Document:

EX-10.46

 Exhibit 10.46 

HUDSON CITY BANCORP, INC. 

AMENDED AND RESTATED 2011 STOCK INCENTIVE PLAN

 DEFERRED STOCK UNIT AWARD NOTICE –
EMPLOYEES 
 Name:
                     
 Address:
                     
 I.D.
Number:          
 This Deferred Stock Unit Award Notice is intended to set forth the terms and
conditions on which a Deferred Stock Unit Award has been granted under the Hudson City Bancorp, Inc. Amended and Restated 2011 Stock Incentive Plan. Set forth below are the specific terms and conditions applicable to this Deferred Stock Unit Award.
Attached as Exhibit A are its general terms and conditions. 
 Total Award: Deferred Stock Units 

 

													
	 Deferred Stock Units
	 		 		 		 		 		 	
							
	 Effective Date
	 	6/18/2013	 	6/18/2013	 	6/18/2013	 	6/18/2013	 	6/18/2013	 	6/18/2013
							
	 Class of Shares*
	 	Common	 	Common	 	Common	 	Common	 	Common	 	Common
							
	 No. of Awarded Units*[*]
	 		 		 		 		 		 	
							
	 Compensation for Service as

[Director or Employee]
	 	Employee	 	Employee	 	Employee	 	Employee	 	Employee	 	Employee
							
	 Vesting Date*
	 	1/1/2014	 	1/1/2014	 	1/1/2015	 	1/1/2015	 	1/1/2016	 	1/1/2016
							
	 Performance Vesting Conditions
	 	See
Appendix B to
Exhibit A	 	See
Appendix B to
Exhibit A	 	See
Appendix B to
Exhibit A	 	See
Appendix B to
Exhibit A	 	See
Appendix B to
Exhibit A	 	See
Appendix B to
Exhibit A
							
	 Settlement Date*
	 	6/18/2016	 	6/18/2019	 	6/18/2016	 	6/18/2019	 	6/18/2016	 	6/18/2019
							
	 Medium of Settlement
	 	Shares of
Common Stock	 	Shares of
Common Stock	 	Shares of
Common Stock	 	Shares of
Common Stock	 	Shares of
Common Stock	 	Shares of
Common Stock
							
	 Voting Rights
	 	None prior to
Settlement Date	 	None prior to
Settlement Date	 	None prior to
Settlement Date	 	None prior to
Settlement Date	 	None prior to
Settlement Date	 	None prior to
Settlement Date
							
	 Dividend Equivalent Rights:

Vested Units
	 	Yes	 	Yes	 	Yes	 	Yes	 	Yes	 	Yes
	 Unvested Units
	 	No	 	No	 	No	 	No	 	No	 	No

  

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

	**	Subject to adjustment as provided in the Plan and Exhibit A, and to negative discretion as described in Appendix B to Exhibit A. 

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

 

							
	HUDSON CITY BANCORP, INC.	 		  	AWARD RECIPIENT
				
	By	 	  
	 		  	  

 EXHIBIT A 

HUDSON CITY BANCORP, INC. AMENDED AND
RESTATED 2011 STOCK INCENTIVE PLAN 

DEFERRED STOCK UNIT AWARD
NOTICE 
 General Terms and Conditions 

Section 1. Size and Type of Award. A Deferred Stock Unit (a “Unit”) represents a right under the
Hudson City Bancorp, Inc. Amended and Restated 2011 Stock Incentive Plan (the “Plan”) to receive one share of Common Stock, par value $.01 per share, (a “Share”) of Hudson City Bancorp, Inc. (the “Company”), or, to the
extent provided in the Award Notice, as defined below, a monetary value equal to the Fair Market Value of a Share, on a specified future date if certain conditions have been satisfied. The number of Units awarded to you (the “Awarded
Units”) is shown on the Deferred Stock Award Notice to which these General Terms and Conditions are attached (the “Award Notice”). Units may be awarded as compensation for service either as a non-employee director or as an officer or
employee of the Company or certain affiliates. The Award Notice states the type of services for which you have been awarded the Awarded Units. 

Section 2. Vesting and Transfer Restrictions. 

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

(b) Vesting Conditions. There are conditions you must satisfy before your Deferred
Stock Unit Award will vest: 
 (i) As a general rule, you must remain in the continuous service of the Company, Hudson City
Savings Bank or an affiliate of the Company by which you are employed or for which you perform services as a non-employee (your “Employer”) through a Vesting Date shown in this Award Notice in order to be vested in the Awarded Units that
vest on that date (“Service Conditions”). 
 (ii) Any performance condition(s) specified in this Deferred Stock
Unit Award Notice must be met as of the end of their respective Performance Measurement Period(s) as determined by the Committee on the basis of such evidence as it deems appropriate (“Performance Conditions”). 

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

        (i) In the event of a Change in Control (as defined in the Plan), any applicable Performance Conditions for
which the Performance Measurement Period has not concluded will be deemed to have been achieved (or achieved at the target level if more than one level of achievement has been contemplated) as of the date of the Change in Control; and the Awarded
Units will be deemed to have satisfied any applicable Service Condition upon your subsequent discharge without Cause (as defined in the Plan) or your resignation with Good Reason prior to the applicable Vesting Date. You will be considered to have
Good Reason for a voluntary resignation if the effective date of resignation occurs within ninety (90) days after any of the following: (a) the failure of your Employer (whether by act or omission of its Board of Directors, or otherwise)
to appoint or re-appoint or elect or re-elect you to the position(s) which you held immediately prior to the Change in Control (other than to any such position as an officer of its Board of Directors), or to a more senior office; (b) if you are
or become a member of the Board of Directors of your Employer, the failure of the shareholders (whether in an election in which you stand as a nominee or in an election where you are not a nominee) to elect or re-elect you to membership at the
expiration of your term of membership, unless such failure is a result of your refusal to stand for election; (c) a material failure by your Employer, whether by amendment of its certificate of incorporation or organization, by-laws, action of
its Board of Directors or otherwise, to vest in you the functions, duties, or responsibilities prescribed in an employment or retention agreement (other than such functions, duties or responsibilities associated with a position as an officer of the
Board of Directors); provided that you shall have given notice of such failure to the Company and your Employer and your Employer has not fully cured such failure within thirty (30) days after such notice is deemed given; (d) any reduction
of your rate of base salary in effect from time to time, whether or not material, or any failure (other than due to reasonable administrative error that is cured promptly upon notice) to pay any portion of your compensation as and when due;
(e) any change in the terms and conditions of any compensation or benefit program in which you participate which, either individually or together with other changes, has a material adverse effect on the aggregate value of your total
compensation package, disregarding for this purpose any change that results from an across-the-board reduction that affects all similarly situated employees in a similar manner; provided that you shall have given notice of such material adverse
effect to the Company and your Employer, and your Employer has not fully cured such failure within thirty (30) days after such notice is deemed given; (f) any material breach by your Employer of any material term, condition or covenant
contained in an employment or retention agreement; provided that you shall have given notice of such material breach to the Company and your Employer, and your Employer has not fully cured such failure within thirty (30) days after such notice
is deemed given; (g) a change in your principal place of employment, without your consent, to a place that is not the principal executive office of your Employer or a relocation of your Employer’s principal executive office to a location
that is both more than twenty-five (25) miles away from your principal residence and more than twenty-five (25) miles away from the location of your Employer’s principal executive office on the date of the Change in Control; or
(h) if you are the Chief Executive Officer of the Company immediately prior to the Change in Control, any event or series of events that results in your ceasing to be the Chief Executive Officer (or most senior executive officer, however
denominated) of a successor company (I) whose common equity securities are traded on a national securities exchange and (II) that is the owner of 100% of the outstanding common stock of Hudson City Savings Bank or its successor and
(III) that is not controlled (within the meaning of the federal Change in Bank Control Act) by any other person or entity. 

  
 Page 1 of 4 

 (ii) Notwithstanding anything to the contrary in this section 2(c), if a Change in Control
occurs as a result of the consummation of the transactions contemplated in the Agreement and Plan of Merger by and among M&T Bank Corporation, Hudson City Bancorp, Inc. and Wilmington Trust Corporation dated as of August 27, 2012 (the
“Merger Agreement”), the first sentence of section 2(c)(i) shall not apply, and: (a) any applicable Performance Conditions for which the Performance Measurement Period has not concluded will be deemed to have been achieved (or
achieved at the target level if more than one level of achievement has been contemplated) as of the date of the Change in Control; and (b) any applicable Service Conditions for which the Vesting Date has not passed will be deemed to have been
satisfied upon your subsequent discharge without Cause (as defined in the Plan) or your resignation with Good Reason prior to the applicable Vesting Date, but only with respect to the following units: (1) if the Change in Control becomes
effective prior to January 1, 2014, the number of Awarded Units under each award multiplied by a fraction, the numerator of which is the number of days in the period beginning on the Effective Date and ending on the date of termination of
Service, and the denominator of which is 1,095; or (2) if the Change in Control becomes effective after December 31, 2013, the number of Awarded Units under each award with a Vesting Date after the effective date of the Change in Control,
but on or before the first anniversary of such effective date, multiplied by a fraction, the numerator of which is the number of days in the period beginning on the day one year before the Vesting Date and ending on the date of termination of
Service, and the denominator of which is 365. In each case, the resulting number of units will be rounded to the nearest whole Unit. 

(d) Forfeitures. If you terminate service with the Company prior to a Vesting Date, you will forfeit any Awarded Units
that are scheduled to vest on that Vesting Date, except to the extent the accelerated vesting provisions apply. When you forfeit Awarded Units, all of your interest in the Awarded Units and any related Dividend Equivalents will be canceled without
consideration. 
 (e) Definition of Service. For purposes of determining the vesting of your Awarded Units, you will be
deemed to be in the service of the Company for so long as you serve in any capacity as an employee, officer, non-employee director or consultant of the Company or Hudson City Savings Bank. 

(f) Transfer Restrictions. 

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

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

(iii) Testamentary Transfers. In the absence of an effective Beneficiary designation, your Awarded Units
may be transferred upon your death by will or the laws of descent and distribution. 
 Section 3. No Dividend or Voting
Rights; Dividend Equivalents. 
 (a) Awarded Units represent a contingent right to receive Shares in the future. They do not
represent a current interest in issued and outstanding Shares. Therefore, your Awarded Units do not carry voting rights or entitle you to receive dividends. 

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

Section 4. Settlement of Awarded Units. 

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

  
 Page 2 of 4 

 (b) If a Change in Control (as defined in the Plan) occurs and such a Change in Control also
constitutes a “change in ownership or effective control” of your “service recipient” or a “change in ownership or effective control” of “a substantial portion of the assets” of your “service
recipient” (in each case as defined in section 409A of the Internal Revenue Code of 1986 and the regulations thereunder), and you experience a separation from service with your Employer during the two (2) year period immediately following
such Change in Control, then any subsequent Settlement Date of your vested Awarded Unit shall be accelerated to the date of such separation from service. 

(c) If your service terminates due to death or Disability (as defined in the Plan), then any subsequent Settlement Date of your vested Awarded
Units shall be accelerated to the date of such termination. 
 (d) Notwithstanding anything to the contrary in section 4(a) above, if a
Change in Control occurs prior to the Settlement Date as a result of the consummation of the transactions contemplated in the Agreement and Plan of Merger by and among M&T Bank Corporation, Hudson City Bancorp, Inc. and Wilmington Trust
Corporation dated as of August 27, 2012 (the “Merger Agreement”), then each Awarded Unit whose Settlement Date has not occurred will be converted into a right to receive a number of shares of the common stock, par value $0.50 per
share, of M&T Bank Corporation (“M&T Shares”) equal to the “Exchange Ratio” (within the meaning of the Merger Agreement) as of the time of such consummation, and any subsequent settlement of any such Awarded Unit as
adjusted shall be made in M&T Shares. From the date of any such conversion through the settlement of such Awarded Unit, section 3(b) shall be read for the purpose of such Awarded Units by replacing the term “Share” with the term
“M&T Share”. 
 (e) The provisions of this section 4 prevail over any contrary language in the Merger Agreement or the
Plan. 
 Section 5. Taxes. The Company’s obligation to deliver Shares in settlement of the Awarded Units is
conditioned on your making arrangements satisfactory to the Company for the funding and remittance to the applicable authorities of any and all federal, state and local taxes required to be withheld and remitted at the source. The Company, in its
discretion, may require that funds needed to satisfy minimum required federal, state and local income and payroll tax withholding be obtained by disposition to the Company, on the Settlement Date, of Shares issued in settlement of vested Awarded
Units having a Fair Market Value equal to the amount of tax required to be withheld. All monetary payments made under this Award Notice are subject to applicable federal, state and local withholding requirements. 

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

If to the Company: 
 Hudson City
Bancorp, Inc. 
 West 80 Century Road 

Paramus, New Jersey 07652 

Attention: Corporate Secretary 

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

Section 7. Successors and Assigns. This Award Notice shall inure to the benefit of and shall be binding
upon the Company and you and the Company’s and your respective heirs, successors and assigns. 
 Section 8.
Construction of Language. Whenever appropriate in the Award Notice, words used in the singular may be read in the plural, words used in the plural may be read in the singular, and words importing the masculine gender may be
read as referring equally to the feminine or the neuter. Any reference to a section shall be a reference to a section of this Award Notice, unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have
the meanings assigned to them under the Plan, as amended from time to time. 
 Section 9. Governing Law. This
Award Notice shall be construed, administered and enforced according to the laws of the State of New Jersey without giving effect to the conflict of laws principles thereof, except to the extent that such laws are preempted by the federal law. The
federal and state courts located in Bergen County, New Jersey shall have exclusive jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan. By accepting any Awarded Units granted under this Award Notice, you,
and any other person claiming any rights under the Award Notice, agree to submit yourself or himself, and any such legal action as you or he shall bring under the Plan (whether or not related to this Award Notice or these Awarded Units), to the sole
jurisdiction of such courts for the adjudication and resolution of any such disputes. 
 Section 10. Clawback
Policy. Notwithstanding anything in the Award Notice to the contrary, the Awarded Units and any Shares or monetary payment delivered in settlement thereof shall be subject to any clawback policy (or other policy or procedure, however
denominated, of similar import) that is adopted and in effect on the Settlement Date. 

  
 Page 3 of 4 

 Section 11 Internal Revenue Code Section 409A Compliance.
Notwithstanding anything in this Award Notice or the Plan to the contrary, if any payment of money or property in settlement of an Awarded Unit is payable, by its terms, upon the separation from service of the Award Recipient who is, at the
time of separation from service, a “specified employee”, such payment shall not be made prior to, and shall be deferred if necessary until, the earlier of the date which is six months after separation from service and the date of the Award
Recipient’s death. For purposes of this section 11, the terms “separation from service” and “specified employee” shall have the meanings assigned to them in section 409A of the Internal Revenue Code of 1986 and the
regulations thereunder. 
 Section 12. Amendment. This Award Notice may be amended, in whole or in part and in any
manner not inconsistent with the provisions of the Plan, at any time and from time to time, by written agreement between the Company and you. No such amendment, however, shall be effective unless (a) it is designated as an amendment and
(b) it refers expressly to this Award Notice. 
 Section 13. Plan Provisions Control. This Award Notice and
the rights and obligations created hereunder shall be subject to all of the terms and conditions of the Plan. In the event of any conflict between the mandatory provisions of the Plan and the provisions of this Award Notice, the terms of the Plan,
which are incorporated herein by reference, shall control except where this Award Notice clearly indicates otherwise. In the event of any conflict between the non-mandatory provisions of the Plan and the provisions of this Award Notice, the
provisions of this Award Notice shall control. By signing this Award Notice, you acknowledge receipt of a copy of the Plan. You acknowledge that you may not and will not rely on any statement of account or other communication or document issued in
connection with the Plan other than the Plan, this Award Notice, and any document signed by an authorized representative of the Company that is designated as an amendment of the Plan or this Award Notice. 

  
 Page 4 of 4 

 APPENDIX A TO DEFERRED STOCK
UNIT AWARD NOTICE 
 HUDSON CITY BANCORP,
INC. AMENDED AND RESTATED 2011 STOCK INCENTIVE PLAN 

Beneficiary Designation Form - Deferred Stock Unit Award 
  

															
	
GENERAL

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

Making Designation
	  		 		  		  	Employee No.:	  		 		 	 
	 	 
	 BENEFICIARY

DESIGNATION
	  	  

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

	 
	A. PRIMARY BENEFICIARY(IES). I hereby designate the following person as my primary Beneficiary under the
Plan, reserving the right to change or revoke this designation at any time prior to my death as to all outstanding Awarded Units:
	 				 
	Name	 	Address	  	Relationship	  	Birthdate	 	Share
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 	  
	  		  		 		 	 
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 	  
	  		  		 		 	 
	 	 	  
	  		  		 		 	 
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 		  		  		 	     Total = 100%
	 
	B. CONTINGENT BENEFICIARY(IES). I hereby designate the following person(s) as my contingent
Beneficiary(ies) under the Plan to receive benefits only if all of my primary Beneficiaries should predecease me, reserving the right to change or revoke this designation at any time prior to my death as to all outstanding Awarded
Units:
	 				 
	Name	 	Address	  	Relationship	  	Birthdate	 	Share
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 	  
	  		  		 		 	 
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 	  
	  		  		 		 	 
	 	 	  
	  		  		 		 	 
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 		  		  		 	     Total = 100%
	 	 
	

	  	I understand that this Beneficiary Designation shall be effective only if properly completed and received by the Corporate Secretary of Hudson City Bancorp, Inc.
prior to my death, and that it is subject to all of the terms and conditions of the Plan. I also understand that an effective Beneficiary designation revokes my prior designation(s) with respect to all outstanding Deferred Stock Unit Awards under
the Hudson City Bancorp, Inc. Amended and Restated 2011 Stock Incentive Plan.
	  	      
	  		  	  
	 	 
	 	  	«First_Name»     «Last_Name»	  		  	Date	 	 
	 	  	 	  	 	  	 	 	 
		
	 Internal Use Only

 
	 	
	This Beneficiary Designation was received by the Corporate Secretary of Hudson City Bancorp, Inc. on
the date indicated. 	  	Comments	 	 
	 	 				 
	 By
                                         
                               

                         
Authorized Signature
	  	
                    

Date
  
	  	 	  	 	 	 	 	 

 APPENDIX B TO DEFERRED STOCK
UNIT AWARD NOTICE 
 HUDSON CITY BANCORP,
INC. AMENDED AND RESTATED 2011 STOCK INCENTIVE PLAN 

PERFORMANCE VESTING CONDITIONS 

1. The Performance Measurement Period is the period beginning April 1, 2013 and ending March 31, 2014. 

2. As of the last day of each calendar quarter during the Performance Measurement Period and as of the last day of the Performance Measurement
Period, the Leverage Capital Ratio of Hudson City Savings Bank, computed under the rules and regulations of the Office of the Comptroller of the Currency applicable to Hudson City Savings Bank for computing and reporting regulatory capital ratios in
effect on June 18, 2013, shall not be less than 8.5%. 
 Whether or not the Performance Conditions have been satisfied will be
determined by the Committee on or as soon as practicable following the last day of the Performance Measurement Period. The Committee shall adjust the Performance Conditions in such manner as it, in its discretion, may determine to be necessary or
appropriate to prevent material impact on the rights of holders of Deferred Stock Units from one or more of the following events, if such event(s) would impact the Performance Conditions: 

 

	 	•	 	the Company’s purchase or sale of any business entity during the Performance Measurement Period; 

  

	 	•	 	costs, fees or assessments imposed on the Company or a subsidiary by governmental authorities pursuant to (a) any change in law, rule, regulation or policy adopted during the Performance Measurement Period or
(b) any exercise of administrative discretion announced during the Performance Measurement Period; or 

  

	 	•	 	unforeseen or extraordinary circumstances (including but not limited to increases in non-performing assets that to do not result in actual losses). 

3. Notwithstanding anything in this Award Notice to the contrary, the Committee may, in its sole discretion, on or prior to the date of its
determination regarding whether the Performance Conditions have been satisfied, adjust the Awarded Units if it determines that prevailing circumstances (including but not limited to, its subjective appraisal of your performance for the Performance
Measurement Period, and its subjective appraisal of whether the Award continues to serve the purpose for which it was granted) warrant; provided, however, that any such adjustment shall result in a reduction in the Awarded Units.EX-10.47

 Exhibit 10.47 

HUDSON CITY BANCORP, INC. 

AMENDED AND RESTATED 2011 STOCK INCENTIVE PLAN

 DEFERRED STOCK UNIT AWARD NOTICE –
EMPLOYEES 
 Name:
                     
 Address:
                     
 I.D. Number:
         
 This Deferred Stock Unit Award Notice is intended to set forth the terms and conditions on which
a Deferred Stock Unit Award has been granted under the Hudson City Bancorp, Inc. Amended and Restated 2011 Stock Incentive Plan. Set forth below are the specific terms and conditions applicable to this Deferred Stock Unit Award. Attached as Exhibit
A are its general terms and conditions. 
 Total Award: «DSU_Award» Deferred Stock Units 

 

													
	 Deferred Stock Units
	 		 		 		 		 		 	
							
	 Effective Date
	 	6/18/2013	 	6/18/2013	 	6/18/2013	 	6/18/2013	 	6/18/2013	 	6/18/2013
							
	 Class of Shares*
	 	Common	 	Common	 	Common	 	Common	 	Common	 	Common
							
	 No. of Awarded Units*[*]
	 		 		 		 		 		 	
							
	 Compensation for Service as

[Director or Employee]
	 	Employee	 	Employee	 	Employee	 	Employee	 	Employee	 	Employee
							
	 Vesting Date*
	 	1/1/2014	 	1/1/2014	 	1/1/2015	 	1/1/2015	 	1/1/2016	 	1/1/2016
							
	 Performance Vesting Conditions
	 	See
Appendix B to
Exhibit A	 	See
Appendix B to
Exhibit A	 	See
Appendix B to
Exhibit A	 	See
Appendix B to
Exhibit A	 	See
 Appendix B to
Exhibit A
	 	See
 Appendix B to
Exhibit A

							
	 Settlement Date*
	 	6/18/2016	 	6/18/2019	 	6/18/2016	 	6/18/2019	 	6/18/2016	 	6/18/2019
							
	 Medium of Settlement
	 	Shares of
Common Stock	 	Shares of
Common Stock	 	Shares of
Common Stock	 	Shares of
Common Stock	 	Shares of
Common Stock	 	Shares of
Common Stock
							
	 Voting Rights
	 	None prior to
Settlement Date	 	None prior to
Settlement Date	 	None prior to
Settlement Date	 	None prior to
Settlement Date	 	None prior to
Settlement Date	 	None prior to
Settlement Date
							
	 Dividend Equivalent Rights:

Vested Units
	 	Yes	 	Yes	 	Yes	 	Yes	 	Yes	 	Yes
	 Unvested Units
	 	No	 	No	 	No	 	No	 	No	 	No

  

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

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

							
	HUDSON CITY BANCORP, INC.	  		  	AWARD RECIPIENT
				
	By	  	 /s/ Denis J. Salamone
	  		  	  

		  	Denis J. Salamone	  		  	
		  	President and Chief Operating Officer	  		  	

 EXHIBIT A 

HUDSON CITY BANCORP, INC. AMENDED AND
RESTATED 2011 STOCK INCENTIVE PLAN 

DEFERRED STOCK UNIT AWARD
NOTICE 
 General Terms and Conditions 

Section 1. Size and Type of Award. A Deferred Stock Unit (a “Unit”) represents a right under the
Hudson City Bancorp, Inc. Amended and Restated 2011 Stock Incentive Plan (the “Plan”) to receive one share of Common Stock, par value $.01 per share, (a “Share”) of Hudson City Bancorp, Inc. (the “Company”), or, to the
extent provided in the Award Notice, as defined below, a monetary value equal to the Fair Market Value of a Share, on a specified future date if certain conditions have been satisfied. The number of Units awarded to you (the “Awarded
Units”) is shown on the Deferred Stock Award Notice to which these General Terms and Conditions are attached (the “Award Notice”). Units may be awarded as compensation for service either as a non-employee director or as an officer or
employee of the Company or certain affiliates. The Award Notice states the type of services for which you have been awarded the Awarded Units. 

Section 2. Vesting and Transfer Restrictions. 

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

(b) Vesting Conditions. There are conditions you must satisfy before your Deferred
Stock Unit Award will vest: 
 (i) As a general rule, you must remain in the continuous service of the Company, Hudson City
Savings Bank or an affiliate of the Company by which you are employed or for which you perform services as a non-employee (your “Employer”) through a Vesting Date shown in this Award Notice in order to be vested in the Awarded Units that
vest on that date (“Service Conditions”). 
 (ii) Any performance condition(s) specified in this Deferred Stock
Unit Award Notice must be met as of the end of their respective Performance Measurement Period(s) as determined by the Committee on the basis of such evidence as it deems appropriate (“Performance Conditions”). 

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

        (i) In the event of a Change in Control (as defined in the Plan), any applicable Performance Conditions for
which the Performance Measurement Period has not concluded will be deemed to have been achieved (or achieved at the target level if more than one level of achievement has been contemplated) as of the date of the Change in Control; and the Awarded
Units will be deemed to have satisfied any applicable Service Condition upon your subsequent discharge without Cause (as defined in the Plan) or your resignation with Good Reason prior to the applicable Vesting Date. You will be considered to have
Good Reason for a voluntary resignation if the effective date of resignation occurs within ninety (90) days after any of the following: (a) the failure of your Employer (whether by act or omission of its Board of Directors, or otherwise)
to appoint or re-appoint or elect or re-elect you to the position(s) which you held immediately prior to the Change in Control (other than to any such position as an officer of its Board of Directors), or to a more senior office; (b) if you are
or become a member of the Board of Directors of your Employer, the failure of the shareholders (whether in an election in which you stand as a nominee or in an election where you are not a nominee) to elect or re-elect you to membership at the
expiration of your term of membership, unless such failure is a result of your refusal to stand for election; (c) a material failure by your Employer, whether by amendment of its certificate of incorporation or organization, by-laws, action of
its Board of Directors or otherwise, to vest in you the functions, duties, or responsibilities prescribed in an employment or retention agreement (other than such functions, duties or responsibilities associated with a position as an officer of the
Board of Directors); provided that you shall have given notice of such failure to the Company and your Employer and your Employer has not fully cured such failure within thirty (30) days after such notice is deemed given; (d) any reduction
of your rate of base salary in effect from time to time, whether or not material, or any failure (other than due to reasonable administrative error that is cured promptly upon notice) to pay any portion of your compensation as and when due;
(e) any change in the terms and conditions of any compensation or benefit program in which you participate which, either individually or together with other changes, has a material adverse effect on the aggregate value of your total
compensation package, disregarding for this purpose any change that results from an across-the-board reduction that affects all similarly situated employees in a similar manner; provided that you shall have given notice of such material adverse
effect to the Company and your Employer, and your Employer has not fully cured such failure within thirty (30) days after such notice is deemed given; (f) any material breach by your Employer of any material term, condition or covenant
contained in an employment or retention agreement; provided that you shall have given notice of such material breach to the Company and your Employer, and your Employer has not fully cured such failure within thirty (30) days after such notice
is deemed given; (g) a change in your principal place of employment, without your consent, to a place that is not the principal executive office of your Employer or a relocation of your Employer’s principal executive office to a location
that is both more than twenty-five (25) miles away from your principal residence and more than twenty-five (25) miles away from the location of your Employer’s principal executive office on the date of the Change in Control; or
(h) if you are the Chief Executive Officer of the Company immediately prior to the Change in Control, any event or series of events that results in your ceasing to be the Chief Executive Officer (or most senior executive officer, however
denominated) of a successor company (I) whose common equity securities are traded on a national securities exchange and (II) that is the owner of 100% of the outstanding common stock of Hudson City Savings Bank or its successor and
(III) that is not controlled (within the meaning of the federal Change in Bank Control Act) by any other person or entity. 

  
 Page 1 of 4 

 (ii) Notwithstanding anything to the contrary in this section 2(c), if a Change in Control
occurs as a result of the consummation of the transactions contemplated in the Agreement and Plan of Merger by and among M&T Bank Corporation, Hudson City Bancorp, Inc. and Wilmington Trust Corporation dated as of August 27, 2012 (the
“Merger Agreement”), the first sentence of section 2(c)(i) shall not apply, and: (a) any applicable Performance Conditions for which the Performance Measurement Period has not concluded will be deemed to have been achieved (or
achieved at the target level if more than one level of achievement has been contemplated) as of the date of the Change in Control; and (b) any applicable Service Conditions for which the Vesting Date has not passed will be deemed to have been
satisfied upon your subsequent discharge without Cause (as defined in the Plan) or your resignation with Good Reason prior to the applicable Vesting Date, but only with respect to the following units: (1) if the Change in Control becomes
effective prior to January 1, 2014, the number of Awarded Units under each award multiplied by a fraction, the numerator of which is the number of days in the period beginning on the Effective Date and ending on the date of termination of
Service, and the denominator of which is 1,095; or (2) if the Change in Control becomes effective after December 31, 2013, the number of Awarded Units under each award with a Vesting Date after the effective date of the Change in Control,
but on or before the first anniversary of such effective date, multiplied by a fraction, the numerator of which is the number of days in the period beginning on the day one year before the Vesting Date and ending on the date of termination of
Service, and the denominator of which is 365. In each case, the resulting number of units will be rounded to the nearest whole Unit. 

(d) Forfeitures. If you terminate service with the Company prior to a Vesting Date, you will forfeit any Awarded Units
that are scheduled to vest on that Vesting Date, except to the extent the accelerated vesting provisions apply. When you forfeit Awarded Units, all of your interest in the Awarded Units and any related Dividend Equivalents will be canceled without
consideration. 
 (e) Definition of Service. For purposes of determining the vesting of your Awarded Units, you will be
deemed to be in the service of the Company for so long as you serve in any capacity as an employee, officer, non-employee director or consultant of the Company or Hudson City Savings Bank. 

(f) Transfer Restrictions. 

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

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

(iii) Testamentary Transfers. In the absence of an effective Beneficiary designation, your Awarded Units
may be transferred upon your death by will or the laws of descent and distribution. 
 Section 3. No Dividend or Voting
Rights; Dividend Equivalents. 
 (a) Awarded Units represent a contingent right to receive Shares in the future.
They do not represent a current interest in issued and outstanding Shares. Therefore, your Awarded Units do not carry voting rights or entitle you to receive dividends. 

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

Section 4. Settlement of Awarded Units. 

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

  
 Page 2 of 4 

 (b) If a Change in Control (as defined in the Plan) occurs and such a Change in Control also
constitutes a “change in ownership or effective control” of your “service recipient” or a “change in ownership or effective control” of “a substantial portion of the assets” of your “service
recipient” (in each case as defined in section 409A of the Internal Revenue Code of 1986 and the regulations thereunder), and you experience a separation from service with your Employer during the two (2) year period immediately following
such Change in Control, then any subsequent Settlement Date of your vested Awarded Unit shall be accelerated to the date of such separation from service. 

(c) If your service terminates due to death or Disability (as defined in the Plan), then any subsequent Settlement Date of your vested Awarded
Units shall be accelerated to the date of such termination. 
 (d) Notwithstanding anything to the contrary in section 4(a) above, if a
Change in Control occurs prior to the Settlement Date as a result of the consummation of the transactions contemplated in the Agreement and Plan of Merger by and among M&T Bank Corporation, Hudson City Bancorp, Inc. and Wilmington Trust
Corporation dated as of August 27, 2012 (the “Merger Agreement”), then each Awarded Unit whose Settlement Date has not occurred will be converted into a right to receive a number of shares of the common stock, par value $0.50 per
share, of M&T Bank Corporation (“M&T Shares”) equal to the “Exchange Ratio” (within the meaning of the Merger Agreement) as of the time of such consummation, and any subsequent settlement of any such Awarded Unit as
adjusted shall be made in M&T Shares. From the date of any such conversion through the settlement of such Awarded Unit, section 3(b) shall be read for the purpose of such Awarded Units by replacing the term “Share” with the term
“M&T Share”. 
 (e) The provisions of this section 4 prevail over any contrary language in the Merger Agreement or the
Plan. 
 Section 5. Taxes. The Company’s obligation to deliver Shares in settlement of the Awarded Units is
conditioned on your making arrangements satisfactory to the Company for the funding and remittance to the applicable authorities of any and all federal, state and local taxes required to be withheld and remitted at the source. The Company, in its
discretion, may require that funds needed to satisfy minimum required federal, state and local income and payroll tax withholding be obtained by disposition to the Company, on the Settlement Date, of Shares issued in settlement of vested Awarded
Units having a Fair Market Value equal to the amount of tax required to be withheld. All monetary payments made under this Award Notice are subject to applicable federal, state and local withholding requirements. 

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

If to the Company: 
 Hudson City
Bancorp, Inc. 
 West 80 Century Road 

Paramus, New Jersey 07652 

Attention: Corporate Secretary 

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

Section 7. Successors and Assigns. This Award Notice shall inure to the benefit of and shall be binding
upon the Company and you and the Company’s and your respective heirs, successors and assigns. 
 Section 8.
Construction of Language. Whenever appropriate in the Award Notice, words used in the singular may be read in the plural, words used in the plural may be read in the singular, and words importing the masculine gender may be
read as referring equally to the feminine or the neuter. Any reference to a section shall be a reference to a section of this Award Notice, unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have
the meanings assigned to them under the Plan, as amended from time to time. 
 Section 9. Governing Law. This
Award Notice shall be construed, administered and enforced according to the laws of the State of New Jersey without giving effect to the conflict of laws principles thereof, except to the extent that such laws are preempted by the federal law. The
federal and state courts located in Bergen County, New Jersey shall have exclusive jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan. By accepting any Awarded Units granted under this Award Notice, you,
and any other person claiming any rights under the Award Notice, agree to submit yourself or himself, and any such legal action as you or he shall bring under the Plan (whether or not related to this Award Notice or these Awarded Units), to the sole
jurisdiction of such courts for the adjudication and resolution of any such disputes. 
 Section 10. Clawback
Policy. Notwithstanding anything in the Award Notice to the contrary, the Awarded Units and any Shares or monetary payment delivered in settlement thereof shall be subject to any clawback policy (or other policy or procedure, however
denominated, of similar import) that is adopted and in effect on the Settlement Date. 

  
 Page 3 of 4 

 Section 11 Internal Revenue Code Section 409A Compliance.
Notwithstanding anything in this Award Notice or the Plan to the contrary, if any payment of money or property in settlement of an Awarded Unit is payable, by its terms, upon the separation from service of the Award Recipient who is, at the
time of separation from service, a “specified employee”, such payment shall not be made prior to, and shall be deferred if necessary until, the earlier of the date which is six months after separation from service and the date of the Award
Recipient’s death. For purposes of this section 11, the terms “separation from service” and “specified employee” shall have the meanings assigned to them in section 409A of the Internal Revenue Code of 1986 and the
regulations thereunder. 
 Section 12. Amendment. This Award Notice may be amended, in whole or in part and in any
manner not inconsistent with the provisions of the Plan, at any time and from time to time, by written agreement between the Company and you. No such amendment, however, shall be effective unless (a) it is designated as an amendment and
(b) it refers expressly to this Award Notice. 
 Section 13. Plan Provisions Control. This Award Notice and
the rights and obligations created hereunder shall be subject to all of the terms and conditions of the Plan. In the event of any conflict between the mandatory provisions of the Plan and the provisions of this Award Notice, the terms of the Plan,
which are incorporated herein by reference, shall control except where this Award Notice clearly indicates otherwise. In the event of any conflict between the non-mandatory provisions of the Plan and the provisions of this Award Notice, the
provisions of this Award Notice shall control. By signing this Award Notice, you acknowledge receipt of a copy of the Plan. You acknowledge that you may not and will not rely on any statement of account or other communication or document issued in
connection with the Plan other than the Plan, this Award Notice, and any document signed by an authorized representative of the Company that is designated as an amendment of the Plan or this Award Notice. 

  
 Page 4 of 4 

 APPENDIX A TO DEFERRED STOCK
UNIT AWARD NOTICE 
 HUDSON CITY BANCORP,
INC. AMENDED AND RESTATED 2011 STOCK INCENTIVE PLAN 

Beneficiary Designation Form - Deferred Stock Unit Award 
  

															
	
GENERAL

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

Making Designation:
	  		 		  		  	Employee No.:	  		 		 	 
	 	 
	 BENEFICIARY

DESIGNATION
	  	  

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

	 
	A. PRIMARY BENEFICIARY(IES). I hereby designate the following person as my primary Beneficiary under the
Plan, reserving the right to change or revoke this designation at any time prior to my death as to all outstanding Awarded Units:
	 				 
	Name	 	Address	  	Relationship	  	Birthdate	 	Share
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 	  
	  		  		 		 	 
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 	  
	  		  		 		 	 
	 	 	  
	  		  		 		 	 
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 		  		  		 	     Total = 100%
	 
	B. CONTINGENT BENEFICIARY(IES). I hereby designate the following person(s) as my contingent
Beneficiary(ies) under the Plan to receive benefits only if all of my primary Beneficiaries should predecease me, reserving the right to change or revoke this designation at any time prior to my death as to all outstanding Awarded
Units:
	 				 
	Name	 	Address	  	Relationship	  	Birthdate	 	Share
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 	  
	  		  		 		 	 
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 	  
	  		  		 		 	 
	 	 	  
	  		  		 		 	 
	  
	 	  
	  	  
	  	  
	 	                       
 %
	 	 		  		  		 	     Total = 100%
	 	 
	

	  	I understand that this Beneficiary Designation shall be effective only if properly completed and received by the Corporate Secretary of Hudson City Bancorp, Inc.
prior to my death, and that it is subject to all of the terms and conditions of the Plan. I also understand that an effective Beneficiary designation revokes my prior designation(s) with respect to all outstanding Deferred Stock Unit Awards under
the Hudson City Bancorp, Inc. Amended and Restated 2011 Stock Incentive Plan.
	  	      
	  		  	  
	 	 
	 	  		  		  	Date	 	 
	 	  	 	  	 	  	 	 	 
		
	 Internal Use Only

 
	 	
	This Beneficiary Designation was received by the Corporate Secretary of Hudson City Bancorp, Inc. on
the date indicated. 	  	Comments	 	 
	 	 				 
	 By
                                         
                               

                         
Authorized Signature
	  	
                    

Date
  
	  	 	  	 	 	 	 	 

 APPENDIX B TO DEFERRED STOCK
UNIT AWARD NOTICE 
 HUDSON CITY BANCORP,
INC. AMENDED AND RESTATED 2011 STOCK INCENTIVE PLAN 

PERFORMANCE VESTING CONDITIONS 

1. The Performance Measurement Period is the period beginning January 1, 2013 and ending December 31, 2013. 

2. As of the last day of each calendar quarter during the Performance Measurement Period and as of the last day of the Performance Measurement
Period, the Leverage Capital Ratio of Hudson City Savings Bank, computed under the rules and regulations of the Office of the Comptroller of the Currency applicable to Hudson City Savings Bank for computing and reporting regulatory capital ratios in
effect on June 18, 2013, shall not be less than 8.5%. 
 Whether or not the Performance Conditions have been satisfied will be
determined by the Committee on or as soon as practicable following the last day of the Performance Measurement Period. The Committee shall adjust the Performance Conditions in such manner as it, in its discretion, may determine to be necessary or
appropriate to prevent material impact on the rights of holders of Deferred Stock Units from one or more of the following events, if such event(s) would impact the Performance Conditions: 

 

	 	•	 	the Company’s purchase or sale of any business entity during the Performance Measurement Period; 

  

	 	•	 	costs, fees or assessments imposed on the Company or a subsidiary by governmental authorities pursuant to (a) any change in law, rule, regulation or policy adopted during the Performance Measurement Period or
(b) any exercise of administrative discretion announced during the Performance Measurement Period; or 

  

	 	•	 	unforeseen or extraordinary circumstances (including but not limited to increases in non-performing assets that to do not result in actual losses).

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