Document:

Form of Stock Option Agreement

 Exhibit 10.3 
 FORM OF 
 PROVIDENT
NEW YORK BANCORP 2011 EMPLOYMENT INDUCEMENT STOCK PROGRAM 
 JACK L. KOPNISKY 

STOCK OPTION AGREEMENT 

 

									
	 Jack L Kopnisky

	Name of Recipient	 		  		  		  	Social Security Number
					
	  
	 		  		  		  	
	Street Address	 		  		  		  	
					
	  
	 		  	  
	  		  	
	City	 		  	State	  		  	 ZIP Code

 This Stock Option Agreement is intended to set forth the terms and conditions on which a Stock Option has been granted
under the Provident New York Bancorp 2011 Employment Inducement Stock Incentive Program. Set forth below are the specific terms and conditions applicable to this Stock Option. Attached as Exhibit A are its general terms and conditions. 

 

															
	 OPTION GRANT
	  	GRANT
SUMMARY**	  	OPTION DETAIL BY VESTING DATE
							
	Grant Date:	  	07/06/2011	  	07/06/2012	  	07/06/2013	  	07/06/2014	  	07/06/2015	  	
	Class of Optioned Shares *	  	Common Shares	  		  		  		  		  	
	No. of Optioned Shares*	  	107,526	  	26,881	  	26,881	  	26,881	  	26,883	  	
	Option Type (ISO or NQSO)	  	NQSO	  		  		  		  		  	
	Exercise Price Per Share *	  		  	$8.46	  	$8.46	  	$8.46	  	$8.46	  	
	Vesting Percent *	  		  	25%	  	50%	  	75%	  	100%	  	
	No. of Shares Released from Grant on Each Indicated Vesting Date *	  		  	26,881	  	26,881	  	26,881	  	26,883	  	
	Cumulative No. of Shares Exercisable on Each Indicated Vesting Date *	  		  		  	less any
previously
exercised Shares
from this Grant	  	less any
previously
exercised
Shares from
this Grant	  	less any
previously
exercised
Shares from
this Grant	  	less any
previously
exercised
Shares from
this Grant
	Option Expiration Date *	  		  	07/06/2021	  	07/06/2021	  	07/06/2021	  	07/06/2021	  	

  

	*	Subject to adjustment as provided in the Plan and the General Terms and Conditions. 

	**	This column reflects a summary of the option grant detailed in the remaining columns of this table. It does not constitute a separate, additional option grant.

 By signing where indicated below, Provident New York Bancorp (the “Company”) grants this Stock Option upon the
specified terms and conditions, and the Recipient acknowledges receipt of this Stock Option Agreement, including Exhibit A, and agrees to observe and be bound by the terms and conditions set forth herein. 

 

							
	PROVIDENT NEW YORK BANCORP	 		  	RECIPIENT
				
	By	 	 /s/ Daniel Rothstein
	 		  	 Jack L. Kopnisky

	Name: Daniel Rothstein	 		  	 Print Name:

	Title: EVP, Regulatory Counsel, Chief Risk Officer	 		  	

 EXHIBIT A 
 PROVIDENT NEW YORK BANCORP 2011 EMPLOYMENT INDUCMENT STOCK PROGRAM

 STOCK OPTION AGREEMENT 

General Terms and Conditions 
 Section 1. Incentive Stock Option. If the Option has been granted to a recipient who is a non-employee director, it is a Non-Qualified Stock Option (NQSO). If the Option has been
granted to an individual who is an employee and is designated as an ISO, the Company intends the Option evidenced hereby to be an “incentive stock option” within the meaning of section 422 of the Internal Revenue Code of 1986
(“Code”). If the Option or any part of the Option does not qualify as an “incentive stock option” under the Plan or the Code, the Option, or the part not qualifying, shall be treated as a Non-Qualified Stock Option under the
Code. 
 Incentive Stock options granted under the Employment Inducement Program are subject to all the terms and conditions of this Stock
Option Agreement and the Provident Bancorp Inc, 2004 Stock Incentive Plan as if this Option were granted under that Plan. 

Section 2. Option Period. (a) Subject to section 2(b), the Recipient shall have the right to purchase
all or any portion of the optioned Shares at any time during the period (“Option Period”) commencing on the Earliest Vesting Date and ending on the earliest to occur of the following dates: 

(i) the close of business on the date of the Recipient’s termination of service due to resignation or immediately
upon Termination for Cause; 
 (ii) last day of the 3-month period commencing on the date of the termination of
all service with the Company and Provident Bank due to a discharge that is not a Termination for Cause; 
 (iii)
the last day of the 1-year period commencing on the date of termination of all service with the Company and Provident Bank due to death, Disability or Retirement, and 

(iv) the last day of the ten-year period following the date on which the Option was granted. 

(b) If the Option is designated as an ISO, the favorable tax treatment applicable to incentive stock options may not apply if it is
exercisable more than three months after termination of employment for reasons other than death or total and permanent disability (within this meaning of section 22(e)(3) of the Code) or more than one year after termination of employment due to
death or total and permanent disability. 
 (c) If the Option has an Earliest Exercise Date that is before its Vesting Date, the
Option may be exercised before it is vested. In this case, the Shares issued will bear a restrictive legend and will be nontransferable and subject to forfeiture until their Vesting Date. 

(d) To become vested in an Option, the Recipient must be in continuous service with the Company during the period beginning on the Grant
Date and ending on the Vesting Date. In addition, the disinterested members of the “Committee” (as defined in the 2004 Stock Incentive Plan) must determine in its discretion that the Recipient’s performance as an officer or employee
has been satisfactory. In general, performance is considered satisfactory if the recipient has been the subject of a formal written performance appraisal within the most recent 12 months and received a salary increase or one-time payment in lieu of
a salary increase and no material negative change in the performance level has occurred. If performance is not determined to have been satisfactory, or, if the Recipient terminated service with the

 
Company prior to a Vesting Date, any Options granted hereunder that are scheduled to vest on that Vesting Date, and any Shares issued upon exercise of such an Option, are deemed forfeited for
that recipient. In the event of the Recipient’s termination of service with the Company due to death, Disability or Retirement, unvested Options with a Vesting Date that occurs during the calendar year of termination or the following calendar
year, and any Shares issued upon exercise of such Options, will be deemed vested as of the termination date. Options that are forfeited will be canceled and will cease to be exercisable. Any Shares that are forfeited must be returned to the Company
in exchange for a payment equal to Exercise Price paid for the Shares or their Fair Market Value on the date forfeited, whichever is less. In the event of a Change in Control, all Options evidenced by this Agreement that were not previously
forfeited will be 100% vested. 
 (e) To qualify for Retirement, the Recipient must, as of the termination date, have attained
age 65, or attained age 55 and have at least 10 consecutive years of service, and, in either case, must enter into a retirement agreement with the Company in a form approved by the Committee, within the Committee’s discretion, and under which
the Recipient agrees, for a period of 2 years, to provide consulting services to the Company and Provident Bank (as specified in Section 2.35 of the Plan) and to refrain from competing with or soliciting employees and customers of the Company
and Provident Bank. 
 Section 3. Exercise Price. During the Option Period, and after the
applicable Earliest Exercise Date, the Recipient shall have the right to purchase all or any portion of the optioned Shares at the Exercise Price per Share. 
 Section 4. Method of Exercise. The Recipient may, at any time during the Option Period provided by section 2, exercise his right to purchase all or any part of the
optioned Shares then available for purchase; provided, however, that the minimum number of shares of optioned Shares which may be purchased shall be one hundred (100) or, if less, the total number of shares of optioned Shares then
available for purchase. The Recipient shall exercise such right by: 
 (a) giving written notice to the
Committee, in the form attached hereto as Appendix A; and 
 (b) delivering to the Committee full payment of the
Exercise Price for the optioned Common Stock to be purchased. 
 The date of exercise shall be the earliest date practicable following the date
the requirements of this section 4 have been satisfied. Payment shall be made (i) in United States dollars by certified check, money order, official bank check or personal check made payable to the order of Provident New York Bancorp,
(ii) with the Committee’s approval, in Shares duly endorsed for transfer and with all necessary stock transfer tax stamps attached (or using a “constructive delivery” method approved by the Committee), already owned by the
Recipient for more than 6 months and having a fair market value equal to the Exercise Price, such fair market value to be determined in such manner as may be provided by the Committee or as may be required in order to comply with or conform to the
requirements of any applicable laws or regulations, or (iii) in a combination of (i) and (ii). If this Option is designated as an ISO or is exercised before its Vesting Date, the Recipient shall not, without the prior written approval of
the Committee, dispose of Shares acquired pursuant to the exercise. 
 Section 5. Delivery and Registration
of Optioned Shares. As soon as is practicable following the date on which the Recipient has satisfied the requirements of section 4, the Committee shall take such action as is necessary to cause the Company to issue a stock
certificate evidencing the Recipient’s ownership of the optioned Shares that have been purchased. The Recipient shall have no right to vote or to receive dividends, nor have any other rights with respect to optioned Shares, prior to the date as
of which such optioned Shares are transferred to the Recipient on the stock transfer records of the Company, and no adjustments shall be made for any dividends or other rights for which the record date is prior to the date as of which such transfer
is effected. The obligation of the Company to deliver Shares under this Agreement shall, if the Committee so requests, be conditioned upon the receipt of a representation as to the investment intention of the person to whom such Shares are to be
delivered, in such form as the Committee shall determine to be necessary or advisable to comply with the provisions of applicable federal, state or local law. The Committee 

 
may provide that any such representation shall become inoperative upon registration of the Shares or upon the occurrence of any other event eliminating the necessity of such representation. The
Company shall not be required to deliver any Shares under this Agreement prior to (a) the admission of such Common Stock to listing on any stock exchange on which Shares may then be listed, or (b) the completion of such registration or
other qualification under any state or federal law, rule or regulations as the Committee shall determine to be necessary or advisable. 
 Section 6. Adjustments in the Event of Reorganization. In the event of any merger, consolidation, or other business reorganization in which the Company is the surviving entity,
and in the event of any stock split, stock dividend or other event which the Committee believes warrants an adjustment to avoid the enlargement or dilution of rights, the number of Shares subject to the Option granted hereunder and the Exercise
Price per share of such Option shall be adjusted in accordance with the Plan to account for such event. In the event of any merger, consolidation, or other business reorganization in which the Company is not the surviving entity, any exercisable
option granted hereunder shall be cancelled or adjusted in accordance with the Plan. 
 Section 7. No Right to
Continued Service. Nothing in this Agreement nor any action of the Board or Committee with respect to this Agreement shall be held or construed to confer upon the Recipient any right to a continuation of service by the Company or
Provident Bank. The Recipient may be dismissed or otherwise dealt with as though this Agreement had not been entered into. 

Section 8. Taxes. Where any person is entitled to receive Shares pursuant to the exercise of the Option granted
hereunder, the Company shall have the right to require such person to pay to the Company the amount of any tax which the Company is required to withhold with respect to such Shares, or, in lieu thereof, to retain, or to sell without notice, a
sufficient number of Shares to cover the amount required to be withheld. 
 Section 9. 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: 
  

	 	(a)	If to the Committee: 

 Provident
New York Bancorp 
 c/o Provident Bank 
 400 Rella Boulevard 
 Montebello, New York 

Attention:     Corporate Secretary 

 

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

Section 10. Restrictions on Transfer. The Option granted hereunder shall not be subject in any manner to
anticipation, alienation or assignment, nor shall such option be liable for or subject to debts, contracts, liabilities, engagements or torts, nor shall it be transferable by the Recipient other than by will or by the laws of descent and
distribution or as otherwise permitted by the Plan. To name a Beneficiary who may exercise your Options following your death, complete the attached Appendix B and file it with the Corporate Secretary of Provident New York Bancorp The Recipient may,
with the approval of the Committee, transfer unexercised NQSOs to certain Family Members after those Options have vested. Options transferred to Family Members continue to be subject to the same terms and conditions (including post-termination
expiration provisions) that would apply if they had not been transferred. 
 Section 11.
Successors and Assigns. This Agreement shall inure to the benefit of and shall be binding upon the Company and the Recipient and their respective heirs, successors and assigns. 

 Section 12. Construction of Language. Whenever
appropriate in the Agreement, 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 Agreement, unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have the meanings assigned to them under the Plan. 

Section 13. Governing Law. This Agreement shall be construed, administered and enforced according to the
laws of the State of New York 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 having jurisdiction in Rockland County, New York shall
have exclusive jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan. By accepting any Option granted under this Agreement, the Recipient, and any other person claiming any rights under the Agreement, agrees
to submit himself, and any such legal action as he shall bring under the Plan, to the sole jurisdiction of such courts for the adjudication and resolution of any such disputes. 

Section 14. Amendment. This Agreement 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 the Recipient. This Agreement amends and supersedes any Stock Option Agreement bearing the same grant date. 

Section 15. Plan Provisions Control. This Agreement and the rights and obligations created hereunder shall be
subject to all of the terms and conditions of the Plan that would apply if this Option were being granted under the Plan. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the terms of the Plan,
which are incorporated herein by reference, shall control. By signing this Agreement, the Recipient acknowledges receipt of a copy of the Plan. The Recipient acknowledges that he or she 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 Agreement, and any document signed by an authorized representative of the Company that is designated as an amendment of the Plan or this Agreement. 

 APPENDIX A TO STOCK OPTION
AGREEMENT 
 Beneficiary Designation Form – Stock Options 

 

																					
	 GENERAL

INFORMATION
	 	Use this form to designate the Beneficiary(ies) who may exercise Options
outstanding to you at the time of your death. 
	 						 
	Name of Person	 		  		  		 	    Social Security Number	  		 	 
	Making Designation	 		  	  
	 	  	                
—        —                
	 	 
	 BENEFICIARY
 DESIGNATION
	 	Complete sections A and B. If no percentage shares are 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:

 

	                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 Options:
	 	 		  		  		 		  		 		  		 		 		 	 
	                Name 
               	 		  	        Address        	  	        Relationship        	 		  	        Birthdate        	 		 	Share
	  
	 		  	  
	 		  	  
	 		  	  
	 		 	  
	 	%
	 	 		  	  
	 		  		 		  		 		 		 	 
	  
	 		  	  
	 		  	  
	 		  	  
	 		 	  
	 	%
	 	 		  	  
	 		  		 		  		 		 		 	 
	  
	 		  	  
	 		  	  
	 		  	  
	 		 	  
	 	%
	 	 		  		 		  		 		  		 		 	Total    =    
100%

																					
	 	 
	 

        
	 	 I understand that this Beneficiary Designation shall be
effective only if properly completed and received by the Corporate Secretary of Provident New York Bancorp 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 Options.
  

	 			 
	 	 	  
	 		  	
 

	 	 	Your Signature 	 		  	Date
	 	 		 		  	 
	 	 	 	 	 	  	 

 -------------------------------------------------------------- Internal Use Only
--------------------------------------------------------------- 
  

									
	This Beneficiary Designation was received by the Corporate Secretary of Provident
New York Bancorp on the date indicated.	 	 	  	Comments
	By	 	  
	  	  
	 		  	 
	 	 	Authorized Signature	  	DateForm of Restricted Stock Award Notice

 EXHIBIT 10.4 

FORM OF 
 PROVIDENT NEW YORK BANCORP 
 2011 EMPLOYMENT INDUCEMENT STOCK PROGRAM 
 JACK L. KOPNISKY 

RESTRICTED STOCK AWARD NOTICE 

 

					
	 Jack L Kopnisky
	 		  	        -        -        
	Name of Award Recipient	 		  	Social Security Number
	
	  

	Street Address
	
	  

 This Restricted Stock Award Notice is intended to set forth the terms and conditions on which a Restricted Stock Award
has been granted under the Provident New York Bancorp 2011 Employment Inducement Stock Program. Set forth below are the specific terms and conditions applicable to this Restricted Stock Award. Attached as Exhibit A are its general terms and
conditions. 
  

													
	 Restricted Stock Award
	  	(A)	  	(B)	  	(C)	  	(D)	  	(E)	 	(F)
	 Effective Date
	  	07/06/2011	  	07/06/2011	  	07/06/2011	  	07/06/2011	  		 	
	 Class of Shares*
	  	Common	  	Common	  	Common	  	Common	  	Common	 	Common
	 No. of Awarded Shares*
	  	7,387	  	7,387	  	7,387	  	7,389	  	[    ]	 	[    ]
	 Type of Award (Escrow or Legended Certificate)
	  	Escrow	  	Escrow	  	Escrow	  	Escrow	  		 	
	 Vesting Date*
	  	07/06/2012	  	07/06/2013	  	07/06/2014	  	07/06/2015	  	n/a	 	n/a

  

	*	Subject to adjustment as provided in the Plan and the General Terms and Conditions. 

 By signing where indicated below, Provident New York Bancorp (the “Company”) grants this Restricted Stock Award upon the specified terms and conditions, and the Restricted Stock Award Recipient
acknowledges receipt of this Restricted Stock Award Notice, including Exhibit A, and agrees to observe and be bound by the terms and conditions set forth herein 
  

									
	PROVIDENT NEW YORK BANCORP	 		 	AWARD RECIPIENT
				
	By	 	 /s/ Dan Rothstein
	 		 	 Jack L Kopnisky

		 	Name:	 	Dan Rothstein	 		 	
		 		 		 		 	Print Name
		 	Title:	 	 Executive Vice President,
 Regulatory Counsel & Chief Risk Officer
	 		 	 /s/ Jack L Kopnisky

		 		 		 		 	Recipient’s Signature

 Instructions: This page should be completed by or on behalf of the Executive Compensation Committee. Any blank
space intentionally left blank should be crossed out. A Restricted Stock Award consists of shares granted with uniform terms and conditions. Where shares granted under a Restricted Stock Award are awarded on the same date with varying terms and
conditions (for example, varying vesting dates), the awards should be recorded as a series of grants each with its own uniform terms and conditions. 

 EXHIBIT A 

PROVIDENT NEW YORK BANCORP 

2011 EMPLOYMENT INDUCEMENT STOCK PROGRAM STOCK
INCENTIVE PLAN 
 RESTRICTED STOCK AWARD
NOTICE FOR JACK L. KOPNISKY 
 General Terms
and Conditions 
 Section 1. Size and Type of Award. The shares of Common Stock of Provident
New York Bancorp (“Shares”) covered by this Award (“Awarded Shares”) are listed on the Restricted Stock Award Notice. The Restricted Stock Award Notice designates the Awarded Shares as Escrow. Awarded Shares are subject to all of
the terms and conditions of this Award Notice and the Provident Bancorp, Inc. 2004 Stock incentive Plan (“Plan”) 

Your Awarded Shares will be held in the name of the Plan Trustee on a pooled basis with other Awarded Shares. If permitted by the
administrative committee, you may elect to be taxed on shares that are transferred to you in certificated form immediately upon their transfer to you instead of later when they vest. If you make this election, you will be required to include in
ordinary income, for the taxable year in which the transfer of certificates occurs, an amount equal to the fair market value of the shares on the transfer date. Provident New York Bancorp may be allowed to claim a tax deduction, for compensation
expense, in a like amount. You make this election by filing a statement of election containing specified items of information with the Internal Revenue Service within thirty days after the date of transfer of the shares to you. You must give a copy
of the statement you file to Provident New York Bancorp and Provident Bank. 
 If you make this election, the vesting of your
awards will not subject you to further income tax. 
 Section 2. Vesting. 

(a) Vesting Dates. The Vesting Dates for your Awarded Shares are specified on the Award Notice. On each Vesting
Date, you will obtain unrestricted ownership of the Awarded Shares that vest on that Vesting Date. A stock certificate evidencing unrestricted ownership will be transferred to you. 

(b) Vesting Conditions. There are conditions you must satisfy
before your Restricted Stock Award will vest: 
 Employees. If you
receive your Restricted Stock Award for services as an officer or employee, you must remain in continuous service from the Effective Date shown on the Restricted Stock Award Notice through the relevant Vesting Date 

(c) Forfeitures. If you terminate service with the Company prior to a Vesting Date, you will forfeit any Awarded
Shares that are scheduled to vest on that date. When you forfeit Awarded Shares, all of your interest in the Awarded Shares will be canceled and any stock certificate or other evidence of ownership must be returned to the Plan Trustee to be used for
future awards to others. You agree to take any action and execute and deliver any document that the Company requests to effect the return of your unvested Awarded Shares. In the event you do not cooperate with the Company in this regard, you hereby
appoint and designate the Company as your attorney-in-fact for the purpose of taking any action and signing any document, in your name, which the Company determines is necessary to enforce the forfeiture. 

(d) Accelerated Vesting. All of your Awarded Shares that have not previously vested will become fully vested
immediately, and without any further action on your part, in the event of your death or Disability (as defined in the Plan) before your termination of service with the Company. In addition, if your service terminates due to Retirement (as defined in
the Plan) or in the event a Change of Control (as defined in the Plan) occurs before you terminate service with the Company, then any Awarded Shares not theretofore forfeited shall become immediately vested on the date of your Retirement or Change
of Control. You may designate a Beneficiary to receive any Awarded Shares that vest upon your death using the Beneficiary Designation attached as Appendix A. To qualify for Retirement, you must, as of the termination date, have attained age 65, or
attained age 55 and have at least 10 consecutive years of service, and must enter into a retirement agreement with the Company in a form approved by the Committee under which you agree, for a period of 2 years, to provide consulting services to the
Company and Provident Bank and to refrain from competing with or soliciting employees and customers of the Company and Provident Bank. 
 (e) Definition of Service. For purposes of determining the vesting of your Awarded Shares, 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 Provident Bank. 
 Section 3.
Dividends. Your Awarded Shares are designated as Escrow: you will receive the dividends on an unrestricted basis, but they will be paid to you by, and will be taxable in the same manner as
other compensation paid to you by, the Company; by signing this Award Notice and accepting its terms, you direct the Plan Trustee to remit to the Company for payment to you any dividends that may be received as the record holder of your unvested
Awarded Shares. 

  
 Page 1 of 3

 Section 4. Voting Rights. You shall have the right to control all
voting rights relating to all unvested Awarded Shares. If your Awarded Shares are Legended Certificates, you will receive proxy materials for voting in the same manner as other shareholders with Shares in brokerage accounts. If your unvested Awarded
Shares are held by the Plan Trustee, the Plan Trustee will ask you for voting directions and will follow your directions in voting your unvested Awarded Shares. 
 Section 5. Taxes. Where any person is entitled to receive Shares pursuant to the Restricted Stock Award granted hereunder, the Company shall have the right to require such person
to pay to the Company the amount of any tax which the Company is required to withhold with respect to such Shares, or, in lieu thereof, to retain, or to sell without notice, a sufficient number of Shares to cover the amount required to be withheld.

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

Section 7. Restrictions on Transfer. The Restricted Stock Award granted hereunder shall not be subject in any manner
to anticipation, alienation or assignment, nor shall such award be liable for or subject to debts, contracts, liabilities, engagements or torts, nor shall it be transferable by the Recipient other than by will or by the laws of descent and
distribution or as otherwise permitted by the Plan. To name a Beneficiary, complete the attached Appendix A and file it with the Corporate Secretary of Provident New York Bancorp 

Section 8. Successors and Assigns. This Agreement shall inure to the benefit of and shall be binding upon
the Company and the Recipient and their respective heirs, successors and assigns. 
 Section 9.
Construction of Language. Whenever appropriate in the Agreement, 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 Agreement, unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have the
meanings assigned to them under the Plan. 
 Section 10. Governing Law. This Agreement shall be
construed, administered and enforced according to the laws of the State of New York 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
having jurisdiction in Rockland County, New York shall have exclusive jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan. By accepting any Award granted under this Agreement, the Recipient, and any other
person claiming any rights under the Agreement, agrees to submit himself, and any such legal action as he shall bring under the Plan, to the sole jurisdiction of such courts for the adjudication and resolution of any such disputes. 

Section 11. Amendment. This Agreement 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 the Recipient. This Agreement amends and supersedes any Restricted Stock Award Notice having the same effective date. 

Section 12. Plan Provisions Control. This Agreement and the rights and obligations created hereunder shall be
subject to all of the terms and conditions of the Plan that would apply if this award were being made under the Plan In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the terms of the Plan, which
are incorporated herein by reference, shall control. By signing this Agreement, the Recipient acknowledges receipt of a copy of the Plan. The Recipient acknowledges that he or she 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 Agreement, and any document signed by an authorized representative of the Company that is designated as an amendment of the Plan or this Agreement. 

  
 Page 2 of 3

 APPENDIX A TO RESTRICTED STOCK
AWARD NOTICE 
 Beneficiary Designation Form - Restricted Stock 

 

																					
	 GENERAL

INFORMATION
	 	Use this form to designate the Beneficiary(ies) who may receive Restricted
Stock Awards that become vested at your death. 
	 						 
	 Name of Person
	 		  		  		 	    Social Security Number	  		 	 
	 Making Designation
	 		  	  
	 	  	
                —       
 —                

	 	 
	 BENEFICIARY
 DESIGNATION
	 	Complete sections A and B. If no percentage shares are 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:

 

	                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 Options:
	 	 		  		  		 		  		 		  		 		 		 	 
	                Name 
               	 		  	        Address        	  	        Relationship        	 		  	        Birthdate        	 		 	Share
	  
	 		  	  
	 		  	  
	 		  	  
	 		 	  
	 	%
	 	 		  	  
	 		  		 		  		 		 		 	 
	  
	 		  	  
	 		  	  
	 		  	  
	 		 	  
	 	%
	 	 		  	  
	 		  		 		  		 		 		 	 
	  
	 		  	  
	 		  	  
	 		  	  
	 		 	  
	 	%
	 	 		  		 		  		 		  		 		 	Total    =    
100%

																					
	 	 
	 

    
	 	 I understand that this Beneficiary Designation shall be
effective only if properly completed and received by the Corporate Secretary of Provident New York Bancorp 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 Options.
  

	 			 
	 	 	  
	 		  	
 

	 	 	Your Signature 	 		  	Date
	 	 		 		  	 
	 	 	 	 	 	  	 

 -------------------------------------------------------------- Internal Use Only
--------------------------------------------------------------- 
  

									
	 This Beneficiary Designation was
received by the Corporate Secretary of Provident New York Bancorp on the date indicated.
	 	 	  	Comments
	 				 
	 By
	 	  
	  	  
	 		  	 
	 	 	 Authorized Signature
	  	 Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]