Document:

EXHIBIT 10.7

  

  

  

  

  

  
    Stock Option

    

    

    Granted by

    

    

    DIME COMMUNITY BANCSHARES, INC.

    

    

    under the

    

    

    DIME COMMUNITY BANCSHARES, INC.

    2020 EQUITY INCENTIVE PLAN

    

    

    This stock option agreement (“Option” or “Agreement”) is and will be subject in
      every respect to the provisions of the 2020 Equity Incentive Plan (the “Plan”) of Dime Community Bancshares, Inc. (the “Company”) which are incorporated herein by
      reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan and related prospectus have been provided to each person granted a stock option pursuant to the Plan.  The holder of this Option (the “Participant”) hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the
      committee appointed to administer the Plan (“Committee”) or the Board of Directors will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and
      permitted assigns.  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

     

     

    
      
        
          1.      Name of Participant:________________________

        

      

      
        
          2.          Date of Grant:________________________

        

      

      3.    Exercise
            price per share:  $________________

      

    

    

    
      
        	4.	
                Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option:

              

      

    

    
      
        • This is a Non-Qualified Option.

      

    

    
      
        	5.	
                Expiration Date of Option: _________________, subject to earlier expiration due to Termination of Service.  This Option may not be exercised at any time on or after the
                  Option’s expiration date.

              

      

    

    
      
        	6.	
                Vesting Schedule.   Unless sooner vested in accordance with the terms of this Award Agreement, the Options granted hereunder shall vest (i.e., become exercisable) in
                  accordance with the following schedule:

              

      

    

    Vesting Date Number of Options Vesting

    [date]      [number]

    [date]      [number]

    [date]      [number]

    [date]      [number]

    

    

    
      
        

    

    As set forth in Section 11 of this Agreement, vesting will automatically accelerate pursuant to Section 2.5, 2.7 and 4.1 of the Plan (in the event of Termination
      of Service due to death or Disability or Involuntary Termination following a Change in Control).

    
      
        	7.	
                Exercise Procedure.  The Participant may exercise this Option in whole or in part by  delivering to the Company a written notice (the “Notice

                    of Exercise of Option” attached hereto as Exhibit A or a similar form acceptable to the Committee) setting forth the number of shares with respect to which the Option is to be exercised, together with payment by cash or other
                  means acceptable to the Committee.

              

      

    

    
      
        	8.	
                Delivery of Shares. Delivery of shares of Stock upon the exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act)
                  and the applicable requirements of any securities exchange or similar entity.

              

      

    

    

    

    9.    Change in Control.

    

    

    
      
        	

              	9.1	
                In the event of the Participant’s Involuntary Termination following a Change in Control, all Options held by the Participant, whether or not exercisable at such time, will become fully exercisable for a period
                  of one year following the Involuntary Termination, subject to earlier expiration under the expiration provisions otherwise applicable to the Option.

              

      

    

    

    

    
      
        	

              	9.2	
                A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan.

              

      

    

    

    

    
      
        	

              	10.	
                Adjustment Provisions. This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events
                  specified in, and in accordance with the provisions of Section 3.4 of the Plan.

              

      

    

    

    

    11.   Termination of Option and Accelerated Vesting.

    

    This Option will terminate upon the expiration date, except as set forth in the following provisions:

    
      
        	

              	11.1	
                Death.  In the event of the Participant’s Termination of Service by reason of the Participant’s death, any unvested Options subject to this Agreement will vest. Any
                  Options awarded under this Agreement that are outstanding at that time may thereafter be exercised by the Participant’s legal representative or beneficiaries for a period of one year following Termination of Service due to death or the
                  remaining unexpired term of the Option, if less.

              

      

    

    
      
        	

              	11.2	
                Disability.  In the event of the Participant’s Termination of Service by reason of the Participant’s Disability, any unvested Options subject to this Agreement will vest.
                  Any Options awarded under this Agreement that are outstanding at that time may thereafter be exercised by the Participant or the Participant’s legal representative for a period of one year following Termination of Service due to
                  Disability or the remaining unexpired term of the Option, if less.

              

      

    

    
      
        

    

    

    

    
      
        	

              	11.3	
                Termination for Cause.  In the event of the Participant’s Termination of Service for Cause, all Options subject to this Agreement
                  that have not been exercised will immediately expire and be forfeited.

              

      

    

    
      
        	

              	11.4	
                Other Termination.  In the event of the Participant’s Termination of Service for any reason other than due to death, Disability
                  or for Cause, this Option may thereafter be exercised, to the extent it was exercisable at the time of such termination, for a period of three months following termination, subject to termination on the Option’s expiration date, if
                  earlier.  All unvested Options will be forfeited.

              

      

    

    

    

    12.    Miscellaneous.

    

    

    
      
        	

              	12.1	
                No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

              

      

    

    

    

    
      
        	

              	12.2	
                This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

              

      

    

    

    

    
      
        	

              	12.3	
                In the discretion of the Committee, a non-qualified Option granted under the Plan may be transferable by the Participant, provided, however, that such transfers will be limited to Immediate Family Members of
                  Participants, trusts and partnerships established for the primary benefit of such family members or to charitable organizations, and provided, further, that such transfers are not made for consideration to the Participant.

              

      

    

    

    

    
      
        	

              	12.4	
                This Option will be governed by and construed in accordance with the laws of the State of New York.

              

      

    

    

    

    
      	

            	12.5	
              The granting of this Option does not confer upon the Participant any right to be retained in the employ of the Company or any subsidiary.

            

    

    

    
      
        	

              	12.6	
                This Stock Option Award, or any portion of this Award, is subject to forfeiture in accordance with the requirements of Section 7.17 of the Plan.

              

      

    

    

    

    
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    IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its
      behalf as of the date of grant of this Option set forth above.

    DIME COMMUNITY BANCSHARES, INC.

    By:
        __________________________________

    Its:
        ___________________________________

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the
      terms and provisions of the Plan.  The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.

    PARTICIPANT

     

    

    
       __________________________________

      

      

    

    

    

    

    

     

    

    
      
        

    

    EXHIBIT A

    

    

     NOTICE OF EXERCISE OF OPTION

      (BY EMPLOYEE)

    

    

    I hereby exercise the stock option (the “Option”) granted to me by Dime Community Bancshares, Inc. (the “Company”) or its affiliate, subject to all the terms and provisions set forth in the Stock
      Option Agreement (the “Agreement”) and the Dime Community Bancshares, Inc. 2020 Equity Incentive Plan (the “Plan”) referred to therein, and notify the Company of my desire to purchase __________________ shares of common stock of the Company for a
      purchase price of $_____________ per share.

    

    

    I wish to pay the purchase price by (check one or more):

    [Any payment to be delivered must accompany this Notice of Exercise of Option]

    

    

    
      
        	

              	___	
                Cash or personal, certified or cashier’s check in the sum of $_______, in full/partial payment of the purchase price.

              

      

    

    
      
        	

              	___	
                Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*

              

      

    

    
      
        	

              	___	
                A “net settlement” of the Option whereby I direct the Company to withhold a sufficient number of shares to satisfy the purchase price. Withhold a sufficient number of shares to pay minimum required taxes  [  ]  Calculate minimum
                  required withholding and I will submit payment.

              

      

    

    
      
        	

              	___	
                A check (personal, certified or cashier’s) in the sum of $_______ and Stock of the Company with a fair market value of $______, in full payment of the purchase price.*

              

      

    

    
      
        	

              	___	
                Please sell ______ shares from my Option shares through a broker in full/partial payment of the purchase price.  If my broker requires additional forms in order to consummate this “broker cashless exercise,” I have included them with
                  this election.

              

      

    

    I understand that after this exercise, ____________ shares of Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

    I hereby represent that it is my intention to acquire these shares for the following purpose:

    ___ investment                                              ___   resale or distribution

    

    

    Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise,
      the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

    Date: ____________, _____.          _________________________________________

    Participant’s signature

    

    

    * If I elect to exercise by exchanging shares I already own, I
      will constructively return shares that I already own to purchase the new option shares.  If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having been
      exchanged.  If the shares are held in “street name” by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged.  I will keep the shares that I
      already own and treat them as if they are shares acquired by the option exercise.  In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.EXHIBIT 10.8

  

  

  

  

  

  
    

    

    

    

    

    

    Restricted Stock Unit Award

    

    

    Granted by

    

    

    DIME COMMUNITY BANCSHARES, INC.

    

    

    under the

    

    

    DIME COMMUNITY BANCSHARES, INC.

    2020 EQUITY INCENTIVE PLAN

    

    

    This restricted stock unit agreement (“Restricted Stock Unit Award” or “Agreement”)

      is and will be subject in every respect to the provisions of the 2020 Equity Incentive Plan (the “Plan”) of Dime Community Bancshares, Inc. (the “Company”) which are
      incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan and related prospectus have been provided to each person granted a Restricted Stock Unit Award pursuant to the Plan.  The holder
      of this Restricted Stock Unit Award (the “Participant”) hereby accepts this Restricted Stock Unit Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions
      under and interpretations of the Plan and this Agreement by the committee appointed to administer the Plan (“Committee”) or the Board of Directors will be final, binding and conclusive upon the Participant and
      the Participant’s heirs, legal representatives, successors and permitted assigns.  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

    For valuable consideration, the Company does hereby grant to the Participant a Restricted Stock Unit Award for the number of restricted stock units (the “Restricted Stock Units”) as set forth below, effective on the Date of Grant set forth below. The Restricted Stock Units shall vest and become payable in shares of Stock of the Company (the “Shares”) according to the vesting schedule described below, subject to earlier expiration or termination of the Restricted Stock Units, as provided in this Agreement.

    

       

     
    Name of Participant: ________________________ 

      

     
    Date of Grant: ____________________________    

      

     
    Total number of Restricted Stock Units: _________

      

       

     
    Vesting Schedule:

     
    1.   Form and Timing of Payment of Vested Units.

    1.1  This Restricted Stock Unit Award represents the right to receive one Share of common stock on the date the Restricted
      Stock Unit Award vests (the “Vesting Date”).  This

     

    

    
      
        

    

    
     Restricted Stock Unit Award will vest in approximately equal annual installments over a four (4) year period, commencing on the first anniversary of the Date of Grant and continuing
      on each annual anniversary thereafter.  No fractional Restricted Stock Units will vest.  Any fractional Restricted Stock Unit will roll over and shall vest on the next vesting date on which, when aggregated with all or part of another fractional
      Restricted Stock Unit, it comprises a whole Restricted Stock Unit.

    
      1.2 Subject to the other terms of this Agreement and the terms of the Plan, any Restricted Stock Units that vest will be paid to the Participant solely in
        whole Shares of Stock (and not in cash, as the Plan permits), on, or as soon as practicable after, the Vesting Date or, if earlier, as provided in this Agreement, but in any event, within the period ending on the later to occur of the date that is
        two and one-half months from the end of (i) the Participant's tax year that includes the applicable vesting date or (ii) the Company's tax year that includes the applicable vesting date.

    

    2.  Dividend Equivalent Rights. Pending distribution or forfeiture of the Restricted Stock Units, the Participant’s bookkeeping account will be
        credited with Dividends Equivalent Rights with respect to all dividends declared on the shares underlying the Restricted Stock Units, regardless of whether the Restricted Stock Units are vested or unvested.

    3.  Termination of Service

     3.1 Termination of Service. Except as provided in Sections 3.2-3.5 below, the Restricted Stock Units subject to this
      Agreement shall immediately terminate and be automatically forfeited by the Participant to the Company upon the Participant’s Termination of Service for any reason, including without limitation, voluntary termination by the Participant.

    

    

     3.2 Death. Any unvested portion of this Restricted Stock Unit Award shall vest
      immediately in the event of the Participant’s Termination of Service by reason of the Participant’s death.

     3.3 Disability.  Any unvested portion of this Restricted Stock Unit Award shall
      vest immediately in the event of the Participant’s Termination of Service by reason of the Participant’s Disability.

     3.4 Other Termination. If the Participant’s Service terminates for reasons other than death, Disability, Cause or an
      Involuntary Termination following a Change in Control, on or after the Participant attains age [age], the Participant’s unvested Restricted Stock Unit Awards shall continue to vest, provided that, at the request of the Company the Participant serves
      as a consultant to the Company following the Termination of Service.   An Employee who is also a Director shall not be deemed to have terminated Service until both Service as an Employee and Service as a Director have ceased.

     3.5 Change in Control. Any unvested portion of this Restricted Stock Unit Award
      shall vest immediately in the event of an Involuntary Termination following a Change in Control.  The portion of the Restricted Stock Unit Award that vests upon a Change in Control shall equal the number of unvested Restricted Stock Units at the time
      of an Involuntary Termination following the Change in Control.

    
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    4.  Withholding. The Company shall collect federal, state and local income taxes and the employee portion of the FICA taxes (Social Security and Medicare) with respect to the Restricted Stock
      Units and any Dividend Equivalent Rights on such Restricted Stock Units paid to the Participant at the time those Restricted Stock Units vest.  Unless the Participant delivers a separate check payable to the Company in the amount of taxes required to
      be withheld from the Participant, the Company shall withhold those taxes from the Participant’s wages.  The Participant hereby authorizes the Company to satisfy the withholding obligations by one or a combination of the following: (a) withholding
      from the Participant’s wages or other cash compensation; (b) withholding from proceeds of the sale of Shares issued in settlement of the vested Restricted Stock Units, either through a voluntary sale or through a mandatory sale arranged by the
      Company (on the Participant’s behalf pursuant to this authorization), to the extent and in the manner permitted by all applicable securities laws, including making any necessary securities registration or taking any other necessary actions; or (c)
      withholding in Shares to be issued in settlement of the vested Restricted Stock Units that number of whole Shares the fair market value of which (determined by reference to the closing price of the common stock on the principal exchange on which the
      common stock trades on the date the withholding obligation arises, or if such date is not a trading date, on the next preceding trading date) is equal to the aggregate withholding obligation as determined by the Company and/or the Employer with
      respect to such Award.

    5.  Code Section 409A. The Restricted Stock Unit Award and payments made pursuant to this Agreement and the Plan are intended to qualify for an exemption from Code Section 409A. Notwithstanding
      any other provision in this Agreement and the Plan, the Company, to the extent it deems necessary or advisable in its sole discretion, reserves the right, but shall not be required, to unilaterally amend or modify this Agreement and/or the Plan so
      that the Restricted Stock Units granted to the Participant qualify for exemption from or comply with Code Section 409A; provided, however, that the Company makes no representations that the Restricted Stock Units shall be exempt from or comply with
      Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to the Restricted Stock Units. Nothing in this Agreement or the Plan shall provide a basis for any person to take action against the Company or any affiliate based
      on matters covered by Code Section 409A, including the tax treatment of any amount paid or payable or Award made under this Agreement, and neither the Company nor any of its affiliates shall under any circumstances have any liability to any
      Participant or his or her estate or any other party for any taxes, penalties or interest imposed under Code Section 409A for any amounts paid or payable under this Agreement.

     

    

    6.
         Nature of Grant. In accepting the Restricted Stock Units, the Participant acknowledges that: (a) the Plan is established voluntarily by the
      Company, is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time; (b) grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive
      future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units even if Restricted Stock Units have been granted repeatedly in the past; (c) all decisions with respect to future awards of Restricted Stock Units, if any, will be
      at the sole discretion of the Company; (d) the Participant’s participation in the Plan is voluntary; (e) Restricted Stock Units are extraordinary items that do not constitute regular compensation for services rendered to the Company or any
      Subsidiary, and that are outside the scope of the Participant’s employment contract, if any; (f) Restricted Stock Units and the Shares subject to Restricted Stock Units are

    
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    not intended to replace any pension rights or compensation; (g) unless provided for elsewhere, Restricted Stock Units and the Shares subject to Restricted Stock Units are not part of normal or expected
      compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, redundancy or end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in
      no event should be considered as compensation for, or relating in any way to, past services for the Company or any Subsidiary; (h) the award of Restricted Stock Units and the Participant’s participation in the Plan shall not be interpreted to form an
      employment contract or relationship with the Company or any Subsidiary; (i) the future value of the underlying Shares is unknown and cannot be predicted with certainty; (j) in consideration of the award of Restricted Stock Units, no claim or
      entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from termination of employment with the Company or any Subsidiary (for any reason whatsoever and whether or not in breach of local labor laws),
      and the Participant irrevocably releases the Company and/or the Subsidiary from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, the Participant shall be
      deemed irrevocably to have waived his or her entitlement to pursue such claim; and (k) except as otherwise provided for in this Agreement or the Plan, in the event of involuntary termination of the Participant’s employment (whether or not in breach
      of local labor laws), the Participant’s right to receive Restricted Stock Units and vest under the Plan, if any, will terminate effective as of the date that the Participant’s Service is terminated and will not be extended by any notice period
      mandated under local law (e.g., active employment would not include a period of “garden leave” or similar period pursuant to local law), and the Company shall have the exclusive discretion to determine when
      the Participant is no longer actively employed for purposes of this Agreement.

    7.  No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the
      Plan, or the Participant’s acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding the Participant’s participation in the Plan before taking
      any action related to the Plan.

    

    

    8.  Undertaking. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable in order to carry out or effect one or
      more of the obligations or restrictions imposed on either the Participant or the Restricted Stock Units pursuant to the provisions of this Agreement.

    9.  Restrictions on Transfer. Notwithstanding anything in the Plan to the contrary, the Restricted Stock Units granted pursuant to this Award may not be sold, pledged (as collateral for a loan or
      as security for the performance of an obligation or for any other purpose), assigned, hypothecated, transferred, disposed of in exchange for consideration, made subject to attachment or similar proceedings, or otherwise disposed of under any
      circumstances.

    10.  Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining
      provisions shall nevertheless be binding and enforceable.

    
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    11.  No Rights as Shareholder. Except as provided in this Agreement, the Participant will not have dividend, voting or any other rights as a shareholder of
      the Shares of common stock with respect to the Restricted Stock Units. Upon payment of the vested Restricted Stock Units in Shares of common stock, the Participant will obtain full dividend, voting and other rights as a shareholder of the Company.

    12.  Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant
      hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

    13.  Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the Restricted Stock Units and on any Shares
      of common stock acquired under the Plan, to the extent that the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Participant to sign any additional
      agreements or undertakings (as provided in Section 6 above) that may be necessary to accomplish the foregoing.

    By the Participant's signature and the Company's signature below, the Participant and the Company agree that this grant is governed by this Agreement and the Plan.

    
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    IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its behalf as of the date of
      grant of this Restricted Stock Unit Award set forth above.

    DIME COMMUNITY BANCORP INC.

    By:
        _____________________________

     

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Restricted Stock Unit Award and agrees to the terms and conditions hereof, including the terms and provisions of the
      Plan.  The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.

    PARTICIPANT

      

    

     

      

    ______________________________________

      

     

    

    

    

    

    

  

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