Document:

Form of Amended and Restated Transaction Bonus Agreement

 Exhibit 10.1 
 [SCHIFF NUTRITION INTERNATIONAL, INC. LETTERHEAD] 
 November 27, 2012 

CONFIDENTIAL 
 [Name] 

[Inside Address] 
  

	 	RE:	Amended and Restated Transaction Bonus Letter Agreement 

 Dear XXXX, 
 This letter amends and restates the letter agreement dated October 29, 2012
between you and Schiff Nutrition International, Inc. (the “Company”) pertaining to a bonus payable in the event that the merger contemplated by the Agreement and Plan of Merger among Bayer Healthcare LLC, Willow Road Company and the
Company dated October 29, 2012 (the “Bayer Merger Agreement”) was consummated. As you know, the Company terminated the Bayer Merger Agreement in accordance with its terms and thereafter entered into an Agreement and Plan of
Merger dated November 21, 2012 among Reckitt Benckiser LLC (“Parent”), Ascot Acquisition Corp. (“Merger Sub”), the Company and solely for purposes of Section 6.17 thereof Reckitt Benckiser Group plc (the
“Reckitt Merger Agreement”), pursuant to which Merger Sub has offered to purchase all of the outstanding shares of Class A Common Stock and Class B Common Stock of the Company for cash equal to $42.00 per share without
interest, less any applicable withholding taxes, upon the terms and subject to the conditions set forth in the Reckitt Merger Agreement and the related Offer to Purchase, dated November 16, 2012 and amended and restated on November 27,
2012, and in the related amended and restated Letter of Transmittal (together, as the same may be amended from time to time, the “Offer”). As your efforts contributed to both potential change in control transactions and the success
of the Company, we would like to reward you with a bonus of $            , (the “Bonus”), subject to the terms and conditions set forth below. 

As we want to encourage (i) a fast and successful consummation of the transactions contemplated by the Reckitt Merger Agreement, including the
initial acceptance by Merger Sub of Company shares tendered pursuant to the Offer (the “Offer Acceptance Date”) and (ii) you to remain employed with the Company through the Offer Acceptance Date, the Bonus is conditioned upon
and will be payable only if all the following conditions are met: 
  

	 	1.	The Offer Acceptance Date must occur on or before December 31, 2012; and 

	 	2.	You must be employed with the Company on the Offer Acceptance Date, or be terminated by the Company without Cause (as defined in your employment agreement dated [DATE]
with the Company) [(the “Employment Agreement”)]1 prior thereto. 

 If any of the foregoing conditions are not met, no Bonus will be
payable. If the conditions are met, the Bonus will be paid on the Offer Acceptance Date, reduced by any required withholdings for federal, state, local and/or employment taxes. 
 [In addition to the Bonus, the Company will pay the amount of any fiscal year 2013 annual bonus based on performance through the closing of the Merger (as defined in the Reckitt Merger Agreement) (the
“Closing Date”) and pro-rated based on the number of months plus any partial month in the fiscal year elapsed (“Pro Rata 2013 Bonus”). You acknowledge and agree that for all purposes of the Employment Agreement, the
term “Pro Rata Bonus” shall not include the amount of any Pro Rata 2013 Bonus paid, but shall be determined only based on any annual bonus earned during fiscal year 2013 based on performance for the period after the Closing Date.]2 
 If you agree to the terms and conditions described in this letter agreement, please sign a copy in the space indicated below and return it to [NAME] by [DATE]. You will not receive the Bonus unless you
sign and return this letter. 
 We appreciate your hard work and commitment and look forward to a successful transaction. 

Sincerely, 
  

					
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Agreed to and Acknowledged as of the date first above written: 

 

			
	  
	  	
	Name:	  	

  

	1 	Bracketed language for T. Amin agreement only. 

	2 	Bracketed language for T. Amin agreement only.Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment
Agreement (“Agreement”) is made and entered into as of the 26th day of November 2012 (“Effective Date”), by and among Provident New York Bancorp, a Delaware corporation (the “Company), Provident Bank, a savings bank organized and existing under the
laws of the United States of America (the “Bank”; and together with the Company, “Provident”), and Luis Massiani (“Executive”). 
 WITNESSETH: 
 WHEREAS, the Company and the Bank desire to employ
Executive in the capacities and on the terms set forth herein; and 
 WHEREAS, Executive desires to accept such
employment in the capacities and on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the premises and
the mutual covenants and obligations hereinafter set forth, the Company, the Bank and Executive hereby agree as follows: 
 1.
Employment 
 Subject to the terms set forth herein, Executive will be employed as of the Start Date (as
defined in Section 2(a)) as an Executive Vice President of the Company and the Bank and shall be appointed Executive Vice President, Chief Financial Officer of the Company and the Bank upon the resignation of the Company’s and the
Bank’s existing Executive Vice President, Chief Financial Officer. Executive shall have such authority, perform such duties and fulfill such responsibilities commonly incident to such positions or which are delegated to Executive by the
President and Chief Executive Officer of the Company and the Bank. While employed, Executive shall devote his full business time and attention to the business and affairs of Provident and shall use his best efforts to advance the interests of
Provident. 
 2. Employment Period 

(a) Duration. Executive’s period of employment with Provident shall begin on December 5, 2012 (“Start Date”),
and shall continue until the third anniversary of the Start Date (or if a Change in Control occurs prior to such third anniversary, not earlier than the one year anniversary of the date of the Change in Control), unless terminated prior thereto by
either Provident or Executive in accordance with Section 6 hereof (such period of employment being the “Employment Period”). 
 (b) Employment Following Termination of Employment Period. Nothing in this Agreement shall mandate or prohibit a continuation of Executive’s employment following the expiration of the
Employment Period upon such terms and conditions as the Company, the Bank, and Executive may agree. 

 3. Compensation 

(a) Base Salary. In consideration for the services performed by Executive during the Employment Period, Provident shall pay to
Executive an annual salary (“Base Salary”) of $350,000. The Base Salary shall be paid in approximately equal installments in accordance with the Bank’s customary payroll practices. 

(b) Annual Bonus. During the Employment Period, Executive shall be eligible to participate in Provident’s Short-Term
Incentive Plan (or any successor thereto).
 (c) Long-Term Compensation. During the Employment Period, Executive shall be
eligible to participate in any equity and/or other long-term compensation programs established by Provident from time to time for senior executive officers on a basis consistent with Executive’s status as an Executive Vice President of the
Company and the Bank. As of the Start Date, Executive shall be granted equity-based awards (the “Start Date Equity Awards”) covering the Company’s common stock (“Common Stock”) as follows: 

(i) An incentive stock option covering 25,000 shares of Common Stock (the “Covered Shares”) that shall vest annually as to
one-third of the number of the Covered Shares (rounded to the nearest whole number) on each of the first three anniversaries of the Start Date, subject to Executive’s continued employment with Provident. The per share exercise price of the
incentive stock option shall be equal the closing price of the Common Stock on the Start Date, as reported on the New York Stock Exchange.
 (ii) A restricted stock award covering 12,000 shares of Common Stock. Such shares shall vest annually at a rate of 33-1/3% on each of the first three anniversary dates of the Start Date, subject to
Executive’s continued employment with Provident. 
 The Start Date Equity Awards shall be subject to the terms and conditions of the
Company’s standard forms of award agreements and such other customary terms and conditions as the Company may establish. 

(d) Employee Benefit Plans; Paid Time Off. 
 (i) Benefit Plans. During the Employment Period, Executive shall be an employee of the Company and the Bank and shall be entitled to participate in Provident’s (A) tax-qualified
retirement plans (as of the date hereof, Provident’s 401(k) and Profit Sharing Plan and Employee Stock Ownership Plan); (B) group life, health and disability insurance plans; and (C) any other employee benefit plans and programs, in
accordance with Provident’s customary practices, provided that Executive’s participation shall be subject to the terms of such plans and programs (including being a member of the class of employees authorized to participate in the plan or
program), and provided further that nothing herein shall limit Provident’s right to amend or terminate any such plans or programs. 
 (ii) Paid Time Off. Executive shall be entitled to four (4) weeks of paid vacation time each year during the Employment Period (measured on a fiscal or calendar year basis, in accordance with
the Provident’s usual practices), as well as sick leave, holidays and other paid absences in accordance with Provident’s policies and procedures for senior 

  
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executives. Any unused paid time off during an annual period may be carried forward into the following year to the extent permitted under Provident’s policies and procedures and Executive
shall not be compensated for any unused paid time off. 
 (e) Expenses. Provident shall reimburse Executive for
Executive’s ordinary and necessary business expenses and travel and entertainment expenses incurred in connection with the performance of his duties under this Agreement upon presentation to Provident of an itemized account of such expenses in
such form as Provident may reasonably require. 
 4. Principal Place of Employment 

Executive’s principal place of employment during the Employment Period shall be at the Company’s principal executive offices or
at such other location upon which the Company and Executive may mutually agree. 
 5. Outside Activities and Board
Memberships 
 Except with the prior written consent of the Company, Executive will not, during the term of
Executive’s employment, undertake or engage in any other employment, occupation or business enterprise that would interfere with Executive’s responsibilities and the performance of Executive’s duties hereunder; provided,
however, that Executive will be permitted to serve as a director of other for-profit and not-for-profit organizations and corporations so long as (a) such services does not interfere with the performance of Executive’s obligations
hereunder, (b) such organizations and corporations are not competitive in any business area in which the Company or the Bank is engaged and (c) such service is approved by the Board of Directors of the Company (“the Board”) prior
to the commencement of such service. 
 6. Termination of Employment 

(a) Termination by Provident Without Cause. 
 (i) Provident shall have the right to terminate Executive’s employment at any time during the Employment Period without Cause by giving notice to Executive as described in Section 6(f). For sake
of clarity, neither termination of Executive’s employment pursuant to Section 6(e) nor upon or after expiration of the Employment Period shall constitute a termination without Cause for purposes of this Section 6. 

(ii) In the event that Provident terminates Executive’s employment during the Employment Period without Cause: 

(A) Provident shall pay or provide to Executive any Accrued Obligations; 

(B) If such termination of employment occurs within one year after a Change in Control, subject to Section 6(g), Provident shall
(I) pay to Executive within sixty (60) days following the date of termination a lump sum cash payment (the “CIC Severance Payment”) equal to the sum of (x) Executive’s Base Salary immediately prior to termination of
employment and (y) Executive’s target bonus for the fiscal year that includes the date of termination, and (II) 

  
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pay to Executive on a monthly basis commencing with the first month following Executive’s termination of employment and continuing until the eighteenth month following Executive’s
termination of employment a cash payment (subject to reduction for applicable withholding taxes) equal to the monthly COBRA premium in effect as of the date of Executive’s termination of employment for the level of coverage in effect for
Executive under Provident’s group health plan (the “CIC COBRA Payments”). 
 (b) Termination by Provident for
Cause. Provident shall have the right to terminate Executive’s employment at any time during the Employment Period for Cause by giving notice to Executive as provided in Section 6(f) hereof. In the event Executive’s employment is
terminated for Cause, Provident’s sole obligation shall be to pay or provide to Executive any Accrued Obligations. 
 (c)
Resignation by Executive Without Good Reason. Executive may resign from employment during the Employment Period without Good Reason at any time by giving notice to the Company as described in Section 6(f). In the event Executive resigns
from employment without Good Reason, Provident’s sole obligation shall be to pay or provide to Executive any Accrued Obligations. 
 (d) Resignation by Executive for Good Reason. Executive may resign from employment under this Agreement for Good Reason by giving notice to Provident as described in Section 6(f). In the event
Executive resigns from employment for Good Reason, Provident shall pay or provide to Executive the same payments and benefits subject to the same terms and conditions, as described in Sections 6(a)(ii)(A)-(B) as if Executive’s
employment was terminated by Provident without Cause pursuant to Section 6(a) as of the date of Executive’s termination of employment for Good Reason. 
 (e) Termination by Reason of Death or Disability of Executive. 
 (i) In the
event of Executive’s death during the Employment Period, Provident’s sole obligation shall be to pay to Executive’s legal representatives any Accrued Obligations. 

(ii) Provident shall be entitled to terminate Executive’s employment due to Executive’s Disability. If Executive’s
employment hereunder is terminated due to Executive’s Disability, Provident’s sole obligation shall be to pay or provide to Executive any Accrued Obligations. 
 (f) Notice; Effective Date of Termination. Notice of termination of employment under this Agreement shall be communicated by or to Executive (on one hand) or Provident (on the other hand) in
writing in accordance with Section 13. Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest of: 
 (i) immediately after Provident gives notice to Executive of Executive’s termination without Cause, unless the parties agree to a later date, in which case, termination shall be effective as of such
later date; 

  
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 (ii) immediately upon approval by the Board of termination of Executive’s employment
for Cause; 
 (iii) immediately upon Executive’s death; 

(iv) in the case of termination by reason of Executive’s Disability, the date on which Executive is determined to be permanently
disabled for purposes of Provident’s long-term disability plan or policy that covers Executive; or 
 (v) thirty
(30) days after Executive gives written notice to Provident of Executive’s resignation from employment under this Agreement (including for Good Reason), provided that the Company or the Bank may set an earlier termination date at any time
prior to the date of termination of employment, in which case Executive’s resignation shall be effective as of such other date. 
 (g) General Release of Claims. Executive shall not be entitled to the CIC Severance Payment or the CIC COBRA Payments (together, the CIC Severance Benefits”) pursuant to Section 6(a) or
6(d) hereof unless (i) Executive has executed and delivered to the Company a general release of claims (in such form as the Company shall specify) (the “Release”) and such Release has become irrevocable under the Age Discrimination in
Employment Act (ADEA) not later than fifty-six (56) days after the date of Executive’s termination of employment hereunder. Executive’s entitlement to any CIC Severance Benefits is further conditioned upon Executive returning to
Provident all property of Provident on or prior to the date of Executive’s termination of employment with Provident and complying with the terms of Sections 5, 8, and 9 hereof and the Release. Provident shall deliver to Executive a copy of the
Release not later than three (3) days after Executive’s termination of employment hereunder after a Change in Control pursuant to Section 6(a) or 6(d) hereof. 
 (h) No Other Severance Benefits. Executive acknowledges that any of the CIC Severance Benefits paid hereunder are in lieu of, and not in addition to, any payments and/or benefits to which Executive
may otherwise be entitled under any severance plan, policy or program of Provident. 
 (i) Payment of Obligations.
Notwithstanding anything to the contrary herein, any payment obligation of the Company or the Bank under this Agreement may be satisfied in whole or in part by payment by the Company, the Bank, or any affiliate and any such payment shall, for
purposes of this Agreement, be treated as if made by the Company or the Bank (as applicable). 
 (j) Resignation from
Positions. Upon termination of Executive’s employment for any reason, Executive shall promptly (i) resign from all positions (including, without limitation, any management, officer, or director position) with Provident and
(ii) relinquish any power of attorney, signing authority, trust authorization, or bank account signatory authorization that Executive may hold on behalf of Provident. Executive’s execution of this Agreement shall be deemed the grant by
Executive to the officers of the Company and the Bank of a limited power of attorney to sign in Executive’s name and on Executive’s behalf such documentation as may be necessary or appropriate for the limited purposes of effectuating such
resignations and relinquishments. 

  
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 (k) Golden Parachute Limit. Notwithstanding any other provision of this Agreement, in
the event that any portion of the CIC Severance Benefits or any other payment or benefit received or to be received by Executive (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (collectively, the
“Total Benefits”) would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Excise Tax”), the Total Benefits shall be reduced to
the extent necessary so that no portion of the Total Benefits is subject to the Excise Tax; provided, however, that no such reduction in the Total Benefits shall be made if by not making such reduction, Executive’s Retained Amount (as
hereinafter defined) would be greater than Executive’s Retained Amount if the Total Benefits are so reduced. All determinations required to be made under this Section 6(k) shall be made by tax counsel selected by Provident and reasonably
acceptable to Executive (“Tax Counsel”), which determinations shall be conclusive and binding on Executive and Provident absent manifest error. All fees and expenses of Tax Counsel shall be borne solely by Provident. Prior to any
reduction in Executive’s Total Benefits pursuant to this Section 6(k), Tax Counsel shall provide Executive and the Company with a report setting forth its calculations and containing related supporting information. In the event any such
reduction is required, the Total Benefits shall be reduced in the following order: (i) the CIC COBRA Payments, (ii) the CIC Severance Payment, (iii) any other portion of the Total Benefits that are not subject to Section 409A of
the Code (other than Total Benefits resulting from any accelerated vesting of equity awards), (iv) Total Benefits that are subject to Section 409A of the Code in reverse order of payment, and (v) Total Benefits that are not subject to
Section 409A and arise from any accelerated vesting of any equity awards. The parties hereto hereby elect to use the applicable Federal rate that is in effect on the date this Agreement is entered into for purposes of determining the present
value of any payments provided for hereunder for purposes of Section 280G of the Code. “Retained Amount” shall mean the present value (as determined in accordance with sections 280G(b)(2)(A)(ii) and 290G(d)(4) of the Code) of the
Total Benefits net of all federal, state and local taxes imposed on Executive with respect thereto. 
 7. Certain
Definitions  
 (a) “Accrued Obligations” means (i) any accrued and unpaid Base Salary of
Executive through the date of termination of employment, payable pursuant to the Bank’s standard payroll policies, (ii) any compensation and benefits to the extent payable to Executive based on Executive’s participation in any
compensation or benefit plan, program or arrangement of Provident through the date of termination of employment, payable in accordance with the terms of such plan, program or arrangement, and (iii) any expense reimbursement to which Executive
is entitled under Provident’s standard expense reimbursement policy (as applicable) and Sections 3(e) and 10 hereof. 
 (b)
“Cause” means Executive’s failure or refusal to substantially perform his duties hereunder, personal dishonesty, incompetence, misconduct, breach of fiduciary duty to the Company or the Bank, breach of the Bank’s Code of
Ethics, material violation of the Sarbanes-Oxley or other legal requirements for officers of public companies that in the reasonable opinion of the Board will likely cause material financial harm or material injury to the reputation of the Company
or the Bank, engaging in actions that in the reasonable opinion of the Board will likely cause material financial harm or material injury to the business reputation of the Company or Bank, willful violation of any law, rule or regulation (other than
routine traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of this Agreement.  

  
 6 

 (c) “Change in Control” means the occurrence of any of the following:

 (i) any “person” (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)), other than any employee benefit plan of Provident or any affiliate, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing 25% or more of the combined voting power of Company’s outstanding securities; or 
 (ii)
individuals who constitute the Board on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose
election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Company’s stockholders was approved by the Nominating Committee serving under an Incumbent
Board, shall be, for purposes of this clause (ii), considered as though such person were a member of the Incumbent Board; or 

(iii) the Company consummates a merger, consolidation, share exchange, division or other reorganization or transaction of the Company (a
“Fundamental Transaction”) with any other corporation, other than a Fundamental Transaction that results in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined Voting Power immediately after such Fundamental Transaction of (i) the Company’s
outstanding securities, (ii) the surviving entity’s outstanding securities or (iii) in the case of a division, the outstanding securities of each entity resulting from the division; or 

(iv) the shareholders of the Company approve a plan of complete liquidation or winding up of the Company; or 

(v) the consummation of an agreement for the sale or disposition (in one transaction or a series of transactions) of all or substantially
all of the Company’s or the Bank’s assets. 
 (d) “Disability” means that Executive is deemed
disabled for purposes of Provident’s long-term disability plan or policy that covers Executive. 
 (e) “Good
Reason” means the occurrence of any of the following events (without Executive’s consent): 
 (i) a material
adverse change in Executive’s functions, duties, or responsibilities with the Company and the Bank, which change would cause Executive’s position to become one of materially lesser responsibility, importance, or scope; or 

(ii) a material breach of this Agreement by the Company or the Bank. 

  
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 Notwithstanding the foregoing, no such event shall constitute “Good Reason” unless
(a) Executive shall have given written notice of such event to Provident within ninety (90) days after the initial occurrence thereof, (b) the Company and the Bank shall have failed to cure the situation within thirty (30) days
following the delivery of such notice (or such longer cure period as may be agreed upon by the parties), and (c) Executive terminates employment within thirty (30) days after expiration of such cure period. 

8. Confidentiality. Unless Executive obtains prior written consent from the Company or the Bank, Executive shall
keep confidential and shall refrain from using for the benefit of Executive, or any person or entity other than the Company, the Bank or any entity which is a subsidiary or affiliate of the Company or the Bank or of which the Company or the Bank is
a subsidiary or affiliate, any document or information obtained from the Company, the Bank or from any of their respective parents, subsidiaries or affiliates, in the course of Executive’s employment with any of them concerning their
properties, operations or business (unless such document or information is readily ascertainable from public or published information or trade sources or has otherwise been made available to the public through no fault of Executive) until the same
becomes so ascertainable or available; provided, however, that nothing in this Section shall prevent Executive, with or without the Bank’s or the Company’s consent, from participating in or disclosing documents or information in connection
with any judicial or administrative investigation, inquiry or proceeding to the extent that such participation or disclosure is required under applicable law. 
 9. Non-Solicitation; Post-Termination Cooperation 
 (a)
Executive hereby covenants and agrees that, while employed by Provident and for a period of one year following Executive’s termination of employment with Provident (whether or not during the Employment Period), Executive shall not, without the
prior written consent of the Company, either directly or indirectly: 
 (i) solicit, offer employment to, or take any other
action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Company, the Bank or any of their respective subsidiaries or affiliates to terminate his or her
employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever, to any other person, business or entity; or 
 (ii) solicit, provide any information, advice or recommendation or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any
customer of the Company or the Bank or any of their affiliates to terminate an existing business or commercial relationship with the Company or the Bank or any of their affiliates. 

(b) Executive shall, upon reasonable notice, furnish such information and assistance to the Company and/or the Bank, as may reasonably be
required by the Company and/or the Bank, in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party; provided, however, that Executive shall not be required to provide information or assistance
with respect to any litigation between Executive and the Company, the Bank or any of their subsidiaries or affiliates. 

  
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 (c) All payments and benefits to Executive under this Agreement shall be subject to
Executive’s compliance with this Section. The parties hereto, recognizing that irreparable injury will result to the Company, the Bank and/or their affiliates, and their business and property in the event of Executive’s breach of this
Section, agree that, in the event of any such breach by Executive, the Company and the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive and all persons
acting for or with Executive. Nothing herein will be construed as prohibiting the Company and the Bank from pursuing any other remedies available to them for such breach or threatened breach, including the recovery of damages from Executive.

 10. Section 409A of the Code 

This Agreement is intended to comply with the requirements of Section 409A of the Code (including the exceptions thereto), to the
extent applicable, and Provident shall administer and interpret this Agreement in accordance with such requirements. If any provision contained in the Agreement conflicts with the requirements of Section 409A of the Code (or the exemptions
intended to apply under the Agreement), the Agreement shall be deemed to be reformed to comply with the requirements of Section 409A of the Code (or the applicable exemptions thereto). Notwithstanding anything to the contrary herein, for
purposes of determining any entitlement of Executive to the CIC Severance Benefits, (i) Executive’s employment shall not be deemed to have terminated unless and until Executive incurs a “separation from service” as defined in
Section 409A of the Code. Reimbursement of any expenses provided for in this Agreement shall be made promptly upon presentation of documentation in accordance with Provident’s policies with respect thereto as in effect from time to
time (but in no event later than the end of calendar year following the year such expenses were incurred); provided, however, that in no event shall the amount of expenses eligible for reimbursement hereunder during a calendar year
affect the expenses eligible for reimbursement in any other taxable year. Notwithstanding anything to the contrary herein, if a payment or benefit under this Agreement is due to a “separation from service” for purposes of the rules
under Treas. Reg. § 1.409A-3(i)(2) (payments to specified employees upon a separation from service) and Executive is determined to be a “specified employee” (as determined under Treas. Reg. § 1.409A-1(i) and related Company
procedures), such payment shall, to the extent necessary to comply with the requirements of Section 409A of the Code, be made on the later of (x) the date specified by the foregoing provisions of this Agreement or (y) the date that is
six (6) months after the date of Executive’s separation from service (or, if earlier, the date of Executive’s death). Any installment payments that are delayed pursuant to this Section 10 shall be accumulated and paid in a
lump sum on the first day of the seventh month following the Date of Termination (or, if earlier, upon Executive’s death) and the remaining installment payments shall begin on such date in accordance with the schedule provided in this
Agreement. Each installment of the CIC COBRA Payments shall be deemed to be a separate payment for purposes of Section 409A of the Code. The CIC Severance Benefits are intended not to constitute deferred compensation subject to
Section 409A of the Code.
 11. Additional Termination and Suspension Provisions 

(a) If Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice
served under Section 8(e)(3) or (g)(1) of the Federal 

  
 9 

 
Deposit Insurance Act, as amended (12 U.S.C. §§ 1818(e)(3) and (g)(1)), all obligations of the Company and the Bank under this Agreement shall be suspended as of the date of service
unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Company and the Bank may in their discretion (but subject in all events to the requirements of Code Section 409A), (i) pay Executive all of the
compensation withheld while the Company’s and the Bank’s obligations under this Agreement were suspended and (ii) reinstate (in whole) any of the Company’s and the Bank’s obligations which were suspended, and in exercising
such discretion, the Company and the Bank shall consider the facts and make a decision promptly following such dismissal of charges and act in good faith in deciding whether to pay any withheld compensation to Executive and to reinstate any
suspended obligations of the Company and the Bank. 
 (b) If Executive is removed and/or permanently prohibited from
participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act, as amended (12 U.S.C. §§ 1818(e)(4) or (g)(1)), all obligations of the Company and the
Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected. 
 (c) If the Bank is in default, as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, as amended (12 U.S.C. § 1813(x)(1)), all obligations of the Company and the Bank under this
Agreement shall terminate as of the date of default, but this provision shall not affect any vested rights of the parties. 

(d) All obligations under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is
necessary for the continued operation of the Bank, (i) by the OCC or other applicable banking regulator (the “Regulator”), at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the
authority contained in Section 13(c) of the Federal Deposit Insurance Act, as amended; or (ii) by the Regulator, at the time the Regulator approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank
is determined by the Regulator to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 
 (e) If any regulation applicable to the Company or the Bank shall hereafter be adopted, amended or modified or if any new regulation applicable to the Company or the Bank and effective after the date of
this Agreement: 
 (i) shall require the inclusion in this Agreement of a provision not presently included in this Agreement,
then the foregoing provisions of this Section shall be deemed amended to the extent necessary to give effect in this Agreement to any such amended, modified or new regulation; and 

(ii) shall permit the exclusion of a limitation in this Agreement on the payment to Executive of an amount or benefit provided for
presently in this Agreement, then the foregoing provisions of this Section shall be deemed amended to the extent permissible to exclude from this Agreement any such limitation previously required to be included in this Agreement by a regulation
prior to its amendment, modification or repeal. 

  
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 12. Arbitration. Any dispute or controversy arising out of, under, in
connection with, or relating to this Agreement or any amendment hereof shall be submitted to binding arbitration before one arbitrator in Rockland County, New York in accordance with the Commercial Arbitration Rules of the American Arbitration
Association for expedited arbitration, and any judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 
 13. Notices. The persons or addresses to which mailings or deliveries shall be made may change from time to time by notice given pursuant to the provisions of this Section. Any notice
or other communication given pursuant to the provisions of this Section shall be deemed to have been given (a) if sent by messenger, upon personal delivery to the party to whom the notice is directed; (b) if sent by reputable overnight
courier, one business day after delivery to such courier; (c) if sent by facsimile, upon electronic or telephonic confirmation of receipt from the receiving facsimile machine and (d) if sent by mail, three business days following deposit
in the United States mail, properly addressed, postage prepaid, certified or registered mail with return receipt requested. All notices required or permitted to be given hereunder shall be addressed as follows: 

 

					
	If to Executive:	  	Luis Massiani	  	
			
		  	  
	  	
			
		  	  
	  	
		
	If to the Company or the Bank:	  	 Provident New York Bancorp or Provident Bank as applicable
 400 Rella Boulevard

		  	Montebello, New York 10901
		  	Attention: Chief Executive Officer

 14. Amendment. No modifications of this Agreement shall be valid unless made in
writing and signed by the parties hereto. 
 15. Miscellaneous 

(a) Successors and Assigns. This Agreement will inure to the benefit of and be binding upon Executive, his legal representatives
and estate and intestate distributees, and the Company and the Bank, their successors and assigns, including any successor by merger or consolidation or a statutory receiver or any other person or firm or corporation to which all or substantially
all of the assets and business of the Company or the Bank, as applicable, may be sold or otherwise transferred. Any such successor of the Company or the Bank shall be deemed to have assumed this Agreement and to have become obligated hereunder to
the same extent as the Company or the Bank, as applicable, and Executive’s obligations hereunder shall continue in favor of such successor. 
 (b) Severability. A determination that any provision of this Agreement is invalid or unenforceable shall not affect the validity or enforceability of any other provision hereof. 

  
 11 

 (c) Waiver. Failure to insist upon strict compliance with any terms, covenants or
conditions hereof shall not be deemed a waiver of such term, covenant or condition. A waiver of any provision of this Agreement must be made in writing, designated as a waiver, and signed by the party against whom its enforcement is sought. Any
waiver or relinquishment or any right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times. 

(d) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all
of which shall constitute one and the same Agreement. 
 (e) Governing Law. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York, without reference to conflicts of law principles, except to the extent governed by federal law in which case federal law shall govern. Any payments made to Executive
pursuant to this Agreement or otherwise are subject to all applicable banking laws and regulations, including, without limitation, 12 U.S.C. § 1828 (k) and any regulations promulgated thereunder. 

(f) Withholding. The Company and the Bank may withhold from any amounts payable to Executive hereunder all federal, state, city or
other taxes that the Company or the Bank may reasonably determine are required to be withheld pursuant to any applicable law or regulation (it being understood, that Executive shall be responsible for payment of all taxes in respect of the payments
and benefits provided herein). 
 (g) Headings and Construction. The headings of sections in this Agreement are for
convenience of reference only and are not intended to qualify the meaning of any Section. Any reference to a Section number shall refer to a Section of this Agreement, unless otherwise specified. 

(h) Entire Agreement. This instrument contains the entire agreement of the parties relating to the subject matter hereof, and
supersedes in its entirety any and all prior agreements, understandings or representations relating to the subject matter hereof. 
 [Signatures on next page] 

  
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 IN WITNESS WHEREOF, the Company and the Bank have caused this Agreement to be
executed and Executive has hereunto set his hand, all as of the Effective Date specified above. 
  

					
		 		 	EXECUTIVE
			
	 November 26, 2012
	 		 	 /s/ Luis Massiani

	Date	 		 	Luis Massiani
			
		 		 	PROVIDENT NEW YORK BANCORP
			
	  
	 		 	  

	Date	 		 	By:
			
		 		 	  

		 		 	PROVIDENT BANK
			
	  
	 		 	  

	Date	 		 	By:

  
 13

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