Document:

EXHIBIT 10.2

  

  

  

  

  

  
    
      FORM OF

      TIME-BASED

      RESTRICTED STOCK AWARD

      

      

      Granted by

      

      

      KEARNY FINANCIAL CORP.

      

      

      under the

      

      

      KEARNY FINANCIAL CORP.

      2021 EQUITY INCENTIVE PLAN

      

      

      This restricted stock agreement (“Restricted Stock Award” or “Agreement”) is and will be subject in
        every respect to the provisions of the 2021 Equity Incentive Plan (the “Plan”) of Kearny Financial Corp. (the “Company”) which are incorporated herein by reference and
        made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan has been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan.  The holder of this Restricted Stock Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this
        Agreement by the Committee appointed to administer the Plan (“Committee”) or the Board will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors
        and permitted assigns.  Except where the context otherwise requires, the term “Company” will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as
        amended from time to time (the “Code”).  Capitalized terms used herein but not defined will have the same meaning as in the Plan.  Any reference to the “Bank” herein shall refer to Kearny Bank and any
        reference to “Employer” shall mean either or both the Company and the Bank.

      

        	
                1.

              	Name of Participant:__________________________

      

      
        

        

        
          	
                  2.

                	Date of Grant:__________________________

        

        

      

      
        	
                3.

              	
                Total number of shares of Company common stock, $0.01 par value per share, covered by the Restricted Stock
                    Award:______(subject to adjustment pursuant to Section 9 hereof).

                 

                

              

      

      
        	
                4.

              	
                Vesting Schedule.  Except as otherwise provided in this Agreement, this Restricted Stock Award first
                  becomes earned in accordance with the vesting schedule specified herein.

                 

                

              

      

      	
              Date

            	
              Number of Shares Vesting

            
	 	 
	 	 
	 	 
	 	 
	 	 

      

      

      
        
          

      

      Vesting will automatically accelerate pursuant to Sections 2.5, 2.7 and 4.1 of the Plan (in the event of death, Disability or Involuntary Termination at or following a Change in Control).

      

        	5.	Grant of Restricted Stock Award.

      

      

      

      The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be either registered in the name of the Participant and held by the Company,
        together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock, or registered in the name of, and delivered to, the Participant.  Notwithstanding the foregoing, the Company
        may, in its sole discretion, issue Restricted Stock in any other format (e.g., electronically or through book entry) in order to facilitate the paperless transfer of such Awards.  The Restricted Stock awarded to the Participant will not be sold,
        encumbered, hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.

       

      

      	6.	
              Terms and Conditions.

               

              

            

      	

            	6.1	
              The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters which require shareholder vote.

               

              

            

      	

            	6.2	
              Any cash dividends or distributions declared with respect to shares of Stock subject to the Restricted Stock Award will be delayed and distributed to the Participant within thirty (30) days after the Restricted
                Stock Award vests.  If the shares of Stock do not vest, the dividends held by the Company with respect to the Stock shall be forfeited by the Participant. Any stock dividends declared on shares of Stock subject to a Restricted Stock Award
                will be subject to the same restrictions and will vest at the same time as the shares of Restricted Stock from which said dividends were derived.

            

       

      

      
        	7.	Delivery of Shares.

      

       

      

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

      

        	8.	Change in Control.

      

      

      

      	

            	8.1	
              In the event of an Involuntary Termination at or following a Change in Control, all Restricted Stock Awards held by the Participant will become fully vested.

            

      

      

      	

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

            

       

      

      
        2

        
          

      

      

        	9.	Adjustment Provisions.

      

      

      

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

      

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

      

      

      

      10.1 This Restricted Stock Award will
          vest as follows:

       

        

      
        	
                (i)

              	
                Death.  In the event of the Participant’s Termination of Service by reason of the Participant’s death, all Restricted Stock will vest as to all
                  shares subject to an outstanding Award, whether or not immediately vested, at the date of Termination of Service.

                 

                

              

      

      
        	
                (ii)

              	
                Disability.  In the event of the Participant’s Termination of Service by reason
                    of Disability, all Restricted Stock will vest as to all shares subject to an outstanding Award, whether or not immediately vested, at the date of Termination of Service.

                  

                

              

      

      
        	
                (iii)

              	
                Retirement.  In the event of the Participant’s Termination of Service by reason of the Participant’s Retirement, any Restricted Stock award that has
                  not vested as of the date of Termination of Service will expire and be forfeited.  “Retirement” shall have the meaning set forth in Section 2.7(a) of the Plan.

                  

                

              

      

      
        	
                (iv)

              	
                Termination for Cause.  If the Participant’s Service has been terminated for Cause, all Restricted Stock
                  granted to a Participant that has not vested will expire and be forfeited.

                 

                

              

      

      
        	
                (iv)

              	
                Other Termination.  If a Participant terminates Service for any reason other than due to death, Disability,
                  Involuntary Termination at or following a Change in Control or for Cause, all shares of  Restricted Stock awarded to the Participant which have not vested as of the date of Termination of Service will expire and be forfeited.

              

      

          

      
        	11.	Miscellaneous.

      

      

      

      	

            	11.1	
              No Restricted Stock Award will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

               

              

            

      	

            	11.2	
              This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

                

              

            

      	

            	11.3	
              Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant.

            

      
        3

        
          

      

      

      

      	

            	11.4	
              This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of New Jersey.

               

              

            

      	

            	11.5	
              This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be
                obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

            

      [Signature Page Follows]

      

      

      
        4

        
          

      

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

      KEARNY FINANCIAL CORP.

      By: _____________________________

      Its:
          _____________________________

      

      

      PARTICIPANT’S ACCEPTANCE

      The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the
        2021 Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company’s 2021 Equity Incentive Plan.

      PARTICIPANT

       

      

      _________________________________

      

       

      

       

      

      

      

       

      

    

    5EXHIBIT 10.3

  

  

  

  

  

  
    FORM OF

    INCENTIVE STOCK OPTION AWARD AGREEMENT

    

    

    Granted by

    

    

    KEARNY FINANCIAL CORP.

    

    

    under the

    

    

    KEARNY FINANCIAL CORP.

    2021 EQUITY INCENTIVE PLAN

    

    

    This stock option agreement (“Option” or “Agreement”) is and will be subject in every respect to the provisions of the
      2021 Equity Incentive Plan (the “Plan”) of Kearny Financial Corp. (the “Company”), which are incorporated herein by reference and made a part hereof, subject to the
      provisions of this Agreement.  A copy of the Plan and related prospectus have been provided to each person granted a stock option pursuant to the Plan.  The holder of this Option (the “Participant”) hereby
      accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the committee appointed to administer the Plan (the “Committee”) or the Board of Directors will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns.  Except where the context
      otherwise requires, the term “Company” includes the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”).  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

    

      	1.	
              Name of Participant:___________________________

            

    

    
      

      

      
        	2.	
                Date of Grant: ____________, 20.___

              

      

      

    

    
      	
              3.

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

                (subject to adjustment pursuant to Section 9 hereof).

               

              

            

    

    
      	
              •

            	
              This Award is intended to be an Incentive Stock Option. The Option will be an Incentive Stock Option to the maximum extent permitted under the tax laws, which means that up to $100,000 of Options that vest in any one calendar year
                will be Incentive Stock Options (based on the exercise price of the Option).

               

              

            

    

    
      	
              •

            	
              Please note that for purposes of determining the maximum number of Options that can vest in any one calendar year as Incentive Stock Options, the Options granted to you pursuant to this Agreement that vest in
                a calendar year will be aggregated with any earlier Option grant you received that vest in the same calendar year.  If you vest in the maximum number of Incentive Stock Options in which you are permitted to vest for a calendar year under a
                prior Option Award, any Options that you receive under this Agreement that vest in the same calendar year will be considered Non-Qualified Stock Options.

            

    

    

      	4.	
              Exercise price per share: $ _______

                (subject to adjustment pursuant to Section 9 below)

            

    

    

    
      
        

    

    
    

    

    	5.	
            Expiration Date of Option:  _________, 20      .  Notwithstanding anything in this Agreement to the contrary, no part of this Option may be exercised at any time on or after the expiration
              date.

             

            

          

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

             

            

          

    Vesting Date Number of Shares Exercisable

    

    

    

    

    As set forth in Section 10 of this Agreement, vesting will automatically accelerate pursuant to Sections 2.5, 2.7 and 4.1 of the Plan in the event of death or Disability or an Involuntary
      Termination of Service at or following a Change in Control.

     

    

    	7.	
            Exercise Procedure and Delivery of Notice of Exercise of Option.  This Option may be exercised in whole or in part by the Participant’s delivery to the Company of written notice (the “Notice of Exercise of Option” attached hereto as Exhibit A or as otherwise acceptable to the Company) setting forth the number of shares with respect to which this Option is to be exercised, together with
              payment by cash or other means acceptable to the Committee, in accordance with Section 2.2(b) of the Plan.

             

            

          

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

          

    

      	9.	
              Adjustment Provisions.

            

    

    

      

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

    

      	9.	
              Accelerated Vesting and Exercisability Period.

            

    

    

    

    The vesting of this Option will accelerate as set forth in the following  provisions:

     

    

    
      	
              (i)

            	
              Death.  In the event of the Participant’s Termination of Service by reason of death, any unvested portion of the Option subject to this Agreement will vest and any
                unexercised portion of the Option may thereafter be exercised by the Participant’s legal representative or beneficiaries for a period of one (1) year from the Participant’s death.

               

              

            

    

    
      	
              (ii)

            	
              Disability.  In the event of the Participant’s Termination of Service by reason of the Participant’s Disability, any unvested portion of this Option will vest and any
                unexercised portion of the Option may thereafter be exercised by the Participant or the Participant’s legal representative for a period of one (1) year following the Termination of Service due to Disability.

               

              

            

    

    
      	
              (iii)

            	
              Change in Control.  In the event of the Participant’s Involuntary Termination of Service at or following a Change in Control, any unvested portion of the Option will
                vest and any unexercised portion of the Option may be exercised by the Participant or the Participant’s legal representative for a period of one (1) year following the Participant’s Involuntary Termination of Service.

            

    

    
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              (iv)

            	
              Retirement.  In the event of the Participant’s Termination of Service by reason of the Participant’s Retirement, vested Options may be exercised for a period of one (1)
                year from the date of Termination of Service. Options that have not vested will expire and be forfeited on the date of Termination of Service by reason of Retirement.  “Retirement” shall have the meaning set forth in Section 2.7(a) of the
                Plan.

            

    

    

    

    
      	
              (v)

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

            

    

    

    

    
      	
              (vi)

            	
              Other Termination.  In the event of the Participant’s Termination from Service for any reason other than due to death,
                Disability, Involuntary Termination at or following a Change in Control or for Cause, this Option may thereafter be exercised, only to the extent it was exercisable at the time of the termination and only for a period of three (3) months
                following the termination.

            

    

    

    

    Incentive Option Treatment.  The Incentive Stock Options granted hereunder are subject to the requirements of Section 421 of the Internal Revenue Code.  No
      Option will be eligible for treatment as an Incentive Stock Option in the event such Option is exercised more than three months following Termination of Service (except in the case of Termination of Service due to Disability).  In order to obtain
      Incentive Stock Option treatment for Options exercised by heirs or devisees of the Participant, the Participant’s death must have occurred while the Participant was employed or within three months of the Participant’s Termination of Service.

    

      	11.	
              Miscellaneous.

            

    

    

    

    	

          	11.1	
            No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

          

    

    

    	

          	11.2	
            This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

          

    

    

    	

          	11.3	
            Except as otherwise provided by the Committee, Incentive Stock Options under the Plan are not transferable except (1) as designated by the Participant by will or by the laws of descent and distribution, (2) to a trust established by the
              Participant, or (3) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however,  that in the case of a transfer described under (3), the Option will not qualify as an Incentive Stock Option as of the
              day of the transfer.

          

    

    

    	

          	11.4	
            Under current tax laws, an Option that is exercised as an Incentive Stock Option is not subject to ordinary income taxes so long as it is held for the requisite holding period, e.g., two (2) years from the date of grant of the Option and
              one (1) year from the date of exercise, whichever is later.

          

    

    

    	

          	11.5	
            This Agreement will be governed by and construed in accordance with the laws of the State of New Jersey.

          

    

    

    	

          	11.6	
            The granting of this Option does not confer upon the Participant any right to be retained in the service of the Company or any subsidiary.

          

    
      3

      
        

    

    

    

    	

          	11.7	
            This Option is subject to forfeiture in accordance with the provisions of Section 7.16 of the Plan or as otherwise adopted by the Company.

          

    

    

    [Signature Page to Follow]

    
      4

      
        

    

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

    KEARNY FINANCIAL CORP.

    By: _______________________

    Its: ________________________

    

    

    PARTICIPANT’S ACCEPTANCE

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

    PARTICIPANT

      

      

      

      

      _________________________

      

      

    

    

    

    

    

     

    

    

    

    
      5

      
        

    

    EXHIBIT A

    NOTICE OF EXERCISE OF OPTION

    

    

    I hereby exercise the stock option (the “Option”) granted to me by Kearny Financial Corp. (the “Company”) or its affiliate, subject to all the terms and provisions set forth in the Incentive Stock
      Option Agreement (the “Agreement”) and the Kearny Financial Corp. 2021 Equity Incentive Plan (the “Plan”) referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company (“Common Stock”) for a
      purchase price of $______ per share.

    

    

    I elect to pay the exercise price by:

    

    

    	

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

          

    	

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

          

    	

          	___	
            My check in the sum of $_______ and stock of the Company with a fair market value of $______, in full/partial payment of the purchase price.*

          

    

    

    	

          	___	
            A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any minimum required tax withholding).

          

    	

          	___	
            Selling  ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

          

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

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

    ___ investment

    ___ resale or distribution

    

    

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

    Date: ____________, _____.                              _________________________________________

    Participant’s signature

    

    

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

  

  6

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