Document:

EX-10.30

 

EXHIBIT 10.30

AMENDED AND RESTATED PLEDGE AGREEMENT

by and between

EMPLOYEE STOCK OWNERSHIP PLAN TRUST

of

HUDSON CITY SAVINGS BANK

and

HUDSON CITY BANCORP, INC.

Made and Entered Into as of

June 21, 2005

 

 

EXHIBIT 10.30

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	PAGE	 
	Section 1. Definitions

	 	 	1	 
	Section 2. Pledge

	 	 	2	 
	Section 3. Representations and Warranties of the Pledgor

	 	 	2	 
	Section 4. Eligible Collateral

	 	 	2	 
	Section 5. Delivery

	 	 	3	 
	Section 6. Events of Default

	 	 	3	 
	Section 7. Payment in Full

	 	 	4	 
	Section 8. No Waiver

	 	 	4	 
	Section 9. Binding Effect; No Assignment or Delegation

	 	 	4	 
	Section 10. Governing Law

	 	 	4	 
	Section 11. Notices

	 	 	5	 
	Section 12. Interpretation

	 	 	6	 
	Section 13. Construction

	 	 	6	 

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EXHIBIT 10.30

AMENDED AND RESTATED PLEDGE AGREEMENT

          This AMENDED AND RESTATED PLEDGE AGREEMENT (“Amended and Restated Pledge Agreement”) is made
as of the 21st day of June, 2005, by and between the EMPLOYEE STOCK OWNERSHIP PLAN TRUST
OF HUDSON CITY SAVINGS BANK, acting by and through its Trustee, GreatBanc Trust Company, a trust
corporation organized under the laws of the State of Illinois and having an office at 45
Rockefeller Plaza, Suite 2055, New York, New York 10111-2000 (“Pledgor”), and Hudson City Bancorp,
Inc., a corporation organized and existing under the laws of the State of Delaware, having an
office at West 80 Century Road, Paramus, New Jersey 07652-1473 (“Pledgee”).

W I T N E S S E TH: 

          Whereas, this Amended and Restated Pledge Agreement is being executed and delivered
to the Pledgee pursuant to the terms of an Amended and Restated Loan Agreement of even date
herewith (“Amended and Restated Loan Agreement”), by and between the Pledgor and the Pledgee;

          Now, Therefore, in consideration of the mutual agreements contained herein and in the
Amended and Restated Loan Agreement, the parties hereto do hereby covenant and agree as follows:

          Section 1. Definitions. The following definitions shall apply for purposes of this
Amended and Restated Pledge Agreement, except to the extent that a different meaning is plainly
indicated by the context; all capitalized terms used but not defined herein shall have the
respective meanings assigned to them in the Amended and Restated Loan Agreement:

     (a) Collateral shall mean the Pledged Shares and, subject to section 5 hereof,
and to the extent permitted by applicable law, all rights with respect thereto, and all
proceeds of such Pledged Shares and rights.

     (b) Event of Default shall mean an event so defined in the Amended and Restated
Loan Agreement.

     (c) Liabilities shall mean all the obligations of the Pledgor to the Pledgee,
howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent,
now or hereafter existing, or due or to become due, under the Amended and Restated Loan
Agreement and the Amended and Restated Promissory Note.

     (d) Pledged Shares shall mean 22,768,166 of the 27,879,376 shares (based on a 2
to 1 stock split effected in June 2002 and a 3.2060 stock split effected in June 2005) of
Common Stock of Hudson City Bancorp, Inc. purchased by the Pledgor with the proceeds of the
loan made by the Pledgee to the Pledgor pursuant to the Loan Agreement by and between the
Employee Stock Ownership Plan Trust of Hudson City Savings Bank and Hudson City Bancorp,
Inc., made and entered into as of June 21, 1999, which have not been allocated to ESOP
participants as of the date hereof and are subject to the terms of the Amended and Restated
Loan Agreement and the Amended and Restated

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Promissory Note, but excluding any such shares previously released pursuant to section
4.

          Section 2. Pledge. To secure the payment of and performance of all the Liabilities,
the Pledgor hereby pledges to the Pledgee, and grants to the Pledgee a security interest in and
lien upon, the Collateral.

          Section 3. Representations and Warranties of the Pledgor. The Pledgor represents,
warrants, and covenants to the Pledgee as follows:

     (a) to the actual knowledge of the Trustee, the execution, delivery and performance of
this Amended and Restated Pledge Agreement and the pledging of the Collateral hereunder do
not and will not conflict with, result in a violation of, or constitute a default under any
agreement binding upon the Pledgor;

     (b) the Pledged Shares are and will continue to be owned by the Pledgor free and clear
of any liens or rights of any other person except the lien hereunder and under the Amended
and Restated Loan Agreement in favor of the Pledgee, and the security interest of the
Pledgee in the Pledged Shares and the proceeds thereof is and will continue to be prior to
and senior to the rights of all others;

     (c) to the actual knowledge of the Trustee, this Amended and Restated Pledge Agreement
is the legal, valid, binding and enforceable obligation of the Pledgor in accordance with
its terms;

     (d) the Pledgor shall, from time to time, upon request of the Pledgee, promptly deliver
to the Pledgee such stock powers, proxies, and similar documents, satisfactory in form and
substance to the Pledgee, with respect to the Collateral as the Pledgee may reasonably
request; and

     (e) subject to the first sentence of section 4(b), the Pledgor shall not, so long as
any Liabilities are outstanding, sell, assign, exchange, pledge or otherwise transfer or
encumber any of its rights in and to any of the Collateral.

     Section 4. Eligible Collateral.

     (a) As used herein the term “Eligible Collateral” shall mean that amount of Collateral
which has an aggregate fair market value equal to the amount by which the Pledgor is in
default (without regard to any amounts owing solely as the result of an acceleration of the
Amended and Restated Loan Agreement) or such lesser amount of Collateral as may be required
pursuant to section 12 of this Amended and Restated Pledge Agreement.

     (b) The Pledged Shares shall be released from this Amended and Restated Pledge
Agreement in a manner conforming to the requirements of Treasury Regulations Section
54.4975-7(b)(8), as the same may be from time to time amended or supplemented, and section
6.4(a) of the ESOP. Subject to such Regulations, the Pledgee may from time to time, after
any Default or Event of Default, and without prior notice to

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the Pledgor, transfer all or any part of the Eligible Collateral into the name of the
Pledgee or its nominee, with or without disclosing that such Eligible Collateral is subject
to any rights of the Pledgor and may from time to time, whether before or after any of the
Liabilities shall become due and payable, without notice to the Pledgor, take all or any of
the following actions: (i) notify the parties obligated on any of the Eligible Collateral to
make payment to the Pledgee of any amounts due or to become due thereunder, (ii) release or
exchange all or any part of the Eligible Collateral, or compromise or extend or renew for
any period (whether or not longer than the original period) any obligations of any nature of
any party with respect thereto, and (iii) take control of any proceeds of the Eligible
Collateral.

     Section 5. Delivery.

     (a) The Pledgor shall deliver to the Pledgee upon execution of this Amended and
Restated Pledge Agreement an assignment by the Pledgor of all the Pledgor’s rights to and
interest in the Pledged Shares.

     (b) So long as no Default or Event of Default shall have occurred and be continuing,
(i) the Pledgor shall be entitled to exercise any and all voting and other rights pertaining
to the Collateral or any part thereof for any purpose not inconsistent with the terms of
this Amended and Restated Pledge Agreement, and (ii) the Pledgor shall be entitled to
receive any and all cash dividends or other distributions paid in respect of the Collateral.

     Section 6. Events of Default.

     (a) If a Default or an Event of Default shall be existing, in addition to the rights it
may have under the Amended and Restated Loan Agreement, the Amended and Restated Promissory
Note, and this Amended and Restated Pledge Agreement, or by virtue of any other instrument,
(i) the Pledgee may exercise, with respect to the Eligible Collateral, from time to time any
rights and remedies available to it under the Uniform Commercial Code as in effect from time
to time in the State of New Jersey or otherwise available to it and (ii) the Pledgee shall
have the right, for and in the name, place and stead of the Pledgor, to execute
endorsements, assignments, stock powers and other instruments of conveyance or transfer with
respect to all or any of the Eligible Collateral. Written notification of intended
disposition of any of the Eligible Collateral shall be given by the Pledgee to the Pledgor
at least three (3) Business Days before such disposition. Subject to section 13 below, any
proceeds of any disposition of Eligible Collateral may be applied by the Pledgee to the
payment of expenses in connection with the Eligible Collateral, including, without
limitation, reasonable attorneys’ fees and legal expenses, and any balance of such proceeds
may be applied by the Pledgee toward the payment of such of the Liabilities as are in
Default, and in such order of application, as the Pledgee may from time to time elect. No
action of the Pledgee permitted hereunder shall impair or affect its rights in and to the
Eligible Collateral. All rights and remedies of the Pledgee expressed hereunder are in
addition to all other rights and remedies possessed by it, including, without limitation,
those contained in the documents referred to in the definition of Liabilities in section 1
hereof.

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     (b) In any sale of any of the Eligible Collateral after a Default or an Event of
Default shall have occurred, the Pledgee is hereby authorized to comply with any limitation
or restriction in connection with such sale as it may be advised by counsel is necessary in
order to avoid any violation of applicable law (including, without limitation, compliance
with such procedures as may restrict the number of prospective bidders and purchasers or
further restrict such prospective bidders or purchasers to persons who will represent and
agree that they are purchasing for their own account for investment and not with a view to
the distribution or resale of such Eligible Collateral), or in order to obtain such required
approval of the sale or of the purchase by any governmental regulatory authority or
official, and the Pledgor further agrees that such compliance shall not result in such
sale’s being considered or deemed not to have been made in a commercially reasonable manner,
nor shall the Pledgee be liable or accountable to the Pledgor for any discount allowed by
reason of the fact that such Eligible Collateral is sold in compliance with any such
limitation or restriction.

               Section 7. Payment in Full. Upon the payment in full of all outstanding
Liabilities, this Amended and Restated Pledge Agreement shall terminate and the Pledgee shall
forthwith assign, transfer and deliver to the Pledgor, against receipt and without recourse to the
Pledgee, all Collateral then held by the Pledgee pursuant to this Amended and Restated Pledge
Agreement.

               Section 8. No Waiver. No failure or delay on the part of the Pledgee in exercising
any right or remedy hereunder or under any other document which confers or grants any rights in the
Pledgee in respect of the Liabilities shall operate as a waiver thereof nor shall any single or
partial exercise of any such right or remedy preclude any other or further exercise thereof or the
exercise of any other right or remedy of the Pledgee.

               Section 9. Binding Effect; No Assignment or Delegation. This Amended and Restated
Pledge Agreement shall be binding upon and inure to the benefit of the Pledgor, the Pledgee and
their respective successors and assigns, except that the Pledgor may not assign or transfer its
rights hereunder without the prior written consent of the Pledgee (which consent shall not
unreasonably be withheld). Each duty or obligation of the Pledgor to the Pledgee pursuant to the
provisions of this Amended and Restated Pledge Agreement shall be performed in favor of any person
or entity designated by the Pledgee, and any duty or obligation of the Pledgee to the Pledgor may
be performed by any other person or entity designated by the Pledgee.

               Section 10. Governing Law. This Amended and Restated Pledge Agreement shall be
governed by and construed in accordance with the laws of the State of New Jersey applicable to
agreements to be performed wholly within the State of New Jersey.

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               Section 11. Notices. All notices, requests, instructions or documents hereunder shall
be in writing and delivered by hand or commercial messenger service or sent by United States mail,
registered or certified, return receipt requested, with proper postage prepaid, or by telex or
facsimile, addressed as follows:

(a) If to the Pledgee:

Hudson City Bancorp, Inc.

West 80 Century Road

Paramus, New Jersey 07652-1473

Attention: Chief Financial Officer

      with a copy to:

Thacher Proffitt & Wood llp

Two World Financial Center, 28th Floor

New York, New York 10281

Attention: W. Edward Bright, Esq.

(b) If to the Pledgor:

Employee Stock Ownership Plan Trust

  of Hudson City Savings Bank

c/o Hudson City Savings Bank

West 80 Century Road

Paramus, New Jersey 07652-1473

Attention: Senior Personnel Officer

                  with copies to:

GreatBanc Trust Company

45 Rockefeller Plaza, Suite 2055

New York, New York 10111-2000

Attention: Mr. Stephen J. Hartman, Jr.

Thacher Proffitt & Wood llp

Two World Financial Center, 28th Floor

New York, New York 10281

Attention: W. Edward Bright, Esq.

The Goldstein Law Firm, P.C.

12 Corporate Woods Boulevard

Albany, New York 12211-2350

Attention: Brian P. Goldstein, Esq.

Any notice, request or communication hereunder shall be deemed to have been given on the day on
which it is delivered by hand or by commercial messenger service, or sent by telex or facsimile, to
such party at its address specified above, or, if sent by mail, on the third Business

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Day after the day deposited in the mail, postage prepaid, addressed as aforesaid. Any party may
change the person or address to whom or which notices are to be given hereunder, by notice duly
given hereunder; provided, however, that any such notice shall be deemed to have been given only
when actually received by the party to whom it is addressed.

          Section 12. Interpretation. Wherever possible each provision of this Amended and
Restated Pledge Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision hereof shall be prohibited by or invalid under such law, such
provisions shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions hereof.

          Section 13. Construction. All provisions hereof shall be construed so as to maintain
(a) the ESOP as a qualified leveraged employee stock ownership plan under section 401(a) and
4975(e)(7) of the Internal Revenue Code of 1986 (the “Code”), (b) the Trust as exempt from taxation
under section 501(a) of the Code and (c) the Trust Loan as an exempt loan under section
54.4975-7(b) of the Treasury Regulations and as described in Department of Labor Regulation section
2550.408b-3.

          In Witness Whereof, this Amended and Restated Pledge Agreement has been duly executed
by the parties hereto as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	Employee Stock Ownership Plan Trust
	 	 	     of Hudson City Savings Bank
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GreatBanc Trust Company, as Trustee

    and not in any other capacity
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Stephen J. Hartman, Jr.
 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Hudson City Bancorp, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ronald E. Hermance, Jr.
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	President and Chief Executive Officer

-6-EX-10.31

 

EXHIBIT 10.31

FORM OF AMENDED AND RESTATED ASSIGNMENT

     In consideration of the loan made by Hudson City Bancorp, Inc. (“Lender”) to the Employee
Stock Ownership Plan Trust of Hudson City Savings Bank (“Borrower”) pursuant to the Amended and
Restated Loan Agreement between the Lender and the Borrower of even date herewith (“Amended and
Restated Loan Agreement”) and pursuant to the Amended and Restated Pledge Agreement between the
Lender and the Borrower of even date herewith pertaining thereto, subject to the terms of the
Amended and Restated Loan Agreement and the Amended and Restated Pledge Agreement, the undersigned
Borrower hereby transfers, assigns and conveys to Lender all its right, title and interest in and
to those certain shares of common stock of the Lender which are subject to the terms of the Amended
and Restated Loan Agreement, and agrees to transfer and endorse to Lender the certificates
representing such shares as and when required pursuant to the Amended and Restated Loan Agreement
or Amended and Restated Pledge Agreement. This Amended and Restated Assignment supersedes, in its
entirety, that certain Assignment dated June 21, 1999 executed by the Borrower in favor of the
Lender.

	 	 	 	 	 
	 	 	Employee Stock Ownership Plan Trust of Hudson City Savings Bank
	 
	 	 	 	 
	 

	 	By:
	 	GreatBanc Trust Company, as Trustee and not in any other
capacity
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Stephen J. Hartman, Jr.
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:
	 	Senior Vice President

June 21, 2005

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