AMENDED AND RESTATED BYLAWS
OF
DIME COMMUNITY BANCSHARES, INC.
TABLE OF CONTENTS
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Page
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ARTICLE I
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OFFICES
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Section 1.
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Registered Office
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1
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Section 2.
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Additional Offices
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1
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ARTICLE II
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SHAREHOLDERS
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Section 1.
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Place of Meetings
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1
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Section 2.
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Annual Meetings
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1
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Section 3.
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Special Meetings
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1
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Section 4.
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Notice of Meetings
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1
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Section 5.
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Waiver of Notice
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2
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Section 6.
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Fixing of Record Date
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2
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Section 7.
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Quorum
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2
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Section 8.
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Conduct of Meetings
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2
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Section 9.
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Voting; Proxies
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2
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Section 10.
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Inspectors of Election
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3
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Section 11.
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Procedure for Nominations
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3
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Section 12.
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Substitution of Nominees
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4
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Section 13.
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New Business
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4
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ARTICLE III
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CAPITAL STOCK
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Section 1.
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Certificates of Stock
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5
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Section 2.
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Transfer Agent and Registrar
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5
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Section 3.
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Registration and Transfer of Shares
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5
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Section 4.
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Lost, Destroyed and Mutilated Certificates
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5
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Section 5.
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Holder of Record
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6
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ARTICLE IV
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BOARD OF DIRECTORS
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Section 1.
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Responsibilities; Number of Directors
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6
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Section 2.
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Qualifications
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6
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Section 3.
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Regular and Annual Meetings
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6
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Section 4.
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Special Meetings
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6
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Section 5.
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Notice of Meetings; Waiver of Notice
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6
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Page
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Section 6.
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Conduct of Meetings
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7
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Section 7.
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Quorum and Voting Requirements
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7
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Section 8.
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Informal Action by Directors
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7
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Section 9.
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Resignation
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7
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Section 10.
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Vacancies
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7
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Section 11.
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Compensation
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7
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Section 12.
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Amendments Concerning the Board
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7
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ARTICLE V
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COMMITTEES
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Section 1.
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Standing Committees
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8
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Section 2.
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Executive Committee
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8
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Section 3.
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Audit Committee
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8
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Section 4.
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Compensation Committee
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8
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Section 5.
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Corporate Governance and Nominating Committee
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8
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Section 6.
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Other Committees
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9
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Section 7.
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Committee Procedures
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9
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ARTICLE VI
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OFFICERS
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Section 1.
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Number
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9
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Section 2.
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Term of Office and Removal
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9
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Section 3.
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Chief Executive Officer
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9
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Section 4.
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President
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9
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Section 5.
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Vice Presidents
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10
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Section 6.
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Secretary
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10
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Section 7.
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Chief Operating Officer/Chief Financial Officer
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10
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Section 8.
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Comptroller
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10
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Section 9.
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Treasurer
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10
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Section 10.
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Other Officers and Employees
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10
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Section 11.
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Compensation of Officers and Others
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10
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ARTICLE VII
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DIVIDENDS
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10
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ARTICLE VIII
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MISCELLANEOUS
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11
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ARTICLE IX
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AMENDMENTS
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11
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AMENDED
AND
RESTATED
BYLAWS
OF
DIME COMMUNITY BANCSHARES, INC.
ARTICLE I
OFFICES
Section 1.
Registered Office.
The registered office of Dime Community Bancshares, Inc. (the "Corporation") in the State of Delaware shall be in the City of Wilmington, County of New Castle.
Section 2.
Additional Offices.
The Corporation may also have offices and places of business at such other places, within or without the State of Delaware, as the Board of Directors (the "Board") may from time to time designate or the business of
the Corporation may require.
ARTICLE II
SHAREHOLDERS
Section 1.
Place Of Meetings.
Meetings of shareholders of the Corporation shall be held at such place, within or without the State of Delaware, as may be fixed by the Board and designated in the notice of meeting. If no place is so fixed, they
shall be held at the principal administrative office of the Corporation.
Section 2.
Annual Meetings.
The annual meeting of shareholders of the Corporation for the election of directors and the transaction of any other business which may properly come before such meeting shall be held each year on a date and at a time
to be designated by the Board.
Section 3.
Special Meetings.
Special meetings of shareholders, for any purpose, may be called at any time only by the Chairman of the Board or by resolution of at least three-fourths of the entire Board. Special meetings shall be held on the date
and at the time and place as may be designated by the Board. At a special meeting, no business shall be transacted and no corporate action shall be taken other than that stated in the notice of meeting.
Section 4.
Notice of Meetings.
Except as otherwise required by law, written notice stating the place, date and hour of any meeting of shareholders and, in the case of a special meeting, the purpose or purposes for which the meeting is called,
shall be delivered to each shareholder of record entitled to vote at such meeting, either personally or by mail not less than ten (10) nor more than sixty (60) days before the date of such meeting. If mailed, such notice shall be deemed to be
delivered when deposited in the U.S. mail, with postage thereon prepaid, addressed to the shareholder at his or her address as it appears on the stock transfer books or records of the Corporation as of the record date prescribed in Section 6 of
this Article II, or at such other address as the shareholder shall have furnished in writing to the Secretary. Notice of any special meeting shall indicate that the notice is being issued by or at the direction of the person or persons calling
such meeting. When any meeting of shareholders, either annual or special, is adjourned to another time or place, no notice of the adjourned meeting need be given other than an announcement at the meeting at which such adjournment is taken giving
the time and place to which the meeting is adjourned; provided, however, that if the adjournment is for more than thirty (30) days, or if after adjournment, the Board fixes a new record date for the adjourned meeting, notice of the adjourned
meeting shall be given to each shareholder of record entitled to vote at the meeting.
Section 5.
Waiver of Notice.
Notice of any annual or special meeting need not be given to any shareholder who submits a signed waiver of notice of any meeting, in person or by proxy or by his or her duly authorized attorney-in-fact, whether before
or after the meeting. The attendance of any shareholder at a meeting, in person or by proxy, shall constitute a waiver of notice by such shareholder, except where a shareholder attends a meeting for the express purpose of objecting at the
beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened.
Section 6.
Fixing of Record Date.
For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend or other
distribution or the allotment of any rights, or in order to make a determination of shareholders for any other purpose, the Board shall fix a date as the record date for any such determination of shareholders, which date shall not precede the
date upon which the resolution fixing the record date is adopted by the Board. Such date in any case shall be not more than sixty (60) days and, in the case of a meeting of shareholders, not less than ten (10) days prior to the date on which the
particular action requiring such determination of shareholders is to be taken. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this Section 6, such determination shall, unless
otherwise provided by the Board, also apply to any adjournment thereof. If no record date is fixed, (a) the record date for determining shareholders entitled to notice of or vote at a meeting of shareholders shall be at the close of business on
the day next preceding the day on which the notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held, and (b) the record date for determining shareholders for any other
purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.
Section 7.
Quorum.
The holders of record of a majority of the total number of votes eligible to be cast in the election of directors generally by the holders of the outstanding shares of the capital stock of the Corporation entitled to vote
thereat, represented in person or by proxy, shall constitute a quorum for the transaction of business at a meeting of shareholders, except as otherwise provided by law, these Bylaws or the Certificate of Incorporation. If less than a majority of
such total number of votes are represented at a meeting, a majority of the number of votes so represented may adjourn the meeting from time to time without further notice, PROVIDED, that if such adjournment is for more than thirty days, a notice
of the adjourned meeting shall be given to each shareholder of record entitled to vote at the meeting. At such adjourned meeting at which a quorum is present, any business may be transacted that might have been transacted at the meeting as
originally called. When a quorum is once present to organize a meeting of shareholders, such quorum is not broken by the subsequent withdrawal of any shareholders.
Section 8.
Conduct of Meetings.
The Chairman of the Board shall serve as chairman at all meetings of the shareholders or, if the Chairman of the Board is absent or otherwise unable to so serve, the President shall serve as chairman at any meeting
of shareholders held in such absence. If both the Chairman of the Board and the President are absent or otherwise unable to so serve, such other person as shall be appointed by a majority of the entire Board of Directors shall serve as chairman
at any meeting of shareholders held in such absence. The Secretary or, in his or her absence, such other person as the chairman of the meeting shall appoint, shall serve as secretary of the meeting. The chairman of the meeting shall conduct all
meetings of the shareholders in accordance with the best interests of the Corporation and shall have the authority and discretion to establish reasonable procedural rules for the conduct of such meetings, including such regulation of the manner
of voting and the conduct of discussion as he or she shall deem appropriate.
Section 9.
Voting; Proxies.
Each shareholder entitled to vote at any meeting may vote either in person or by proxy. Unless otherwise specified in the Certificate of Incorporation or in a resolution, or resolutions, of the Board providing for the
issuance of preferred stock, each shareholder entitled to vote shall be entitled to one vote for each share of capital stock registered in his or her name on the transfer books or records of the Corporation. Each shareholder entitled to vote may
authorize another person or persons to act for him or her by proxy. All proxies shall be in writing, signed by the shareholder or by his or her duly authorized attorney-in-fact, and shall be filed with the Secretary before being voted. No proxy
shall be valid after three (3) years from the date of its execution unless otherwise provided in the proxy. The attendance at any meeting by a shareholder who shall have previously given a proxy applicable thereto shall not, as such, have the
effect of revoking the proxy. The Corporation may treat any duly executed proxy as not revoked and in full force and effect until it receives a duly executed instrument revoking it, or a duly executed proxy bearing a later date. If ownership of a
share of voting stock of the Corporation stands in the name of two or more persons, in the absence of written directions to the Corporation to the contrary, any one or more of such shareholders may cast all votes to which such ownership is
entitled. If an attempt is made to cast conflicting votes by the several persons in whose names shares of stock stand, the vote or votes to which those persons are entitled shall be cast as directed by a majority of those holding such stock and
present at such meeting. If such conflicting votes are evenly split on any particular matter, each faction may vote the securities in question proportionally, or any person voting the shares, or a beneficiary, if any, may apply to the Court of
Chancery or such other court as may have jurisdiction to appoint an additional person to act with the persons so voting the shares, which shall then be voted as determined by a majority of such persons and the person appointed by the Court.
Except for the election of directors or as otherwise provided by law, the Certificate of Incorporation or these Bylaws, at all meetings of shareholders, all matters shall be determined by a vote of the holders of a majority of the number of votes
eligible to be cast by the holders of the outstanding shares of capital stock of the Corporation present and entitled to vote thereat. Directors shall, except as otherwise required by law, these Bylaws or the Certificate of Incorporation, be
elected by a plurality of the votes cast by each class of shares entitled to vote at a meeting of shareholders, present and entitled to vote in the election.
Section 10.
Inspectors of Election.
In advance of any meeting of shareholders, the Board shall appoint one or more persons, other than officers, directors or nominees for office, as inspectors of election to act at such meeting or any adjournment
thereof. Such appointment shall not be altered at the meeting. If inspectors of election are not so appointed, the chairman of the meeting shall make such appointment at the meeting. If any person appointed as inspector fails to appear or fails
or refuses to act at the meeting, the vacancy so created may be filled by appointment by the Board in advance of the meeting or at the meeting by the chairman of the meeting. The duties of the inspectors of election shall include determining the
number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, the validity and effect of proxies, receiving votes, ballots or consents, hearing and deciding all challenges and
questions arising in connection with the right to vote, counting and tabulating all votes, ballots or consents, determining the results, and doing such acts as are proper to the conduct of the election or the vote with fairness to all
shareholders. Any report or certificate made by them shall be PRIMA FACIE evidence of the facts stated and of the vote as certified by them. Each inspector shall be entitled to a reasonable compensation for his or her services, to be paid by the
Corporation.
Section 11.
Procedure for Nominations.
Subject to the provisions hereof, the Nominating Committee of the Board shall select nominees for election as directors. Except in the case of a nominee substituted as a result of the death, incapacity,
withdrawal or other inability to serve of a nominee, the Nominating Committee shall deliver written nominations to the Secretary at least sixty (60) days prior to the date of the annual meeting. Provided the Nominating Committee makes such
nominations, no nominations for directors except those made by the Nominating Committee shall be voted upon at the annual meeting of shareholders unless other nominations by shareholders are made in accordance with the provisions of this Section
11. Nominations of individuals for election to the Board at an annual meeting of shareholders may be made by any shareholder of record of the Corporation entitled to vote for the election of directors at such meeting who provides timely notice in
writing to the Secretary as set forth in this Section 11. To be timely, a shareholder's notice must be delivered to or received by the Secretary not later than the following dates: (i) with respect to an election of directors to be held at an
annual meeting of shareholders, sixty (60) days in advance of such meeting if such meeting is to be held on a day which is within thirty (30) days preceding the anniversary of the previous year's annual meeting, or ninety (90) days in advance of
such meeting if such meeting is to be held on or after the anniversary of the previous year's annual meeting; and (ii) with respect to an election to be held at an annual meeting of shareholders held at a time other than within the time periods
set forth in the immediately preceding clause (i), or at a special meeting of shareholders for the election of directors, the close of business on the tenth (10th) day following the date on which notice of such meeting is first given to
shareholders. For purposes of this Section 11, notice shall be deemed to first be given to shareholders when disclosure of such date of the meeting of shareholders is first made in a press release reported to Dow Jones News Services, Associated
Press or comparable national news service, or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Securities Exchange Act of 1934, as amended. Such shareholder's
notice shall set forth (a) as to each person whom the shareholder ,proposes to nominate for election or re-election as a director, (i) the name, age, business address and residence address of such person, (ii) the principal occupation or
employment of such person, (iii) such person's written consent to serve as a director, if elected, and (iv) such other information regarding each nominee proposed by such shareholder as would be required to be included in a proxy statement filed
pursuant to the proxy rules of the Securities and Exchange Commission (whether or not the Corporation is then subject to such rules); and (b) as to the shareholder giving the notice (i) the name and address of such shareholder, (ii) the class and
number of shares of the Corporation which are owned of record by such shareholder and the dates upon which he or she acquired such shares, (iii) a description of all arrangements or understandings between the shareholder and nominee and any other
person or persons (naming such person or persons) pursuant to which the nominations are to be made by the shareholder, and (iv) the identification of any person employed, retained, or to be compensated by the shareholder submitting the nomination
or by the person nominated, or any person acting on his or her behalf to make solicitations or recommendations to shareholders for the purpose of assisting in the election of such director, and a brief description of the terms of such employment,
retainer or arrangement for compensation. At the request of the Board, any person nominated by the Board for election as a director shall furnish to the Secretary that information required to be set forth in a shareholder's notice of nomination
which pertains to the nominee together with the required written consent. No person shall be elected as a director of the Corporation unless nominated in accordance with the procedures set forth in this Section 11.
The chairman of the meeting shall, if the facts warrant, determine and declare to the meeting that a nomination
was not properly brought before the meeting in accordance with the provisions hereof and, if he should so determine, he shall declare to the meeting that such nomination was not properly brought before the meeting and shall not be considered.
Section 12.
Substitution of Nominees.
In the event that a person is validly designated as a nominee in accordance with Section 11 of this Article II and shall thereafter become unwilling or unable to stand for election to the Board, the Nominating
Committee may designate a substitute nominee upon delivery, not fewer than five (5) days prior to the date of the meeting for the election of such nominee, of a written notice to the Secretary setting forth such information regarding such
substitute nominee as would have been required to be delivered to the Secretary pursuant to Section 11 of this Article II had such substitute nominee been initially proposed as a nominee. Such notice shall include a signed consent to serve as a
director of the Corporation, if elected, of each such substituted nominee.
Section 13.
New Business.
Any new business to be taken up at the annual meeting at the request of the Chairman of the Board, the President or by resolution of at least three-fourths of the entire Board shall be stated in writing and filed with the
Secretary at least fifteen (15) days before the date of the annual meeting, and all business so stated, proposed and filed shall be considered at the annual meeting, but, except as provided in this Section 13, no other proposal shall be acted
upon at the annual meeting. Any proposal offered by any shareholder may be made at the annual meeting and the same may be discussed and considered, but unless properly brought before the meeting such proposal shall not be acted upon at the
meeting. For a proposal to be properly brought before an annual meeting by a shareholder, the shareholder must be a shareholder of record and have given timely notice thereof in writing to the Secretary. To be timely, a shareholder's notice must
be delivered to or received by the Secretary not later than the following dates: (i) with respect to an annual meeting of shareholders, sixty (60) days in advance of such meeting if such meeting is to be held on a day which is within thirty (30)
days preceding the anniversary of the previous year's annual meeting, or ninety (90) days in advance of such meeting if such meeting is to be held on or after the anniversary of the previous year's annual meeting; and (ii) with respect to an
annual meeting of shareholders held at a time other than within the time periods set forth in the immediately preceding clause (i), the close of business on the tenth (10th) day following the date on which notice of such meeting is first given to
shareholders. For purposes of this Section 13, notice shall be deemed to first be given to shareholders when disclosure of such date of the meeting of shareholders is first made in a press release reported to Dow Jones News Services, Associated
Press or comparable national news service, or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Securities Exchange Act of 1934, as amended. A shareholder's
notice to the Secretary shall set forth as to the matter the shareholder proposes to bring before the annual meeting (a) a brief description of the proposal desired to be brought before the annual meeting; (b) the name and address of the
shareholder proposing such business; (c) the class and number of shares of the Corporation which are owned of record by the shareholder and the dates upon which he or she acquired such shares; (d) the identification of any person employed,
retained, or to be compensated by the shareholder submitting the proposal, or any person acting on his or her behalf, to make solicitations or recommendations to shareholders for the purpose of assisting in the passage of such proposal, and a
brief description of the terms of such employment, retainer or arrangement for compensation; and (e) such other information regarding such proposal as would be required to be included in a proxy statement filed pursuant to the proxy rules of the
Securities and Exchange Commission or required to be delivered to the Corporation pursuant to the proxy rules of the Securities and Exchange Commission (whether or not the Corporation is then subject to such rules). This provision shall not
prevent the consideration and approval or disapproval at an annual meeting of reports of officers, directors and committees of the Board or the management of the Corporation, but in connection with such reports, no new business shall be acted
upon at such annual meeting unless stated and filed as herein provided. This provision shall not constitute a waiver of any right of the Corporation under the proxy rules of the Securities and Exchange Commission or any other rule or regulation
to omit a shareholder's proposal from the Corporation's proxy materials.
The chairman of the meeting shall, if the facts warrant, determine and declare to the meeting that any new
business was not properly brought before the meeting in accordance with the provisions hereof and, if he should so determine, he shall declare to the meeting that such new business was not properly brought before the meeting and shall not be
considered.
ARTICLE III
CAPITAL STOCK
Section 1. Certificates of
Stock.
Certificates representing shares of stock shall be in such form as shall be determined by the Board. Each certificate shall state that the Corporation will furnish to any shareholder upon request and without charge a statement of
the powers, designations, preferences and relative, participating, optional or other special rights of the shares of each class or series of stock and the qualifications or restrictions of such preferences and/or rights, or shall set forth such
statement on the certificate itself. The certificates shall be numbered in the order of their issue and entered in the books of the Corporation or its transfer agent or agents as they are issued. Each certificate shall state the registered
holder's name and the number and class of shares, and shall be signed by the Chairman of the Board or the President, and the Secretary or any Assistant Secretary, and may, but need not, bear the seal of the Corporation or a facsimile thereof. Any
or all of the signatures on the certificates may be facsimiles. In case any officer who shall have signed any such certificate hall cease to be such officer of the Corporation, whether because of death, resignation or otherwise, before such
certificate shall have been delivered by the Corporation, such certificate may nevertheless be adopted by the Corporation and be issued and delivered as though the person or persons who signed such certificate or certificates had not ceased to be
such officer or officers of the Corporation. In lieu of share certificates, some or all of any or all classes or series of its stock may be uncertificated, in which case the Corporation shall provide each shareholder regular confirmation of the
uncertificated book entry shares.
Section 2.
Transfer Agent and Registrar.
The Board shall have the power to appoint one or more Transfer Agents and Registrars for the transfer and registration of shares of stock (whether certificated or uncertificated) of any class, and may
require that stock certificates be countersigned and registered by one or more of such Transfer Agents and Registrars.
Section 3.
Registration and Transfer of Shares.
Subject to the provisions of the Certificate of Incorporation of the Corporation, the name of each person owning a share of the capital stock of the Corporation shall be entered on the books of the
Corporation together with the number of shares held by him or her, and, as applicable, the numbers of the certificates covering such shares and the dates of issue of such certificates. Subject to the provisions of the Certificate of Incorporation
of the Corporation and subject to any reasonable requirements of the Corporation, the shares of stock of the Corporation shall be transferable only upon the books of the Corporation. Subject to the provisions of the Certificate of Incorporation
of the Corporation, a record shall be made of each transfer.
Section 4.
Lost, Destroyed and Mutilated Certificates.
The holder of any shares of stock of the Corporation shall immediately notify the Corporation of any loss, theft, destruction or mutilation of the certificates therefor. The Corporation may
issue, or cause to be issued, at its discretion, a new certificate of stock or an uncertificated share of stock, in the place of any certificate theretofore issued by it alleged to have been lost, stolen or destroyed upon evidence satisfactory to
the Corporation of the loss, theft or destruction of the certificate, and in the case of mutilation, the surrender of the mutilated certificate. The Corporation may, in its discretion, require ,the owner of the lost, stolen or destroyed
certificate, or his or her legal representatives, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft, destruction or mutilation of any such certificate and
the issuance of such new certificate or uncertificated share of stock, or may refer such owner to such remedy or remedies as he or she may have under the laws of the State of Delaware.
Section 5.
Holder of Record.
Subject to the provisions of the Certificate of Incorporation of the Corporation, the Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder thereof in fact and shall
not be bound to recognize any equitable or other claim to or interest in such shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise expressly provided by law.
ARTICLE IV
BOARD OF DIRECTORS
Section 1. Responsibilities;
Number of Directors.
The business and affairs of the Corporation shall be under the direction of the Board. The Board shall consist of not less than five (5) nor more than fifteen (15) directors. Within the foregoing limits, the number
of directors shall be determined only by resolution of the Board. A majority of directors shall be persons other than officers or employees of the Corporation or its subsidiaries and shall not have a relationship which, in the opinion of the
Board (exclusive of such persons), could interfere with the exercise of independent judgment in carrying out the responsibilities of a director. No more than three directors shall be officers or employees of the Corporation or its subsidiaries.
The Board shall annually elect a Chairman of the Board from among its members who shall, when present, preside at its meetings. He/she shall be entitled to attend all Board committee meetings, and he/she shall perform such duties as usually
appertain to the office of the Chairman, as the Board shall direct or as provided by law. In the absence or disability of the Chairman of the Board, the President or such other person who the Board shall designate, shall exercise the powers and
perform the duties, which otherwise would fall upon the Chairman of the Board. The Board may also elect one of its members as a Vice Chairman of the Board.
Section 2. Qualifications.
Each
director shall be at least eighteen (18) years of age.
Section 3.
Regular and Annual Meetings.
An annual meeting of the Board for the election of officers shall be held, without notice other than these Bylaws, immediately after, and at the same place as, the annual meeting of the shareholders, or,
with notice, at such other time or place as the Board may fix by resolution. The Board may provide, by resolution, the time and place, within or without the State of Delaware, for the holding of regular meetings of the Board without notice other
than such resolution.
Section 4.
Special Meetings.
Special meetings of the Board may be called for any purpose at any time by or at the request of the Chairman of the Board or the President. Special meetings of the Board shall also be called by the Secretary upon the
written request, stating the purpose or purposes of the meeting, of at least sixty percent (60%) of the directors then in office, but in any event not less than five (5) directors. The persons authorized to call special meetings of the Board
shall give notice of such meetings in the manner prescribed by these Bylaws and may fix any place, within or without the Corporation's regular business area, as the place for holding any special meeting of the Board called by such persons. No
business shall be conducted at a special meeting other than that specified in the notice of meeting.
Section 5.
Notice of Meetings; Waiver of Notice.
Except as otherwise provided in Section 4 of this Article IV, at least twenty-four (24) hours’ notice of meetings shall be given to each director if given in person or by telephone, telegraph,
telex, facsimile or other electronic transmission and at least five (5) days notice of meetings shall be given if given in writing and delivered by courier or by postage prepaid mail. The purpose of any special meeting shall be stated in the
notice. Such notice shall be deemed given when sent or given to any mail or courier service or company providing electronic transmission service. Any director may waive notice of any meeting by submitting a signed waiver of notice with the
Secretary, whether before or after the meeting. The attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting at the beginning of the
meeting to the transaction of any business because the meeting is not lawfully called or convened.
Section 6.
Conduct of Meetings.
Meetings of the Board shall be presided over by the Chairman of the Board or such other director or officer as the Chairman of the Board shall designate, and in the absence or incapacity of the Chairman of the
Board, the presiding officer shall be the then senior member of the Board in terms of length of service on the Board (which length of service shall include length of service on the Board of Directors of Dime Community Bank and any predecessors
thereto). The Secretary or, in his or her absence, a person appointed by the Chairman of the Board (or other presiding person), shall act as secretary of the meeting. The Chairman of the Board (or other person presiding) shall conduct all
meetings of the Board in accordance with the best interests of the Corporation and shall have the authority and discretion to establish reasonable procedural rules for the conduct of Board meetings. At the discretion of the Chairman of the Board,
any one or more directors may participate in a meeting of the Board or a committee of the Board by means of a conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the
same time. Participation by such means shall constitute presence in person at any such meeting.
Section 7.
Quorum and Voting Requirements.
A quorum at any meeting of the Board shall consist of not less than a majority of the directors then in office or such greater number as shall be required by law, these Bylaws or the Certificate of
Incorporation, but not less than one-third (1/3) of the total number. If less than a required quorum is present, the majority of those directors present shall adjourn the meeting to another time and place without further notice. At such adjourned
meeting at which a quorum shall be represented, any business may be transacted that might have been transacted at the meeting as originally noticed. Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, a majority
vote of the directors present at a meeting, if a quorum is present, shall constitute an act of the Board.
Section 8.
Informal Action By Directors.
Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be
taken without a meeting if all members of the Board of Directors or such committee, as the case may be, consent thereto in writing, or by electronic transmission and the writing or writings or electronic transmission are filed with the minutes of
proceedings of the Board of Directors or such committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.
Section 9.
Resignation.
Any director may resign at any time by sending a written notice of such resignation to the principal office of the Corporation addressed to the Chairman of the Board or the President. Unless otherwise specified therein,
such resignation shall take effect upon receipt thereof.
Section 10.
Vacancies.
To the extent not inconsistent with the Certificate of Incorporation and subject to the limitations prescribed by law and the rights of holders of Preferred Stock, vacancies in the office of director, including vacancies
created by newly created directorships resulting from an increase in the number of directors, shall be filled only by a vote of a majority of the directors then holding office, whether or not a quorum, at any regular or special meeting of the
Board called for that purpose. Subject to the rights of holders of Preferred Stock, no person shall be so elected a director unless nominated by the Nominating Committee. Subject to the rights of holders of Preferred Stock, any director so
elected shall serve for the remainder of the full term of the class of directors in which the new directorship was created or the vacancy occurred and until his or her successor shall be elected and qualified.
Section 11.
Compensation.
From time to time, as the Board deems necessary, the Board shall fix the compensation of directors, and officers of the Corporation in such one or more forms as the Board may determine.
Section 12.
Amendments Concerning The Board.
The number, retirement age, and other restrictions and qualifications for directors of the Corporation as set forth in these Bylaws may be altered only by a vote, in addition to any vote required by law,
of two-thirds of the entire Board or by the affirmative vote of the holders of record of not less than eighty percent (80%) of the total votes eligible to be cast by holders of all outstanding shares of capital stock of the Corporation entitled
to vote generally in the election of directors at a meeting of the shareholders called for that purpose.
ARTICLE V
COMMITTEES
Section 1. Standing Committees.
From time to time,
the directors shall designate from their own number, by resolution adopted by a majority of the entire Board, the following
committees:
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(c)
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Compensation Committee
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(d)
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Corporate Governance and Nominating Committee
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which shall be standing committees of the Board. The Board shall designate one member of the committee to serve as chairman of the
committee and appoint a director to fill any vacancy on the committee. The members of the committees shall serve at the pleasure of the Board. The Board shall approve a charter for each standing committee.
Section 2. Executive Committee
.
There shall be an Executive Committee of the Board consisting of at least six (6) members, as shall be appointed by Board resolution or these Bylaws.
The Executive Committee shall, to the extent not inconsistent with law, these Bylaws or the Certificate of
Incorporation, exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation in the intervals between the meetings of the Board.
Section 3. Audit Committee.
The
Audit Committee shall consist of at least three (3) members whose background and experience are financial and/or business management related, each of whom shall meet the independence and experience requirements of applicable law and the
securities exchange on which the Corporation’s shares may be listed, and none of whom shall be an officer or salaried employee of the Corporation or its subsidiaries, an attorney who receives a fee or other compensation for legal services
rendered to the Corporation, or be any other individual having a relationship which, in the opinion of the Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The Audit Committee
shall examine, or cause to be examined, the records and affairs of the Corporation to determine its true financial condition, and shall present a report of examination to the Board at the Board's next regular meeting following the meeting of the
Audit Committee.
Section 4.
Compensation Committee.
The Compensation Committee shall consist of at least two (2) members, each of whom shall meet the independence and experience requirements of applicable law and the securities exchange on which the Corporation’s
shares may be listed, and none of whom shall be an officer or salaried employee of the Corporation or its subsidiaries, or receive, directly or indirectly, any consulting, advisory or other compensatory fee from the Corporation or any subsidiary
thereof, or be any other individual having a relationship which, in the opinion of the Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.
The Compensation Committee shall be responsible for overseeing the development, implementation and conduct of the
Corporation's employment and personnel policies, notices and procedures, including the administration of the Corporation's compensation and benefit programs.
Section 5.
Corporate Governance and Nominating Committee.
The Corporate Governance and Nominating Committee shall consist of at least three (3) members, each of whom shall meet the independence and experience requirements of applicable law and the
securities exchange on which the Corporation’s shares may be listed, and none of whom shall be any individual having a relationship which, in the opinion of the Board, would interfere with the exercise of independent judgment in carrying out the
responsibilities of a director. The Corporate Governance and Nominating Committee shall review qualifications of and interview candidates for the Board and shall make nominations for election of board members in accordance with the provisions of
these Bylaws in relation to those suggestions to the Board.
Section 6.
Other Committees.
The Board may by resolution adopted by a majority of the entire Board authorize such other committees as from time to time it may deem necessary or appropriate for the conduct of the business of the Corporation. The
members of each committee so authorized shall be appointed by the Board from members of the Board and/or employees of the Corporation. Each such committee shall exercise such powers as may be assigned by the Board to the extent not inconsistent
with law, these Bylaws or the Certificate of Incorporation.
Section 7.
Committee Procedures
. Each committee (or the Chairman of the committee) may determine the procedural rules for meeting and conducting its business and the committee shall act in accordance therewith, except as otherwise provided herein
or required by law. Adequate provision shall be made for notice to members of all meetings. A majority of the members shall constitute a quorum unless the committee shall consist of one (1) or two (2) members, in which event one (1) member shall
constitute a quorum. All matters shall be determined by a majority vote of the members present. The Board shall appoint a director to fill any vacancy on any committee of the Board. Action may be taken by any committee without a meeting if all
members thereof consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of the proceedings of such committee. Such filing shall be in paper form
if the minutes are maintained in paper form and shall be in electronic from if the minutes are maintained in electronic form. Each committee shall appoint from its membership or otherwise, a secretary who shall cause to be kept written minutes of
all meetings of the committee.
ARTICLE VI
OFFICERS
Section 1.
Number.
The Board shall, at each annual meeting, elect a Chairman of the Board, a Chief Executive Officer, a President, a Secretary and such other officers as the Board from time to time may deem necessary or the business of the
Corporation may require. Any number of offices may be held by the same person except that no person may simultaneously hold the offices of President and Secretary.
The election of all officers shall be by a majority of the Board. If such election is not held at the meeting
held annually for the election of officers, such officers may be so elected at any subsequent regular meeting or at a special meeting called for that purpose, in the same manner above provided. Each person elected shall have such authority, bear
such title and perform such duties as provided in these Bylaws and as the Board may prescribe from time to time. All officers elected or appointed by the Board shall assume their duties immediately upon their election and shall hold office at the
pleasure of the Board. Whenever a vacancy occurs among the officers, it may be filled at any regular or special meeting called for that purpose, in the same manner as above provided.
Section 2.
Term of Office and Removal.
Each officer shall serve until his or her successor is elected and duly qualified, the office is abolished, or he or she is removed. Except for the Chairman of the Board, the Chief Executive Officer or the
President, any officer may be removed at any regular meeting of the Board with or without cause by an affirmative vote of a majority of the entire Board. The Board may remove the Chairman of the Board, the Chief Executive Officer or the President
at any time, with or without cause, only by a vote of two- thirds of the non-officer directors then holding office at any regular or special meeting of the Board called for that purpose.
Section 3.
Chief Executive Officer.
The Chief Executive Officer shall have the general powers and duties of supervision, management and direction over the business of the Corporation.
Section 4.
President.
The President, subject to the direction of the Board and the Chief Executive Officer, shall assist the Chief Executive Officer in planning the growth of the Corporation, relations with investment bankers, other similar
financial institutions and financial advisors. The President shall be the Chief Executive Officer of the Corporation, unless otherwise determined by the Board, and he or she shall be entitled to attend all Board committee meetings. He or she
shall be directly responsible for engaging or dismissing any and all employees of the Corporation, except such as are engaged by action of the Board. The President shall have full authority to direct the operation and conduct of the Corporation
under the direction of the Board. He or she shall perform such other duties as usually appertain to the office of President, or as the Board or the Chairman shall order and as provided by law. Subject to the direction of the Board of Directors,
the President shall have power to sign all stock certificates, contracts and other instruments of the Corporation which are authorized and shall have general supervision of all of the other Officers (other than the Chairman of the Board),
employees and agents of the Corporation.
Section 5.
Vice Presidents.
Executive Vice Presidents, Senior Vice Presidents and Vice Presidents may be appointed by the Board of Directors to perform such duties as may be prescribed by these Bylaws, the Board, the Chief Executive Officer or the
President as permitted by the Board.
Section 6.
Secretary.
The Secretary shall attend all meetings of the Board and of the shareholders, and shall record, or cause to be recorded, all votes and minutes of all proceedings of the Board and of the shareholders in a book or books to be
kept for that purpose. The Secretary shall perform such executive and administrative duties as may be assigned by the Board, the Chairman of the Board or the President. The Secretary shall have charge of the seal of the Corporation, shall submit
such reports and statements as may be required by law or by the Board, shall conduct all correspondence relating to the Board and its proceedings and shall have such other powers and duties as are generally incident to the office of Secretary and
as may be assigned to him or her by the Board, the Chairman of the Board or the President.
Section 7.
Chief Operating Officer/Chief Financial Officer.
The Chief Operating Officer shall have the general supervision and direction of all of the Corporation's officers and personnel, subject to and consistent with policies enunciated by the
Board. The Chief Operating Officer or Chief Financial Officer of the Company shall have the responsibility for supervising the Comptroller and the Treasurer in maintaining the financial records of the Corporation. He or she shall also supervise
the budgeting and forecasting process. He or she shall make such disbursement of the funds of the Corporation as are authorized and monitor the accounts of all transactions and of the financial condition of the Corporation. The Chief Operating
Officer and Chief Financial Officer shall also perform such other duties as may be prescribed by these bylaws, the Board, or the Chief Executive Officer as permitted by the Board.
Section 8.
Comptroller.
The Comptroller shall be the chief accounting officer of the Corporation and shall be responsible for the maintenance of adequate systems and records. The Comptroller shall keep a record of all assets, liabilities,
receipts, disbursements, and other financial transactions, and shall see that all expenditures are made in accordance with procedures duly established from time to time by the Board. The Comptroller shall make such reports as may be required by
the Board or as are required by law.
Section 9.
Treasurer.
The Treasurer shall be responsible for all of the money management and investment functions of the Corporation. Maintenance of relationships with correspondent banks, securities brokers and safekeeping agents shall be the
responsibility of the Treasurer. The Treasurer shall make such reports as may be required by the Board or as are required by law.
Section 10.
Other Officers and Employees.
Other officers and employees appointed by the Board shall have such authority and shall perform such duties as may be assigned to them, from time to time, by the Board or the Chief Executive Officer or the
President.
Section 11.
Compensation of Officers and Others.
The compensation of all officers and employees shall be fixed from time to time by the Board, or by any committee or officer authorized by the Board to do so.
ARTICLE VII
DIVIDENDS
The Board shall have the power, subject to the provisions of law and the requirements of the Certificate of
Incorporation, to declare and pay dividends out of surplus (or, if no surplus exists, out of net profits of the Corporation, for the fiscal year in which the dividend is declared and/or the preceding fiscal year, except where there is an
impairment of capital stock), to pay such dividends to the shareholders in cash, in property, or in shares of the capital stock of the Corporation, and to fix the date or dates for the payment of such dividends.
ARTICLE VIII
MISCELLANEOUS
Any action taken by the Board of Directors or the individual directors or officers of the Corporation which requires a written
signature, shall be deemed valid and binding if made by means of electronic signature. For purposes of these Bylaws, electronic signature means any electronic process attached to or logically associated with a record that may be retained,
retrieved and reviewed, and executed and adopted by a process with the intent to sign such record, including facsimile or email signature.
Each director, and each member of any committee designated by the Board, shall, in the performance of his or her duties, be fully
protected in relying in good faith upon the books of account or other records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of its officers or employees, or committees of the
Board so designated, or by any other person as to matters which such director or committee member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf
of the Corporation.
ARTICLE IX
AMENDMENTS
These Bylaws, except as provided by applicable law or the Certificate of Incorporation, or as otherwise set forth in
these Bylaws, may be amended or repealed at any regular meeting of the entire Board by the vote of two- thirds of the Board; provided, however, that (a) a notice specifying the change or amendment shall have been
given at a previous regular meeting and entered in the minutes of the Board; (b) a written statement describing the change or amendment
shall be made in the notice mailed to the directors of the meeting at which the change or amendment shall be acted upon; and (c) any Bylaw made by the Board may be altered, amended, rescinded, or repealed by the holders of shares of capital stock
entitled to vote thereon at any annual meeting or at any special meeting called for that purpose in accordance with the percentage requirements set forth in the Certificate of Incorporation and/or these Bylaws. Notwithstanding the foregoing, any
provision of these Bylaws that contains supermajority voting requirement shall only be altered, amended, rescinded, or repealed by a vote of the Board or holders of capital stock entitled to vote thereon that is not less than the supermajority
specified in such provision.
January 24, 2019