Exhibit 10(j)

 

HUDSON UNITED BANCORP

SUPPLEMENTAL EMPLOYEES’ RETIREMENT PLAN

PARTICIPATION AGREEMENT

 

AMENDMENT

 

This Amendment (the “Amendment”) to the Hudson United Bancorp Supplemental
Employees’ Retirement Plan Participation Agreement between and Hudson United
Bancorp and Kenneth T. Neilson (the “Agreement”), is made this 17th day of
September, 2003, between Hudson United Bancorp (the “Company”) and Kenneth T.
Neilson (the “Executive”). The Agreement was originally effective as of October
1, 2002, and remains in full force and effect, subject only to the changes set
forth herein.

 

WHEREAS, the Executive is presently an executive officer of the Company; and

 

WHEREAS, the Executive and the Company wish to amend the Agreement to provide
for increased service credit for the Executive under the terms of the Hudson
United Bancorp Supplemental Employees’ Retirement Plan (the “SERP”), in exchange
for the Executive’s agreeing to increase the length of the Executive’s
non-solicitation restrictions, as well as for the Executive’s agreeing to not
compete with the Company for a period of time following his termination of
employment;

 

NOW, THEREFORE, for the good and valuable consideration set forth herein, the
Company and the Executive, each intending to be legally bound hereby, agree as
follows:

 

1. Section 4(a)(ii) of the Agreement, regarding non-solicitation of customers,
is amended by deleting the term “two (2) years” and replacing it with “five (5)
years”.

 

2. Section 4(a)(ii) of the Agreement, regarding non-solicitation of customers,
is amended by deleting the last sentence thereof.

 

3. Section 4(a) of the Agreement is amended by adding the following new Section
4(a)(iii) following the end of Section 4(a)(ii):

 

“(iii) For two (2) years after the termination of Participant’s employment with
the Employer for any reason whatsoever, the Participant hereby agrees to not,
anywhere in the United States, engage in competition

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with the Employer by accepting direct or indirect employment (as an employee,
independent contractor, consultant, owner, partner, or otherwise) requiring the
performance of duties similar to those performed by the Participant for the
Employer during the last year of his employment with any Competitor of the
Employer. For this purpose, all persons and entities which are engaged in the
commercial banking business are deemed to be Competitors. The Participant hereby
acknowledges that prospective employers exist in his geographical area such that
employment opportunities are available to him which would not be in violation of
this provision of the Agreement. The Participant further acknowledges that this
provision is reasonable in scope and does not constitute a restraint of trade
with respect to his ability to obtain alternate employment in the event that his
employment with the Employer is terminated for any reason, either by himself or
by the Employer.”

 

4. Section 3 of the Agreement is amended by adding the following after the end
of the first sentence thereof.

 

“Notwithstanding anything to the contrary herein or in the Plan, the Participant
will be credited with an additional ten (10) “Years of Service” under the Plan
for unreduced early retirement eligibility purposes, and will likewise be
credited with an additional ten (10) years of “Credited Service” under the Plan
for benefit accrual purposes. For the avoidance of doubt, such additional
service credit shall, in addition to increasing the amount of the benefit under
the Plan, allow the Participant to satisfy the “Rule of 85” (as defined in the
Pension Plan) and, as a result, any benefit payable to the Participant under the
Plan upon retirement prior to his Normal Retirement Date shall not be reduced
for early retirement.”

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IN WITNESS WHEREOF, the Company has caused this Amendment to be signed by its
duly authorized representatives pursuant to the authority of its Board of
Directors’ Compensation Committee, and the Executive has personally executed
this Agreement, all as of the day and year first above written.

 

HUDSON UNITED BANCORP

         

PARTICIPANT

By:

 

/s/Charles F.X. Poggi

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/s/Kenneth T. Neilson

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Charles F.X. Poggi

     

Kenneth T. Neilson

   

Chairman, Compensation Committe