Document:

Exhibit 10.4

ENVIRONMENTAL INDEMNITY AGREEMENT

THIS ENVIRONMENTAL
INDEMNITY AGREEMENT (“Agreement”) is made as of the 31st day of July, 2014, by IREIT WEST
BEND MAIN, L.L.C., a Delaware limited liability company (“Borrower”) and INLAND REAL ESTATE INCOME TRUST,
INC., a Maryland corporation (“Guarantor”) (the Borrower and the Guarantor each being referred to herein
as, an “Indemnitor” and collectively, on a joint and several basis, referred to as, the “Indemnitors”)
to and for the benefit of PNC BANK, National Association, a national
banking association (“Lender”).

RECITALS:

WHEREAS,
pursuant to the Loan Agreement of an even date herewith executed by and between Borrower and Lender (“Loan Agreement”),
Lender has agreed to make a loan to the Borrower in the maximum principal amount of ELEVEN MILLION SIX HUNDRED FIFTY THOUSAND AND
NO/100 DOLLARS ($11,650,000.00) (“Loan”); and

WHEREAS,
Borrower has executed and delivered to Lender a Promissory Note of an even date herewith in the maximum principal amount of ELEVEN
MILLION SIX HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($11,650,000.00) (“Note”), which Note is secured, inter
alia, by a Mortgage, Security Agreement, Assignment of Rents and Leases and Fixture Filing (the “Mortgage”)
on the property legally described in Exhibit “A” attached hereto and made a part hereof (“Premises”);
and

WHEREAS,
Indemnitors each have a financial interest in the Premises and the Loan and have agreed to execute and deliver this Agreement.

NOW, THEREFORE,
in consideration of the Premises and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
Indemnitors hereby agree as follows:

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AGREEMENTS:

1.              
CAPITALIZED TERMS. Except as specifically defined herein, capitalized terms used herein shall have the definitions
ascribed therefor in the Loan Agreement.

2.              
REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING HAZARDOUS SUBSTANCES. Indemnitors represent, warrant and covenant
to Lender that:

		(a)	The Premises is not subject to any liens, actions or proceedings relating to Hazardous Substances
(as hereinafter defined) or Environmental Laws (as hereinafter defined), none of the Indemnitors is a party to any such action
or proceeding relating to the Premises, and Indemnitors have not received notice of any such lien, action or proceeding pending
or threatened.

		(b)	To Indemnitors’ knowledge which is based solely upon review of the Phase I Environmental
Site Assessment Report dated May 29, 2014 known as CBRE Project No. 14-460TX-0630 covering the Premises prepared by CBRE, Inc.
for the Indemnitors in connection with Borrower’s purchase of the Premises (the “Indemnitors’ Existing Phase
I Report”), no Hazardous Substances are presently located on the surface or in the subsurface of the Premises, or in
any surface waters or ground waters on or under the Premises in violation of Environmental Laws.

		(c)	To Indemnitors’ knowledge which is based solely on the Indemnitors’ Existing Phase
I Report, the Premises and its use and operation are currently in compliance with all Environmental Laws.

		(d)	To Indemnitors’ knowledge which is based solely on the Indemnitors’ Existing Phase
I Report, there are no storage tanks, polychlorinated biphenyls, asbestos or Hazardous Substances present on the Premises in violation
of Environmental Laws.

		(e)	To Indemnitors’ knowledge, Indemnitors have obtained all permits and licenses required by
all environmental agencies having jurisdiction over Indemnitors and the Premises and under all Environmental Laws.

		(f)	Indemnitors’ representations and warranties set forth in subparagraphs (a) through (e) above
shall be continuing and shall remain true and correct in all material aspects until the Loan has been paid in full and all applicable
statutes of limitation shall have expired, and shall not be affected by any investigation by or on behalf of the Lender or by any
information Lender may have or obtain with respect thereto.

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		(g)	Indemnitors shall immediately notify Lender in writing of any circumstances or occurrences that
would make any representation or warranty in subparagraphs (a) through (e) false, or that would subject Indemnitors, Lender or
any previous owner of the Premises to liability under any Environmental Laws. In addition, Indemnitors shall give Lender written
notice of (i) any proceeding or inquiry by any governmental authority whether Federal, state or local with respect to a violation
of any Environmental Laws; and (ii) all claims made by any third party against Indemnitors or the Premises relating to any loss
or injury resulting from violation of any Environmental Laws or the presence of any Hazardous Substances, upon receipt thereof
by Indemnitors.

		(h)	Indemnitors shall comply with all Environmental Laws affecting the Premises and the business and
operations conducted thereon and shall, at no cost or expense to Lender, take all actions necessary in connection herewith, including,
without limitation, remediation, removal, containment, correction and disposal required by any Environmental Laws or any governmental
agencies in the enforcement of Environmental Laws affecting the Premises.

		(i)	In the event that any of the Indemnitors receive any information, notice or advice from any source
that an environmental impact or threatened or actual release affecting the environmental condition of the Premises is alleged,
suspected or observed, Indemnitors shall immediately notify Lender no later than three (3) Business Days after such receipt. The
phrase “environmental condition” includes, without limitation, any adverse effect on the surface or ground water, drinking
water supply, land surface or subsurface strata and the ambient air.

		(j)	Subject to the tenants’ rights under applicable leases, Indemnitors shall provide Lender
with reasonable access to the Premises, Indemnitors’ business records and agents and employees for the purpose of confirming
compliance with the provisions of this Agreement upon not less than three (3) days prior written notice except in the event of
an emergency. Lender shall be under no duty to exercise such access, the nonexistence of which shall in no way prejudice the rights
of Lender under this Agreement, the Note, the Mortgage or otherwise. Further, Indemnitors shall provide Lender with such information,
certifications and any other documentation which Lender may reasonably request from time to time to insure Indemnitors’ compliance
with this Agreement and all Environmental Laws.

		(k)	Indemnitors have a continuing duty to notify Lender of any change of conditions affecting the continuing
accuracy and truthfulness of any covenant, representation or warranty of Indemnitors contained in this Agreement, the Mortgage
or any other certificate delivered to Lender in connection with the Loan.

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		(l)	To Indemnitors’ knowledge, Indemnitors have completed and delivered to Lender all environmental
disclosure documents in their possession and otherwise complied with all necessary reporting requirements under the Environmental
Laws in order for Lender to make the Loan and the information provided to Lender, pursuant to the Environmental Laws, is true,
correct and complete.

		(m)	Lender is entitled to rely upon Indemnitors’ representations, warranties and covenants contained
in this Agreement notwithstanding any independent investigations by Lender or its agents or consultants.

3.              
DEFINITIONS.

		(a)	For purposes of this Agreement, the term “Environmental Laws” shall mean and
include all Federal, state and local statutes, ordinances, regulations and rules relating to environmental quality, health, safety,
contamination and clean-up, and the use, storage, treatment or disposal of Hazardous Substances, including, without limitation,
the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”) as amended, 42 U.S.C.
‘9601 et seq., the Resource Conservation and Recovery Act of 1976 (“RCRA”) as amended, 42 U.S.C.
‘6901 et seq., state superlien and environmental clean-up statutes, and any and all amendments thereto or replacements
thereof.

		(b)	For purposes of this Agreement, the term “Hazardous Substances” shall include,
without limitation, (i) all substances included within the definitions of any one or more of the terms “hazardous substances”,
“toxic substances”, and “solid waste” in CERCLA, RCRA and the Hazardous Materials Transportation Act, as
amended, 49 U.S.C. ‘1801 et seq, and in the regulations promulgated pursuant to said laws or under applicable
law; (ii) those substances listed in the United States Department of Transportation Table (49 CFR 172.101 and amendments thereto)
or by the Environmental Protection Agency (or any successor agency) as Hazardous Substances (40 CFR, Part 302 and amendments thereto);
(iii) such other substances, materials and wastes which are or become regulated under applicable local, state or Federal laws,
or which are classified as hazardous or toxic under Federal, state or local laws or regulations; and (iv) any material, waste or
substance which is (a) petroleum; (b) asbestos; (c) polychlorinated biphenyls; (d) designated as a “Hazardous Substance pursuant
to Section 311 of the Clean Water Act, 33 U.S.C. ‘1251 et seq, or listed pursuant to 307 of the Clean Water
Act (33 U.S.C. ‘1317); (e) flammable explosives; or (f) radioactive materials.

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4.              
REMEDIAL WORK. In the event that any investigation, site monitoring, containment, cleanup, removal, restoration or
other remedial work of any kind or nature (collectively the “Remedial Work”) is necessary under any applicable
local, state or Federal law or regulation, any judicial order, or by any governmental or quasi-governmental entity or person because
of, or in connection with the violation of any Environmental Laws or the current or future presence, or suspected presence, release
or suspected release of a Hazardous Substance in or into the air, soil, ground, water, surface water, or soil vapor at, on, about,
under or within the Premises, or any portion thereof, Indemnitors shall have thirty (30) days after written demand for performance
thereof by Lender or other party or governmental entity or agency (or such shorter period of time as may be required under any
applicable law, regulation, order or agreement) but subject to force majeure, to commence to perform, or cause to be commenced,
and thereafter diligently prosecute to completion, all such Remedial Work. All Remedial Work shall be performed by one or more
contractors, approved in advance in writing by Lender, and under the supervision of a consulting engineer, approved in advance
in writing by Lender. All costs and expenses of such Remedial Work shall be paid by Indemnitors, including, without limitation,
the charges of such contractor and the consulting engineer, and Lender’s reasonable attorneys’ fees and third party
out-of-pocket costs incurred in connection with the monitoring or review of such Remedial Work. In the event Indemnitors shall
fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion the Remedial Work, Lender may,
but shall not be required to, cause such Remedial Work to be performed and all costs and expenses thereof incurred in connection
therewith shall become immediately due and payable with interest thereon at the Default Rate set forth in the Loan Agreement until
paid, and such amount shall be secured by the Mortgage. Without Lender’s prior written consent, Indemnitors shall not take
any remedial action in response to any violation of any Environmental Laws or the presence of any Hazardous Substances on, under,
or about the Premises, nor enter into any settlement agreement, consent decree or other compromise in respect to a violation of
any Environmental Laws or any Hazardous Substances claim unless Indemnitors are so ordered by a court of competent jurisdiction
or governmental agency, order, decree or judgment. Said consent may be withheld, without limitation, if Lender, in its reasonable
judgment, determines that said remedial action, settlement, consent or compromise might impair the value of Lender’s security
under the Mortgage; provided, however, that Lender’s prior consent shall not be necessary in the event that the violation
of any Environmental Laws or the presence of any Hazardous Substances in, on, under or about the Premises either poses an immediate
threat to the health, safety or welfare of any individual or is of such nature that an immediate remedial response is necessary,
and it is not possible to obtain Lender’s consent before taking such action, provided that in such event Indemnitors shall
notify Lender as soon as practicable of any action so taken. Lender agrees not to withhold its consent, when such consent is required
hereunder, if either (i) a particular remedial action is ordered by a court of competent jurisdiction or any governmental agency
having jurisdiction over the Premises; or (ii) Indemnitors establish to the reasonable satisfaction of Lender that there is no
reasonable alternative to such remedial action that would result in materially less impairment of Lender’s security under
the Mortgage. If Lender intends to exercise any of its remedies hereunder or under the Mortgage or any other documents guaranteeing
or securing repayment of the Note, or if Lender receives notice of, or has a

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reasonable factual
basis to believe that there is a release of any Hazardous Substances in or into the air, soil, ground, water, surface water or
soil vapor at, on, about, under or within the Premises, or any portion thereof, or violation of any Environmental Laws, then Lender
may obtain, at the cost and expense of Indemnitors, an environmental audit(s) of the Premises performed by an environmental firm
or firms selected by Lender.

5.              
INDEMNIFICATION. Indemnitors shall, jointly and severally, indemnify, defend and hold harmless Lender, its officers,
directors, employees and agents from and against any liability, loss, claim, damage or expense (including reasonable attorneys’
fees and disbursements, consultant fees, investigation fees, and laboratory fees) to which any of them may become subject insofar
as they may arise or are based upon:

		(a)	Any violation or claim of violation of the Environmental Laws with respect to the Premises, injury
to any person or property as a result of the violation or claim of violation of Environmental Laws, or any governmental or judicial
claim, or ordinance or judgment with respect to the clean-up of Hazardous Substances at or with respect to the Premises;

		(b)	The presence of hazardous or toxic substances, wastes or materials in or on the Premises (including
any improvements) or the subsurface thereof;

		(c)	Any cost, claim, liability or damage incurred or expended in remediation of any conditions of the
Premises required by any governmental authority, regarding the presence of Hazardous Substances on the Premises (including the
improvements) or the subsurface thereof, or the release, escape, seepage, leakage, discharge or migration of any such toxic or
Hazardous Substance, waste or material;

		(d)	Any error, misstatement or omission by Indemnitors in or with respect to this Agreement; and

		(e)	Any breach of any of the warranties, representations and covenants contained in Paragraph 2
hereof.

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The foregoing indemnification
shall survive repayment of the Note, cancellation of the Note, the releases of the liens of the Mortgage, any sale or transfer
of title or any interest in the Premises or any transfer of the Premises by foreclosure or by a deed in lieu of foreclosure, and
such indemnification shall not be limited to the amount of the deficiency in any foreclosure sale of the Premises or any interest
therein, nor be limited or otherwise affected or negated by any exculpatory clause or provision which may be contained in the Note,
the Mortgage or any of the other Loan Documents evidencing or securing the Note. The foregoing notwithstanding, Indemnitors’
obligations under this Paragraph 5 with regard to any Post Transfer Indemnification Responsibilities (as hereinafter defined)
shall be limited to such obligations directly or indirectly arising out of or resulting from any Hazardous Substances that were
present or released in, on or around any part of the Premises, or in the soil, ground water or soil vapor on or under the Premises
at any time before or while the Borrower held title to or was in possession or control of the subject Premises (“Indemnitors’
Continuing Responsibility”); provided, however, that any Post Transfer Indemnification Responsibilities (as hereinafter
defined) incurred or suffered by Lender shall be presumed, unless shown by a preponderance of the evidence to the contrary, to
be Indemnitors’ Continuing Responsibility. “Post Transfer Indemnification Responsibilities” shall mean
any obligations hereunder to indemnify, defend and hold Lender and its officers, directors, employees and agents harmless arising
after Lender ceases to hold a security interest in the Premises or acquires title to the Premises as a result of foreclosure, deed
in lieu of foreclosure or other transfer of the Premises. Indemnitors, for themselves and for their respective successors and assigns,
hereby waive, release and agree not to make any claim or bring any cost recovery action against Lender under CERCLA (as previously
defined in Paragraph 3(a) herein) or any state equivalent, or any similar law now existing or hereafter enacted. It is expressly
understood and agreed that the obligation of Indemnitors to Lender under this indemnity shall be without regard to default on the
part of Indemnitors with respect to the violation or condition which results in liability to Indemnitors hereunder. The obligations
and liabilities of Indemnitors under this Agreement shall terminate and be of no further force and effect with respect to any unasserted
claim when all of the following conditions are satisfied in full: (i) the Loan shall have been paid in full on or prior to the
Maturity Date and Lender has not foreclosed or otherwise taken possession of any portion of the Premises, (ii) there has been no
material change, between the date hereof and the date the Loan is paid in full, in any Environmental Law, the effect of which change
would make a lender or mortgagee liable in respect to any matter for which the Indemnified Parties are entitled to indemnification
pursuant to this Agreement, notwithstanding the fact that the Loan is paid in full, (iii) Lender shall have received, at Indemnitors’
expense, an updated environmental report from an engineer acceptable to Lender dated within sixty (60) days of the requested release
showing, to the satisfaction of Lender, that there exists no matter for which the Indemnified Parties are entitled to indemnification
pursuant to this Agreement, (iv) two (2) years has passed since the date that the Loan has been paid in full, and (v) no claim
alleging a violation of Environmental Laws has been asserted against Indemnitors or Lender during the two (2) year period since
the date that the Loan has been pain in full.

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6.              
MISCELLANEOUS.

		(a)	Interest. Any amount due and owing by Indemnitors to Lender under this Agreement which is
not paid by Indemnitors within five (5) days after written demand from Lender shall bear interest at the Default Rate.

		(b)	Governing Law. This Agreement shall be governed by and construed under the laws of the State
where the subject Premises is located without regard to its conflict of laws principles, and under any applicable laws of the United
States of America.

		(c)	Binding Nature. This Agreement shall be binding upon Indemnitors and their respective successors
and assigns, and shall be for the benefit of Lender and its successors and assigns.

		(d)	Modification. This Agreement may not be altered, modified or amended except by written instrument
signed by all the parties hereto.

		(e)	Invalidation. If any provision of this Agreement is held invalid or unenforceable by any
court of competent jurisdiction, such provision shall be deemed severed from this Agreement to the extent that if such invalidity
or unenforceability, and the remainder hereof will not be affected thereby, each of the provisions hereof being severable in any
such instance.

		(f)	Counterparts. This Agreement may be executed in one or more counterparts, each of which
counterparts shall be deemed an original instrument and all of which when taken together, shall constitute one and the same document.

(SIGNATURE PAGE IMMEDIATELY FOLLOWS)

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IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	
        IREIT WEST BEND MAIN, L.L.C.,

        a Delaware limited liability company

	 	 	 
	 	By:	
        INLAND REAL ESTATE INCOME TRUST, INC.,

        a Maryland corporation

	 	Its:	Sole Member
	 	 	 
	 	By:	/s/ David Z. Lichterman
	 	Print Name:	David Z. Lichterman
	 	Its:	Vice President, Treasurer and CAO
	 	 	 
	 	 	 
	 	GUARANTOR:
	 	 	 
	 	
        INLAND REAL ESTATE INCOME TRUST, INC.,

        a Maryland corporation

	 	 	 
	 	By:	/s/ David Z. Lichterman
	 	Print Name:	David Z. Lichterman
	 	Its:	Vice President, Treasurer & CAO

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EXHIBIT “A”

LEGAL DESCRIPTION

The following land located in the County of
Washington, State of Wisconsin and described as follows:

 

 

Lot 2 of Certified Survey Map No. 6369, recorded
July 22, 2010, in Volume 48 of Certified Survey Maps on Pages 100 to 104, as Document No. 1254225, being Parcel 1 of Certified
Survey Map No. 2518 as recorded in the Washington County Registry in Volume 13 of Certified Survey Maps on Page 262 as Document
No. 450881, part of Lot 1 of Certified Survey Map No. 3947, recorded in the Washington County Registry in Volume 25 of Certified
Survey Maps on Pages 143-145, as Document No. 612547 (and as corrected by Affidavit of Correction recorded on March 15, 1993, in
Volume 1282 of Records, on Page 442, as Document No. 626807) both being a part of Parcel 1 of Certified Survey Map No. 184 as recorded
in the Washington County Registry in Volume 1 of Certified Survey Maps on Page 292, as Document No. 303198; and part of the Southwest
1/4 of the Southwest 1/4, all in Section 24, Town 11 North, Range 19 East, City of West Bend, County of Washington, State of Wisconsin.

Tax Key No: 291 1119-243-0038

Property Addresses: 1605, 1629, 1721, 1733, 1739 and 1801 S. Main Street, West Bend, Wisconsin, 53090

 

 

Which are all commonly known as The Pick ’n
Save Center.Dime Community Bancshares, Inc. 2013 Equity and  Incentive Plan

Restricted Stock Award Notice for Non-Employee Directors

	
 

	
 

	
 

Name of Recipient                                                                                                                                                                                                           Social Security Number

	
 

                                             Street Address

	
 

	
 

	
 

	
 

	
 

City                                                                                                                                                                                  State                                                                                                                                                                         ZIP Code

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 Dime Community Bancshares, Inc. 2013 Equity and Incentive Plan.  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

	
 

Effective Date

	
 

April 30, 2014

	
 

Class of Shares*

	
Common

	
 

No. of Awarded Shares*

	
 

	
 

Type of Award (Escrow or Legended Certificate)

	
Escrow

	
 

Vesting Date*

	
May 1, 2015

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

By signing where indicated below, Dime Community Bancshares, Inc. (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

Dime Community Bancshares, Inc.                                                                                                                              Recipient

By                                                                                                            

            Name: Vincent F. Palagiano

            Title: Chairman of the Board and

            Chief Executive Officer

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

 

 

EXHIBIT A

Dime Community Bancshares, Inc. 2013 Equity and Incentive Plan

Restricted Stock Award Notice

General Terms and Conditions

Section 1. Size and Type of Award. The shares of Common Stock of Dime Community Bancshares, Inc. ("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 either:  Escrow or Legended Certificate.

(a) Legended Certificate. If your Awarded Shares are designated  "Legended Certificate," a stock certificate evidencing the Awarded Shares will be issued in your name and held in escrow by the Committee or its designee ("Plan Trustee"). The stock certificate will bear a legend indicating that it is subject to all of the terms and conditions of this Award Notice and the Dime Community Bancshares, Inc. 2013 Equity and Incentive Plan ("Plan"). You will be required to elect to be taxed on the Fair Market Value of the Awarded Shares as of the date they are placed in your name, pursuant to section 83(b) of the Internal Revenue Code of 1986. You must make this election in writing, in the manner required by applicable Internal Revenue Service Regulations, and file it with the Internal Revenue Service and the Company within 30 days after the date on which the Awarded Shares are transferred into your name

(b) Escrow. If your Awarded Shares are designated "Escrow," the Awarded Shares will be held in the name of the Plan Trustee on a pooled basis with other Awarded Shares that have been designated "Escrow."   You will not be permitted to elect to be taxed currently on the Fair Market Value of the Awarded Shares and instead will be subject to income tax on the Awarded Shares as and when they become vested.

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:

Non-Employee Directors. If you receive your Restricted Stock Award for services of as a non-employee Director, you must remain in continuous service from the Effective Date shown on the Restricted Stock Award Notice through the relevant Vesting Date.

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. Your Awarded Shares that have not previously vested will become vested on a pro-rated basis, immediately, and without any further action on your part, in the event of your Retirement (as defined in the Plan), death or Disability (as defined in the Plan). The pro-ration will reflect the portion of the unvested Awarded Shares for which an expense has been accrued on the Company's financial statements as of the date of your Retirement, death or Disability.  In addition, in the event a Change of Control (as defined in the Plan) occurs before you terminate service with the Company, then

Non-Employee Directors. If you receive your Restricted Stock Award for services as a non-employee Director, any Awarded Shares not theretofore forfeited shall become immediately vested on the date of the Change of Control.

Employees.  If you receive your Restricted Stock Award for services as an Employee and experience a Qualifying Termination upon or after a Change in Control, any Awarded Shares not theretofore forfeited shall become immediately vested on the date of the Qualifying Termination.

You may designate a Beneficiary to receive any Awarded Shares that vest upon your death using the Beneficiary Designation attached as Appendix A.

(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 The Dime Savings Bank of Williamsburgh.

Section 3. Dividends. If your Awarded Shares are in the form of Legended Certificates, any dividends declared by the Company with a record date that is after the Effective Date specified in the Award Notice will be paid in the same manner as for other shareholders. If your Awarded Shares are designated "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.

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 the Company:

Dime Community Bancshares, Inc.

209 Havemeyer Street

Brooklyn, New York     11211

Attention:  Corporate Secretary

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 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, complete the attached Appendix A and file it with the Corporate Secretary of Dime Community Bancshares, Inc.  The latest Beneficiary designation on file for a Recipient with respect to an outstanding restricted stock award under this Plan or any other equity compensation plan of the Company will determine the Recipient's Beneficiary for purposes of this Award.

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 Kings 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 may be amended, in whole or in part, by the Compensation Committee of the Board of Directors of Dime Community Banncshares, Inc. without the consent of the Recipient in any manner which the Compensation Committees does not materially adversely affect the Recipient's rights hereunder.

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.  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 restricted Stock Award Notice

Dime Community Bancshares, Inc. 2013 Stock Incentive Plan

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

Making Designation

	
 

Social Security Number ______—_____—__________

	
 

	
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

	
Birth date

	
Share

	
                                                                 

	
                                                                   

                                                                   

	
                     

	
                     

	
%

	
                                                                 

	
                                                                   

                                                                   

	
                     

	
                     

	
%

	
                                                                 

	
                                                                   

                                                                   

	
                     

	
                     

	
%

Total  =  100%

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

 

	
Name

	
Address

	
Relationship

	
Birth date

	
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 Dime Community Bancshares, 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 Restricted Stock Awards under this or any prior equity compensation plan of Dime Community Bancshares, Inc.

 

 

                                                                                                                                                                                             

Your Signature              Date

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