Document:

EX-10.L

 EXHIBIT 10.L 
 VALLEY NATIONAL BANCORP 
 2004 DIRECTOR RESTRICTED STOCK PLAN

 (Adopted by the Board of Directors on August 17, 2004) 

(Approved by Shareholders on April 6, 2005) 
 (As Amended by the Board of Directors on February 10, 2009) 
 (As
Amended by the Board of Directors on January 29, 2014) 
  

	1.	Purpose 

 The purpose of this 2004 Director Restricted Stock Plan (the “Plan”) of Valley National Bancorp (the “Company”) is
to increase ownership interest in the Company of Nonemployee Directors whose services are considered essential to the Company’s continued progress and to provide a further incentive for attracting and retaining directors of the Company. This
Plan provides for the payment of shares of restricted Common Stock to Nonemployee Directors who elect to receive restricted Common Stock in lieu of cash retainer and meeting fees. The effectiveness of this Plan is conditioned upon shareholder
approval of the Plan, and no shares shall be issued hereunder prior to the date on which the shareholders of the Company approve the Board’s adoption. Effective as of April 1, 2014, the Plan is hereby amended to provide that no additional
Fees may be contributed by a Participant and no contributions of shares of Common Stock will be made to the Plan after such date. The Plan will terminate after the Restricted Stock remaining under the Plan as of April 1, 2014 vests and is
delivered pursuant to the Plan or is forfeited pursuant to the Plan. 
  

	2.	Definitions 

 In addition to the terms defined in Section 1 above, the following terms used in the Plan shall have the meanings set forth below:

 “Administrator” shall mean the Compensation and Human Resources Committee of the Board. 

“Annual Retainer Fee” means the annual retainer fee payable to a Nonemployee Director under the Company’s compensation policies for
directors in effect from time to time. 
 “Award Date” means the date of an annual stockholders meeting or such other date as
determined by the Board. 
 “Bank” means Valley National Bank, a Subsidiary. 
 “Board” means the Board of Directors of the Company. 
 “Change in Control”
means any of the following events, as determined by the Board: (i) when the Company or a Subsidiary acquires actual knowledge that any person (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act), other than an affiliate of
the Company or a Subsidiary or an employee benefit plan established or maintained by the Company, a Subsidiary or 

 
any of their respective affiliates, is or becomes the beneficial owner (as defined in Rule 13d-3 of the Exchange Act) directly or indirectly, of securities
of the Company representing more than twenty-five percent (25%) of the combined voting power of the Company’s then outstanding securities (a “Control Person”), (ii) upon the first
purchase of the Company’s common stock pursuant to a tender or exchange offer (other than a tender or exchange offer made by the Company, a Subsidiary or an employee benefit plan established or maintained by the Company, a Subsidiary or any of
their respective affiliates), (iii) upon the approval by the Company’s shareholders of (A) a merger or consolidation of the Company with or into another corporation (other than a merger or consolidation which is approved by at least two-thirds of the Continuing Directors (as hereinafter defined) or the definitive agreement for which provides that at least two-thirds of the directors of the surviving or
resulting corporation immediately after the transaction are Continuing Directors (in either case, a “Non-Control Transaction”)), (B) a sale or disposition of all or substantially all of the
Company’s assets or (C) a plan of liquidation or dissolution of the Company, (iv) if during any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board (the “Continuing
Directors”) cease for any reason to constitute at least two-thirds thereof or, following a Non-Control Transaction,
two-thirds of the board of directors of the surviving or resulting corporation; provided that any individual whose election or nomination for election as a member of the Board (or, following a Non-Control Transaction, the board of directors of the surviving or resulting corporation) was approved by a vote of at least two-thirds of the Continuing Directors then in
office shall be considered a Continuing Director, or (v) upon a sale of (A) common stock of the Bank if after such sale any person (as such term is used in Section 13(d) and 14(d)(2) of the Exchange Act) other than the Company, an
employee benefit plan established or maintained by the Company or a Subsidiary, or an affiliate of the Company or a Subsidiary, owns a majority of the Bank’s common stock or (B) all or substantially all of the Bank’s assets (other
than in the ordinary course of business). No person shall be considered a Control Person for purposes of clause (i) above if (A) such person is or becomes the beneficial owner, directly or indirectly, of more than ten percent
(10%) but less than twenty-five percent (25%) of the combined voting power of the Company’s then outstanding securities if the acquisition of all voting securities in excess of ten percent
(10%) was approved in advance by a majority of the Continuing Directors then in office or (B) such person acquires in excess of ten percent (10%) of the combined voting power of the Company’s then outstanding voting securities in
violation of law and by order of a court of competent jurisdiction, settlement or otherwise, disposes or is required to dispose of all securities acquired in violation of law. 
 “Common Stock” means the common stock of the Company. 
 “Disability” means
that a Participant is determined to be unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months, as determined in the sole discretion of the Administrator. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended. 
 “Fees” shall mean Meeting Fees and/or Annual Retainer fees.

 “Meeting Fees” means the fees payable to a Nonemployee Director for attendance at regular meetings
of the Board. 
 “Nonemployee Director” means an individual who is a member of the Board, but who is not an employee of the Company or
any of its subsidiaries. 
 “Participant” means a Nonemployee Director who has elected to receive Restricted Stock in lieu of cash
Fees. 
 “Restricted Stock” means the Common Stock awarded to a Participant pursuant to Sections 5(a) and 5(b) of the Plan that is
subject to the vesting restrictions set forth in Section 5(d). 
 “Subsidiary” means any corporation in an unbroken chain of
corporations, beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations
in such chain. 
  

	3.	Administration 

 The Plan shall be administered by the Administrator. The Administrator shall have all of the powers necessary to enable it to properly
carry out its duties under the Plan. Not in limitation of the foregoing, the Administrator shall have the power to construe and interpret the Plan and to determine all questions that shall arise thereunder. The Administrator shall have such other
and further specified duties, powers, authority and discretion as are elsewhere in the Plan either expressly or by necessary implication conferred upon it. The Administrator may appoint such agents as it may deem necessary for the effective
performance of its duties, and may delegate to such agents such powers and duties as it may deem expedient or appropriate that are not inconsistent with the intent of the Plan. The decision of the Administrator upon all matters within its scope of
authority shall be final and conclusive on all persons, except to the extent otherwise provided by law. 
  

	4.	Shares Available 

 The maximum number of shares of Common Stock that may be delivered under the Plan shall equal three hundred sixty-four thousand six
hundred fifty-two (364,652). Such shares shall be subject to adjustment or substitution pursuant to Section 6 herein. If any shares of Restricted Stock awarded hereunder are canceled, lapse or forfeited in accordance with the provisions of
Section 5 herein, then such shares shall again be available for delivery under the Plan. Shares delivered under the Plan may be original issue shares, treasury stock or shares purchased in the open market or otherwise, all as determined by the
Chief Financial Officer of the Company (or the Chief Financial Officer’s designee) from time to time. Effective April 1, 2014, no additional contributions of shares of Common Stock will be made to the Plan. 

	5.	Restricted Stock Awards 

 (a) Awards for Annual Retainer Fee and Meeting Fees. Any cash Fees that a Participant elects to forego in exchange for shares of
Common Stock shall be payable in the form of whole shares of Restricted Stock. The total number of shares of Restricted Stock to be issued under this Section 5(a) to a Participant in lieu of cash Fees shall be determined by dividing such
foregone Fees by the product of 100% (or such other percentage as is determined by the Administrator) and the closing stock price in dollars per share of the Common Stock on the applicable Award Date (or as of such other date as is determined by the
Administrator). Effective April 1, 2014, no additional contributions of Fees may be made under the Plan. 
 (b) Accumulation of
Fees. In its sole discretion, the Administrator may elect to permit Participants to forego Fees throughout an entire fiscal year of the Company and to have Restricted Stock awarded at the beginning of such year pursuant to the formula set forth
in Section 5(a), if the Participant is still a member of the Board at the end of such year. In that event, then any shares of Restricted Stock that are to be awarded may, if the Administrator elects, be increased by a ratable number to reflect
any dividends that were declared and paid with respect to Common Stock during the accumulation period. 
 (c) No Fractional Shares. In no
event shall the Company be obligated to issue fractional shares under this Section, but instead shall pay any such fractional share in cash based on the closing stock price of the Common Stock on the Award Date. 

(d) Vesting. Except as otherwise provided in this Section 5(d), shares of Restricted Stock shall not become vested until the fifth
anniversary of the applicable Award Date (the “Vesting Date”). If the Participant ceases to serve as a Nonemployee Director before the Vesting Date due to the Participant’s death while a member of the Board, the Participant’s
resignation from the Board due to a Disability, the Participant’s inability to stand for re-election due to age restrictions, or the Participant’s failure to be re-elected after standing for re-election, or if there is a Change in Control
prior to the Vesting Date (each of the foregoing an “occurrence”), then the shares shall become fully vested as of the date of such occurrence. If the Participant ceases to serve as a Nonemployee Director prior to the Vesting Date for any
reason other than any of the foregoing occurrences, then the unvested Restricted Stock shall be forfeited as of the date of such cessation of service. Notwithstanding anything else to the contrary in this paragraph or elsewhere in the Plan, or in a
written agreement with a Participant, the Administrator in its sole and absolute discretion shall have the right to accelerate the vesting of some or all of a Participant’s Restricted Stock at any time from the Award Date until the date of the
Participant’s cessation of service as a Nonemployee Director. A Participant may not sell, transfer or otherwise dispose of any such shares of Restricted Stock until they become vested; however, the Participant shall have the right to receive
dividends with respect to the shares and to vote the shares prior to vesting. 
  

	6.	Adjustments in Authorized Shares 

 In the event of any change in corporate capitalization, such as a stock split, or a corporate transaction, such as any merger,
consolidation, separation, including a spin-off, or other distribution of stock or property of the Company, any reorganization (whether or not such reorganization comes within the definition of such term in Section 368 of the Internal Revenue

 
Code of 1986, as amended) or any partial or complete liquidation of the Company, such adjustment shall be made in the number and class of shares of Common Stock which may be delivered under the
Plan, as may be determined to be appropriate and equitable by the Administrator, in its sole discretion, to prevent dilution or enlargement of rights. 
  

	7.	Resales of Shares 

 The Company may impose such restrictions on the sale or other disposition of shares issued under this Plan as the Administrator deems
necessary to comply with applicable securities laws. Certificates for shares issued under this Plan may bear such legends as the Company deems necessary to give notice of such restrictions. The Company will retain custody of all shares of Common
Stock granted hereunder in escrow until such time as the retained shares become vested. 
  

	8.	Compliance with Law and Other Conditions 

 No shares shall be issued under this Plan prior to compliance by the Company, to the satisfaction of its counsel, with all applicable
laws. The Company shall not be obligated to (but may in its discretion) take any action under applicable federal or state securities laws (including registration or qualification of the Plan or the Common Stock) necessary for compliance therewith in
order to permit the issuance of shares hereunder, except for actions (other than registration or qualification) that may be taken by the Company without unreasonable effort or expense and without the incurrence of any material exposure to liability.

  

	9.	Amendment, Modification and Termination of the Plan 

 The Board shall have the right and power at any time and from time to time to amend the Plan in whole or in part and at any time to
terminate the Plan; provided, however, that an amendment to the Plan may be conditioned on the approval of the stockholders of the Company if and to the extent the Board determines that stockholder approval is necessary or appropriate. No
termination, amendment, or modification of the Plan shall adversely affect in any material way any Restricted Stock award previously granted under the Plan, without the written consent of the affected Participant. 

 

	10.	Obligations Unfunded and Unsecured 

 The Plan shall at all times be entirely unfunded, and no provision shall at any time be made with respect to segregating assets of the
Company or any subsidiary (including Common Stock) for payment of any amounts or issuance of any shares of Common Stock hereunder. No Participant or other person shall own any interest in any particular assets of the Company or any subsidiary
(including Common Stock) by reason of the right to receive payment under the Plan, and any Participant or other person shall have only the rights of a general unsecured creditor of the Company with respect to any rights under the Plan. Nothing
contained in this Plan and no action taken pursuant to the provisions of this Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship amongst the Company, any subsidiary, and the Participants, their designated
beneficiaries or any other person. Any funds which may be invested under the 

 
provisions of this Plan shall continue for all purposes to be part of the general funds of the Company and no person other than the Company shall by virtue of the provisions of this Plan have any
interest in such funds. If the Company decides to establish any accrued reserve on its books against the future expense of benefits payable hereunder, such reserve shall not under any circumstances be deemed to be an asset of the Plan. It is
intended that this Plan not be subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, as the Restricted Stock granted hereunder is subject to a substantial risk of forfeiture. 

 

	11.	Miscellaneous 

 (a) Nothing in the Plan shall be construed as conferring any right upon any Participant to continue as a member of the Board.

 (b) To the extent not preempted by federal law, the Plan and all rights and agreements hereunder shall be construed in accordance with and
governed by the laws of New Jersey, without regard to conflicts of law provisions. 
 (c) In the event any provision of the Plan shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

(d) By electing to participate in the Plan, Participants shall be deemed conclusively to have accepted and consented to all terms of the Plan, as amended
from time to time, and all actions or decisions made or to be made by the Company, the Board, or the Administrator with regard to the Plan. Such terms and consent shall also apply to, and be binding upon, the beneficiaries, distributees and personal
representatives and other successors in interest of each Participant.EX-10.U

 EXHIBIT (10.U) 

 

			
	Name of Employee:	 	No. of Shares: [Maximum # of Performances Shares]

 VALLEY NATIONAL BANCORP 
 PERFORMANCE RESTRICTED STOCK AWARD AGREEMENT 
 VALLEY NATIONAL BANCORP, a
New Jersey corporation (the “Company”), this             , 20    (the “Award Date”), hereby grants to
                    (the “Employee”), an employee of the Company, pursuant to the Company’s 2009 Long-Term Stock Incentive Plan
(the “Plan”), [maximum # of shares] shares (“Maximum Share Amount”) of the Common Stock, no par value, of the Company, subject to the restrictions set forth herein (“Performance Restricted
Stock”) on the terms and conditions hereinafter set forth (the “Award”). 
 1. Incorporation by Reference of
Plan. The provisions of the Plan, which is available on the VNB Intranet to the Employee, are incorporated by reference herein and shall govern as to all matters not expressly provided for in this Agreement. Capitalized terms not defined herein
have the meanings set forth in the Plan. In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan shall govern. 
 2. Award of Restricted Stock; Escrow. A record of the Performance Restricted Stock awarded hereunder (the “Shares”) shall be evidenced by the Company in restricted book entry
accounts maintained for each Employee with the Company’s transfer agent, or such other administrator designated by the Compensation Committee of the Company’s Board of Directors (the “Committee”), subject to such
stop-transfer orders and other terms deemed appropriate by the Committee to reflect the restrictions applicable to such Award (the “Restrictions”), until all the Restrictions specifically set forth in this Agreement and in
Section 8 of the Plan with respect to the Shares shall expire or be canceled. Upon the lapse of Restrictions relating to any Shares, the Company shall remove the notations on any such Shares issued in book-entry form. The Performance Restricted
Stock shall have all dividends (including cash and stock dividends) and voting rights as set forth in Section 8 of the Plan. However, dividends (including cash and stock dividends) paid on the Performance Restricted Stock shall be deferred
until the Restrictions with respect to the Shares upon which such dividends were paid expire or are canceled, at which time the Company shall evidence the delivery to the Employee of all such dividends, with interest, if any, in the restricted book
entry accounts maintained for each Employee. If the Employee forfeits any Shares awarded hereunder, such Shares and any dividends (including cash and stock dividends) with respect thereto, with interest, if any, shall automatically revert to the
Company (without any payment by the Company to the Employee) and shall no longer be reflected in the restricted book entry account for the Employee. 
 3. Restrictions 
 (a) Vesting. The Shares and all related dividends
shall not be delivered to the Employee and may not be sold, assigned, transferred, pledged or otherwise encumbered by 

 
the Employee until such Shares have vested based on achievement of the performance goals set forth in Schedule A and subject to the terms of this Agreement. Any Shares earned based on
achievement of the specific performance goals shall vest when the Committee certifies the payout level as a result of such performance achievement. 
 (b) Death. Upon death of the Employee, all Restrictions upon the Target Award Amount, less any Shares previously paid to Employee under this Agreement, shall lapse and such Shares shall immediately
vest, and the balance of Shares under the Award shall immediately be forfeited. The “Target Award Amount” means the number of Shares representing two-thirds of the Maximum Share Amount. In the event that Employee is continuously
employed during the three-year performance period but dies prior to the Committee’s certification of payout level as a result of cumulative performance achievement during that three-year performance period, then the Employee shall vest in the
number of Shares that the Employee would have earned if employed on the date of such certification in accordance with the terms of this Agreement. 
 (c) Retirement. Upon Retirement, the Shares shall remain outstanding until they vest or are forfeited in accordance with the terms set forth in Sections 3(a) and Schedule A. For purposes of
this Agreement, Retirement means the Employee’s retirement from active employment with the Company, but only if such person meets all of the requirements contained in clause (i) or contained in clause (ii) below: 

(i) he has a minimum combined total of years of service and age equal to eighty (80); he is age fifty-five (55) or older; and he
provides twelve (12) months prior written notice to the Company of the retirement; or 
 (ii) he has a minimum of five
(5) years of service; he is age sixty-five (65) or older and he provides twelve (12) months prior written notice to the Company of the retirement. 
 (d) Other Termination Events. Shares not yet vested (and any related cash or stock dividends and interest) shall be forfeited to the Company automatically and immediately upon the Employee’s
ceasing to be employed by the Company and its Subsidiaries for any reason whatsoever, other than death or Retirement (as such term is defined in Section 3(c) above) of the Employee or except as otherwise determined by the Committee. In the
event that Employee is continuously employed during the relevant performance period but ceases to be employed (other than by reason of termination for cause or voluntary resignation) prior to the Committee’s certification of payout level as a
result of performance achievement during that performance period, then the Employee shall vest in any earned Shares based on performance during such performance period and be paid such Shares following the Committee’s certification. 

(e) Change in Control. Upon the event of a Change in Control (as such term is defined in the Plan) of the Company, all
Restrictions upon the Target Award Amount, less any Shares previously paid to the Employee under this Agreement, shall lapse and such Shares shall immediately vest, and the balance of Shares under the Award shall immediately be forfeited.

 4. Accelerated Restricted Stock. With respect to an Employee who is or was at any time a named
executive officer (as determined under Item 402 of Regulation S-K of the Securities Exchange Act of 1934, as amended), the Shares are subject to all the terms and conditions set forth in the Plan regarding Accelerated Restricted Stock
including, but not limited to, the following: 
  

	 	a.	The retention requirements as provided in Section 8(c) of the Plan; 

  

	 	b.	The inclusion on the certificate issued by the Escrow Agent pursuant to Section 8(e) of a legend restricting transfer of Shares subject to the retention
requirements as provided in Section 8(c) of the Plan; and 

  

	 	c.	The continued holding of the certificates representing the Accelerated Restricted Stock until the expiration of the retention requirements as provided in
Section 8(c) of the Plan. 

 5. Registration. If Shares are issued in a transaction exempt from registration under the
Securities Act of 1933, as amended, then, if deemed necessary by Company’s counsel, as a condition to the Company issuing certificates representing the Shares, the Employee shall represent in writing to the Company that the Employee is
acquiring the Shares for investment purposes only and not with a view to distribution, and the certificates representing the Shares shall bear the following legend: 
 “These shares have not been registered under the Securities Act of 1933. No transfer of the shares may be affected without an opinion of counsel to the Company stating that the transfer is exempt
from registration under the Act and any applicable state securities laws or that the transfer of the shares is covered by an effective registration statement with respect to the shares.” 
 6. Incorporation of Plan. The Employee hereby acknowledges that the Employee has access to the Plan on the VNB Intranet (and is aware that he or she may request a written copy) and represents and
warrants that the Employee has read and is familiar with the terms and conditions of the Plan. The execution of this Agreement by the Employee shall constitute the Employee’s acceptance of and agreement to all of the terms and conditions of the
Plan and this Agreement. 
 7. Notices. Except as specifically provided in the Plan or this Agreement, all notices and other
communications required or permitted under the Plan and this Agreement shall be in writing and shall be given either by (i) personal delivery or regular mail, in each case against receipt, or (ii) first class registered or certified mail,
return receipt requested. Any such communication shall be deemed to have been given (i) on the date of receipt in the cases referred to in clause (i) of the preceding sentence and (ii) on the second day after the date of mailing in
the cases referred to in clause (ii) of the preceding sentence. All such communications to the Company shall be addressed to it, to the attention of its Secretary or Treasurer, at its then principal office and to the Employee at the
Employee’s last address appearing on the records of the Company or, in each case, to such other person or address as may be designated by like notice hereunder. 

 8. Tax Withholding. If requested by the Employee, the Committee shall cancel Shares of Restricted
Stock to be delivered to the Employee having a Fair Market Value, on the day preceding the date of vesting of the Performance Restricted Stock, equal to the minimum statutory required tax withholding in connection with such vesting, and to apply the
value of such Shares of Performance Restricted Stock as payment for the Employee’s minimum statutory required tax withholding for the vesting of any Shares of Performance Restricted Stock. The form to be used in making this request is attached
as Schedule B. 
 9. Clawback. In the event that the Committee, within 3 years of the Award Date or within 3 years of the date of
vesting of any portion of the Award hereunder, determines that the Award of Performance Restricted Stock made under this Agreement was based on materially inaccurate financial statements (including, but not limited to, statements of earnings,
revenues, or gains) or other materially inaccurate performance metric criteria, then the Company has the right to cancel the unvested Performance Restricted Stock awarded to the Employee under this Agreement and, with respect to vested Performance
Restricted Stock awarded under this Agreement, the Employee agrees that the Company has the right to cancel the Shares awarded to the Employee under this Agreement if still owned by the Employee or, if such Shares are no longer owned by the Employee
or the Company is otherwise unable to cancel the Shares, to recover from the Employee the value of the vested Performance Restricted Stock awarded under this Agreement. 
 10. Miscellaneous. This Agreement and the Plan contain a complete statement of all the arrangements between the parties with respect to the subject matter hereof, and this Agreement cannot be
changed except by a writing executed by both parties. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey applicable to agreements made and to be performed exclusively in New Jersey. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

 

							
	VALLEY NATIONAL BANCORP	 		 	EMPLOYEE
				
	

	 		 		 	
	By: Gerald Korde	 		 	By:	 	  

		 		 		 	[Employee Name]

 Schedule A 
 Vesting Conditions for Performance Restricted Stock 
  

	1.	Definitions 

  

	 	a.	“Eligible Shares” means the number of Shares specified in Section 2 and Section 3 below. 

 

	 	b.	“GITBV” means the Company’s annual growth in Tangible Book Value per share plus dividends excluding other comprehensive income and other
adjustments as the Committee deems appropriate in its sole discretion, including but not limited to acquisitions. “Tangible Book Value” means total equity of the Company less good will and any other intangibles divided by shares
outstanding. 

  

	 	c.	“Peer Group” means the companies in the KBW Regional Bank Index as of the first day of the Three-Year Performance Period. If a Peer Group company is
acquired by or merged with another Peer Group company, the performance of the surviving company is tracked for the remainder of the relevant performance period. If a Peer Group company is acquired by a non-Peer Group company, the acquired company is
disregarded. For the avoidance of doubt, a Peer Group company which becomes bankrupt or insolvent during the Three-Year Performance Period shall be deemed to have a TSR Performance of negative 100%. 

 

	 	d.	“Three-Year Performance Period” means the three-year period commencing January 1, 2014 and ending December 31, 2016.

  

	 	e.	“Stock Price” means the average closing price of a share of common stock of the Company, as reported on the principal national stock exchange on which
such common stock is traded, over the 20 consecutive trading days immediately preceding the first day of the relevant performance period or the 20 consecutive trading days ending on (and including) the last day of the relevant performance period.

  

	 	f.	“TSR Performance” means the Company’s total shareholder return for the relevant performance period as measured by dividing (A) the sum of
(i) the cumulative amount of dividends per share for the relevant period, assuming dividend reinvestment as of each applicable ex dividend date, and (ii) the increase or decrease in Stock Price from the first business day of the relevant
performance period to the last business day of the relevant period, by (B) the Stock Price determined as of the first business day of the relevant period. 

	2.	Growth in Tangible Book Value 

  

	 	a.	Year 1: [            ] Eligible Shares (representing one-third of 75% of the Target Award Amount)
will be subject to vesting based on performance achievement against the following metrics measured over the one-year period commencing January 1, 2014 and ending December 31, 2014: 

 

	 	•	 	 50% of the Eligible Shares will vest if 4.5% GITBV is achieved; 

 

	 	•	 	 100% of the Eligible Shares will vest if 7.0% GITBV is achieved; 

The number of earned shares shall be interpolated on a straight-line basis based on achievement of GITBV levels between the performance
metrics specified above. No Eligible Shares shall be earned if GITBV is less than 4.5%, and the maximum earned shares shall be capped at the Eligible Share amount even if GITBV in excess of 7.0% is achieved. Any Eligible Shares earned based on Year
1 performance shall vest and be delivered to the Employee upon the Committee’s certification of performance achievement following the end of Year 1 (“Year 1 Payout”). 

 

	 	b.	Year 2: [            ] Eligible Shares (representing one-third of 75% of the Target Award Amount)
will be subject to vesting based on performance achievement against the following metrics measured on a cumulative basis over the two-year period commencing January 1, 2014 and ending December 31, 2015 (using a two-year average):

  

	 	•	 	 50% of the Eligible Shares will vest if 4. 5% GITBV is achieved; 

 

	 	•	 	 100% of the Eligible Shares will vest if 7.0% GITBV is achieved; 

The number of earned shares shall be interpolated on a straight-line basis based on achievement of GITBV levels between the performance
metrics specified above. No Eligible Shares shall be earned if GITBV is less than 4.5%, and the maximum earned shares shall be capped at the Eligible Share amount even if GITVB in excess of 7.0% is achieved. Any Eligible Shares earned based on Year
2 performance shall vest and be delivered to the Employee upon the Committee’s certification of performance achievement following the end of Year 2 (“Year 2 Payout”). 

 

	 	c.	Year 3: 

  

	 	i.	[            ] Eligible Shares (representing 75% of the Maximum Share Amount) will be subject to vesting
based on performance achievement against the following metrics measured on a cumulative basis over the Three-Year Performance Period (using a three-year average): 

 

	 	•	 	 One-third of the Eligible Shares will vest if 4.5% GITBV is achieved; 

 

	 	•	 	 Two-thirds of the Eligible Shares will vest if 7.0% GITBV is achieved; 

 

	 	•	 	 100% of the Eligible Shares will vest if 9.5% of GITBV is achieved. 

 The number of earned shares shall be interpolated on a straight-line basis based on
achievement of GITBV levels between the performance metrics specified above. No Eligible Shares shall be earned if GITBV is less than 4.5%, and the maximum earned shares shall be capped at the Eligible Share amount even if GITVB in excess of 9.5% is
achieved. 
  

	 	ii.	Following the conclusion of the Three-Year Performance Period, Employee shall vest in a number of Shares equal to the number of Eligible Shares earned based on
cumulative three-year GITBV performance minus the sum of any Year 1 Payout and Year 2 Payout (“Net GITBV Shares Earned”). In the event that the foregoing calculation results in a negative amount, Net GITBV Shares Earned shall be
zero. Any Net GITBV Shares Earned shall vest and be delivered to the Employee upon the Committee’s certification of performance achievement following the end of the Three-Year Performance Period. 

 

	3.	Total Shareholder Return. [            ] Eligible Shares (representing 25% of the Maximum
Share Amount) will be subject to vesting based on achievement of TSR Performance measured on a cumulative basis over the Three-Year Performance Period as follows: 

 

	 	•	 	 One-third of the Eligible Shares will vest if TSR Performance is consistent with the 25th percentile of the Peer Group; 

 

	 	•	 	 Two-thirds of the Eligible Shares will vest if TSR Performance is consistent with the 50th percentile of the Peer Group; 

 

	 	•	 	 100% of the Eligible Shares will vest if TSR Performance is consistent with the 75th percentile of the Peer Group. 

The number of earned shares shall be interpolated on a straight-line basis based on achievement of TSR Performance
levels between the performance metrics specified above. No Eligible Shares shall be earned if TSR Performance is below the
25th percentile of the Peer Group, and the maximum earned
shares shall be capped at the Eligible Share amount even if TSR Performance exceeds the 75th percentile of the Peer Group. The number of Eligible Shares earned based on cumulative three-year TSR Performance shall vest and be delivered to the Employee upon the Committee’s certification of
performance achievement following the end of the Three-Year Performance Period. 

 Schedule B 

 
 

 
 Tax Withholding Election Form 
 This form cannot be executed during a blackout period; and must be submitted to Stock Option Support in the Accounting Department at least 20 days prior to a scheduled performance restricted
stock vesting. 
 The undersigned has received, pursuant to one or both of the Company’s 2009 Long-Term Stock Incentive Plan and 1999
Long-Term Stock Incentive Plan (the “Plans”), shares of the Common Stock, no par value, of the Company (“Performance Restricted Stock”) subject to the restrictions set forth in one or more Performance Restricted Stock Award
Agreement(s) (each an “Agreement”). Capitalized terms used herein without definition shall have the meanings ascribed to them in the appropriate Plan pursuant to which the Performance Restricted Stock was granted. 

With respect to the satisfaction of any and all withholding tax obligations relating to the vesting of the Performance Restricted Stock and pursuant to
the terms of the appropriate Agreement, the undersigned hereby voluntarily elects (please choose one and initial on the space provided): 
  

	 	(i)	to have the Company withhold a number of shares of Common Stock otherwise issuable or deliverable sufficient to cover the undersigned’s minimum statutory
withholding tax obligations in connection with the vesting of the Performance Restricted Stock subject to the Agreement. 

  

	 	(ii)	to withdraw the voluntary election dated                      in
connection with the vesting of the Performance Restricted Stock subject to the Agreement. This tax withholding election shall be deemed revoked by the undersigned when the Company receives a superseding Tax Withholding Election Form where this item
(ii) is checked. 

 The undersigned understands that the Company may defer issuance and delivery of Common Stock until all tax
withholding requirements are satisfied. 
 The vesting of the Performance Restricted Stock subject to the Agreement may at times occur during a
blackout period. In such an event, you would be unable to elect to have shares of Common Stock withheld to cover withholding tax obligations. Thus, consistent with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, where item
(i) above is checked, this Tax Withholding Election Form serves as your authorization to have the Company withhold a number of shares of Common Stock otherwise issuable or deliverable sufficient to cover the undersigned’s withholding tax
obligations in connection with the vesting of the Performance Restricted Stock subject to the Agreement. 

 By executing this Tax Withholding Election Form, the undersigned represents and warrants that as of the
date hereof he/she is not aware of any material nonpublic information with respect to the Company or any of its securities. 
  

					
	Date	  		  	Employee Name (Print)
			
		  		  	Employee Signature

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