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1-9861
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16-0968385
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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One M&T Plaza, Buffalo, New York
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14203
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(Address of principal executive offices)
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(Zip Code)
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(d)
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Exhibits.
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Exhibit No.
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Description of Exhibit
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2.1
99.1
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Amendment No. 3, dated as of December 8, 2014, to the Agreement and Plan of Merger, dated as of August 27, 2012, as amended by Amendment No. 1, dated as of April 13, 2013, and Amendment No. 2, dated as of December 16, 2013, by and among M&T Bank Corporation, Hudson City Bancorp, Inc. and Wilmington Trust Corporation.
Joint Press Release, dated December 9, 2014.
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M&T BANK CORPORATION
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/s/ Drew J. Pfirrman
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Drew J. Pfirrman
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Senior Vice President and General Counsel
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Exhibit No.
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Description of Exhibit
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2.1
99.1
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Amendment No. 3, dated as of December 8, 2014, to the Agreement and Plan of Merger, dated as of August 27, 2012, as amended by Amendment No. 1, dated as of April 13, 2013, and Amendment No. 2, dated as of December 16, 2013, by and among M&T Bank Corporation, Hudson City Bancorp, Inc. and Wilmington Trust Corporation.
Joint Press Release, dated December 9, 2014.
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M&T BANK CORPORATION
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By:
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/s/ Mark J. Czarnecki
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Name:
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Mark J. Czarnecki
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Title:
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President and Chief Operating Officer
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HUDSON CITY BANCORP, INC | ||
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By: |
/s/ Denis J. Salamone
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Name: |
Denis J. Salamone
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Title: |
Chairman and Chief Executive Officer
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WILMINGTON TRUST CORPORATION
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By: |
/s/ Mark J. Czarnecki
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Name: |
Mark J. Czarnecki
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Title: |
President and Chief Operating Officer
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1.
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The amounts set forth in Paragraph 3 of Annex A to Amendment No. 2 payable with respect to the Executive Officer Annual Incentive Plan shall remain $20.0 million in respect of calendar year 2014 and be reduced to $15.0 million in respect of calendar year 2015 (to be prorated for the number of days elapsed from January 1, 2015 to the Closing Date). Without derogating from the provisions of Section 6.5(c) of the Merger Agreement, payments made pursuant to the Executive Officer Annual Incentive Plan will be included in the calculation of severance benefits under any employment agreement or change of control agreement with Hudson or Hudson Bank, except that with respect to bonus payments made for calendar year 2014 (if the Closing occurs after December 31, 2014), no payment to an officer of a bonus in excess of his or her target amount shall be taken into account for purposes of calculating his or her severance benefits under any employment agreement or change of control agreement with Hudson or Hudson Bank. Hudson and Hudson Bank shall determine the time of payment of each bonus in a manner that is consistent with the terms of the plan.
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2.
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The amounts set forth in Paragraph 4 of Annex A to Amendment No. 2 payable with respect to the Profit Incentive Plan (providing for bonuses paid to employees who do not participate in the Executive Officer Annual Incentive Plan) shall remain $8.0 million in respect of each of calendar year 2014 and calendar year 2015. Hudson and Hudson Bank shall determine the time of payment of each bonus in a manner that is consistent with past practice. Hudson and Hudson Bank may structure bonuses for calendar year 2015 to provide for payments more frequently than annually.
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3.
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The amount of set forth in Paragraph 5 of Annex A to Amendment No. 2 payable in connection with retention incentives in respect of current employees shall remain $10.0 million. For the avoidance of doubt, this cap shall not apply with respect to retention incentives provided to new hires.
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4.
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For purposes of the second sentence of Section 6.5(a) of the Agreement relating to severance under the Hudson Severance Plan, M&T shall provide eligible employees who experience a qualifying termination of employment during the one-year period following the Effective Time as provided in the second sentence of Section 6.5(a) with the following employee severance payments: (a) for officers, severance benefits of four weeks of salary for every year of service, not to exceed 52 weeks of salary, and (b) for non-officers, severance benefits of two weeks of salary for every year of service, not to exceed 52 weeks of salary.
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5.
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Salary adjustments made in 2015 for all employees with a title of Senior Vice President and lower will be included in the calculation of severance benefits (including, without limitation, under any change of control or employment agreement).
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6.
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Hudson will have the ability to grant salary adjustments for all employees for 2015 in the ordinary course of business but in any event not to exceed 8% in the aggregate.
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7.
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The three-year vesting period with respect to equity awards granted in 2015 shall commence on January 1, 2015, with the first vesting date for such awards to occur on January 1, 2016. Any such equity awards granted by Hudson in 2015 shall only be granted to employees and officers with the title of Vice President and above. The aggregate grant date fair market value for these awards shall be determined in accordance with past practice (except without regard for performance vesting) but in any event will not exceed $18.0 million. Such awards shall not vest or become payable or exercisable solely as a result of the Merger, provided that such awards, to the extent not previously vested, shall vest on a pro-rata basis as of the Effective Time based on the number of days elapsed from January 1, 2015 through the Effective Time.
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8.
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Not later than the Effective Date, M&T shall enter into an agreement with each officer entitled to a payment or other benefits under a change-in-control agreement or employment agreement, which agreement would fix the amounts of severance payments or benefits to such officer if he or she is terminated under circumstances entitling him or her to such payment or benefit on or after the Effective Date and provide that any entitlement to such payments or benefits shall be subject to such officer's execution and the effectiveness of a release of claims against Hudson and M&T and their affiliates in a form and substance satisfactory to M&T.
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