Trustco Bank Corp N Y 8-K, filed Nov 18, 2020
Trustco Bank Corp N Y (TRST)
8-K
2020-11-18
For: 2020-11-17
View Original
Added on
April 09, 2026
About this 8-K
Trustco Bank Corp N Y filed this 8-K on November 18, 2020, reporting on events of November 17, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): November 17, 2020
(Exact name of registrant as specified in its charter)
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State or Other Jurisdiction of Incorporation or Organization
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Commission File No.
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I.R.S. Employer Identification Number
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(Address of principal executive offices)
(518 ) 377-3311
(Registrant’s Telephone Number,
Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
TrustCo Bank Corp NY
| Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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On November 17, 2020, the Compensation Committee of the TrustCo Bank Corp NY (“TrustCo”) board of directors, and the full board of directors, approved awards of restricted
stock units and performance shares to eligible employees, named executive officers, and directors under the TrustCo Bank Corp NY 2019 Equity Incentive Plan (the “Incentive Plan”).
The awards of performance shares under the Incentive Plan are subject to both a time-based vesting condition and a performance goals condition. Achievement of the
performance goals condition will be measured over a three-year performance period beginning on January 1, 2021 and ending on December 31, 2023. The conditions are described in more detail in the Performance Share Award Agreement attached hereto as
Exhibit 10(a). Each such award agreement entered into by TrustCo’s named executive officers was substantially the same.
The periods of restriction applicable to the officer’s restricted stock unit awards will lapse as to all units awarded under the Incentive Plan in equal increments on the first, second,
and third anniversaries of the award date and the period of restriction applicable to the director’s restricted stock unit awards will lapse as to all units awarded under the Incentive Plan on the first anniversary of the award date. The Restricted
Stock Unit Award Agreement under the Incentive Plan is attached hereto as Exhibit 10(b), and Directors Restricted Stock Unit Award Agreement under the Incentive Plan is attached hereto as Exhibit 10(c). Each such award agreement entered into by
TrustCo’s named executive officers and by the directors under the Incentive Plan is substantially the same.
Exhibit 99 hereto describes the amount of the awards to each named executive officer and director.
| Item 8.01. |
Other Events
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Please refer to the discussion of the awards to members of the board of directors under Item 5.02 above.
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| Item 9.01. |
Financial Statements and Exhibits
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Exhibits
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Reg S-K Exhibit No.
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Description
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Form of Performance Share Award Agreement under the TrustCo Bank Corp NY 2019 Equity Incentive Plan
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Form of Restricted Stock Unit Award Agreement under the TrustCo Bank Corp NY 2019 Equity Incentive Plan
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Form of Directors Restricted Stock Unit Award Agreement under the TrustCo Bank Corp NY 2019 Equity Incentive Plan
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Awards to Named Executive Officers and Directors
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Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
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Dated: November 18, 2020
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TrustCo Bank Corp NY
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(Registrant)
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By:
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/s/ Michael M. Ozimek
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Michael M. Ozimek
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Executive Vice President and
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Chief Financial Officer
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Exhibit 10(a)
2020
Performance Share Award Agreement
TrustCo Bank Corp NY 2019 Equity Incentive Plan
This Performance Share Award Agreement (this “Agreement”) under the TrustCo Bank Corp NY 2019 Equity Incentive Plan (the “Plan”), dated as of the
Grant Date set forth below, is made between TrustCo Bank Corp NY (the “Company”) and the Participant set forth below. Capitalized terms not defined herein shall have the meaning ascribed to them in the Plan.
The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of
the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the second business day after November 17, 2020 (that is, November 19, 2020). If the Participant fails to return a signed copy
of this Agreement to the Company on or before such date, this award will be deemed to be voided and withdrawn and, as such, of no force or effect.
1. Grant of Performance Shares. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an Award of the number of performance shares set forth in Paragraph 2
effective as of the Grant Date (the performance shares granted hereunder are hereafter referred to as the “Performance Shares”). Each Performance Share shall represent the right to receive upon settlement an amount of cash equal to the Fair
Market Value of one share of Common Stock.
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Participant
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Grant Date
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November 17, 2020
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Number of Performance Shares:
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Threshold:
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Target:
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Maximum:
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Performance Period
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January 1, 2021 to December 31, 2023
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3. Satisfaction of Vesting Conditions.
(a) General. Except as provided in this Agreement, the Performance Shares are subject to a substantial risk of forfeiture until vested. Except as otherwise provided herein, the Participant shall be entitled to receive payment
in respect of the Performance Shares described in this Agreement (“vesting”) only upon the satisfaction of two conditions: a time-based condition and a performance goals condition. The conditions are described in more detail in Paragraphs 3(b)
and 3(c) below. The Participant shall not be entitled to payment in respect of the Performance Shares unless both conditions are satisfied. The Performance Shares awarded
hereunder, and all rights with respect to such Performance Shares may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated.
(b) Time-Based Condition. Except as otherwise provided herein, the time-based condition will be satisfied only if the Participant has remained an employee of the Company from the Grant Date through the last day of the
Performance Period.
(c) Performance Goals Condition. Except as otherwise provided herein, achievement of the performance goals condition will be measured by the Company’s Return on Average Equity, (“ROAE”) measured as the average of TrustCo’s
ROAE for each of the three years within the Performance Period as set forth in Paragraph 2 compared with the ROAE of members of the comparative group of peer companies set forth on Exhibit A hereto (the “Peer Group”) during the same period
(calculated by determining the performance of the Peer Group in each year and then calculating the three-year average of each member of the Peer Group set forth on Exhibit A), subject to possible adjustment as described below based upon TrustCo’s
non-performing assets, with vesting occurring at the end of the Performance Period and payout prior to March 15, 2024. The following table outlines the Percentile Ranking and the corresponding adjustment Factor:
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Return on Average Equity
for the Performance Period1 |
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Level
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Percentile Ranking
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Factor
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Maximum
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60th percentile or above of the Peer Group
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150%
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Target
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50th - 59th percentile of the Peer Group
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100%
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Threshold
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40th – 49th percentile of the Peer Group
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75%
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Below 40th percentile of the Peer Group
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0%
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Except as set forth in the next paragraph, the number of Performance Shares that vest shall be determined by multiplying the Factor achieved by the number of
Performance Shares granted under the Agreement.
Additionally, if non-performing assets to total assets of the Company increases beyond 1.75% for one or more quarters, as published in the quarter-end results during
the performance period during the Performance Period, the total amount of cash to be paid pursuant to this Award shall be reduced by one quarter.
1 For amounts between the Threshold and Target levels or between the Target and Maximum levels, straight-line interpolation, rounded up to the next whole
share, will be used to determine the number of Performance Shares that shall vest.
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(d) Death, Disability or Retirement. In the event of a Participant’s
Separation from Service because of death, Disability, or Retirement during the Performance Period, the Participant shall receive a pro rata payment based upon the number of months’ service during the Performance Period, but taking into
account the achievement of the performance goals condition during the entire Performance Period. Payment shall be made after completion of the applicable Performance Period at the time payments are made to Participants who did not have a
Separation from Service during the Performance Period.
The pro rata payment shall be calculated by multiplying the number of Performance Shares to which the Participant would have received pursuant
to this Agreement and the Plan had he or she not experienced a Separation from Service by a fraction the denominator of which is 36 and numerator of which is the number of full months during the Performance Period prior to the Separation from
Service.
(e) Other Separation from Service. In the event of a Participant’s Separation from Service for any reason other than death, Disability or Retirement
during the Performance Period, all Performance Shares shall be forfeited.
(f) Change in Control. Subject to the other provisions of the Plan, including without limitation Section 15 thereof, in the event of a Change in Control during the Performance Period, there shall be no automatic
vesting solely upon a Change-in-Control and the Performance Shares shall be settled in accordance with the terms of the Plan.
4. Settlement of Performance Shares. Normal Settlement. Upon completion of the Performance Period, the Committee shall evaluate and
determine the extent to which the time-based vesting conditions described in Paragraph 3(b) and the performance goals condition described in Paragraph 3(c) have been satisfied and shall certify in writing the level of the performance goals attained and the amount payable as a result thereof. Payment in respect of the Performance Shares shall be made in a lump sum in cash to the Participant no later than March 15,
2024 (the “Settlement Date”), such date being the fifteenth day of the third month after the end of the first calendar year in which the Performance Shares are no longer subject to a “substantial risk of forfeiture” within the meaning of
Internal Revenue Code Section 409A.
5. Tax Withholding. The Company shall deduct or withhold from any payment under this Agreement an amount sufficient to satisfy Federal, state, and
local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement and the Plan.
6. Rights as a Shareholder. The Participant shall have no voting rights and no rights to ordinary dividends or other distributions, with respect to the Performance Shares.
7. No Right to Continued Employment. Neither this award of Performance Shares nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be retained in the employment
or service of the Company or any affiliate for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Participant’s employment or service at any time with or without Cause. The
Participant acknowledges and agrees that, except as otherwise provided herein, the satisfaction of the time-based vesting condition is subject to the Participant’s continuation of employment with the Company through the end of the Performance
Period and not through the act of being hired or being granted this award.
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8. The Plan. This Agreement is subject to all the terms, provisions and conditions of the Plan, which are incorporated herein by reference, and to such rules and regulations as may from time to time be adopted by the
Committee. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control and this Agreement shall be deemed to be modified accordingly. A copy of the Plan and the prospectus shall
be provided to the Participant upon the Participant’s request to the Company at TrustCo Bank Corp NY, 5 Sarnowski Drive, Glenville, New York 12302, Attention: Secretary.
9. Compliance with Laws and Regulations. This Award of Performance Shares shall be subject in all respects to all applicable federal and state laws, rules and regulations and any registration, qualification, approvals or
other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable.
10. Notices. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to
the Participant, to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company’s corporate headquarters, currently located at 5
Sarnowski Drive, Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each
case Attention: Human Resource Department.
11. Other Plans. The Participant acknowledges that any income derived from the Performance Shares shall not affect the Participant’s participation in, or benefits under, any other benefit plan or other contract or
arrangement maintained or sponsored by the Company or any affiliate of the Company.
12. Recovery of Incentive Compensation. This award of Performance Shares and any cash compensation received by the Participant pursuant to this award that constitute incentive-based compensation may be subject to recovery
by the Company under any compensation recovery, recoupment or clawback policy or program that the Company may adopt from time to time, including, without limitation, any policy that the Company may be required to adopt under Section 954 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Stock may be listed.
The Participant shall promptly return any such incentive-based compensation that the Committee determines the Company is required to recover from the Participant under any such policy.
13. Beneficiary Designation. The Participant may, pursuant to the Plan, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant’s death before Participant receives
all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to his or her estate.
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14. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by
applicable United States federal law. The Participant hereby agrees to the exclusive jurisdiction and venue of the federal and state courts of New York to resolve any and all issues that may arise out of or relate to this Agreement or the
Plan.
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TrustCo Bank Corp NY
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By:
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Robert J. McCormick
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Chairman, President and CEO
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Accepted and agreed to:
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Name:
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[Officer] | |
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Date:
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November, 2020 |
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EXHIBIT A
Peer Group
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Company Name
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Ticker
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City
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State
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Community Bank System Inc.
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CBU
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De Witt
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NY
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OceanFirst Financial Corp.
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OCFC
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Toms River
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NJ
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Provident Financial Services
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PFS
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Jersey City
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NJ
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NBT Bancorp Inc.
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NBTB
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Norwich
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NY
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Seacoast Banking Corp. of FL
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SBCF
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Stuart
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FL
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ConnectOne Bancorp Inc.
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CNOB
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Englewood Cliffs
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NJ
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Flushing Financial Corp.
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FFIC
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Uniondale
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NY
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Lakeland Bancorp
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LBAI
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Oak Ridge
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NJ
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Kearny Financial Corp.
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KRNY
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Fairfield
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NJ
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Tompkins Financial Corporation
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TMP
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Ithaca
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NY
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Dime Community Bancshares Inc.
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DCOM
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Brooklyn
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NY
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Peapack-Gladstone Financial
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PGC
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Bedminster
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NJ
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Univest Financial Corp.
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UVSP
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Souderton
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PA
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Bridge Bancorp Inc.
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BDGE
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Bridgehampton
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NY
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Northfield Bancorp Inc.
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NFBK
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Woodbridge
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NJ
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Bryn Mawr Bank Corp.
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BMTC
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Bryn Mawr
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PA
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Financial Institutions Inc.
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FISI
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Warsaw
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NY
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HarborOne Bancorp Inc
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HONE
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Brockton
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MA
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First of Long Island Corp.
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FLIC
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Glen Head
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NY
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Metropolitan Bank Holding Corp
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MCB
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New York
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NY
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Arrow Financial Corp.
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AROW
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Glens Falls
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NY
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Capital City Bank Group Inc.
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CCBG
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Tallahassee
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FL
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BCB Bancorp Inc.
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BCBP
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Bayonne
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NJ
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A company in the Peer Group may be changed as follows:
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In the event of a merger, acquisition or business combination transaction of a company within the Peer Group with or by another company within the Peer Group,
the surviving entity shall remain a company in the Peer Group.
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In the event of a merger of a company within the Peer Group with an entity that is not a company within the Peer Group, or the acquisition or business
combination transaction by or with a company within the Peer Group, or with an entity that is not a company within the Peer Group, in each case where the company within the Peer Group is the surviving entity and remains publicly traded,
the surviving entity shall remain a company within the Peer Group.
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In the event of a merger or acquisition or business combination transaction of a company within the Peer Group by or with an entity that is not a company
within the Peer Group, a “going private” transaction involving a company within the Peer Group or the liquidation of a company within the Peer Group, where the company within the Peer Group is not the surviving entity or is otherwise no
longer publicly traded, the company shall no longer be a company within the Peer Group.
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In the event of a bankruptcy,
liquidation, or delisting of a Company within the Peer Group such company shall remain a company within the Peer Group and such company’s ROAE will be deemed to place it at the 0 percentile.
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In the event of a stock distribution from a company in the Peer Group consisting of the shares of a new publicly-traded company (a “spin-off”), the company
within the Peer Group shall remain a company within the Peer Group and the stock distribution shall be treated as a dividend from the company within the Peer Group based on the closing price of the shares of the spun-off company on its
first trading. The spun-off company shall not thereafter be part of the Peer Group.
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Exhibit 10(b)
2020 Equity Awards
2020
Restricted Stock Unit Award Agreement
under the
TrustCo Bank Corp NY 2019 Equity Incentive Plan
This Restricted Stock Unit Award Agreement (this “Agreement”) under the TrustCo Bank Corp NY 2019 Equity Incentive Plan (the “Plan”), dated as of the Grant Date set forth below, is made between TrustCo Bank Corp NY (the “Company”) and the Participant set forth below.
The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of
the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the second business day after November 17, 2020 (that is, November 19, 2020). If the Participant fails to return a signed copy
of this Agreement to the Company on or before such date, this Award will be deemed to be voided and withdrawn and, as such, of no force or effect.
1. Grant. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award (the “Award”) of the
number of Restricted Stock Units set forth in paragraph 2. Each Restricted Stock Unit shall represent the right to receive upon settlement an amount of cash equal
to the Fair Market Value of one share of Common Stock.
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Participant
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Grant Date
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November 17, 2020
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Number of Restricted Stock Units:
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Period of Restriction (Lapse Date):
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November 17, 2021
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November 17, 2022
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November 17, 2023
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With respect to outstanding unvested Awards under the Plan granted pursuant hereto, there shall be no automatic vesting of such Awards solely upon
a Change-in-Control. The payment of awards shall otherwise be governed by the terms of the Plan.
3. Period of Restriction. The Award of Restricted Stock Units described in this Agreement shall be subject to the Period of
Restriction as set forth in Paragraph 2; for purposes of this Agreement, “Period of Restriction” means the period of time after which the Award shall be deemed “vested”
and settled in cash as provided in the Plan and this Agreement. The Restricted Stock Units awarded hereunder, and all rights with respect to
such Restricted Stock Units, may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated.
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4. Rights
as a Shareholder. The Participant shall have no voting rights, and no rights to dividends or other distributions, with respect to any
Restricted Stock Units
(a) In the event of Participant’s Separation from Service because of death or Disability during the Period of Restriction, the Period of Restriction applicable to the Restricted Stock Units shall automatically terminate (that is, the Restricted
Stock Units shall “vest”) upon such Separation from Service.
(b) In the event of a Participant’s Separation from Service during the Period of Restriction for any reason other than those set forth in Paragraph 5(a) above, then any
Restricted Stock Units still subject to the Period of Restriction at the date of such Separation from Service automatically shall be forfeited and returned to the Company.
6. Settlement
of Restricted Stock Units. Subject to the other provisions of the Plan, after the Lapse Date of the Period of Restriction as set forth in Paragraph 2, such Restricted Stock Units shall be settled as
follows:
(a) Normal Settlement. Except in the event of (i) a Participant’s Separation from Service during the Period of Restriction because of
death or Disability or (ii) a Change-in-Control that occurs prior to the Lapse Date, the Restricted Stock Units shall be settled in cash no later than the 60th day after the Lapse Date. On such
date, the Company shall pay to the Participant, in a lump sum, a cash amount equal to the aggregate value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on the Lapse Date.
(b) Settlement after Death or Disability. In the event of a Participant’s Separation from Service during the Period of Restriction
because of death or Disability, the Restricted Stock Units shall be settled in cash no later than the 60th day after the date of Separation from Service. On such date, the Company shall pay to the
Participant, in a lump sum, a cash amount equal to the value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on date of Separation from Service.
(c) Settlement
upon Qualified Change-in-Control. Subject to the other provisions of the Plan, including without limitation Section 15 thereof, in the event of a Qualified
Change-in-Control, the Restricted Stock Units shall be settled in accordance with the provisions of the Plan.
(d) Tax
Withholding. The Company shall deduct or withhold from any payment under this Agreement an amount sufficient to satisfy Federal,
state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement and the Plan.
3
7. No Right
to Continued Employment. Neither the Award nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be retained in the employment or service of the
Company or any affiliate for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Participant’s employment or service at any time with or without Cause. The Participant
acknowledges and agrees that any termination of the restrictions on the Restricted Stock Units awarded herein is earned only by continuing as an employee of the Company or an affiliate at the will of the Company or such affiliate, or satisfaction
of any other applicable terms and conditions contained in the Plan and this Agreement, and not through the act of being hired or being granted the Award.
8. The Plan. This Agreement is subject to all the terms, provisions and conditions of the Plan, which are incorporated herein by reference, and to such regulations as may from time to time be adopted by the Committee. Unless defined
herein, capitalized terms are as defined in the Plan. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly. A
copy of the Plan and the prospectus shall be provided to the Participant upon the Participant’s request to the Company at TrustCo Bank Corp NY, 5 Sarnowski Drive, Glenville, New York 12302, Attention: Secretary.
9. Compliance
with Laws and Regulations. The award of Restricted Stock Units shall be subject in all respects to all applicable federal and state laws, rules and regulations and any registration, qualification, approvals or other requirements
imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable.
10. Notices. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant,
to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company’s corporate headquarters, currently located at 5 Sarnowski Drive,
Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human
Resource Department.
11. Other
Plans. The Participant acknowledges that any income derived from the Restricted Stock Units shall not affect the Participant’s
participation in, or benefits under, any other benefit plan or other contract or arrangement maintained by the Company or any affiliate of the Company.
12. Recovery
of Incentive Compensation. This Award of Restricted Stock Units and any cash or other compensation received by Participant pursuant to
this award that constitutes incentive-based compensation may be subject to recovery by the Company under any compensation recovery, recoupment or clawback policy that the Company may adopt from time to time, including without limitation
any policy that the Company may be required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and
Exchange Commission thereunder or the requirements of any national securities exchange on which the Stock may be listed. Participant shall promptly return any such incentive-based compensation that the Company determines it is required to recover
from Participant under any such policy.
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13. Beneficiary
Designation. The Participant may, pursuant to the Plan, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant’s death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to his or her estate.
14. Governing
Law. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of
law principles thereof, except to the extent superseded by applicable United States federal law. Participants hereby agrees to the exclusive jurisdiction and venue of the federal or state courts of New York, to resolve any and all issues that may
arise out of or relate to the Plan or any related Award Agreement.
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TrustCo Bank Corp NY
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By:
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Robert J. McCormick
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Chairman, President and CEO
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Accepted and agreed to:
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Name: [Officer]
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Date: November 17, 2020
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5
Exhibit 10(c)
2020 Director Equity Awards
2020
Directors Restricted Stock Unit Award Agreement
under the
TrustCo Bank Corp NY 2019 Equity Incentive Plan
This Directors Restricted Stock Unit Award Agreement (this “Agreement”) under the TrustCo Bank Corp NY 2019 Equity Incentive Plan (the “Plan”), dated as of the Grant Date set forth below, is made between TrustCo Bank Corp NY (the “Company”) and the Participant set forth below.
The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of
the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the second business day after November 17, 2020 (that is, November 19, 2020). If the Participant fails to return a signed copy
of this Agreement to the Company on or before such date, this Award will be deemed to be voided and withdrawn and, as such, of no force or effect.
1. Grant. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award (the “Award”) of the
number of Restricted Stock Units set forth in paragraph 2. Each Restricted Stock Unit shall
represent the right to receive upon settlement an amount of cash equal to the Fair Market Value of one share of Common Stock.
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Participant
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Grant Date
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November 17, 2020
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Number of Restricted Stock Units:
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Period of Restriction (Lapse Date):
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November 17, 2021
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In the event of a Change-in-Control of the Company as defined in Section 13(b) of the Plan, the Period of Restriction shall lapse.
3. Period of Restriction. The Award of Restricted Stock Units described in this Agreement shall be subject to the Period of
Restriction as set forth in Paragraph 2; for purposes of this Agreement, “Period of Restriction” means the period of time after which the Award shall be deemed “vested”
and settled in cash as provided in the Plan and this Agreement. The Restricted Stock Units awarded hereunder, and all rights with respect to such Restricted Stock Units,
may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated.
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4. Rights
as a Shareholder. The Participant shall have no voting rights, and no rights to dividends or other distributions, with respect to any
Restricted Stock Units.
(a) Death or Disability. In the event the
service of the Participant to the Board is terminated by reason of death or Disability, the Period of Restriction applicable to the Restricted Stock Units shall automatically terminate (that is, the Restricted Stock Units shall “vest”) upon such
Separation from Service.
(b) Other. In the event the service of the Participant to the Board is terminated for any reason other than death or Disability during the Period of Restriction,
then any Restricted Stock Units still subject to the Period of Restriction at the date of such Separation from Service automatically shall be forfeited and returned to the Company.
6. Settlement
of Restricted Stock Units. Subject to the other provisions of the Plan, after the Lapse Date of the Period of Restriction as set forth in Paragraph 2, such Restricted
Stock Units shall be settled as follows:
(a) Normal Settlement. Except in the event of (i) a Participant’s Separation from Service during the Period of Restriction because of
death or Disability or (ii) a Change-in-Control that occurs prior to the Lapse Date, the Restricted Stock Units shall be settled in cash no later than the 60th day after the Lapse Date. On such
date, the Company shall pay to the Participant, in a lump sum, a cash amount equal to the aggregate value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on the Lapse Date.
(b) Settlement after Death or Disability. In the event of a Participant’s Separation from Service during the Period of Restriction
because of death or Disability, the Restricted Stock Units shall be settled in cash no later than the 60th day after the date of Separation from Service. On such date, the Company shall pay to the
Participant, in a lump sum, a cash amount equal to the value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on the date of Separation from Service.
(c) Settlement
upon Qualified Change-in-Control. Subject to the other provisions of the Plan, including without limitation Section 13(c) thereof, in the event of a Qualified Change-in-Control, the Restricted Stock
Units shall be settled in cash on the date of the Qualified Change-in-Control. On such date, the Company shall pay to the Participant, in a lump sum, a cash amount equal to the value of the Restricted Stock Units based upon the Fair Market Value
of the Common Stock on date of the Qualified Change-in-Control.
7. No Right
to Continued Director Service. Neither the Award nor any terms contained in this Agreement shall confer upon the Participant any express or implied right with respect to continuing the Participant’s
service as a Director with the Company for any period, nor will they interfere in any way with the Participant’s right or the Company’s right (or the right of the Company’s stockholders) to terminate such relationship at any time, with or without
cause, to the extent permitted by applicable law.
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8. The Plan. This Agreement is subject to all the terms, provisions and conditions of the Plan, which are incorporated herein by reference, and to such regulations as may from time to time be adopted by the Committee. Unless defined
herein, capitalized terms are as defined in the Plan. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly. A
copy of the Plan and the prospectus shall be provided to the Participant upon the Participant’s request to the Company at TrustCo Bank Corp NY, 5 Sarnowski Drive, Glenville, New York 12302, Attention: Secretary.
9. Compliance
with Laws and Regulations. The Award of Restricted Stock Units shall be subject in all respects to all applicable federal and state laws, rules and regulations and any registration, qualification, approvals or other requirements
imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable.
10. Notices. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant,
to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company’s corporate headquarters, currently located at 5 Sarnowski Drive,
Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human
Resource Department.
11. Other
Plans. The Participant acknowledges that any income derived from the Restricted Stock Units shall not affect the Participant’s
participation in, or benefits under, any other benefit plan or other contract or arrangement maintained by the Company or any affiliate of the Company.
12. Beneficiary
Designation. The Participant may, pursuant to the Plan, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant’s death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to his or her estate.
13. Governing
Law. This Agreements shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of
law principles thereof, except to the extent superseded by applicable United States federal law. Participants hereby agrees to the exclusive jurisdiction and venue of the federal or state courts of New York, to resolve any and all issues that may
arise out of or relate to the Plan or any related Award Agreement.
[Signature Page Follows]
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TrustCo Bank Corp NY
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By:
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Robert J. McCormick
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Chairman, President and CEO
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Accepted and agreed to:
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Name: [Directors]
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Date: November, 2020
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TRUSTCO BANK CORP NY
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EXHIBIT 99
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TrustCo Bank Corp NY
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2020 Equity Awards
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2020 Officer Awards
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Officer
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Restricted Unit
Awards
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Performance Unit Awards
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Threshold
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Target
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Max
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R McCormick
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46,032
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51,786
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69,048
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103,572
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R Leonard
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22,222
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25,001
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33,334
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50,001
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S Salvador
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15,873
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17,858
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23,810
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35,715
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M Ozimek
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15,873
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17,858
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23,810
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35,715
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K Curley
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15,873
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17,858
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23,810
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35,715
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2020 Director Awards
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Director
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Restricted Unit
Awards
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Dennis A. DeGennaro
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3,175
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Brian C. Flynn
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3,175
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Thomas O. Maggs
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3,175
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Anthony J. Marinello, M.D., Ph.D
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3,175
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Lisa M. Lucarelli
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3,175
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Kimberly A. Russell
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3,175
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Frank B. Silverman
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3,175
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