3. | Total number of shares of Company common stock, $0.01 par value per share, covered by the Restricted Stock Award: ### ### |
4. | Vesting Schedule. Except as otherwise provided in this Agreement, this Restricted Stock Award first becomes earned in accordance with the following: |
Number of Shares Vesting | Vesting Date |
5. | Grant of Restricted Stock Award. |
6. | Terms and Conditions. |
7. | Delivery of Shares. |
8.1 | In the event of the Participant’s Involuntary Termination following a Change in Control or Involuntary Termination within 36 months following a Merger of Equals, all Restricted Stock Awards subject to this Agreement will become fully vested. |
8.2 | A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan. |
8.3 | A “Merger of Equals” will be deemed to have occurred as provided in Section 4.3 of the Plan. |
9. | Adjustment Provisions. |
(i) | Death. In the event of the Participant’s Termination of Service by reason of the Participant’s death, any shares of Restricted Stock that would otherwise have vested under this Award during the calendar year in which the Participant’s death occurs will vest, if not already vested, and all other Restricted Stock awarded under this Agreement will be forfeited. Notwithstanding the foregoing, in the event a Participant’s death occurs prior to the first vesting date (pursuant to Section 4 hereof), Restricted Stock that would have vested on the first vesting date will vest, and all other Restricted Stock awarded under this Agreement will be forfeited. |
(ii) | Disability. In the event of the Participant’s Termination of Service by reason of the Participant’s Disability, any shares of Restricted Stock that would otherwise have vested under this Award during the calendar year in which the Participant’s Disability occurs will vest, if not already vested, and all other Restricted Stock awarded under this Agreement will be forfeited. Notwithstanding the foregoing, in the event a Participant’s Disability occurs prior to the first vesting date (pursuant to Section 4 hereof), Restricted Stock that would have vested on the first vesting date will vest, and all other Restricted Stock awarded under this Agreement will be forfeited. |
(iii) | Termination for Cause. If the event of the Participant’s Termination of Service for Cause, all Restricted Stock subject to this Agreement that has not vested will expire and be forfeited. |
(i) | Other Termination. If the event of the Participant’s Termination of Service for any reason other than due to death, Disability or for Cause, all shares of Restricted Stock subject to this Agreement which have not vested as of the date of Termination of Service will expire and be forfeited. |
11.1 | This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant. |
11.2 | A Restricted Stock Award is not transferable prior to the time such Award vests in the Participant. |
11.3 | This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of New Jersey. |
11.4 | This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any |
11.5 | All Awards under this Plan are subject to required federal, state and local tax withholding which may be effected in the manner or manners permitted by the Company. |
11.6 | Participant is required to retain direct ownership of at least 50% of the Chief Executive Officer’s Covered Shares received upon the vesting of a Restricted Stock Award hereunder, until the earlier of (i) thirty-six (36) months following the date of vesting, or (ii) termination of employment with the Company and any Subsidiary (solely for these purposes, the Participant is deemed to have a termination of employment with the Company or a Subsidiary even if the Participant continues in employment with an acquiring entity following a Change in Control or Merger of Equals). |
NORTHFIELD BANCORP, INC. | |
By: | |
Its: | |
PARTICIPANT | |