (Y) the close of the
                  Option period. If the Participant dies following such
                  termination of service and prior to the date specified in (X)
                  of this subparagraph (b), the Participant shall be treated as
                  having died while employed under subparagraph (a) immediately
                  preceding (treating for this purpose the Participant's date of
                  termination of service as the Termination Date). In the event
                  of the Participant's death, the Option shall be exercisable by
                  such person or persons as shall have acquired the right to
                  exercise the Option by will or by the laws of intestate
                  succession.

         (c)      Unless the Administrator determines otherwise (subject to any
                  requirements imposed under Code Section 409A), if the
                  Participant's service is terminated for Cause, the Option
                  shall lapse and no longer be exercisable as of his or her
                  Termination Date, as determined by the Administrator.

                                       2

<PAGE>

         6.       NONTRANSFERABILITY OF OPTION. The Option shall not be
                  ----------------------------
transferable (including by sale, assignment, pledge or hypothecation) other than
by will or the laws of intestate succession, except as may be permitted by the
Administrator in a manner consistent with the registration provisions of the
Securities Act of 1933, as amended (the "Securities Act"). Except as may be
permitted by the preceding sentence, the Option shall be exercisable during the
Participant's lifetime only by him or her or by his or her guardian or legal
representative. The designation of a beneficiary in accordance with the Plan
does not constitute a transfer.

         7.       SUPERSEDING AGREEMENT; BINDING EFFECT. This Agreement
                  -------------------------------------
supersedes any statements, representations or agreements of the Corporation with
respect to the grant of the Option or any related rights, and the Participant
hereby waives any rights or claims related to any such statements,
representations or agreements. This Agreement does not supersede or amend any
existing confidentiality agreement, nonsolicitation agreement, noncompetition
agreement, employment agreement or any other similar agreement between the
Participant and the Corporation, including, but not limited to, any restrictive
covenants contained in such agreements. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective executors,
administrators, heirs, successors and assigns.

         8.       GOVERNING LAW. Except as otherwise provided in the Plan or
                  -------------
herein, this Agreement shall be construed and enforced according to the laws of
the State of Delaware, without regard to the conflict of laws provisions of any
state, and in accordance with applicable federal laws of the United States.

         9.       AMENDMENT AND TERMINATION; WAIVER. Subject to the terms of the
                  ---------------------------------
Plan, this Agreement may be modified or amended only by the written agreement of
the parties hereto. The waiver by the Corporation of a breach of any provision
of the Agreement by the Participant shall not operate or be construed as a
waiver of any subsequent breach by the Participant. Notwithstanding the
foregoing, the Administrator shall have unilateral authority to amend the Plan
and this Agreement (without Participant consent) to the extent necessary to
comply with applicable law or changes to applicable law (including but in no way
limited to Code Section 409A, Code Section 422 and federal securities laws).

         10.      NO RIGHTS AS STOCKHOLDER. The Participant and his or her legal
                  ------------------------
representatives, legatees and distributees shall not be deemed to be the holder
of any Shares subject to the Option and shall not have any rights of a
stockholder unless and until certificates for such Shares have been issued and
delivered to him or her or them.

         11.      WITHHOLDING; TAX MATTERS.
                  ------------------------

         (a)      The Participant acknowledges that the Corporation shall
                  require the Participant to pay the Corporation in cash the
                  amount of any tax or other amount required by any governmental
                  authority to be withheld and paid over by the Corporation to
                  such authority for the account of the Participant, and the
                  Participant agrees, as a condition to the grant of the Option
                  and delivery of the Shares or any other benefit, to satisfy
                  such obligations. Notwithstanding the foregoing, the
                  Corporation may establish procedures to permit the Participant
                  to satisfy such obligations in whole or in part, and any other
                  local, state, federal, foreign or other income tax obligations
                  relating to the Option, by electing (the "election") to have
                  the Corporation withhold shares of Common Stock from the
                  Shares to which the Participant is entitled. The number of
                  Shares to be withheld shall have a Fair Market Value as of the
                  date that the amount of tax to be withheld is determined as
                  nearly equal as possible to (but not exceeding) the amount of
                  such obligations being satisfied. Each election must be made
                  in writing to the Administrator in accordance with election
                  procedures established by the Administrator.

                                       3

<PAGE>

         (b)      The Participant acknowledges that the Corporation has made no
                  warranties or representations to the Participant with respect
                  to the tax consequences (including, but not limited to, income
                  tax consequences) related to the transactions contemplated by
                  this Agreement, and the Participant is in no manner relying on
                  the Corporation or its representatives for an assessment of
                  such tax consequences. The Participant acknowledges that there
                  may be adverse tax consequences upon acquisition or
                  disposition of the Shares subject to the Option and that the
                  Participant should consult a tax advisor prior to such
                  exercise or disposition. The Participant acknowledges that he
                  or she has been advised that he or she should consult with his
                  own attorney, accountant, and/or tax advisor regarding the
                  decision to enter into this Agreement and the consequences
                  thereof. The Participant also acknowledges that the
                  Corporation has no responsibility to take or refrain from
                  taking any actions in order to achieve a certain tax result
                  for the Participant.

         12.      ADMINISTRATION. The authority to construe and interpret this
                  --------------
Agreement and the Plan, and to administer all aspects of the Plan, shall be
vested in the Administrator, and the Administrator shall have all powers with
respect to this Agreement as are provided in the Plan. Any interpretation of the
Agreement by the Administrator and any decision made by it with respect to the
Agreement is final and binding.

         13.      NOTICES. Except as may be otherwise provided by the Plan or
                  -------
determined by the Administrator, any written notices provided for in this
Agreement or the Plan shall be in writing and shall be deemed sufficiently given
if either hand delivered or if sent by fax or overnight courier, or by postage
paid first class mail. Notices sent by mail shall be deemed received three
business days after mailed but in no event later than the date of actual
receipt. Notices shall be directed, if to the Participant, at the Participant's
address indicated on Schedule A (or such other address as may be designated by
the Participant in a manner acceptable to the Administrator), or, if to the
Corporation, at the Corporation's principal office, attention:
__________________________, New York Community Bancorp, Inc. Notice may also be
provided by electronic submission, if and to the extent permitted by the
Administrator.

         14.      SEVERABILITY. The provisions of this Agreement are severable
                  ------------
and if any one or more provisions may be determined to be illegal or otherwise
unenforceable, in whole or in part, the remaining provisions shall nevertheless
be binding and enforceable.

         15.      RESTRICTIONS ON OPTION AND SHARES. The Corporation may impose
                  ---------------------------------
such restrictions on the Option and the Shares or other benefits underlying the
Option as it may deem advisable, including without limitation restrictions under
the federal securities laws, the requirements of any stock exchange or similar
organization and any blue sky, state or foreign securities laws applicable to
such Option or Shares. Notwithstanding any other provision in the Plan or the
Agreement to the contrary, the Corporation shall not be obligated to issue,
deliver or transfer shares of Common Stock, to make any other distribution of
benefits, or to take any other action, unless such delivery, distribution or
action is in compliance with all applicable laws, rules and regulations
(including but not limited to the requirements of the Securities Act). The
Corporation may cause a restrictive legend to be placed on any certificate for
Shares issued pursuant to the exercise of the Option in such form as may be
prescribed from time to time by applicable laws and regulations or as may be
advised by legal counsel.

         16.      EFFECT OF CHANGES IN STATUS. Unless the Administrator, in its
                  ---------------------------
sole discretion, determines otherwise (or unless required by Code Section 409A),
the Option shall not be affected by any change in the terms, conditions or
status of the Participant's service, provided that the Participant continues to

                                       4

<PAGE>

be in the service of the Corporation or an Affiliate. Without limiting the
foregoing, the Administrator has sole discretion to determine, subject to Code
Section 409A, at the time of grant of the Option or at any time thereafter, the
effect, if any, on the Option if the Participant's status with the Corporation
changes.

         17.      RIGHT OF OFFSET. Notwithstanding any other provision of the
                  ---------------
Plan or the Agreement, the Corporation may reduce the amount of any payment
otherwise payable to or on behalf of the Participant by the amount of any
obligation of the Participant to the Corporation that is or becomes due and
payable and the Participant shall be deemed to have consented to such reduction.

         18.      COUNTERPARTS; FURTHER INSTRUMENTS. This Agreement may be
                  ---------------------------------
executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. The
parties hereto agree to execute such further instruments and to take such
further action as may be reasonably necessary to carry out the purposes and
intent of this Agreement.

               [SIGNATURES OF THE CORPORATION AND THE PARTICIPANT
                       FOLLOW ON SCHEDULE A/GRANT NOTICE.]

                                       5

<PAGE>

                        NEW YORK COMMUNITY BANCORP, INC.
                            2006 STOCK INCENTIVE PLAN

                       NONQUALIFIED STOCK OPTION AGREEMENT

                             SCHEDULE A/GRANT NOTICE
                             -----------------------

         1.    Pursuant to the terms and conditions of the Corporation's 2006
Stock Incentive Plan (the "Plan"), you (the "Participant") have been granted an
option (the "Option") to purchase ________ shares (the "Shares") of our Common
Stock as outlined below.

     Name of Participant:
                                                 -------------------------------
     Address:
                                                 -------------------------------
     Grant Date:
                                                 -------------------------------
     Number of Shares Subject to Option:
                                                 -------------------------------
     Option Price:
                                                 -------------------------------
     Type of Option:
                                                 -------------------------------
     Expiration Date (Last Day of Option Period):
                                                 -------------------------------
     Vesting Schedule/Conditions:
                                                 -------------------------------

         2.    By my signature below, I, the Participant, hereby acknowledge
receipt of this Grant Notice and the Option Agreement (the "Agreement") dated
_______________, 2006, between the Participant and New York Community Bancorp,
Inc. (the "Corporation") which is attached to this Grant Notice. I understand
that the Grant Notice and other provisions of Schedule A herein are incorporated
by reference into the Agreement and constitute a part of the Agreement. By my
                                                                        -----
signature below, I further agree to be bound by the terms of the Plan and the
-----------------------------------------------------------------------------
Agreement, including but not limited to the terms of this Grant Notice and the
------------------------------------------------------------------------------
other provisions of Schedule A contained herein. The Corporation reserves the
-----------------------------------------------------------------------------
right to treat the Option and the Agreement as cancelled, void and of no effect
-------------------------------------------------------------------------------
if the Participant fails to return a signed copy of the Grant Notice within 30
------------------------------------------------------------------------------
days of grant date stated above.
-------------------------------

Signature:                                      Date:
          -----------------------------------       ---------------------------

                                                Agreed to by:

                                                NEW YORK COMMUNITY BANCORP, INC.

                                                By:
                                                   -----------------------------

<PAGE>

Attest:

----------------------------------

NOTE: IF THERE ARE ANY DISCREPANCIES IN THE NAME OR ADDRESS SHOWN ABOVE, PLEASE
MAKE THE APPROPRIATE CORRECTIONS ON THIS FORM. PLEASE RETAIN A COPY OF THE
AGREEMENT, INCLUDING THIS GRANT NOTICE, FOR YOUR FILES.

<PAGE>

                        NEW YORK COMMUNITY BANCORP, INC.
                            2006 STOCK INCENTIVE PLAN

                                     FORM OF
                        INCENTIVE STOCK OPTION AGREEMENT

         THIS AGREEMENT (together with Schedule A, attached hereto, the
"Agreement"), effective as of the date specified as the "Grant Date" on Schedule
A attached hereto, between NEW YORK COMMUNITY BANCORP, INC., a Delaware
corporation (the "Corporation"), and the individual identified on Schedule A
attached hereto, an Employee of the Corporation or an Affiliate (the
"Participant");

                                R E C I T A L S:
                                ---------------

         In furtherance of the purposes of the New York Community Bancorp, Inc.
2006 Stock Incentive Plan, as it may be hereafter amended (the "Plan"), the
Corporation and the Participant hereby agree as follows:

         1.       INCORPORATION OF PLAN. The rights and duties of the
                  ---------------------
Corporation and the Participant under this Agreement shall in all respects be
subject to and governed by the provisions of the Plan, the terms of which are
incorporated herein by reference. In the event of any conflict between the
provisions in the Agreement and those of the Plan, the provisions of the Plan
shall govern. Unless otherwise defined herein, capitalized terms in this
Agreement shall have the same definitions as set forth in the Plan.

         2.       GRANT OF OPTION; TERM OF OPTION. The Corporation hereby grants
                  -------------------------------
to the Participant pursuant to the Plan, as a matter of separate inducement and
agreement in connection with his or her employment or service to the
Corporation, and not in lieu of any salary or other compensation for his or her
services, the right and Option (the "Option") to purchase all or any part of
such aggregate number of shares (the "Shares") of common stock of the
Corporation (the "Common Stock") at a purchase price (the "Option Price") as
specified on Schedule A, attached hereto, and subject to such other terms and
conditions as may be stated herein or in the Plan or on Schedule A. The
Participant expressly acknowledges that the terms of Schedule A shall be
incorporated herein by reference and shall constitute part of this Agreement.
The Corporation and the Participant further acknowledge and agree that the
signatures of the Corporation and the Participant on the Grant Notice contained
in Schedule A shall constitute their acceptance of all of the terms of this
Agreement and their agreement to be bound by the terms of this Agreement. The
Option (or any portion thereof) shall be designated as an Incentive Option, as
stated on Schedule A. To the extent that the Option or any portion thereof is
designated as an Incentive Option and such Option does not qualify as an
Incentive Option, the Option or portion thereof shall be treated as a
Nonqualified Option. Except as otherwise provided in the Plan or this Agreement,
this Option will expire if not exercised in full by the Expiration Date
specified on Schedule A.

         3.       EXERCISE OF OPTION. Subject to the terms of the Plan and this
                  ------------------
Agreement, the Option shall become exercisable on the date or dates, and subject
to such conditions, as are set forth on Schedule A attached hereto. To the
extent that an Option which is exercisable is not exercised, such Option shall
accumulate and be exercisable by the Participant in whole or in part at any time
prior to expiration of the Option, subject to the terms of the Plan and this
Agreement. The Participant expressly acknowledges that the Option may vest and
           -------------------------------------------------------------------
be exercisable only upon such terms and conditions as are provided in this
--------------------------------------------------------------------------
Agreement and the Plan. Upon the exercise of an Option in whole or in part and
----------------------
payment of the Option Price in accordance with the provisions of the Plan and
this Agreement, the Corporation shall, as soon thereafter as practicable,

<PAGE>

deliver to the Participant a certificate or certificates for the Shares
purchased. Payment of the Option Price may be made (i) in cash or by cash
equivalent; and, where permitted by applicable law, payment may also be made
(ii) by delivery (by either actual delivery or attestation) of shares of Common
Stock owned by the Participant (subject to such terms and conditions, if any, as
may be determined by the Administrator); (iii) by shares of Common Stock
withheld upon exercise but only if and to the extent that payment by such method
does not result in variable accounting or other accounting consequences deemed
unacceptable to the Corporation; (iv) by such other payment methods as may be
approved by the Administrator and which are acceptable under applicable law; or
(v) by any combination of the foregoing methods. Shares delivered or withheld in
payment of the Option Price shall be valued at their Fair Market Value on the
date of exercise, determined in accordance with the terms of the Plan.

         4.       NO RIGHT OF EMPLOYMENT OR SERVICE; FORFEITURE OF OPTION.
                  -------------------------------------------------------
Neither the Plan, this Agreement nor any other action related to the Plan shall
confer upon the Participant any right to continue in the employment or service
of the Corporation or an Affiliate or interfere with the right of the
Corporation or an Affiliate to terminate the Participant's employment or service
at any time. Except as otherwise expressly provided in the Plan or this
Agreement or as determined by the Administrator, all rights of the Participant
with respect to the Option shall terminate upon termination of the employment of
the Participant with the Corporation or an Affiliate.

         5.       TERMINATION OF EMPLOYMENT. Unless the Administrator determines
                  -------------------------
otherwise, the Option shall not be exercised unless the Participant is, at the
time of exercise, an Employee and has been an Employee continuously since the
date the Option was granted, subject to the following:

         (a)      The employment relationship of the Participant shall be
                  treated as continuing intact for any period that the
                  Participant is on military or sick leave or other bona fide
                  leave of absence, provided that the period of such leave does
                  not exceed __ days, or, if longer, as long as the
                  Participant's right to reemployment is guaranteed either by
                  statute or by contract. The employment relationship of the
                  Participant shall also be treated as continuing intact while
                  the Participant is not in active service because of
                  Disability. The Administrator shall have sole authority to
                  determine whether the Participant is disabled and, if
                  applicable, the Participant's Termination Date.

         (b)      Unless the Administrator determines otherwise (subject to any
                  requirements imposed under Code Section 409A), if the
                  employment of the Participant is terminated because of
                  Disability or death, the Option may be exercised only to the
                  extent vested and exercisable on the Participant's Termination
                  Date. The Option must be exercised, if at all, prior to the
                  first to occur of the following, whichever shall be applicable
                  (X) the close of the period of one year next succeeding the
                  Termination Date; or (Y) the close of the Option Period. In
                  the event of the Participant's death, the Option shall be
                  exercisable by such person or persons as shall have acquired
                  the right to exercise the Option by will or by the laws of
                  intestate succession.

         (c)      Unless the Administrator determines otherwise (subject to any
                  requirements imposed under Code Section 409A), if the
                  employment of the Participant is terminated for any reason
                  other than Disability, death or for Cause, the Option may be
                  exercised to the extent vested and exercisable on his or her
                  Termination Date. The Option must be exercised, if at all,
                  prior to the first to occur of the following, whichever shall
                  be applicable: (X) the close of the period of three months
                  next succeeding the Termination Date; or (Y) the close of the
                  Option period. If the Participant dies following such
                  termination of employment and prior to the date specified in
                  (X) of this subparagraph (c), the Participant shall be treated

                                       2
<PAGE>

                  as having died while employed under subparagraph (b)
                  immediately preceding (treating for this purpose the
                  Participant's date of termination of employment as the
                  Termination Date). In the event of the Participant's death,
                  the Option shall be exercisable by such person or persons as
                  shall have acquired the right to exercise the Option by will
                  or by the laws of intestate succession.

         (d)      Unless the Administrator determines otherwise (subject to any
                  requirements imposed under Code Section 409A), if the
                  employment of the Participant is terminated for Cause, the
                  Option shall lapse and no longer be exercisable as of his or
                  her Termination Date, as determined by the Administrator.

         6.       NOTICE OF DISPOSITION. To the extent that this Option is
                  ---------------------
designated as an Incentive Option, if Shares of Common Stock acquired upon
exercise of the Option are disposed of within two (2) years following the date
of grant or one (1) year following the transfer of such Shares to the
Participant upon exercise, the Participant shall, promptly following such
disposition, notify the Corporation in writing of the date and terms of such
disposition and provide such other information regarding the disposition as the
Administrator may reasonably require.

         7.       LIMITATION ON INCENTIVE OPTIONS. In no event shall there first
                  -------------------------------
become exercisable by the Participant in any one (1) calendar year Incentive
Options granted by the Corporation or any Parent or Subsidiary with respect to
shares having an aggregate Fair Market Value (determined at the time an
Incentive Option is granted) greater than $100,000. To the extent that any
Incentive Options are first exercisable by the Participant in excess of such
limitation, the excess shall be considered a Nonqualified Option.

         8.       NONTRANSFERABILITY OF OPTION. To the extent that this Option
                  ----------------------------
is designated as an Incentive Option, the Option shall not be transferable
(including by sale, assignment, pledge or hypothecation) other than by will or
the laws or intestate succession, or, in the Administrator's discretion, as may
otherwise be permitted in accordance with Section 422 of the Code and related
regulations. To the extent that this Option is treated as a Nonqualified Option,
the Option shall not be transferable (including by sale, assignment, pledge or
hypothecation) other than by will or the laws of intestate succession, except as
may be permitted by the Administrator in a manner consistent with the
registration provisions of the Securities Act of 1933, as amended (the
"Securities Act"). Except as may be permitted by the preceding, the Option shall
be exercisable during the Participant's lifetime only by him or her or by his or
her guardian or legal representative. The designation of a beneficiary in
accordance with the Plan does not constitute a transfer.

         9.       SUPERSEDING AGREEMENT; BINDING EFFECT. This Agreement
                  -------------------------------------
supersedes any statements, representations or agreements of the Corporation with
respect to the grant of the Option or any related rights, and the Participant
hereby waives any rights or claims related to any such statements,
representations or agreements. This Agreement does not supersede or amend any
existing confidentiality agreement, nonsolicitation agreement, noncompetition
agreement, employment agreement or any other similar agreement between the
Participant and the Corporation, including, but not limited to, any restrictive
covenants contained in such agreements. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective executors,
administrators, heirs, successors and assigns.

         10.      GOVERNING LAW. Except as otherwise provided in the Plan or
                  -------------
herein, this Agreement shall be construed and enforced according to the laws of
the State of Delaware, without regard to the conflict of laws provisions of any
state, and in accordance with applicable federal laws of the United States.

                                       3

<PAGE>

         11.      AMENDMENT AND TERMINATION; WAIVER. Subject to the terms of the
                  ---------------------------------
Plan, this Agreement may be modified or amended only by the written agreement of
the parties hereto. The waiver by the Corporation of a breach of any provision
of the Agreement by the Participant shall not operate or be construed as a
waiver of any subsequent breach by the Participant. Notwithstanding the
foregoing, the Administrator shall have unilateral authority to amend the Plan
and this Agreement (without Participant consent) to the extent necessary to
comply with applicable law or changes to applicable law (including but in no way
limited to Code Section 409A, Code Section 422 and federal securities laws).

         12.      NO RIGHTS AS STOCKHOLDER. The Participant and his or her legal
                  ------------------------
representatives, legatees and distributees shall not be deemed to be the holder
of any Shares subject to the Option and shall not have any rights of a
stockholder unless and until certificates for such Shares have been issued and
delivered to him or her or them.

         13.      WITHHOLDING; TAX MATTERS.
                  ------------------------

         (a)      The Participant acknowledges that the Corporation shall
                  require the Participant to pay the Corporation in cash the
                  amount of any tax or other amount required by any governmental
                  authority to be withheld and paid over by the Corporation to
                  such authority for the account of the Participant, and the
                  Participant agrees, as a condition to the grant of the Option
                  and delivery of the Shares or any other benefit, to satisfy
                  such obligations. Notwithstanding the foregoing, the
                  Corporation may establish procedures to permit the Participant
                  to satisfy such obligations in whole or in part, and any other
                  local, state, federal, foreign or other income tax obligations
                  relating to the Option, by electing (the "election") to have
                  the Corporation withhold shares of Common Stock from the
                  Shares to which the Participant is entitled. The number of
                  Shares to be withheld shall have a Fair Market Value as of the
                  date that the amount of tax to be withheld is determined as
                  nearly equal as possible to (but not exceeding) the amount of
                  such obligations being satisfied. Each election must be made
                  in writing to the Administrator in accordance with election
                  procedures established by the Administrator.

         (b)      The Participant acknowledges that the Corporation has made no
                  warranties or representations to the Participant with respect
                  to the tax consequences (including, but not limited to, income
                  tax consequences) related to the transactions contemplated by
                  this Agreement, and the Participant is in no manner relying on
                  the Corporation or its representatives for an assessment of
                  such tax consequences. The Participant acknowledges that there
                  may be adverse tax consequences upon acquisition or
                  disposition of the Shares subject to the Option and that the
                  Participant should consult a tax advisor prior to such
                  exercise or disposition. The Participant acknowledges that he
                  or she has been advised that he or she should consult with his
                  own attorney, accountant, and/or tax advisor regarding the
                  decision to enter into this Agreement and the consequences
                  thereof. The Participant also acknowledges that the
                  Corporation has no responsibility to take or refrain from
                  taking any actions in order to achieve a certain tax result
                  for the Participant.

         14.      ADMINISTRATION. The authority to construe and interpret this
                  --------------
Agreement and the Plan, and to administer all aspects of the Plan, shall be
vested in the Administrator, and the Administrator shall have all powers with
respect to this Agreement as are provided in the Plan. Any interpretation of the
Agreement by the Administrator and any decision made by it with respect to the
Agreement is final and binding.

         15.      NOTICES. Except as may be otherwise provided by the Plan or
                  -------
determined by the Administrator, any written notices provided for in this
Agreement or the Plan shall be in writing and shall be deemed sufficiently given

                                       4
<PAGE>

if either hand delivered or if sent by fax or overnight courier, or by postage
paid first class mail. Notices sent by mail shall be deemed received three
business days after mailed but in no event later than the date of actual
receipt. Notices shall be directed, if to the Participant, at the Participant's
address indicated on Schedule A (or such other address as may be designated by
the Participant in a manner acceptable to the Administrator), or, if to the
Corporation, at the Corporation's principal office, attention:
_____________________________, New York Community Bancorp, Inc. Notice may also
be provided by electronic submission, if and to the extent permitted by the
Administrator.

         16.      SEVERABILITY. The provisions of this Agreement are severable
                  ------------
and if any one or more provisions may be determined to be illegal or otherwise
unenforceable, in whole or in part, the remaining provisions shall nevertheless
be binding and enforceable.

         17.      RESTRICTIONS ON OPTION AND SHARES. The Corporation may impose
                  ---------------------------------
such restrictions on the Option and the Shares or other benefits underlying the
Option as it may deem advisable, including without limitation restrictions under
the federal securities laws, the requirements of any stock exchange or similar
organization and any blue sky, state or foreign securities laws applicable to
such Option or Shares. Notwithstanding any other provision in the Plan or the
Agreement to the contrary, the Corporation shall not be obligated to issue,
deliver or transfer shares of Common Stock, to make any other distribution of
benefits, or to take any other action, unless such delivery, distribution or
action is in compliance with all applicable laws, rules and regulations
(including but not limited to the requirements of the Securities Act). The
Corporation may cause a restrictive legend to be placed on any certificate for
Shares issued pursuant to the exercise of the Option in such form as may be
prescribed from time to time by applicable laws and regulations or as may be
advised by legal counsel.

         18.      EFFECT OF CHANGES IN STATUS. Unless the Administrator, in its
                  ---------------------------
sole discretion, determines otherwise (or unless required by Code Section 409A),
the Option shall not be affected by any change in the terms, conditions or
status of the Participant's employment, provided that the Participant continues
to be in the employ of the Corporation or an Affiliate. Without limiting the
foregoing, the Administrator has sole discretion to determine, subject to Code
Section 409A, at the time of grant of the Option or at any time thereafter, the
effect, if any, on the Option if the Participant's status as an Employee
changes, including but not limited to a change from full-time to part-time, or
vice versa, or if other similar changes in the nature or scope of the
Participant's employment occur.

         19.      RIGHT OF OFFSET. Notwithstanding any other provision of the
                  ---------------
Plan or the Agreement, the Corporation may reduce the amount of any payment
otherwise payable to or on behalf of the Participant by the amount of any
obligation of the Participant to the Corporation that is or becomes due and
payable and the Participant shall be deemed to have consented to such reduction.

         20.      COUNTERPARTS; FURTHER INSTRUMENTS. This Agreement may be
                  ---------------------------------
executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. The
parties hereto agree to execute such further instruments and to take such
further action as may be reasonably necessary to carry out the purposes and
intent of this Agreement.

               [SIGNATURES OF THE CORPORATION AND THE PARTICIPANT
                       FOLLOW ON SCHEDULE A/GRANT NOTICE.]

                                       5
<PAGE>

                        NEW YORK COMMUNITY BANCORP, INC.
                            2006 STOCK INCENTIVE PLAN

                        INCENTIVE STOCK OPTION AGREEMENT

                             SCHEDULE A/GRANT NOTICE
                             -----------------------

         1. Pursuant to the terms and conditions of the Corporation's 2006 Stock
Incentive Plan (the "Plan"), you (the "Participant") have been granted an option
(the "Option") to purchase ________ shares (the "Shares") of our Common Stock as
outlined below.

     Name of Participant:
                                                   -----------------------------
     Address:
                                                   -----------------------------
     Grant Date:
                                                   -----------------------------
     Number of Shares Subject to Option:
                                                   -----------------------------
     Option Price:
                                                   -----------------------------
     Type of Option:
                                                   -----------------------------
     Expiration Date (Last Day of Option Period):
                                                   -----------------------------
     Vesting Schedule/Conditions:
                                                   -----------------------------

         2.   By my signature below, I, the Participant, hereby acknowledge
receipt of this Grant Notice and the Option Agreement (the "Agreement") dated
__________ ___, 200__, between the Participant and New York Community Bancorp,
Inc. (the "Corporation") which is attached to this Grant Notice. I understand
that the Grant Notice and other provisions of Schedule A herein are incorporated
by reference into the Agreement and constitute a part of the Agreement. By my
                                                                        -----
signature below, I further agree to be bound by the terms of the Plan and the
-----------------------------------------------------------------------------
Agreement, including but not limited to the terms of this Grant Notice and the
-----------------------------------------------------------------------------
other provisions of Schedule A contained herein. The Corporation reserves the
-----------------------------------------------------------------------------
right to treat the Option and the Agreement as cancelled, void and of no effect
-----------------------------------------------------------------------------
if the Participant fails to return a signed copy of the Grant Notice within 30
-----------------------------------------------------------------------------
days of grant date stated above.
-------------------------------

Signature:                                      Date:
          -----------------------------------       ---------------------------

                                                Agreed to by:

                                                NEW YORK COMMUNITY BANCORP, INC.

                                                By:
                                                   -----------------------------

<PAGE>

Attest:

----------------------------------------

NOTE: IF THERE ARE ANY DISCREPANCIES IN THE NAME OR ADDRESS SHOWN ABOVE, PLEASE
MAKE THE APPROPRIATE CORRECTIONS ON THIS FORM. PLEASE RETAIN A COPY OF THE
AGREEMENT, INCLUDING THIS GRANT NOTICE, FOR YOUR FILES.

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