Document:

Form of Purchase Agreement

 Exhibit 10.2 
 PRIVATE PLACEMENT PURCHASE AGREEMENT 

                      
          (the “Undersigned”), for itself and on behalf of the accounts listed on Exhibit A hereto (“Accounts”) for whom the Undersigned holds
contractual and investment authority (each Account, as well as the Undersigned if it is acquiring Purchased Notes (as defined below) hereunder, a “Purchaser”), enters into this Private Placement Purchase Agreement (the
“Agreement”) with Callaway Golf Company (the “Company”) on August         , 2012 whereby the Purchaser will purchase (the “Purchase”) the Company’s
        % Convertible Senior Notes due 2019 (the “Notes”) that will be issued pursuant to the provisions of an Indenture dated as of
August         , 2012 (the “Indenture”) between the Company and Wilmington Trust, National Association, as Trustee (the “Trustee”). 

On and subject to the terms hereof, the parties hereto agree as follows: 

Article I: Purchase of Notes 
 Subject to the terms set forth in this Agreement, at the Closing (as defined herein), the Undersigned hereby agrees to cause the Purchasers to purchase from the Company, and the Company hereby agrees to
issue and sell to the Purchasers, the principal amount of the Notes described below for the cash purchase price specified below: 
 Principal
Amount of Notes to be Purchased: $         (the “Purchased Notes”). 
 Purchase Price:
        % of the principal amount of the Purchased Notes ($         ) (the “Purchase Price”). 

The closing of the Purchase (the “Closing”) shall occur on a date (the “Closing Date”) no later than
three business days after the date of this Agreement. At the Closing, (a) the Purchasers shall deliver or cause to be delivered to the Company the Purchase Price, and (b) the Company shall issue to each Purchaser the principal amount of
Purchased Notes specified on Exhibit A hereto (or, if there are no Accounts, the Company shall deliver to the Undersigned, as the sole Purchaser, the principal amount of Purchased Notes specified above); provided, however, that the
parties acknowledge that the delivery of the Purchased Notes to the Purchaser may be delayed due to procedures and mechanics within the system of the Depository Trust Company and that such delay will not be a default under this Agreement so long as
(i) the Company is using its best efforts to effect the issuance of one or more global notes representing the Notes, (ii) such delay is no longer than three business days, and (iii) interest shall accrue on such Purchased Notes from
the Closing Date. Simultaneously with or after the Closing, the Company may issue Notes to one or more other investors, subject to the terms of the Indenture. 
 Article II: Covenants, Representations and Warranties of the Purchasers 
 Each Purchaser (and, where specified below, the Undersigned) hereby covenants (solely as to itself) as follows, and makes the following representations and warranties (solely as to itself), each of which
is and shall be true and correct on the date hereof and at the Closing, to the Company, Lazard Frères & Co. LLC and Lazard Capital Markets LLC, and all such covenants, representations and warranties shall survive the Closing.

 Section 2.1 Power and Authorization. The Purchaser is duly organized, validly existing and in good
standing, and has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the Purchase contemplated hereby. If the Undersigned is executing this Agreement on behalf of
Accounts, (a) the Undersigned has all requisite discretionary and contractual authority to enter into this Agreement on behalf of, and bind, each Account, and (b) Exhibit A hereto is a true, correct and complete list of
(i) the name of each Account and (ii) the principal amount of Purchased Notes to be issued to such Account. 

 Section 2.2 Valid and Enforceable Agreement; No Violations. This
Agreement has been duly executed and delivered by the Undersigned and the Purchaser and constitutes a legal, valid and binding obligation of the Undersigned and the Purchaser, enforceable against the Undersigned and the Purchaser in accordance with
its terms, except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally, and
(b) general principles of equity, whether such enforceability is considered in a proceeding at law or in equity (such qualifications in clauses (a) and (b) being the “Enforceability Exceptions”). This Agreement and
consummation of the Purchase will not violate, conflict with or result in a breach of or default under (i) the Undersigned’s or the Purchaser’s organizational documents, (ii) any agreement or instrument to which the Undersigned
or the Purchaser is a party or by which the Undersigned or the Purchaser or any of their respective assets are bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Undersigned or the
Purchaser. 
 Section 2.3 Institutional Accredited Investor/Qualified Institutional Buyer. The Purchaser is
(i) an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D (“Regulation D”) promulgated under the Securities Act of 1933, as amended (the
“Securities Act”), or (ii) a “qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act (“Rule 144A”). 

Section 2.4 No Related Party or 5% Stockholder Status. The Purchaser and its affiliates (within the meaning of Rule
144 promulgated under the Securities Act) collectively beneficially own and will beneficially own as of the Closing Date (but without giving effect to the Purchase) (i) less than 5% of the Company’s outstanding common stock, par value $.01
per share (the “Common Stock”) and (ii) less than 5% of the aggregate number of votes that may be cast by holders of those outstanding securities of the Company that entitle the holders thereof to vote generally on all matters
submitted to the Company’s stockholders for a vote (the “Voting Power”). The Purchaser is not a subsidiary, affiliate or, to its knowledge, otherwise closely-related to any director or officer of the Company or beneficial owner
of 5% or more of the outstanding Common Stock or Voting Power (each such director, officer or beneficial owner, a “Related Party”). To its knowledge, no Related Party beneficially owns 5% or more of the outstanding voting equity, or
votes entitled to be cast by the outstanding voting equity, of the Purchaser. 
 Section 2.5 Restricted Notes and
Stock. The Purchaser (a) acknowledges that the issuance of the Purchased Notes pursuant to the Purchase and the issuance of any shares of Common Stock upon conversion of any of the Purchased Notes (the “Conversion
Shares”) have not been registered under the Securities Act or any state securities laws, and the Purchased Notes and Conversion Shares are being offered and sold in reliance upon exemptions provided in the Securities Act and state
securities laws for transactions not involving any public offering and, therefore, cannot be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of unless they are subsequently registered and qualified under the
Securities Act and applicable state laws or unless an exemption from such registration and qualification is available, and that evidence of the Purchased Notes and Conversion Shares will bear a legend to such effect, and (b) is purchasing the
Purchased Notes and Conversion Shares for investment purposes only for the account of the Purchaser and not with any view toward a distribution thereof or with any intention of selling, distributing or otherwise disposing of the Purchased Notes or
Conversion Shares in a manner that would violate the registration requirements of the Securities Act. The Purchaser is able to bear the economic risk of holding the Purchased Notes and Conversion Shares for an indefinite period and has sufficient
knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risk of its investment in the Purchased Notes and Conversion Shares. 

Section 2.6 No Illegal Transactions. Each of the Undersigned and the Purchaser has not, directly or indirectly, and no
person acting on behalf of or pursuant to any understanding with it has, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as defined below) involving any of the Company’s securities)
since the time that the Undersigned was first contacted by either the Company, Lazard Frères & Co. LLC or Lazard Capital Markets LLC or any other person regarding the 

  
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Purchase, this Agreement or an investment in the Notes or the Company. Each of the Undersigned and the Purchaser covenants that neither it nor any person acting on its behalf or pursuant to any
understanding with it will engage, directly or indirectly, in any transactions in the securities of the Company (including Short Sales) prior to the time the transactions contemplated by this Agreement are publicly disclosed. “Short
Sales” include, without limitation, all “short sales” as defined in Rule 200 of Regulation SHO promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and all types of direct and
indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps, derivatives and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker-dealers or foreign regulated
brokers. Solely for purposes of this Section 2.6, subject to the Undersigned’s and the Purchaser’s compliance with their respective obligations under the U.S. federal securities laws and the Undersigned’s and the Purchaser’s
respective internal policies, (a) “Undersigned” and “Purchaser” shall not be deemed to include any employees, subsidiaries or affiliates of the Undersigned or the Purchaser that are effectively walled off by appropriate
“Chinese Wall” information barriers approved by the Undersigned’s or the Purchaser’s respective legal or compliance department (and thus have not been privy to any information concerning the Exchange), and (b) the foregoing
representations of this Section 2.6 shall not apply to any transaction by or on behalf of an Account that was effected without the advice or participation of, or such Account’s receipt of information regarding the Purchase provided by, the
Undersigned. 
 Section 2.7 Adequate Information; No Reliance. The Purchaser acknowledges and agrees that
(a) the Purchaser has been furnished with all materials it considers relevant to making an investment decision to enter into the Purchase and has had the opportunity to review the Company’s filings and submissions with the Securities and
Exchange Commission (the “SEC”), including, without limitation, all information filed or furnished pursuant to the Exchange Act, (b) the Purchaser has had a full opportunity to ask questions of the Company concerning the
Company, its business, operations, financial performance, financial condition and prospects, and the terms and conditions of the Purchase, (c) the Purchaser has had the opportunity to consult with its accounting, tax, financial and legal
advisors to be able to evaluate the risks involved in the Purchase and to make an informed investment decision with respect to such Exchange and (d) the Purchaser is not relying, and has not relied, upon any statement, advice (whether
accounting, tax, financial, legal or other), representation or warranty made by the Company or any of its affiliates or representatives including, without limitation, Lazard Frères & Co. LLC and Lazard Capital Markets LLC, except for
(A) the publicly available filings and submissions made by the Company with the SEC under the Exchange Act and (B) the representations and warranties made by the Company in this Agreement. 

Section 2.8 No Public Market. The Purchaser understands that no public market exists for the Purchased Notes, and that
there is no assurance that a public market will ever develop for the Purchased Notes. 
 Article III: Covenants,
Representations and Warranties of the Company 
 The Company hereby covenants as follows, and makes the following
representations and warranties, each of which is and shall be true and correct on the date hereof and at the Closing, to the Purchasers, Lazard Frères & Co. LLC and Lazard Capital Markets LLC, and all such covenants, representations
and warranties shall survive the Closing. 
 Section 3.1 Power and Authorization. The Company is duly
incorporated, validly existing and in good standing under the laws of its state of incorporation, and has the power, authority and capacity to execute and deliver this Agreement and the Indenture, to perform its obligations hereunder and thereunder,
and to consummate the Purchase contemplated hereby. 
 Section 3.2 Valid and Enforceable Agreements; No
Violations. This Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforcement
may be subject to the Enforceability Exceptions. At the Closing, the Indenture, substantially in the form of Exhibit B hereto, will have been duly executed and delivered by the Company and will govern the terms of the Notes, and the

  
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Indenture will constitute a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforcement may be subject to the
Enforceability Exceptions. This Agreement, the Indenture and consummation of the Purchase will not violate, conflict with or result in a breach of or default under (i) the charter, bylaws or other organizational documents of the Company,
(ii) any agreement or instrument to which the Company is a party or by which the Company or any of its assets are bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Company.

 Section 3.3 Validity of the Purchased Notes. The Purchased Notes have been duly authorized by the Company
and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to the Purchaser pursuant to the Purchase against delivery of the Purchase Price in accordance with the terms of this Agreement, the Purchased
Notes will be valid and binding obligations of the Company, enforceable in accordance with their terms, except that such enforcement may be subject to the Enforceability Exceptions, and the Purchased Notes will not be subject to any preemptive,
participation, rights of first refusal or other similar rights. Assuming the accuracy of each Purchaser’s representations and warranties hereunder, the Purchased Notes (a) will be issued in the Purchase exempt from the registration
requirements of the Securities Act pursuant to Section 4(2) of the Securities Act and Rule 506 of Regulation D, (b) will, at the Closing, be eligible for resale under Rule 144A, and (c) will be issued in compliance with all
applicable state and federal laws concerning the issuance of the Purchased Notes. 
 Section 3.4 Validity of Common
Stock. The Purchased Notes will be convertible into the Conversion Shares in accordance with the terms of the Indenture. The Conversion Shares have been duly authorized and reserved by the Company for issuance upon conversion of the
Purchased Notes and, when issued upon conversion of the Purchased Notes in accordance with the terms of the Purchased Notes and the Indenture, will be validly issued, fully paid and non-assessable, and the issuance of the Conversion Shares will not
be subject to any preemptive, participation, rights of first refusal or other similar rights. 
 Section 3.5 Listing
Approval. At the Closing, the Conversion Shares shall be approved for listing on the New York Stock Exchange. 

Section 3.6 Disclosure. On or before the first business day following the date of this Agreement, the Company shall
issue a publicly available press release or file with the SEC a Current Report on Form 8-K disclosing all material terms of the Purchase. 
 Article IV: Miscellaneous 
 Section 4.1 Entire
Agreement. This Agreement and any documents and agreements executed in connection with the Purchase embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior and
contemporaneous oral or written agreements, representations, warranties, contracts, correspondence, conversations, memoranda and understandings between or among the parties or any of their agents, representatives or affiliates relative to such
subject matter, including, without limitation, any term sheets, emails or draft documents. 
 Section 4.2
Construction. References in the singular shall include the plural, and vice versa, unless the context otherwise requires. References in the masculine shall include the feminine and neuter, and vice versa, unless the context otherwise
requires. Headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meanings of the provisions hereof. Neither party, nor its respective counsel, shall be deemed the drafter of this Agreement for
purposes of construing the provisions of this Agreement, and all language in all parts of this Agreement shall be construed in accordance with its fair meaning, and not strictly for or against either party. 

Section 4.3 Governing Law. This Agreement shall in all respects be construed in accordance with and governed by the
substantive laws of the State of New York, without reference to its choice of law rules. 

  
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 Section 4.4 Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Any counterpart or other signature hereon delivered by facsimile shall be deemed for all purposes as constituting good and valid
execution and delivery of this Agreement by such party. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as
of the date first above written. 
  

									
	 “UNDERSIGNED”:

 
	 		 	 “COMPANY”:
  

CALLAWAY GOLF COMPANY

	(in its capacities described in the first paragraph hereof)	 		 		 	
					
	By:	 	 	 		 	By:	 	 
	Name:	 	 	 		 	Name:	 	 
	Title:	 	 	 		 	Title:	 	 

 [Signature page to Private Placement Purchase Agreement] 

 EXHIBIT A 
 Purchasing Beneficial Owners 
  

			
	 Name of
Beneficial Owner
	  	 Principal Amount of

Purchased Notes

  
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 EXHIBIT B 
 Form of Indenture 

  
 8Form of Separation Agreement

 Exhibit 10.1 
 SEPARATION AGREEMENT 
 THIS SEPARATION AGREEMENT (this
“Agreement”) is made and entered into as of August 23, 2012 by and among Richard O. Jones (“Executive”), Provident Bank (the “Bank”) and Provident New York Bancorp (“Parent”; and together with the Bank,
the “Company”). The Company, Parent and Executive are sometimes referred to collectively herein as “the Parties.” 
 WHEREAS, Executive has been employed by the Company pursuant to an Employment Agreement dated as of December 15, 2008 (as amended, the “Employment Agreement”); and 

WHEREAS, the Parties desire to enter into this Agreement providing for Executive’s resignation from employment by the Company
effective October 1, 2012 (“Resignation Date”); 
 NOW, THEREFORE, in consideration of the foregoing, the mutual
promises herein contained, and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged by the Parties, it is agreed as follows: 
 1. Executive hereby resigns from employment by the Company as of the Resignation Date, and from and after the Resignation Date, Executive will not hold himself out to any person or entity as being an
employee, officer, director, representative, or agent of the Company. 
 2. Simultaneous with the execution of this Agreement,
the Parties have entered in to the Independent Contractor Agreement attached hereto as Attachment A. The Independent Contractor Agreement shall become null and void unless (a) Executive executes and delivers a copy of the Release Agreement
attached hereto as Attachment B (“Release Agreement”) on or after October 1, 2012 and (b) the Effective Date (as defined in the Release Agreement) of such Release occurs on or before October 10, 2012. 

3. Subject to paragraph 4 of this Agreement and the terms of the Employment Agreement, Executive shall, upon and after the Resignation
Date (but, for sake of clarity, subject to Section 7(f) of the Employment Agreement), be entitled to receive the compensation and benefits provided for under Sections 7(b)(i) through 7(b)(ix) of the Employment Agreement (such payments and
benefits, other than the payment of accrued and unpaid base salary and benefit plan entitlements under Sections 7(b)(i) and 7(b)(ii) of the Employment Agreement, being the “Severance Benefits”) and with respect to such payments and
benefits Executive agrees as follows: (a) the amount provided for under Section 7(b)(iv) will be $220,002; (b) no amount with be paid pursuant to Section 7(b)(v); (c) the amount provided for under Section 7(b)(vi) will
be $9,573; (d) the amount provided for under Section 7(b)(vii) will be $888; and (e) the amount provided for under Section 7(b)(viii) will be $84,378. Except as provided for in this paragraph 3 or in the Independent Contractor
Agreement, Executive shall have no right to receive any other compensation, benefits, or other consideration under this Agreement, the Employment Agreement, or otherwise.
 4. Notwithstanding anything to the contrary herein, Executive’s entitlement to the Severance Benefits shall be subject to and contingent upon Executive (a) executing and delivering to the
Company on or after October 1, 2012, a copy of the Release Agreement, and the Effective Date for such Release Agreement occurs on or before October 10, 2012 and (b) if Executive provides services under the Independent Contractor
Agreement, (i) executing and delivering to the Company upon or after termination of the Independent Contractor Agreement, a second copy of the Release Agreement and (ii) the Effective Date for such Release Agreement occurring within ten
days after termination of the Independent Contractor Agreement. 

 5. Executive acknowledges and agrees that Sections 10 (Confidentiality), 11
(Non-Solicitation; Non-Competition; Post-Termination Cooperation), and 12 (Additional Termination and Suspension Provisions) of the Employment Agreement shall continue in full force and effect. 

6. Executive agrees that he will not publicly make or publish any adverse, disparaging, untrue, or misleading statement or comment about
the Company or any of its officers, directors, employees, or agents. The Company agrees to instruct its directors, officers, and senior management not to publicly make or publish any adverse, disparaging, untrue, or misleading statement or comment
about Executive. In the event that a prospective employer of Executive’s contacts the Company, the Company shall respond by providing only Executive’s dates of employment, title, last salary, and stating that he resigned to pursue other
opportunities. 
 7. This Agreement sets forth the entire agreement between the Company and Executive and, except as expressly
provided in this Agreement, supersedes any and all prior agreements or understandings between the Company and Executive pertaining to the subject matter hereof. In reaching this Agreement, neither the Company nor Executive has relied upon any
representation or promise except those set forth herein. If any provision, or portion of a provision, of this Agreement is held to be invalid or unenforceable for any reason, the remainder of the Agreement shall remain in full force and effect, as
if such provision, or portion of such provision, had never been contained herein. The unenforceability or invalidity of a provision of the Agreement in one jurisdiction shall not invalidate or render that provision unenforceable in any other
jurisdiction. 
 8. This Agreement cannot be amended, modified, or supplemented in any respect except by written agreement
entered into and signed by the Parties. 
 9. This Agreement shall be governed by the laws of the State of New York without
giving effect to conflict of laws principles, and Executive consents to venue and exclusive personal jurisdiction in the state and federal courts of the State of New York for any proceeding arising out of or relating to this Agreement. 

10. Executive acknowledges that he has read each and every section of this Agreement and that he understands his rights and obligations
under this Agreement. Executive acknowledges that the Company has advised him in writing to consult with an attorney of his choice before signing this Agreement, and that Executive has been given the opportunity to consult with an attorney of his
choice before signing this Agreement. 
 11. This Agreement may be signed in counterparts, each of which shall be considered an
original for all purposes, and all of which taken together shall constitute one and the same written agreement. 
 12. This
Agreement shall be binding upon Executive and upon Executive’s heirs, administrators, representatives, executors, successors, and assigns, and shall inure to the benefit of the Company, and its representatives, executors, successors, and
assigns. This Agreement shall be binding upon the Company and upon the Company’s assigns and shall inure to the benefit of Executive and his heirs, administrators, representatives, executors, successors, and assigns. 

  
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 IN WITNESS WHEREOF, the Company, has caused this Agreement to be executed by its duly
authorized officer, and Executive has executed this Agreement, on the date(s) set forth below. 
 Richard O. Jones 

 

					
	 /s/ Richard O. Jones
	 		 	 Date: 08/23/12

			
	Provident New York Bancorp	 		 	
			
	 By: /s/ Jack L. Kopnisky
	 		 	 Date: 08/23/12

	President & CEO	 		 	
			
	Provident Bank	 		 	
			
	 By: /s/ Jack L. Kopnisky
	 		 	 Date: 08/23/12

	President & CEO	 		 	

  
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 Attachment A 
 INDEPENDENT CONTRACTOR AGREEMENT 
 THIS AGREEMENT, made as of the
     day of August, 2012, by and between Provident Bank, and Provident New York Bancorp (together the “Company”), and Richard O. Jones (the “Contractor”). 

WHEREAS, Contractor possesses valuable knowledge and skills that have contributed and are likely to continue to
contribute to the successful operation of the Company’s business; and 
 WHEREAS, the Company and Contractor
have agreed to execute and deliver this Agreement in consideration, among other things, of (i) the access Contractor has had and will continue to have to confidential or proprietary information of the Company; (ii) the access Contractor
will have to confidential or proprietary information to be acquired hereafter by the Company; (iii) the willingness of the Company to make valuable benefits available hereafter to Contractor; (iv) the Company’s willingness to obligate
itself to give Contractor written notice of any termination of Contractor’s independent contractor status; and (v) Contractor’s receipt of payments from time to time by the Company; and 

WHEREAS, the Company desires to procure the services of Contractor, and Contractor is willing to be engaged by the Company,
upon the terms and subject to the conditions hereinafter set forth; 
 NOW, THEREFORE, intending to be legally
bound, the Company agrees to engage Contractor, and Contractor hereby agrees to be engaged by the Company, upon the following terms and conditions: 
 ARTICLE I 
 INDEPENDENT CONTRACTOR 

1.01. Independent Status. Contractor is hereby engaged by the Company to complete the projects assigned from time to time
by the Company’s Chief Executive Officer or his designee, and as such, shall use his best skills and abilities to complete the assigned duties hereunder and in the performance of such other tasks as may be requested of him from time to time by
the officers of the Company. Contractor acknowledges that at all times he/she shall be legally independent from the Company and that nothing contained in this Agreement shall in any way be construed to create an employment relationship. Contractor
warrants that he/she is in full compliance with all federal, state and local laws which regulate his/her business, that he/she has procured all legally required insurance coverage necessary for the operation of his/her business. 

1.02. Term. This Contract shall commence as of October 1, 2012 and shall continue until March 31, 2013, unless
sooner terminated as provided herein. 
 1.03. Remuneration. During the term of this Contract, remuneration shall
be paid to Contractor at the rate of $136.00 dollars per hour for each hour the Contractor performs services for the Company. The rate of remuneration to be paid to Contractor may be adjusted in the sole discretion of the Company; however, any such
change must be communicated to the Contractor at least one week before it is effective. 
 1.04. Fringe Benefits.
During the term of this Contract, no benefits, other than the remuneration described above, shall be provided to the Contractor. Contractor acknowledges that as an independent contractor he/she has no claim to any of the fringe benefits offered
to the employees of the Company and hereby waives any claim to such benefits. 

 ARTICLE II 

TERMINATION 
 2.01. Death. If the Contractor dies during the term of this Contract, this Contract shall terminate and all obligations of the Company hereunder, other than any obligations with respect to
the payment of accrued and unpaid remuneration until the time of death, shall terminate. 
 2.02. Company
Termination. 
 (a) For Cause. If the Company, acting in good faith and upon reasonable grounds,
determines that Contractor has failed to perform his/her duties hereunder or under law, has violated any of the agreements, covenants, terms or conditions hereunder or has engaged in conduct which has injured or would injure the business or
reputation of the Company or otherwise adversely affect its interests, then, and in such event, the Company may, by written notice to Contractor, immediately terminate this Contract Upon delivery to Contractor of such notice, together with payment
of any payments accrued under Section 1.03, the Contractor’s status and all obligations of the Company hereunder shall immediately terminate. The obligations of Contractor under Article III shall continue notwithstanding termination of
Contractor’s status as an independent contractor pursuant to this Section 2.02(a). 
 (b) Without Cause.
This Contract may, upon one week’s prior notice to the Contractor, be terminated at any time by the Company without cause. Payments to the Contractor hereunder shall cease effective as of the date of any such termination. The obligations of
Contractor under Article III hereof shall continue notwithstanding termination of this Contract pursuant to this Section 2.02(b). 
 2.03. Contractor Termination. Contractor agrees to give the Company one week’s prior notice of the termination of this contract with the Company. The obligations of contractor under
Article III hereof shall continue notwithstanding termination of this Contract pursuant to this Section 2.03. 
 ARTICLE
III 
 CONTRACTOR’S COVENANTS AND AGREEMENTS 

3.01. Non-Disclosure of Confidential Information. Contractor agrees to hold and safeguard confidential information in trust
for the Company, its successors and assigns and agrees that he/she shall not, without the prior written consent of the Company, misappropriate or disclose or make available to anyone for use outside the Company’s organization at any time,
either during the term of this contract with the Company or subsequent to the termination of this contract with the Company for any reason, including without limitation termination by the Company for cause or without cause, any confidential
information, whether or not developed by Contractor, except as required in the performance of Contractor’s duties to the Company. 
 3.02. Disclosure of Works and Inventions/Assignment of Patents. Contractor shall disclose promptly to the Company or its nominee any and all works, inventions, discoveries and improvements
related to the business or activities of the Company and authored, conceived or made by Contractor during the period of this contract. The contractor hereby assigns and agrees to assign all his/her interest

  
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therein to the Company or its nominee in any such works, inventions, discoveries and improvements. Such obligations shall continue beyond the termination of this contract with respect to works,
inventions, discoveries and improvements authored, conceived or made by Contractor during the period of this contract, and shall be binding upon Contractor’s assigns, executors, administrators and other legal representatives. 

3.03. Return of Materials. Upon the termination of this Contract with the Company for any reason, including without
limitation termination by the Company for cause or without cause, Contractor shall promptly deliver to the Company all Company property. 
 3.04. Non-Solicitation of Company’s Clients 
 (a) The
Contractor covenants and agrees that during the period of this Contract, the Contractor shall not, directly or indirectly, solicit, accept or engage in any employment, consulting, contracting, or other similar relationship with any client of Company
(as defined below), or any affiliate of any client which would involve the Contractor in providing services similar to those provided under this Agreement. For purposes of this Agreement, the term “client” shall mean any person or entity
under contract with Company for services that the contractor performed work for during the term of Contractor’s period of service with Company and/or any person or entity to which Company has an outstanding proposal to provide services for or
is in active negotiations with. 
 3.05. Work Made for Hire. The Contractor recognizes and understands that
his/her duties at the Company may include the preparation of materials, and that any such materials conceived or written by him/her shall be done as “work made for hire” as defined and used in the Copyright Act of 1976, 17 U.S.C. Section s
1 et seq., as amended. 
 ARTICLE IV 

CONTRACTOR’S REPRESENTATIONS AND WARRANTIES 
 4.01. No Prior Agreements. The Contractor represents and warrants that he/she is not a party to or otherwise subject to or bound by the terms of any contract, agreement or understanding
which in any manner would limit or otherwise affect his/her ability to perform his/her obligations hereunder, including without limitation any contract, agreement or understanding containing terms and provisions similar in any manner to those
contained in Article III hereof. The Contractor further represents and warrants that his/her independent contractor status with the Company will not require him/her to disclose or use any confidential information belonging to prior employers or
other persons or entities. 
 4.02. Contractor’s Abilities. The Contractor represents that his/her experience
and capabilities are such that the provisions of Article III will not prevent him from earning his livelihood, and acknowledges that it could cause the Company serious and irreparable injury and cost if the Contractor were to use his ability and
knowledge in competition with the Company or to otherwise breach the obligations contained in Article III. 
 4.03.
Remedies. In the event of a breach by the Contractor of the terms of this Agreement, the Company shall be entitled, if it shall so elect, to institute legal proceedings to obtain damages for any such breach, or to enforce the specific
performance of this Agreement by the Contractor and to enjoin the Contractor from any further violation of this Agreement and to exercise such remedies cumulatively or in conjunction with all other rights and remedies provided by law. 

  
 3 

 ARTICLE V 

MISCELLANEOUS 
 5.01. Authorization to Modify Restrictions. It is the intention of the Contractor and the Company that the provisions of this Agreement be enforceable to the fullest extent permissible under
law and that the unenforceability of any provision or necessary modification of any provision in order to conform to applicable law not render unenforceable or impair the validity of the remaining provisions. If any provision is deemed invalid or
unenforceable, either in whole or in part, this Agreement shall be deemed amended to delete or modify, as necessary, the offending provision and to alter the bounds thereof in order to render it valid and enforceable. 

5.02. Entire Agreement. This Agreement represents the entire agreement of the parties relating to the subject matter
hereof; provided however, that nothing herein is intended to amend or supersede any provisions of the Employment Agreement, dated as of December 15, 2008, as amended, among Contractor, Provident Bank, and the Provident New York Bancorp, or the
Separation Agreement, dated as of the date hereof by and among Contractor, Provident Bank and Provident New York Bancorp. This Agreement may be amended only by a writing signed by each of them. 

5.03. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York. 
 5.04. Agreement Binding. The obligations of the Contractor under this Agreement shall be binding on
his/her heirs, executors, legal representatives and assigns and shall inure to the benefit of any successors and assigns of the Company. 
 (The remainder of this page is intentionally left blank) 

  
 4 

 THE CONTRACTOR ACKNOWLEDGES THAT HE/SHE HAS READ AND UNDERSTANDS THE FOREGOING PROVISIONS AND THAT SUCH
PROVISIONS ARE REASONABLE AND ENFORCEABLE. 
 IN WITNESS WHEREOF, the parties hereto have executed this
Agreement or caused this Agreement to be executed the day and year first above written. 
  

							
	  
	 	 	 	PROVIDENT NEW YORK BANCORP
	Date	 		 		 	
			
		 		 	PROVIDENT BANK
				
	  
	 		 	By:	 	  

	Date	 		 	Jack Kopnisky, Chief Executive Officer
			
		 		 	Contractor:
			
	  
	 		 	  

	Date	 		 		 	

  
 5 

 Attachment B 
 RELEASE AGREEMENT 
 THIS RELEASE AGREEMENT (hereinafter
“Agreement”) is made and entered into on the 23rd day of August, 2012 among Provident Bank, Provident New York Bancorp (together, the “Company”) and Richard O. Jones (“Executive”). 

WHEREAS, the Company and Executive are parties to a Separation Agreement, dated as of August 23, 2012 (the “Separation
Agreement”), pursuant to which Executive is eligible, subject to the terms and conditions set forth in the Separation Agreement, to receive certain Severance Benefits (as defined in the Separation Agreement) in connection with
Executive’s employment; 
 NOW, THEREFORE, in consideration of the Bank agreeing to provide the Severance Benefits to
Executive pursuant to the Separation Agreement and entering into the Independent Contractor Agreement as of the same date as the Separation Agreement and of other good and valuable consideration, the sufficiency and receipt of which are hereby
acknowledged by the parties, it is agreed as follows: 
 1. In exchange for the consideration referenced above, Executive hereby
completely, irrevocably, and unconditionally releases and forever discharges the Company, and any of its affiliated companies, and each and all of their officers, agents, directors, supervisors, employees, representatives, and their successors and
assigns, and all persons acting by, through, under, for, or in concert with them, or any of them, in any and all of their capacities (hereinafter individually or collectively, the “Released Parties”), from any and all charges, complaints,
claims, and liabilities of any kind or nature whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “claim” or “claims”) which Executive at any time heretofore had or claimed to have or which
Executive may have or claim to have regarding events that have occurred as of the Effective Date of this Agreement, including, without limitation, those based on: any employee welfare benefit or pension plan governed by the Employee Retirement
Income Security Act as amended (hereinafter “ERISA”) (provided that this release does not extend to any vested benefits of Executive under Company’s pension and welfare benefit plans); the Civil Rights Act of 1964, as amended (race,
color, religion, sex and national origin discrimination and harassment); the Civil Rights Act of 1966 (42 U.S.C. § 1981) (discrimination); the Age Discrimination in Employment Act of 1967 (hereinafter “ADEA”), as amended; the
Older Workers Benefit Protection Act, as amended; the Americans With Disabilities Act (hereinafter “ADA”), as amended; § 503 of the Rehabilitation Act of 1973; the Fair Labor Standards Act, as amended (wage and hour matters); the
Family and Medical Leave Act, as amended, (family leave matters), any other federal, state, or local laws or regulations regarding employment discrimination or harassment, wages, insurance, leave, privacy or any other matter; any negligent or
intentional tort; any contract, policy or practice (implied, oral, or written); or any other theory of recovery under federal, state, or local law, and whether for compensatory or punitive damages, or other equitable relief, including, but not
limited to, any and all claims which Executive may now have or may have had, arising from or in any way whatsoever connected with Executive’s employment, service, or contacts, with Company or any other of the Released Parties. 

2. To the extent permitted by law, Executive agrees that he will not cause or encourage any future legal proceedings to be maintained or
instituted against any of the Released Parties. To the extent permitted by law, Executive agrees that he will not accept any remedy or recovery arising from any charge filed or proceedings or investigation conducted by the EEOC or by any state or
local human rights or employment rights enforcement agency relating to any of the matters released in this Agreement. 

 3. Older Workers Benefit Protection Act /ADEA Waiver: 

(a) Executive acknowledges that the Company has advised him in writing to consult with an attorney of his choice before signing this
Agreement, and Executive has been given the opportunity to consult with an attorney of his choice before signing this Agreement. 
 (b) Executive acknowledges that he has been given the opportunity to review and consider this Agreement for a full twenty-one days before signing it, and that, if he has signed this Agreement in less than
that time, he has done so voluntarily in order to obtain sooner the benefits of this Agreement. 
 (c) Executive further
acknowledges that he may revoke this Agreement within seven (7) days after signing it, provided that this Agreement will not become effective until such seven (7) day period has expired. To be effective, any such revocation must be in
writing and delivered to Company’s principal place of business by the close of business on the seventh (7th) day after signing the Agreement and must expressly state Executive’s intention to revoke this Agreement. Provided that
Executive does not timely revoke this Agreement, the eighth (8th) day following Executive’s execution hereof shall be deemed the “Effective Date” of this Agreement. 

(d) The Parties also agree that the release provided by Executive in this Agreement does not include a release for claims under the ADEA
arising after the date Executive signs this Agreement. 
 4. Executive shall promptly turn over to the Company any and all
documents, files, computer records, or other materials belonging to, or containing confidential or proprietary information obtained from, the Company that are in Executive’s possession, custody, or control, including any such materials that may
be at Executive’s home. 
 5. This Agreement shall not in any way be construed as an admission by the Company of any acts
of unlawful conduct, wrongdoing or discrimination against Executive, and the Company specifically disclaims any liability to Executive on the part of itself, its employees, or its agents. 

6. This Agreement sets forth the entire agreement between the Company and Executive pertaining to the subject matter hereof (except as
otherwise set forth herein) and fully supersedes any and all prior agreements or understandings among the Company and Executive pertaining to the subject matter hereof (except as otherwise set forth herein). This Agreement cannot be amended,
modified, or supplemented in any respect except by written agreement entered into and signed by the parties hereto. 
 7. The
Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflict of laws. 
 8. Executive hereby acknowledges that Executive has read and understands the terms of this Agreement and that Executive signs it voluntarily and without coercion. Executive further acknowledges that
Executive was given an opportunity to consider and review this Agreement and the waivers contained in this Agreement, that Executive has done so and that the waivers made herein are knowing, conscious and with full appreciation that Executive is
forever foreclosed from pursing any of the rights so waived. 
 9. The Agreement may be signed in counterparts, and each
counterpart shall be considered an original for all purposes. 

  
 2 

 PLEASE READ THIS AGREEMENT CAREFULLY; IT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN
CLAIMS. 
 IN WITNESS WHEREOF, the Company, has caused this Agreement to be executed by its duly authorized officer, and
Executive has executed this Agreement, on the date(s) set forth below. 
 Richard O. Jones 

 

					
	 /s/ Richard O. Jones
	 	 	 	 Date: 08/23/12

			
	Provident New York Bancorp	 		 	
			
	 By: /s/ Jack L. Kopnisky
	 		 	 Date: 08/23/12

	President & CEO	 		 	
			
	Provident Bank	 		 	
			
	 By: /s/ Jack L. Kopnisky
	 		 	 Date: 08/23/12

	President & CEO	 		 	

  
 3

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