Provident New York Bancorp (PBNY) has set some lofty growth targets for the New York City market and a good chunk of its chief executive's compensation is riding on the outcome.

Starting this year, CEO Jack Kopnisky and other top executives of the Montebello company will receive a portion of their pay in so-called performance shares. Unlike with stock options, the performance shares can only be collected by the bosses if Provident meets certain profit targets.

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