SEC Contract Filing

Filing Date: 2025-03-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>4
<FILENAME>pdlb-ex10_11.htm
<DESCRIPTION>EX-10.11
<TEXT>
<html>
 <head>
 <title>EX-10.11</title>
 </head>
 <body style="padding:8px;margin:auto!important;">
 <div style="z-index:-3;min-height:1in;position:relative;"></div>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Exhibit 10.11</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">RESTRICTED STOCK UNIT AWARD AGREEMENT<br>FOR NON-EMPLOYEE DIRECTORS<br>UNDER THE PDL COMMUNITY BANCORP<br>2018 LONG-TERM INCENTIVE PLAN</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Name of Grantee:</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">No. of Restricted Stock Units:</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Grant Date:	</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pursuant to the PDL Community Bancorp 2018 Long-Term Incentive Plan as amended through the date hereof (the &#x201c;Plan&#x201d;), PDL Community Bancorp (the &#x201c;Company&#x201d;) hereby grants to the Grantee named above the number of Restricted Stock Units indicated above (the &#x201c;Award&#x201d;). Each Restricted Stock Unit represents an unfunded, unsecured right to receive one share of Common Stock, par value $0.01 per share (the &#x201c;Stock&#x201d;) of the Company specified above, subject to the restrictions and conditions set forth herein and in the Plan. The Company acknowledges the receipt from the Grantee of consideration with respect to the par value of the Stock in the form of cash, past or future services rendered to the Company by the Grantee or such other form of consideration as is acceptable to the Committee.</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">	1.	</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline solid;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Substitution</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. The Company reserves the right at any time prior to the vesting of a Restricted Stock Unit granted hereunder to substitute therefor an equivalent number of Restricted Shares under the Plan. Any such substituted Restricted Shares shall be subject to the same vesting requirements as the Restricted Stock Units they replaced. Any such Restricted Shares awarded hereunder shall be issued and held by the Company&#x2019;s transfer agent in book entry form, and the Grantee&#x2019;s name shall be entered as the shareholder of record on the books of the Company. Thereupon, the Grantee shall have all the rights of a shareholder with respect to such Restricted Shares, including voting and dividend rights, subject, however, to the restrictions and conditions specified in Paragraph 2 below. The Grantee shall (i) sign and deliver to the Company a copy of this Award Agreement and (ii) deliver to the Company a stock power endorsed in blank.</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">	2.	</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline solid;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Restrictions and Conditions</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">	(a)	Any book entries for Restricted Shares substituted pursuant to Paragraph 1 above shall bear an appropriate legend, as determined by the Committee in its sole discretion, to the effect that such shares are subject to restrictions as set forth herein and in the Plan.</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">	(b) Except as otherwise perm