Document:

EX-10.12

 Exhibit 10.12 

KEARNY FINANCIAL CORP. 

DIRECTORS CONSULTATION AND RETIREMENT PLAN 

AS AMENDED AND RESTATED 

WHEREAS, Kearny Financial Corp. (“Company”) has previously implemented the Kearny Financial Corp. Directors Consultation and
Retirement Plan (“Plan”), and 
 WHEREAS, the Company wishes to make certain revisions to the Plan with respect to on-going
administration of the Plan. 
 NOW THEREFORE, BE IT RESOLVED that the Plan shall be revised, amended and restated, with such amendments set
forth herein effective as of [date], as follows: 
 ARTICLE I 

DEFINITIONS 
 The following
words and phrases as used herein shall, for the purpose of this Plan and any subsequent amendment thereof, have the following meanings unless a different meaning is plainly required by the content: 

“Bank” means Kearny Federal Savings Bank, Kearny, New Jersey, and any successor to Kearny Federal Savings Bank. 

“Board of Directors” means the Board of Directors of the Company or the Board of Directors of the Bank, as constituted from
time to time and successors thereto, as the context requires. 
 “Change in Control” means the occurrence of any of the
following events: 
  

	 	(i)	Merger: The Company or the Bank merges into or consolidates with another entity, or merges another bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting
power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation; 

 

	 	(ii)	Acquisition of Significant Share Ownership: There is filed, or is required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the
Securities Exchange Act of 1934, as amended, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s or the Bank’s voting securities;
provided, however, this clause (ii) shall not apply to beneficial ownership of the Company’s or the Bank’s voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or
more of its outstanding voting securities; 

	 	(iii)	Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any
reason to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the board of directors (or first nominated by the
board of directors for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period or who is appointed to the board of directors as the result of a directive,
supervisory agreement or order issued by the primary federal regulator of the Company or the Bank or by the Federal Deposit Insurance Corporation (“FDIC”) shall be deemed to have also been a director at the beginning of such period; or

  

	 	(iv)	Sale of Assets: The Company or the Bank sells to a third party all or substantially all of its assets. 

“Code” means the Internal Revenue Code of 1986, as amended, and regulations (“Treasury Regulations”) and guidance
promulgated thereunder. 
 “Committee” means the committee provided for in Section 8.11 of the Plan and as of the
Effective Date of the Plan, as amended and restated, means the Compensation Committee of the Board of Directors of the Company. 

“Company” means Kearny Financial Corp., and any successor to Kearny Financial Corp., or any future parent corporation of the
Bank. 
 “Director” means a member of the Board of Directors of the Company or Board of Directors of the Bank. 

“Disability” means the Participant is determined to be totally disabled by the Social Security Administration in a manner
consistent with Section 409A of the Code. 
 “Effective Date” means May 1, 1995, with respect to the initial
effective date of the Plan and [date], with respect to the effective date of this amendment and restatement of the Plan. 

“Participant” means a Director serving on the Board of Directors of the Company or the Board of Directors of the Bank on or
after the Effective Date. A Director’s participation shall continue as long as he or she fulfills all requirements for participation subject to the right of termination, amendment and modification of the Plan as set forth in Section 8.4 of
the Plan. Notwithstanding the foregoing, an individual who first becomes a Director on or after the Effective Date of the Plan, as amended and restated, shall not be eligible to participate in the Plan. All Directors of the Company and the Bank at
the Effective Date of the amendment and restatement of the Plan shall continue as Participants in the Plan. 

 “Plan” means this Kearny Financial Corp. Directors Consultation and Retirement
Plan, as amended from time to time. 
 “Retirement Benefit Amount” means the amount determined in accordance with
Section 2.5(c) of the Plan. 
 “Retirement Date” means the date of termination of service as a Director following the
Participant’s completion of not less than five (5) Years of Service and attainment of not less than age sixty (60) while serving as a Director. A Director may attain the Retirement Date for service completed at one corporate entity
and not yet meet the requirements for the Retirement Date for another corporate entity. 
 “Termination of Service” means
that the Participant ceases service with the Company or the Bank for any reason whatsoever other than by reason of a leave of absence that is approved by the Company or the Bank. Termination of Service shall have the same meaning as “separation
from service,” as that phrase is defined in Section 409A of the Code. Whether a “separation from service” has occurred is determined based on whether the facts and circumstances indicate that the Company and/or the Bank and the
Participant reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant would perform after such date (whether as an employee or as an independent contractor)
would permanently decrease to less than 50% of the average level of bona fide services performed over the immediately preceding 36 months (or such lesser period of time in which the Participant performed services for the Company or the Bank).
The determination of whether the Participant has had a “separation from service” (including while the Participant is on a leave of absence) shall be made by applying the presumptions set forth in the Treasury Regulations under
Section 409A of the Code. 
 “Year of Service” means all years of service as a member of the Board of Directors of the
Company and the Board of Directors of the Bank and all predecessor entities; provided, however, service with “predecessor entities” refers only to predecessors of the Bank prior to the Effective Date. A Year of Service shall consist of
twelve consecutive months of service. In calculating the Retirement Benefit Amount, Years of Service may differ based upon actual service as a member of the Board of Directors of the Company and as a member of the Board of Directors of the Bank.

 ARTICLE II 

BENEFITS 
 2.1
Retirement. Upon a Participant’s Termination from Service with the Company or the Bank, as applicable, a Participant will become eligible to receive benefits under the Plan if he has 

 
attained either or both his Retirement Date with the Company and his Retirement Date with the Bank, provided the Participant enters into an agreement to be a consulting director of the Company
(in a form similar to that contained in Schedule A to this Plan). For the avoidance of doubt, a Participant may attain his Retirement with the Company without attaining his Retirement Date with the Bank and vice versa depending on the number of
Years of Service the Participant has earned with both the Bank and the Company. If a Participant has attained his Retirement Date with either or both the Company and the Bank, upon the Participant’s Termination from Service, the Company will
pay the Participant a monthly benefit determined in accordance with Section 2.5 of the Plan. The Company will commence payments of the monthly benefit to the Participant on the first business day of the first calendar month following the
Participant’s Termination from Service and will continue to make the monthly benefit payments to the Participant on the first business day of each succeeding calendar month for the life of the Participant. Except as provided for in Sections 2.2
and 2.3 of the Plan, the Company shall have no financial obligation to a Participant who experiences a Termination from Service without attaining his Retirement Date with either the Company or the Bank. 

2.2 Change in Control. If a Participant has experienced a Termination from Service prior to the date of a Change in Control and is
either receiving a monthly benefit or is eligible to receive a monthly benefit because he had attained his Retirement Date with either or both the Company or the Bank, but which has not yet commenced, the Company will pay the remaining lifetime
benefits due to the Participant (based on the Participant’s life expectancy) in a single lump sum payment within five (5) business days of the date of the Change in Control. If a Participant has died prior a Change in Control and his
beneficiary or estate is receiving monthly benefit payments, the Company will pay the remaining payments due to the Participant’s beneficiary or estate (as determined in accordance with Section 2.3 of the Plan) in a single lump sum payment
within five (5) business days of the date of the Change in Control. If a Participant has not experienced a Termination from Service prior to a Change in Control, the Company will pay the lifetime benefits that would otherwise be due to the
Participant had he experienced a Termination from Service as of the date of the Change in Control (whether or not he actually experiences a Termination from Service as of the date of the Change on Control) in a single lump sum payment within five
(5) business days of the date of the Change in Control. If a Participant would not otherwise have attained his Retirement Date with the Company or the Bank as of the date of the Change in Control (because of his age and/or Years of Service with
the Company or the Bank), the Participant will, for purposes of this Section 2.2, be deemed to have satisfied the minimum age and service requirements necessary to have attained his Retirement Date with both the Company and the Bank as of the
date of the Change in Control for purposes of determining his benefits under Section 2.1 of the Plan and then the lump sum equivalent under this Section 2.2. For purposes of this Section 2.2, any lump sum payment will be calculated
using as the discount rate the interest rate for 5-year treasury obligations, as reported in the Wall Street Journal, and as in effect as of the date of the Change in Control. 

2.3 Death of a Participant. If Participant has experienced a Termination from Service and has received 120 monthly benefit payments
from the Company, no further benefit payments will be due to his beneficiary or estate following his death. If a Participant has experienced a Termination from 

 
Service and is receiving monthly benefit payments from the Company but has not received at least 120 monthly benefit payments as of the date of his death, the Company will continue to make the
monthly benefit payments (at the same time and same amount as would have been made to the Participant) to the Participant’s beneficiary or estate (if there is no beneficiary) until the total aggregate number of benefit payments made to the
Participant and the Participant’s beneficiary or estate equals 120. If a Participant dies prior to experiencing a Termination from Service, the Company will pay the Participant’s beneficiary or estate (if there is no beneficiary) the
monthly benefit determined in accordance with Section 2.1 of the Plan, provided, however, that if the Participant would not have attained his Retirement Date with both or either the Company and the Bank as of the date of his death, he shall be
deemed to have served as a member of the Board(s) of Director on which he was serving at the time of his death until his Retirement Date. Unless a lump sum payment of the benefits is elected by the Participant on the form set forth in Schedule B to
the Plan, the benefit payments will be made monthly to the Participant’s beneficiary or estate (if there is no beneficiary) for a period of 120 months. For purposes of this Section 2.3, any lump sum payment will be calculated using as the
discount rate the interest rate for 5-year treasury obligations, as reported in the Wall Street Journal, as in effect as of the date of the Participant’s death. 

2.4 Disability of a Participant. Upon a Participant’s Disability, as applicable, a Participant will become eligible to receive
benefits under the Plan if he has attained either or both his Retirement Date with the Company and his Retirement Date with the Bank, as of the date of his Disability (determined, however, without regard to any minimum age requirement). For the
avoidance of doubt, a Participant may attain his Retirement Date with the Company without attaining his Retirement Date with the Bank and vice versa depending on the number of Years of Service the Participant has earned with both the Bank and the
Company. If a Participant has experienced a Disability and has attained his Retirement Date (determined without regard to the Participant’s age) with either or both the Company and the Bank, the Company will pay the Participant a monthly
benefit determined in accordance with Section 2.5 of the Plan. The Company will commence payments of the monthly benefit to the Participant on the first business day of the first calendar month following the Participant’s Disability and
will continue to make the monthly benefit payments to the Participant on the first business day of each succeeding calendar month for the life of the Participant. 

2.5 Determination of Benefit Payments. 

(a) A Director’s monthly benefit shall equal the product of (i) one-twelfth (1/12) of the Retirement Benefit Amount specified in
Section 2.5(c) and (ii) the Percentage of the Retirement Benefit Amount specified in Section 2.5(b). A Director’s monthly benefit shall be calculated separately with respect to his service with the Company and his service with
the Bank. 
 (b) A Participant’s Percentage of the Retirement Benefit Amount equals 2.5% times the number of Years of Service the Participant has
earned serving as a member of the Board of Directors of the Company and/or the Bank, as applicable, provided the Participant’s percentage calculated under this provision shall not exceed 80%. Except as provided for under Section 2.2 of the
Plan, a Participant who has not earned at least five (5) Years of Service with either or both the Company or the Bank shall have a percentage equal to 0% with respect to his Retirement Benefit Amount from the Company and/or the Bank. 

 (c) A Participant’s Retirement Benefit Amount with respect to the Company equals the total highest retainer,
regular and special meeting fees, as well as fees for Executive Committee meetings of the Company, paid to a Director by the Company during any twelve (12) consecutive month period during the 24 month period prior to his Termination of Service,
death or Disability or Change in Control, as applicable. A Participant’s Retirement Benefit Amount with respect to the Bank equals the total highest retainer, regular and special meeting fees, as well as fees for Executive Committee meetings of
the Bank, paid to a Director by the Bank during any twelve (12) consecutive month period during the 24 month period prior to his Termination of Service, death or Disability or Change in Control, as applicable. For purposes of calculating a
Participant’s Retirement Benefit Amount with respect to either the Company or the Bank, any compensation paid to the Director under any stock-based plan or bonus arrangement (including the Bank’s Strategic Business Planning Incentive
Compensation Program) shall be excluded in the determination of the retainers and fees paid to the Director. 
 ARTICLE III 

INSURANCE 
 3.1
Ownership of Insurance. The Company or the Bank, in their sole discretion, may purchase one or more life insurance policies on the lives of Participants in order to provide funds to pay part or all of the benefits accrued under this Plan. All
rights and incidents of ownership in any life insurance policy that the Company or the Bank may purchase insuring the life of the Participant (including any right to proceeds payable thereunder) shall belong exclusively to such entity or its
designated trust, and neither the Participant, nor any beneficiary or any other person claiming under or through him or her shall have any rights, title or interest in or to any insurance policy. The Participant shall not have any power to transfer,
assign, hypothecate or otherwise encumber in advance any of the benefits payable thereunder, nor shall any benefits be subject to seizure for the benefit of any debts or judgments, or be transferable by operation of law in the event of bankruptcy,
insolvency or otherwise. Any life insurance policy purchased pursuant hereto and any proceeds payable thereunder shall remain subject to the claims of the corporate general creditors. 

3.2 Physical Examination. As a condition of becoming or remaining covered under this Plan, each Participant, as may be requested by the
Company from time to time shall take a physical examination by a physician approved by an insurance carrier. The cost of the examination shall not be borne by the Participant. The report of the examination shall be transmitted directly from the
physician to the insurance carrier designated by the Company to establish certain costs associated with obtaining insurance coverage as may be deemed necessary under this Plan. Examinations shall remain confidential among the Participant, the
physician and the insurance carrier and shall not be made available to the Company in any form or manner. 

 3.3 Death of Participant. On death of the Participant, the proceeds derived from an
insurance policy(ies), if any, shall be paid to the sponsoring entity or its designated trust. 
 ARTICLE IV 

TRUST 
 4.1 Trust.
Except as may be specifically provided in this Plan, nothing contained in this Plan and no action taken pursuant to the provisions of this Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship between the
Company or the Bank and the Participant or any other person. Any funds which may be invested under the provisions of this Plan shall continue for all purposes to be a part of the general funds of the Company. No person other than the Company shall
by virtue of the provisions of this Plan have any interest in such funds. The Company shall not be under any obligation to use such funds solely to provide benefits hereunder, and no representations have been made to a Participant that such funds
can or will be used only to provide benefits hereunder. To the extent that any person acquires a right to receive payments from the Company under the Plan, such rights shall be no greater than the right of any unsecured general creditor of the
Company. 
 In order to facilitate the accumulation of funds necessary to meet the costs of the Company under this Plan (including the
provision of funds necessary to pay premiums with respect to any life insurance policies purchase pursuant to Article III of the Plan and to pay benefits to the extent that the cash value and/or proceeds of any such policies are not adequate to make
payments to a Participant or his or her beneficiary as and when the same are due under the Plan), the Company may enter into a trust agreement. The Company, in its discretion, may elect to place any life insurance policies purchased pursuant to
Article III of the Plan into the trust. In addition, such sums shall be placed in the trust as may from time to time be approved by the Board of Directors of the Company, in its sole discretion. To the extent the assets of the trust and/or the
proceeds of any life insurance policy purchased pursuant to Article III of the Plan are not sufficient to pay benefits accrued under this Plan, such payments shall be made from the general assets of the Company. 

ARTICLE V 
 VESTING

 5.1 Vesting. All benefits under this Plan are deemed non-vested and forfeitable prior to a Participant’s Retirement Date.
Notwithstanding the foregoing, all benefits payable hereunder shall be deemed 100% non-forfeitable by the Participant upon the attainment of his Retirement Date with the Company or the Bank, upon a Change in Control, upon a Participant’s
Disability following not less than five Years of Service, or upon the death of the Participant. No benefits shall be deemed payable hereunder for any time period prior to the time that such benefits shall be deemed 100% non-forfeitable. 

 ARTICLE VI 

TERMINATION OF SERVICE 

6.1 Termination. All rights of the Participant hereunder shall terminate immediately upon the Participant ceasing to be in the active
service of the Company or the Bank prior to the time that benefits payable under the Plan shall be deemed to be 100% non-forfeitable. A leave of absence approved by the Board of Directors shall not constitute a cessation of service within the
meaning of this Section 6.1, within the sole discretion of the Board of Directors of the Company. 
 ARTICLE VII 

FORFEITURE OR SUSPENSION OF BENEFITS 

7.1 Forfeiture or Suspension of Benefits. Notwithstanding any other provision of this Plan to the contrary, benefits shall be forfeited
or suspended during any period of paid service with the Company or the Bank following the commencement of benefit payments, within the sole discretion of the Committee and in a manner consistent with Section 409A of the Code. 

ARTICLE VIII 
 GENERAL
PROVISIONS 
 8.1 Other Benefits. Nothing in this Plan shall diminish or impair the Participant’s eligibility, participation
or benefit entitlement under any other benefit, insurance or compensation plan or agreement of the Company or the Bank now or hereinafter in effect. Upon retirement as a Director, Participants shall no longer be eligible for reimbursement from the
Bank for the costs associated with enrollment in the Bank’s medical insurance plans or reimbursement for the costs associated with attendance at industry conferences. 

8.2 No Effect on Employment or Service. This Plan shall not be deemed to give any Participant or other person in the employ or service
of the Company or the Bank any right to be retained in the employment or service of the Company or the Bank, or to interfere with the right of the Company or the Bank to terminate any Participant or other person at any time and to treat him or her
without regard to the effect which such treatment might have upon him or her as a Participant in this Plan. 
 8.3 Legally Binding.
The rights, privileges, benefits and obligations under this Plan are intended to be legal obligations of the Company and binding upon the Company, its successors and assigns. 

 8.4 Termination, Amendment and Modification. The Company, by action of the Board of
Directors, reserves the exclusive right to amend, modify, or terminate this Plan. Any such termination, modification or amendment shall not terminate or diminish any rights or benefits accrued by any Participant prior the termination, modification
or amendment. The Company shall give thirty (30) days’ notice in writing to any Participant prior to the effective date of any amendment, modification or termination of this Plan. Notwithstanding the foregoing, in no event shall such
benefits payable under the Plan be reduced below those provided for in Section 2.5 of the Plan. Except as provided below, in no event may the Company terminate, modify or amend the Plan following a Change in Control or the execution of any
legal document to effect a transaction that would be considered a Change in Control. Subject to the requirements of Section 409A of the Code, in the event of complete termination of the Plan, the Plan shall cease to operate and the Company
shall pay out to the Participant his or her benefit as if the Participant had a Termination from Service as of the effective date of the complete termination. Such complete termination of the Plan shall occur only under the following circumstances
and conditions: 
 (a) The Company may terminate the Plan within 12 months of a corporate dissolution taxed under Code Section 331, or with approval of
a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of (i) the calendar year in which the Plan terminates;
(ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable. 

(b) The Company may terminate the Plan by irrevocable action of the Board of Directors taken within the 30 days preceding a Change in Control (but not
following a Change in Control), provided that the Plan shall only be treated as terminated if all substantially similar arrangements sponsored by the Company are terminated so that the Participant and all participants under substantially similar
arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of the termination of the arrangements. 

(c) The Company may terminate the Plan provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health
of the Company, (ii) all arrangements sponsored by the Company that would be aggregated with this Plan under Treasury Regulations Section 1.409A-1(c) if the Participant covered by this Plan was also covered by any of those other
arrangements are also terminated; (iii) no payments other than payments that would be payable under the terms of the arrangement if the termination had not occurred are made within 12 months of the termination of the arrangement; (iv) all
payments are made within 24 months of the termination of the arrangements; and (v) the Company does not adopt a new arrangement that would be aggregated with any terminated arrangement under Treasury Regulations Section 1.409A-1(c) if the
Participant participated in both arrangements, at any time within 3 years following the date of termination of the arrangement. 
 8.5
Arbitration. Any controversy or claim arising out of or relating to any contract or the breach thereof shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association, with such
arbitration hearing to be held at the offices of the American Arbitration Association (“AAA”) nearest to the home office of the Company, unless otherwise mutually agreed to by the Participant and the Company, and judgment upon the award
rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 

 8.6 Limitation. No rights of any Participant are assignable by any Participant, in whole
or in part, either by voluntary or involuntary act or by operation of law. Rights of Participants hereunder are not subject to anticipation, alienation, sale, transfer, assignment, pledge, hypothecation, encumbrance or garnishment by creditors of
the Participant. Such rights are not subject to the debts, contracts, liabilities, engagements, or torts of any Participant. No Participant shall have any right under this Plan or any trust referred to in Article IV of the Plan or against any assets
held or acquired pursuant thereto other than the rights of a general, unsecured creditor of the Company pursuant to the unsecured promise of the Company to pay the benefits accrued hereunder in accordance with the terms of this Plan. The Company has
no obligation under this Plan to fund or otherwise secure its obligations to render payments hereunder to Participants. No Participant shall have any voice in the use, disposition, or investment of any asset acquired or set aside by the Company to
provide benefits under this Plan. 
 8.7 ERISA and IRC Disclaimer. It is intended that the Plan be neither an “employee welfare
benefit plan” nor an “employee pension benefit plan” for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Further, it is intended that the Plan will not cause the interest of a
Participant under the Plan to be includible in the gross income of such Participant prior to the actual receipt of a payment under the Plan for purposes of the Code. No representation is made to any Participant to the effect that any insurance
policies purchased by the Company or the Bank or assets of any trust established pursuant to this Plan will be used solely to provide benefits under this Plan or in any way shall constitute security for the payment of such benefits. Benefits payable
under this Plan are not in any way limited to or governed by the proceeds of any such insurance policies or the assets of any such trust. No Participant in the Plan has any preferred claim against the proceeds of any such insurance policies or the
assets of any such trust. 
 8.8 Conduct of Participants. Notwithstanding anything contained herein to the contrary, no payment of
any then unpaid benefits shall be made and all rights under the Plan of a Participant, or any other person, to receive unpaid benefit shall be forfeited if the Participant engages in any activity or conduct which in the opinion the Board(s) of
Directors of the Company or the Bank is inimical to the best interests of the Company or the Bank. 
 8.9 Incompetency. If the
Company shall find that any person to whom any payment is payable under the Plan is deemed unable to care for his or her personal affairs because of illness or accident, any payment due (unless a prior claim related to that payment shall have been
made by a duly appointed guardian, committee or other legal representative) may be paid to the spouse, a child, a parent, or a brother or sister, or to any person deemed by the Company to have incurred expense for such person otherwise entitled to
payment, in such manner and proportions as the Board of Directors may determine in its sole discretion. Any such payments shall constitute a complete discharge of the liabilities of the Company under the Plan. 

 8.10 Construction. The Company shall have full power and authority to interpret, construe
and administer this Plan and the Company’s interpretations and construction thereof, and actions thereunder, shall be binding and conclusive on all persons for all purposes. Directors of the Company and the Bank shall not be liable to any
person for any action taken or omitted in connection with the interpretation and administration of this Plan unless attributable to his own willful, gross misconduct or lack of good faith. 

8.11 Plan Administration. The Board of Directors of the Company shall administer the Plan; provided, however, that the Board of
Directors may appoint an administrative committee (“Committee”) to provide administrative services or perform duties required by this Plan. The Committee shall have only the authority granted to it by the Board of Directors. All prior
obligations of the Bank under the Kearny Federal Savings Bank Directors Consultation and Retirement Plan shall be assumed by the Company as of the original Effective Date of the Plan; provided, however, the Bank shall reimburse the Company for all
such obligations assumed. Further, the Bank shall reimburse the Company for all obligations under the Plan attributable to compensation paid by the Bank to each Plan Participant. 

8.12 Governing Law. This Plan shall be construed in accordance with and governed by the laws of the State of New Jersey, except to the
extent that Federal law shall be deemed to apply. No payments of benefits shall be made hereunder if the Board of Directors of the Company, or counsel retained thereby, determines that such payments would be in violation of applicable regulations,
or likely result in imposition of regulatory action, by the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation or other appropriate banking regulatory agencies. 

8.13 Successors and Assigns. The Plan shall be binding upon any successor or successors of the Company, and unless clearly
inapplicable, reference herein to the Company shall be deemed to include any successor or successors of the Company. 
 8.14 Sole
Agreement. The Plan expresses, embodies, and supersedes all previous agreements, understandings, and commitments, whether written or oral, between the Company and any Participants with respect to the subject matter hereof. 

 IN WITNESS WHEREOF, the Company has caused the Plan, as amended and restated, to be executed by its duly
authorized officers. 
  

					
		 		 	Kearny Financial Corp.
			
	  
	 	By:	 	  

	  Date	 		 	  CRAIG L. MONTANARO
			
		 	Title:	 	  President/CEO
			
	  
	 		 	  

	  Date	 	Witness:	 	  SHARON JONES
			
		 		 	  SVP/Corporate SecretaryEX-10.14

 Exhibit 10.14 

KEARNY FEDERAL SAVINGS BANK 

AMENDED AND RESTATED 

BENEFIT EQUALIZATION PLAN FOR PENSION PLAN 

INTRODUCTION 
 WHEREAS,
Kearny Federal Savings Bank has previously adopted the Kearny Federal Savings Bank Benefit Equalization Plan for Pension Plan, effective July 1, 1995 and amended and restated as of January 1, 2009 (the “Prior Plan”); and 

WHEREAS, in connection with the conversion (the “Conversion”) of Kearny MHC (the “MHC”) from the mutual holding
company to the stock holding company form of organization and the related public stock offering of Kearny Financial Corp., a Maryland stock corporation (the “Company”), the Bank desires to amend and restate the Prior Plan in order to
remove any reference to the MHC structure and to make certain other changes; and 
 WHEREAS, the Prior Plan was “frozen” to
new participants and benefit accruals effective July 1, 2007; and 
 WHEREAS, the Prior Plan may be amended in accordance with
Article 7 of the Prior Plan and this amended and restated Kearny Federal Savings Bank Benefits Equalization Plan for Pension Plan (the “Plan”) shall take effect, and supersede and replace the Prior Plan, as of the date of the Conversion.

 NOW, THEREFORE, the Plan shall be implemented on the date of the Conversion. 

PURPOSE 
 The adoption of this
Plan has been authorized by the Board of Directors of the Kearny Federal Savings Bank (the “Bank”) solely for the purpose of providing benefits to certain employees of the Bank which would have been payable under the Regulations governing
the Comprehensive Retirement Program of the Financial Institutions Retirement Fund, as they may be from time to time amended and as adopted by the Bank, but for the limitations placed on benefits for such employees by Sections 401(a)(17) and 415 of
the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto (“IRC”). 
 This plan is intended to
constitute a nonqualified unfunded deferred compensation plan for a select group of management or highly compensated employees. All benefits payable under this Plan shall be paid solely out of the general assets of the Bank. No benefits under this
Plan shall be payable by the Financial Institutions Retirement Fund or from its assets. 
 Article 1. Definitions 

When used in the Plan, the following terms shall have the following meanings: 

  
 1 

 1.01 “Actuary” means the independent consulting actuary retained by the Bank to assist
the Committee in its administration of the Plan. 
 1.02 “Bank” means Kearny Federal Savings Bank and each subsidiary or
affiliated company thereof which participates in the Plan. 
 1.03 “Beneficiary” means the beneficiary or beneficiaries designated
in accordance with Article 5 of the Plan to receive the benefit, if any, payable upon the death of a member of the Plan. 
 1.04 “Board
of Directors” means the Board of Directors of the Bank. 
 1.05 “Committee” means the Administrative Committee appointed by
the Board of Directors to administer the Plan. 
 1.06 “Effective Date.” Notwithstanding anything to the contrary contained
herein, this Plan shall be subject to the consummation of the Conversion, and shall become effective as of the Effective Date as defined in the Plan of Conversion and Reorganization of Kearny MHC (which for purposes of this Plan shall be referred to
as the “Plan of Conversion”). In the event the Plan of Conversion is terminated for any reason, the Plan shall be automatically terminated and become null and void. The Prior Plan shall remain in full force and effect until the Effective
Date. Thereafter, on the Effective Date, the Prior Plan shall be terminated without any further action. 
 1.07 “Fund” means the
Financial Institutions Retirement Fund, a qualified and tax-exempt pension plan and trust under Sections 401(a) and 501(a) of the IRC. 

1.08 “IRC” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. 

1.09 “Member” means any person included in the membership of the Plan as provided in Article 2. 

1.10 “Plan” means the Kearny Federal Savings Bank Amended and Restated Benefit Equalization Plan for Pension Plan, effective as of
the Effective Date of the Conversion. 
 1.11 “Prior Plan” means the Kearny Federal Savings Bank Benefits Equalization Plan for
Pension Plan initially effective date of July 1, 1995 and amended and restated as of January 1, 2009. 
 1.12
“Regulations” means the Regulations governing the Comprehensive Retirement Program of the Fund as from time to time amended, and as adopted by the Bank. 

1.13 “Senior Officer” means an employee of the Employer who has the title of President, Executive Vice President, Vice President, or
Corporate Secretary. 

  
 2 

 Article 2. Membership 

2.01 Every Senior Officer of the Employer who is a member of the Fund on the effective date shall become a member of the Plan on the effective
date. Every other employee of the Employer shall become a member of the Plan on the first day of the calendar month coincident with or next following the date he is a Senior Officer of the Employer and a member of the Fund. 

2.02 If, on the date that payment of a member’s benefit from the Fund commences, the member is not entitled under Section 3.01 below
to receive a benefit under the Plan, his membership in the Plan shall terminate on such date. 
 2.03 A benefit shall be payable under the
Plan to or on account of a member only upon the member’s death or Termination of Employment with the Bank. 
 Article 3. Amount and Payment of
Benefits 
 Notwithstanding any provision in this Plan to the contrary, effective July 1, 2007, there shall be no new
participants or additional benefit accruals. 
 3.01 The amount, if any, of the annual benefit payable to or on account of a member pursuant
to the Plan shall equal the excess of (i) over (ii), as determined by the Committee, where: 
 (i) is the annual
benefit (as calculated by the Fund on the basis of the Regular Form of benefits distribution, as detailed at Section 3.02, herein) that would otherwise be payable to or on account of the member by the Fund under the Regulations if the
provisions of the Regulations were administered without regard to the limitations imposed by Sections 401(a)(17) and 415 of the IRC; and 

(ii) is the annual benefit (as calculated by the Fund on the basis of the Regular Form of benefits distribution, as detailed
at Section 3.02, herein) that is payable to or on account of the member by the Fund under the Regulations after giving effect to any reduction of such benefit required by the limitations imposed by Sections 401(a)(17) and 415 of the IRC. 

For purposes of this Section 3.01, “annual benefit” includes any “Active Service Death Benefit,” “Disability
Benefit,” “Retirement Adjustment Payment,” “Annual Increment,” and “Single Purchase Fixed Percentage Adjustment” which the Bank elected to provide its employees under the Regulations. 

3.02 The annual benefit, if any, payable to or on account of a member under Section 3.01 above, shall be converted by the Actuary and
shall be payable to or on account of the member in the “Regular Form” of payment, utilizing for that purpose the same actuarial factors and assumptions then used by the Fund to determine actuarial equivalence under the Regulations. For
purposes of the Plan the “Regular Form” of payment means an annual benefit payable for the member’s lifetime and the death benefit described in Section 3.03 below. 

  
 3 

 3.03 Notwithstanding the foregoing, pursuant to Section 1.409A-2(b)(2)(ii) of the treasury
Regulations, the member may elect to make a change in the form of a payment from that of the “Regular Form” before any annuity payment has been made under the Plan, from one type of life annuity to another type of life annuity with the
same scheduled date for the first annuity payment, and such change will not be considered a change in the time and form of a payment, provided that the annuities are actuarially equivalent applying reasonable actuarial methods and assumptions. 

3.04 Upon the death of a member who had commenced the payment of his benefit in the “Regular Form”, a death benefit shall be paid to
the member’s beneficiary in a lump sum equal to the excess, if any, of (i) over (ii), where: 
 (i) is an amount
equal to 12 times the annual benefit, if any, payable under Section 3.02 above; and 
 (ii) is the sum of the benefit
payments, if any, which the member had received under the Plan. 
 Such benefit shall be payable to the Beneficiary within 60 days of the death of the
member. 
 3.05 If a member to whom an annual benefit is payable under the Plan dies before commencement of the payment of his benefit, the
death benefit payable under Section 3.02 and 3.04 shall be payable to the member’s beneficiary as if the payment of the member’s benefit had commenced on the first day of the month in which his death occurred. Such benefit shall be
payable to the Beneficiary within 60 days of the death of the member. 
 3.06 If a member is restored to employment with the Bank after
payment of his benefit under the Plan has commenced, all payments under the Plan shall thereupon be discontinued. Upon the member’s subsequent retirement or termination of employment with the Bank, his benefit under the Plan shall be recomputed
in accordance with Sections 3.01 and 3.02, but shall be reduced by the equivalent value of the amount of any benefit paid by the Plan in respect of his previous retirement or termination of employment, and such reduced benefit shall be paid to such
member in accordance with the provisions of the Plan. For purposes of this Section 3.06, the equivalent value of the benefit paid in respect of a member’s previous retirement or termination of employment shall be determined by the Actuary
utilizing for that purpose the same actuarial factors and assumptions then used by the Fund to determine actuarial equivalence under the Regulations. 

Article 4. Source and Method of Payments 

4.01 All payments of benefits under the Plan shall be paid from, and shall only be a general claim upon, the general assets of the Bank,
notwithstanding that the Bank, in its discretion, may establish a bookkeeping reserve or a grantor trust (as such term is used in Section 

  
 4 

 
671 through 677 of the IRC) to reflect or to aid it in meeting its obligations under the Plan with respect to any member or prospective member or beneficiary. No benefit whatever provided by the
Plan shall be payable from the assets of the Fund. No member shall have any right, title or interest whatever in or to any investments which the Bank may make or any specific assets which the Bank may reserve to aid it in meeting its obligations
under the Plan. 
 4.02 All annual benefits under the Plan shall be paid in monthly installments commencing on the first day of the month
next following the member’s Termination of Employment, except that no benefit shall be paid prior to the date benefits under the Plan can be definitely determined by the Committee. 

Article 5. Designation of Beneficiaries 

5.01 Each member of the Plan may file with the Committee a written designation of one or more persons as the beneficiary who shall be entitled
to receive the amount, if any, payable under the Plan upon his death. A member may, from time to time, revoke or change his beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last
such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the member’s death, and in no event shall it
be effective as of a date prior to such receipt. 
 5.02 If no such beneficiary designation is in effect at the time of a member’s
death, or if no designated beneficiary survives the member, or if, in the opinion of the Committee, such designation conflicts with applicable law, the member’s estate shall be deemed to have been designated his beneficiary an shall be paid the
amount, if any, payable under the Plan upon the member’s death. If the Committee is in doubt as to the right of any person to receive such amount, the Committee may retain such amount, without liability for any interest thereon, until the
rights thereto are determined, or the Committee may pay such amount into any court of appropriate jurisdiction and such payment shall be a complete discharge of the liability of the Plan and the Bank therefore. 

Article 6. Administration of the Plan 

6.01 The Board of Directors has delegated to the Administrative Committee, subject to those powers which the Board has reserved as described
in Article 7 below, general authority over and responsibility for the administration and interpretation of the Plan. The Committee shall have full power and authority to interpret and construe the Plan, to make all determinations considered
necessary or advisable for the administration of the Plan and any trust referred to in Article 4 above, and the calculation of the amount of benefits payable thereunder, and to review claims for benefits under the Plan. The Committee’s
interpretations and constructions of the Plan and its decisions or actions thereunder shall be binding and conclusive on all persons for all purposes. 

6.02 If the Committee deems it advisable, it shall arrange for the engagement of the Actuary, and legal counsel and certified public
accountants (who may be counsel or accountants 

  
 5 

 
for the Bank), and other consultants, and make use of agents and clerical or other personnel, for purposes of the Plan. The Committee may rely upon the written opinions of such Actuary, counsel,
accountants and consultants, and upon any information supplied by the Fund for purposes of Section 3.01 of the Plan, and delegate to any agent or to any subcommittee or Committee member its authority to perform any act hereunder, including
without limitations those matters involving the exercise of discretion; provided, however, that such delegation shall be subject to revocation at any time at the discretion of the Committee. The Committee shall report to the Board of Directors, or
to a committee designated by the Board, at such intervals as shall be specified by the Board or such designated committee, with regard to the matters for which it is responsible under the Plan. 

6.03 The Committee shall consist of at least three individuals, each of whom shall be appointed by, shall remain in office at the will of, and
may be removed, with or without cause, by the Board of Directors. Any Committee member may resign at any time. No Committee member shall be entitled to act on or decide any matters relating solely to such member or any of his rights or benefits
under the Plan. The Committee member shall not receive any special compensation for serving in such capacity but shall be reimbursed for any reasonable expenses incurred in connection therewith. No bond or other security need be required of the
Committee or any member thereof in any jurisdiction. 
 6.04 The Committee shall elect or designate its own Chairman, establish its own
procedures and the time and place for its meetings and provide for the keeping of minutes of all meetings. Any action of the Committee may be taken upon the affirmative vote of a majority of the members at a meeting, or at the direction of its
Chairman, without a meeting by mail or telephone, provided that all of the Committee members are informed in writing of the vote. 
 6.05
All claims for benefits under the Plan shall be submitted in writing to the Chairman of the Committee. Written notice of the decision on each such claim shall be furnished with reasonable promptness to the member or his beneficiary (the
“claimant”). The claimant may request a review by the Committee of any decision denying the claim in whole or in part. Such request shall be made in writing and filed with the Committee within 30 days of such denial. A request for review
shall contain all additional information which the claimant wishes the Committee to consider. The Committee may hold any hearing or conduct any independent investigation which it deems desirable to render its decision and the decision on review
shall be made as soon as feasible after the Committee’s receipt of the request for review. Written purposes under the Plan, such decisions on claims (where no review is requested) and decisions on review (where review is requested) shall be
final, binding and conclusive on all interested persons as to all matters relating to the Plan. 
 6.06 All expenses incurred by the
Committee in its administration of the Plan shall be paid by the Bank. 
 Article 7. Amendment and Termination 

The Board of Directors may amend, suspend or terminate, in whole or in part, the Plan without the consent of the Committee, any member,
beneficiary or other person, except that no 

  
 6 

 
amendment, suspension or termination shall retroactively impair or otherwise adversely affect the rights of any member, beneficiary or other person to benefits under the Plan which have accrued
prior to the date of such action, as determined by the Committee in its sole discretion. The Committee may adopt any amendment or take any other action which may be necessary or appropriate to facilitate the administration, management and
interpretation of the Plan or to conform the Plan thereto, provided any such amendment or action does not have a material effect on the then currently estimated cost to the Bank of maintaining the Plan. 

Upon a termination of the Plan, the member may receive a lump sum payment immediately paid to the member (without regard to any actual
Termination of Employment) or designated Beneficiary, provided, however, any such distributions to be made in accordance with this Article 7 shall comply with the requirements and limitation under IRC Section 409A, including that such lump-sum
distribution shall only be made: (1) within thirty (30) days before, or twelve (12) months after a Change in Control as defined below, provided that all distributions are made no later than twelve (12) months following such
termination of the Plan and further provided that all of the Bank’s arrangements which are substantially similar to the Plan are terminated so the member and all participants under similar arrangements shall receive all amounts of deferred
compensation under such terminated agreements within twelve (12) months of the termination of the arrangements; (2) Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the
Plan are included in the member’s gross income in the latest of (i) the calendar year in which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the
first calendar year in which the distribution is administratively practical; or (3) Upon the Bank’s termination of this and all other non-account balance plans (as referenced in IRC Section 409A or the regulations thereunder),
provided that all distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and the Bank does not adopt any new non-account balance plans for a minimum of three
(3) years following the date of such termination. 
 For purposes of this Plan, the term “Change in Control” shall mean the
occurrence of any of the following events: 
 (i) Merger: The Company or the Bank merges into or consolidates with
another entity, or merges another bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who
were stockholders of the Company or the Bank immediately before the merger or consolidation; 
 (ii) Acquisition of
Significant Share Ownership: There is filed, or is required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, if
the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s or the Bank’s voting securities; provided, however, this clause (ii) shall
not apply to beneficial ownership of the Company’s or the Bank’s voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities; 

  
 7 

 (iii) Change in Board Composition: During any period of two consecutive
years, individuals who constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s or the Bank’s Board of Directors;
provided, however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were
directors at the beginning of the two-year period or who is appointed to the Board as the result of a directive, supervisory agreement or order issued by the primary federal regulator of the Company or the Bank or by the Federal Deposit Insurance
Corporation (“FDIC”) shall be deemed to have also been a director at the beginning of such period; or 
 (iv)
Sale of Assets: The Company or the Bank sells to a third party all or substantially all of its assets. 
 Notwithstanding the
foregoing, the Conversion shall not be considered a “Change in Control” for purposes of this Agreement. 
 Article 8. General Provisions

 8.01 The Plan shall be binding upon and inure to the benefit of the Bank and its successors and assigns and the members, and the
successors, assigns, designees, and estates of the members. The Plan shall also be binding upon and inure to the benefit of any successor organization succeeding to substantially all of the assets and business of the Bank, but nothing in the Plan
shall preclude the Bank from merging or consolidating into or with, or transferring all or substantially all of its assets to, another organization which assumes the Plan and all obligations of the Bank hereunder. The Bank agrees that it will make
appropriate provision for the preservation of members’ rights under the Plan in any agreement or plan which it may enter into to effect any merger, consolidation, reorganization or transfer of assets. Upon such a merger, consolidation,
reorganization, or transfer of assets and assumption of Plan obligations of the Bank, the term “Bank” shall refer to such other organization and the Plan shall continue in full force and effect. 

8.02 Neither the Plan nor any action taken thereunder shall be construed as giving to a member the right to be retained in the employ of the
Bank or as affecting the right of the Bank to dismiss any member from its employ. 
 8.03 The Bank shall withhold or cause to be withheld
from all benefits payable under the Plan all federal, state, local or other taxes required by applicable law to be withheld with respect to such payments. 

8.04 No right or interest of a member under the Plan may be assigned, sold, encumbered, transferred or otherwise disposed of and any attempted
disposition of such right or interest shall be null and void. 
 8.05 If the Committee shall find that any person to whom any amount is or
was payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has 

  
 8 

 
died, then any payment, or any part thereof, due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative), may, if the Committee is
inclined, be paid to such person’s spouse, child or other relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to
payment. Any such payment shall be in complete discharge of the liability of the Plan and the Bank therefor. 
 8.06 To the extent that any
person acquires a right to receive payments from the Bank under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Bank. 

8.07 All elections, designations, requests, notices, instructions, and other communications from a member, beneficiary or other person to the
Committee required or permitted under the Plan shall be in such form as is prescribed from time to time by the Committee and shall be mailed by first-class mail or delivered to such location as shall be specified by the Committee and shall be deemed
to have been given and delivered only upon actual receipt thereof at such location. 
 8.08 The benefits payable under the Plan shall be in
addition to all other benefits provided for employees of the Bank and shall not be deemed salary or other compensation by the Bank for the purpose of computing benefits to which he may be entitled under any other plan or arrangement of the Bank.

 8.09 No Committee member shall be personally liable by reason of any instrument executed by him or on his behalf, or action taken by him,
in his capacity as a Committee member nor for any mistake of judgment made in good faith. The Bank shall indemnify and hold harmless the Fund and each Committee member and each employee, officer or director of the Bank or the Fund, to whom any duty,
power, function or action in respect of the Plan may be delegated or assigned, or from whom any information is requested for Plan purposes, against any cost or expense (including fees of legal counsel) and liability (including any sum paid in
settlement of a claim or legal action with the approval of the Bank) arising out of anything done or omitted to be done in connection with the Plan, unless arising out of such person’s fraud or bad faith. 

8.10 As used in the Plan, the masculine gender shall be deemed to refer to the feminine, and the singular person shall be deemed to refer to
the plural, wherever appropriate. 
 8.11 The captions preceding the sections of the Plan have been inserted solely as a matter of
convenience and shall not in any manner define or limit the scope or intent of any provisions of the Plan. 
 8.12 The Plan shall be
construed according to the laws of the State of New Jersey in effect from time to time. 

  
 9 

 Article 9 Section 409A Compliance. 

9.01 Notwithstanding anything herein to the contrary, the Committee shall make reasonable efforts to administer the Plan and make benefit
payments hereunder in a manner that is not deemed to be contrary to the requirements set forth at IRC Section 409A and regulations and notices promulgated thereunder such that any payments made would result in the requirement for the recipient
of such payments to pay additional interest and taxes to be imposed in accordance with IRC Section 409A(a)(1)(B); provided, however, neither the Bank, nor the Committee shall have any responsibility to a member or Beneficiary with respect to
any tax liabilities that may be applicable to any payments made by the Plan. 
 9.02 If any provision of the Plan shall be determined to be
inconsistent with the requirements of IRC Section 409A, then, the Plan shall be construed, to the maximum extent possible, to give effect to such provision in a manner consistent with IRC Section 409A, and if such construction is not
possible, as if such provision had never been included. 
 9.03 Delay of Payment Commencement to Specified Employees. Notwithstanding any
provision in the Plan to the contrary, if a member is a Specified Employee, such member’s benefit payments shall become first payable to him or her as of the first day of the seventh month next following his or her Termination of Employment, if
and only if such payments, if made earlier, would result in the recipient of such payments to pay additional interest and taxes to be imposed in accordance with IRC Section 409A(a)(1)(B); provide that such payment delay shall not be required in
the event of the death or Disability of a member. “Specified Employee” shall mean a key employee who, at any time during the plan year, is (i) an officer of the Bank having an annual compensation greater than $150,000 (as indexed),
(ii) a 5-percent owner of Company, or (iii) a 1-percent owner of the Company having an annual compensation from the Bank greater than $150,000; provided, however, that this subparagraph shall only be effective if the stock of the Bank or
the Company (or another parent corporation of the Bank or the Company) is publicly traded as set forth at Section 409A(a)(2)(B)(i). 

9.04 Subsequent Changes to Time and Form of Payment. The Bank may permit a subsequent change to the time and form of benefit distributions.
Any such change must be submitted in writing by the member to the Bank and shall be considered made only when it becomes irrevocable under the terms of the Plan. Any change will be considered irrevocable not later than thirty (30) days
following acceptance of the change by the Committee, subject to the following rules: 
 (i) the subsequent deferral election
may not take effect until at least twelve (12) months after the date on which the election is made; 
 (ii) the payment
(except in the case of death, Disability, or unforeseeable emergency) upon which the subsequent deferral election is made is deferred for a period of not less than five (5) years from the date such payment would otherwise have been paid; and

  
 10 

 (iii) in the case of a payment made at a specified time, the election to make a
change must be made not less than twelve (12) months before the date the payment is scheduled to be paid. 
 9.05 Termination of
Employment” shall have the same meaning as “separation from service”, as that phrase is defined in IRC Section 409A (taking into account all rules and presumptions provided for in the Section 409A regulations). No separation
from service is deemed to occur due to military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the member’s right to reemployment is provided by law or
contract. A leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the member will return to perform services for the Bank. If the period of leave exceeds six months and the member does not retain a
right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. Notwithstanding the foregoing, where a leave of absence is due to any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the member to be unable to perform the duties
of his position of employment or any substantially similar position of employment, a 29-month period of absence may be substituted for such six-month period. Whether a “Termination of Employment” takes place is determined based on whether
the facts and circumstances indicate that the Bank and member reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the member would perform after such date (whether as an
employee or as an independent contractor) would permanently decrease to no more than 20 percent of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period
(or the full period of services to the Bank if the member has been providing services to the Bank less than 36 months). Facts and circumstances to be considered in making this determination include, but are not limited to, whether the member
continues to be treated as an employee for other purposes (such as continuation of salary and participation in employee benefit programs), whether similarly situated service providers have been treated consistently, and whether the member is
permitted, and realistically available, to perform services for other service recipients in the same line of business. The member is presumed to have separated from service where the level of bona fide services performed decreases to a level equal
to 20 percent or less of the average level of services performed by the member during the immediately preceding 36-month period. The member will be presumed not to have separated from service where the level of bona fide services performed continues
at a level that is a 50 percent or more of the average level of service performed by the member during the immediately preceding 36-month period. No presumption applies to a decrease in the level of bona fide services performed to a level that is
more than 20 percent and less than 50 percent of the average level of bona fide services performed during the immediately preceding 36-month period. The presumption is rebuttable by demonstrating that the Bank and the member reasonably anticipated
that as of a certain date the level of bona fide services would be reduced permanently to a level less than or equal to 20 percent of the average level of bona fide services provided during the immediately preceding 36-month period or full period of
services provided to the Bank if the member has been providing services to the Bank for a period of less than 36 months (or that the level of bona fide services would not be so reduced). For periods during which the member is on 

  
 11 

 
a paid bona fide leave of absence and has not otherwise terminated employment, the member is treated as providing bona fide services at a level equal to the level of services that the member
would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which the member is on an unpaid bona fide leave of absence and has not otherwise terminated employment are disregarded for
purposes of determining the applicable 36-month (or shorter) period). 
 9.06 De Minimus Lump Sum Payment. Notwithstanding the foregoing,
the Bank may, in its sole discretion, commence pay-out of a member’s annual benefit at any time, provided that such pay-out amount shall be in an amount equal to not less than the lump sum value of such annual benefit balance determined on the
date of such pay-out; provided that such pay-out (1) accompanies the termination of the member’s entire interest under the Plan and all similar arrangements that constitute a non-account balance plan under Regulations at
Section 1.409A-1(c)(2) applicable to IRC Section 409A and (2) the payment is not greater than the applicable dollar amount under IRC Section 402(g)(1)(B). 

9.07 Disability shall mean: the member: (i) is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under
an accident and health plan covering employees or directors of the Bank. 
 This Benefit Equalization Plan has been duly adopted this ___
day of ___________, ______, to be effective as of the Effective Date of the Conversion. 
  

	
	Kearny Federal Savings Bank
	
	  

	Craig L. Montanaro, President and
	Chief Executive Officer

  

	
	Attest:
	
	  

	Sharon Jones
	Corporate Secretary

  
 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}]]