Document:

EX-10.22

 Exhibit 10.22 

JOINDER AGREEMENT 

THIS JOINDER AGREEMENT (this “Agreement”), dated as of September 2, 2016 (the “Joinder Date”), by and among
(i) PNC BANK, NATIONAL ASSOCIATION (“PNC”), in its capacity as agent for the Lenders under the Credit Agreement (as hereinafter defined) (PNC, together with its successors and assigns in such capacity, the “Agent”),
(ii) MAMMOTH ENERGY PARTNERS LP, a limited partnership under the laws of the State of Delaware (“Mammoth”), REDBACK ENERGY SERVICES LLC, a limited liability company under the laws of the State of Delaware (“Redback
Energy”), REDBACK COIL TUBING LLC, a limited liability company under the laws of the State of Delaware (“Redback Coil”), MUSKIE PROPPANT LLC, a limited liability company under the laws of the State of Delaware
(“Muskie”), PANTHER DRILLING SYSTEMS LLC, a limited liability company under the laws of the State of Delaware (“Panther”), BISON DRILLING AND FIELD SERVICES LLC, a limited liability company under the laws of the
State of Delaware (“Bison Drilling”), BISON TRUCKING LLC, a limited liability company under the laws of the State of Delaware (“Bison Trucking”), WHITE WING TUBULAR SERVICES LLC, a limited liability company under
the laws of the State of Delaware (“White Wing”), GREAT WHITE SAND TIGER LODGING LTD., a Canadian limited company (“Sand Tiger”), STINGRAY PRESSURE PUMPING LLC, a limited liability company under the laws of the
State of Delaware (“Stingray Pressure”), STINGRAY LOGISTICS LLC, a limited liability company under the laws of the State of Delaware (“Stingray Logistics”), MAMMOTH ENERGY INC., a corporation organized under the
laws of the State of Delaware (“Mammoth Inc.”), and BARRACUDA LOGISTICS LLC, a limited liability company organized under the laws of the State of Delaware (“Barracuda”; and together with Mammoth, Redback Energy,
Redback Coil, Muskie, Panther, Bison Drilling, Bison Trucking, White Wing, Sand Tiger, Stingray Pressure, Stingray Logistics and Mammoth Inc., individually, each an “Existing Borrower”, and together, collectively, the “Existing
Borrowers”) and (iii) SILVERBACK ENERGY SERVICES LLC, a limited liability company organized under the laws of the State of Delaware (the “Applicant”). 

WHEREAS, Existing Borrowers, Agent and each of the financial institutions from time to time party thereto (collectively, the
“Lenders”) are parties to that certain Revolving Credit and Security Agreement, dated as of November 25, 2014 (as heretofore and may hereafter be amended, amended and restated, joined, extended, supplemented and/or otherwise
modified from time to time, the “Credit Agreement”). Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Credit Agreement. 

WHEREAS, Applicant desires to become a “Borrower” pursuant to the terms of the Credit Agreement. 

NOW THEREFORE, the Applicant, together with the Existing Borrowers hereby agree, jointly and severally with the Agent and Lenders as
follows: 
 A. Applicant hereby acknowledges, agrees and confirms that, as of the date hereof and as if it had executed the Credit Agreement
and the Other Documents, it shall be and shall have all of the obligations of a Borrower (as defined in the Credit Agreement) set forth in the Credit Agreement and shall be a party of identical capacity and obligations as a Borrower to the Credit
Agreement and each of the Other Documents. As of the date hereof, Applicant hereby 

 
ratifies and agrees to be bound by all of the terms, provisions and conditions contained in the Credit Agreement and the Other Documents that are binding upon Borrowers, including, without
limitation (a) all of the representations and warranties of Borrowers set forth in Article V of the Credit Agreement, as supplemented from time to time in accordance with the terms thereof, and (b) all of the covenants set
forth in Articles VI and VII of the Credit Agreement (and as to these clauses (a) and (b) giving due account to the date of Applicant’s formation). 

B. Without limiting the generality of the foregoing provisions, Applicant hereby grants to Agent, for the benefit of the Lenders, as of the
date hereof and as security for the Obligations, a continuing first priority security interest in and Lien upon, and pledges to Agent, all of its right, title and interest in, to and upon all of the Applicant’s assets, now owned or hereafter
acquired, including the Collateral of Applicant, pursuant to the terms a provisions as set forth in Article IV of the Credit Agreement and in each Other Document. 

C. Applicant acknowledges and confirms that it has received a copy of the Credit Agreement and the exhibits, schedules and other attachments
thereto and the Other Documents. The Schedules to the Credit Agreement are amended to include the information relating to Applicant set forth on the attached Exhibit A. 

D. Existing Borrowers confirm that all of their obligations under the Credit Agreement and the Other Documents are, and upon Applicant
becoming a “Borrower” thereunder or otherwise party thereto pursuant to the terms hereof, shall continue to be, in full force and effect. 

E. Existing Borrowers further confirm that, as of the date hereof, the term “Obligations”, as used in the Credit Agreement, shall
include all Obligations of the Applicant under the Credit Agreement and each Other Document. This Agreement shall be an Other Document for all purposes. 

F. Existing Borrowers and the Applicant agrees that at any time and from time to time, upon the written request of Agent, they will execute
and deliver such further documents and do such further acts and things as the Agent or the Lenders may reasonably request in order to effect the purposes of this Agreement. 

G. This Agreement may be executed in one or more counterparts (which taken together, as applicable, shall constitute one and the same
instrument) and by facsimile transmission, which facsimile signatures shall be considered original executed counterparts. Each party to this Agreement agrees that it will be bound by its own facsimile signature and that it accepts the facsimile
signature of each other party. 
 [The remainder of this page has been intentionally left blank.] 

  
 2 

 IN WITNESS WHEREOF, the Applicant, Existing Borrowers, Agent and the Lenders have caused this
Agreement to be duly executed and delivered by its authorized officer as of the day and year first above written. 
  

			
	APPLICANT:
	
	SILVERBACK ENERGY SERVICES LLC
		
	By:	 	 /s/Arthur Amron

	Name:	 	Arthur Amron
	Title:	 	Vice President and Assistant Secretary

 [Signature Page to Joinder Agreement (Silverback)] 

 
			
	EXISTING BORROWERS:
	
	MAMMOTH ENERGY PARTNERS LP
		
	By:	 	Mammoth Energy Partners GP LLC, its general partner
		
	By:	 	 /s/Arthur Amron

	Name:	 	Arthur Arnron
	Title:	 	Vice President and Assistant Secretary
	
	BARRACUDA LOGISTICS LLC
	BISON DRILLING AND FIELD SERVICES LLC
	BISON TRUCKING LLC
	GREAT WHITE SAND TIGER LODGING LTD.
	MAMMOTH ENERGY INC.
	MUSKIE PROPPANT LLC
	PANTHER DRILLING SYSTEMS LLC
	REDBACK COIL TUBING LLC
	REDBACK ENERGY SERVICES LLC
	STINGRAY LOGISTICS LLC
	STINGRAY PRESSURE PUMPING LLC
	WHITE WING TUBULAR SERVICES LLC
		
	By:	 	 /s/Arthur Amron

	Name:	 	Arthur Arnron
	Title:	 	Vice President and Assistant Secretary

 [Signature Page to Joinder Agreement (Silverback)] 

 
			
	AGENT:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Ronald Eckhoff

	Name:	 	Ronald Eckhoff
	Title:	 	Vice President

 [Signature Page to Joinder Agreement (Silverback)] 

 EXHIBIT A 

(See attached) 

 Schedule 1.2 

Permitted Encumbrances 
 None with respect
to Silverback Energy Services LLC. 

 Schedule 4.4 

Equipment and Inventory Locations; Place of Business, Chief Executive Office, Real Property 

(a)(iii) 
  

	 	•	 	Location of Equipment and Inventory of Silverback Energy Services LLC: 

  

	 	•	 	66700 Executive Drive; Saint Clairsville, OH 

  

	 	•	 	Various wellsites for which the address is not known at this time 

 (b)(i) 

Not applicable for Silverback Energy Services LLC. 

(b)(ii) 
  

					
	 Credit Party
	 	 Place of Business
	 	 Address of Chief Executive Office

	 Silverback Energy
 Services LLC
	 	4727 Gaillardia Parkway, Suite 200
Oklahoma City, Oklahoma 73142	 	4727 Gaillardia Parkway, Suite 200
Oklahoma City, Oklahoma 73142
			
	 Silverback Energy
 Services LLC
	 	66700 Executive Drive, St
Clairsville, Ohio 43950	 	
			
	 Silverback Energy
 Services LLC
	 	42739 National Road
Belmont, Ohio 43718	 	

 (b)(iii) 
  

											
	 Address
	  	 Credit Party
	  	Owned
/Leased	  	Real Estate
Recording
Office	  	 Landlord
	  	Lease
Description
	66700 Executive Drive, St
Clairsville, Ohio 43950	  	Silverback Energy Services LLC	  	Leased	  		  	Stingray Pressure Pumping LLC	  	Month to
month
						
	42739 National Road
Belmont, Ohio 43718	  	Silverback Energy Services LLC	  	Leased	  		  	Stingray Energy Services LLC	  	Month to
month
						
	4727 Gaillardia Parkway, Suite 200
Oklahoma City, Oklahoma 73142	  	Silverback Energy Services LLC	  	Leased	  		  	Stingray Pressure Pumping LLC (which leases property from LeNorman Properties)	  	Month to
month

 Schedule 4.8(j) 

Deposit and Investment Accounts 
  

							
	 Credit Party
	  	 Bank
	 	 Account Type
	 	 Account Number

	Silverback Energy Services LLC	  	PNC	 	Operating	 	##########
				
	Silverback Energy Services LLC	  	PNC	 	Depository	 	##########

 Schedule 5.1 

Consents 
 None with respect to Silverback
Energy Services LLC. 

 Schedule 5.2(a) 

States of Qualification and Good Standing 
  

					
	 Credit Party
	 	 Jurisdiction of Formation
	 	 Foreign Qualifications

	Silverback Energy Services LLC	 	 Delaware
	 	 Ohio

 Schedule 5.2(b) 

Subsidiaries 
  

					
	 Subsidiary
	 	 Equity Interests
	 	 Beneficial Owners of Capital Stock

	Silverback Energy Services LLC	 	 Membership Interests
	 	 Mammoth Energy Partners LP

 Schedule 5.2(c) 

Accrued and Unpaid Dividends 
 Not
applicable for Silverback Energy Services LLC. 

 Schedule 5.4 

Federal Tax Identification Number 
  

			
	 Credit Party
	 	 Federal Tax Identification Number

	Silverback Energy Services LLC	 	36-4839655

 Schedule 5.6 

Prior Names 
 Not applicable for
Silverback Energy Services LLC. 

 Schedule 5.7 

Environmental 
 Not applicable for
Silverback Energy Services LLC. 

 Schedule 5.8(b)(ii) 

Indebtedness 
 None with respect to
Silverback Energy Services LLC. 

 Schedule 5.8(d) 

Plans 
  

					
	 Credit Party
	 	 401K
	 	 Employee Benefits

	Silverback Energy Services LLC	 	Mammoth Energy Partners LP 401k Profit Sharing Plan and Trust	 	 Mammoth Energy Partners LP
 Welfare Benefits
Plan

 Schedule 5.9 

Intellectual Property, Source Code Escrow Agreements 

Not applicable for Silverback Energy Services LLC. 

 Schedule 5.10 

Licenses and Permits 
 Not applicable for
Silverback Energy Services LLC. 

 Schedule 5.13 

Material Contracts 
 None with respect to
Silverback Energy Services LLC. 

 Schedule 5.14 

Labor Disputes 
 Not applicable for
Silverback Energy Services LLC. 

 Schedule 5.27(a) 

Equity Interests 
  

	1.	See Schedule 5.2(b). 

 Schedule 5.27(b) 

Restrictions on Equity Interests 
 None
with respect to Silverback Energy Services LLC. 

 Schedule 5.27(c) 

Option Rights 
 None with respect to
Silverback Energy Services LLC. 

 Schedule 5.28 

Commercial Tort Claims 
 None with respect
to Silverback Energy Services LLC. 

 Schedule 5.29 

Letter of Credit Rights 
 None with
respect to Silverback Energy Services LLC. 

 Schedule 5.30 
  

							
	 Credit Party
	  	 Bank
	 	 Account Type
	 	 Account Number

	Silverback Energy Services LLC	  	PNC	 	Operating	 	##########
	Silverback Energy Services LLC	  	PNC	 	Depository	 	##########

 Schedule 6.17 

Post-Closing Obligations 
 Not applicable
with respect to Silverback Energy Services LLC. 

 Schedule 8.1(v) 

Existing Lenders 
 None with respect to
Silverback Energy Services LLC.ex101_8k-092116.htm

EXHIBIT 10.1

 

Executive Management Incentive Compensation Program                                                                                                                                                                                                   Kearny Bank

 

 

This document outlines the Kearny Bank Executive Management Incentive Compensation Program (the “Program”) by and between Kearny Financial Corp. (“Kearny”), its subsidiary Kearny Bank (the “Bank”), and the Executive (the “Participant”).

 

	
1.  

	
Purpose

 

The Program is designed to recognize and reward executives for their contribution to the Bank’s performance. The Program is designed to reward predefined performance goals that are critical to the Bank’s profitability, growth and prudent management of business risk. The Program is further intended to assist Kearny in its ability to motivate, attract and retain qualified executives.

 

	
2.  

	
Effective Date

 

The Program is in effect July 1, 2016 through June 30, 2017, and will continue to renew for successive one-year periods (each year being a “Program Year”) unless otherwise terminated or modified in accordance with the Program and specifically approved by the Compensation Committee (the “Committee”) of the Kearny Board of Directors (the “Board”).

 

	
3.  

	
Eligibility

 

Participation is limited to those executives recommended by the Chief Executive Officer and approved by the Committee during the first 90 days of each Program Year. The Committee shall retain the discretion to include as a Participant any otherwise-eligible executive hired or promoted after the commencement of a Program Year.

	
4.  

	
Basis of Incentive Compensation Award

 

The Participant’s incentive compensation award under the Program is based on an incentive target that is approved at the beginning of the Program Year by the Committee (or its delegee) in its discretion. The incentive award is expressed as a percentage of the Participant’s base salary, and may be awarded if either or both the Kearny corporate goals (the “Corporate Goals”) and the Participant’s individual goals (the “Individual Goals”) are achieved, along with a “performance gate”.  In no event shall a Participant receive payment under the Program that exceeds 200% of the Participant’s base salary for the Program Year.

 

	
5.  

	
 Program Details

 

The amount of incentive compensation that the Participant is entitled to receive under the Program is determined based on the Participant’s award target and weighting and achievement of the approved performance goals. The performance period for achievement of any performance goal(s) is the Program Year.

 

	
a.  

	
 Award Targets and Weightings

 

Each Participant shall be assigned an incentive award target, calculated as a percentage of the Participant’s base salary, which may be awarded if Kearny and the Participant achieve targeted performance goals.

 

Target awards shall be weighted between Corporate Goals and Individual Goals. The weightings for the two goal categories shall be recommended by the Chief Executive Officer and presented to the Committee for review and approval. Threshold, target and superior achievement levels for each Corporate Goal and Individual Goal will be recommended by the Chief Executive Officer and presented to the Committee for review and approval. The payout for the threshold achievement level will be not less than 0% of the target payout, and the payout for the superior achievement level will be not more than 200% of the target payout.

 

  1

  

  

Executive Management Incentive Compensation Program                                                                                                                                                                                                   Kearny Bank

	
b.

	
 Program Funding

 

A funding trigger is in place for the program. The Program is funded at the superior level if the Company has positive operating earnings for the Program Year.  The incentive awards paid are then determined by the Committee using the performance measures selected for the Program Year.  In other words, the funded amount is adjusted downwards to reflect actual performance.

 

	
c.  

	
Performance Gate

 

The Bank must achieve at minimum 50% of the budgeted net income (“Threshold Net Income”) for the Program Year for any incentive compensation to be paid.  Corporate and/or Individual Goals are capped at target if a Threshold Net Income of is less than 75% of Program Year budgeted net income.

 

The program may be adjusted for extraordinary items at the discretion of the Compensation Committee with Board approval.

 

	
d. 

	
Corporate Goals

 

The Corporate Goals for the Program Year will be recommended by the Chief Executive Officer and approved in writing by the Committee within the first 90 days of the Program Year.

 

	
e. 

	
 Individual Goals

 

Individual Goals for the Program Year will be established for each Participant in conjunction with his or her direct supervisor and will be presented to the Committee for review and approval.

 

	
f. 

	
 Determination of Incentive Compensation Award

 

The Committee will review performance against the Corporate Goals and any Individual Goals established for the Participant once the audited financial results are confirmed, certify in writing that the applicable performance goals were satisfied, and determine the amount of the incentive compensation award, if any, to be paid to each Participant under the Program. Notwithstanding any provision of the Program to the contrary, in making this determination, the Committee may, in its discretion, in light of such considerations as it may deem relevant, increase or decrease any payments to which a Participant would otherwise be entitled by such amount or percentage as the Committee deems appropriate.

 

  2

  

  

Executive Management Incentive Compensation Program                                                                                                                                                                                                   Kearny Bank

	
6.  

	
Administrative Matters

 

	
a.  

	
 Administration of the Program

 

Responsibility for the administration of the Program, as described herein, rests with the Committee. The Chief Executive Officer shall monitor for accuracy the performance reporting of the Participant and make recommendations to the Committee concerning the amount of the Participant’s awards under the Program. In addition, the Committee, and ultimately the Board, is responsible for the overall oversight, supervision and existence of the Program. The Committee has been delegated the sole discretion to interpret the terms of the Program, to determine eligibility for benefits, and to calculate and render final incentive compensation awards under the Program. The Committee shall also be empowered to make any and all of the determinations not herein specifically authorized which may be necessary or desirable for the effective administration of the Program.

 

Unless the Committee deems otherwise, awards will not be earned or paid, regardless of Corporate or individual performance, if 1) any regulatory agency issues a formal, written enforcement action, memorandum of understanding or other negative directive action where the Committee considers it imprudent to provide awards under the Program or 2) after a review of the Company’s credit quality measures the Committee considers it imprudent to provide awards under the Program.

 

The Committee may withhold or adjust any incentive compensation award in its sole discretion as it deems appropriate and will notify the Participant of its decision to withhold or adjust an incentive compensation award.

 

Any decision or interpretation of any provision of the Program adopted by the Committee shall be final and conclusive.

 

	
b.  

	
 Active Participation Required

	
i.  

	
New Hires, Promotions, and Transfers

Participants who are not employed by the Bank at the beginning of the Program Year will receive a pro-rata incentive award based on their length of employment during a given year.

A Participant whose work schedule changes during the year will be eligible for pro-rated treatment that reflects his/her time in the different schedules.

If a Participant changes his/her role or is promoted during the Program Year, he/she will be eligible for the new role’s target incentive award on a pro rata basis (i.e. the award will be prorated based on the number of months employed in the respective positions.)

	
ii.  

	
Termination of Employment – General

Unless otherwise specified in this Program, and as the Program is designed to encourage employees to remain in the employment of the Bank or its affiliates, a Participant must be an active employee of the Bank at the time the award is paid.

 

  3

  

  

Executive Management Incentive Compensation Program                                                                                                                                                                                                   Kearny Bank

	
iii.  

	
Termination of Employment without Cause

Unless otherwise noted in the Program, if a Participant is involuntarily terminated by the Bank or the Company without “cause” (as defined below), the Participant’s potential incentive award may, in the sole discretion of the Compensation Committee, be prorated.  The Compensation Committee will consider the following factors in its pro-ration process: (i) reason for termination of employment, (ii) level of achievement of the Participant’s goals as of the Participant’s date of termination, and (iii) other factors the Committee deems relevant to the specific situation.

For purposes of this Program, a termination for “cause” shall mean termination because of a Participant’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform his or her job functions, willful violation of any law, rule, regulations (other than a traffic violation or similar offenses) or the Participant’s breach of any cease and desist order issued by the Office of the Comptroller of the Currency (or any successor agency) or the U.S. Securities and Exchange Commission.

	
iv.  

	
Voluntary Resignation of Employment or Termination for Cause

If a Participant voluntarily resigns or is terminated by the Bank for cause, no incentive award will be paid to the Participant.

	
v.  

	
Voluntary Resignation for Good Reason

If a Participant maintains an employment or change in control agreement with the Bank or the Company and terminates his or her employment with the Bank for Good Reason (as defined in the applicable employment or change in control agreement), the Participant will receive a pro-rated incentive award.  The Compensation Committee will prorate the award based on the Participant’s base salary earned as of his or her termination date or other factors the Compensation Committee deems relevant to the proration process.

	
vi.  

	
Disability, Death and Retirement

A Participant that is receiving long-term disability benefits will not be considered “actively employed” for the purposes of the Program and therefore will not be eligible to receive incentive awards during the period in which the Participant is on long-term disability, but may earn a pro-rata portion based on their period of active service.   A Participant that is receiving short-term disability benefits may be eligible to participate in the Program during the period the Participant is on short-term disability, at the discretion of the Compensation Committee.

In the event of death, the Bank will pay to the Participant’s estate the pro-rata portion of the award that had been earned by the Participant as of his or her date of death.  The Compensation Committee will determine what portion of the award had been earned based on: (i) the base salary earned by the Participant as of his or her date of death and (ii) such other factors as the Committee deems relevant. 

 

  4

  

  

Executive Management Incentive Compensation Program                                                                                                                                                                                                   Kearny Bank

Individuals who retire during the Program Year will receive a prorated award based on their base salary earned as of their retirement date and other factors the Committee deems relevant.  For the purposes of this Program, retirement is defined as age 55 with a minimum of 5 years of service.

	
vii.  

	
Change in Control

Upon the occurrence of a Change in Control (as defined in the Company’s employment agreement with its President and Chief Executive Officer) of the Company or Bank, the Bank will pay a Participant the pro-rata portion of the award that had been earned by the Participant as of the date of the Change in Control, and for purposes of calculating the amount, the Threshold Net Income target shall be deemed to be satisfied.  The Compensation Committee will determine what portion of the award had been earned based on: (i) the base salary earned by the Participant as of the date of the Change in Control and (ii) such other factors as the Committee deems relevant. 

	
7.  

	
Payment Method

 

The Compensation Committee, in its sole discretion, may elect to distribute all or a portion of an incentive award in Kearny common stock and/or cash to further align Participants’ interests with those of the Kearny shareholders. Payment of awards, less deferrals and applicable federal, state and local taxes, will be made as soon as practicable following the end of the Program Year (the “Payment Date”), but in no event before certification of the Committee or later than September 30th following the end of the Program Year.

 

	
8.  

	
Modification and Termination of Program

 

The Program may be modified or changed at any time by the Committee in its discretion, followed by written notification to the Participant as soon as reasonably practicable. The Program may be terminated at any time by the Committee in its discretion, followed by written notification to the Participant as soon as reasonably practicable. In the event of a Program termination, the Participant shall continue to be eligible for incentive compensation awards for the Program Year prorated through the Program’s termination date, unless the Committee determines in its discretion that no incentive compensation should be paid. Any incentive compensation awards shall be calculated through the date of the Program termination on such basis as the Committee deems appropriate in its discretion and will be payable as soon as practicable after the termination of the Program but in no event later than September 30th following the end of the Program Year.

 

	
9.  

	
Participant Rights Not Assignable; Program not a Contract

 

Any awards made pursuant to the Program shall not be subject to assignment, pledge or other disposition.

 

Nothing contained in the Program shall confer upon any employee any right to continued employment or to receive or continue to receive any rate of pay or other compensation, nor does the Program affect the right of Kearny or the Bank to terminate a Participant’s employment. Participation in the Program does not confer rights to participation in other Kearny or Bank programs or programs, including annual or long-term incentive programs, non-qualified retirement or deferred compensation programs or other executive perquisite programs.

 

  5

  

  

Executive Management Incentive Compensation Program                                                                                                                                                                                                   Kearny Bank

	
10.  

	
Ethical Statement

 

The altering, inflating, and/or inappropriate manipulation of performance/financial results or any other infraction of recognized ethical business standards, will subject the employee to disciplinary action up to and including termination of employment.  In addition, any incentive compensation as provided by the Program to which the employee would otherwise be entitled will be revoked.

 

Participants who have willfully engaged in any activity, injurious to the Bank, will upon termination of employment, death, or retirement, forfeit any incentive award earned during the award period in which the termination occurred.

 

	
11.  

	
Governing Law

 

The parties agree that the interpretation and enforcement of the Program shall be governed by the laws of the state of New Jersey. The Participant consents and waives any objection to personal jurisdiction and venue in such court. The Program, and any payments thereunder, shall not be subject to the Employee Retirement Income Security Act.

 

	
12.  

	
Attorney’s Fees and Costs

 

The parties agree that in the event of any legal action arising out of or relating to the interpretation or enforcement of the Program, Kearny and the Bank shall be entitled to recover their attorney’s fees and costs in the event that they are (or either of them is) the prevailing party.

 

	
13.  

	
No Oral or Written Representations

 

The parties agree that they have relied on no oral or written representation or promises not set forth herein, and that the terms of the Program are set forth solely in the written Program document and it constitutes the complete and entire agreement of the parties relating to the subject matter hereof.

 

	
14.  

	
Clawback

 

Participant, while employed by the Bank and in the conduct of his or her duties as an employee, shall not expose Kearny or the Bank to any unreasonable or unnecessary risk. All incentive compensation awards under the Program are subject to the terms of Kearny’s or the Bank’s recoupment, clawback or similar policy as such may be in effect from time to time, as well as any similar provisions of applicable law, which could in certain circumstances require repayment of an incentive compensation award or portion thereof.

 

	
15.  

	
Banking Regulatory Provision

 

All incentive compensation awards under the Program are subject to any condition, limitation or prohibition under any financial institution regulatory policy or rule to which Kearny or the Bank is subject.

 

 

 

 

Approved by the Boards of Directors of Kearny Financial Corp. and Kearny Bank on September 21, 2016.

 

  6

  

  

Executive Management Incentive Compensation Program                                                                                                                                                                                                   Kearny Bank

 

	
Executive

	
Payout Opportunity

	
Performance Factors & Weightings

	  
	
Earnings

	
Loans

	
Deposits

	
Asset Quality

	
Interest Rate Risk

	
 

Qualitative

 

	
Craig Montanaro

	
35%

	
50%

	
15%

	
15%

	
10%

	
10%

	
0%

	
William Ledgerwood

	
30%

	
50%

	
15%

	
15%

	
10%

	
10%

	
0%

	
Patrick Joyce

	
25%

	
30%

	
50%

	
10%

	
10%

	
0%

	
0%

	
Erika Parisi

	
25%

	
50%

	
0%

	
0%

	
0%

	
0%

	
50%

	
Eric Heyer

	
25%

	
50%

	
15%

	
15%

	
0%

	
20%

	
0%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}]]