EXHIBIT 10.13

 

AMENDMENTS TO CHANGE IN CONTROL AGREEMENTS

 

AMENDATORY AGREEMENT

 

This AMENDATORY AGREEMENT (the “Amendatory Agreement”) is made and entered into
as of the 10th day of March     , 2003 by and among Lakeland Bancorp, Inc. (the
“Holding Company”), a New Jersey corporation which maintains its principal
office at 1 Lakeland Plaza, Newfoundland, New Jersey 07435, Lakeland Bank (the
“Bank”), a New Jersey chartered commercial bank, with an office at 1 Lakeland
Plaza, Newfoundland, New Jersey 07435 (the Holding Company and the Bank are
collectively referred to herein as the “Company”) and Robert A. Vandenbergh (the
“Executive”).

 

WITNESSETH :

 

WHEREAS, as of March 1, 2001, the Company and the Executive entered into a
Change in Control Agreement (the “Agreement”) which provides for certain terms
and conditions of the Executive’s employment in the event of a “Change in
Control” (as defined therein); and

 

WHEREAS, under the Agreement, the term of the Executive’s employment, upon a
Change in Control, becomes fixed for a period of time (the “Contract Period”)
ending on the earliest of the Executive’s death, the Executive’s attainment of
age sixty-five or the first anniversary of the date of the Change in Control;
and

 

WHEREAS, the Company and the Executive desire to amend the Agreement to provide,
among other things, that the Contract Period will end no earlier than the second
anniversary of the date of a Change in Control, provided that the Executive does
not attain age sixty-five or dies within such two year period and that the lump
sum amount payable thereunder in the event of the Executive’s termination under
certain circumstances following a Change in Control be equal to two times
covered compensation (rather than one times); and

 

WHEREAS, the Agreement may be amended by a writing executed by the Company and
the Executive pursuant to Section 16 thereunder;

 

NOW, THEREFORE, the Company and the Executive hereby agree that, effective as of
the date first above written, the Agreement is amended as follows:

 

FIRST

 

Paragraph c. of Section 1 of the Agreement is hereby amended, to read as
follows:

 

c. Contract Period. “Contract Period” shall mean the period commencing on the
day immediately preceding a Change in Control and ending on the earliest of (i)
the second anniversary of the Change in Control, (ii) the date the Executive
would attain age 65, or (iii) the death of the Executive.

 

SECOND

 

Section 4 is hereby amended in its entirety, to read as follows:

 

4. Cash Compensation. The Company shall pay to the Executive salary and bonus
compensation for his services during the Contract Period as follows:

 

a. Annual Salary. An annual salary equal to the annual salary in effect
immediately prior to the Change in Control. The annual salary shall be payable
in installments in accordance with the Company’s usual payroll method. The
annual salary shall not be reduced during the Contract Period.

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

 

b. Annual Bonus. An annual cash bonus equal to the highest annual bonus paid to
the Executive during the three most recent fiscal years prior to the Change in
Control. The bonus shall be payable at the time and in the manner which the
Company paid such bonuses prior to the Change in Control.

 

THIRD

 

The second sentence of the first paragraph of Section 9 is hereby amended by
substituting “two” for “one” where the latter appears therein.

 

FOURTH

 

Except as specifically provided herein to the contrary, the Agreement shall
continue in full force and effect.

 

IN WITNESS WHEREOF, the Company has caused this Amendatory Agreement to be
executed and the Executive has hereunto set his hand, all as of the date first
above written.

 

 

        

/S/    ROBERT A. VANDENBERGH

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

Robert A. Vandenbergh

WITNESS:

             

/S/    JULIA STACHURA

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

                      

LAKELAND BANCORP, INC.

        

By:

  

/S/    ROGER BOSMA

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

             

Roger Bosma, President

WITNESS:

             

/S/    JULIA STACHURA

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

                      

LAKELAND BANK

        

By:

  

/S/    ROGER BOSMA

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

             

Roger Bosma, President

WITNESS:

             

/S/    JULIA STACHURA

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

             

 

2

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AMENDATORY AGREEMENT

 

This AMENDATORY AGREEMENT (the “Amendatory Agreement”) is made and entered into
as of the 10th day of March , 2003 by and among Lakeland Bancorp, Inc. (the
“Holding Company”), a New Jersey corporation which maintains its principal
office at 1 Lakeland Plaza, Newfoundland, New Jersey 07435, Lakeland Bank (the
“Bank”), a New Jersey chartered commercial bank, with an office at 1 Lakeland
Plaza, Newfoundland, New Jersey 07435 (the Holding Company and the Bank are
collectively referred to herein as the “Company”) and Louis E. Luddecke (the
“Executive”).

 

WITNESSETH :

 

WHEREAS, as of March 6, 2001, the Company and the Executive entered into a
Change in Control Agreement (the “Agreement”) which provides for certain terms
and conditions of the Executive’s employment in the event of a “Change in
Control” (as defined therein); and

 

WHEREAS, under the Agreement, the term of the Executive’s employment, upon a
Change in Control, becomes fixed for a period of time (the “Contract Period”)
ending on the earliest of the Executive’s death, the Executive’s attainment of
age sixty-five or the first anniversary of the date of the Change in Control;
and

 

WHEREAS, the Company and the Executive desire to amend the Agreement to provide,
among other things, that the Contract Period will end no earlier than the second
anniversary of the date of a Change in Control, provided that the Executive does
not attain age sixty-five or dies within such two year period and that the lump
sum amount payable thereunder in the event of the Executive’s termination under
certain circumstances following a Change in Control be equal to two times
covered compensation (rather than one times); and

 

WHEREAS, the Agreement may be amended by a writing executed by the Company and
the Executive pursuant to Section 16 thereunder;

 

NOW, THEREFORE, the Company and the Executive hereby agree that, effective as of
the date first above written, the Agreement is amended as follows:

 

FIRST

 

Paragraph c. of Section 1 of the Agreement is hereby amended, to read as
follows:

 

c. Contract Period. “Contract Period” shall mean the period commencing on the
day immediately preceding a Change in Control and ending on the earliest of (i)
the second anniversary of the Change in Control, (ii) the date the Executive
would attain age 65, or (iii) the death of the Executive.

 

SECOND

 

Section 4 is hereby amended in its entirety, to read as follows:

 

4. Cash Compensation. The Company shall pay to the Executive salary and bonus
compensation for his services during the Contract Period as follows:

 

a. Annual Salary. An annual salary equal to the annual salary in effect
immediately prior to the Change in Control. The annual salary shall be payable
in installments in accordance with the Company’s usual payroll method. The
annual salary shall not be reduced during the Contract Period.

 

b. Annual Bonus. An annual cash bonus equal to the highest annual bonus paid to
the Executive during the three most recent fiscal years prior to the Change in
Control. The bonus shall be payable at the time and in the manner which the
Company paid such bonuses prior to the Change in Control.

 

3

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THIRD

 

The second sentence of the first paragraph of Section 9 is hereby amended by
substituting “two” for “one” where the latter appears therein.

 

FOURTH

 

Except as specifically provided herein to the contrary, the Agreement shall
continue in full force and effect.

 

IN WITNESS WHEREOF, the Company has caused this Amendatory Agreement to be
executed and the Executive has hereunto set his hand, all as of the date first
above written.

 

 

        

/S/    LOUIS E. LUDDECKE

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

Louis E. Luddecke

WITNESS:

             

/S/    JULIA STACHURA

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

                      

LAKELAND BANCORP, INC.

        

By:

  

/S/    ROGER BOSMA

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

             

Roger Bosma, President

WITNESS:

             

/S/    JULIA STACHURA

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

                      

LAKELAND BANK

        

By:

  

/S/    ROGER BOSMA

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

             

Roger Bosma, President

WITNESS:

             

/S/    JULIA STACHURA

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

             

 

4

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AMENDATORY AGREEMENT

 

This AMENDATORY AGREEMENT (the “Amendatory Agreement”) is made and entered into
as of the 10th day of March , 2003 by and among Lakeland Bancorp, Inc. (the
“Holding Company”), a New Jersey corporation which maintains its principal
office at 1 Lakeland Plaza, Newfoundland, New Jersey 07435, Lakeland Bank (the
“Bank”), a New Jersey chartered commercial bank, with an office at 1 Lakeland
Plaza, Newfoundland, New Jersey 07435 (the Holding Company and the Bank are
collectively referred to herein as the “Company”) and Joseph F. Hurley (the
“Executive”).

 

WITNESSETH :

 

WHEREAS, as of March 1, 2001, the Company and the Executive entered into a
Change in Control Agreement (the “Agreement”) which provides for certain terms
and conditions of the Executive’s employment in the event of a “Change in
Control” (as defined therein); and

 

WHEREAS, under the Agreement, the term of the Executive’s employment, upon a
Change in Control, becomes fixed for a period of time (the “Contract Period”)
ending on the earliest of the Executive’s death, the Executive’s attainment of
age sixty-five or the first anniversary of the date of the Change in Control;
and

 

WHEREAS, the Company and the Executive desire to amend the Agreement to provide,
among other things, that the Contract Period will end no earlier than the second
anniversary of the date of a Change in Control, provided that the Executive does
not attain age sixty-five or dies within such two year period and that the lump
sum amount payable thereunder in the event of the Executive’s termination under
certain circumstances following a Change in Control be equal to two times
covered compensation (rather than one times); and

 

WHEREAS, the Agreement may be amended by a writing executed by the Company and
the Executive pursuant to Section 16 thereunder;

 

NOW, THEREFORE, the Company and the Executive hereby agree that, effective as of
the date first above written, the Agreement is amended as follows:

 

FIRST

 

Paragraph c. of Section 1 of the Agreement is hereby amended, to read as
follows:

 

c. Contract Period. “Contract Period” shall mean the period commencing on the
day immediately preceding a Change in Control and ending on the earliest of (i)
the second anniversary of the Change in Control, (ii) the date the Executive
would attain age 65, or (iii) the death of the Executive.

 

SECOND

 

Section 4 is hereby amended in its entirety, to read as follows:

 

4. Cash Compensation. The Company shall pay to the Executive salary and bonus
compensation for his services during the Contract Period as follows:

 

a. Annual Salary. An annual salary equal to the annual salary in effect
immediately prior to the Change in Control. The annual salary shall be payable
in installments in accordance with the Company’s usual payroll method. The
annual salary shall not be reduced during the Contract Period.

 

b. Annual Bonus. An annual cash bonus equal to the highest annual bonus paid to
the Executive during the three most recent fiscal years prior to the Change in
Control. The bonus shall be payable at the time and in the manner which the
Company paid such bonuses prior to the Change in Control.

 

5

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THIRD

 

The second sentence of the first paragraph of Section 9 is hereby amended by
substituting “two” for “one” where the latter appears therein.

 

FOURTH

 

Except as specifically provided herein to the contrary, the Agreement shall
continue in full force and effect.

 

IN WITNESS WHEREOF, the Company has caused this Amendatory Agreement to be
executed and the Executive has hereunto set his hand, all as of the date first
above written.

 

 

        

/S/    JOSEPH F. HURLEY

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

Joseph F. Hurley

WITNESS:

             

/S/    JULIA STACHURA

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

                      

LAKELAND BANCORP, INC.

        

By:

  

/S/    ROGER BOSMA

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

             

Roger Bosma, President

WITNESS:

             

/S/    JULIA STACHURA

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

                      

LAKELAND BANK

        

By:

  

/S/    ROGER BOSMA

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

             

Roger Bosma, President

WITNESS:

             

/S/    JULIA STACHURA

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

             

 

6

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AMENDATORY AGREEMENT

 

This AMENDATORY AGREEMENT (the “Amendatory Agreement”) is made and entered into
as of the 10th day of March , 2003 by and among Lakeland Bancorp, Inc. (the
“Holding Company”), a New Jersey corporation which maintains its principal
office at 1 Lakeland Plaza, Newfoundland, New Jersey 07435, Lakeland Bank (the
“Bank”), a New Jersey chartered commercial bank, with an office at 1 Lakeland
Plaza, Newfoundland, New Jersey 07435 (the Holding Company and the Bank are
collectively referred to herein as the “Company”) and Jeffrey J. Buonforte (the
“Executive”).

 

WITNESSETH :

 

WHEREAS, as of March 7, 2001, the Company and the Executive entered into a
Change in Control Agreement (the “Agreement”) which provides for certain terms
and conditions of the Executive’s employment in the event of a “Change in
Control” (as defined therein); and

 

WHEREAS, under the Agreement, the term of the Executive’s employment, upon a
Change in Control, becomes fixed for a period of time (the “Contract Period”)
ending on the earliest of the Executive’s death, the Executive’s attainment of
age sixty-five or the first anniversary of the date of the Change in Control;
and

 

WHEREAS, the Company and the Executive desire to amend the Agreement to provide,
among other things, that the Contract Period will end no earlier than the second
anniversary of the date of a Change in Control, provided that the Executive does
not attain age sixty-five or dies within such two year period and that the lump
sum amount payable thereunder in the event of the Executive’s termination under
certain circumstances following a Change in Control be equal to two times
covered compensation (rather than one times); and

 

WHEREAS, the Agreement may be amended by a writing executed by the Company and
the Executive pursuant to Section 16 thereunder;

 

NOW, THEREFORE, the Company and the Executive hereby agree that, effective as of
the date first above written, the Agreement is amended as follows:

 

FIRST

 

Paragraph c. of Section 1 of the Agreement is hereby amended, to read as
follows:

 

c. Contract Period. “Contract Period” shall mean the period commencing on the
day immediately preceding a Change in Control and ending on the earliest of (i)
the second anniversary of the Change in Control, (ii) the date the Executive
would attain age 65, or (iii) the death of the Executive.

 

SECOND

 

Section 4 is hereby amended in its entirety, to read as follows:

 

4. Cash Compensation. The Company shall pay to the Executive salary and bonus
compensation for his services during the Contract Period as follows:

 

a. Annual Salary. An annual salary equal to the annual salary in effect
immediately prior to the Change in Control. The annual salary shall be payable
in installments in accordance with the Company’s usual payroll method. The
annual salary shall not be reduced during the Contract Period.

 

b. Annual Bonus. An annual cash bonus equal to the highest annual bonus paid to
the Executive during the three most recent fiscal years prior to the Change in
Control. The bonus shall be payable at the time and in the manner which the
Company paid such bonuses prior to the Change in Control.

 

7

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THIRD

 

The second sentence of the first paragraph of Section 9 is hereby amended by
substituting “two” for “one” where the latter appears therein.

 

FOURTH

 

Except as specifically provided herein to the contrary, the Agreement shall
continue in full force and effect.

 

IN WITNESS WHEREOF, the Company has caused this Amendatory Agreement to be
executed and the Executive has hereunto set his hand, all as of the date first
above written.

 

 

         

/S/    JEFFREY J. BUONFORTE

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

Jeffrey J. Buonforte

WITNESS:

              

/S/    JULIA STACHURA

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

                        

LAKELAND BANCORP, INC.

         

By:

  

/S/    ROGER BOSMA

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

              

Roger Bosma, President

WITNESS:

              

/S/    JULIA STACHURA

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

                        

LAKELAND BANK

         

By:

  

/S/    ROGER BOSMA

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

              

Roger Bosma, President

WITNESS:

              

/S/    JULIA STACHURA

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

              

 

8