Document:

PROVIDENT BANCORP, INC. 2004 STOCK INCENTIVE PLAN
                             STOCK OPTION AGREEMENT

                                                    ______-_______-____________
------------------------------------------------
Name of Recipient                                        Social Security Number

-------------------------------------------------------------------------------
Street Address

-----------------------------------------------  ----------------- ------------
 City                                             State            ZIP Code

This Stock Option Agreement is intended to set forth the terms and conditions on
which a Stock Option has been granted  under the  Provident  Bancorp,  Inc. 2004
Stock  Incentive  Plan.  Set forth below are the specific  terms and  conditions
applicable to this Stock Option. Attached as Exhibit A are its general terms and
conditions.

<TABLE>
<CAPTION>

=============================== ============= ==============================================================================
         OPTION GRANT              GRANT                              OPTION DETAIL BY VESTING DATE
                                 SUMMARY**
=============================== ============= ============== ================ =============== =============== ===============

=============================== ============= ============== ================ =============== =============== ===============
=============================== ============= ============== ================ =============== =============== ===============
<S>                             <C>           <C>            <C>              <C>             <C>             <C>

Grant Date:
                                ------------- -------------- ---------------- --------------- --------------- ---------------
------------------------------- ------------- -------------- ---------------- --------------- --------------- ---------------
Class of Optioned Shares *
                                ------------- -------------- ---------------- --------------- --------------- ---------------
------------------------------- ------------- -------------- ---------------- --------------- --------------- ---------------
No. of Optioned Shares*
                                ------------- -------------- ---------------- --------------- --------------- ---------------
------------------------------- ------------- -------------- ---------------- --------------- --------------- ---------------
Option Type (ISO or NQSO)
                                ------------- -------------- ---------------- --------------- --------------- ---------------
------------------------------- ------------- -------------- ---------------- --------------- --------------- ---------------
Exercise Price Per Share *
                                ------------- -------------- ---------------- --------------- --------------- ---------------
------------------------------- ------------- -------------- ---------------- --------------- --------------- ---------------
Vesting Percent *
                                ------------- -------------- ---------------- --------------- --------------- ---------------
------------------------------- ------------- -------------- ---------------- --------------- --------------- ---------------
No. of Shares Released from
Grant on Each Indicated
Vesting Date *
                                ------------- -------------- ---------------- --------------- --------------- ---------------
------------------------------- ------------- -------------- ---------------- --------------- --------------- ---------------
Cumulative No. of Shares
Exercisable on Each Indicated
Vesting Date *
                                ------------- -------------- ---------------- --------------- --------------- ---------------
------------------------------- ------------- -------------- ---------------- --------------- --------------- ---------------
Option Expiration Date *
=============================== ============= ============== ================ =============== =============== ===============
</TABLE>

*Subject to adjustment as provided in the Plan and the General Terms and
Conditions.
** This column reflects a summary of the option grant detailed in the remaining
columns of this table. It does not constitute a separate, additional option
grant.

By signing where indicated below, Provident Bancorp, Inc. (the "Company") grants
this Stock Option upon the  specified  terms and  conditions,  and the Recipient
acknowledges  receipt of this Stock Option  Agreement,  including Exhibit A, and
agrees to observe and be bound by the terms and conditions set forth herein.

PROVIDENT BANCORP, INC.                   RECIPIENT

By
   ---------------------------------      -------------------------------------
       Name:                                      Print Name:

------------------------------------
     Title:

<PAGE>

                                                                      EXHIBIT A
                                                                      ---------

                PROVIDENT BANCORP, INC. 2004 STOCK INCENTIVE PLAN
                             STOCK OPTION AGREEMENT

                          General Terms and Conditions

     Section 1.  Incentive  Stock  Option.  If the Option has been  granted to a
recipient who is a non-employee  director,  it is a  Non-Qualified  Stock Option
(NQSO).  If the Option has been granted to an individual  who is an employee and
is designated as an ISO, the Company intends the Option  evidenced  hereby to be
an "incentive  stock  option"  within the meaning of section 422 of the Internal
Revenue Code of 1986 ("Code").  If the Option or any part of the Option does not
qualify as an "incentive  stock option" under the Plan or the Code,  the Option,
or the part not  qualifying,  shall be treated as a  Non-Qualified  Stock Option
under the Code.

     Section 2. Option Period.  (a) Subject to section 2(b), the Recipient shall
have the right to purchase all or any portion of the optioned Shares at any time
during the period ("Option Period")  commencing on the Earliest Vesting Date and
ending on the earliest to occur of the following dates:

                           (i) the close of business on the date of the
                  Recipient's termination of service due to resignation or
                  immediately upon Termination for Cause;

                           (ii) last day of the 3-month period commencing on the
                  date of the termination of all service with the Company and
                  Provident Bank due to a discharge that is not a Termination
                  for Cause;

                           (iii) the last day of the 1-year period commencing on
                  the date of termination of all service with the Company and
                  Provident Bank due to death, Disability or Retirement, and

                           (iv) the last day of the ten-year period following
                  the date on which the Option was granted.

                  (b) If the Option is designated as an ISO, the favorable tax
treatment applicable to incentive stock options may not apply if it is
exercisable more than three months after termination of employment for reasons
other than death or total and permanent disability (within this meaning of
section 22(e)(3) of the Code) or more than one year after termination of
employment due to death or total and permanent disability.

                  (c) If the Option has an Earliest Exercise Date that is before
its Vesting Date, the Option may be exercised before it is vested. In this case,
the Shares issued will bear a restrictive legend and will be nontransferable and
subject to forfeiture until their Vesting Date.

                  (d) To become vested in an Option, the Recipient must be in
continuous service with the Company during the period beginning on the Grant
Date and ending on the Vesting Date. In addition, the disinterested members of
the "Committee" (as defined in the 2004 Stock Incentive Plan) must determine in
its discretion that the Recipient's performance as an officer or employee has
been satisfactory. In general, performance is considered satisfactory if the
recipient has been the subject of a formal written performance appraisal within
the most recent 12 months and received a salary increase or one-time payment in
lieu of a salary increase and no material negative change in the performance
level has occurred. If performance is not determined to have been satisfactory,
or, if the Recipient terminated service with the Company prior to a vesting
date, any Options granted hereunder that are scheduled to vest on that Vesting
Date, and any Shares issued upon exercise of such an Option, are deemed
forfeited for that recipient. In the event of the Recipient's termination of
service with the Company due to death, Disability or Retirement, unvested
Options with a Vesting Date that occurs during the calendar year of termination
or the following calendar year, and any Shares issued upon exercise of such
Options, will be deemed vested as of the termination date. Options that are
forfeited will be canceled and will cease to be exercisable. Any Shares that are
forfeited must be returned to the Company in exchange for a payment equal to
Exercise Price paid for the Shares or their Fair Market Value on the date
forfeited, whichever is less. In the event of a Change in Control, all Options
evidenced by this Agreement that were not previously forfeited will be 100%
vested.

                  (e) To qualify for Retirement, the Recipient must, as of the
termination date, have attained age 65, or attained age 55 and have at least 10
consecutive years of service, and, in either case, must enter into a retirement

<PAGE>

agreement with the Company in a form approved by the Committee, within the
Committee's discretion, and under which the Recipient agrees, for a period of 2
years, to provide consulting services to the Company and Provident Bank (as
specified in Section 2.35 of the Plan) and to refrain from competing with or
soliciting employees and customers of the Company and Provident Bank.

     Section  3.  Exercise  Price.  During  the  Option  Period,  and  after the
applicable  Earliest  Exercise  Date,  the  Recipient  shall  have the  right to
purchase  all or any portion of the optioned  Shares at the  Exercise  Price per
Share.

     Section 4. Method of Exercise.  The  Recipient  may, at any time during the
Option  Period  provided by section 2, exercise his right to purchase all or any
part of the optioned Shares then available for purchase; provided, however, that
the minimum number of shares of optioned  Shares which may be purchased shall be
one hundred  (100) or, if less,  the total  number of shares of optioned  Shares
then available for purchase. The Recipient shall exercise such right by:

                  (a) giving written notice to the Committee, in the form
         attached hereto as Appendix A; and

                  (b) delivering to the Committee full payment of the Exercise
         Price for the optioned Common Stock to be purchased.

The date of exercise shall be the earliest date  practicable  following the date
the  requirements of this section 4 have been  satisfied.  Payment shall be made
(i) in United  States  dollars by certified  check,  money order,  official bank
check or personal  check made payable to the order of Provident  Bancorp,  Inc.,
(ii) with the  Committee's  approval,  in Shares duly  endorsed for transfer and
with all necessary  stock transfer tax stamps attached (or using a "constructive
delivery" method approved by the Committee),  already owned by the Recipient for
more than 6 months and having a fair market value equal to the  Exercise  Price,
such fair market value to be determined in such manner as may be provided by the
Committee  or as may be  required  in order to  comply  with or  conform  to the
requirements of any applicable laws or regulations, or (iii) in a combination of
(i) and (ii). If this Option is designated as an ISO or is exercised  before its
Vesting Date, the Recipient shall not, without the prior written approval of the
Committee, dispose of Shares acquired pursuant to the exercise.

     Section 5.  Delivery and  Registration  of Optioned  Shares.  As soon as is
practicable  following  the  date on  which  the  Recipient  has  satisfied  the
requirements  of section 4, the Committee shall take such action as is necessary
to cause the Company to issue a stock  certificate  evidencing  the  Recipient's
ownership of the optioned Shares that have been  purchased.  The Recipient shall
have no right to vote or to receive  dividends,  nor have any other  rights with
respect to optioned  Shares,  prior to the date as of which such optioned Shares
are  transferred to the Recipient on the stock transfer  records of the Company,
and no adjustments shall be made for any dividends or other rights for which the
record  date is prior to the date as of which such  transfer  is  effected.  The
obligation of the Company to deliver Shares under this Agreement  shall,  if the
Committee so requests, be conditioned upon the receipt of a representation as to
the investment  intention of the person to whom such Shares are to be delivered,
in such form as the  Committee  shall  determine to be necessary or advisable to
comply  with the  provisions  of  applicable  federal,  state or local law.  The
Committee may provide that any such representation shall become inoperative upon
registration of the Shares or upon the occurrence of any other event eliminating
the  necessity  of such  representation.  The  Company  shall not be required to
deliver  any Shares  under this  Agreement  prior to (a) the  admission  of such
Common  Stock to  listing  on any stock  exchange  on which  Shares  may then be
listed, or (b) the completion of such registration or other  qualification under
any state or federal law, rule or regulations as the Committee  shall  determine
to be necessary or advisable.

     Section 6. Adjustments in the Event of Reorganization.  In the event of any
merger, consolidation,  or other business reorganization in which the Company is
the surviving  entity,  and in the event of any stock split,  stock  dividend or
other event which the  Committee  believes  warrants an  adjustment to avoid the
enlargement  or dilution of rights,  the number of Shares  subject to the Option
granted  hereunder  and the  Exercise  Price per share of such  Option  shall be
adjusted in accordance  with the Plan to account for such event. In the event of
any merger, consolidation, or other business reorganization in which the Company
is not the surviving entity,  any exercisable  option granted hereunder shall be
cancelled or adjusted in accordance with the Plan.

     Section 7. No Right to Continued Service. Nothing in this Agreement nor any
action of the Board or Committee with respect to this Agreement shall be held or
construed to confer upon the Recipient any right to a continuation of service by
the Company or Provident Bank. The Recipient may be dismissed or otherwise dealt
with as though this Agreement had not been entered into.

<PAGE>

     Section 8. Taxes.  Where any person is entitled to receive Shares  pursuant
to the  exercise of the Option  granted  hereunder,  the Company  shall have the
right to require  such  person to pay to the Company the amount of any tax which
the Company is required to withhold  with  respect to such  Shares,  or, in lieu
thereof,  to retain, or to sell without notice, a sufficient number of Shares to
cover the amount required to be withheld.

     Section 9.  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:

                  (a) If to the Committee:

                           Provident Bancorp, Inc.
                           c/o Provident Bank
                           400 Rella Boulevard
                           Montebello, New York

                           Attention:    Corporate Secretary

                  (b) If to the Recipient, to the Recipient's address as shown
in the Company's records.

     Section 10.  Restrictions on Transfer.  The Option granted  hereunder shall
not be subject in any manner to  anticipation,  alienation  or  assignment,  nor
shall such  option be liable for or  subject to debts,  contracts,  liabilities,
engagements or torts,  nor shall it be  transferable by the Recipient other than
by will or by the laws of descent and distribution or as otherwise  permitted by
the Plan. To name a Beneficiary  who may exercise  your Options  following  your
death, complete the attached Appendix B and file it with the Corporate Secretary
of  Provident  Bancorp,  Inc.  The  Recipient  may,  with  the  approval  of the
Committee,  transfer  unexercised  NQSOs to certain  Family  Members after those
Options  have  vested.  Options  transferred  to Family  Members  continue to be
subject to the same terms and conditions (including  post-termination expiration
provisions) that would apply if they had not been transferred.

     Section 11.  Successors  and  Assigns.  This  Agreement  shall inure to the
benefit of and shall be binding  upon the  Company and the  Recipient  and their
respective heirs, successors and assigns.

     Section  12.  Construction  of  Language.   Whenever   appropriate  in  the
Agreement,  words used in the singular may be read in the plural,  words used in
the plural may be read in the singular, and words importing the masculine gender
may be read as referring equally to the feminine or the neuter. Any reference to
a section  shall be a  reference  to a section  of this  Agreement,  unless  the
context clearly indicates otherwise.  Capitalized terms not specifically defined
herein shall have the meanings assigned to them under the Plan.

     Section 13. Governing Law. This Agreement shall be construed,  administered
and  enforced  according  to the laws of the  State of New York  without  giving
effect to the  conflict of laws  principles  thereof,  except to the extent that
such laws are  preempted by the federal law. The federal and state courts having
jurisdiction in Rockland County, New York shall have exclusive jurisdiction over
any claim, action,  complaint or lawsuit brought under the terms of the Plan. By
accepting any Option granted under this Agreement,  the Recipient, and any other
person claiming any rights under the Agreement,  agrees to submit  himself,  and
any such legal action as he shall bring under the Plan, to the sole jurisdiction
of such courts for the adjudication and resolution of any such disputes.

     Section 14. Amendment.  This Agreement may be amended,  in whole or in part
and in any manner not inconsistent  with the provisions of the Plan, at any time
and from  time to  time,  by  written  agreement  between  the  Company  and the
Recipient.

     Section 15. Plan  Provisions  Control.  This  Agreement  and the rights and
obligations  created  hereunder  shall  be  subject  to  all of  the  terms  and
conditions of the Plan. In the event of any conflict  between the  provisions of
the Plan and the provisions of this Agreement,  the terms of the Plan, which are
incorporated herein by reference,  shall control. By signing this Agreement, the
Recipient acknowledges receipt of a copy of the Plan. The Recipient acknowledges
that he or she may not and will not rely on any  statement  of  account or other
communication  or  document  issued in  connection  with the Plan other than the
Plan, this Agreement, and any document signed by an authorized representative of
the Company that is designated as an amendment of the Plan or this Agreement.

<PAGE>

                      APPENDIX A TO STOCK OPTION AGREEMENT
                PROVIDENT BANCORP, INC. 2004 STOCK INCENTIVE PLAN
                       Notice of Exercise of Stock Option
------------------------------------------------------------------------------
Use this Notice to inform the Committee administering the Provident Bancorp,
Inc. 2004 Stock Incentive Plan ("Plan") that you are exercising your right to
purchase shares of common stock ("Shares") of Provident Bancorp, Inc.
("Provident") pursuant to an option ("Option") granted under the Plan. If you
are not the person to whom the Option was granted ("Recipient"), you must attach
to this Notice proof of your right to exercise the Option granted under the
Stock Option Agreement entered into between Provident and the Recipient
("Agreement"). This Notice should be personally delivered or mailed by certified
mail, return receipt requested to: Provident Bancorp, Inc., c/o Provident Bank,
400 Rella Boulevard, Montebello, New York, Attention: Corporate Secretary. The
effective date of the exercise of the Option shall be the earliest date
practicable following the date this Notice is received by Provident ("Effective
Date"). Except as specifically provided to the contrary herein, capitalized
terms shall have the meanings assigned to them under the Plan. This Notice is
subject to all of the terms and conditions of the Plan and the Agreement.

OPTION INFORMATION Identify below the Option that you are exercising by
providing the following information from the Stock Option Agreement.

   Name of Recipient:
   Option Grant Date:   ____________________, __________
                        (Month and Day)       (Year)
   Exercise Price per share:        $_________.____

EXERCISE PRICE Compute the Exercise Price below and select a method of payment.

 Total Exercise Pri                 x  $                 = $
                     -------------     ---------------     -----------------
                    (No. of Shares)    (Exercise Price)  Total Exercise Price

    Method of Payment
      |_|   I enclose a certified check, money order, official
            bank check, or personal check payable to the order
            of Provident Bancorp, Inc. in the amount of           $
                                                                   -----------
      |_|   I enclose Shares owned by me for more than 6 months
            ("Previously Owned Shares") duly endorsed for transfer
            to Provident with all stamps attached and having a
            fair market value of                                  $
                                                                   -----------
      |_|   I enclose a sworn affidavit and a copy of stock
            certificate(s), brokerage statement(s) or other
            evidence of Previously Owned Shares with the Fair
            Market Value indicated and request that the number
            of new Shares issued to me be reduced by the number
            of Previously Owned Shares applied to pay the
            Exercise Price (requires Committee approval.)         $
                                                                   -----------

                                            Total Exercise Price  $
                                                                   -----------
ISSUANCE OF CERTIFICATES
 I hereby direct that the stock certificates representing the Shares purchased
 pursuant to section 2 above be issued to the following person(s) in the amount
specified below:

               Name and Address                  Social Security    No of Shares
__________________     ________________________ _____-_______-____  ___________
                       ________________________
__________________     ________________________ _____-_______-____  ___________
                       ________________________

AUTHORIZATION OF STOCK CERTIFICATES & SHARES DELIVERY AND AUTHORIZATION FOR
DELIVERY OF PROCEEDS FROM SHARES SALE OR EXERCISE

Name of Financial Institution ____________________
Contact Person __________________________________

Address ______________________________________________________________________
        Street                 City                   State        Zip
Telephone Number ______________________________

Register and deliver Shares as follows: _______________________________________
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

Transfer funds as follows: ____________________________________________________

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

WITHHOLDING  ELECTIONS For Employee  Recipients with Non-Qualified Stock Options
only. Beneficiaries and Outside Directors should not complete. I understand that
I am responsible for the amount of federal, state and local taxes required to be
withheld  with respect to the Shares to be issued to me pursuant to this Notice,
but that I may request  Provident to retain or sell a sufficient  number of such
Shares  to cover the  amount to be  withheld.  I hereby  request  that any taxes
required to be withheld be paid in the following manner [check one]:

       |_|   With a certified or bank check that I will deliver to the
             Administrator on the day after the Effective Date of my
             Option exercise.
       |_|   With the proceeds from a sale of Shares that would
             otherwise be distributed to me.
       |_|   Retain shares that would otherwise be distributed to me.

I  understand  that the  withholding  elections I have made on this form are not
binding on the  Committee,  and that the Committee  will decide the amount to be
withheld and the method of  withholding  and advise me of its decision  prior to
the  Effective  Date.  I  further  understand  that the  Committee  may  request
additional  information  or assurances  regarding the manner and time at which I
will report the income attributable to the distribution to be made to me.

I further  understand  that if I have elected to have Shares sold to satisfy tax
withholding,  I may be asked to pay a minimal  amount  of such  taxes in cash in
order to avoid the sale of more Shares than are necessary.

COMPLIANCE  WITH TAX AND SECURITIES  LAWS
I understand that I must rely on, and consult with, my own tax and legal counsel
(and not  Provident  Bancorp,  Inc.)  regarding the  application  of all laws --
particularly  tax and  securities  laws -- to the  transactions  to be  effected
pursuant  to my Option  and  this  Notice.  I  understand  that I will be
responsible  for paying any  federal,  state and local taxes that may become due
upon the sale  (including  a sale  pursuant to a "cashless  exercise")  or other
disposition  of Shares  issued  pursuant to this Notice and that I must  consult
with my own tax advisor regarding how and when such income will be reportable.

S H
I E   ------------------------------------------------   ----------------------
G R   Signature                                          Date
N E
      -------------------------------------------------------------------------
                                        Address
<PAGE>

                                Internal Use Only
--------------------------------                 ------------------------------

-------------------------------------------------------------------------------
Corporate Secretary
                         Received  [check one]:   |_| By Hand   |_| By Mail
                                                                Post Marked
                                                              _________________
                                                              Date of Post Mark

By
  -----------------------------------                         _________________
   Authorized Signature                                       Date of Receipt
-------------------------------------------------------------------------------

<PAGE>

                      APPENDIX B TO STOCK OPTION AGREEMENT
                PROVIDENT BANCORP, INC. 2004 STOCK INCENTIVE PLAN

                  Beneficiary Designation Form - Stock Options

-------------------------------------------------------------------------------
GENERAL          Use this form to designate the Beneficiary(ies) who may
INFORMATIN       exercise Options outstanding to you at the time of your
                 death.

Name of Person
Making Designation
                  -----------------------------------------------------------
Security Number ______--_____--__________

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

A PRIMARY BENEFICIARY(IES). I hereby designate the following person as my
primary Beneficiary under the Plan, reserving the right to change or revoke this
designation at any time prior to my death:

Name             Address             Relationship  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
Options:
Name             Address             Relationship  Birthdate  Share

                 ------------------- ------------  ---------  -----%
---------------- -------------------
                 -------------------
---------------- ------------------- ------------  ---------  -----%
                 -------------------
                 -------------------
---------------  ------------------- ------------  --------- ------%
                                                             Total = 100%

S H I understand that this Beneficiary Designation shall be effective only
I E if properly completed and received by the Corporate Secretary of
G R Provident Bancorp, Inc. prior to my death, and that it is subject to all of
N E the terms and G R conditions of the Plan. I also understand that an
    effective Beneficiary designation revokes my prior designation(s) with
    respect to all outstanding Options.

-----------------------------------------------       -------------------------
Your Signature                                        Date

-------------------------------Internal Use Only-------------------------------

-------------------------------------------------------------------------------
This Beneficiary  Designation was received                     Comments
by the Corporate Secretary of Provident Bancorp,
Inc. on the date indicated.

By
   ------------------------------------------    ----------------
         Authorized Signature                     Date

-------------------------------------------------------------------------------S

                             PROVIDENT BANCORP, INC.
                            2004 STOCK INCENTIVE PLAN
                         RESTRICTED STOCK AWARD NOTICE

                                                       __________-_____-_______
-----------------------------------------------         Social Security Number
Name of Award Recipient

-------------------------------------------------------------------------------
                                 Street Address

-----------------------------------------------   ------------------  ---------
City                                               State               ZIP Code

This Restricted Stock Award Notice is intended to set forth the terms and
conditions on which a Restricted Stock Award has been granted under the
Provident Bancorp, Inc. 2004 Stock Incentive Plan. Set forth below are the
specific terms and conditions applicable to this Restricted Stock Award.
Attached as Exhibit A are its general terms and conditions.
<TABLE>
<CAPTION>

====================== =============== =============== ============== ============== ================ ================
Restricted Stock
Award                       (A)             (B)             (C)            (D)             (E)              (F)
---------------------- --------------- --------------- -------------- -------------- ---------------- ----------------
---------------------- --------------- --------------- -------------- -------------- ---------------- ----------------
<S>                    <C>              <C>            <C>            <C>            <C>               <C>

Effective Date
---------------------- --------------- --------------- -------------- -------------- ---------------- ----------------
---------------------- --------------- --------------- -------------- -------------- ---------------- ----------------

Class of Shares*           Common          Common         Common         Common          Common           Common
---------------------- --------------- --------------- -------------- -------------- ---------------- ----------------
---------------------- --------------- --------------- -------------- -------------- ---------------- ----------------

No. of Awarded              [ ]             [ ]             [ ]            [ ]             [ ]              [ ]
Shares*
---------------------- --------------- --------------- -------------- -------------- ---------------- ----------------
---------------------- --------------- --------------- -------------- -------------- ---------------- ----------------

Type of Award(Escrow
or Legended
Certificate)
---------------------- --------------- --------------- -------------- -------------- ---------------- ----------------
---------------------- --------------- --------------- -------------- -------------- ---------------- ----------------

Vesting Date*
====================== =============== =============== ============== ============== ================ ================
</TABLE>

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

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

PROVIDENT BANCORP, INC.                           AWARD RECIPIENT

By
   ----------------------------------------       -----------------------------
      Name                                         Print Name:
      Title:

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

<PAGE>

                                                                     EXHIBIT A
                                                                     ---------

                PROVIDENT BANCORP, INC 2004 STOCK INCENTIVE PLAN
                          RESTRICTED STOCK AWARD NOTICE

                          General Terms and Conditions

     Section 1. Size and Type of Award.  The shares of Common Stock of Provident
Bancorp,  Inc. ("Shares") covered by this Award ("Awarded Shares") are listed on
the Restricted Stock Award Notice.  The Restricted Stock Award Notice designates
the Awarded Shares as Escrow.

                  Your Awarded Shares will be held in the name of the Plan
       Trustee on a pooled basis with other Awarded Shares. You will not be
       permitted to elect to be taxed currently on the Fair Market Value of the
       Awarded Shares and instead will be subject to income tax on the Awarded
       Shares as and when they become vested.

     Section 2. Vesting.

       (a) Vesting Dates. The Vesting Dates for your Awarded Shares are
specified on the Award Notice. On each Vesting Date, you will obtain
unrestricted ownership of the Awarded Shares that vest on that Vesting Date. A
stock certificate evidencing unrestricted ownership will be transferred to you.

       (b) Vesting Conditions. There are conditions you must satisfy before your
Restricted Stock Award will vest:

                  Outside Directors. If you receive your Restricted Stock Award
             for services of an outside Director, you must remain in a
             continuous service from the Effective Date shown on the Restricted
             Stock Award Notice through the relevant Vesting Date.

                  Employees. If you receive your Restricted Stock Award for
             services as an officer or employee, you must remain in continuous
             service from the Effective Date shown on the Restricted Stock Award
             Notice through the relevant Vesting Date

       (c) Forfeitures. If you terminate service with the Company prior to a
Vesting Date, you will forfeit any Awarded Shares that are scheduled to vest on
that date. When you forfeit Awarded Shares, all of your interest in the Awarded
Shares will be canceled and any stock certificate or other evidence of ownership
must be returned to the Plan Trustee to be used for future awards to others. You
agree to take any action and execute and deliver any document that the Company
requests to effect the return of your unvested Awarded Shares. In the event you
do not cooperate with the Company in this regard, you hereby appoint and
designate the Company as your attorney-in-fact for the purpose of taking any
action and signing any document, in your name, which the Company determines is
necessary to enforce the forfeiture.

       (d) Accelerated Vesting. All of your Awarded Shares that have not
previously vested will become fully vested immediately, and without any further
action on your part, in the event of your death or Disability (as defined in the
Plan) before your termination of service with the Company. In addition, if your
service terminates due to Retirement (as defined in the Plan) or in the event a
Change of Control (as defined in the Plan) occurs before you terminate service
with the Company, then any Awarded Shares not theretofore forfeited shall become
immediately vested on the date of your Retirement or Change of Control. You may
designate a Beneficiary to receive any Awarded Shares that vest upon your death
using the Beneficiary Designation attached as Appendix A. To qualify for
Retirement, you must, as of the termination date, have attained age 65, or
attained age 55 and have at least 10 consecutive years of service, and must
enter into a retirement agreement with the Company in a form approved by the
Committee under which you agree, for a period of 2 years, to provide consulting
services to the Company and Provident Bank and to refrain from competing with or
soliciting employees and customers of the Company and Provident Bank.

       (e) Definition of Service. For purposes of determining the vesting of
your Awarded Shares, you will be deemed to be in the service of the Company for
so long as you serve in any capacity as an employee, officer, non-employee
director or consultant of the Company or Provident Bank.

     Section 3.  Dividends.  Your Awarded Shares are  designated as Escrow:  you
will receive the dividends on an  unrestricted  basis,  but they will be paid to
you by, and will be taxable in the same manner as other compensation paid to you
by, the  Company;  by signing  this Award Notice and  accepting  its terms,  you
direct the Plan Trustee to remit to the Company for payment to you any dividends
that may be received as the record holder of your unvested Awarded Shares.

     Section 4.  Voting  Rights.  You shall have the right to control all voting
rights  relating to all unvested  Awarded  Shares.  If your  Awarded  Shares are
Legended  Certificates,  you will receive proxy materials for voting in the same
manner as other shareholders with Shares in brokerage accounts. If your unvested
Awarded  Shares are held by the Plan Trustee,  the Plan Trustee will ask you for
voting  directions  and will follow  your  directions  in voting  your  unvested
Awarded Shares.

                                  Page 1 of 3

<PAGE>

     Section 5. Taxes.  Where any person is entitled to receive Shares  pursuant
to the  Restricted  Stock Award  granted  hereunder,  the Company shall have the
right to require  such  person to pay to the Company the amount of any tax which
the Company is required to withhold  with  respect to such  Shares,  or, in lieu
thereof,  to retain, or to sell without notice, a sufficient number of Shares to
cover the amount required to be withheld.

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

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

     Section 7.  Restrictions  on Transfer.  The Restricted  Stock Award granted
hereunder  shall not be  subject in any manner to  anticipation,  alienation  or
assignment,  nor shall such award be liable for or subject to debts,  contracts,
liabilities, engagements or torts, nor shall it be transferable by the Recipient
other than by will or by the laws of descent and  distribution  or as  otherwise
permitted by the Plan. To name a Beneficiary,  complete the attached  Appendix A
and file it with the Corporate Secretary of Provident Bancorp, Inc.

     Section 8.  Successors  and  Assigns.  This  Agreement  shall  inure to the
benefit of and shall be binding  upon the  Company and the  Recipient  and their
respective heirs, successors and assigns.

     Section 9. Construction of Language. Whenever appropriate in the Agreement,
words used in the singular  may be read in the plural,  words used in the plural
may be read in the singular,  and words  importing  the masculine  gender may be
read as  referring  equally to the  feminine or the neuter.  Any  reference to a
section shall be a reference to a section of this Agreement,  unless the context
clearly indicates  otherwise.  Capitalized terms not specifically defined herein
shall have the meanings assigned to them under the Plan.

     Section 10. Governing Law. This Agreement shall be construed,  administered
and  enforced  according  to the laws of the  State of New York  without  giving
effect to the  conflict of laws  principles  thereof,  except to the extent that
such laws are  preempted by the federal law. The federal and state courts having
jurisdiction in Rockland County, New York shall have exclusive jurisdiction over
any claim, action,  complaint or lawsuit brought under the terms of the Plan. By
accepting any Award granted under this Agreement,  the Recipient,  and any other
person claiming any rights under the Agreement,  agrees to submit  himself,  and
any such legal action as he shall bring under the Plan, to the sole jurisdiction
of such courts for the adjudication and resolution of any such disputes.

     Section 11. Amendment.  This Agreement may be amended,  in whole or in part
and in any manner not inconsistent  with the provisions of the Plan, at any time
and from  time to  time,  by  written  agreement  between  the  Company  and the
Recipient.

     Section 12. Plan  Provisions  Control.  This  Agreement  and the rights and
obligations  created  hereunder  shall  be  subject  to  all of  the  terms  and
conditions of the Plan. In the event of any conflict  between the  provisions of
the Plan and the provisions of this Agreement,  the terms of the Plan, which are
incorporated herein by reference,  shall control. By signing this Agreement, the
Recipient acknowledges receipt of a copy of the Plan. The Recipient acknowledges
that he or she may not and will not rely on any  statement  of  account or other
communication  or  document  issued in  connection  with the Plan other than the
Plan, this Agreement, and any document signed by an authorized representative of
the Company that is designated as an amendment of the Plan or this Agreement.

                                  Page 2 of 3
<PAGE>

                   APPENDIX A TO RESTRICTED STOCK AWARD NOTICE
                PROVIDENT BANCORP, INC. 2004 STOCK INCENTIVE PLAN
                 Beneficiary Designation Form - Restricted Stock

-------------------------------------------------------------------------------
GENERAL       Use this form to designate the Beneficiary(ies) who may receive
INFORMATION   Restricted Stock Awards that become vested at your death.

Name of Person
Making Designation
                  -------------------------------------------------------------
Social Security Number ______--_____--__________

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

A PRIMARY BENEFICIARY(IES). I hereby designate the following person as my
primary Beneficiary under the Plan, reserving the right to change or revoke this
designation at any time prior to my death:

Name             Address             Relationship  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
Options:

Name             Address             Relationship  Birthdate  Share

                 ------------------- ------------  ---------  -----%
---------------- -------------------
                 -------------------
---------------- ------------------- ------------  ---------  -----%
                 -------------------
                 -------------------
---------------  ------------------- ------------  --------- ------%
                                                             Total = 100%

S  H  I  understand  that this  Beneficiary  Designation  shall be  effective
I  E  only if properly  completed and received by theCorporate  Secretary  of
G  R  Provident  Bancorp, Inc. prior to my death, and that it is subject  to
N  E  all of the terms andconditions of the Plan. I also  understand  that an
      effective  Beneficiary  designation  revokes my prior  designation(s)
      with respect to all outstanding Restricted Stock Awards

   -----------------------------------------------       ---------------------
   Your Signature                                              Date

-------------------------------------------------------------------------------

-------------------------------Internal Use Only--------------------------------

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

By
   ------------------------------------------           -----------------------
         Authorized Signature                             Date

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