Document:

EXHIBIT 10.3

  

  

  

  

  

  
    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.

                    

            

          

          
            2

            
              

          

          
            
              	

                    	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. For purposes of the Plan and this Agreement, “Service” means service as a non-employee Director of the Company or a Subsidiary, as the case may be, and shall
                        include service as a director emeritus or advisory director.

                    

            

          

        

      

    

    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 service 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.

              

      

    

    

    

     

      

    
      3

      
        

    

    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

     

    

    
      __________________________________

      

      

    

    

    

     

    

    
      4

      
        

    

    EXHIBIT A

    

    

     NOTICE OF EXERCISE OF OPTION

      (BY OUTSIDE DIRECTOR)

    

    

    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.

              

      

    

    
      
        	

              	___	
                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.

  

  5EXHIBIT 10.4

  

  

  

  

  

  

  Restricted Stock Award

  

  

  Granted by

  

  

  DIME COMMUNITY BANCSHARES, INC.

  

  

  under the

  

  

  DIME COMMUNITY BANCSHARES, INC.

  2020 EQUITY INCENTIVE PLAN

  

  

  This restricted stock agreement (“Restricted Stock 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 Award pursuant to the Plan.  The holder of this Restricted
    Stock Award (the “Participant”) hereby accepts this Restricted Stock 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.

  1.   Name of Participant:  ____________________________

  2.   Date of Grant:  __________________________________

  

  

  
    	
            3.

          	
            Total number of shares of Company common stock, $0.01 par value per share, covered by the Restricted Stock Award: __________

            

          

  

   

  

  
    
      	4.	
              Vesting Schedule.  Except as otherwise provided in this Agreement, this Restricted Stock Award shall vest on:

            

    

  

  

  

  Vesting Date Number

        of Shares Vesting

  

  

  [date] [number]

  [date] [number]

  [date] [number]

  [date] [number]

  

  

  
    
      

  

  
  
    
      	5.	
              Grant of Restricted Stock Award.  The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be registered in the name of the
                Participant and held by the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock.  Notwithstanding the foregoing, the Company may, in its sole
                discretion, issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of such Awards.

            

    

  

  
    
      	6.	
              Terms and Conditions.

            

    

  

  Voting rights appurtenant to the Stock subject to this Restricted Stock Award, shall be exercised consistent with the recommendation of the
    Board of Directors to shareholders for each matter for which a recommendation is made and by the Committee in its discretion in all other cases.

  Any cash dividends or distributions declared with respect to shares of Stock subject to this Restricted Stock Award will be distributed to
    the Participant at the time paid by the Company.  Any stock dividends declared and paid with respect to shares of Stock subject to this Restricted Stock Award will be issued subject to the same restrictions and the same vesting schedule as the
    underlying share of Stock on which the dividend was declared.

  
    
      	7.	
              Delivery of Shares.  Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act),
                and the applicable requirements of any securities exchange or similar entity.

            

    

  

  
    
      	8.	
              Change in Control.

            

    

  

  

  

  
    
      	

            	8.1	
              In the event of the Participant’s Involuntary Termination following a Change in Control, all Restricted Stock Awards subject to this Agreement will become fully vested.

            

    

  

  

  

  
    
      	

            	8.2	
              A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan.

            

    

  

  

  

  
    
      	9.	
              Adjustment Provisions.  This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the
                events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

            

    

  

  

  

  
    
      
        	10.	
                Effect of Termination of Service on Restricted Stock Award.

              

      

    

    
      
        	

              	10.1	
                This Restricted Stock Award will vest as follows:

              

      

    

    
      	
              (i)

            	
              Death.  In the event of the Participant’s Termination of Service by reason of the
                Participant’s death, any unvested shares of Restricted Stock subject to this Agreement will vest.

            

    

    
      2

      
        

    

    

    

    
      	
              (ii)

            	
              Disability.  In the event of the Participant’s Termination of Service by
                  reason of the Participant’s Disability, any unvested shares of Restricted Stock subject to this Agreement will vest.

               

                

            

    

    
      	
              (iii)

            	
              Termination for Cause.  In the event of the Participant’s Termination of Service for Cause, all Restricted Stock subject to this Agreement that has not vested will expire and be forfeited.

               

                

            

    

    
      	
              (iv)

            	
              Other Termination.  If the event of the Participant’s Termination of Service for any reason other than due to death, Disability or for Cause, all shares of  Restricted Stock subject to this Agreement which
                  have not vested as of the date of Termination of Service will expire and be forfeited.

               

                

            

    

    11.      Miscellaneous.

  

  
     

  

  
     

  

   

   

   

   

  
    
      	

            	11.1	
              This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

            

    

  

  
    
      	

            	11.2	
              A Restricted Stock Award is not transferable prior to the time such Award vests in the Participant.

            

    

  

  
    
      	

            	11.3	
              This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of New York.

            

    

  

  
    
      	

            	11.4	
              This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be
                obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

            

    

  

  
    
      	

            	11.5	
              All Awards under this Plan are subject to required federal, state and local tax withholding which may be effected in the manner or manners permitted by the Company.

            

    

  

  
    
      	

            	11.6	
              Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Affiliate to terminate your employment or service at any time, nor confer upon you any right to continue in the
                employ or service of the Company or any Affiliate.

            

    

  

  
    
      	

            	11.7	
              This Award Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Agreement and the Plan.

            

    

  

  

  

  

  

  [Signature Page Follows]

  

  

  
    3

    
      

  

  

  

  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 Award set forth above.

  DIME COMMUNITY BANCSHARES, INC.

  By:
      __________________________________

  Its:
      ___________________________________

  

  

  PARTICIPANT’S ACCEPTANCE

  The undersigned hereby accepts the foregoing Restricted Stock 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

   

  

  
    __________________________________

    

    

    

    

  

   
  

  

  4

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