Amendment to Dime Bancorp, Inc. Senior Management Incentive Plan (Effective December 12, 2000)
This amendment updates the Dime Bancorp, Inc. Senior Management Incentive Plan. It clarifies how incentive payments to senior management may be made, allowing the Committee to pay awards in cash, company stock, stock purchase rights, or a combination, with certain restrictions. It also specifies that guaranteed minimum target bonuses must be paid in cash. Additionally, it states that the Bank and the Company share liability for payments, with the Bank responsible for cash payments and the Company for stock-related payments.
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Exhibit 10.61.1
Amendment to the Dime Bancorp, Inc.
Senior Management Incentive Plan
Effective December 12, 2000
The Dime Bancorp, Inc. Senior Management Incentive Plan (the "Plan") is hereby amended in the following particulars:
- 1.
- The second textual sentence of Section 7 is amended to read as follows:
- 2.
- The following sentence is added at the beginning of the last paragraph of Section 8(a) of the Plan:
"Such amount shall then be payable to the participant, in the sole discretion of the Committee and to the extent earned, in cash, in shares of common stock of the Company or rights to purchase shares of common stock of the Company (in each instance subject to such restrictions as may be determined by the Committee, with such stock or stock purchase right payment effected through the provisions of an available stock incentive plan of the Company), or a combination of cash, stock or stock purchase rights, at such time and in such manner as is determined by the Committee in its sole discretion."
- 3.
- The last textual sentence of Section 14 of the Plan is amended to read as follows:
"The guaranteed minimum target bonus amounts payable pursuant to this Section 8 shall, notwithstanding any other provisions of Section 7 hereunder, be paid in cash."
"Notwithstanding anything in this Plan to the contrary, the Bank shall be jointly and severally liable for all cash amounts payable under the Plan and the Company shall be jointly and severally liable for all amounts payable under the Plan in the form of shares of common stock of the Company or rights to purchase shares of common stock of the Company (whether or not subject to restrictions as may be determined by the Committee)."
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