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PBNY > SEC Filings for PBNY > Form 8-K on 14-May-2013All Recent SEC Filings

Show all filings for PROVIDENT NEW YORK BANCORP | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers, Financial Statements and Ex

Item 5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 13, 2013, Provident New York Bancorp, a Delaware corporation ("Provident"), entered into a retention award letter (the "Retention Award Letter") with Daniel G. Rothstein, Provident's current Executive Vice President, Chief Risk Officer and General Counsel. The Retention Award Letter provides that, within ten days following the date (the "Closing Date") of the consummation of the transactions contemplated by Agreement and Plan of Merger, dated as of April 3, 2013 (the "Merger Agreement"), by and between Provident and Sterling Bancorp, a New York corporation, Provident will pay Mr. Rothstein a lump sum cash payment equal to $289,900 (the "Retention Payment"), subject to his continued employment with Provident through the Closing Date. In addition, if prior to the Closing Date, Mr. Rothstein's employment with Provident is terminated without "cause" (as defined in the Retention Award Letter), he will be entitled to the Retention Payment within 30 days following the termination of his employment.

The foregoing description of the Retention Award Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Retention Award Letter, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.                                 Description
   10.1        Retention Award Letter, dated May 13, 2013, with Daniel G. Rothstein.

              Management compensatory plan or arrangement.

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