Document:

Exhibit 10.6

 

Final Version

 

EXHIBIT E

to 

Merger Agreement

 

FORM OF LETTER OF TRANSMITTAL

 

INSTRUCTIONS FOR LETTER OF TRANSMITTAL

FOR STOCKHOLDERS (“HOLDERS”)

OF XYNOMIC PHARMACEUTICALS, INC. (THE
“COMPANY”)

 

		1.	Delivery of Letter of Transmittal, Exhibits and Certificates. The Letter of
Transmittal, together with the exhibits attached thereto, properly completed and duly executed, together with the certificate(s)
for the securities described, should be delivered to Continental Stock Transfer & Trust Company (the “Exchange Agent”)
at the address below in the envelope enclosed for your convenience. If the space provided on the Letter of Transmittal is inadequate,
the applicable information should be listed on a separate schedule to be attached thereto.

 

THE METHOD OF DELIVERY OF
ALL REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE HOLDER, BUT IF SENT BY MAIL, IT IS RECOMMENDED THAT THEY BE SENT BY REGISTERED
MAIL WITH RETURN RECEIPT REQUESTED. DELIVERY OF THE DOCUMENTS WILL BE EFFECTIVE, AND RISK OF LOSS AND TITLE WITH RESPECT THERETO
SHALL PASS, ONLY WHEN THE MATERIALS ARE ACTUALLY RECEIVED BY THE COMPANY AT THE ADDRESS BELOW.

 

		2.	Signatures.

 

		a.	If the Letter of Transmittal is signed by the registered owner(s) of the stock certificate(s) listed
and surrendered thereby, no endorsements of certificates or separate stock powers are required. If the certificate(s) surrendered
is (are) owned of record by two or more joint owners, all such owners must sign the Letter of Transmittal.

 

		b.	If, with respect to any surrendered certificate(s), the Letter of Transmittal is signed by a person
other than the registered owner of the certificate(s) listed or its duly authorized representative (as confirmed by proper evidence
satisfactory to the Exchange Agent and to Bison Capital Acquisition Corp. (“Parent”)), such certificate(s) must
be endorsed or accompanied by appropriate stock powers, in either case signed exactly as the name or names of the registered owner
or owners appear on the certificate(s). Signatures on such Letters of Transmittal and such certificates or stock powers must be
guaranteed by a financial institution that is a member of a Securities Transfer Association approved medallion program such as
STAMP, SEMP or MSP (an “Eligible Institution”).

 

		c.	If the Letter of Transmittal or any certificate, stock power or other exhibit to the Letter of
Transmittal is signed by trustees, executors, administrators, guardians, attorney-in-fact, officers of corporations or other entities
or others, acting in a fiduciary or representative capacity, such persons should so indicate when signing and proper evidence,
satisfactory to Exchange Agent and to Parent, of their authority to do so must be submitted.

 

     

     

    

 

		3.	Special Issuance and Delivery Instructions. Indicate on the Letter of Transmittal
all names and addresses to which consideration for the securities is to be issued and the amounts thereto, if different from the
name and address of the person(s) signing the Letter of Transmittal. Signatures on such Letters of Transmittal must be guaranteed
by an Eligible Institution.

 

		4.	Form W-8/W-9. If you are a U.S. person, please enter your social security or
employer identification number, and complete, sign and date the attached Form W-9. If you are a non-U.S. person, you must provide
a properly completed and executed Internal Revenue Service Form W-8BEN or other Form W-8, which you can obtain from the Company
by contacting the designated person below.

 

		5.	Additional Copies. Additional copies of the Letter of Transmittal may be obtained
from the Exchange Agent at the address listed below.

 

		6.	Lost, Stolen or Destroyed Stock Certificates. If any stock certificates have
been lost, stolen or destroyed, please indicate so on the front of the Letter of Transmittal and additional paperwork will be sent
to you to replace the lost, stolen or destroyed stock certificates, as applicable.

 

All questions as to
the validity, form and eligibility of any surrender of stock certificates will be determined by the Exchange Agent and Parent,
and such determination shall be final and binding on each Holder. The Exchange Agent and Parent reserve the right to waive any
irregularities or defects in the surrender of any certificates. A surrender will not be deemed to have been made until all irregularities
have been cured or waived. Neither the Exchange Agent nor Parent is under any obligation to waive or to provide any notification
of any irregularities or defects in the surrender of any certificates, nor shall the Exchange Agent or Parent be liable for any
failure to give such notification.

 

All documentation and requests should
be sent to the Exchange Agent at the following address:

 

Continental Stock Transfer
& Trust Company

1 State Street, 30th Floor

New York, New York
10004

Attn: Corporate Actions
Department

Telephone No.: 917-262-2378

 

Method of delivery of the certificate(s)
is at the option and risk of the Holder. See Instruction 1.

 

All Holders, please mail or deliver each of the following:

 

☐ This Letter of Transmittal,
duly executed by Holder

☐ The Lock-Up Agreement,
duly executed by Holder, the form of which is attached as Exhibit A

☐ The Amended and Restated
Registration Rights Agreement, duly executed by Holder, the form of which is attached as Exhibit B

☐ A completed and executed
IRS Form W-9 or Form W-8BEN (or Other Form W-8), as applicable, the form of which is attached as Exhibit C

☐ The certificate(s)
representing your Company Stock 

☐ If required, as described
in the instructions, an original stock power, duly executed by Holder, the form of which is attached as Exhibit D

 

Please return all documents to the Exchange Agent using the
address set forth in the instructions.

 

    	 	2	 

     

    

 

LETTER OF TRANSMITTAL

 

To Exchange Securities of Xynomic Pharmaceuticals,
Inc. Pursuant to the Merger of Bison Capital Merger Sub Inc. and Xynomic Pharmaceuticals, Inc. 

 

This letter of transmittal (this “Letter
of Transmittal”) is being furnished in connection with the merger of Bison Capital Merger Sub Inc., a Delaware corporation
and a wholly owned subsidiary of Bison Capital Acquisition Corp., a British Virgin Islands company which, prior to the consummation
of the transactions contemplated by the Merger Agreement (as defined below), will domesticate as a Delaware corporation and, immediately
thereafter will be known as “Xynomic Pharmaceuticals Holdings, Inc.” (the “Parent”), with and into
Xynomic Pharmaceuticals, Inc., a Delaware corporation (the “Company”), pursuant to the Agreement and Plan of
Merger, dated as of [●], 2018 (as amended from time to time in accordance with the terms thereof, the “Merger Agreement”),
by and among (i) the Company, (ii) Parent, (iii) Bison Capital Merger Sub Inc., a Delaware corporation and wholly owned subsidiary
of Parent (the “Merger Sub”), and (iv) Yinglin Mark Xu, an individual residing in Shanghai, China, in his capacity
as the Stockholder Representative (the “Stockholder Representative”). Pursuant to the Merger Agreement, and
subject to the terms and conditions set forth therein, Merger Sub will merge with and into the Company, with the Company surviving
the Merger as a wholly-owned subsidiary of Parent (the “Merger”). At the effective time of the Merger (the “Effective
Time”), each issued and outstanding share of capital stock of the Company (other than shares in respect of which appraisal
rights have been properly exercised and perfected to the extent available under Section 262 of the General Corporation Law of the
State of Delaware and shares held by the Company or Parent) (the “Company Stock”) will be cancelled and cease
to exist in exchange for the right to receive the Merger Consideration Shares and options to acquire common stock of the Company
(each, a “Company Option”) (whether vested or unvested) shall be assumed by Parent and automatically converted
into an option to acquire common stock of Parent, with its price and number of shares equitably adjusted based on the conversion
of the Company Stock into the Merger Consideration Shares. Any capitalized term used but not defined in this Letter of Transmittal
will have the meaning ascribed to such term in the Merger Agreement.

 

The undersigned holder (“Holder”)
of Company Stock understands that this Letter of Transmittal is being provided to both the Company and Parent in connection with,
and as a condition to the consummation of the Merger, and that the Company and Parent are consummating the Merger and the other
transactions contemplated by the Merger Agreement in reliance upon the representations, warranties, covenants and agreements of
the Holder set forth in this Letter of Transmittal.

 

IN ADDITION, HOLDER HAS READ, UNDERSTANDS
AND AGREES TO ALL OF THE TERMS AND CONDITIONS SET FORTH IN THE MERGER AGREEMENT, THE TRANSACTION DOCUMENTS TO WHICH THE HOLDER
IS BOUND, THE MATERIALS ACCOMPANYING THIS LETTER OF TRANSMITTAL AND THE ACCOMPANYING INSTRUCTIONS BEFORE COMPLETING ANY OF THE
INFORMATION BELOW.

 

    	 	3	 

     

    

 

Please read carefully this entire Letter
of Transmittal and the accompanying instructions before completing any of the boxes below.

 

IMPORTANT: Holders of shares of capital
stock of the Company will be entitled to appraisal rights in connection with the Merger. If Holder did not vote in favor of the
Merger and wishes to exercise appraisal rights under Delaware law in connection with the Merger, Holder should carefully review,
in consultation with legal counsel, Holder’s rights to appraisal as provided by Delaware law before certificates formerly
representing Company Stock are surrendered for exchange.

 

1. Representations
and Warranties of Holder. Holder hereby represents, warrants and covenants to the Company and Parent as follows as of the date
of this Letter of Transmittal and as of the Effective Time:

 

(a) Ownership
of Securities. All of the Company Stock owned by the Holder, including without limitation the number, type, class and series
thereof, are set forth and accurately described in Schedule 1 below (the “Holder Company Stock”).
Holder has beneficial ownership of, is the lawful owner of, and has good and valid title to, the Holder Company Stock, free and
clear of any and all pledges, mortgages, encumbrances, charges, proxies, voting agreements, liens, adverse claims, options, security
interests and demands of any nature or kind whatsoever (other than those imposed by applicable securities laws or the Company’s
organizational documents, as in effect on the date hereof). There are no claims for finder’s fees or brokerage commission
or other like payments in connection with the Merger Agreement or the transactions contemplated thereby payable by Holder pursuant
to arrangements made by such Holder. Except for the Holder Company Stock set forth on Schedule 1 and any Company
Options, Holder is not a beneficial owner or record holder of any: (i) equity securities of the Company, (ii) securities of the
Company having the right to vote on any matters on which the holders of equity securities of the Company may vote, or (iii) options,
warrants or other rights to acquire from the Company any equity securities or securities convertible into or exchangeable for equity
securities of the Company.

 

(b) Binding
Agreement. Holder (i) if a natural person, is of legal age to execute this Letter of Transmittal and each of the Exhibits hereto,
including the Lock-Up Agreement and the Amended and Restated Registration Rights Agreement, and any other document required by
this Letter of Transmittal (collectively with the Letter of Transmittal, the “Transmittal Documents”), and is
legally competent to do so and (ii) if not a natural person, is (A) a corporation or other entity duly organized and validly existing
under the laws of the jurisdiction of its organization and (B) has all necessary power and authority to execute and deliver the
Transmittal Documents, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby
and thereby. If Holder is not a natural person, the execution and delivery of the Transmittal Documents, the performance of its
obligations hereunder and thereunder and the consummation of the transactions contemplated hereby and thereby by Holder has been
duly authorized by all necessary corporate or similar action on the part of Holder. This Letter of Transmittal and each other Transmittal
Document, assuming due authorization, execution and delivery hereof by the other parties hereto and thereto, constitutes a legal,
valid and binding obligation of Holder, enforceable against Holder in accordance with its terms (except as such enforceability
may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability
relating to or affecting creditor’s rights, and to general equitable principles).

 

    	 	4	 

     

    

 

(c) No
Conflicts. No filing with, or notification to, any governmental authority, and no consent, approval, authorization or permit
of any other person or entity is necessary for the execution of this Letter of Transmittal or any other Transmittal Document by
Holder, the performance of its obligations hereunder or thereunder or the consummation by it of the transactions contemplated hereby
or thereby. None of the execution and delivery of this Letter of Transmittal or any other Transmittal Document by Holder, the performance
of its obligations hereunder or thereunder or the consummation by it of the transactions contemplated hereby or thereby will (i)
conflict with or result in any breach of the organizational documents of Holder, if applicable, (ii) result in, or give rise to,
a violation or breach of or a default under any of the terms of any contract or obligation to which Holder is a party or by which
Holder or any of the Holder Company Stock or its other assets may be bound, or (iii) violate any applicable law or order, except
for any of the foregoing in clauses (i) through (iii) as would not reasonably be expected to impair in any material respect Holder’s
ability to perform its obligations under this Letter of Transmittal or the other Transmittal Documents. Holder has not entered
into any agreement or knowingly taken any action (nor will enter into any agreement or knowingly take any action) that would make
any representation or warranty of Holder contained in this Letter of Transmittal untrue or incorrect in any material respect or
have the effect of preventing Holder from performing any of its material obligations under this Letter of Transmittal or any Transmittal
Document.

 

(d) Investment
Representations. Holder: (i) is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D
under the Securities Act of 1933, as amended (the “Securities Act”); (ii) is acquiring its portion of the Merger
Consideration Shares for itself for investment purposes only, and not with a view towards any resale or distribution of such Merger
Consideration Shares; (iii) has been advised and understands that the Merger Consideration Shares (A) are being issued in reliance
upon one or more exemptions from the registration requirements of the Securities Act and any applicable state securities laws,
(B) have not been and shall not be registered under the Securities Act or any applicable state securities laws and, therefore,
must be held indefinitely and cannot be resold unless such Merger Consideration Shares are registered under the Securities Act
and all applicable state securities laws, unless exemptions from registration are available and (C) will be subject to additional
restrictions on transfer pursuant to the Lock-Up Agreement; (iv) is aware that an investment in Parent is a speculative investment
and is subject to the risk of complete loss; and (v) acknowledges that Parent is under no obligation hereunder to register the
Merger Consideration Shares under the Securities Act (except as may be set forth in the Amended and Restated Registration Rights
Agreement). Holder does not have any contract with any person or entity to sell, transfer, or grant participations to such person
or entity, or to any third person or entity, with respect to the Merger Consideration Shares. By reason of Holder’s business
or financial experience, or by reason of the business or financial experience of Holder’s “purchaser representatives”
(as that term is defined in Rule 501(h) under the Securities Act), Holder is capable of evaluating the risks and merits of an investment
in Parent and of protecting its interests in connection with this investment. Holder has carefully read and understands all materials
provided by or on behalf of Parent or its affiliates or the managers, directors, officers, employees, agents or advisors of Parent
or its affiliates (collectively, “Parent’s Representatives”) to Holder or its affiliates or the managers,
directors, officers, employees, agents or advisors of Holder or its affiliates (collectively, the “Holder’s Representatives”)
pertaining to an investment in Parent and has consulted, as Holder has deemed advisable, with its own attorneys, accountants or
investment advisors with respect to the investment contemplated hereby and its suitability for Holder. Holder acknowledges that
the Merger Consideration Shares are subject to dilution for events not under the control of Holder. Holder has completed its independent
inquiry and has relied fully upon the advice of its own legal counsel, accountant, financial and other Holder’s Representatives
in determining the legal, tax, financial and other consequences of the Merger Agreement and the Transmittal Documents and the transactions
contemplated hereby and thereby and the suitability of the foregoing for Holder and its particular circumstances, and has not relied
upon any representations or advice by Parent or Parent’s Representatives. Holder acknowledges and agrees that no representations
or warranties have been made by Parent or any Parent Representative to Holder, and that Holder has not been guaranteed or represented
to by any person or entity, (i) any specific amount or the event of the distribution of any cash, property or other interest in
Parent or (ii) the profitability or value of the Merger Consideration Shares in any manner whatsoever. Holder: (A) has been represented
by independent counsel (or has had the opportunity to consult with independent counsel and has declined to do so); (B) has had
the full right and opportunity to consult with Holder’s attorneys and other advisors and has availed itself of this right
and opportunity; (C) has carefully read and fully understands the Merger Agreement and this Letter of Transmittal and the other
Transmittal Documents in their entirety and has had them fully explained to it by such counsel; (D) is fully aware of the contents
hereof and the meaning, intent and legal effect thereof; and (E) is competent to execute this Letter of Transmittal and the other
Transmittal Documents and has executed this Letter of Transmittal and the other Transmittal Documents free from coercion, duress
or undue influence.

 

    	 	5	 

     

    

 

2. Escrow
and Indemnification. Holder acknowledges, covenants and agrees that (a) pursuant to Section 1.10 of the Merger Agreement, 3%
of the Closing Parent Share Consideration and 3% of the Earnout Parent Share Consideration (if payable) (collectively, the “Escrow
Shares”) will be held in escrow for up to eighteen (18) months after the Closing Date (the “Indemnity Escrow
Period”) (subject to amounts retained in escrow thereafter for then pending claims) and shall serve as security for,
and a source of payment of, (i) the indemnification rights of Parent, its affiliates and their respective officers, directors,
managers, employees, successors and permitted assigns (collectively, the “Indemnified Parties”) pursuant to
Article X of the Merger Agreement and (ii) any post-closing merger consideration adjustment in favor of Parent pursuant to Section
1.05 of the Merger Agreement. Consequently, Holder’s Pro Rata Share (as defined in the Merger Agreement) of the Escrow Shares
will be held in escrow in accordance with the Merger Agreement and the Escrow Agreement to be entered into in connection with the
Merger Agreement. Holder will be required to provide several indemnification to the Indemnified Parties for claims made during
the Indemnity Escrow Period to the extent of the Escrow Shares then remaining in the escrow account.

 

3. Disposition
of Company Stock. Pursuant to the Merger Agreement, Holder hereby surrenders, cancels and terminates Holder’s shares
of Company Stock in exchange for the Merger Consideration Shares payable in respect of such shares of Company Stock (net of any
Escrow Shares) pursuant to the Merger Agreement. Holder hereby authorizes and instructs the Exchange Agent to issue to Holder the
portion of Merger Consideration Shares (less the Escrow Shares) due to Holder as a result of the Merger.

 

4. Appointment
of Stockholder Representative to Act on Holder’s Behalf. By the execution and delivery of this Letter of Transmittal,
Holder on behalf of itself and its successors and assigns, hereby agrees to the provisions of Section 12.01 of the Merger Agreement
and irrevocably constitutes and appoints Yinglin Mark Xu in his capacity as the Stockholder Representative as set forth in the
Merger Agreement, as the true and lawful agent and attorney-in-fact of Holder with full powers of substitution to act in the name,
place and stead thereof with respect to the performance on behalf of Holder to the extent set forth in Section 12.01 of the Merger
Agreement.

 

    	 	6	 

     

    

 

5. Release
of Claims. In consideration of the receipt of its Merger Consideration Shares, Holder, intending to be legally bound, effective
as of the Effective Time hereby releases and discharges the Company and its affiliates and their respective directors, officers,
employees, agents, representatives, successors and assigns (collectively, “Releasees”) fully, finally and forever,
from all and any manner of claims, actions, rights, causes of action, suits, obligations, liabilities, debts, due sums of money,
agreements, promises, damages, judgments, executions, accounts, expenses, costs, attorneys’ fees and demands whatsoever,
whether in law, contract or equity, whether known or unknown, matured or unmatured, foreseen or unforeseen (collectively, “Claims”),
arising out of events existing or occurring contemporaneously with or prior to the Effective Time, in each case, in Holder’s
capacity as a stockholder or option holder of the Company (or its predecessors) or otherwise relating to Holder’s acquisition,
ownership, control or sale of Company Stock; provided, that nothing contained herein shall operate to release (i) any liabilities
of a Releasee based upon, arising out of or relating to, without duplication, this Letter of Transmittal or any of the other Transmittal
Documents, the Merger Agreement, or any of the Transaction Documents, (ii) the Company for claims for Fraud made by Parent against
the Company or any of its subsidiaries under the Merger Agreement for which Holder has any responsibility beyond the Escrow Shares,
(iii) any claim Holder may have, in his or her capacity as an employee, director or officer of the Company or any of its subsidiaries,
for indemnification by the Company or any of its subsidiaries, whether pursuant to an indemnification agreement, under the Company’s
organizational documents as in effect immediately prior to the Closing or pursuant to applicable law, and any related rights as
a named insured under any Company insurance policy relating thereto or (iv) any claim Holder may have for vested benefits and unpaid
wages that are owed to Holder in his or her capacity as an employee, director, officer or consultant of the Company or any of its
subsidiaries. Holder hereby irrevocably covenants to refrain from, directly or indirectly, asserting, commencing or instituting
any cause of action, suit or claim of any kind against any Releasee based upon any matter intended or purported to be released
hereby. This release may not be altered except in a writing signed by the person or entity against whose interest such change shall
operate.

 

6. Post-Closing
Confidentiality. Holder hereby agrees for a period of two (2) years from and after the date hereof to, and to direct Holder’s
Representatives to: (i) treat and hold in strict confidence any Company Confidential Information (as defined below), and not use
for any purpose (except in connection with the consummation of the transactions contemplated by this Letter of Transmittal, the
Merger Agreement or the Transaction Documents, performing its obligations hereunder or thereunder or enforcing its rights hereunder
or thereunder), nor directly or indirectly disclose, distribute, publish, disseminate or otherwise make available to any third
party any of the Company Confidential Information without the Company’s and Parent’s prior written consent. As used
in this Letter of Transmittal, “Company Confidential Information” means all material and information relating
to the business, affairs and assets of the Company or its subsidiaries, including material and information that concerns or relates
to the Company or its subsidiaries’ bidding and proposal, technical, computer hardware or software, administrative, management,
operational, data processing, financial, marketing, sales, human resources, business development, planning and/or other business
activities, and information regarding genetic or other biological materials, gene sequences, cell lines, viruses, plasmids, vectors,
compounds, protocols, assays and clinical trials, regardless of whether such material and information is maintained in physical,
electronic, or other form, that is: (A) gathered, compiled, generated, produced or maintained by the Company or its subsidiaries,
or provided to the Company or its subsidiaries by their respective suppliers, service providers or customers; and (B) intended
and maintained by the Company or its subsidiaries or their respective representatives, suppliers, service providers or customers
to be kept in confidence. The obligations set forth in this Section 6 will not apply to any Company Confidential
Information that: (i) is known or available through other lawful sources not known by Holder to be bound by a confidentiality agreement
with, or other confidentiality obligation to, the Company or its subsidiaries; (ii) is or becomes publicly known through no violation
of this Letter of Transmittal or other non-disclosure obligation of Holder or any of Holder’s Representatives; (iii) is already
in the possession of Holder at the time of disclosure, provided that such information is not known to Holder to be subject to another
confidentiality agreement or other confidentiality obligation; (iv) is independently developed by or for Holder or any of Holder’s
Representatives without derivation from, reference to or reliance upon, or using in any manner, Company Confidential Information
and without violating any of the confidentiality obligations under this Letter of Transmittal or (v) is required to be disclosed
by applicable law, regulation, stock exchange rule or other market or reporting system, pursuant to an order of any administrative
body or court of competent jurisdiction, or by other legal, judicial, regulatory or administrative process (by oral questions,
interrogatories, requests for information or documents in legal proceedings, subpoena, civil investigative demand or other similar
process) (provided that, with respect to this clause (v), (A) the Company is given reasonable prior written notice, (B) Holder
cooperates (and directs Holder’s Representatives to cooperate), at the Company’s sole cost and expense, with any reasonable
request of the Company to seek to prevent or narrow such disclosure and (C) if after compliance with clauses (A) and (B) such disclosure
is still required, Holder and Holder’s Representatives will only disclose such portion of the Company Confidential Information
that is expressly required by such order, as it may be subsequently narrowed). Notwithstanding the foregoing, in the event that
Holder is already subject to confidentiality obligations to the Company which are in effect as of the Closing Date which provide
that such confidentiality obligations are the sole confidentiality provisions with respect to the Company applicable to Holder,
then those confidentiality obligations will apply to Holder in lieu of the provisions of this Section 6. Nothing in
the Section 6 shall limit the right of the Holder to provide any information required by law to any tax authority and no
notice of such disclosure shall be required to be given to the Company.

 

{remainder
of page intentionally left blank; signature page follows}

 

    	 	7	 

     

    

 

IMPORTANT — HOLDERS SIGN HERE

 

(Must be signed by registered Holder(s)
exactly as name(s) appear(s) on stock certificate(s) and/or on a security position listing or by person(s) authorized to become
registered holder(s) as evidenced by certificates and documents transmitted herewith. If signature is by trustees, executors, administrators,
guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, please set forth
full title and see Instruction 2.)

 

Method of delivery of the certificate(s)
is at the option and risk of the Holder. See Instruction 1.

 

Signature(s): _____________________________________________________________________

 

Print Name: ______________________________________________________________________

 

Title (if signing on behalf of an entity Holder): ___________________________________________

 

Mailing Address: __________________________________________________________________

 

_________________________________________________________________________________

 

_________________________________________________________________________________

 

Area Code and Telephone Number: ____________________________________________________

 

Email Address: ____________________________________________________________________

 

Dated: _____________, 2018

 

    	 	8	 

     

    

 

GUARANTEE OF SIGNATURE(S)

(See Instruction 2)

Complete ONLY if required by Instruction
2.

 

FOR USE BY ELIGIBLE INSTITUTION ONLY.

PLACE MEDALLION GUARANTEE IN SPACE BELOW.

 

		Firm:	_____________________________________________________________

 

		By:	_____________________________________________________________

 

		Title:	_____________________________________________________________

 

		Date:	_____________________________________________________________

 

	Address:	_____________________________________________________________
	 	 
	 	_____________________________________________________________
	 	 
	 	_____________________________________________________________

 

    	 	9	 

     

    

 

Schedule 1

 

Holder Company Stock

 

	
        Name(s) and Address(es) of Registered
        Owner(s)

        (Please fill in, if blank, exactly as name(s)
        appear(s) on the records of the Company)
	
        Company Stock

        (Attach additional list if necessary)

	 	
        Company

        Certificate Number(s)

         

        __________________________

         

        __________________________

         

        __________________________

         
	
        Number of Shares

        Company Stock

         

        __________________________

         

        __________________________

         

        __________________________

         
	
        Class of Shares

        Company Stock

         

        __________________________

         

        __________________________

         

        __________________________

         

 

☐ If any certificate(s)
representing Company Stock that you own have been lost, stolen or destroyed, check this box and see Instruction 6. Please fill
out the remainder of this Letter of Transmittal and:

 

Indicate here the number and class of shares of
Company Stock represented by the lost, stolen or destroyed certificates:

 

______________________________________________________________________________________________________________

 

(number and class of shares
of Company Stock)

 

    	 	10	 

     

    

 

Schedule 2

 

Special Issuance and Delivery Instructions

 

	SPECIAL ISSUANCE INSTRUCTIONS
 (See Instructions 2 and 3)

                                                                                 
	SPECIAL DELIVERY INSTRUCTIONS

(See Instructions 2 and 3)
	To be completed ONLY if the Merger Consideration Shares are to be issued in the name of someone other than the undersigned Holder.	To be completed ONLY if the physical copies of the new certificates for the Merger Consideration Shares are to be delivered to someone other than the undersigned or to the undersigned at an address other than that shown above.
	 	 
	
        Holder Company Stock to which the Special Issuance Instruction
        applies (must match at least one of the entries of Holder Company Stock listed on Schedule 1):

         

        ______________________________________

         

        ______________________________________

         

        ______________________________________

         

         
	
        Holder Company Stock to which the Special Delivery Instruction
        applies (must match at least one of the entries of Holder Company Stock listed on Schedule 1):

         

        _______________________________________

         

        _______________________________________

         

        _______________________________________

         

         

	
        Issue to

         

        Name:

         

        ______________________________________

        (Please Print)       

         

        Address: ______________________________

         

        ______________________________________

        (Include Zip Code) 

         

        ______________________________________

        (Tax Identification or Social Security
        No.)              

         

         
	
        Deliver to:

         

        Name:

         

        _______________________________________

        (Please Print)            

         

        Address: _______________________________

         

        _______________________________________

        (Include Zip Code)   

	If the above space is inadequate, please note that fact above and continue on a separate attachment	If the above space is inadequate, please note that fact above and continue on a separate attachment

 

    	 	11	 

     

    

 

Exhibit A

Form of Lock-Up Agreement

 

TO BE EXECUTED BY ALL HOLDERS

 

[Execute attached Form Lock-Up Agreement]

 

    	 	12	 

     

    

 

Exhibit B

[Form of Amended and Restated Registration
Rights Agreement]

 

TO BE EXECUTED BY ALL HOLDERS

 

[Execute attached Form Registration Rights
Agreement]

 

    	 	13	 

     

    

 

Exhibit C-1

IRS Form W-9

 

TO BE COMPLETED BY ALL U.S. HOLDERS

 

(See Instruction 4)

 

[Complete attached Form W-9]

 

    	 	14	 

     

    

 

Exhibit C-2

Form W-8BEN

 

TO BE COMPLETED BY ALL NON-U.S. HOLDERS
THAT ARE NATURAL PERSONS1

 

(See Instruction 4)

 

[Complete attached Form W-8BEN]

 

 

 

 

 

 

 

1 If
the Holder is a non-U.S. entity, it should complete Form W-8BEN-E; if the investment is related to a trade or business that
the non-U.S. Holder has in the United States, the non-U.S. Holder should consider instead completing Form W-8ECI; if the
non-U.S. Holder is a non-U.S. pass-through entity, the non-U.S. Holder should consider instead completing Form W-8IMY. Each
Holder should consult his, her or its tax advisor as to the applicable form that he, she or it should submit.

 

    	 	15	 

     

    

 

Exhibit D

Form of Stock Power

 

TO BE COMPLETED BY HOLDERS OF COMPANY
STOCK

WHERE THE LETTER OF TRANSMITTAL IS NOT
SIGNED BY THE

REGISTERED OWNER OF THE STOCK CERTIFICATE(S)

 

(See Instruction 2)

 

[Complete attached Form Stock Power]

 

    	 	16pcsb-ex1011_409.htm

 

Exhibit 10.11

PCSB BANK

AMENDED AND RESTATED

DIRECTOR FEE DEFERRAL PLAN

 

ARTICLE I
PURPOSE

The purpose of this Amended and Restated Director Fee Deferral Plan (the “Plan,” and formerly the “Trustee Fee Deferral Plan”) is for PCSB Bank (the “Bank”) to provide current tax planning opportunities as well as supplemental funds for retirement for Directors. The Plan shall be effective December 16, 2015 for deferrals commencing January 1, 2016. The Plan is being amended and restated effective July 1, 2018.  The Plan is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder. The Plan is also intended to qualify as a “top hat” plan for purposes of the Employee Retirement Income Security Act of 1974, as amended.  

ARTICLE II
DEFINITIONS

For the purposes of this Plan, the following terms may have the meanings indicated, unless the context clearly indicates otherwise:

Account.  “Account” means the account maintained under the Plan by the Bank in the Participant’s name.  

Account Balance.  “Account Balance” means the balance of the Participant’s Account as of the applicable distribution date.  

Bank.  “Bank” means PCSB Bank, or any successor to the business thereof, and any affiliated or subsidiary corporations designated by the Board.

Beneficiary.  “Beneficiary” means the person or persons (and their heirs) designated as Beneficiary by the Participant to whom the deceased Participant’s benefits are payable. If no Beneficiary is so designated, then the Participant’s spouse, if living, will be deemed the Beneficiary. If the Participant’s spouse is not living, then the children of the Participant will be deemed the Beneficiaries and will take on a per stirpes basis.  If there are no living children, then the estate of the Participant will be deemed the Beneficiary.  

Beneficiary Designation Form.  The “Beneficiary Designation Form” shall mean the Beneficiary Designation Form attached hereto as Exhibit C.

Board.  “Board” means the Board of Directors of the Bank.

Cash Account. “Cash Account” means the sub-account of a Participant’s Account which is maintained in cash and to which earnings is credited in accordance with Section 4.5 hereof.

Change in Control. “Change in Control” shall mean (a) a change in the ownership of the Bank, (b) a change in the effective control of the Bank, or (c) a change in the ownership of a substantial portion of the assets of the Bank as defined in accordance with Code Section 409A.  

 

(a)A change in the ownership of a corporation occurs on the date that any one person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Bank that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of such corporation.  

(b)A change in the effective control of the Bank occurs on the date that either (i) any one person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Bank possessing 30 percent or more of the total voting power of the stock of the Bank, or (ii) a majority of the members of the Board is replaced during any 12-month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election, provided that this subsection “(ii)” is inapplicable where a majority shareholder of the Bank is another corporation.

(c)A change in a substantial portion of the Bank’s assets occurs on the date that any one person or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Bank that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of (i) all of the assets of the Bank, or (ii) the value of the assets being disposed of, either of which is determined without regard to any liabilities associated with such assets. For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Treasury Regulation 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance.  

Code.  “Code” means the Internal Revenue Code of 1986, as amended.

Committee.  “Committee” means the Committee appointed to administer the Plan pursuant to Section 6.1 below.  

Company.  “Company” means PCSB Financial Corporation.

Deferral Contribution.  “Deferral Contribution” means the amount of Director Fees a Participant elects to defer under Article IV of the Plan.  

Director.  “Director” means a non-employee Director of the Bank.

Director Fees.  “Director Fees” means the annual and periodic fees paid to the Participant for services rendered on the Board or any Board committee.  

Disability.  “Disability” means the Participant:

(a)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 last for a continuous period of not less than 12 months; or

(b)by reason of any medically determinable physical or mental impairment which can be expected to result in death, or last for a continuous period of not less than 12 months, is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer; or

2

(c)is determined to be disabled by the Social Security Administration.  

Election Form.  “Election Form” means the election form attached to this Plan as Exhibit A and incorporated herein by reference.

Employer Stock. “Employer Stock” means PCSB Financial Corporation common stock.

Notice of Adjustment of Deferral Contribution.  “Notice of Adjustment of Deferral Contribution” means the election form attached to this Plan as Exhibit B and incorporated herein by reference.  

One-Time Election Form.  “One-Time Election Form” means the election form attached to this Plan as Exhibit D and incorporated herein by reference that would allow a Director to convert all or a portion of his or her existing Account and ongoing Deferral Contributions to Employer Stock as of July 1, 2018.

Participant.  “Participant” means any member of the Board who completes an Election Form.  

Plan Year.  “Plan Year” means the period from January 1 to December 31.

Separation from Service.  “Separation from Service” or “Separates from Service” means the Participant’s death, retirement or termination from service from the Board of the Bank following the Participant’s resignation or a failure to be reappointed or reelected to the Board. For these purposes, a Participant shall not be deemed to have a Separation from Service until the Participant no longer serves on the Board of the Bank, the Bank’s holding company, or any member of a controlled group of corporations with the Bank or holding company within the meaning of Treasury Regulation §1.409A-1(a)(3). Whether a Participant has had a Separation from Service shall be determined in accordance with the requirements of Treasury Regulation 1.409A-1(h).

 

Stock Account.  “Stock Account” means the sub-account of a Participant’s Account that is to be maintained in shares of Employer Stock.

Unforeseeable Emergency.  “Unforeseeable Emergency” means a severe hardship to the Participant resulting from:

(a)an illness or accident of –

(i)the Participant,

(ii)the Participant’s spouse, or

(iii)the Participant’s “dependent” (as defined in Code Section 152(a));

(b)loss of the Participant’s property due to casualty; or

(c)other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s control. The term “Unforeseeable Emergency” shall be construed consistent with Code Section 409A and the Treasury Regulations and other guidance issued thereunder. 

3

ARTICLE III
ELIGIBILITY AND VESTING

3.1Eligibility.  The Plan is available to non-employee members of the Board. Each Director who is eligible to participate in the Plan shall enroll in the Plan by completing the Election Form. A Director’s participation in the Plan shall commence as of the date specified in the Election Form.

3.2Vesting.  Each Participant shall be 100% vested in his or her Account Balance.  

ARTICLE IV
DEFERRAL CONTRIBUTIONS AND ACCOUNT

 

4.1Initial Deferral Election.  Each Participant shall have the right to elect to defer a fixed percentage of the Director Fees to which the Participant would otherwise be entitled, with such Deferral Contribution to be deferred and paid at the times and in the manner herein stated. Commencing on or after July 1, 2018, each new Participant electing to make a Deferral Contribution shall execute and deliver to the Bank the Election Form. Each Participant shall elect on the Election Form the proportions of the Deferral Contribution which are to be in cash and shares of Employer Stock. Such election shall be applicable only to Director Fees earned for services rendered after the date of such election.  A Participant’s deferral election shall be made no later than December 16th of the year prior to the year for which such election is effective, or with respect to a Participant who first becomes eligible during a Plan Year, within 30 days following the Participant’s initial eligibility date.  In the latter case, the election shall be applicable only to Director Fees earned for services rendered after the date of such election.  In the event a Participant fails to elect in the Election Form the form of investment for the Deferral Contributions for a Plan Year, the entire Deferral Contribution for such Plan Year shall be credited to the Participant’s Cash Account.

 

4.2Changes to Deferral Election.  Each Participant’s Deferral Contribution shall continue in effect until revoked, provided, however, that every election to defer Director Fees shall be irrevocable as to Director Fees earned for services performed prior to the date of such revocation.  Changes or revocation of the Participant’s Deferral Contribution shall made in writing in the form of Notice of Adjustment of Deferral Contribution attached hereto as Exhibit B, which shall be effective upon the January 1st of the year stated therein, provided this form is executed and delivered to the Bank by December 16th of the previous calendar year.  

 

4.3One-Time Election to Convert All or Part of Account to Employer Stock.  Each Participant may make a one-time irrevocable election to convert all or part of the Participant’s Account to Employer Stock. The election under this Section 4.3 should be made after May 23, 2018 and on or before June 19, 2018, on the One-Time Election Form.

4.4Account.  The Bank shall maintain for each Participant an Account to which the Participant’s Deferral Contributions shall be credited thereto as of the last day of the month during which the Director Fees would have been paid to the Participant, if not deferred.  

On or after July 1, 2018, a Participant’s Account may be sub-divided into a Cash Account and a Stock Account, if applicable. Deferral Contributions made in the form of cash shall be credited to Participants’ Cash Accounts, and Deferral Contributions that are converted to shares of Employer Stock shall be credited to Participants’ Stock Accounts, respectively. The Bank shall credit earnings to each Participant’s Account on an annual basis.  The Earnings Rate credited to a Participant’s Cash Account each year shall be as described Section 4.5.  Any dividends paid on shares of Employer Stock held in Participants’ Stock Accounts shall be immediately reinvested in additional shares of Employer Stock and credited to 

4

Participants’ Stock Accounts as soon as administratively practicable thereafter.  A Participant’s Account balance shall be equal to the sum of (i) cash Deferral Contributions and interest earnings credited to such Participant’s Cash Account, plus (ii) the value of shares of Employer Stock credited to such Participant’s Stock Account.

4.5Earnings Rate.  As of the last day of the Plan Year, the Bank shall credit each Participant’s Cash Account with interest equal to the prime rate as reported in The Wall Street Journal on the first business day of the Plan Year, compounded annually, provided however, such crediting rate shall never be less than three percent (3%) or greater than ten percent (10%).  

4.6Unsecured Creditor.  The Participant’s interest in his or her Account is limited to the right to receive payments under the Plan, and the Participant’s position is that of a general unsecured creditor of the Bank.  

ARTICLE V
DISTRIBUTION OF BENEFITS

	
5.1
	
Distribution of Account Balance.  The Participant’s Account Balance shall be distributed to the Participant in accordance with this Article V, and shall commence or be paid within 30 days following the event that triggers distribution.  All subsequent payments of the Participant’s Account Balance shall be paid in the manner specified in the Plan. All distributions from the Cash Account shall be made in cash, and all distributions from the Stock Account shall be made in the form of Employer Stock.

	
5.2
	
Election of Time and Form of Distribution.  

(a)Time of Payment. Subject to Section 5.1, the Participant may elect for the payment of his or her Account Balance to be triggered upon either: (i) the Participant’s Separation from Service; or (ii) a specified date by completing the Election Form. If the Participant does not designate a time of payment pursuant to this Section 5.2(a), then the distribution of the Participant’s Account Balance shall be triggered upon his or her Separation from Service.  

(b)Form of Payment. Subject to Section 5.1, the Participant may elect for his or her Account Balance to be distributed following his or her Separation from Service or specified date in either a lump sum or equal monthly installments over a designated period by completing the Election Form. If the Participant does not designate the manner in which his or her Account Balance will be paid, the Account Balance shall be distributed to the Participant in a lump sum.

	
5.3
	
Death, Disability and Change in Control.  In the event of the earlier of: (i) the Participant’s death; (ii) the Participant’s Disability or (iii) a Change in Control prior to the Participant’s Separation from Service or specified date elected by the Participant pursuant to Section 5.2, the Participant (or the Participant’s Beneficiary) shall be paid his or her Account Balance in a lump sum within 30 days thereafter. 

5.4Hardship Distributions.  Upon a finding that the Participant has suffered an Unforeseeable Emergency, the Committee may, in its sole discretion, make distributions from the Participant’s Account prior to the time specified for payment of benefits under the Plan. The amount of such distribution shall be limited to the amount necessary to satisfy the Unforeseeable Emergency, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution.  The amounts necessary to satisfy the Unforeseeable Emergency will be determined after taking into account the extent to which the hardship is, or can be, relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s assets, to the extent that the asset liquidation would not itself cause severe 

5

financial hardships.  If a hardship distribution is approved, it shall be paid in a lump-sum within 30 days following the Unforeseeable Emergency event which triggers payment, and the Participant’s Account Balance shall be reduced by an amount equal to the hardship distribution.  

5.5Modification of Time and Form of Payment of Account Balance.  In the event a Participant desires to modify the time or form of payment of his or her Account Balance, the Participant may do so on a written form provided by the Bank, provided that:  

(a)the subsequent election shall not be effective for at least 12 months after the date on which the subsequent election is made;

(b)except for payments upon the Participant’s death, Disability, the first of a stream of payments for which the subsequent election is made shall be deferred for a period of not less than five (5) years from the date on which such payment would otherwise have been made; and

(c)for payments scheduled to be made on a specified date or to commence under a fixed schedule, the subsequent election must be made at least 12 months before the date of the first scheduled payment.

5.6Code Section 409A.  The Plan shall be interpreted to comply with or be exempt from Code Section 409A, and all provisions of the Plan shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A.  Each payment that is payable pursuant to this Plan is intended to constitute a “separate payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii).  

ARTICLE VI
ADMINISTRATION

6.1Committee; Duties.  This Plan shall be administered by the Committee, which, unless otherwise provided by the Board, shall be the Benefits Committee.  The Committee shall have the authority to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all questions, including interpretations of this Plan, as may arise in connection with the Plan.  A majority vote of the Committee members shall control any decision.  

6.2Agents.  The Committee may, from time to time, employ other agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Bank.

6.3Binding Effect of Decisions.  The decision or action of the Committee in respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules of regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan.

6.4Indemnity of Committee.  The Bank shall indemnify and hold harmless the members of the Committee against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to this Plan, except in the case of gross negligence or willful misconduct.

ARTICLE VIICLAIMS PROCEDURE

6

7.1Claim.  Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Committee, which shall respond in writing within 30 days.

7.2Denial of Claim.  If the claim or request is denied, the written notice of denial shall state:

(a)The reasons for denial, with specific reference to the Plan provisions on which the denial is based.

(b)A description of any additional material or information required and an explanation of why it is necessary.

(c)An explanation of the Plan’s claim review procedure.

7.3Review of Claim.  Any person whose claim or request is denied or who has not received a response within 30 days may request review by notice given in writing to the Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant a hearing. On review, the claimant may have representation, examine pertinent documents, and submit issues and comments in writing.

7.4Final Decision.  The decision on review shall normally be made within 60 days. If an extension of time is required for a hearing or other special circumstance, the claimant shall be notified and the time limit shall be 120 days. The decision shall be in writing and shall state the reasons and the relevant Plan provisions. 

7.5Arbitration. If a claimant continues to dispute the benefit denial based upon completed performance of this Plan or the meaning and effect of the terms and conditions thereof, then the claimant may submit the dispute to mediation, administered by the American Arbitration Association (“AAA”) (or a mediator selected by the parties) in accordance with the AAA’s Commercial Mediation Rules. If mediation is not successful in resolving the dispute, it shall be settled by arbitration administered by the AAA under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

ARTICLE VIII
AMENDMENT AND TERMINATION OF PLAN

8.1Amendment.  Notwithstanding anything herein contained to the contrary, the Board reserves the exclusive right to freeze or to amend the Plan at any time, provided that no amendment to the Plan shall be effective to decrease or to restrict the amount accrued to the date of such amendment.  

8.2Complete Termination.  Subject to the requirements of Code Section 409A, in the event of complete termination of the Plan, the Plan shall cease to operate and the Bank shall pay out to the Participant his or her entire Account Balance as of the date of termination of the Plan. Such complete termination of the Plan shall occur only under the following circumstances and conditions:

(a)The Board 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.

7

(b)The Board may terminate the Plan by irrevocable action within the 30 days preceding, or 12 months following, a Change in Control, provided that the Plan shall only be treated as terminated if all substantially similar arrangements sponsored by the Bank 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 irrevocable termination of the arrangements.  For these purposes, “Change in Control” shall be defined in accordance with the Treasury Regulations under Code Section 409A.

(c)The Board may terminate the Plan provided that: (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all arrangements sponsored by the Bank 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 Bank 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 three years following the date of termination of the arrangement.

ARTICLE IXMISCELLANEOUS

9.1Unfunded Plan.  This Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for members of the Board. This Plan is not intended to create an investment contract, but to provide tax planning opportunities and retirement benefits to eligible individuals who have elected to participate in the Plan. Participants are members of the Board who, by virtue of their position, are uniquely informed as to the Bank’s operations and have the ability to materially affect the Bank’s profitability and operations.

9.2Trust Fund.  The Bank shall be responsible for the payment of all benefits provided under the Plan. At its discretion, the Bank may establish one or more grantor trusts within the meaning of Code Sections 671 through 679, and in accordance with Revenue Procedures 92-64 and 92-65 with such trustees as the Board may approve, for the purpose of providing for the payment of such benefits.  Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Bank’s creditors. To the extent any benefits provided under the Plan are actually paid from any such trust, the Bank shall have no further obligation with respect thereto, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the Bank.

9.3Payment to Participant, Legal Representative or Beneficiary.  Any payment to any Participant or the legal representative, Beneficiary, or to any guardian or committee appointed for such Participant or Beneficiary in accordance with the provisions hereof, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the Bank, which may require the Participant, legal representative, Beneficiary, guardian or committee, as a condition precedent to such payment, to execute a receipt and release thereof in such form as shall be determined by the Bank.

9.4Nonassignability.  Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and nontransferable.  No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed 

8

by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency.

9.5Validity.  In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein.

9.6Notice.  Any notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to any member of the Committee or the Secretary of the Bank. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

9.7Successors.  The provisions of this Plan shall bind and inure to the benefit of the Bank and its successors and assigns.  The term “successors” as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of the Bank, and successors of any such corporation or other business entity.

9.8Payment of Employment and Code Section 409A Taxes.  Any distribution under this Plan shall be reduced by the amount of any taxes required to be withheld from such distribution, if any.  This Plan shall permit the acceleration of the time or schedule of a payment to pay employment related taxes as permitted under Treasury Regulation Section 1.409A-3(j) or to pay any taxes that may become due at any time that the arrangement fails to meet the requirements of Code Section 409A and the regulations and other guidance promulgated thereunder.  In the latter case, such payments shall not exceed the amount required to be included in income as the result of the failure to comply with the requirements of Code Section 409A.

9.9Acceleration of Payments.  Except as specifically permitted herein or in other sections of this Plan, no acceleration of the time or schedule of any payment may be made hereunder.  Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank, in accordance with the provisions of Treasury Regulation Section 1.409A-3(j)(4) and any subsequent guidance issued by the United States Department of the Treasury. Accordingly, payments may be accelerated, in accordance with requirements and conditions of the Treasury Regulations (or subsequent guidance) in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements with the federal government; (iii) in compliance with ethics laws or conflicts of interest laws; (iv) in limited cash-outs (but not in excess of the limit under Code Section 402(g)(1)(B)); (v) to apply certain offsets in satisfaction of a debt of the Participant to the Bank; (vi) in satisfaction of certain bona fide disputes between the Participant and the Bank; or (vii) for any other purpose set forth in the Treasury Regulations and subsequent guidance.  

9.1012 U.S. C. § 1828(k).  Any payments made to the Participant pursuant to this Plan or otherwise are subject to and conditioned upon compliance with 12 U.S.C. § 1828(k) and 12 C.F.R. Part 359 Golden Parachute and Indemnification Payments or any other rules and regulations promulgated thereunder.

9.11Governing Law.  The Plan is established under, and will be construed according to, the laws of the State of New York, to the extent such laws are not preempted by the ERISA or Code and regulations published thereunder.

[Signature Page to Follow]

9

IN WITNESS WHEREOF, the Bank, acting through its authorized officer, has adopted this Plan.

 

 

PCSB BANK

 

 

 

6/18/2018________________By: /s/ Joseph D. Roberto______________

Date       

 

 

 

10

 

Exhibit A

 

PCSB BANK

TRUSTEE FEE DEFERRAL PLAN

ELECTION FORM

 

Instructions:  Use this form to elect to defer receipt of Director Fees that are ordinarily payable to you during the Plan Year as such compensation is earned, and to designate how you wish to receive your benefits from the PCSB Bank Director Fee Deferral Plan (the “Plan”).

 

Individuals who first participate in the Plan during a Plan year must complete this form within 30 days after the date that he or she became eligible to participate in the Plan.  For other participants, this election form must be completed no later than December 16th of the Plan Year immediately preceding the Plan Year for which such deferrals will be made. 

 

Any capitalized terms used in this Election Form but not otherwise defined herein shall have the meanings set forth in the Plan.  

 

Participant Name: 

 

Date of Participation:

 

 

PART I:DEFERRAL CONTRIBUTION (Directors to Complete):

 

I hereby elect to make an irrevocable election to defer the receipt of Director Fees (which includes both board and committee fees) earned following the date of this Election Form as follows:

 

_____ % of my Director Fees 

 

Of the amounts deferred pursuant to this Election Form, I elect such deferrals to be allocated as follows:

 

_____ % to be allocated to my Cash Account

 

_____ % to be allocated to my Stock Account

 

I understand that my election to defer receipt of Director Fees shall continue for subsequent years in accordance with this Election Form until such time as I submit a “Notice of Adjustment of Deferral Contribution (Exhibit B hereto) to the Committee at least 15 days prior to January 1 of any Plan Year.  Such adjustment will only take effect January 1 of the calendar year following the year in which such notice is executed.  

 

PART II:DISTRIBUTION ELECTIONS (Directors to Complete)

 

Except as provided in Section 5.3 of the Plan, I understand and agree that my Account Balance shall be paid at the time and in the manner that I select in my Election Form from time to time (i.e., the distribution election made in this Part II of the Election Form will govern the amounts deferred pursuant to this Election Form and any distribution election that I make in a subsequent Election Form for a different plan year will govern the  amounts deferred pursuant to that Election Form), and that such election(s) shall be irrevocable, unless modified in accordance with Section 5.5 of the Plan.  I also understand and agree that if I fail to select a time and form of benefit payment for the amounts deferred under this or a subsequent 

 

Election Form, such amounts will be distributed pursuant to the election made in my immediately prior Election Form. If I have never made an election as to the form of distribution of my Account, I will be deemed to have elected that my Account Balance will be distributed in a lump sum within 30 days after my Separation from Service for purposes of Section 5.2 of the Plan.  

 

Note, if you do not make a selection below, that portion of your Account deferred pursuant to this Election Form will be distributed in accordance with your last completed Election Form. If you have never made an election as to the form of distribution of your Account, your Account will be distributed in a lump sum within 30 days after your Separation from Service.

 

Please Select either (A) or (B) below:

 

	
☐
	
(A)  Separation from Service Election

Pursuant to Section 5.2 of the Plan, in the event of my Separation from Service, I hereby elect to receive my Account Balance in the following form: (check one):

 

_____lump sum distribution

 

_____substantially equal monthly installments over a period of ____ years 

 

 

	
☐
	
(B)  Specified Date Election

Pursuant to Section 5.2 of the Plan, I hereby elect to receive (or begin to receive) my Account Balance on ______________ (enter month, day and year).

 

Further, I hereby elect to receive my Account Balance in the following form (check one):

 

 

_____lump sum distribution

 

_____substantially equal monthly installments over a period of ____ years 

 

 

 

[Signature Page to Follow]

2

 

I understand that I am entitled to review or obtain a copy of the Plan, at any time, and may do so by contacting the Committee.  

 

This Election Form shall become effective upon execution (below) by both the Participant and a duly authorized officer of the Bank. 

 

Dated this ___________ day of ________________, 20__.

 

 

 

 

(Bank’s duly authorized officer)Participant’s Signature

 

3

Exhibit B

 

PCSB BANK

TRUSTEE FEE DEFERRAL PLAN

NOTICE OF ADJUSTMENT OF DEFERRAL CONTRIBUTION

 

The undersigned Participant of the PCSB Bank Director Fee Deferral Plan (the “Plan”) does hereby adjust the deferral of his or her Director Fees under the Plan. The undersigned Participant acknowledges that this election is only revocable with respect to compensation earned for services in the subsequent calendar year following the date of this notice.  

 

Any capitalized terms used in this form but not otherwise defined herein shall have the meanings set forth in the Plan.  

 

	

	
Adjustment of Deferral Contribution to take effect as of January 1 of the calendar year immediately following the date of this election.

 

Directors (Complete this Section):

 

I hereby elect to make an irrevocable election to defer the receipt of Director Fees earned following the date of this Election Form as follows (to discontinue deferral, enter “0”):

 

_____ % of my Director Fees

 

_____ % in cash

 

_____ % in Employer Stock

 

 

Dated this ___________ day of ________________, 20__.

 

 

 

 

(Bank’s duly authorized officer)Participant’s Signature

 

 

 

 

 

 

 

 

 

 

 

 

4

Exhibit C

 

PCSB BANK

TRUSTEE FEE DEFERRAL PLAN

BENEFICIARY DESIGNATION FORM

 

 

PART III:BENEFICIARY DESIGNATION

 

In accordance with the terms of the Plan, I hereby designate the following Beneficiary(ies) to receive any death benefits under the Agreement:

PRIMARY BENEFICIARY:

Name:_________________________________% of Benefit:___________________

Name:_________________________________% of Benefit:___________________

Name:_________________________________% of Benefit:___________________

 

 

SECONDARY BENEFICIARY (if all Primary Beneficiaries pre-decease the Participant):

 

Name:_________________________________% of Benefit:___________________

Name:_________________________________% of Benefit:___________________

Name:_________________________________% of Benefit:___________________

 

This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been in effect and this Beneficiary Designation is revocable.

 

 

 

DateParticipant’s Signature

 

 

 

5

Exhibit D

 

PCSB BANK

TRUSTEE FEE DEFERRAL PLAN

ONE-TIME ELECTION FORM

TO CONVERT ALL OR A PORTION OF ACCOUNT TO EMPLOYER STOCK

 

Instructions:  Use this form to elect to convert all or a portion of your current Account Balance in the PCSB Bank Director Fee Deferral Plan (the “Plan”) to Employer Stock.

 

Individuals who participate in the Plan must complete this form between May 23, 2018 and June 19, 2018 and it will be effective, initially, as of July 1, 2018.  

 

Any capitalized terms used in this Election Form but not otherwise defined herein shall have the meanings set forth in the Plan.  

 

Participant Name: 

 

Percentage of Account to Convert to Employer Stock (Director to Complete):

 

I hereby elect to make an irrevocable election to transfer ______ % of my Account to my Stock Account to be invested in Employer Stock.

 

I understand that my election to convert all or a portion of my existing Account to Employer Stock is a one-time irrevocable election.   

 

I also understand that I may make a one-time mid-year election to have a percentage of my current year’s Deferral Contribution invested in Employer Stock.  I elect to have (check one):

 

_____none of my future 2018 Deferral Contributions invested in Employer Stock

__________% (specify percentage, up to 100%, in whole percentages) invested in Employer Stock

 

Hereafter, I may elect to have all or a portion of each calendar year’s deferral invested in Employer Stock.

 

I also understand that any amount I elect to invest in Employer Stock shall remain in Employer Stock for the entire deferral period and will be distributed to me in Employer Stock at the time of distribution unless a distribution in Employer Stock is not possible (i.e., in the event of a distribution following a Change in Control of the Company where the merger consideration is cash or cash and stock).

 

I understand that I am entitled to review or obtain a copy of the Plan, at any time, and may do so by contacting the Committee.  

 

This Election Form shall become effective upon execution (below) by both the Participant and a duly authorized officer of the Bank. 

 

Dated this ___________ day of ________________, 20__.

 

 

 

 

(Bank’s duly authorized officer)Participant’s Signature

6

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