Document:

exv10w39

 EXHIBIT 10.39

Hudson City Bancorp, Inc.

2006 Stock Incentive Plan

Deferred Stock Unit Award Notice — Employees

This Deferred Stock Unit Award Notice is intended to set forth the terms and conditions on which a
Deferred Stock Unit Award has been granted under the Hudson City Bancorp, Inc. 2006 Stock Incentive
Plan. Set forth below are the specific terms and conditions applicable to this Deferred Stock Unit
Award. Attached as Exhibit A are its general terms and conditions.

	 	 	 	 	 
	Deferred Stock Units	 	 	 	 
	Effective Date

	 	3/15/2011
	 	3/15/2011
	Class of Shares*

	 	Common
	 	Common
	No. of Awarded Units*
	 	 	 	 
	Compensation for Service as

	 	Employee
	 	Employee
	[Director or Employee]
	 	 	 	 
	Vesting Date*

	 	3/15/2014
	 	3/15/2014
	Performance Vesting
Conditions

	 	See Appendix B to Exhibit A
	 	See Appendix B to Exhibit A
	Settlement Date*

	 	3/15/2014
	 	3/15/2017
	Medium of Settlement

	 	Shares of Common Stock
	 	Shares of Common Stock
	Voting Rights

	 	None prior to Settlement Date
	 	None prior to Settlement Date
	Dividend Equivalent Rights
	 	 	 	 
	     Vested Units

	 	Yes
	 	Yes
	     Unvested Units

	 	Yes
	 	Yes

 

			
	*	 	Subject to adjustment as provided in the Plan and Exhibit A.

By signing where indicated below, Hudson City Bancorp, Inc. (the “Company”) grants this Deferred
Stock Unit Award upon the specified terms and conditions, and the Award Recipient acknowledges
receipt of this Deferred Stock Unit Award Notice, including Exhibit A, and agrees to observe and be
bound by the terms and conditions set forth herein.

	 	 	 	 	 	 	 

	Hudson City Bancorp, Inc.	 	Award Recipient	 	 
	 
	 	 	 	 	 	 
	By

	 	 	 	 	 	 
	 

	 	 

Ronald E. Hermance, Jr.
	 	 

Print Name:
	 	 
	 

	 	Chairman and Chief Executive Officer	 	 	 	 

 

 

EXHIBIT A

Hudson City Bancorp, Inc. 2006 Stock Incentive Plan

Deferred Stock Unit Award Notice

General Terms and Conditions

     Section 1. Size and Type of Award. A Deferred Stock Unit (a “Unit”) represents a
right to receive one share of Common Stock, par value $.01 per share, (a “Share”) of Hudson City
Bancorp, Inc. (the “Company”), or, to the extent provided in the Award Notice, as defined below, a
monetary value equal to the Fair Market Value of a Share, on a specified future date if certain
conditions have been satisfied. The number of Units awarded to you (the “Awarded Units”) is shown
on the Deferred Stock Award Notice to which these General Terms and Conditions are attached (the
“Award Notice”). Units may be awarded as compensation for service either an a non-employee
director or as an officer or employee of the Company or certain affiliates. The Award Notice
states the services for which you have been awarded the Awarded Units.

     Section 2. Vesting and Transfer Restrictions.

     (a) Vesting Dates. The Vesting Dates for your Awarded Units are specified on the
Award Notice.

     (b) Vesting Conditions. There are conditions you must satisfy before your Deferred
Stock Unit Award will vest:

     (i) As a general rule, you must remain in the continuous service of the
Company, Hudson City Savings Bank or an affiliate of the Company by which you are
employed or for which you perform services as a non-employee (your “Employer”)
through a Vesting Date shown in this Award Notice in order to be vested in the
Awarded Units that vest on that date (“Service Conditions”).

     (ii) Any Performance Condition(s) specified in this Deferred Stock Unit Award
Notice must be met as of the end of their respective Performance Measurement
Period(s) as determined by the Committee on the basis of such evidence as it deems
appropriate (“Performance Conditions”).

As a general rule, if you have satisfied BOTH the Service Conditions and the Performance
Conditions, your right to the Deferred Stock Units will be nonforfeitable.

     (c) Accelerated Vesting.

     (i) In the event of your termination due to death, Disability (as defined in the Plan) or
Retirement (as defined in the Plan), you will be deemed to have satisfied any Service Condition
applicable to Awarded Units that have not previously vested or been forfeited. If the applicable
Performance Conditions are satisfied, whether before or after your termination of service, the
Awarded Units will be fully vested.

     (ii) In addition, in the event of a Change in Control (as defined in the Plan), any applicable
Performance Conditions for which the Performance Measurement Period has not concluded will be
deemed to have been achieved (or achieved at the target level if more than one level of achievement
has been contemplated) as of the date of the Change in Control and the Awarded Units will be deemed
to have satisfied any applicable Service Condition upon your subsequent discharge without Cause
(as defined in the Plan) or your resignation with Good Reason prior to the applicable Vesting Date.
You will be considered to have Good Reason for a voluntary resignation if the effective date of
resignation occurs within ninety (90) days after any of the following: (a) the failure of your
Employer (whether by act or omission of its Board of Directors, or otherwise) to appoint or
re-appoint or elect or re-elect you to the position(s) which you held immediately prior to the
Change in Control (other than to any such position as an officer of its Board of Directors), or to
a more senior office; (b) if you are or become a member of the Board of Directors of your Employer,
the failure of the shareholders (whether in an election in which you stand as a nominee or in an
election where you are not a nominee) to elect or re-elect you to membership at the expiration of
your term of membership, unless such failure is a result of your refusal to stand for election; (c)
a material failure by your Employer, whether by amendment of its certificate of incorporation or
organization, by-laws, action of its Board of Directors or otherwise, to vest in you the functions,
duties, or responsibilities prescribed in an employment or retention agreement (other than such
functions, duties or responsibilities associated with a position as an officer of the Board of
Directors); provided that you shall have given notice of such failure to the Company and your
Employer and your Employer has not fully cured such failure within thirty (30) days after such
notice is deemed given; (d) any reduction of your rate of base salary in effect from time to time,
whether or not material, or any failure (other than due to reasonable administrative error that is
cured promptly upon notice) to pay any portion of your compensation as and when due; (e) any change
in the terms and conditions of any compensation or benefit program in which you participate which,
either individually or together with other changes, has a material adverse effect on the aggregate
value of your total compensation package, disregarding for this purpose any change that results
from an across-the-board reduction that affects all similarly situated employees in a similar
manner; provided that you shall have given notice of such material adverse effect to the Company
and your Employer, and your Employer has not fully cured such failure within thirty (30) days after
such notice is deemed given; (f) any material breach by your Employer of any material term,
condition or covenant contained in an employment or retention agreement; provided that you shall
have given notice of such material breach to the Company and your Employer, and your Employer has
not fully cured such failure within thirty (30) days after such notice is deemed given; (g) a
change in your principal place of employment, without your consent, to a place that is not the
principal executive office of your Employer or a relocation of your Employer’s principal executive
office to a location that is both more than twenty-five (25) miles
away from your principal residence and more than twenty-five

 

 

(25) miles away from the location
of your Employer’s principal executive office on the date of the Change in Control; or (h) if you
are the Chief Executive Officer of the Company immediately prior to the Change in Control, any
event or series of events that results in your ceasing to be the Chief Executive Officer (or most
senior executive officer, however denominated) of a successor company (I) whose common equity
securities are traded on a national securities exchange and (II) that is the owner of 100% of the
outstanding common stock of Hudson City Savings Bank or its successor and (III) that is not
controlled (within the meaning of the federal Change in Bank Control Act) by any other person or
entity.

     (c) Forfeitures. If you terminate service with the Company prior to a Vesting Date,
you will forfeit any Awarded Units that are scheduled to vest on that Vesting Date, except to the
extent the accelerated vesting provisions apply. When you forfeit Awarded Units, all of your
interest in the Awarded Units and any related Dividend Equivalents will be canceled without
consideration.

     (d) Definition of Service. For purposes of determining the vesting of your Awarded
Units, you will be deemed to be in the service of the Company for so long as you serve in any
capacity as an employee, officer, non-employee director or consultant of the Company or Hudson City
Savings Bank.

     (e) Transfer Restrictions.

     (i) General Rule. As a general rule, you may not sell, assign,
transfer, give away, pledge or hypothecate, directly or indirectly, in any manner,
your rights to Deferred Stock Units and any related Dividend Equivalents.

     (ii) Beneficiaries. You may designate a Beneficiary to receive any
Awarded Units that vest on account of your death. To name a Beneficiary, complete
the attached Appendix A and file it with the Corporate Secretary of Hudson City
Bancorp, Inc.

     (iii) Testamentary Transfers. In the absence of an effective
Beneficiary designation, your Awarded Units may be transferred upon your death by
will or the laws of descent and distribution.

     Section 3. No Dividend or Voting Rights; Dividend Equivalents.

     (a) Awarded Units represent a contingent right to receive Shares in the future. They do not
represent a current interest in issued and outstanding Shares. Therefore, your Awarded Units do
not carry voting rights or entitle you to receive dividends.

     (b) If and to the extent stated in the Award Notice, you have been awarded Dividend
Equivalents with respect to your vested and/or unvested Awarded Units. If you have been awarded
Dividend Equivalents with respect to unvested Awarded Units, you will receive a monetary payment,
for each Awarded Unit, equal to the cash dividend payable with respect to one Share for each
dividend record date that occurs after the Effective Date and prior to the date on which all
applicable Service Conditions and Performance Conditions have been (or are deemed to have been)
satisfied. This payment will be made on or as soon as practicable after the date on which all
applicable Service Conditions and Performance Conditions have been (or are deemed to have been)
satisfied. If you have been awarded Dividend Equivalents with respect to vested Awarded Units, you
will receive a monetary payment, for each Awarded Unit, equal to the cash dividend payable with
respect to one Share for each dividend record date that occurs after the date on which all
applicable Service Conditions and Performance Conditions have been (or are deemed to have been)
satisfied and prior to the Settlement Date. These payments will be made at or about the same time
as the corresponding dividend is paid to shareholders of record.

     Section 4. Settlement of Awarded Units.

     (a) The Settlement Date for your Awarded Units is shown on the Award Notice. On the Settlement
Date, each of your outstanding and vested Awarded Units will, automatically and without any action
on your part, be converted into one Share (if the Award Notice states that Shares are the medium of
settlement) or a monetary payment equal to the Fair Market Value of a Share on the Settlement Date
(if the Award Notice states that cash is the medium of settlement). The Awarded Units will be
canceled and the Shares (or, if applicable, monetary payments) into which they have been converted
will be transferred to you or at your direction. On and after the record date for this transfer,
any Shares transferred will have the same voting and dividend rights applicable to other issued and
outstanding Shares. If a Change in Control occurs prior to the Settlement Date, each Awarded Unit
whose Settlement Date has not occurred will be converted into a monetary payment equal to the value
of a Share immediately prior to the Change in Control (as determined by the Committee), which
payment shall accrue interest, to be credited and compounded quarterly during the period beginning
on the date of the Change in Control and ending on the Settlement Date, at the highest rate of
interest paid by the Bank or its successor during the quarter on any certificate of deposit.

     (b) If a Change in Control (as defined in the Plan) occurs and such a Change in Control also
constitutes a “change in ownership or effective control” of your “service recipient” or a “change
in ownership or effective control” of “a substantial portion of the assets” of your “service
recipient” (in each case as defined in section 409A of the Internal Revenue Code of 1986 and the
regulations thereunder) then the Settlement Date for each Awarded Unit shall be accelerated to the
date of the Change in Control or the date on which the applicable Service Conditions and
Performance Conditions are (or are deemed to be) satisfied, whichever is earlier.

     (c) If your service terminates due to death or Disability (as defined in the Plan), then the
Settlement Date of your Awarded Units shall be accelerated to the date of your termination or the
date on which the applicable Service Conditions and Performance Conditions are (or are deemed to
be) satisfied, whichever is earlier.

 

 

     Section 5. Taxes. The Company’s obligation to deliver Shares in settlement of the
Awarded Units is conditioned on your making arrangements satisfactory to the Company for the
funding and remittance to the applicable authorities of any and all federal,
state and local taxes required to be withheld and remitted at the source. The Company, in its
discretion, may require that funds needed to satisfy minimum required federal, state and local
income and payroll tax withholding be obtained by disposition to the Company, on the Settlement
Date, of Shares issued in settlement of vested Awarded Units having a Fair Market Value equal to
the amount of tax required to be withheld. All monetary payments made under this Award Notice are
subject to applicable federal, state and local withholding requirements.

     Section 6. Notices. Any communication required or permitted to be given under the
Plan, including any notice, direction, designation, comment, instruction, objection or waiver,
shall be in writing and shall be deemed to have been given at such time as it is delivered
personally or five (5) days after mailing if mailed, postage prepaid, by registered or certified
mail, return receipt requested, addressed to such party at the address listed below, or at such
other address as one such party may by written notice specify to the other party:

     If to the Company:

Hudson City Bancorp, Inc.

West 80 Century Road

Paramus, New Jersey 07652

Attention: Corporate Secretary

     If to the Recipient, to the Recipient’s address as shown in the Company’s records.

     Section 7. Successors and Assigns. This Award Notice shall inure to the benefit of
and shall be binding upon the Company and you and the Company’s and your respective heirs,
successors and assigns.

     Section 8. Construction of Language. Whenever appropriate in the Award Notice, words
used in the singular may be read in the plural, words used in the plural may be read in the
singular, and words importing the masculine gender may be read as referring equally to the feminine
or the neuter. Any reference to a section shall be a reference to a section of this Award Notice,
unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein
shall have the meanings assigned to them under the Plan, as amended from time to time.

     Section 9. Governing Law. This Award Notice shall be construed, administered and
enforced according to the laws of the State of New Jersey without giving effect to the conflict of
laws principles thereof, except to the extent that such laws are preempted by the federal law. The
federal and state courts located in Bergen County, New Jersey shall have exclusive jurisdiction
over any claim, action, complaint or lawsuit brought under the terms of the Plan. By accepting any
Awarded Units granted under this Award Notice, you, and any other person claiming any rights under
the Award Notice, agree to submit yourself or himself, and any such legal action as you or he shall
bring under the Plan (whether or not related to this Award Notice or these Awarded Units), to the
sole jurisdiction of such courts for the adjudication and resolution of any such disputes.

     Section 10. Clawback Policy. Notwithstanding anything in the Award Notice to the
contrary, The Awarded Units and any Shares or monetary payment delivered in settlement thereof
shall be subject to any clawback policy (or other policy or procedure, however denominated, of
similar import) that is adopted and in effect on the Settlement Date.

     Section 11 Internal Revenue Code Section 409A Compliance. Notwithstanding anything
in this Award Notice or the Plan to the contrary, if any payment of money or property in settlement
of an Awarded Unit is payable, by its terms, upon the separation from service of the Award
Recipient who is, at the time of separation from service, a “specified employee”, such payment
shall not be made prior to, and shall be deferred if necessary until, the earlier of the date which
is six months after separation from service and the date of the Award Recipient’s death. For
purposes of this section 11, the terms “separation from service” and “specified employee” shall
have the meanings assigned to them in section 409A of the Internal Revenue Code of 1986 and the
regulations thereunder.

     Section 12. Amendment. This Award Notice may be amended, in whole or in part and in
any manner not inconsistent with the provisions of the Plan, at any time and from time to time, by
written agreement between the Company and you. No such amendment, however, shall be effective
unless (a) it is designated as an amendment and (b) it refers expressly to this Award Notice.

     Section 13. Plan Provisions Control. This Award Notice and the rights and
obligations created hereunder shall be subject to all of the terms and conditions of the Plan. In
the event of any conflict between the mandatory provisions of the Plan and the provisions of this
Award Notice, the terms of the Plan, which are incorporated herein by reference, shall control
except where this Award Notice clearly indicates otherwise. In the event of any conflict between
the non-mandatory provisions of the Plan and the provisions of this Award Notice, the provisions of
this Award Notice shall control. By signing this Award Notice, you acknowledge receipt of a copy
of the Plan. You acknowledge that you may not and will not rely on any statement of account or
other communication or document issued in connection with the Plan other than the Plan, this Award
Notice, and any document signed by an authorized representative of the Company that is designated
as an amendment of the Plan or this Award Notice.

 

 

Appendix A to Deferred Stock Unit Award Notice

Hudson City Bancorp, Inc. 2006 Stock Incentive Plan

Beneficiary Designation Form — Deferred Stock Unit Award

	 	 	 

	GENERAL 

INFORMATION

	 	Use this form to designate the Beneficiary(ies) who may receive Deferred Stock Unit Awards that become vested at your death.
	 
	 	 
	Name of Person 

Making Designation:
	 	 
	 
	 	 
	BENEFICIARY 

DESIGNATION

	 	Complete sections A and B. If no percentage of shares is specified, each Beneficiary in the same class (primary or contingent) shall have an equal share. If any designated
Beneficiary predeceases you, the shares of each remaining Beneficiary in the same class (primary or contingent) shall be increased proportionately.

A. PRIMARY BENEFICIARY(IES). I hereby designate the following person(s) as my primary Beneficiary(ies) under the Plan, reserving the right to change or revoke this designation at any time prior to my death as to all
outstanding Awarded Units:

	 	 	 	 	 	 	 	 	 	 
	Name	 	Address	 	Relationship	 	Birthdate	 	Share	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 

	 	 	 	 	 	 	 	Total = 100
	%
	 

	 	 	 	 	 	 	 	 	 

B. CONTINGENT BENEFICIARY(IES). I hereby designate the following person(s) as my contingent Beneficiary(ies) under the Plan to receive benefits only if all of my primary Beneficiaries should predecease me, reserving the
right to change or revoke this designation at any time prior to my death as to all outstanding Awarded Units:

	 	 	 	 	 	 	 	 	 	 
	Name	 	Address	 	Relationship	 	Birthdate	 	Share	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 

	 	 	 	 	 	 	 	Total = 100
	%
	 

	 	 	 	 	 	 	 	 	 

	 	 	 	 	 

	S

I

G

N

	 	H

E

R

E
	 	I understand that this Beneficiary Designation shall be effective only if properly completed and received by the Human Resources Dept. of Hudson City Bancorp, Inc. prior to my death, and that it is
subject to all of the terms and conditions of the Plan. I also understand that an effective Beneficiary designation revokes my prior designation(s) with respect to all outstanding Deferred Stock Unit
Awards under the Hudson City Bancorp, Inc. 2006 Stock Incentive Plan.

	 	 	 	 	 	 

	 

	 	 
	 	 
	 

	 	 	 	Date	 

Internal Use Only

	 	 	 	 	 	 	 	 

	This Beneficiary Designation was received by the Human
Resources Dept. of Hudson City Bancorp, Inc. on the date
indicated.	 	 	Comments
	

	 	 	 	 	 	 	 
	By

	 	 	 	 	 	 	 
	
	 	 

Authorized Signature
	 	 

Date
	 	 	 

 

 

Appendix B to Deferred Stock Unit Award Notice

Hudson City Bancorp, Inc. 2006 Stock Incentive Plan

Performance Vesting Conditions

	 	1.	 	The Performance Measurement Period is the period
beginning March 15, 2011 and ending March 14, 2014.
	 
	 	2.	 	As of the last day of each calendar quarter during the
Performance Measurement Period and as of the last day of the
Performance Measurement Period, the Leverage Capital Ratio of
Hudson City Savings Bank, computed under the rules and regulations
of the Office of Thrift Supervision for computing and reporting
regulatory capital ratios in effect on March 15, 2011, shall not be
less than 7.5%.exv10w40

EXHIBIT 10.40

Hudson City Bancorp, Inc.

2006 Stock Incentive Plan

Deferred Stock Unit Award Notice — OUTSIDE DIRECTORS

Name:

ID Number:

Address:

This Deferred Stock Unit Award Notice is intended to set forth the terms and conditions on which a
Deferred Stock Unit Award has been granted under the Hudson City Bancorp, Inc. 2006 Stock Incentive
Plan. Set forth below are the specific terms and conditions applicable to this Deferred Stock Unit
Award. Attached as Exhibit A are its general terms and conditions.

	 	 	 
	Deferred Stock Units	 	 
	Effective Date

	 	4/25/11
	Class of Shares*

	 	Common
	No. of Awarded Units*
	 	 
	Compensation for Service as

	 	Director
	Vesting Date*

	 	4/25/12
	Settlement Date*

	 	First day of the first
calendar month after the
six-month anniversary of
termination of service
	Medium of Settlement

	 	Shares of Common Stock
	Voting Rights

	 	None prior to Settlement Date
	 
	Dividend Equivalent Rights 

Vested Units

	 	Yes
	Unvested Units

	 	Yes

 

			
	*	 	Subject to adjustment as provided in the Plan and Exhibit A.

By signing where indicated below, Hudson City Bancorp, Inc. (the “Company”) grants this Deferred
Stock Unit Award upon the specified terms and conditions, and the Award Recipient acknowledges
receipt of this Deferred Stock Unit Award Notice, including Exhibit A, and agrees to observe and be
bound by the terms and conditions set forth herein.

	 	 	 	 	 	 	 

	Hudson City Bancorp, Inc.	 	Award Recipient	 	 
	 
	 	 	 	 	 	 
	By

	 	 	 	 	 	 
	 

	 	 

Ronald E. Hermance, Jr.
	 	 

	 	 
	 

	 	Chairman and Chief Executive Officer	 	 	 	 

 

 

EXHIBIT A

Hudson City Bancorp, Inc. 2006 Stock Incentive Plan

Deferred Stock Unit Award Notice

General Terms and Conditions

     Section 1. Size and Type of Award. A Deferred Stock Unit (a “Unit”) represents a
right to receive one share of Common Stock, par value $.01 per share, (a “Share”) of Hudson City
Bancorp, Inc. (the “Company”), or, to the extent provided in the Award Notice, as defined below, a
monetary value equal to the Fair Market Value of a Share, on a specified future date if certain
conditions have been satisfied. The number of Units awarded to you (the “Awarded Units”) is shown
on the Deferred Stock Award Notice to which these General Terms and Conditions are attached (the
“Award Notice”). Units may be awarded as compensation for service either an a non-employee
director or as an officer or employee of the Company or certain affiliates. The Award Notice
states the services for which you have been awarded the Awarded Units.

     Section 2. Vesting and Transfer Restrictions.

     (a) Vesting Dates. The Vesting Dates for your Awarded Units are specified on the
Award Notice. As a general rule, you must remain in the continuous service of the Company,
Hudson City Savings Bank or an affiliate of the Company by which you are employed (your “Employer”)
through a Vesting Date shown in this Award Notice in order to be vested in the Awarded Units that
vest on that date.

     (b) Accelerated Vesting. Your Awarded Units that have not previously vested and that
are scheduled to vest during the six-month period beginning on the date of your termination of
service due to your death or Disability (as defined in the Plan), will become fully and immediately
vested, without any further action on your part, upon your death or Disability before your
termination of service with the Company. In addition, in the event of a Change in Control (as
defined in the Plan):

     (i) if the Awarded Units represent compensation for services as a non-employee
director, they will be fully and immediately vested upon the occurrence of a Change
in Control; and

     (ii) if the Awarded Units represent compensation for services as an officer or
employee, they will be fully and immediately vested upon your subsequent discharge
without Cause (as defined in the Plan) or your resignation with Good Reason. You
will be considered to have Good Reason for a voluntary resignation if the effective
date of resignation occurs within ninety (90) days after any of the following: (a)
the failure of your Employer (whether by act or omission of its Board of Directors,
or otherwise) to appoint or re-appoint or elect or re-elect you to the position(s)
which you held immediately prior to the Change in Control (other than to any such
position as an officer of its Board of Directors), or to a more senior office; (b)
if you are or become a member of the Board of Directors of your Employer, the
failure of the shareholders (whether in an election in which you stand as a nominee
or in an election where you are not a nominee) to elect or re-elect you to
membership at the expiration of your term of membership, unless such failure is a
result of your refusal to stand for election; (c) a material failure by your
Employer, whether by amendment of its certificate of incorporation or organization,
by-laws, action of its Board of Directors or otherwise, to vest in you the
functions, duties, or responsibilities prescribed in an employment or retention
agreement (other than such functions, duties or responsibilities associated with a
position as an officer of the Board of Directors); provided that you shall have
given notice of such failure to the Company and your Employer and your Employer has
not fully cured such failure within thirty (30) days after such notice is deemed
given; (d) any reduction of your rate of base salary in effect from time to time,
whether or not material, or any failure (other than due to reasonable administrative
error that is cured promptly upon notice) to pay any portion of your compensation as
and when due; (e) any change in the terms and conditions of any compensation or
benefit program in which you participate which, either individually or together with
other changes, has a material adverse effect on the aggregate value of your total
compensation package, disregarding for this purpose any change that results from an
across-the-board reduction that affects all similarly situated employees in a
similar manner; provided that you shall have given notice of such material adverse
effect to the Company and your Employer, and your Employer has not fully cured such
failure within thirty (30) days after such notice is deemed given; (f) any material
breach by your Employer of any material term, condition or covenant contained in an
employment or retention agreement; provided that you shall have given notice of such
material breach to the Company and your Employer, and your Employer has not fully
cured such failure within thirty (30) days after such notice is deemed given; (g) a
change in your principal place of employment, without your consent, to a place that
is not the principal executive office of your Employer or a relocation of your
Employer’s principal executive office to a location that is both more than
twenty-five (25) miles away from your principal residence and more than twenty-five
(25) miles away from the location of your Employer’s principal executive office on
the date of the Change in Control; or (h) if you are the Chief Executive Officer of
the Company immediately prior to the Change in Control, any event or series of
events that results in your ceasing to be the Chief Executive Officer (or most
senior executive officer, however denominated) of a successor company (I) whose
common equity securities are traded on a national securities exchange and

 

 

(II) that
is the owner of
100% of the outstanding common stock of Hudson City Savings Bank or its
successor and (III) that is not controlled (within the meaning of the federal Change
in Bank Control Act) by any other person or entity.

     (c) Forfeitures. If you terminate service with the Company prior to a Vesting Date,
you will forfeit any Awarded Units that are scheduled to vest on that Vesting Date, except to the
extent the accelerated vesting provisions apply. When you forfeit Awarded Units, all of your
interest in the Awarded Units and any related Dividend Equivalents will be canceled without
consideration.

     (d) Definition of Service. For purposes of determining the vesting of your Awarded
Units, you will be deemed to be in the service of the Company for so long as you serve in any
capacity as an employee, officer, non-employee director or consultant of the Company or Hudson City
Savings Bank.

     (e) Transfer Restrictions.

     (i) General Rule. As a general rule, you may not sell, assign,
transfer, give away, pledge or hypothecate, directly or indirectly, in any manner,
your rights to Deferred Stock Units and any related Dividend Equivalents.

     (ii) Beneficiaries. You may designate a Beneficiary to receive any
Awarded Units that vest on account of your death. To name a Beneficiary, complete
the attached Appendix A and file it with the Corporate Secretary of Hudson City
Bancorp, Inc.

     (iii) Testamentary Transfers. In the absence of an effective
Beneficiary designation, your Awarded Units may be transferred upon your death by
will or the laws of descent and distribution.

     Section 3. No Dividend or Voting Rights; Dividend Equivalents.

     (a) Awarded Units represent a contingent right to receive Shares in the future. They do not
represent a current interest in issued and outstanding Shares. Therefore, your Awarded Units do
not carry voting rights or entitle you to receive dividends.

     (b) If and to the extent stated in the Award Notice, you have been awarded equivalents with
respect to your vested and/or unvested Awarded Units. Each Dividend Equivalent represents the
right to receive a monetary payment equal to the cash dividend payable with respect to one Share
for each dividend record date that occurs after the Award Date and prior to the date the related
Awarded Unit is settled or forfeited (whichever happens first).

     Section 4. Settlement of Awarded Units.

     (a) The Settlement Date for your Awarded Units is shown on the Award Notice. If the
Settlement Date is based on your Termination of Service, then:

     (i) if the Awarded Units represent compensation for service as a non-employee
director, your Termination of Service occurs when you have ceased performing any
services as a non-employee director to the Company or any of its affiliates; and

     (ii) If the Awarded Units represent compensation for service other than as a
non-employee director, your Termination of Service occurs when you have ceased
performing any services to the Company or any of its affiliates, except for service
as a non-employee director.

On the Settlement Date, each of your outstanding and vested Awarded Units will, automatically and
without any action on your part, be converted into one Share (if the Award Notice states that
Shares are the medium of settlement) or a monetary payment equal to the Fair Market Value of a
Share on the Settlement Date (if the Award Notice states that cash is the medium of settlement).
The Awarded Units will be canceled and the Shares (or, if applicable, monetary payments) into which
they have been converted will be transferred to you or at your direction. On and after the record
date for this transfer, any Shares transferred will have the same voting and dividend rights
applicable to other issued and outstanding Shares.

     (b) If a Change in Control (as defined in the Plan) occurs and such a Change in Control also
constitutes a “change in ownership or effective control” of your “service recipient” or a “change
in ownership or effective control” of “a substantial portion of the assets” of your “service
recipient” (in each case as defined in section 409A of the Internal Revenue Code of 1986 and the
regulations thereunder) then the date of the Change in Control shall be the Settlement Date for
each Awarded Unit that is vested and outstanding as of such date..

     Section 5. Taxes. The Company’s obligation to deliver Shares in settlement of the
Awarded Units is conditioned on your making arrangements satisfactory to the Company for the
funding and remittance to the applicable authorities of any and all federal, state and local taxes
required to be withheld and remitted at the source. The Company, in its discretion, may require
that funds needed to satisfy minimum required federal, state and local income and payroll tax
withholding be obtained by disposition to the Company, on the Settlement Date, of Shares issued in
settlement of vested Awarded Units having a Fair Market Value equal to the amount of tax required
to be withheld. All monetary payments made under this Award Notice are subject to applicable
federal, state and local withholding requirements.

     Section 6. Notices. Any communication required or permitted to be given under the
Plan, including any notice, direction, designation, comment, instruction, objection or waiver,
shall be in writing and shall be deemed to have been given at such time as it is

 

 

 delivered
personally or five (5) days after mailing if mailed, postage prepaid, by registered or certified
mail, return receipt requested, addressed to such party at the address listed below, or at such other address as one such
party may by written notice specify to the other party:

     If to the Company:

Hudson City Bancorp, Inc.

West 80 Century Road

Paramus, New Jersey 07652

Attention: Corporate Secretary

     If to the Recipient, to the Recipient’s address as shown in the Company’s records.

     Section 7. Successors and Assigns. This Award Notice shall inure to the benefit of
and shall be binding upon the Company and you and the Company’s and your respective heirs,
successors and assigns.

     Section 8. Construction of Language. Whenever appropriate in the Award Notice, words
used in the singular may be read in the plural, words used in the plural may be read in the
singular, and words importing the masculine gender may be read as referring equally to the feminine
or the neuter. Any reference to a section shall be a reference to a section of this Unit Award
Notice, unless the context clearly indicates otherwise. Capitalized terms not specifically defined
herein shall have the meanings assigned to them under the Plan, as amended from time to time.

     Section 9. Governing Law. This Award Notice shall be construed, administered and
enforced according to the laws of the State of New Jersey without giving effect to the conflict of
laws principles thereof, except to the extent that such laws are preempted by the federal law. The
federal and state courts located in Bergen County, New Jersey shall have exclusive jurisdiction
over any claim, action, complaint or lawsuit brought under the terms of the Plan. By accepting any
Awarded Units granted under this Award Notice, you, and any other person claiming any rights under
the Award Notice, agree to submit yourself or himself, and any such legal action as you or he shall
bring under the Plan (whether or not related to this Award Notice or these Awarded Units), to the
sole jurisdiction of such courts for the adjudication and resolution of any such disputes.

     Section 10. Amendment. This Award Notice may be amended, in whole or in part and in
any manner not inconsistent with the provisions of the Plan, at any time and from time to time, by
written agreement between the Company and you. No such amendment, however, shall be effective
unless (a) it is designated as an amendment and (b) it refers expressly to this Award Notice.

     Section 11. Plan Provisions Control. This Award Notice and the rights and
obligations created hereunder shall be subject to all of the terms and conditions of the Plan. In
the event of any conflict between the mandatory provisions of the Plan and the provisions of this
Award Notice, the terms of the Plan, which are incorporated herein by reference, shall control. In
the event of any conflict between the non-mandatory provisions of the Plan and the provisions of
this Award Notice, the provisions of this Award Notice shall control. By signing this Award
Notice, you acknowledge receipt of a copy of the Plan. You acknowledge that you may not and will
not rely on any statement of account or other communication or document issued in connection with
the Plan other than the Plan, this Award Notice, and any document signed by an authorized
representative of the Company that is designated as an amendment of the Plan or this Award Notice.

 

 

Appendix A to Deferred Stock Unit Award Notice

Hudson City Bancorp, Inc. 2006 Stock Incentive Plan

Beneficiary Designation Form — Deferred Stock Unit Award

	 	 	 

	GENERAL 

INFORMATION

	 	
Use this form to designate the Beneficiary(ies) who may receive Deferred Stock Unit Awards that become vested at your death.
	 
	 	 
	Name of Person

Making Designation:

	 	          
          
          
          
          
          
          

          
          
          

Employee No.:
	 
	 	 
	BENEFICIARY 

DESIGNATION

	 	
Complete sections A and B. If no percentage of shares is specified,
each Beneficiary in the same class (primary or contingent) shall have an equal share. If any designated
Beneficiary predeceases you, the shares of each remaining Beneficiary in the same class (primary or contingent) shall be increased proportionately.

A. PRIMARY BENEFICIARY(IES). I hereby designate the following person as my primary Beneficiary under the Plan, reserving the right to change or revoke this designation at any time prior to my death as to all outstanding Awarded
Units:

	 	 	 	 	 	 	 	 	 	 
	Name	 	Address	 	Relationship	 	Birthdate	 	Share	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 

	 	 	 	 	 	 	 	Total = 100
	%
	 

	 	 	 	 	 	 	 	 	 

B. CONTINGENT BENEFICIARY(IES). I hereby designate the following person(s) as my contingent Beneficiary(ies) under the Plan to receive benefits only if all of my primary Beneficiaries should predecease me, reserving the right to
change or revoke this designation at any time prior to my death as to all outstanding Awarded Units:

	 	 	 	 	 	 	 	 	 	 
	Name	 	Address	 	Relationship	 	Birthdate	 	Share	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	%
	 

	 	 	 	 
	 	 
	 	 	 
	 

	 	 	 	 	 	 	 	Total = 100
	%
	 

	 	 	 	 	 	 	 	 	 

	 	 	 	 	 

	S

I

G

N

	 	H

E

R

E
	 	

I understand that this Beneficiary Designation shall be effective only if properly completed and received by the Corporate Secretary of Hudson City Bancorp, Inc. prior to my death, and that it is subject
to all of the terms and conditions of the Plan. I also understand that an effective Beneficiary designation revokes my prior designation(s) with respect to all outstanding Deferred Stock Unit Awards under the
Hudson City Bancorp, Inc. 2006 Stock Incentive Plan.

	 	 	 	 	 	 

	 

	 	 
	 	 
	 

	 	 	 	Date	 

Internal Use Only

	 	 	 	 	 	 	 	 

	
This Beneficiary Designation was received by Human Resources
Dept. of Hudson City Bancorp, Inc. on the date indicated.
	 	 	Comments
	 

	 	 	 	 	 	 	 
	By

	 	 	 	 	 	 	 
	
	 	 

Authorized Signature

	 	 

Date

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