Document:

Exhibit 4.1

 

CERTIFIED COPY

OF

SECURITIES RESOLUTION NO. 19

OF

WISCONSIN ELECTRIC POWER COMPANY

 

I, William J. Guc, Vice President,
Controller and Assistant Corporate Secretary of WISCONSIN ELECTRIC POWER COMPANY (the “Company”), do hereby certify that the
attached is a true and correct copy of Securities Resolution No. 19 under the Indenture dated as of December 1, 1995 between the
Company and U.S. Bank National Association, as successor to Firstar Trust Company, as Trustee, which has been duly adopted by the Vice
President and Treasurer of the Company pursuant to authorization delegated to him by the Board of Directors of the Company by resolutions
duly adopted by said Board effective as of January 1, 2021; and I do further certify that said Securities Resolution No. 19 has not been
rescinded and remains in full force and effect.

 

IN WITNESS WHEREOF, I have
hereunto set my hand and affixed the corporate seal of said WISCONSIN ELECTRIC POWER COMPANY this 15th day of June 2021.

 

	 	 
	 	William J. Guc
	 	Vice President, Controller and Assistant Corporate Secretary

 

(CORPORATE SEAL)

 

     

     

    

 

1.70% DEBENTURES DUE JUNE 15, 2028

 

SECURITIES RESOLUTION NO. 19

OF

WISCONSIN ELECTRIC POWER COMPANY

 

The actions described below are
taken by the Board (as defined in the Indenture referred to below) of WISCONSIN ELECTRIC POWER COMPANY (the “Company”), or
by an Officer or committee of Officers pursuant to Board delegation, pursuant to resolutions adopted by the Board of Directors of the
Company effective as of January 1, 2021 and Section 2.01 of the Indenture dated as of December 1, 1995 (the “Indenture”) between
the Company and U.S. Bank National Association (as successor to Firstar Trust Company), as Trustee. Terms used herein and not defined
have the same meaning as in the Indenture.

 

RESOLVED, that a new series of
Securities is authorized as follows:

 

		1.	The title of the series is 1.70% Debentures due June 15, 2028 (“1.70% Debentures”).

 

		2.	The form of the 1.70% Debentures shall be substantially in the form of Exhibit 1 hereto.

 

		3.	The 1.70% Debentures shall have the terms set forth in Exhibit
1.

 

		4.	The 1.70% Debentures shall have such other terms as are set forth in Exhibit 2 hereto.

 

		5.	The 1.70% Debentures shall be sold to the underwriter(s) named in the prospectus supplement dated June 8,
2021 on the following terms:

 

Aggregate Principal Amount: $300,000,000

Price to Public: 99.980%

Underwriting Discount: 0.625%

Closing Date: June 15, 2021

 

This Securities Resolution shall
be effective as of June 8, 2021.

 

     

     

    

 

EXHIBIT 1

 

	No. _______	$_____________

 

WISCONSIN ELECTRIC POWER COMPANY

1.70% Debentures due June 15, 2028

 

WISCONSIN ELECTRIC POWER COMPANY

 

promises to pay to ________________________________________________________

 

or registered assigns

the principal sum of _______________________________________________________Dollars

on June 15, 2028

 

	Interest Payment Dates:	June 15 and December 15
	Record Dates:	June 1 and December 1

 

Dated:

 

WISCONSIN ELECTRIC POWER COMPANY

 

 by

 

	 	 	 	 
	[Title of Authorized Officer]	 	 	 

 

 

(CORPORATE SEAL)

 

 

	 	 	 	 
	[Assistant] Secretary	 	 	 

 

     

     

    

 

U.S. BANK NATIONAL

ASSOCIATION

Transfer Agent and Paying Agent

 

Authenticated:

 

 

U.S. BANK NATIONAL

ASSOCIATION

Registrar, by

 

	 	 	 	 
	Authorized Signature	 	 	 

  

    2 

     

    

 

WISCONSIN ELECTRIC POWER COMPANY

1.70% Debentures due June 15, 2028

 

		1.	Interest.

 

Wisconsin Electric Power Company (the
 “Company”), a Wisconsin corporation, promises to pay interest on the principal amount of this Security at the rate per annum
shown above. The Company will pay interest semiannually on June 15 and December 15 of each year commencing December 15, 2021. Interest
on the Securities (as defined in Section 4) will accrue from the most recent date to which interest has been paid or, if no interest has
been paid, from June 15, 2021. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

		2.	Method of Payment.

 

The Company will pay interest on the
Securities to the persons who are registered holders of Securities at the close of business on the record date for the next interest payment
date, except as otherwise provided in the Indenture. Holders must surrender Securities to a Paying Agent to collect principal payments.
The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public
and private debts. The Company may pay principal and interest by check payable in such money. It may mail an interest check to a holder’s
registered address.

 

		3.	Securities Agents.

 

Initially, U.S. Bank National Association
will act as Paying Agent, Transfer Agent and Registrar. The Company may change any Paying Agent or Transfer Agent without notice. The
Company or any Affiliate may act in any such capacity. Subject to certain conditions, the Company may change the Trustee.

 

		4.	Indenture.

 

The Company issued the securities of
this series (the “Securities”) under an Indenture dated as of December 1, 1995 (the “Indenture”) between
the Company and U.S. Bank National Association (as successor to Firstar Trust Company) (the “Trustee”). The terms of the Securities
include those stated in the Indenture and in the Securities Resolution establishing the Securities and those made part of the Indenture
by the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb). Securityholders are referred to the Indenture, the Securities
Resolution and such Act for a statement of such terms.

 

		5.	Redemption.

 

At any time prior to April 15, 2028
(the “Early Call Date”), the Securities will be redeemable in whole or in part from time to time, at the Company’s option,
at a “make-whole” redemption price equal to the greater of (a) 100% of the principal amount of the Securities being redeemed
or (b) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed
that would be due if such Securities matured on the Early Call Date but for the redemption (exclusive of interest accrued to the date
of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at
the Treasury Rate applicable to the Securities plus 10 basis points, plus in each case accrued and unpaid interest to, but not including,
the redemption date. At any time on or after the Early Call Date, the Company may redeem the Securities, in whole or in part from time
to time, at 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest to, but not including, the
redemption date.

 

    3 

     

    

 

“Comparable Treasury Issue”
means the United States Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated
maturity comparable to the remaining term of the Securities being redeemed (assuming, for this purpose, that the Securities mature on
the Early Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of a comparable maturity to the remaining term of such Securities (assuming, for this purpose,
that the Securities mature on the Early Call Date).

 

“Comparable Treasury Price”
means, with respect to any redemption date, (a) the average of the Reference Treasury Dealer Quotations for such redemption date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by the Trustee after consultation with the Company.

 

“Reference Treasury Dealer”
means each of BofA Securities, Inc. and RBC Capital Markets, LLC or an affiliate thereof and their respective successors, one primary
U.S. government securities dealer in the City of New York, New York (a “Primary Treasury Dealer”) selected by each of MUFG
Securities Americas Inc. and PNC Capital Markets LLC and two other Primary Treasury Dealers selected by the Company. If any Reference
Treasury Dealer shall cease to be a Primary Treasury Dealer, the Company will select another Primary Treasury Dealer which will be substituted
for that dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Trustee by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding such redemption date.

 

“Treasury Rate” means, with
respect to any redemption date, the rate per year equal to the semiannual equivalent yield to maturity or interpolated (on a day count
basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such redemption date; provided that, if the Independent Investment Banker shall
determine that there is no such Comparable Treasury Issue, such rate per year shall be equal to the estimated semiannual equivalent yield
to maturity that a United States Treasury security having a maturity comparable to the remaining term of the Securities to be redeemed
(assuming, for this purpose, that the Securities mature on the Early Call Date) would bear, if such security were available, such estimate
to be made by the Reference Treasury Dealers on the basis of interpolation, extrapolation and other accepted financial practices, taking
into account (a) the yields to maturity of United States Treasury securities of other maturities, (b) yields to maturity of
other U.S. dollar denominated debt securities having a maturity comparable to the remaining term of the Securities to be redeemed (assuming,
for this purpose, that the Securities mature on the Early Call Date) and (c) applicable interest rate spreads between United States
Treasury securities and such other debt securities, all as of 5:00 p.m., New York City time, on the third business day preceding such
redemption date.

 

    4 

     

    

 

The Company will mail notice of any
redemption at least 10 days, but not more than 60 days, before the redemption date to each holder of Securities to be redeemed. Except
for the foregoing, procedures for the redemption of the Securities will be governed by Article 3 of the Indenture.

 

		6.	Denominations, Transfer, Exchange.

 

The Securities are in registered form
without coupons in denominations of $1,000 and whole multiples of $1,000. The transfer of Securities may be registered and Securities
may be exchanged as provided in the Indenture. The Transfer Agent may require a holder, among other things, to furnish appropriate endorsements
and transfer documents and to pay any taxes and fees required by law or the Indenture. The Transfer Agent need not exchange or register
the transfer of any Security or portion of a Security selected for redemption. Also, it need not exchange or register the transfer of
any Securities for a period of 15 days before a selection of Securities to be redeemed.

 

		7.	Persons Deemed Owners.

 

The registered holder of a Security
may be treated as its owner for all purposes.

 

		8.	Amendments and Waivers.

 

Subject to certain exceptions, the Indenture
or the Securities may be amended with the consent of the holders of a majority in principal amount of the securities of all series affected
by the amendment. Subject to certain exceptions, a default on a series may be waived with the consent of the holders of a majority in
principal amount of the series.

 

Without the consent of any Securityholder,
the Indenture or the Securities may be amended, among other things, to cure any ambiguity, omission, defect or inconsistency; to provide
for assumption of Company obligations to Securityholders; or to make any change that does not materially adversely affect the rights of
any Securityholder.

 

    5 

     

    

 

		9.	Restrictive Covenants.

 

The Securities are unsecured general
obligations of the Company initially limited to $300,000,000 principal amount. The Company may from time to time without notice to, or
the consent of, the holders of the Securities, create and issue further securities of the same series, equal in rank to the Securities
in all respects (or in all respects except for the payment of interest accruing prior to the issue date of the new securities or, if applicable,
the first payment of interest following the issue date of the new securities) so that the new securities may be consolidated and form
a single series with the Securities and have the same terms as to status, redemption or otherwise as the Securities. The Indenture does
not limit other unsecured debt. Section 4.07 of the Indenture, which if applicable limits certain mortgages and other liens, will
apply with respect to the Securities, as modified by the final sentence of this Section 9. The limitations are subject to a number of
important qualifications and exceptions.

 

With respect to the Securities, any
liens created in connection with (i) the sale by the Company of “environmental control property” (as defined in Section 196.027(1)(h)
of the Wisconsin Statutes) to a subsidiary of the Company and the related issuance by such subsidiary of “environmental trust bonds”
(as defined in Section 196.027 of the Wisconsin Statutes) or (ii) any sale of similar assets and the related issuance of other similar
securities pursuant to legislation adopted by the State of Wisconsin, shall be exempt from the limitations on liens in Section 4.07 of
the Indenture.

 

		10.	Successors.

 

When a successor assumes all the obligations
of the Company under the Securities and the Indenture, the Company will be released from those obligations.

 

		11.	Defeasance Prior to Redemption or Maturity.

 

Subject to certain conditions, the Company
at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee
money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity. U.S. Government
Obligations are securities backed by the full faith and credit of the United States of America which are not callable at the issuer’s
option or certificates representing an ownership interest in such Obligations.

 

		12.	Defaults and Remedies.

 

An Event of Default includes: default
for 60 days in payment of interest on the Securities; default in payment of principal on the Securities; default for 60 days in the payment
of any sinking fund obligation with respect to the Securities; default by the Company for a specified period after notice to it in the
performance of any of its other agreements applicable to the Securities; certain events of bankruptcy or insolvency; and any other Event
of Default provided for in the series. If an Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in
principal amount of the Securities may declare the principal of all the Securities to be due and payable immediately.

 

    6 

     

    

 

Securityholders may not enforce the
Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces
the Indenture or the Securities. Subject to certain limitations, holders of a majority in principal amount of the Securities may direct
the Trustee in its exercise of any trust or power. The Trustee may withhold from Securityholders notice of any continuing default (except
a default in payment of principal or interest) if it determines that withholding notice is in their interests. The Company must furnish
an annual compliance certificate to the Trustee.

 

		13.	Trustee Dealings with Company.

 

U.S. Bank National Association, the
Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for
the Company or its Affiliates, and may otherwise deal with those persons, as if it were not Trustee.

 

		14.	No Recourse Against Others.

 

A director, officer, employee or stockholder,
as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and
releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

		15.	Authentication.

 

This Security shall not be valid until
authenticated by a manual signature of the Registrar.

 

		16.	Abbreviations.

 

Customary abbreviations may be used
in the name of a Securityholder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint
tenants with right of survivorship and not as tenants in common), CUST (=custodian), U/G/M/A (=Uniform Gifts to Minors Act), and U/T/M/A
(=Uniform Transfers to Minors Act).

 

The Company will furnish to any Securityholder
upon written request and without charge a copy of the Indenture and the Securities Resolution, which contains the text of this Security
in larger type. Requests may be made to: Corporate Secretary, Wisconsin Electric Power Company, 231 West Michigan Street, P.O. Box 2046,
Milwaukee, WI 53201.

 

    7 

     

    

 

EXHIBIT 2

 

WISCONSIN ELECTRIC POWER COMPANY

1.70% Debentures due June 15, 2028

 

Supplemental Terms

 

In addition to the terms set forth in Exhibit
1 to Securities Resolution No. 19, the 1.70% Debentures shall have the following terms:

 

Section 1. Definitions. Capitalized terms
used and not defined herein shall have the meaning given such terms in the Indenture. The following is an additional definition applicable
to the 1.70% Debentures:

 

“Depositary” means, with respect to
the 1.70% Debentures, issued as one or more global Securities, The Depository Trust Company, New York, New York, or any successor thereto
registered under the Securities Exchange Act of 1934 or other applicable statute or regulation.

 

Section 2. Securities Issuable as Global Securities.

 

(a) The 1.70% Debentures shall be issued in the
form of one or more permanent global Securities and shall, except as otherwise provided in this Section 2, be registered only in the name
of the Depositary or its nominee. Each global Security shall bear a legend substantially to the following effect:

 

“Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration
of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by
an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.” 

 

(b) If at any time (i) the Depositary with respect
to the 1.70% Debentures notifies the Company that it is unwilling or unable to continue as Depositary for such global Security or (ii)
the Depositary for the 1.70% Debentures shall no longer be eligible or in good standing under the Securities Exchange Act of 1934 or other
applicable statute or regulation, the Company shall appoint a successor Depositary with respect to such global Security. If a successor
Depositary for such global Security is not appointed by the Company within 90 days after the Company receives such notice or becomes aware
of such ineligibility, the Transfer Agent shall register the exchange of such global Security for an equal principal amount of Registered
Securities in the manner provided in Section 2.07 of the Indenture.

 

     

     

    

 

(c) The Transfer Agent shall register the transfer
or exchange of a global Security for Registered Securities pursuant to Section 2.07 of the Indenture if (i) a Default or Event of Default
shall have occurred and be continuing with respect to the 1.70% Debentures, or (ii) the Company determines that the 1.70% Debentures shall
no longer be represented by global Securities.

 

(d) In any exchange provided for in the preceding
paragraphs (b) or (c), the Company will execute and the Registrar will authenticate and deliver Registered Securities. Registered Securities
issued in exchange for a global Security shall be in such names and denominations as the Depositary for such global Security shall instruct
the Registrar. The Registrar shall deliver such Registered Securities to the persons in whose names such Securities are so registered.

 

(e) The 1.70% Debentures will trade in the Depositary’s
Same-Day Funds Settlement System. All payments of principal and interest on global Securities will be made by the Company in immediately
available funds.

 

    2EXHIBIT 10.1

  10

  

  AGREEMENT AND GENERAL RELEASE

  This Agreement and General Release (“Agreement”) is made by and between Dime Community Bancshares, Inc. and Dime
    Community Bank, 898 Veterans Memorial Highway, Suite 560, Hauppauge, New York 11788 (together, “Dime,” or “Employer” or “Company”), and John M. McCaffery, 21 Redwood Drive, Plainview, New York 11803 (“Employee”).

  WHEREAS, Employee and the Company are parties to that certain Employment Agreement, dated October 16, 2020
    (“Employment Agreement”), that certain Retention and Award Agreement, dated October 16, 2020 (“Retention Agreement”), and that certain Defense of Tax Position Agreement, dated October 9, 2020 (“Tax Agreement”); and

  WHEREAS, the Company is terminating Employee’s service without Cause, as defined in the Employment Agreement, and
    Employee is therefore entitled to certain benefits under the Employment Agreement and the Retention Agreement in connection with such termination of service (the “Benefits”); and

  WHEREAS, Section 7(f) of the Employment Agreement provides that the Employee is entitled to the Benefits under the
    Employment Agreement provided the Employee executes a release of claims in favor of the Company and such release becomes irrevocable by the sixtieth (60th) day following the Event of Termination, as such term is defined in the Employment
    Agreement; and

  WHEREAS, in consideration for Employee’s signing and not revoking this Agreement, the Company will provide Employee
    with the Benefits; and

  WHEREAS, except as otherwise expressly set forth herein, the parties hereto intend that this Agreement shall effect a
    full satisfaction and release of the obligations described herein owed to Employee by the Company.

  NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and
    sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree as follows:

  1. Last Day of Employment. Employee’s
      last day of employment with Employer is June 14, 2021 (“Separation Date”).

   

    

  2. Consideration. In consideration for
      Employee’s signing this Agreement and complying with all of the terms and conditions in this Agreement that apply to Employee, including the one-year non-solicitation restriction, one-year non-competition restriction,  post-termination cooperation
      and non-disparagement obligations contained in Section 9 of this Agreement, Employer agrees:

   

    

  a. Employment Agreement. To pay Employee
      One Million Six Hundred Twenty Five Thousand Eighty Six Dollars ($1,625,086.00), which represents full satisfaction of the Company’s obligations under Section 7(b) of the Employment Agreement;

  
    
      

  

  
   

  

  b. Retention and Award Agreement.  To pay
      Employee $250,000 and to fully vest 9,838 restricted stock awards as of the Separation Date, which represents full satisfaction of the Company’s obligations under Section 2(B) of the Retention Agreement and, for purposes of clarity, the one-time
      equity grant under Section 2(C) of the Retention Agreement will be forfeited as of the Separation Date in accordance with the terms of such grant;

   

    

  c. Outplacement Services.  To provide Employee
      with up to two years of outplacement services at a level and cost determined by Employer in its sole discretion. Employee will receive these outplacement services from an experienced outplacement counseling service selected by Employer in its sole
      discretion. The outplacement services will commence as soon as practicable after the later of the date Employer receives a signed and dated original of this Agreement from Employee, and the seven (7) day revocation period stated in Section 15 of this
      Agreement has expired;

   

    

  d. Equity Awards.  Except for the Employee’s
      restricted stock awards referenced in Section 2(b) of this Agreement, the Employee’s (i) restricted stock awards and non-vested stock options will be forfeited as of the Separation Date, and (ii) the vested stock options will expire and be forfeited
      if not exercised within three months following the Separation Date, each in accordance with the terms and conditions of the Employee’s applicable award agreements; and

   

    

  e. Timing of Cash Payments and Withholding. 
      The cash payment referenced in Section 2(a) of this Agreement will be paid in a lump sum within the later of ten (10) business days after Employer receives a signed and dated original of this Agreement from Employee and the seven (7) day revocation
      period stated in Section 15 of this Agreement has expired, less any tax withholding required by applicable law.  The cash payment in Section 2(b) of this Agreement will be paid in a lump sum, less required tax withholding, on the first payroll date
      following the Separation Date.

   

    

  3. Employment Agreement and Retention Agreement. 
      Upon execution and non-revocation of this Agreement, the Employment Agreement and the Retention Agreement entered into by and between Employee and the Company, shall terminate in all respects except the one-year non-solicitation restriction, one-year
      non-competition restriction, post-termination cooperation and non-disparagement obligations contained in Section 11 of the Employment Agreement will continue to be in full force and effect.  Employee agrees and acknowledges that because of his
      termination of employment with Employer, Employee shall not be entitled, and hereby waives any claim, to any payment or benefit under the Employment Agreement and the Retention Agreement except as provided in Section 2(a) of this Agreement. The Tax
      Agreement shall remain in full force and effect.

   

    

  4. No Consideration Absent Execution of this
          Agreement. Employee understands and agrees that Employee would not receive the monies and/or benefits specified in Paragraph “2” above, except for Employee’s signing and non-revocation of this Agreement and Employee’s fulfillment of
      all the promises contained in this Agreement that pertain to Employee.

  
    2

    
      

  

  5. General Release, Claims Not Released and Related Provisions.

   

      

  a. General Release of All Claims. Employee,
      Employee’s heirs, executors, administrators, successors and assigns, each in their capacities as such (collectively referred to throughout this Agreement as “Releasors”), knowingly and voluntarily release and forever discharge, to the fullest extent
      permitted by law, Employer, its parent corporation, affiliates, subsidiaries, divisions, insurers, predecessors, successors and assigns, and the current and former employees, attorneys, officers, directors, agents and shareholders of Employer and
      each of the foregoing entities affiliated with Employer, each in their capacities as such, and the employee benefit plans and programs (“Employee Benefit Plans”), administrators and fiduciaries of Employer and each of the entities affiliated with
      Employer identified above, each in their capacities as such (all collectively referred to throughout this Agreement as “Releasees”), of and from any and all claims, debts, obligations, promises, covenants, agreements, contracts, endorsements, bonds,
      controversies, suits, actions, causes of action, judgments, damages, expenses, or demands, in law or in equity, which Employee ever had, now has, or which may arise in the future, regarding any matter arising on or before the date of Employee’s
      execution of this Agreement, including but not limited to all claims by Employee or on Employee’s behalf regarding Employee’s employment at or termination of employment from Dime, any contract (express or implied), any claim for equitable relief or
      recovery of punitive, compensatory, or other damages or monies (including claims as to taxes), attorneys' fees, any tort, and all claims for alleged discrimination based upon age, race, color, sex, sexual orientation, marital status, religion,
      national origin, handicap, disability, genetic information or retaliation, including any claim, known and unknown, asserted or unasserted, which Releasors have or may have against Releasees up to and including the date Employee signs this Agreement,
      including, but not limited to, any alleged violation of the following laws and other sources of legal rights, as amended:

   

    

  
    	
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            Title VII of the Civil Rights Act of 1964;

          

  

  
    	
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            Sections 1981 through 1988 of Title 42 of the United States Code;

          

  

  
    	
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            The Employee Retirement Income Security Act of 1974 (“ERISA”) (as modified below);

          

  

  
    	
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            The Immigration Reform and Control Act of 1986;

          

  

  
    	
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            The Americans with Disabilities Act of 1990;

          

  

  
    	
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            The Rehabilitation Act of 1973;

          

  

  
    	
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            The Age Discrimination in Employment Act of 1967 (“ADEA”);

          

  

  
    	
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            The Worker Adjustment and Retraining Notification Act;

          

  

  
    	
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            The Occupational Safety and Health Act;

          

  

  
    	
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            The Fair Credit Reporting Act;

          

  

  
    	
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            The Family and Medical Leave Act of 1993;

          

  

  
    	
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            The Equal Pay Act of 1963;

          

  

  
    	
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            The Genetic Information Nondiscrimination Act of 2008;

          

  

  
    	
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            The New York Human Rights Law;

          

  

  
    	
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            The New York Executive Law;

          

  

  
    	
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            The New York Labor Law;

          

  

  
    	
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            The New York Civil Rights Law;

          

  

  
    	
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            The New York Equal Pay Law;

          

  

  
    	
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            The New York Whistleblower Law;

          

  

  
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            The New York Legal Activities Law;

          

  

  
    	
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            The New York Wage-Hour and Wage Payment Laws and Regulations;

          

  

  
    	
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            The New York Minimum Wage Law;

          

  

  
    	
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            The New York Occupational Safety and Health Laws;

          

  

  
    	
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            The Non-discrimination and Anti-retaliation Provisions of the New York Workers’ Compensation Law and the New York Disabilities Law;

          

  

  
    	
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            The New York Worker Adjustment and Retraining Notification Act;

          

  

  
    	
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            The New York City Human Rights Law;

          

  

  
    	
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            The New York City Charter and Administrative Code;

          

  

  
    	
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            The New York City Earned Safe and Sick Time Act;

          

  

  
    	
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            any other federal, state, local or other law, rule, regulation, constitution, code, guideline or ordinance;

          

  

  
    	
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            any public policy, contract (oral or written, express or implied), tort or common law; or

          

  

  
    	
            •

          	
            any statute, common law, agreement or other basis for seeking or recovering any costs, fees or other expenses, including but not limited to
              attorneys’ fees and/or costs.

             

            

          

  

  b. Claims Not Released. Notwithstanding
      anything to the contrary herein, Releasors are not waiving any rights they may have : (1) to Employee’s vested accrued employee benefits under any health, welfare or retirement benefit plans of Employer as of Employee’s Separation Date; (2) to
      Employee’s benefits and/or Employee’s right to seek benefits under applicable workers’ compensation, COBRA, and/or unemployment compensation statutes (the application for which shall not be contested by the Company); (3) to claims which by law cannot
      be waived by signing this Agreement;(4) that may arise after the date on which Employee signs this Agreement, including the right to enforce this Agreement; (5) to enforce any agreements or portions of agreements no superseded by this Agreement;
      and/or (6) to indemnification, contribution, advancement or defense as provided by, and in accordance with the terms of the Company by-laws, articles of incorporation, liability insurance coverage, or applicable law.

   

    

  c. Governmental Agencies. Nothing in this
      Agreement prohibits or prevents Employee from filing a charge with or participating, testifying or assisting in any investigation, hearing or other proceeding before the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board
      or a similar agency enforcing federal, state or local anti-discrimination laws. However, to the maximum extent permitted by law, Employee agrees that if such an administrative claim is made to such an anti-discrimination agency, Employee shall not be
      entitled to recover any individual monetary relief or other individual remedies for claims released herein. In addition, nothing in this Agreement, including but not limited to the release of claims and the confidentiality clauses, prohibits Employee
      from: (1) reporting possible violations of federal law or regulations, including any possible securities laws violations, to any governmental agency or entity, including but not limited to the U.S. Department of Justice, the U.S. Securities and
      Exchange Commission, the Federal Deposit Insurance Corporation, the U.S. Congress, any agency Inspector General, or any other applicable agency; (2) making any other disclosures that are protected under the whistleblower provisions of federal law or
      regulations; or (3) otherwise fully participating in any federal whistleblower programs, including but not limited to any such programs managed by the U.S. Securities and Exchange Commission, the Federal

  
    4

    
      

  

   

  

  Deposit Insurance Corporation and/or the Occupational Safety and Health Administration. Moreover, nothing in this Agreement prohibits or prevents Employee from
    receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programs.

   

  

  d. Collective/Class Action Waiver. If any
      claim is not subject to release, to the extent permitted by law, Releasors waive any right or ability to be class or collective action representatives or to otherwise participate in any putative or certified class, collective or multi-party action or
      proceeding based on such a claim in which Employer or any other Releasee identified in this Agreement is a party.

   

    

  6. Acknowledgments and Affirmations.

   

      

  Employee affirms that:

   

  

  
    	
            a.

          	
            Releasors have not filed, caused to be filed, or presently are parties to any claim against Releasees;

             

            

          

  

  
    	
            b.

          	
            Employee has been paid and/or has received all compensation, wages, bonuses, commissions and/or benefits which are due and payable as of the date
              Employee signs this Agreement, and, if applicable, Employee has reported all of the hours Employee worked while Employee was employed by Employer as of the date Employee signs this Agreement;

             

            

          

  

  
    	
            c.

          	
            Employer has granted Employee any leave to which Employee was entitled from Employer under the Family and Medical Leave Act or related state or
              local leave or disability accommodation laws;

             

            

          

  

  
    	
            d.

          	
            Employee has no known workplace injuries or occupational diseases;

             

            

          

  

  
    	
            e.

          	
            Employee has not divulged any financial, proprietary or confidential information of Employer and will continue to maintain the confidentiality of
              such information consistent with Employer’s policies, Employee’s agreement(s) with Employer and/or any applicable common law. As noted above, this Agreement does not limit Employee from providing any documents to the U.S. Securities and
              Exchange Commission as part of a whistleblower action and/or a report of possible violations of any federal securities law;

             

            

          

  

  
    	
            f.

          	
            Employee has not been retaliated against for reporting any allegations of wrongdoing by Employer, its officers or any other Releasees described in
              this Agreement, including any allegations of corporate fraud;

             

            

          

  

  
    	
            g.

          	
            Employee has not raised any concerns pertaining to sexual harassment with Employer; and

             

            

          

  

  
    	
            h.

          	
            Employee is not aware of any decisions by Employer regarding Employee’s pay and benefits through Employee’s Separation Date being discriminatory
              based on age, disability, race, color, sex, religion, national origin or any other classification protected by law.

          

  

  
    5

    
      

  

  7. Limited Disclosure and Return of Property.
      Except as otherwise required by law, permitted by Paragraph “5(c)” above or specified in this Paragraph “7,” Employee agrees to refrain from disclosing to any person or entity any confidential discussions concerning his separation from the Company.

   

    

  No later than June 19, 2021, Employee will deliver to Employer, without copying or reproducing: (i) all documents, files, notes, memoranda,
    manuals, lists, computer disks, computer databases, computer programs and/or other storage media within Employee’s possession or control that reflect any trade secrets, proprietary information, financial information, personnel information, privileged
    information or other confidential information pertaining to Employer, any other Releasees described in this Agreement, and/or any current, former or prospective customers or vendors of Employer or of any other Releasees described in this Agreement
    (“Confidential Information”); and (ii) all items or other forms of property and/or equipment belonging to Employer or to any other Releasees described in this Agreement within Employee’s possession or control, including but not limited to keys, credit
    cards, electronic equipment, business equipment and lists of current, former or prospective customers or vendors of Employer and/or of any other Releasees described in this Agreement. Immediately upon Employee’s execution of this Agreement or at any
    other time requested by Employer, Employee also agrees to delete any Confidential Information from any computer hard drive or computer system within Employee’s possession or control that is not located on Employer’s premises. However, nothing in this
    paragraph will prevent Employee from retaining his contacts, whether electronic or physical form (Outlook, rolodex, etc.), which the Company will assist in transferring to him, and any documents in Employee’s possession or control concerning Employee’s
    employee benefits and/or Employee’s compensation. Employer will cooperate with Employee’s collection of his personal property from the premises at a time convenient for both parties and will further take all necessary steps to transfer Employee’s phone
    number and phone to his personal account.

   

  

  8. Consulting.  In further consideration
      of your execution, delivery, and non-revocation of this Agreement, the Employee agrees to perform and be available to perform consulting services to the Employer on an independent contractor basis during the period commencing on the first day
      following the Separation Date and expiring on the date that is four months following such date (the “Consulting Period”).  During the Consulting Period, the Employee will assist the Employer in transitioning his duties and responsibilities to other
      executives and officers of the Employer and provide such other services as may be reasonably requested by the Chief Executive Officer of the Employer from time to time.  The times during which, and the locations at which, the Employee shall perform
      his services hereunder shall be subject to the mutual agreement of the Employee and the Company.  The Employee agrees that during the Consulting Period, he will be acting solely as an independent contractor with respect to the Employer.  The Employee
      will not have any authority to bind or commit the Employer.  Except to the extent provided by COBRA coverage, the Employee will not be eligible for any Employer benefit plans during the Consulting Period.  During the Consulting Period, the Employer
      will pay you a total of $250,000, payable on a ratable basis monthly (the “Consulting Fee”).

   

    

  9. Non-Solicitation, Non-Competition. 
      Employee acknowledges and agrees to comply with the non-solicitation, non-competition, post-termination cooperation and non-

  
    6

    
      

  

   

  

  disparagement obligations contained in Section 11 of the Employment Agreement.  Employee acknowledges and agrees with Section 11(e) of the Employment
    Agreement, which provides, among other things, that in the event of a breach or threatened breach of the post-termination restrictions in Section 11 of the Employment Agreement, the Company may seek to recover damages from the Employee.  The Company’s
    executive officers and directors will not make any statements that are disparaging of Employee and the Company will not issue any public statements that are disparaging of Employee.  Employee will not make any statements that are disparaging of the
    Company and its executive offices and directors.

   

  

  10. Governing Law and Jury Waiver. This
      Agreement shall be governed and conformed in accordance with the laws of the State of New York without regard to the State’s conflict of laws provisions. If Employee or any other Releasor breaches any provision of this Agreement, Employee and
      Employer affirm that Employer may institute an action or proceeding: (a) to specifically enforce any term or terms of this Agreement; (b) to recover damages resulting from such breach in an amount to be determined by a court of competent
      jurisdiction; (c) to terminate Employer’s obligations to provide future monetary payments and benefits under this Agreement; and/or (d) to seek any other legal or equitable relief permitted by law, including but not limited to injunctive relief.
      Employer and Employee agree that any action or proceeding relating to this Agreement or to the enforcement of this Agreement will only be brought in a court located in Suffolk County in the State of New York, and that any such action or proceeding
      will be heard without a jury or an advisory jury. Employee and Employer waive their respective rights to bring any such action or proceeding in any other jurisdiction, or to have any such action or proceeding heard before a jury or an advisory jury.

   

    

  11. Severability. Should any provision of
      this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder
      of this Agreement in full force and effect. If the general release language is found to be illegal or unenforceable, Employee agrees to execute a binding replacement release.

   

    

  12. Nonadmission of Wrongdoing. Employee
      agrees that neither this Agreement nor the furnishing of the consideration for this Agreement shall be deemed or construed at any time for any purpose as an admission by Releasees of any wrongdoing or evidence of any liability or unlawful conduct of
      any kind.

   

    

  13. Amendment. This Agreement may not be
      modified, altered or changed except in a writing signed by both Employer and Employee that specifically refers to this Agreement.

   

    

  14. Waiver of Rights. Employee
      understands that this Agreement is a legally binding document under which Releasors are giving up certain rights, including any rights Employee may have under the Age Discrimination in Employment Act of 1967 (“ADEA”). As a result, Employer advises
      Employee to consult with an attorney of Employee’s choosing before Employee signs this Agreement. Employee understands that Employee has been given twenty-one (21) calendar days from the day Employee receives this Agreement in which to consider this
      Agreement. Employee has no physical or mental impairment of any kind that has interfered with Employee’s ability to read and understand the meaning of this Agreement or its terms, and Employee is not acting under the influence of any medication or
      mind-altering chemical of any type in entering into this

  
    7

    
      

  

   

  

  15. Agreement. Employee understands that, by entering into this Agreement, Employee does not waive rights or claims that may arise after the date of
      Employee’s execution of this Agreement, including without limitation, Employee’s rights or claims to secure enforcement of the terms and conditions of this Agreement. Nothing in this Agreement shall prevent Employee from (i) commencing an action or
      proceeding to enforce this Agreement or (ii) exercising Employee’s rights under the Older Workers’ Benefit Protection Act of 1990 to challenge the validity of Employee’s waiver of ADEA claims set forth in Paragraph “5.a” of this Agreement.

   

    

  16. Revocation. Employee may revoke this Agreement during the period of seven (7) calendar days following the day on which Employee signs this Agreement. Any revocation within this
      period must be submitted, in writing, to Austin Stonitsch, EVP & Chief Human  Resources Officer, Dime Community Bank, 898 Veterans Memorial Highway, Suite 560, Hauppauge, New York 11788, and must state: “I hereby revoke my acceptance of our
      Agreement and General Release.” The revocation must be either: (a) personally delivered to Mr. Stonitsch within 7 calendar days after the day Employee signs the Agreement; (b) mailed to Mr. Stonitsch at the address specified above by First Class
      United States mail and postmarked within 7 calendar days after the day Employee signs the Agreement; or (c) delivered to Mr. Stonitsch at the address specified above through a reputable overnight delivery service with documented evidence that it was
      sent within 7 calendar days after the day Employee signed the Agreement. This Agreement shall not become effective or enforceable until the revocation period has expired. If the last day of the revocation period is a Saturday, Sunday or legal holiday
      recognized by the State of New York, then the revocation period shall not expire until the next following day which is not a Saturday, Sunday or legal holiday.

   

    

  17. Tax Treatment.  Dime may deduct or
      withhold from any compensation or benefits any applicable federal, state or local tax or employment withholdings or deductions resulting from any payments or benefits provided under this Agreement. In addition, it is Dime’s intention that all
      payments or benefits provided under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), including without limitation the six month delay for payments of deferred compensation to “key employees” upon
      separation from service pursuant to Section 409A(a)(2)(B)(i) of the Code (if applicable), and this Agreement shall be interpreted, administered and operated accordingly. If under this Agreement an amount is to be paid in installments, each
      installment shall be treated as a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii). If any provision of this Agreement (or of any award of compensation due to you under this Agreement) would cause Employee to incur any
      additional tax or interest under Section 409A of the Code or any regulations or Treasury guidance promulgated thereunder, the Company shall modify this Agreement to make it compliant with Section 409A and maintain the value of the payments and
      benefits under this Agreement. Notwithstanding anything to the contrary herein, Dime does not guarantee the tax treatment of any payments or benefits under this Agreement, including without limitation under the Code, federal, state, local or foreign
      tax laws and regulations. In no event may you, directly or indirectly, designate the calendar year of any payment under this Agreement. In the event the period of notice and payment referenced in Paragraph “2” of this Agreement ends in the taxable
      year following your termination of employment, any severance payment or deferred compensation payment shall be paid or commence in such subsequent taxable year if required under Section 409A of the Code.

  
    8

    
      

  

  18. Tax Matters.  The Employer and the
      Employee hereby recognize that: (i) the non-solicitation restriction and non-competition restriction under Section 9 of this Agreement have value, (ii) the value shall be recognized in any calculations the Employer and the Employee perform with
      respect to determining the affect, if any, of the parachute payment provisions of Section 280G of the Code (“Section 280G”), by allocating a portion of the payments under Section 2(a) of this Agreement to the fair value of the non-solicitation and
      non-competition restriction under Section 9 of this Agreement (the “Appraised Value”), (iii) the Employer has obtained an independent appraisal to determine the Appraised Value, (iv) the Appraised Value will be considered reasonable compensation for
      post change in control services within the meaning of Q&A-40 of the regulations under Section 280G, and (v) any aggregate parachute payments, as defined in Section 280G, will be reduced by the Appraised Value.

   

    

  19. Entire Agreement. This Agreement sets
      forth the entire agreement between Employee and Employer, and fully supersedes any prior agreements, understandings or obligations between Releasors and Releasees pertaining to the subjects addressed herein, with the exception of any confidentiality,
      non-compete, non-solicitation and/or assignment of proprietary rights agreements or obligations previously signed or undertaken by Employee that provide additional or greater rights to Employer, and the Tax Agreement, which remain in full force and
      effect. Employee acknowledges that he has not relied on any representations, promises, agreements or offers of any kind made to Employee in connection with his or her decision to enter into this Agreement, except for those set forth in this
      Agreement, the Employee Benefit Plans issued to Employee, any successor plans thereto, any summary plan description or summary of material modifications for the Employee Benefit Plans issued to Employee, and in any confidentiality, non-compete,
      non-solicitation and/or assignment of proprietary rights agreements or obligations previously signed or undertaken by Employee.

   

    

  EMPLOYEE IS HEREBY ADVISED THAT EMPLOYEE HAS UP TO TWENTY-ONE (21) CALENDAR DAYS TO CONSIDER THIS
    AGREEMENT. EMPLOYEE IS ALSO ADVISED TO CONSULT WITH AN ATTORNEY OF EMPLOYEE’S CHOOSING PRIOR TO SIGNING THIS AGREEMENT.

  EMPLOYEE AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT, DO NOT RESTART
    OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD.

  
    9

    
      

  

  

  

  EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT INTENDING
    TO WAIVE, SETTLE AND RELEASE ALL CLAIMS RELEASORS HAVE OR MIGHT HAVE AGAINST RELEASEES AS OF THE DATE EMPLOYEE SIGNS THIS AGREEMENT.

  The Parties knowingly and voluntarily sign this Agreement as of the date(s) set forth below:

  	
          John M. McCaffery

        	 	
          Dime Community Bancshares, Inc.

        
	 	 	 
	
          By: /s/ John M. McCaffrey

          

        	 	
          By:  /s/ Austin Stonitsch

          

        
	
          John M. McCaffery

        	 	
          Austin Stonitsch

        
	 	 	
          Executive Vice President and Chief Human Resources Officer

        
	 	 	 
	
          Date: June 14, 2021

        	 	
          Date: June 14, 2021

        
	 	 	 
	 	 	 
	 	 	
          Dime Community Bank

        
	 	 	 
	 	 	 
	 	 	
          By: /s/ Austin Stonitsch

        
	 	 	
                Austin Stonitsch

        
	 	 	
                Executive Vice President and Chief Human Resources Officer

        
	 	 	 
	 	 	
          Date: June 14, 2021

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