Exhibit 10.1

 Hudson United Bank Hub logo [img.gif]

 

 

 

 

MEMORANDUM

 

To:

Mr. John Oliver

 

From:

Kenneth T. Neilson

 

Date:

September 3, 2003

 

Subject:

Special Severance Protection

 

 

The Board is aware and appreciates the contributions you have made to the
Company in the performance of your responsibilities. In recognition of your
contributions and to ease any concerns you may have while rumors are
circulating, the Board has approved an increased severance payment to one year’s
salary should your position be eliminated after a change in control.

Please do not construe this increased protection as indicating confirmation that
any of the circulating rumors are true. We only want you to know that your
efforts are appreciated.

 

________________________________

Kenneth T. Neilson

 

--------------------------------------------------------------------------------