Document:

EXHIBIT 10.5

                         THE TRUST COMPANY OF NEW JERSEY
                  2000 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

                                    ARTICLE 1

                       ESTABLISHMENT; PURPOSE; DEFINITIONS

     1.1 ESTABLISHMENT AND EFFECTIVE DATE. The Trust Company of New Jersey, a
New Jersey banking corporation (the "Company"), hereby establishes a stock
option plan to be known as the Trust Company of New Jersey 2000 Non-Employee
Director Stock Option Plan (the "Plan"). The Plan shall become effective as of
April 28, 2000, upon the approval of the Company's stockholders at the 2000
Annual Meeting of Stockholders.

     1.2 PURPOSE OF THE PLAN. The purpose of the Plan is to attract qualified
personnel to accept positions of responsibility as directors of the Company, to
provide incentives for persons to remain on the Board and to induce such persons
to maximize the Company's performance during the terms of their options.

     1.3 DEFINITIONS. As used in the Plan, unless the context requires
otherwise, the following terms shall have the meanings specified hereinafter.

          (a) "Anniversary Date" shall mean (i) with respect to each Outside
     Director who has served as an Outside Director for at least one year prior
     to April 28, 2000, April 28, 2000 and each annual anniversary of such date,
     provided such person continues to serve on the Board, and (ii) with respect
     to each Outside Director who has not served as such for at least one year
     prior to April 28, 2000, the first date on which such person has served as
     an Outside Director for one year and each of the annual anniversaries of
     such date, provided such person continues to serve on the Board.

          (b) "Board" shall mean the Board of Directors of the Company.

          (c) "Change in Control Event" shall have the meaning ascribed to such
     term in Article 11 of the Plan.

          (d) "Code" shall mean the Internal Revenue Code of 1986, as amended.

          (e) "Committee" shall mean the committee of the Board of Directors
     provided for in Section 3.1 of the Plan.

          (f) "Common Stock" shall mean the Common Stock, par value $2.00 per
     share, of the Company, or, if another security is substituted for the
     Common Stock pursuant to the adjustment provisions of Article 7, such other
     security.

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          (g) "Fair Market Value" shall mean the average of the high and low
     sales prices of a share of Common Stock on the NASDAQ National Market
     System on the Grant Date or other relevant date, or if such sales prices
     are not available, the average of the over-the-counter bid and asked prices
     for a share of the Common Stock on the Grant Date or other relevant date;
     provided, that if in the opinion of the Committee the trading activity of
     the Common Stock is deemed not to constitute a representative market price,
     the Committee shall have the discretion to engage an independent party to
     determine Fair Market Value for this purpose.

          (h) "Grant Date" shall mean the date on which an Option is granted.

          (i) "Option" shall mean the right to purchase one or more shares of
     Common Stock granted under Article 5 of the Plan.

          (j) "Optionee" shall mean a person to whom an Option has been granted
     under the Plan.

          (k) "Outside Director" shall mean any member of the Board who, on any
     of such person's Anniversary Dates, shall not have been compensated
     (directly or indirectly) by the Company or any of the Company's
     subsidiaries as an employee during the twelve months preceding such
     Anniversary Date (other than reimbursement for out-of-pocket expenses or
     compensation pursuant to the Plan).

          (l) "Rule 16b-3" shall mean Rule 16b-3 promulgated by the Securities
     and Exchange Commission pursuant to the Securities Exchange Act of 1934, as
     amended.

                                    ARTICLE 2

                         STOCK OPTIONS; SHARES AVAILABLE

     2.1. STOCK OPTION GRANTS. Options shall be granted under the Plan pursuant
to Article 5 hereof. All Options granted hereunder shall be non-qualified stock
options ("Non-qualified Stock Options").

     2.2 MAXIMUM SHARES AVAILABLE. The maximum aggregate number of shares of
Common Stock available for grant under the Plan is 600,000, subject to
adjustment pursuant to Article 7 hereof. Shares of Common Stock issued pursuant
to the Plan may be either authorized but unissued shares or issued shares
reacquired by the Company. In the event that prior to the end of the period
during which Options may be granted under the Plan, any Option under the Plan
expires unexercised or is terminated, surrendered or canceled without being
exercised in whole or in part for any reason, then such shares shall be
available for subsequent grant under the Plan.

                                      -2-
<PAGE>

                                    ARTICLE 3

                                 ADMINISTRATION

     3.1 COMMITTEE. The Plan shall be administered by a Committee of the Board
designated by the Board and consisting solely of members of the Board who are
not Outside Directors. If, at any time, all members of the Board are Outside
Directors, then, at such time, the Committee shall consist of all of the members
of the Board.

     3.2 POWERS OF COMMITTEE. Subject to the express provisions of the Plan, the
Committee shall have the power and authority (i) to calculate the purchase price
of the Common Stock covered by each Option; (ii) to interpret the Plan; (iii) to
promulgate, amend and rescind rules and regulations relating to the Plan,
provided that no such rules or regulations shall be inconsistent with any of the
terms of the Plan; (iv) to subject any Option to such additional restrictions
and conditions (not inconsistent with the Plan) as may be specified when
granting the Option; and (v) to make all other determinations in connection with
the administration of the Plan.

     3.3 LIABILITY; INDEMNIFICATION. No member of the Committee shall be
personally liable for any action, interpretation or determination made in good
faith with respect to the Plan or awards made thereunder, and each member of the
Committee shall be fully indemnified and protected by the Company with respect
to any liability he or she may incur with respect to any such action,
interpretation or determination, to the extent such indemnification is permitted
by applicable law and to the extent such indemnification is provided in the
Company's Certificate of Incorporation and By-laws, as amended from time to
time, or under any agreement between any such member and the Company.

                                    ARTICLE 4

                                   ELIGIBILITY

     The only persons who shall be eligible to receive Options under the Plan
shall be persons who, on their applicable Anniversary Dates, constitute Outside
Directors, provided that each such person has served as an Outside Director for
at least one year prior to each of such person's Anniversary Dates.

                                      -3-
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                                    ARTICLE 5

                                  STOCK OPTIONS

     5.1 OPTION GRANT. At the close of business on each Anniversary Date of each
Outside Director during the term of the Plan, provided that each such Outside
Director has served as an Outside Director for at least one year prior to each
such Anniversary Date, the Company shall grant to each Outside Director an
Option to purchase five thousand (5,000) shares of Common Stock (subject to
adjustment pursuant to Article 7 hereof).

     5.2 OPTION PRICE. The price at which shares of Common Stock shall be
purchased under an Option shall be 100% of the Fair Market Value of such shares
on the Grant Date.

     5.3 EXPIRATION DATE. Each Option shall cease to be exercisable ten years
after the date on which it is granted.

     5.4 EXERCISE OF OPTIONS. Except as provided by Articles 6, 8 and 11, an
Option granted to an Outside Director under the Plan shall become exercisable as
to 100% of the shares of Common Stock covered thereby one year after the date of
grant.

          (b) An Option may be exercised as to any or all full shares of Common
     Stock as to which the Option is then exercisable.

          (c) The purchase price of the shares of Common Stock as to which an
     Option is exercised shall be paid in full in cash at the time of exercise,
     provided that the purchase price may be paid, in whole or in part, by
     surrender or delivery to the Company of securities of the Company having a
     Fair Market Value on the date of the exercise equal to the portion of the
     purchase price being so paid. In addition, the holder shall, upon
     notification of the amount due and prior to or concurrently with delivery
     to the holder of a certificate representing such shares of Common Stock,
     pay promptly any amount necessary to satisfy applicable Federal, state or
     local tax and/or withholding requirements.

          (d) Except as provided in Article 6 herein, no Option may be exercised
     unless the holder thereof is then a director of the Company.

          (e) The Option holder shall have the rights of a stockholder with
     respect to shares of Common Stock covered by an Option only upon becoming
     the holder of record of such shares of Common Stock.

     5.5 METHOD OF EXERCISE. To the extent permitted by Section 5.4 above,
Optionees may exercise their Options from time to time by giving written notice
to the Company. The date of exercise shall be the date on which the Company
receives an exercise notice. Such notice shall state the number of shares to be
purchased and the desired closing date, which date shall be at least fifteen
days after the giving of such notice unless an earlier date shall have been

                                      -4-
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mutually agreed upon. At the closing, the Company shall deliver to the Optionee
(or other person entitled to exercise the Option) at the principal office of the
Company, or such other place as shall be mutually acceptable, a certificate or
certificates for such shares against either (1) payment in full of the Option
price for the number of shares to be delivered, by bank cashier's check, or (2)
tender of a number of shares of Common Stock to the Company having a Fair Market
Value equal to the Option price times the number of shares being purchased or
(3) a combination of (1) and (2).

                                    ARTICLE 6

                                   TERMINATION

     In the event that an Optionee ceases to serve on the Board for any reason
other than cause, death, disability or resignation, all such individual's
Options shall terminate three months after the date upon which such service
terminates, but in any event, no later than the date upon which the Options
expire. If the individual shall voluntarily resign from the Board, or if the
Company shall remove the Optionee from the Board by means of a resolution which
states that the Optionee is being removed for cause, all such individual's
Options shall terminate upon the date on which such Board service shall cease.
If the Optionee shall die or become disabled while serving on the Board, all
such individual's Options shall (except as otherwise determined by the
Committee) terminate one year after the date of death or disability, but in any
event, not later than the date upon which the respective Options shall expire.
During such period, the Options may be exercised by the Optionee or his personal
representatives, next of kin, executors or legatees, as the case may be. No
exercise permitted by this Article 6 shall entitle an Optionee or his personal
representatives, next of kin, executors or legatees to exercise any portion of
any Option beyond the extent to which such Option is exercisable pursuant to the
provisions of this Plan on the date such individual's service on the Board
terminates.

                                    ARTICLE 7

                          CHANGES IN CAPITAL STRUCTURE

     In the event that there is a change in the capitalization of the Company,
such as by reason of a stock dividend, recapitalization, extraordinary dividend
of cash or property, stock split-up, combination of shares, or other event which
the Committee determines is dilutive, then appropriate adjustments shall be made
by the Committee to the number and kind of shares reserved for issuance under
the Plan. In addition, the Committee shall make appropriate adjustments to the
number and kind of shares subject to outstanding Options and the purchase price
per share thereunder shall be appropriately adjusted consistent with such
change. In no event shall fractional shares be issued or issuable pursuant to
any adjustment made under this Article 7. The determination of the Committee as
to any adjustment shall be final and conclusive.

                                      -5-
<PAGE>

                                    ARTICLE 8

                               MANDATORY EXERCISE

     Notwithstanding anything to the contrary set forth in this Plan, in the
event that the Company should adopt a plan of reorganization pursuant to which
it shall merge into, consolidate with, or sell its assets to, any other
corporation or entity or if the Company should adopt a plan of complete
liquidation, the Company may give an Optionee written notice thereof requiring
such Optionee or holder either (a) to exercise the Option within thirty days
after receipt of such notice including all installments whether or not they
would otherwise be exercisable at that date, or (b) to surrender such Option or
any unexercised portion thereof. Any portion of such Option which shall not have
been exercised in accordance with the provisions of the Plan by the end of such
30-day period shall automatically lapse irrevocably and the Optionee shall have
no further rights thereunder.

                                    ARTICLE 9

                                WRITTEN AGREEMENT

     Each award of Options under the Plan will be evidenced by a written
agreement setting forth the terms of such Options.

                                   ARTICLE 10

                              LISTING; REGISTRATION

     If, at any time, the listing, registration or qualification of any of the
stock subject to Options under the Plan upon any securities exchange or under
any state or federal law, or the consent or approval of any governmental
regulatory body, becomes necessary as a condition of or in connection with
granting Options under the Plan or the purchase or issue of stock thereunder,
the exercise of outstanding Options may be deferred, and the Company shall not
be obligated to issue or deliver any shares, until such action can be taken or
consent or approval can be obtained at the Company's expense.

                                      -6-
<PAGE>

                                   ARTICLE 11

                                CHANGE IN CONTROL

     Notwithstanding any other provision of this Plan, in the event that a
"Change in Control Event" occurs, all Options granted hereunder to an Outside
Director who has served on the Board for at least three years prior to the
occurrence of such Change in Control Event shall become fully exercisable
immediately and automatically upon the occurrence of such a Change in Control
Event. For purposes of this Plan, the term "Change in Control Event" shall mean
any of the following events:

          (i) the acquisition by any one person, or more than one person acting
     as a group, of ownership of stock of the Company possessing 35% or more of
     the total voting power of the capital stock of the Company, provided,
     however, that if such person or group includes any individual who is a
     member of the Board of Directors at the date of adoption of this Plan, or
     whose ownership of 35% or more of the Common Stock is approved by 80% of
     the directors then still in office who were directors at the date of
     adoption of the Plan, such individual or group ownership shall not
     constitute a "Change in Control Event";

          (ii) the approval by the stockholders of the Company of (i) any
     consolidation or merger of the Company, in which the holders of voting
     stock of the Company immediately before the consolidation or merger will
     not own 50% or more of the voting shares of the continuing or surviving
     corporation immediately after such consolidation or merger, or (ii) any
     sale, lease, exchange or other transfer (in one transaction or series or
     related transactions) of all or substantially all of the assets of the
     Company; or

          (iii) a change of 25% (rounded to the next whole percent) in the
     membership of the Board of Directors within a 12-month period, unless the
     election, or nomination for election by stockholders, of each new director
     within such period was approved by the vote of 80% (rounded to the next
     whole person) of the directors then still in office who were in office at
     the beginning of such 12-month period.

                                   ARTICLE 12

                                  MISCELLANEOUS

     12.1 TAX WITHHOLDING. The Company shall have the right to require Optionees
or their respective beneficiaries or legal representatives to remit to the
Company an amount sufficient to satisfy Federal, state and local withholding tax
requirements.

                                      -7-
<PAGE>

     12.2 TRANSFERABILITY OF OPTIONS. Options shall not be transferable by the
Optionee otherwise than by will or under the laws of descent and distribution.
Notwithstanding the foregoing, an Optionee may, at any time prior to death,
assign all or any Options granted to him to the trustee of a trust for the
primary benefit of the Optionee's spouse or lineal descendants. If such
assignment is made, the spouse or lineal descendants shall be entitled to all of
the rights of the Optionee with respect to the assigned Options, and such
Options shall continue to be subject to all of the terms, conditions and
restrictions applicable to the Options, as set forth in the applicable Option
agreement, as if the director were still the Option holder. Any such assignment
shall be permitted only if (i) the Optionee does not receive any consideration
therefore, and (ii) the assignment is expressly permitted by the applicable
Option agreement as approved by the Committee. Any such assignment shall be
evidenced by such written documentation executed by the Optionee as the
Committee may approve, and a copy thereof shall be delivered to the Committee on
or prior to the effective date of the assignment.

     12.3 OPTIONEE'S RIGHTS AS STOCKHOLDER. An Optionee shall have no rights as
a stockholder of the Company with respect to any shares subject to an Option
until the Option has been exercised and the certificate with respect to the
shares purchased upon exercise of the Option has been duly issued and registered
in the name of the Optionee.

     12.4 TERM. No Option shall be granted under the Plan more than ten (10)
years after the date on which the Board adopts the Plan.

     12.5 ADOPTION AND RATIFICATION. This Plan has been adopted by the Board
subject to the ratification by the shareholders of the Company at the Company's
2000 Annual Meeting of Stockholders. This Plan shall terminate unless ratified
by the stockholders within one year of adoption by the Board.

     12.6 TERMINATION AND AMENDMENT. The Board may at any time terminate or
amend the Plan or any Option then outstanding as it may deem advisable;
provided, however, that no such amendment may be made without stockholder
approval if such approval is required by Rule 16b-3 under the Securities
Exchange Act of 1934, as amended (the "Act"). No termination or amendment may,
without the consent of the Optionee to whom an Option has been granted,
adversely affect the rights of such individual under such Option. In no event
may the provisions of this Plan relating to the amount of shares covered by
Options, the exercise price of Options or the timing of Option grants or
exercises be amended more than once every six months, other than to comport with
changes in the Code, the Employee Retirement Income Security Act or the rules
thereunder, unless permitted by Rule 16b-3.

     12.7 GOVERNING LAW. This Plan and all agreements entered into hereunder
shall be governed by and construed under the laws of the State of New Jersey.

     12.8 NO RIGHT TO BOARD SERVICE. Nothing in the Plan or in any written
agreement entered into pursuant to the Plan, nor the grant of any Option, shall
confer upon any Outside

                                      -8-
<PAGE>

Director any right to continue as a member of the Board or to be entitled to any
remuneration or benefits not set forth in the Plan or such written agreement.

     12.9 COMPLIANCE WITH SECTION 16(B). It is the intent of the Company that
the Plan and any Option granted hereunder satisfy and be interpreted in a manner
that satisfies the applicable requirements of Rule 16b-3, so that Options will
be entitled to the benefits of Rule 16b-3. If any provision of the Plan or any
award would otherwise conflict with the intent expressed herein, that provision,
to the extent possible, shall be interpreted and deemed amended so as to avoid
such conflict. To the extent of any remaining irreconcilable conflict with such
intent, such provision shall be deemed void as applicable to individuals who are
or may be subject to Section 16 of the Act.

                                      -9-EXHIBIT 10.7

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (this "Agreement") is made as of September 25,
2002, by and among TRUSTCOMPANY BANCORP, a New Jersey corporation (the
"Company"), THE TRUST COMPANY OF NEW JERSEY, a New Jersey bank (the "Bank"), and
Alan J. Wilzig, an individual residing at 53 N. Moore Street, Apt. 4D, New York,
New York 10013 (the "Executive").

                             INTRODUCTORY STATEMENTS

     A. The Bank and the Company are undertaking a reorganization pursuant to
which the Bank will become a wholly owned subsidiary of the Company (the
"Reorganization"). The Executive has served the Bank in multiple capacities,
including as an executive officer, for many years and is familiar with the
Bank's operations.

     B. The Boards of Directors of the Company and the Bank have concluded that
it is in the best interests of the Bank, the Company and their shareholders to
secure a continuity in management following the Reorganization. They also
consider it desirable to establish a working environment for the Executive which
minimizes the personal distractions that might result from possible business
combinations in which the Company or the Bank might be involved. For these
reasons, the Board of Directors of the Company and the Bank have decided to
offer to enter into a contract with the Executive for his future services on the
terms and conditions set forth in this Agreement.

     C. The Executive has accepted the Bank's and the Company's offers to enter
into a contract with the Executive for his future services on the terms and
conditions set forth in this Agreement.

     NOW, THEREFORE, the parties hereto, in consideration of the foregoing, the
mutual covenants and agreements hereinafter set forth, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, agree as follows:

     Section 1. EMPLOYMENT. The Company and the Bank hereby offer to employ the
Executive, and the Executive hereby accepts such employment, during the period
and upon the terms and conditions set forth in this Agreement.

     Section 2. EMPLOYMENT PERIOD; REMAINING UNEXPIRED EMPLOYMENT PERIOD.

          (a) The Company and the Bank shall employ the Executive during (i) an
     initial period of three (3) years beginning on the date of this Agreement
     (the "Employment Commencement Date") and ending on the day before the third
     (3rd) anniversary of the Employment Commencement Date, and (ii) the period
     of any additional extensions described in Section 2(b) (the "Employment
     Period").

          (b) The Employment Period shall be subject to extension in the
     following manner: The Boards of Directors of the Company and the Bank (or a
     compensation committee thereof) shall conduct an annual review of the
     Executive's performance on or about each

<PAGE>

     anniversary of the Employment Commencement Date (each, an "Anniversary
     Date") and may, on the basis of such review and by written notice to the
     Executive, offer to extend the Employment Period through the day before the
     third (3rd) anniversary of the relevant Anniversary Date, it being
     understood that each such Board of Directors shall act independently in
     making such determination and either the Company or the Bank (or both) may
     (but neither is required to) make an offer of extension. In the event of
     such an offer, the Employment Period shall be deemed extended in the
     absence of objection from the Executive by written notice to the Company
     and/or the Bank given within ten (10) business days after his receipt of
     the Company's and/or the Bank's offer of extension.

          (c) Except as otherwise expressly provided in this Agreement, any
     reference in this Agreement to the term "Remaining Unexpired Employment
     Period" as of any date shall mean the period beginning on such date and
     ending on the day before the third (3rd) anniversary of the Employment
     Commencement Date or, if later, on the day before the third (3rd)
     anniversary of the last Anniversary Date as of which the Employment Period
     was extended pursuant to Section 2(b).

          (d) Nothing in this Agreement shall be deemed to prohibit the Company
     or the Bank from terminating the Executive's employment before the end of
     the Employment Period with or without notice for any reason. This Agreement
     shall determine the relative rights and obligations of the Bank, the
     Company and the Executive in the event of any such termination. In
     addition, nothing in this Agreement shall require the termination of the
     Executive's employment at the expiration of the Employment Period. Any such
     continuation shall be subject to the terms of this Agreement.

     Section 3. DUTIES; OTHER ACTIVITIES.

          (a) The Executive shall serve as President and Chief Executive Officer
     of the Bank and the Company, having such power, authority and
     responsibility and performing such duties as are prescribed by or under
     their respective By-laws and as are customarily associated with such
     positions. The Executive shall devote his full business time and attention
     to the business and affairs of the Bank and the Company and shall use his
     best efforts to advance their respective best interests.

          (b) The Executive may serve as a member of the boards of directors of
     such business, community and charitable organizations as he may disclose to
     and as may be approved by the Boards of Directors of the Company and the
     Bank (which approval shall not be unreasonably withheld); provided,
     however, that such service shall not materially interfere with the
     performance of his duties under this Agreement. The Executive may also
     engage in personal business and investment activities which do not
     materially interfere with the performance of his duties hereunder;
     provided, however, that such activities are not prohibited under any code
     of conduct, ethics policy, or investment or securities trading policy
     established by the Company or the Bank and generally applicable to all
     similarly situated executives.

     Section 4. COMPENSATION. In consideration for the services to be rendered
by the Executive hereunder, the Company and/or the Bank, as the case may be
(subject to Section 20), shall pay to him a salary at an initial annual rate of
Four Hundred Seventy Thousand Dollars

                                      -2-
<PAGE>

($470,000), payable in approximately equal installments in accordance with their
respective customary payroll practices for senior officers. The Bank's and the
Company's respective Boards of Directors shall review the Executive's annual
rate of salary at such times during the Employment Period as they deem
appropriate, but not less frequently than once every twelve (12) months, and
may, in their discretion, approve a salary increase. In addition to salary, the
Executive shall receive from the Company and/or the Bank, as the case may be, a
minimum annual bonus of Fifty Percent (50%) of the Executive's annual salary
then in effect, paid in accordance with their respective bonus policies for
executive officers, and may receive other cash compensation from the Company or
the Bank for services hereunder at such times, in such amounts and on such terms
and conditions as the Boards of Directors of the Bank and the Company may
determine. If the Executive is discharged or suspended, or is subject to any
regulatory prohibition or restriction with respect to participation in the
affairs of the Bank, he shall continue to perform services for the Company in
accordance with this Agreement but shall not directly or indirectly provide
services to or participate in the affairs of the Bank in a manner inconsistent
with the terms of such discharge or suspension or any applicable regulatory
order.

     Section 5. PARTICIPATION IN EMPLOYEE BENEFIT PLANS. During the Employment
Period, the Executive shall be treated as an employee of the Company and the
Bank and shall be entitled to participate in and receive benefits under any and
all qualified or non-qualified retirement, pension, savings, profit-sharing or
stock bonus plans, any and all group life, health (including hospitalization,
medical and major medical), dental, accident and long-term disability insurance
plans, and any other employee benefit and compensation plans (including, but not
limited to, any incentive compensation plans or programs, stock option and
appreciation rights plans and restricted stock plans) as may from time to time
be maintained by, or cover senior executive officers of, the Company and the
Bank, in accordance with the terms and conditions of such employee benefit plans
and programs and compensation plans and programs and consistent with the
Company's and the Bank's customary practices.

     Section 6. INDEMNIFICATION AND INSURANCE.

          (a) During the Employment Period and for a period of six years
     thereafter, the Company and the Bank shall cause the Executive to be
     covered by and named as an insured under any policy or contract of
     insurance obtained by them to insure their directors and officers against
     personal liability for acts or omissions in connection with service as an
     officer or director of the Company or the Bank or service in other
     capacities at their request. The coverage provided to the Executive
     pursuant to this Section 6 shall be of the same scope and on the same terms
     and conditions as the coverage (if any) provided to other officers or
     directors of the Company and the Bank.

          (b) To the maximum extent permitted under applicable law, during the
     Employment Period and for a period of six years thereafter, the Company and
     the Bank shall indemnify the Executive against and hold him harmless from
     any costs, liabilities, losses and exposures to the fullest extent and on
     the most favorable terms and conditions that similar indemnification is
     offered to any director or officer of the Company and the Bank or any
     subsidiary or affiliate thereof.

                                      -3-
<PAGE>

     Section 7. WORKING FACILITIES AND EXPENSES. The Executive's principal place
of employment shall be at the Bank's executive offices, or at such other
location as the Bank, the Company and the Executive may mutually agree upon. The
Bank and the Company shall provide the Executive at his principal place of
employment with a private office, secretarial services and other support
services and facilities suitable to his positions with the Company and the Bank
and necessary or appropriate in connection with the performance of his assigned
duties under this Agreement. The Bank shall provide to the Executive for his
exclusive use an automobile owned or leased by the Bank and appropriate to his
position and driver, to be used in the performance of his duties hereunder,
including commuting to and from his personal residence. The Bank or the Company
shall reimburse the Executive for his ordinary and necessary business expenses,
including, without limitation, all expenses associated with his business use of
the aforementioned automobile, fees for memberships in such clubs and
organizations as the Executive and the Company shall mutually agree are
necessary and appropriate for business purposes, and his travel and
entertainment expenses incurred in connection with the performance of his duties
under this Agreement, in each case upon presentation to the payer of an itemized
account of such expenses in such form as the payer may reasonably require.

     Section 8. TERMINATION OF EMPLOYMENT DUE TO DEATH. The Executive's
employment with the Bank and the Company shall terminate, automatically and
without any further action on the part of any party to this Agreement, on the
date of the Executive's death. In such event: (a) the Bank and the Company shall
pay to the Executive's estate his earned but unpaid compensation (including,
without limitation, salary, the bonus for the prior year pro rated for the
number of days worked, and all other items which constitute wages under
applicable law) as of the date of his termination of employment, which payment
shall be made to the Executive's estate within 30 days after the date of the
Executive's death; and (b) the Company and the Bank shall provide the benefits,
if any, due to the Executive or his estate, surviving dependents or his
designated beneficiaries under the employee benefit plans and programs and
compensation plans and programs maintained for the benefit of the officers and
employees of the Company and the Bank. The time and manner of payment or other
delivery of these benefits and the recipients of such benefits shall be
determined according to the terms and conditions of the applicable plans and
programs. The payments and benefits described in (a) and (b) above shall be
referred to in this Agreement as the "Standard Termination Entitlements".

         Section 9. TERMINATION OF EMPLOYMENT DUE TO DISABILITY. The Bank and
the Company may terminate the Executive's employment upon a determination, by
separate votes of a majority of the members of the Boards of Directors of the
Company and the Bank, acting in reliance on the written advice of a medical
professional acceptable to them, that the Executive is suffering from a physical
or mental impairment which, at the date of the determination, has prevented the
Executive from performing the essential duties of his position on a
substantially full-time basis for a period of at least one hundred and eighty
(180) days during the period of one (1) year ending with the date of the
determination or is likely to result in death or prevent the Executive from
performing his assigned duties on a substantially full-time basis for a period
of at least one hundred and eighty (180) days during the period of one (1) year
beginning with the date of the determination. In such event: (a) The Bank and
the Company shall pay and deliver to the Executive (or in the event of his death
before payment, to his estate and surviving dependents and beneficiaries, as
applicable) the Standard Termination Entitlements; and (b) in addition to the
Standard Termination Entitlements, the Bank and the Company shall continue to
pay the

                                      -4-
<PAGE>

Executive his base salary, at the annual rate in effect for him immediately
prior to the termination of his employment, during a period ending on the
earliest of: (i) the expiration of one hundred and eighty (180) days after the
date of termination of his employment; (ii) the date on which long-term
disability insurance benefits are first payable to him under any long-term
disability insurance plan covering employees of the Bank or the Company (the
"LTD Eligibility Date"); (iii) the date of his death; and (iv) the expiration of
the Remaining Unexpired Employment Period (the "Initial Continuation Period").
If the end of the Initial Continuation Period is neither the LTD Eligibility
Date nor the date of his death, the Company and the Bank shall continue to pay
the Executive his base salary, at an annual rate equal to sixty percent (60%) of
the annual rate in effect for him immediately prior to the termination of his
employment, during an additional period ending on the earliest of the LTD
Eligibility Date, the date of his death and the expiration of the Remaining
Unexpired Employment Period.

     Section 10. DISCHARGE OF THE EXECUTIVE FOR CAUSE.

     (a) The Bank and/or the Company may terminate the Executive's employment
during the Employment Period, and such termination shall be deemed to have
occurred for "Cause" only if: (i) the Board of Directors of the Bank and/or the
Board of Directors of the Company, by separate majority votes of their
respective entire membership, determine that the Executive (A) has willfully and
intentionally failed to perform his assigned duties under this Agreement in any
material respect; (B) has willfully and intentionally engaged in dishonest or
illegal conduct in connection with his performance of services for the Company
or the Bank or has been convicted of a felony; (C) has willfully violated, in
any material respect, any law, rule, regulation, written agreement or final
cease-and-desist order with respect to his performance of services for the
Company or the Bank; or (D) has willfully and intentionally breached the
material terms of this Agreement in any material respect; and (ii) at least
thirty (30) days prior to the votes contemplated by Section 10(a)(i), the Bank
and/or the Company have provided the Executive with notice of intent to
discharge the Executive for Cause, detailing with particularity the facts and
circumstances which are alleged to constitute Cause (the "Notice of Intent to
Discharge"); and (iii) after the giving of the Notice of Intent to Discharge and
before the taking of the votes contemplated by Section 10(a)(i), the Executive
(together with his legal counsel, if he so desires) is afforded a reasonable
opportunity to make both written and oral presentations before the applicable
Board of Directors of the Company and/or the Bank for the purpose of refuting
the alleged grounds for Cause for his discharge; and (iv) after the votes
contemplated by section 10(a)(i), the Company and/or the Bank have furnished to
the Executive a notice of termination which shall specify the effective date of
his termination of employment (which shall in no event be earlier than the date
on which such notice is deemed given) and include a copy of a resolution or
resolutions adopted by the Board of Directors of the Bank and/or the Board of
Directors of the Company, certified by their respective corporate secretary and
signed by each member of the applicable Board of Directors voting in favor of
adoption of the resolution(s), authorizing the termination of the Executive's
employment for Cause and stating with particularity the facts and circumstances
found to constitute Cause for his discharge (the "Final Discharge Notice"). The
Board of Directors of the Company and/or the Board of Directors of the Bank may,
upon giving a Notice of Intent to Discharge, suspend the Executive pending a
determination of whether to give a Final Discharge Notice, provided that during
such suspension the Executive shall be entitled to the compensation and benefits
set forth herein.

                                      -5-
<PAGE>

          (b) If the Executive is discharged by both the Company and the Bank
     for Cause during the Employment Period, the Company and the Bank shall pay
     and provide to him (or, in the event of his death, to his estate, his
     surviving beneficiaries and his dependents) the Standard Termination
     Entitlements. If the Executive is discharged by the Company or the Bank
     (but not both) for Cause during the Employment Period, the Executive (i)
     shall be discharged from his position with the terminating employer; (ii)
     shall remain employed with the other employer that has not discharged him
     pursuant to the terms hereof and all benefits and entitlements due to the
     Executive hereunder shall be provided by such employer, notwithstanding
     anything herein to the contrary; and (iii) shall not be entitled to the
     Standard Termination Entitlements. If the Bank and/or the Company do not
     give a Final Discharge Notice to the Executive within ninety (90) days
     after giving a Notice of Intent to Discharge, the Notice of Intent to
     Discharge shall be deemed withdrawn and any future action to discharge the
     Executive for Cause shall require the giving of a new Notice of Intent to
     Discharge.

     Section 11. DISCHARGE OTHER THAN FOR CAUSE. The Bank and the Company may
discharge the Executive at any time during the Employment Period and, unless
such discharge constitutes a discharge for Cause: (a) the Bank and the Company
shall pay and deliver to the Executive (or in the event of his death before
payment, to his estate and surviving dependents and beneficiaries, as
applicable) the Standard Termination Entitlements; and (b) in addition to the
Standard Termination Entitlements: (i) the Bank and the Company shall make a
lump sum payment to the Executive (or, in the event of his death before payment,
to his estate), in an amount equal to the sum of the remaining salary and bonus
payments that the Executive would have earned if he had continued working for
the Company and the Bank through the later of (x) the last day of the Employment
Period or (y) the second anniversary of the effective date of termination, at
the highest annual rate of salary and bonus achieved during the Employment
Period, without discount for early payment; (ii) through later of (x) the last
day of the Employment Period or (y) the second anniversary of the effective date
of termination, the Bank and the Company shall provide for the Executive and his
dependents continued group life, health (including hospitalization, medical and
major medical), dental, accident and long-term disability insurance benefits on
substantially the same terms and conditions (including any required
premium-sharing arrangements, co-payments and deductibles) in effect for them
immediately prior to the Executive's termination; (iii) through the sooner of
(x) the last day of the Employment Period or (y) the first anniversary of the
effective date of termination, the Company or the Bank shall provide to the
Executive for his use the working facilities described in the second sentence
and the driver described in the third sentence of Section 7; and (iv) the Bank
shall transfer unencumbered title to the automobile used by the Executive prior
to termination, subject to appropriate tax reporting; and (v) the vesting of all
options for the purchase of stock of the Bank and/or the Company granted to the
Executive shall accelerate, to the extent that the applicable stock option plans
permit, or give the administrator of such plans discretion to permit, such
acceleration (the lump sum payment specified in (i), the benefits specified in
(ii) and (iii), the automobile specified in (iv), and the acceleration of stock
options, if any, provided in (v) are collectively referred to as the "Additional
Termination Entitlements"). The payment pursuant to Section 11(b)(i) shall be
made within five (5) business days after the Executive's termination of
employment and shall be in lieu of any claim to a continuation of base salary
which the Executive might otherwise have and in lieu of cash severance benefits
under any severance benefits program which may be in effect for officers or
employees of the Bank or the Company. The coverage provided pursuant to Section
11(b)(ii) may, at the election of the Bank and the

                                      -6-
<PAGE>

Company, be secondary to the coverage provided as part of the Standard
Termination Entitlements and to any employer-paid coverage provided by a
subsequent employer or through Medicare, with the result that benefits under the
other coverages will offset the coverage required by this Section 11(b)(ii).

     Section 12. RESIGNATION.

          (a) The Executive may resign from his employment with the Bank and the
     Company at any time. A resignation under this Section 12 shall be effected
     by notice of resignation given by the Executive to the Company and the Bank
     and shall take effect on the later of the effective date of termination
     specified in such notice or the date on which the notice of termination is
     deemed given by the Executive. The Executive's resignation of any of the
     positions within the Bank or the Company to which he has been assigned
     shall be deemed a resignation from all such positions.

          (b) The Executive's resignation shall be deemed to be for "Good
     Reason" if the effective date of resignation occurs within ninety (90) days
     after any of the following: (i) the failure of the Company or the Bank
     (whether by act or omission of their respective Boards of Directors, or
     otherwise) to appoint or re-appoint or elect or re-elect the Executive to
     the positions of President and Chief Executive of the Company and the Bank;
     (ii) the failure of the Bank's and the Company's respective shareholders
     (whether in an election in which the Executive stands as a nominee or in an
     election where the Executive is not a nominee) to elect or re-elect the
     Executive to a seat on the Board of Directors at the expiration of his term
     of membership, unless such failure is a result of the Executive's refusal
     to stand for election; (iii) a material failure by the Company or the Bank,
     whether by amendment of their respective certificates of incorporation or
     organization, by-laws, action of their respective Boards of Directors or
     otherwise, to vest in the Executive the functions, duties, or
     responsibilities prescribed in Section 2 of this Agreement; provided that
     the Executive shall have given notice of such failure to the Company and
     the Bank, and the Company or the Bank have not fully cured such failure
     within thirty (30) days after such notice is deemed given; (iv) any
     reduction of the Executive's rate of base salary or bonus in effect from
     time to time, whether or not material, or any failure (other than due to
     reasonable administrative error that is cured promptly upon notice) to pay
     any portion of the Executive's compensation as and when due; (v) any
     material breach by the Company or the Bank of any other material term,
     condition or covenant contained in this Agreement, provided that the
     Executive shall have given notice of such material breach to the Company
     and the Bank, and the Company or the Bank have not fully cured such breach
     within thirty (30) days after such notice is deemed given; or (vi) a change
     in the Executive's principal place of employment to a place that is not the
     principal executive office of the Bank, or a relocation of the Bank's
     principal executive office to a location that is more than forty (40) miles
     away from the location of the Bank's principal executive office on the date
     of this Agreement. In all other cases, a resignation by the Executive shall
     be deemed to be without Good Reason.

          (c) In the event of the Executive's resignation before the expiration
     of the Employment Period, the Company and the Bank shall pay and deliver to
     the Executive the Standard Termination Entitlements. In addition, if the
     Executive's resignation is deemed to be a resignation for Good Reason, the
     Company and the Bank shall also pay and deliver to the Executive the
     Additional Termination Entitlements.

                                      -7-
<PAGE>

     Section 13. TERMS AND CONDITIONS OF ADDITIONAL TERMINATION ENTITLEMENTS.
The Company, the Bank and the Executive hereby stipulate that the damages which
may be incurred by the Executive following any termination of employment are not
capable of accurate measurement as of the date first above written and that the
Additional Termination Entitlements constitute reasonable damages under the
circumstances and shall be payable without any requirement of proof of actual
damage and without regard to the Executive's efforts, if any, to mitigate
damages. The Additional Termination Entitlements are expressly conditioned upon
the Executive's execution and delivery of a severance and general release
agreement and the expiration of any applicable revocation periods. The Company,
the Bank and the Executive further agree that the Company and the Bank may
condition the payment and delivery of the Additional Termination Entitlements on
the receipt of the Executive's resignation from any and all positions which he
holds as an officer, director or committee member with respect to the Company,
the Bank or any subsidiary or affiliate of either of them and the receipt of a
severance and release in form reasonably acceptable to the Company.

     Section 14. TERMINATION UPON OR FOLLOWING A CHANGE OF CONTROL.

          (a) A "Change of Control" shall be deemed to have occurred upon the
     happening of any of the following events: (i) the consummation of a
     reorganization, merger or consolidation of the Company with one or more
     other persons, other than a transaction following which: (A) at least 51%
     of the equity ownership interests of the entity resulting from such
     transaction are beneficially owned (within the meaning of Rule 13d-3
     promulgated under the Securities Exchange Act of 1934, as amended
     ("Exchange Act")) in substantially the same relative proportions by persons
     who, immediately prior to such transaction, beneficially owned (within the
     meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of
     the outstanding equity ownership interests in the Company; and (B) at least
     51% of the securities entitled to vote generally in the election of
     directors of the entity resulting from such transaction are beneficially
     owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
     in substantially the same relative proportions by persons who, immediately
     prior to such transaction, beneficially owned (within the meaning of Rule
     13d-3 promulgated under the Exchange Act) at least 51% of the securities
     entitled to vote generally in the election of directors of the Company;
     (ii) the acquisition of all or substantially all of the assets of the
     Company or beneficial ownership (within the meaning of Rule 13d-3
     promulgated under the Exchange Act) of 50% or more of the outstanding
     securities of the Company entitled to vote generally in the election of
     directors by any person or by any persons acting in concert; (iii) a
     complete liquidation or dissolution of the Company; (iv) the occurrence of
     any event if, immediately following such event, at least 50% of the members
     of the Board of Directors of the Company do not belong to any of the
     following groups: (A) individuals who were members of the Board of
     Directors of the Company on the date of this Agreement; or (B) individuals
     who first became members of the Board of Directors of the Company after the
     date of this Agreement either: (1) upon election to serve as a member of
     the Board of Directors of the Company by affirmative vote of two-thirds of
     the members of such board, or of a nominating committee thereof, in office
     at the time of such first election; or (2) upon election by the
     shareholders of the Board of Directors of the Company to serve as a member
     of such board, but only if nominated for election by affirmative vote of
     two-thirds of the members of the Board of Directors of the Company, or of a
     nominating committee thereof, in office at the time of such first
     nomination; provided, however, that such individual's election or
     nomination did not result from an actual or threatened

                                      -8-
<PAGE>

     election contest (within the meaning of Rule l4a-11 of Regulation 14A
     promulgated under the Exchange Act) or other actual or threatened
     solicitation of proxies or consents (within the meaning of Rule 14a-11 of
     Regulation 14A promulgated under the Exchange Act) other than by or on
     behalf of the Board of Directors of the Company; or (v) any event which
     would be described in Section 14(a)(i), (ii), (iii) or (iv) if the term
     "Bank" were substituted for the term "Company" therein. In no event,
     however, shall a Change of Control be deemed to have occurred as a result
     of any acquisition of securities or assets of the Company, the Bank, or a
     subsidiary of either of them, by the Company, the Bank, or any subsidiary
     of either of them, any employee benefit plan maintained by any of them, or
     by any person who owns five percent or more of the Bank's common stock on
     the date of this Agreement. For purposes of this Section 14(a), the term
     "person" shall have the meaning assigned to it under Sections 13(d)(3) or
     14(d)(2) of the Exchange Act.

          (b) For purposes of this Agreement, a "Pending Change of Control"
     shall mean: (i) the signing of a definitive agreement for a transaction
     which, if consummated, would result in a Change of Control; (ii) the
     commencement of a tender offer which, if successful, would result in a
     Change of Control; or (iii) the circulation of a proxy statement seeking
     proxies in opposition to management in an election contest which, if
     successful, would result in a Change of Control.

          (c) Notwithstanding anything in this Agreement to the contrary, if the
     Executive's employment with the Bank and the Company terminates due to
     death or disability within one (1) year after the occurrence of a Pending
     Change of Control and if a Change of Control occurs within two (2) years
     after such termination of employment, he (or in the event of his death, his
     estate) shall be entitled to receive the Standard Termination Entitlements
     and the Additional Termination Entitlements that would have been payable if
     a Change of Control had occurred on the date of his termination of
     employment and he had resigned for Good Reason immediately thereafter;
     provided, that payment shall be deferred without interest until, and shall
     be payable immediately upon, the actual occurrence of a Change of Control.

          (d) Notwithstanding anything in this Agreement to the contrary: (i) in
     the event of the Executive's resignation within ninety (90) days after the
     occurrence of a Change of Control, he shall be entitled to receive the
     Standard Termination Entitlements and the Additional Termination
     Entitlements that would be payable if his resignation were a resignation
     for Good Reason, without regard to the actual circumstances of his
     resignation; and (ii) for a period of one (1) year after the occurrence of
     a Change of Control, no discharge of the Executive shall be deemed a
     discharge for Cause unless the votes contemplated by Section 10(a) of this
     Agreement are supported by at least two-thirds of the members of the Board
     of Directors of the Company and the Bank at the time the vote is taken who
     were also members of the Board of Directors of the Company and the Bank
     immediately prior to the Change of Control.

          (e) Notwithstanding anything in this Agreement to the contrary, for
     purposes of computing the Additional Termination Entitlements due upon a
     termination of employment that occurs, or is deemed to have occurred, after
     a Change of Control, the Remaining Unexpired Employment Period shall be
     deemed to be three (3) full years and the last day of the Employment Period
     shall be the last day of the Remaining Unexpired Employment Period.

                                      -9-
<PAGE>

     Section 15. TAX INDEMNIFICATION.

          (a) If the Executive's employment terminates under circumstances
     entitling him (or in the event of his death, his estate) to the Additional
     Termination Entitlements, the Company shall pay to the Executive (or in the
     event of his death, his estate) an additional amount (the "Tax Indemnity
     Payment") intended to indemnify him against the financial effects of the
     excise tax imposed on excess parachute payments under Section 280G of the
     Internal Revenue Code of 1986, as amended (the "Code"). The Tax Indemnity
     Payment shall be determined under the following formula:

                                       E x P
                   X = ________________________________________
                            1 - [(FI x (1 - SLI)) + SLI + E + M]

                      where

      E     =    the percentage rate at which an excise tax is
                 assessed under Section 4999 of the Code;

      P     =    the amount with respect to which such excise tax is
                 assessed, determined without regard to this Section
                 15;

      FI    =    the highest marginal rate of income tax
                 applicable to the Executive under the Code for
                 the taxable year in question;

      SLI   =    the sum of the highest marginal rates of
                 income tax applicable to the Executive under
                 all applicable state and local laws for the
                 taxable year in question; and

      M     =    the highest marginal rate of Medicare tax
                 applicable to the Executive under the Code for
                 the taxable year in question.

Such computation shall be made at the expense of the Company by an attorney or a
firm of independent certified public accountants selected by the Executive and
reasonably satisfactory to the Company (the "Tax Advisor") and shall be based on
the following assumptions: (i) that a change in ownership, a change in effective
ownership or control, or a change in the ownership of a substantial portion of
the assets, of the Bank or the Company has occurred within the meaning of
Section 280G of the Code (a "280G Change of Control"); (ii) that all direct or
indirect payments made to or benefits conferred upon the Executive on account of
his termination of employment are "parachute payments" within the meaning of
Section 280G of the Code; and (iii)

                                      -10-
<PAGE>

that no portion of such payments is reasonable compensation for services
rendered prior to the Executive's termination of employment.

          (b) With respect to any payment that is presumed to be a parachute
     payment for purposes of Section 280G of the Code, the Tax Indemnity Payment
     shall be made to the Executive on the earlier of the date the Company, the
     Bank or any direct or indirect subsidiary or affiliate of the Company or
     the Bank is required to withhold such tax or the date the tax is required
     to be paid by the Executive, unless, prior to such date, the Company
     delivers to the Executive the written opinion, in form and substance
     reasonably satisfactory to the Executive, of the Tax Advisor or of an
     attorney or firm of independent certified public accountants selected by
     the Company and reasonably satisfactory to the Executive, to the effect
     that the Executive has a reasonable basis on which to conclude that (i) no
     280G Change in Control has occurred, or (ii) all or part of the payment or
     benefit in question is not a parachute payment for purposes of Section 280G
     of the Code, or (iii) all or a part of such payment or benefit constitutes
     reasonable compensation for services rendered prior to the 280G Change of
     Control, or (iv) for some other reason which shall be set forth in detail
     in such letter, no excise tax is due under Section 4999 of the Code with
     respect to such payment or benefit (the "Opinion Letter"). If the Company
     delivers an Opinion Letter, the Tax Advisor shall recompute, and the
     Company shall make, the Tax Indemnity Payment in reliance on the
     information contained in the Opinion Letter.

          (c) In the event that the Executive's liability for the excise tax
     under Section 4999 of the Code for a taxable year is subsequently
     determined to be different than the amount with respect to which the Tax
     Indemnity Payment is made, the Executive or the Company, as the case may
     be, shall pay to the other party at the time that the amount of such excise
     tax is finally determined, an appropriate amount, plus interest, such that
     the payment made under Section 15(b), when increased by the amount of the
     payment made to the Executive under this Section 15(c), or when reduced by
     the amount of the payment made to the Company under this Section 15(c),
     equals the amount that should have properly been paid to the Executive
     under Section 15(a). The interest paid to the Company under this Section
     15(c) shall be determined at the rate provided under section 1274(b)(2)(B)
     of the Code. The payment made to the Executive shall include such amount of
     interest as is necessary to satisfy any interest assessment made by the
     Internal Revenue Service and an additional amount equal to any monetary
     penalties assessed by the Internal Revenue Service on account of an
     underpayment of the excise tax. To confirm that the proper amount, if any,
     was paid to the Executive under this Section 15, the Executive shall
     furnish to the Company a copy of each tax return which reflects a liability
     for an excise tax, at least 20 days before the date on which such return is
     required to be filed with the Internal Revenue Service. Nothing in this
     Agreement shall give the Company any right to control or otherwise
     participate in any action, suit or proceeding to which the Executive is a
     party as a result of positions taken on his federal income tax return with
     respect to his liability for excise taxes under section 4999 of the Code.

     Section 16. RESTRICTIVE COVENANTS.

          (a) Covenant Not to Compete. The Executive hereby covenants and agrees
     that, for a period of eighteen (18) months following the date of his
     termination of employment with the Company or the Bank (the "Restricted
     Period"), he shall not, without the written

                                      -11-
<PAGE>

     consent of the Company and the Bank, become an officer, employee,
     consultant, director or trustee of any bank, trust company, savings bank,
     savings and loan association, savings and loan holding company, or bank
     holding company, insurance company or agency, or any direct or indirect
     subsidiary or affiliate of any such entity, that entails working within any
     city or county in the State of New Jersey, Rockland County, New York, or
     any other county in which the Company or the Bank maintains an office (the
     "Restricted Area"); provided, however, that this Section 16(a) shall not
     apply if the Executive is entitled to the Additional Termination
     Entitlements.

          (b) Solicitation. The Executive hereby covenants and agrees that, for
     the Restricted Period, he shall not, without the written consent of the
     Company and the Bank, either directly or indirectly: (i) solicit, offer
     employment to, or take any other action intended, or that a reasonable
     person acting in like circumstances would expect, to have the effect of
     causing any officer or employee, or any person who was within the twelve
     (12) months prior to the Executive's termination of employment an officer
     or employee, of the Company, the Bank or any of their respective
     subsidiaries or affiliates to terminate his or her employment and accept
     employment or become affiliated with, or provide services for compensation
     in any capacity whatsoever to, any bank, trust company, savings bank,
     savings and loan association, savings and loan holding company, bank
     holding company, insurance company or agency or other institution engaged
     in the business of accepting deposits, making loans or doing business
     within the Restricted Area; (ii) provide any information, advice or
     recommendation with respect to any such officer or employee of any bank,
     trust company, savings bank, savings and loan association, savings and loan
     holding company, bank holding company, insurance company or agency or other
     institution engaged in the business of accepting deposits, making loans or
     doing business within the Restricted Area that is intended, or that a
     reasonable person acting in like circumstances would expect, to have the
     effect of causing any officer or employee of the Company, the Bank, or any
     of their respective subsidiaries or affiliates to terminate his employment
     and accept employment or become affiliated with, or provide services for
     compensation in any capacity whatsoever to, any bank, trust company,
     savings bank, savings and loan association, savings and loan holding
     company, or bank holding company, insurance company or agency, or other
     institution engaged in the business of accepting deposits, making loans or
     doing business within the Restricted Area; or (iii) solicit, provide any
     information, advice or recommendation or take any other action intended, or
     that a reasonable person acting in like circumstances would expect, to have
     the effect of causing any customer of the Company or the Bank to terminate
     an existing business or commercial relationship with the Company or the
     Bank.

          (c) Confidentiality. Unless he obtains the prior written consent of
     the Company, or the Bank, as applicable, the Executive shall keep
     confidential and shall refrain from using for the benefit of himself, or
     any person or entity other than the Company, the Bank or any entity which
     is a subsidiary of the Company or the Bank or of which the Company is a
     subsidiary, any document or information obtained from the Company, or from
     its parent or subsidiaries, in the course of his employment with any of
     them concerning their properties, operations, businesses, or customers
     (unless such document or information is readily ascertainable from public
     or published information or trade sources or has otherwise been made
     available to the public through no fault of his own) until the same ceases
     to be material (or

                                      -12-
<PAGE>

     becomes so ascertainable or available); provided, however, that nothing in
     this Section 16(c) shall prevent the Executive, with or without the
     Company's consent, from participating in or disclosing documents or
     information in connection with any judicial, regulatory, or administrative
     investigation, inquiry or proceeding to the extent that such participation
     or disclosure is required under applicable law and the Executive provides
     reasonable prior notice of such disclosure to the Bank and the Company.

          (d) Remedies. The Executive acknowledges that, in the event of any
     breach of this Section 16 by him, the Company and the Bank and their
     affiliates would be harmed irreparably and immediately and could not be
     made whole by monetary damages. Accordingly, the Company, the Bank and each
     such affiliate, in addition to any other remedy to which it may be
     entitled, shall be entitled to equitable relief, including injunctive
     relief, to prevent any breach of the provisions of Section 16 and to compel
     specific performance of the provisions hereof. Each of the covenants of the
     Executive under Section 16 shall be for the benefit of the Company, the
     Bank and each of their affiliates (and their successors and assigns). In
     the event any such party obtains injunctive relief through judicial
     enforcement of the provisions contained in this Section 16, the periods of
     time for each restriction or right shall commence at the point in time at
     which there is judicial enforcement of each such restriction or right. In
     the event of a stay of a lower court ruling, the period of time shall
     commence upon the higher court's disposition of any appeal, writ or
     petition. None of the Company, the Bank, and any affiliate shall not be
     required to post any bond or other security in connection with any
     proceeding to enforce this Section 16.

          (e) Interpretation of Covenants. Each of the covenants in this Section
     16 shall be construed as independent of any other covenants or other
     provisions of this Agreement. If any court of competent jurisdiction at any
     time deems the Restricted Period unreasonably lengthy, or the Restricted
     Area unreasonably extensive, or any of the covenants set forth in this
     Section 16 not fully enforceable, the other provisions of this Section 16,
     and this Agreement in general, will nevertheless stand and to the fullest
     extent consistent with law continue in full force and effect, and it is the
     intention and desire of the parties that the court treat any provisions of
     this Agreement which are not fully enforceable as having been modified to
     the extent deemed necessary by the court to render them reasonable and
     enforceable and that the court enforce them to such extent (for example,
     that the Restricted Period be deemed to be the longest period permissible
     by law, but not in excess of the length provided for in this Section 16,
     and the Restricted Area be deemed to comprise the largest territory
     permissible by law under the circumstances, but not larger than the
     Restricted Area set forth in this Section 16). In the event the Executive
     breaches any of the covenants in this Section 16, the Restricted Period for
     any such covenant shall be extended by that amount of time in which the
     Executive is in breach of said covenant.

     Section 17. NO EFFECT ON EMPLOYEE BENEFIT PLANS OR PROGRAMS. Other than the
acceleration of the vesting of the Executive's stock options, the termination of
the Executive's employment during the term of this Agreement or thereafter,
whether by the Company, by the Bank or by the Executive, shall have no effect on
the rights and obligations of the parties hereto under the Company's or the
Bank's qualified or non-qualified retirement, pension, savings, thrift,
profit-sharing or stock bonus plans, group life, health (including
hospitalization, medical and major medical), dental, accident and long term
disability insurance plans or such other employee benefit plans or programs, or
compensation plans or programs, as may be maintained by, or cover employees of,
the Company or the Bank from time to time; provided, however, that

                                      -13-
<PAGE>

nothing in this Agreement shall be deemed to duplicate any compensation or
benefits provided under any agreement, plan or program covering the Executive to
which the Company is a party and any duplicative amount payable under any such
agreement, plan or program shall be applied as an offset to reduce the amounts
otherwise payable hereunder.

     Section 18. SUCCESSORS AND ASSIGNS. This Agreement will inure to the
benefit of and be binding upon the Executive, his legal representatives and
testate or intestate distributees, and the Company and the Bank and their
respective successors and assigns, including any successor by merger or
consolidation or a statutory receiver or any other person or firm or corporation
to which all or substantially all of the assets and business of the Company may
be sold or otherwise transferred. Failure of the Company to obtain from any
successor its express written assumption of the Company's obligations hereunder
at least 60 days in advance of the scheduled effective date of any such
succession shall be deemed a material breach of this Agreement. This Agreement
is personal to the Executive and the Executive may not assign or delegate any of
his or its rights or obligations hereunder without first obtaining the written
consent of the Company and the Bank. Any assignment in violation of this Section
18 shall be null and void.

     Section 19. INDEMNIFICATION FOR ATTORNEY'S FEES.

          (a) The Company shall indemnify, hold harmless and defend the
     Executive against reasonable costs, including legal fees and expenses,
     incurred by him in connection with or arising out of any action, suit or
     proceeding (including any tax controversy) in which he may be involved, as
     a result of his efforts, in good faith, to defend or enforce the terms of
     this Agreement, provided that Executive shall not be entitled to such
     indemnification if he is duly terminated for Cause pursuant to Section 10.
     For purposes of this Agreement, any settlement agreement which provides for
     payment of any amounts in settlement of the Company's or the Bank's
     obligations hereunder shall be conclusive evidence of the Executive's
     entitlement to indemnification hereunder, and any such indemnification
     payments shall be in addition to amounts payable pursuant to such
     settlement agreement, unless such settlement agreement expressly provides
     otherwise.

          (b) The Company's obligation to make the payments provided for in this
     Agreement and otherwise to perform its obligations hereunder shall not be
     affected by any set-off, counterclaim, recoupment, defense or other claim,
     right or action which the Company may have against the Executive or others.
     In no event shall the Executive be obligated to seek other employment or
     take any other action by way of mitigation of the amounts payable to the
     Executive under any of the provisions of this Agreement and such amounts
     shall not be reduced whether or not the Executive obtains other employment.
     Unless the Executive is duly terminated for Cause or it is determined by a
     unanimous vote of the Board of Directors of the Company that the Executive
     has acted in bad faith, the Company shall pay as incurred, to the full
     extent permitted by law, all legal fees and expenses which the Executive
     may reasonably incur as a result of or in connection with his consultation
     with legal counsel or arising out of any action, suit, proceeding, tax
     controversy or contest (regardless of the outcome thereof) by the Company,
     the Executive or others regarding the validity or enforceability of, or
     liability under, any provision of this Agreement or any guarantee of
     performance thereof (including as a result of any contest by the Executive
     about the amount of any payment pursuant to this Agreement), plus

                                      -14-
<PAGE>

     in each case interest on any delayed payment or required reimbursement at
     the applicable Federal rate provided for in Section 7872(f)(2)(A) of the
     Code. This Section 19(b) shall apply whether such consultation, action,
     suit, proceeding or contest arises before, on, after or as a result of a
     Change of Control.

     Section 20. NON-DUPLICATION. This Agreement provides that the Executive
shall perform services for the Company, the Bank and other direct or indirect
subsidiary or affiliate of the Company or the Bank. Any compensation or benefits
provided to the Executive by each such employer shall be applied to offset the
obligations of the Company and the Bank hereunder, it being intended that this
Agreement set forth the aggregate compensation and benefits payable to the
Executive for all services to the Company, the Bank and all of their respective
direct or indirect subsidiaries and affiliates.

     Section 21. RELATIVE OBLIGATIONS OF THE BANK AND THE COMPANY. The Company
shall, with respect to the Executive's services hereunder and the compensation
therefor and with respect to any termination of the Executive's employment, have
all of the obligations imposed on the Bank under this Agreement to the same
extent as though the name of the Company were substituted for the name of the
Bank herein and the Executive shall, with respect to the services hereunder and
the compensation therefor and with respect to any termination of the Executive's
employment, have all of the rights, privileges and duties relative to the
Company as though the name of the Company were substituted for the name of the
Bank herein. If the Executive performs services for both the Bank and the
Company, any entitlement of the Executive to severance compensation and other
termination benefits under this Agreement shall be determined on the basis of
the aggregate compensation payable to the Executive by the Bank and the Company,
and liability therefor shall be apportioned between the Bank and the Company in
the same manner as compensation paid to the Executive for services to each of
them; provided, however, that the Company shall be jointly and severally liable
with the Bank for all obligations of the Bank under this Agreement; and
provided, further, that in no event shall the Bank bear any liability for
actions of, or obligations undertaken by, the Company under this Agreement. It
is the intent and purpose of this Section 21 that the Executive have the same
legal and economic rights that he would have if all of his services were
rendered to and all of his compensation were paid by the Company. This Section
21 shall be construed and enforced to give effect to such intent and purpose.

     Section 22. REQUIRED REGULATORY PROVISIONS. Notwithstanding anything herein
contained to the contrary, any payments to the Executive by the Company or the
Bank, whether pursuant to this Agreement or otherwise, are subject to and
conditioned upon their compliance with Section 18(k) of the Federal Deposit
Insurance Act, 12 U.S.C. Section 1828(k), and any regulations promulgated
thereunder.

     Section 23. Notices. Any communication required or permitted to be given
under this Agreement, including any notice, direction, designation, consent,
instruction, objection or waiver, shall be in writing and shall be deemed to
have been given at such time as it is delivered personally, or five days after
mailing if mailed, postage prepaid, by registered or certified mail, return
receipt requested, addressed to such party at the address listed below or at
such other address as one such party may by written notice specify to the other
party:

                                      -15-
<PAGE>

     If to the Executive to the address set forth in the heading of this
Agreement

     If to the Company or the Bank:         The Trust Company of New Jersey
                                            35 Journal Square
                                            Jersey City, New Jersey  07306
                                            Attention: Compensation Committee

     with a copy to:                        Lowenstein Sandler PC
                                            65 Livingston Avenue
                                            Roseland, New Jersey 07068
                                            Attention:  Martha L. Lester, Esq.

     24. MISCELLANEOUS.

          (a) Entire Agreement. This Agreement constitutes the entire agreement
     of the parties with respect to the subject matter hereof and supersedes any
     prior written or oral agreements.

          (b) Amendments or Additions. No amendments or additions to this
     Agreement shall be binding unless in writing and signed by the parties
     hereto.

          (c) Waiver. Failure to insist upon strict compliance with any of the
     terms, covenants or conditions hereof shall not be deemed a waiver of such
     term, covenant, or condition. A waiver of any provision of this Agreement
     must be made in writing, designated as a waiver, and signed by the party
     against whom its enforcement is sought. Any waiver or relinquishment of any
     right or power hereunder at any one or more times shall not be deemed a
     waiver or relinquishment of such right or power at any other time or times.

          (d) Section Headings and Construction. The section headings used in
     this Agreement are included solely for convenience and shall not affect, or
     be used in connection with, the interpretation of this Agreement. Any
     reference to a section number shall refer to a section of this Agreement,
     unless otherwise stated.

          (e) Severability. The provisions of this Agreement shall be deemed
     severable and the invalidity or unenforceability of any provision shall not
     affect the validity or enforceability of the other provisions hereof.

          (f) Governing Law; Jurisdiction. Except to the extent preempted by
     federal law, this Agreement shall be governed by and construed and enforced
     in accordance with the laws of the State of New Jersey applicable to
     contracts entered into and to be performed entirely within the State of New
     Jersey. The parties hereto irrevocably submit to the exclusive jurisdiction
     of the courts of the state of New Jersey and the United States District
     Court for the District of New Jersey for the purpose of any suit, action,
     proceeding or judgment relating to or arising out of this Agreement and the
     transactions contemplated hereby. Service of process in connection with any
     such suit, action or proceeding may be served on each party hereto anywhere
     in the world by the same methods as are specified for the giving of notices
     under this

                                      -16-
<PAGE>

     Agreement. Each of the parties hereto irrevocably consents to the
     jurisdiction of any such court in any such suit, action or proceeding and
     to the laying of venue in such court. Each party hereto irrevocably waives
     any objection to the laying of venue of any such suit, action or proceeding
     brought in such courts and irrevocably waives any claim that any such suit,
     action or proceeding brought in any such court has been brought in an
     inconvenient forum.

          (g) Withholding. The Bank and the Company may directly or indirectly
     withhold from any payments made under this Agreement all Federal, state,
     city or other taxes and all other deductions as shall be required pursuant
     to any law or governmental regulation or ruling or pursuant to any
     contributory benefit plan maintained by or on behalf of the Company or the
     Bank.

          (h) Counterparts. This Agreement may be executed in several
     counterparts, for the convenience of the parties, but shall constitute one
     and the same instrument.

                            [signature page follows]

                                      -17-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the date and year first above written.

                                 THE TRUST COMPANY OF NEW JERSEY

                                 By: /s/ DONALD R. BRENNER
                                    -------------------------------------------
                                       Name:    Donald R. Brenner
                                       Title:   Director & Vice Chairman of the
                                                Board

                                 TRUSTCOMPANY BANCORP

                                 By: /s/ DONALD R. BRENNER
                                    -------------------------------------------
                                       Name:    Donald R. Brenner
                                       Title:   Director

                                 EXECUTIVE

                                 /s/ ALAN J. WILZIG
                                 ----------------------------------------------
                                   Alan J. Wilzig

                                      -18-

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