Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
VALLEY NATIONAL BANCORP
(Exact Name of Registrant as Specified in Its Charter)
New Jersey | 22-2477875 | |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification Number) |
One Penn Plaza
New York, New York 10119
(Address of Principal Executive Offices including Zip Code)
Bank Leumi Le-Israel Corporation 2018 Stock Option Plan
Bank Leumi le-Israel Corporation Restricted Stock Unit Agreement
(Full title of the plan)
Michael T. Rave
SEC/M&A Attorney
1455 Valley Road
Wayne, New Jersey 07470
(973) 305-8800
(Name and Address, Including Zip Code and Telephone Number, Including Area Code, of Agent for Service)
Copy To:
Matthew M. Guest, Esq.
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, New York 10019
(212) 403-1000
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act. Check one:
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected to use the extended transition period for complying with the new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
EXPLANATORY NOTE
On September 22, 2021, Valley National Bancorp (Valley, the Registrant, we, us or our), Volcano Merger Sub Corporation (Merger Sub) and Bank Leumi le-Israel Corporation (Leumi USA) entered into an Agreement and Plan of Merger (the merger agreement), pursuant to which, among other things, on April 1, 2022 (the closing date), Merger Sub merged with and into Leumi USA (the merger), with Leumi USA continuing after the merger as the surviving corporation, and immediately following the effective time of the merger (the effective time) and as part of a single integrated transaction, Leumi USA merged with and into the Registrant, with the Registrant remaining as the surviving corporation. Pursuant to the merger agreement, at the effective time, each outstanding option to purchase shares of common stock, par value $0.10 per share, of Leumi USA (the Leumi USA common stock) that was issued under the Bank Leumi Le-Israel Corporation 2018 Stock Option Plan (the Leumi USA stock plan) held by an individual who was actively employed by Leumi USA as of the date of the merger agreement fully vested and was assumed by the Registrant and converted into a stock option to acquire shares of common stock, no par value, of the Registrant (the Registrant common stock and each such option to acquire shares of Registrant common stock, a converted option). The converted options are subject to the same terms and conditions that were applicable to them under the Leumi USA stock plan as of immediately prior to the effective time, except that (i) the converted options relate to shares of Registrant common stock, and (ii) the number of shares underlying each such converted option and the applicable exercise price were adjusted based on an exchange ratio of 4.225 shares of Registrant common stock per share of Leumi USA common stock. The aggregate number of shares of Registrant common stock to be subject to such converted options will be 2,726,113. The Registrant is filing this Registration Statement to register such shares under the Securities Act of 1933, as amended (the Securities Act).
In addition to the shares of Registrant common stock being registered under the Leumi USA stock plan, the Registrant is hereby registering an additional 132,162 shares of Registrant common stock issuable in connection with the Registrants assumption and conversion of a restricted stock unit award granted to Avner Mendelson pursuant to a restricted stock unit agreement, dated as of January 6, 2022, by and between Avner Mendelson and Leumi USA (the RSU agreement). The restricted stock unit will vest and be settled in three equal installments on the first, second and third anniversaries of the closing date, subject to Mr. Mendelsons compliance with the terms of the RSU agreement and the terms of the Non-Competition Agreement, dated as of September 22, 2021, by and between Avner Mendelson and Leumi USA, pursuant to which Mr. Mendelson agreed to certain covenants concerning non-competition and non-solicitation.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing information specified in Part I will be delivered in accordance with Form S-8 and Rule 428(b) under the Securities Exchange Act of 1934, as amended (the Exchange Act). Such documents are not required to be, and are not, filed with the U.S. Securities and Exchange Commission (the SEC), either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents, and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Exchange Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. | Incorporation of Documents by Reference. |
The following documents filed by Valley with the SEC are incorporated by reference in this Registration Statement:
(a) | Annual Report of Valley National Bancorp on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 28, 2022; |
(b) | Valley National Bancorps Current Reports on Form 8-K filed with the SEC on January 4, 2022, January 14, 2022, February 22, 2022 and April 1, 2022; |
(c) | The information in the Definitive Proxy Statement for Valley National Bancorps 2021 Annual Meeting of Shareholders filed with the SEC on March 8, 2021 that is incorporated by reference into Valley National Bancorps Annual Report on Form 10-K for the fiscal year ended December 31, 2020; and |
(d) | The description of Valley National Bancorps common stock which is contained in Valley National Bancorps registration statement on Form 8-A filed with the SEC on October 9, 2018, and any amendment or report filed for the purpose of updating such description. |
In addition, all documents hereafter filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all of such securities then remaining unsold, are hereby incorporated herein by reference and are a part hereof from the date of the filing of such documents. Any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Information in Current Reports on Form 8-K furnished to the SEC, including under Item 2.02 or 7.01 of Form 8-K, prior to or subsequent to the date hereof will not be incorporated herein by reference.
Item 4. | Description of Securities. |
Not applicable.
Item 5. | Interests of Named Experts and Counsel. |
Not applicable.
Item 6. | Indemnification of Directors and Officers. |
Indemnification. Article VI of the Registrants certificate of incorporation provides that the corporation shall indemnify its present and former officers, directors, employees, and agents and persons serving at its request against expenses, including attorneys fees, judgments, fines or amounts paid in settlement, incurred in connection with any pending or threatened action, suit, or proceeding, whether civil, criminal, administrative or investigative, to the full extent permitted by the New Jersey Business Corporation Act. Article VI also provides that such indemnification shall not exclude any other rights to indemnification to which a person may otherwise be entitled, and authorizes the corporation to purchase insurance on behalf of any of the persons enumerated against any liability whether or not the corporation would have the power to indemnify him under the provisions of Article VI.
The New Jersey Business Corporation Act empowers a corporation to indemnify a corporate agent against his expenses and liabilities incurred in connection with any proceeding (other than a derivative lawsuit) involving the corporate agent by reason of his being or having been a corporate agent if (a) the agent acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and (b) with respect to any criminal proceeding, the corporate agent had no reasonable cause to believe his conduct was unlawful. For purposes of the New Jersey Business Corporation Act, the term corporate agent includes any present or former director, officer, employee or agent of the corporation, and a person serving as a corporate agent at the request of the corporation for any other enterprise.
With respect to any derivative action, the corporation is empowered to indemnify a corporate agent against his expenses (but not his liabilities) incurred in connection with any proceeding involving the corporate agent by reason of his being or having been a corporate agent if the agent acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation. However, only the New Jersey Superior Court or the court in which the proceeding was brought can empower a corporation to indemnify a corporate agent against expenses with respect to any claim, issue or matter as to which the agent was adjudged liable to the corporation.
The corporation may indemnify a corporate agent in a specific case if a determination is made by any of the following that the applicable standard of conduct was met: (i) the board of directors, or a committee thereof, acting by a majority vote of a quorum consisting of disinterested directors; (ii) by independent legal counsel, if there is not a quorum of disinterested directors or if the disinterested quorum empowers counsel to make the determination; or (iii) by the shareholders.
A corporate agent is entitled to mandatory indemnification to the extent that the agent is successful on the merits or otherwise in any proceeding, or in defense of any claim, issue or matter in the proceeding. If a corporation fails or refuses to indemnify a corporate agent, whether the indemnification is permissive or mandatory, the agent may apply to a court to grant him the requested indemnification. In advance of the final disposition of a proceeding, the corporation may pay an agents expenses if the agent agrees to repay the expenses unless it is ultimately determined he is entitled to indemnification.
Exculpation. Article VII of the Registrants certificate of incorporation provides (the term Corporation refers to the Registrant):
A director or officer of the Corporation shall not be personally liable to the Corporation or its shareholders for damages for breach of any duty owed to the Corporation or its shareholders, except that this provision shall not relieve a director or officer from liability for any breach of duty based upon an act or omission (i) in breach of such persons duty of loyalty to the Corporation or its shareholders, (ii) not in good faith or involving a knowing violation of law, or (iii) resulting in receipt by such person of an improper personal benefit. If the New Jersey Business Corporation Act is amended after approval by the shareholders of this provision to authorize corporate action further eliminating or limiting the personal liability of directors or officers, then the liability of a director and/or officer of the Corporation shall be eliminated or limited to the fullest extent permitted by the New Jersey Business Corporation Act as so amended.
Any repeal or modification of the foregoing paragraph by the shareholders of the Corporation or otherwise shall not adversely affect any right or protection of a director or officer of the Corporation existing at the time of such repeal or modification.
The New Jersey Business Corporation Act, as it affects exculpation, has not been changed since the adoption of this provision by the Registrant in 1987.
Item 7. | Exemption from Registration Claimed. |
Not applicable.
Item 8. | Exhibits. |
See Index to Exhibits herein.
Item 9. | Undertakings. |
(a) The Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the Filing Fee Table attached as an exhibit to the effective Registration Statement; and
(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in the Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrants annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plans annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wayne, State of New Jersey, on this 1st day of April 2022.
VALLEY NATIONAL BANCORP | ||
By: | /s/ Ronald H. Janis | |
Ronald H. Janis Senior Executive Vice President and General Counsel |
SIGNATURES AND POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Ira Robbins, Michael D. Hagedorn and Michael T. Rave attorneys-in-fact and agents, with full power of substitution and resubstitution, to sign on his or her behalf, individually and in any and all capacities, including the capacities stated below, any and all amendments (including post-effective amendments) to this registration statement and any registration statements filed by the registrant pursuant to Rule 462(b) of the Securities Act of 1933, as amended, relating thereto and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting to said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitutes, may lawfully do or cause to be done by virtue hereof. This power of attorney may be signed in several counterparts.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement and power of attorney have been signed by the following persons in the capacities indicated on April 1, 2022.
Signature | Title | |||
/s/ Ira Robbins Ira Robbins |
Chairman, Chief Executive Officer and Director (Principal Executive Officer) |
|||
/s/ Michael D. Hagedorn Michael D. Hagedorn |
Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
|||
/s/ Mitchell L. Crandell Mitchell L. Crandell |
Executive Vice President and Chief Accounting Officer (Principal Accounting Officer) |
|||
/s/ Avner Mendelson Avner Mendelson |
Vice Chairman of the Board and Director | |||
/s/ Andrew B. Abramson Andrew B. Abramson |
Director | |||
/s/ Ronen Agassi Ronen Agassi |
Director |
/s/ Peter J. Baum Peter J. Baum |
Director | |||
/s/ Eric P. Edelstein Eric P. Edelstein |
Director | |||
/s/ Marc J. Lenner Marc J. Lenner |
Director | |||
/s/ Peter V Maio Peter V Maio |
Director | |||
/s/ Suresh L. Sani Suresh L. Sani |
Director | |||
/s/ Lisa J. Schultz Lisa J. Schultz |
Director | |||
/s/ Jennifer W. Steans Jennifer W. Steans |
Director | |||
/s/ Jeffrey S. Wilks Jeffrey S. Wilks |
Director | |||
/s/ Dr. Sidney S. Williams, Jr. Dr. Sidney S. Williams, Jr. |
Director |
Exhibit 4.1
BANK LEUMI LE-ISRAEL CORPORATION
2018 STOCK OPTION PLAN
1. | PURPOSE AND TERMS |
The Plan has been established to advance the interests of Bank Leumi USA, a New York Bank (the Company) and Bank Leumi le-Israel Corporation (BLC), the Companys parent company, by providing for the grant of non-statutory stock options with respect to shares of BLC to certain key employees of the Company.
Capitalized terms, when used in the Plan, will have the meanings set forth on Schedule A attached hereto.
2. | ELIGIBILITY AND PARTICIPATION |
The Administrator will select Participants from among those key employees of the Company who, in the opinion of the Administrator, are in a position to contribute to the success of the Company and its affiliates.
3. | LIMITS ON OPTIONS UNDER THE PLAN |
(a) Number of Shares. Subject to adjustment as provided in Section 5(b), the maximum number of shares of Stock that may be delivered in satisfaction of Options under the Plan will be 797,857 shares of Stock. For purposes of this Section, the number of shares of Stock delivered in satisfaction of Options will be determined (i) net of shares of Stock underlying the portion of any Option that is settled in cash or the portion of any Option that expires, becomes unexercisable without having been exercised, terminates, or is forfeited to or repurchased by BLC due to failure to vest, and (ii) by treating as having been delivered any shares of Stock withheld from a Option to satisfy the tax withholding obligations with respect to such Option or in payment of the exercise price of such Option. For the avoidance of doubt, the number of shares of Stock available for delivery under the Plan will not be increased by any shares of Stock that have been delivered under the Plan that are subsequently repurchased using proceeds directly attributable to Option exercises. To the extent consistent with applicable legal requirements (including applicable stock exchange requirements), Stock issued under any Substitute Awards will not reduce the number of shares available for Options under the Plan. The shares which may be delivered under any Substitute Awards will be in addition to the limitations set forth in this Section 3(a) on the number of shares available for issuance under the Plan.
(b) Type of Shares. Shares of Stock delivered by BLC under the Plan may be authorized but unissued shares of Stock or previously issued shares of Stock acquired by BLC. No fractional shares of Stock will be delivered under the Plan, except that the Administrator may, in its sole discretion, provide for the delivery of cash in lieu of any fractional shares.
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4. | RULES APPLICABLE TO OPTIONS |
(a) Option Provisions. The Administrator will determine the terms of all Options, subject to the limitations provided herein. By accepting or being deemed to have accepted an Option, the Participant will be deemed to have agreed to the terms of the Option and the Plan. Notwithstanding any provision of this Plan to the contrary, any Substitute Awards may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined by the Administrator.
(b) Term of Plan and Options. No Options may be granted after the seventh (7th) anniversary of the date the Plan was adopted, but previously granted Options may continue beyond that date in accordance with their terms. Options granted under the Plan will have a maximum term not to exceed seven (7) years from the date of grant.
(c) Transferability. Options may not be transferred other than by will or by the laws of descent and distribution. During a Participants lifetime Options may be exercised only by the Participant.
(d) Vesting, Termination of Employment. The Administrator will determine the time or times at which an Option will vest or become exercisable and the terms on which an Option requiring exercise will remain exercisable. The vesting and exercise terms will be set forth in an Option agreement between BLC and the Participant. Without limiting the foregoing, the Administrator may at any time accelerate the vesting or exercisability of an Option, regardless of any adverse or potentially adverse tax or other consequences resulting from such acceleration.
Unless an Option agreement expressly provides otherwise, however, the following rules will apply if a Participants employment terminates:
(i) Upon the termination of the Participants employment for any reason, all Options held by a Participant that are not vested will immediately terminate and be forfeited.
(ii) Except as described below, all vested Options held by the Participant immediately prior to the termination of the Participants employment that have not been exercised will be restricted from exercise in accordance with Section 5(c) of the Plan and upon the lapse of such restriction, the vested Options will thereafter be exercisable for the earlier of (A) a period of three months or (B) the period ending on the latest date on which such Option could have been exercised without regard to this Section, and will thereupon immediately terminate.
(iii) Except as described below, all vested Options held by a Participant immediately prior to the termination of the Participants employment due to his or her death or disability (as determined by Company policy), to the extent then exercisable, will be restricted from exercise in accordance with Section 5(c) of the Plan and upon the lapse of such restriction, the vested Options will thereafter be exercisable for the earlier of (A) the one year period ending with the first anniversary of the Participants death or disability, as applicable, or (B) the period ending on the latest date on which such Option could have been exercised without regard to this Section, and will thereupon immediately terminate.
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(iv) All Options (whether or not vested) held by a Participant immediately prior to termination of the Participants employment will immediately terminate if the termination is for Cause or occurs in circumstances that in the sole determination of the Administrator would have constituted grounds for the Participants employment to be terminated for Cause.
(e) Time and Manner of Exercise. Unless the Administrator expressly provides otherwise, an Option may not be exercised until the Administrator receives a notice of exercise (in a form acceptable to the Administrator), which may be an electronic notice, signed (including electronic signature in form acceptable to the Administrator) by the appropriate person and agreeing to the payment method required under paragraph (g) below. Any attempt to exercise an Option by any person other than the Participant will not be given effect unless the Administrator has received such evidence as it may require that the person exercising the Option has the right to do so.
(f) Exercise Price. The exercise price (or the base value from which appreciation is to be measured) of each Option will be no less than 100% of the Fair Market Value of the Stock subject to the Option, determined as of the date of grant, or such higher amount as the Administrator may determine in connection with the grant or as otherwise determined by the Administrator with respect to any Substitute Award.
(g) Payment of Exercise Price. Exercise of the Option shall be through the withholding of shares of Stock otherwise to be delivered upon exercise of the Option whose Fair Market Value is equal to the aggregate exercise price of the Option being exercised. If the foregoing is not legally permissible, exercise of the Option shall be by such other means acceptable to the Administrator in its sole discretion.
(h) Taxes. The delivery, vesting and retention of Stock, cash or other property under an Option are conditioned upon full satisfaction by the Participant of all tax withholding requirements with respect to the Option, and all payments with respect to any Option will be subject to reduction for applicable tax and other legally or contractually required withholdings. The Administrator will prescribe such rules for the withholding of taxes with respect to any Option as it deems necessary. Unless the Administrator expressly provides otherwise, the Administrator will hold back shares of Stock from an Option in satisfaction of tax withholding requirements (but not in excess of the minimum withholding required by law).
(i) Rights Limited. Nothing in the Plan will be construed as giving any person the right to be granted an Option or to continued employment or service with the Company or its affiliates, or any rights as a stockholder except as to shares of Stock actually issued under the Plan. The loss of existing or potential profit in Options will not constitute an element of damages in the event of a termination of employment for any reason, even if the termination is in violation of an obligation of the Company or any affiliate to the Participant.
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(j) Section 409A. Each Option will contain such terms as the Administrator determines, and will be construed and administered, such that the Option qualifies for an exemption from the requirements of Section 409A.
5. | EFFECT OF CERTAIN TRANSACTIONS |
(a) Liquidity Events or Change in Control. Except as otherwise provided in an Option, the Administrator will, in its sole discretion, determine the effect of a Liquidity Event or Change in Control on Options, which determination may include, but is not limited to, the following actions:
(i) Assumption or Substitution. If the Liquidity Event or Change in Control is one in which there is an acquiring or surviving entity, the Administrator may (but, for the avoidance of doubt, need not) provide for (A) the assumption or continuation of some or all outstanding Options or any portion thereof or (B) the grant of Substitute Awards.
(ii) Payment or Cancellation of Options. The Administrator may (but need not) provide for payment in cash or property with respect to some or all Options or any portion thereof, equal to the excess, if any, of (A) the Fair Market Value of one share of Stock times the number of shares of Stock subject to the Option or such portion, over (B) the aggregate exercise price of the Option or such portion, and the Option or such portion will be cancelled upon receipt of such payment.
(iii) Acceleration of Options. The Administrator may (but need not) provide that each Option will become exercisable in full or in part prior to the Liquidity Event or a Change in Control, in each case on a basis that gives the Option holder a reasonable opportunity, as determined by the Administrator, to participate as a stockholder in the Liquidity Event or a Change in Control.
(iv) Termination of Options upon Change in Control. Upon consummation of a Change in Control (including a Qualified Merger) and following acceleration and/or receipt of consideration for the Option, the Option will automatically terminate unless it is explicitly assumed or continued as part of the agreement to such Change in Control.
(b) Adjustment Provisions. To the extent permissible under applicable law, including Section 409A of the Code, in the event of a stock dividend, significant cash dividend, stock split or combination of shares (including a reverse stock split), recapitalization or other change in BLCs capital structure that constitutes an equity restructuring within the meaning of FASB ASC Topic 718 (or any successor provision), the Administrator will make appropriate adjustments to the maximum number of shares of Stock that may be delivered under the Plan and will also make appropriate adjustments to the number and kind of shares of stock or securities subject to Options then outstanding or subsequently granted, any exercise prices of the Options and any other provision of Options affected by such change.
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(c) Shareholder Rights Agreement. If the Lead Shareholder exercises its put right as specified in the Shareholder Rights Agreement prior to the time the Stock is publicly traded on a national securities exchange, the Option holders will continue to vest as scheduled, but will not be permitted to exercise their vested Options prior to the 12-month anniversary of the date the Lead Shareholder exercises its put right and sells its shares. If thereafter the Options are exercised, the Option holders may sell the shares of Stock received upon exercise to BLC at the Fair Market Value determined as of the date of the sale in the manner prescribed by the Administrator in its sole discretion. Notwithstanding the foregoing, such restriction on exercise for vested Options shall be lifted and/or shall not apply upon the first to occur of the following: (i) a Liquidity Event; (ii) a Change in Control; or (iii) the six (6) year anniversary of the date the Option is granted.
6. | ADMINISTRATION |
The Administrator has discretionary authority, subject only to the express provisions of the Plan, to interpret and administer the Plan and the terms and conditions of any Option agreement; determine eligibility for and grant Options; determine, modify or waive the terms and conditions of any Options; determine the medium in which Options are adjusted, paid or cancelled (whether in cash, shares of Stock, other options, other rights or property or a combination thereof); determine whether shares of Stock deliverable in respect of Options will be subject to deferral; prescribe forms, rules and procedures relating to the Plan or Options; make any and all determinations under any applicable Company policies and procedures impacting the Options and otherwise do all things necessary or desirable to carry out the purposes of the Plan and any Option agreement. Determinations of the Administrator made under the Plan will be conclusive and will bind all parties.
7. | LEGAL CONDITIONS ON DELIVERY OF STOCK |
BLC will not be obligated to deliver any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock previously delivered under the Plan until: (i) BLC is satisfied that all legal matters in connection with the issuance and delivery of such shares have been addressed and resolved; (ii) if the outstanding Stock is at the time of delivery listed on any stock exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the Option have been satisfied or waived. BLC may require, as a condition to exercise of the Option or delivery of shares of Stock under an Option, representations or agreements as counsel for BLC may consider appropriate to avoid violation of the Securities Act of 1933, as amended, or any applicable state or non-U.S. securities law. Any Stock required to be issued to Participants under the Plan will be evidenced in such manner as the Administrator may deem appropriate, including book-entry registration or delivery of stock certificates. In the event that the Administrator determines that stock certificates will be issued to Participants under the Plan, the Administrator may require that certificates evidencing Stock issued under the Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and BLC may hold the certificates pending lapse of the applicable restrictions.
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8. | AMENDMENT AND TERMINATION |
The Administrator may at any time or times amend the Plan or any outstanding Option for any purpose which may at the time be permitted by law, and may at any time terminate the Plan as to any future grants of Options, except that the Administrator may not, without the Participants consent, alter the terms of an Option so as to affect materially and adversely the Participants rights under the Option, unless the Administrator expressly reserved the right under the Plan or the Option agreement.
9. | MISCELLANEOUS |
(a) Waiver of Jury Trial. By accepting an Option under the Plan, each Participant waives any right to a trial by jury in any action, proceeding or claim concerning any rights under the Plan and any Option, or under any amendment, waiver, consent, document or other agreement delivered or to be delivered in the future. Nothing in the Plan is to be construed as limiting the ability of BLC or the Company and a Participant to agree to submit disputes arising under the terms of the Plan or any Option to binding arbitration or as limiting the ability of BLC or the Company to require any eligible individual to agree to submit such disputes to binding arbitration as a condition of receiving an Option.
(b) Certain Requirements of Corporate Law. Options will be granted and administered consistent with the requirements of applicable law relating to the issuance of stock and any consideration for the stock, and with the applicable requirements of any stock exchanges, other trading systems or national market on which the Stock is listed or entered for trading, in each case as determined by the Administrator.
(c) Other Matters. Except as otherwise provided by the express terms of an Option agreement, the provisions of the Plan and Options and all claims or disputes arising out of or based upon the Plan or any Option will be governed by and construed in accordance with the laws of the State of New York without giving effect to any choice or conflict of laws provision or rule.
[Remainder of Page Intentionally Left Blank]
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SCHEDULE A
The following capitalized terms, when used in the Plan, will have the meanings set forth below:
Administrator means a committee of the Board that the Board designates to act as the Administrator under the Plan, except that such committee (or the Board) may delegate (i) to one or more of its members such of its duties, powers and responsibilities as it may determine; (ii) to one or more officers of BLC or the Company the power to grant Options to the extent permitted by applicable corporate law; and (iii) to such employees or other persons as it determines such ministerial tasks as it deems appropriate. The term Administrator will include the person or persons so delegated to the extent of such delegation. If no committee or other person is designated, the Board will act as the Administrator.
Affiliate means any entity directly or indirectly controlling, controlled by or under common control with the Company or BLC, including any entity that is considered to be a controlled group or under common control with the Company or BLC under Section 414(b) or (c) of the Code. For the purpose of this definition, the term control (including, with correlative meanings, the terms controlling, controlled by and under common control with), as used with respect to any entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through the ownership of voting securities, by contract or otherwise.
Board means the board of directors of BLC.
Cause means, in the case of any Participant who is party to an employment, change in control or similar agreement with the Company or any of its affiliates that contains a definition of Cause, the definition set forth in such agreement will apply with respect to such Participant under the Plan during the term of such agreement. In the case of any other Participant, Cause will mean: (i) a material breach by the Participant of his or her employment agreement with the Company or an affiliate of the Company, any Option agreement, or any policy of the Company or its affiliates generally applicable to similarly situated employees of the Company or its affiliates; (ii) the failure by the Participant to reasonably and substantially perform his or her duties to the Company or any of its affiliates, which failure is damaging to the financial condition or reputation of the Company or its affiliates; (iii) violation of the policies of the Company or an affiliate of the Company as set forth in the Company or affiliates employee handbook and determined at the sole discretion of the Administrator; (iv) the Participants engaging in misconduct or gross negligence that is injurious to the Company or any of its affiliates, including conduct that does not promote harmony and good will at or for the Company or its affiliates, determined at the sole discretion of the Administrator; (v) conduct on the Participants part that damages the Company or its affiliates monetarily; or (vi) the commission by the Participant of a felony or other serious crime that the Administrator believes involves fraud, dishonesty or moral turpitude. If, subsequent to the Participants termination of employment hereunder for other than Cause, it is determined in good faith by the Company that the Participants employment could have been terminated for Cause, the Participants employment will be deemed to have been terminated for Cause retroactively to the date the events giving rise to such Cause occurred.
A-1
Change in Control means the Company or BLC has consummated: (i) a sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company or BLC to any person or group (as such terms are defined in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) other than the Company, BLC or their respective Affiliates; (ii) the date upon which any person or group, other than shareholders of the Company, BLC or their respective Affiliates, is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the total combined voting power of the Company or BLC (or any successor thereto), including, with respect to both (i) and (ii) above, by way of merger, consolidation or otherwise; or (iii) a Qualified Merger. For the avoidance of doubt, a Change in Control will not mean a public offering of shares of BLC.
Code means the U.S. Internal Revenue Code of 1986, as amended from time to time.
Fair Market Value means, as of a particular date, (i) the closing price for a share of Stock as reported on the national securities exchange on which the Stock is then listed for that date or, if no closing price is reported for that date, the closing price on the next preceding date for which a closing price was reported, or (ii) in the event that the Stock is not traded on a national securities exchange, the fair market value of a share of Stock determined by the Administrator consistent with the rules of Section 409A of the Code, which requires reasonable application of a reasonable valuation method, including, for example, an appraisal by a third-party independent qualified appraiser appointed by the Administrator in its sole discretion (made within the previous 12 months), use of a reasonable valuation formula consistently applied for determining transfer value of the shares for all purposes (where restrictions on shares do not lapse) or a written report (made within the previous 12 months) applying a valuation method that takes into account all available information material to the value of the entity and that is consistently applied for all purposes of valuing the shares under the facts and circumstances.
Lead Shareholder means Endicott SPV I, L.P. as defined in the Shareholder Rights Agreement.
Liquidity Event means the consummation, by the BLC or the Company, as applicable, of (i) a Qualified IPO or (ii) a Qualified Merger.
Option means a non-statutory stock option entitling the holder to acquire shares of Stock upon payment of the exercise price.
Participant means a current or former employee of the Company or its affiliate who is granted an Option under the Plan.
Plan means Bank Leumi le-Israel Corporation 2018 Stock Option Plan, as may be amended from time to time and in effect.
Qualified IPO means the sale by BLC or its successor of shares of common stock of BLC in an initial public offering on a publicly traded stock exchange in an amount that exceeds $100 million or, if designated by the Administrator in its sole discretion, such other similar public offering of the shares of an Affiliate of BLC.
A-2
Qualified Merger means the Company or BLC has consummated a merger or consolidation transaction pursuant to which the Company or BLC shareholders received in exchange for the Company or BLC shareholders common stock either all cash or capital stock of a company which such capital stock (i) is primarily listed on one of the New York Stock Exchange, the NASDAQ Stock Market, the Toronto Stock Exchange, the London Stock Exchange, the Frankfurt Stock Exchange, or the Tokyo Stock Exchange (or such other stock exchange as may be mutually agreed by the lead shareholder and the Company or BLC), (ii) is not subject to a lock-up agreement for more than six (6) months or other transfer restrictions, other than those under applicable laws, and (iii) has an average daily public trading value (for the six months prior to the announcement of such merger transaction) of at least $10 million, unless the Company or BLC shareholders immediately prior to the merger or consolidation transaction continue to own 50% or more of the voting power of the surviving corporation following the transaction.
Shareholder Rights Agreement means the Shareholder Rights Agreement dated May 21, 2018 between Bank Leumi le-Israel B.M., Endicott SPV I, L.P. and MSD BLUSA Investments, LLC, as amended from time to time.
Stock means the common stock of Bank Leumi Le-Israel Corporation, par value $0.10 per share.
Substitute Awards means stock options or other equity awards issued under the Plan in substitution for equity awards of an acquired company that are converted, replaced, or adjusted in connection with the acquisition.
A-3
Exhibit 4.2
EXECUTION VERSION
BANK LEUMI LE-ISRAEL CORPORATION
RESTRICTED STOCK UNIT AGREEMENT
This agreement (this Agreement) is made effective as of the 6th day of January, 2022 (the Grant Date), between Bank Leumi le-Israel Corporation (BLC) and Avner Mendelson (the Grantee), and evidences a grant of restricted stock units (RSUs) in respect of shares of the common stock of BLC, par value $0.10 per share (BLC Common Stock) in accordance with the Non-Competition Agreement entered into by and between BLC and the Grantee, dated as of September 22, 2021 (the Non-Competition Agreement).
1. Merger Agreement; Defined Terms. Reference is made herein to the Agreement and Plan of Merger, dated as of September 22, 2021 by and among BLC, Valley National Bancorp (Parent) and Volcano Merger Sub Corporation (the Merger Agreement). Terms that are capitalized but not defined herein shall have the meanings set forth in the Merger Agreement.
2. Grant of Restricted Stock Units. BLC grants to the Grantee on the Grant Date RSUs in respect of 31,281 shares of BLC Common Stock, subject to the terms of this Agreement. At the Effective Time, this Agreement shall be assumed by Parent and the RSUs granted hereunder shall be canceled and replaced by RSUs of substantially equivalent value in respect of 132,162 shares of Parent Common Stock, subject to the terms of this Agreement. For purposes of this Agreement, the term Stock shall mean (a) prior to the Effective Time, BLC Common Stock and (b) after the Effective Time, Parent Common Stock. From and following the Effective Time, references in this Agreement to BLC shall be understood to refer to Parent.
3. Vesting. The RSUs shall become vested in equal one-third installments on the first, second and third anniversaries (each, a Vesting Date) of the Effective Date, provided the Grantee has remained in continuous compliance with the terms and conditions of this Agreement and of the Non-Competition Agreement from the Grant Date through the relevant Vesting Date.
4. Settlement. No later than 30 days after the applicable Vesting Date, BLC shall issue to the Grantee one share of Stock for each vested RSU, subject to applicable tax withholding, which shall be achieved via net share withholding by BLC.
5. Transfer of RSUs. Any sale, hypothecation, encumbrance or other transfer of the RSUs is prohibited unless the same shall have been consented to in advance in writing by Parent.
6. Adjustments. To the extent permissible under applicable law, including under Section 409A of the Internal Revenue Code of 1986, as amended, in the event of a stock dividend, significant cash dividend, stock split or combination of shares (including a reverse stock split), recapitalization or other change in the capital structure of BLC that constitutes an equity restructuring within the meaning of FASB ASC Topic 718 (or any successor provision), BLC shall make appropriate adjustments to the maximum number of shares of Stock that may be delivered under this Agreement. Following the Effective Time, in the event of (a) the liquidation or dissolution of Parent, (b) a merger or consolidation in which Parent is not the surviving corporation or (c) the sale or disposition of all or substantially all of Parents assets, provision shall be made in connection with such transaction for the assumption of the RSUs or the substitution for the RSUs of new options or awards of the surviving corporation, with appropriate adjustment as to the
number and kind of shares. Notwithstanding the foregoing, in the event of a transaction listed above, Parent shall have the right and authority to cancel and terminate all outstanding RSUs by paying Grantee in cash an amount equal to the fair market value of the shares of Stock underlying the RSUs on the date of the consummation of the transaction.
7. Effect on Employment or Services. Neither the grant of the RSUs, nor the issuance of shares of Stock upon vesting of the RSUs, shall give the Grantee any right to be retained in the employ or service of BLC, Parent or their Affiliates, affect the right of BLC, Parent or their Affiliates to discharge or discipline such Grantee at any time, or affect any right of such Grantee to terminate his employment or services at any time.
8. Data Privacy. Upon request of BLC or one of its Affiliates, the Grantee shall provide an executed data privacy consent form (or any other agreement(s) or consents that may be reasonably required by BLC or one of its Affiliates) to BLC and/or one of its Affiliates that BLC or one of its Affiliates may reasonably deem necessary to obtain from the Grantee for the purpose of administering participation in the Plan in compliance with the data privacy laws in the Grantees country, either now or in the future. The Grantee understands and agrees that the Grantee shall not be able to receive any shares of Stock with respect to vested RSUs if the Grantee fails to provide any such consent or agreement reasonably requested by BLC or one of its Affiliates.
9. Rights as Stockholder. Prior to the Effective Time, until the issuance of the shares of Stock underlying the RSUs (as evidenced by the appropriate entry on the books of BLC or of a duly authorized transfer agent of BLC), no right to vote or receive dividends or any other rights as a holder of Stock shall exist with respect to the RSUs. Following the Effective Time, if Parent pays a cash dividend on shares of Parent Common Stock, any outstanding RSUs shall be credited with an amount of cash equal to the cash dividend that would have been payable in respect of the corresponding share of Parent Common Stock (a Dividend Equivalent). Dividend Equivalents credited with respect to an RSU (a) shall not vest until the corresponding RSU vests, (b) shall be paid at the same time that the corresponding RSU is settled and (c) shall be immediately and automatically canceled if the corresponding RSUs is forfeited or canceled. No interest shall be accrued, credited or paid on Dividend Equivalents.
10. Effectiveness. If the Grantees employment terminates prior to the Closing, or if the Merger Agreement is terminated before the Closing in accordance with its terms, this Agreement shall automatically terminate and be of no further force or effect and the RSUs shall be immediately cancelled for no consideration, and neither of the parties shall have any obligations hereunder.
11. Remedies. In the event of a breach or threatened breach by the Grantee of this Agreement or of Sections 5, 6 and 7 of the Non-Competition Agreement, the Grantee hereby consents and agrees that (a) the Grantees entitlement to the RSUs shall be immediately forfeited (and the Grantee shall return any RSUs (or shares of Stock with respect thereto) previously paid, vested or settled) and (b) BLC and its Affiliates shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, and not in lieu of, legal remedies, monetary damages or other available forms of relief.
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12. Entire Agreement. This Agreement contains all of the understandings and representations between Grantee and BLC pertaining to the subject matter hereof and supersede all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter.
13. Miscellaneous. Sections 10 (Governing Law; Jurisdiction and Venue), 12 (Modification and Waiver), 13 (Severability), 14 (Captions; Interpretation), 15 (Counterparts), 17 (Section 409A), 19 (Successors and Assigns), 20 (Notice), 21 (Withholding), 22 (Survival) and 23 (Acknowledgement of Full Understanding) of the Non-Competition Agreement are incorporated by reference into this Agreement as if set forth herein, mutatis mutandis. The obligation of Parent to sell or deliver shares of Parent Common Stock with respect to the RSUs shall be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by Parent.
The Grantee acknowledges and agrees that this Agreement shall create a legally binding agreement when this Agreement is countersigned by the Grantee.
[Signature Page Follows]
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Exhibit 5.1
Valley National Bancorp
One Penn Plaza, Suite 2930
New York, New York 10119
April 1, 2022
Valley National Bancorp
One Penn Plaza, Suite 2930
New York, New York 10119
Re: | Valley National Bancorp Registration of 2,858,275 Shares of Common Stock |
I am Senior Executive Vice President, General Counsel and Corporate Secretary of Valley National Bancorp, a New Jersey corporation (the Company). I have acted in such capacity in connection with the Registration Statement on Form S-8 (the Registration Statement) of the Company, relating to the registration under the Securities Act of 1933, as amended (the Act), of (i) 2,726,113 shares of common stock, no par value, of the Company (Common Stock) issuable under certain outstanding stock options granted under the Bank Leumi Le-Israel Corporation 2018 Stock Option Plan (the Plan), which were assumed by the Company and converted into options to acquire shares of Common Stock in connection with the acquisition of Bank Leumi Le-Israel Corporation (Leumi USA) by the Company on April 1, 2022 and (ii) 132,162 shares of Common Stock issuable in connection with the Companys assumption and conversion of a restricted stock unit award granted to Avner Mendelson pursuant to a restricted stock unit agreement (the RSU agreement), dated as of January 6, 2022, by and between Avner Mendelson and Leumi USA (such shares of Common Stock described in clauses (i) and (ii) of this sentence, the Shares).
I have examined originals, or copies certified or otherwise identified to my satisfaction, of the Plan, the RSU agreement and such corporate records, documents, agreements, instruments and certificates of public officials of the State of New Jersey and of officers of the Company as I have deemed necessary or appropriate in order to express the opinion hereinafter set forth.
In my examination of such documents and records and rendering this opinion, I have assumed without verification the genuineness of all signatures, the authenticity of all documents submitted to me as originals, the authenticity of the originals of such documents submitted to me as certified copies, the conformity to originals of all documents submitted to me as copies, the authenticity of the originals of such documents, that all documents submitted to me as certified copies are true and correct copies of such originals and the legal capacity of all natural persons executing any of the foregoing documents. I have also assumed that the appropriate action will be taken, prior to the offer and sale of the Shares in accordance with the Plan or the RSU agreement, as applicable, to register and qualify the Shares for sale under all applicable state securities or blue sky laws. I have further assumed that there will be no material changes to the documents I have examined and that, at all times prior to the issuance of the Shares, the Company will maintain a sufficient number of authorized but unissued shares of Common Stock available for such issuance.
Based upon the foregoing, and subject to the qualifications, assumptions and limitations set forth herein, I am of the opinion that the Shares will be validly issued, duly authorized, fully paid and nonassessable when the Shares have been duly issued and sold as contemplated by the Registration Statement (including the prospectus, which is not filed herewith) and the Plan or the RSU agreement, as applicable.
The foregoing opinion is limited to the laws of the State of New Jersey. I express no opinion as to the effect of the laws of any other jurisdiction.
This opinion letter speaks only as of its date and is delivered in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Act. I hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving such consent, I do not hereby concede that I am within the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder.
[Signature page follows]
Very truly yours,
/s/ Ronald H. Janis, Esq. Name: Ronald H. Janis, Esq. Title: Senior Executive Vice President and General Counsel |
[Signature Page to Form S-8 Opinion of Counsel]
Exhibit 23.2
Consent of Independent Registered Public Accounting Firm
We consent to the use of our reports dated February 28, 2022, with respect to the consolidated financial statements of Valley National Bancorp, and the effectiveness of internal control over financial reporting, incorporated herein by reference.
/s/ KPMG LLP
Short Hills, New Jersey
April 1, 2022
EXHIBIT 107
Calculation of Filing Fee Table
Form S-8
(Form Type)
Valley National Bancorp
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities and Carry Forward Securities
Security Type | Security Class Title |
Fee Calculation Rule |
Amount Registered (1) |
Proposed Maximum Offering Price Per Unit (3) |
Maximum Aggregate Offering Price (3) |
Fee Rate |
Amount of Registration Fee | |||||||||
Newly Registered Securities | ||||||||||||||||
Fees to Be Paid | Equity | Common stock, no par value | Other | 2,858,275 (2) | $13.15 | $37,586,316.25 | 0.0000927 | $3,484.25 | ||||||||
Fees Previously Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||
Carry Forward Securities | ||||||||||||||||
Carry Forward Securities | N/A | N/A | N/A | N/A | N/A | |||||||||||
Total Offering Amounts | $37,586,316.25 | $3,484.25 | ||||||||||||||
Total Fees Previously Paid | | |||||||||||||||
Total Fee Offsets | | |||||||||||||||
Net Fee Due | $3,484.25 |
(1) | Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the Securities Act), this Registration Statement also covers an indeterminate number of shares of common stock, no par value (Common Stock) of Valley National Bancorp (the Registrant) as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions. |
(2) | Represents (i) 2,726,113 shares of Common Stock issuable under certain outstanding stock options granted under the Bank Leumi Le-Israel Corporation 2018 Stock Option Plan, which were assumed by the Registrant and converted into options to acquire shares of Common Stock in connection with the acquisition of Bank Leumi Le-Israel Corporation (Leumi USA) by the Registrant on April 1, 2022 and (ii) 132,162 shares of Common Stock issuable in connection with the Registrants assumption and conversion of a restricted stock unit award granted to Avner Mendelson pursuant to a restricted stock unit agreement, dated as of January 6, 2022, by and between Avner Mendelson and Leumi USA. |
(3) | Estimated solely for the purpose of calculating the amount of the registration fee required by Section 6(b) of the Securities Act and calculated in accordance with Rules 457(c) and 457(h) promulgated thereunder. The offering price per share and aggregate offering price are based upon the average of the high and low prices for the Common Stock as reported on the NASDAQ Stock Market on March 31, 2022, a date within five business days prior to the filing of this registration statement. |