Document:

Employment Agreement between the Bank and Edward J. Dietzler

    EXHIBIT
      10.4

    

    EMPLOYMENT
      AGREEMENT 

    FOR
      FIRST SENIOR VICE PRESIDENTS

    

    THIS
      AGREEMENT
      (the
“Agreement”), made this 1st day of February, 2005, by and between YARDVILLE
      NATIONAL BANK (the
      “Bank”) and
      Edward J. Dietzler (the
      “Officer”). References to “the Company” herein shall refer to YARDVILLE
      NATIONAL BANCORP,
      a New
      Jersey corporation (the “Company”) and the holding company for the
      Bank.

    

    W
      I T N E S S E T H

    

    WHEREAS,
      the
      Bank desires to retain the services of the Officer as an employee of the Bank;
      and

    

    WHEREAS,
      the
      Officer and the Bank (desire to enter into an employment agreement setting
      forth
      the terms and conditions of the continuing employment of the Officer and the
      related rights and obligations of the parties.

    

    NOW,
      THEREFORE,
      in
      consideration of the promises and mutual covenants herein contained, the parties
      hereby agree as follows:

    

    1. Employment.
      The
      Bank
      shall employ the Officer as a First Senior Vice President/Capital Markets
      Officer of the Bank. The
      Officer shall render such administrative and management services as are
      customarily provided by persons employed in similar officer capacities and
      shall
      have such other powers and duties as the Chief Executive Officer or the Board
      may prescribe from time to time.

    

    2. Location
      and Facilities.
      The Bank
      will furnish the Officer with the working facilities and staff customary for
      officers with the title and duties set forth in Section 1 and as are necessary
      for the performance of the Officer’s duties. The location of such facilities and
      staff shall be at the principal administrative offices of the Bank, or at such
      other site or sites customary for such offices.

    

    3. Term.

    

    
      	 	
              a.

            	
              The
                term of this Agreement shall be (i) the initial term, consisting
                of the
                period commencing on the date of this Agreement (the “Effective Date”) and
                ending on the first anniversary of the Effective Date, plus (ii)
                any and
                all extensions of the initial term made pursuant to this Section
                3.

            

    

    

    
      	 	
              b.

            	
              On
                each anniversary date of the Effective Date prior to a termination
                of the
                Agreement, the term under this Agreement shall be extended automatically
                for an additional one (1) year period without action by any party
                provided, however, that neither the Bank nor the Officer shall have
                given
                written notice at least sixty
                (60)

            

    

    
      
        
        

      

      
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    days
      prior to such anniversary date of their election not to extend the term of
      the
      Agreement. 

    

    4. Base
      Compensation.

    

    
      	 	
              a.

            	
              The
                Bank agrees to pay the Officer during the term of this Agreement
                a base
                salary at the rate of $125,000.00 per year, payable in accordance
                with
                customary payroll practices.

            

    

    

    
      	 	
              b.

            	
              The
                Executive Management Committee of the Bank shall review annually
                the rate
                of the Officer’s base salary based upon factors they deem relevant, and
                may maintain, increase or decrease the Officer’s base
                salary.

            

    

    

    
      	 	
              c.

            	
              In
                the absence of action by the Executive Management Committee, the
                Officer
                shall continue to receive base salary at the annual rate specified
                on the
                Effective Date or, if another rate has been established under the
                provisions of this Section 4, the rate last properly established
                by action
                of the Executive Management Committee under the provisions of this
                Section
                4.

            

    

    

    5. Bonuses.
      Officer
      shall be entitled to participate in any discretionary bonuses or other incentive
      compensation programs that may be awarded from time to time to senior management
      employees, pursuant to bonus plans or otherwise.

    

    6. Benefit
      Plans.
      The
      Officer shall be entitled to participate in such life insurance, medical,
      dental, pension, profit sharing, and retirement plans, stock compensation plans
      and other benefit programs and arrangements as may be approved from time to
      time
      for the benefit of Bank employees.

    

    7. Vacation
      and Leave. 

    

    
      	 	
              a.

            	
              The
                Officer may take vacations and other leave in accordance with Bank
                policy
                for senior officers, or otherwise as approved by the
                Board.

            

    

    

    
      	 	
              b.

            	
              In
                addition to paid vacations and other leave, the Officer shall be
                entitled,
                without loss of pay, to absent himself voluntarily from the performance
                of
                his duties for such additional periods of time and for such valid
                and
                legitimate reasons as the Bank may determine in its discretion. Further,
                the Bank may grant to the Officer a leave or leaves of absence, with
                or
                without pay, at such time or times and upon such terms and conditions
                as
                the Bank, in its discretion, may
                determine.

            

    

    

    8. Expense
      Payment and Reimbursements.
      The
      Officer shall be reimbursed for all reasonable out-of-pocket business expenses
      incurred in connection with services performed under this Agreement upon
      substantiation of such expenses in accordance with applicable policies of the
      Bank.

    
      
        
        

      

      
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    9. This
      Section 9 has been intentionally left blank.

    

    10. Loyalty
      and Confidentiality.

    

    
      	 	
              a.

            	
              During
                the term of this Agreement: (i) the Officer shall devote the requisite
                time, attention, skill, and efforts to the faithful performance of
                his
                duties hereunder; provided, however, that from time to time, the
                Officer
                may serve on the boards of directors of, and hold any other offices
                or
                positions in, companies or organizations which will not present any
                conflict of interest with the Bank or any of its subsidiaries or
                affiliates, unfavorably affect the performance of the Officer's duties
                pursuant to this Agreement, or violate any applicable statute or
                regulation; and (ii) the Officer shall not engage in any business
                or
                activity contrary to the business affairs or interests of the Bank
                or any
                of its subsidiaries or affiliates.

            

    

    

    
      	 	
              b.

            	
              Nothing
                contained in this Agreement shall prevent or limit the Officer's
                right to
                invest in the capital stock or other securities of any business dissimilar
                from that of the Bank or any of its subsidiaries or affiliates, or,
                solely
                as a passive, minority investor, in any
                business.

            

    

    

    
      	 	
              c.
                

            	
              The
                Officer agrees to maintain the confidentiality of any and all information
                concerning the operations or financial status of the Bank; the names
                or
                addresses of any borrowers, depositors and other customers; any
                information concerning or obtained from such customers; and any other
                information concerning the Bank to which the Officer may be exposed
                during
                the course of the Officer’s employment with the Bank. The Officer further
                agrees that, unless required by law or specifically permitted by
                the Board
                in writing, the Officer will not disclose to any person or entity,
                either
                during or subsequent to employment with the Bank, any of the
                above-mentioned information which is not generally known to the public,
                nor shall the Officer employ such information in any way other than
                for
                the benefit of the Bank or any of its subsidiaries or
                affiliates.

            

    

    

    11. Termination
      and Termination Pay.
      Subject
      to Section 12 of this Agreement, the Officer’s employment under this Agreement
      may be terminated in the following circumstances:

    

    
      	 	
              a.

            	
              Death.
                The Officer’s employment under this Agreement shall terminate upon the
                Officer’s death during the term of this Agreement, in which event the
                Officer’s estate shall be entitled to receive the compensation due to the
                Officer through the last day of the calendar month of death.
                

            

    

    

    
      	 	
              b.

            	
              Retirement.
                Notwithstanding anything in this Agreement to the contrary, this
                Agreement
                shall terminate upon the Officer’s retirement and will be subject to any
                retirement benefit plan or plans provided for under Section 6 of
                this
                Agreement or otherwise.

            

    

    
      
        
        

      

      
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    c. Disability.

    

    
      	 	
              i.

            	
              The
                Bank or the Officer may terminate the Officer’s employment after having
                established the Officer’s Disability. For purposes of this Agreement,
                “Disability” means the Officer’s suffering a sickness, accident or injury
                which has been determined by the carrier of any individual or group
                disability insurance policy covering the Officer, or by the Social
                Security Administration, to be a disability rendering the Officer
                totally
                and permanently disabled. The Bank shall determine in good faith
                whether
                or not the Officer is disabled for purposes of this Agreement. As
                a
                condition to any benefits, the Bank may require the Officer to submit
                proof of the carrier’s or the Social Security Administration’s
                determination of disability.

            

    

    

    
      	 	
              ii.

            	
              In
                the event of such Disability, the Officer’s obligation to perform services
                under this Agreement will terminate. In the event of such termination,
                the
                Officer shall continue to receive one-hundred percent (100%) of the
                Officer’s monthly base salary (at the annual rate in effect on the date of
                termination) through the earlier of the date of the Officer’s death, the
                date the Officer attains age 65 or the date which is six (6) months
                after
                the Officer’s termination date. Such payments shall be reduced by the
                amount of any short- or long-term disability benefits payable to
                the
                Officer under any other disability program sponsored by the
                Bank.

            

    

    

    
      	 	
              iii.

            	
              In
                addition, during any period of Disability for which the Officer is
                receiving payments under this Section 11(c), the Officer and the
                Officer’s
                dependents shall, to the greatest extent possible, continue to be
                covered
                under all benefit plans (including, without limitation, retirement
                plans
                and medical, dental and life insurance plans) under which the Officer
                participated prior to the Disability, on the same terms as if the
                Officer
                were actively employed through the earlier of the date of the Officer’s
                death, the date the Officer attains age 65 or the date which is six
                (6)
                months after the Officer’s termination
                date.

            

    

    

    d. Just
      Cause.

    

    
      	 	
              i.

            	
              The
                Bank may, by written notice to the Officer in the form and manner
                specified in this paragraph, immediately terminate the Officer’s
                employment with the Company or the Bank, respectively, at any time,
                for
                Just Cause. The Officer shall have no right to receive compensation
                or
                other benefits for any period after termination for Just Cause, except
                for
                previously vested benefits. Termination for “Just Cause” shall mean
                termination because of, in the good faith determination of the Bank,
                the
                Officer’s: 

            

    

    
      
        
        

      

      
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              (1)

            	
              Personal
                dishonesty;

            

    

    

    
      	 	
              (2)

            	
              Incompetence;

            

    

    

    
      	 	
              (3)

            	
              Willful
                misconduct;

            

    

    

    
      	 	
              (4)

            	
              Breach
                of fiduciary duty involving personal
                profit;

            

    

    

    
      	 	
              (5)

            	
              Intentional
                failure to perform duties under this
                Agreement;

            

    

    

    
      	 	
              (6)

            	
              Willful
                violation of any law, rule or regulation (other than traffic violations
                or
                similar offenses) that reflects adversely on the reputation of the
                Bank,
                any felony conviction, any violation of law involving moral turpitude,
                or
                any violation of a final cease-and-desist order;
                or

            

    

    

    
      	 	
              (7)

            	
              Material
                breach of any provision of this
                Agreement.

            

    

    

    

    
      	 	
              e.

            	
              Voluntary
                Termination by the Officer.
                In addition to the Officer’s other rights to terminate employment under
                the Agreement, the Officer may voluntarily terminate employment during
                the
                term of this Agreement upon at least sixty (60) days prior written
                notice
                to the Bank, in which case the Officer shall receive only compensation,
                vested rights and employee benefits up to the date of
                termination.

            

    

    

    f. Without
      Just Cause.

    

    
      	 	
              i.

            	
              In
                addition to termination pursuant to Sections 11(a) through 11(e),
                the Bank
                may, by means of written notice, immediately terminate the Officer’s
                employment at any time for a reason other than Just Cause (a termination
                “Without Just Cause”).

            

    

    

    
      	 	
              ii.

            	
              Subject
                to Section 12 hereof, in the event of termination under this Section
                11(f), the Officer shall be entitled to receive the annual base salary
                that would have been paid for the remaining term of the Agreement,
                including any renewals or extensions thereof, determined by reference
                to
                the highest annual rate of base salary in effect pursuant to Section
                4 of
                this Agreement in any of the twelve (12) months immediately preceding
                the
                Officer’s termination date. The sum due under this Section 11(f) shall be
                paid in one lump sum within thirty (30) calendar days of the Officer’s
                termination. 

            

    

    

    
      	 	
              iii.

            	
              Notwithstanding
                the foregoing, a reduction in base salary or a reduction or elimination
                of
                the Officer’s participation in or benefits under one or more benefit plans
                that occurs as part of a good faith, overall reduction in
                salary

            

    

    
      
        
        

      

      
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    or
      a
      reduction or elimination of plans or benefits provided thereunder, provided
      such
      reduction or elimination applies to all participants in a non-discriminatory
      manner (except as such discrimination may be necessary to comply with law),
      shall not constitute a material breach of this Agreement, provided that benefits
      of the same type or to the same general extent as those offered under the plan
      prior to reduction or elimination are not available to other officers of the
      Bank or its affiliates, or any company that controls either of them, under
      a
      plan or plans under which the Officer is not entitled to
      participate.

    

    iv. Notwithstanding
      anything in this Agreement to the contrary, during the six (6) month period
      beginning on the effective date of a Change in Control (as defined in Section
      12(a)), the Officer may voluntarily terminate employment under this Agreement
      for any reason and such termination shall constitute termination Without Just
      Cause.

    

    
      	 	
              g.

            	
              Continuing
                Covenant Not to Compete or Interfere with Relationships.
                Regardless of anything herein to the contrary, following a termination
                by
                the Bank or the Officer pursuant to Section 11(f) and continuing
                until the
                six (6) month anniversary of the effective date of such termination,
                (i)
                the Officer’s obligations under Section 10(c) of this Agreement will
                continue in effect; and (ii) the Officer shall not interfere with
                the
                relationship between the Bank and any of its employees, agents, customers
                or representatives.

            

    

    

    12. Termination
      in Connection with a Change in Control.

    

    a. “Change
      in Control” means
      any
      one of the following events occurs:

    

    
      	 	
              i.

            	
              Merger:
                the Company merges into or consolidates with another corporation,
                or
                merges another corporation into the Company and, as a result, less
                than a
                majority of the combined voting power of the resulting corporation
                immediately after the merger or consolidation is held by persons
                who were
                stockholders of the Company immediately before the merger or
                consolidation;

            

    

    

    
      	 	
              ii.

            	
              Acquisition
                of Significant Share Ownership:
                a
                report on Schedule 13D or another form or schedule (other than Schedule
                13G) is filed or is required to be filed under Sections 13(d) or
                14(d) of
                the Securities Exchange Act of 1934, if the schedule discloses that
                the
                filing person or persons acting in concert has or have become the
                beneficial owner(s) of 25% or more of a class of the Company’s voting
                securities, but this clause (ii) shall not apply to beneficial ownership
                of Company voting shares held in a fiduciary capacity by an entity
                of
                which the Company directly or indirectly beneficially owns fifty
                percent
                (50%) or more of its outstanding voting
                securities;

            

    

    
      
        
        

      

      
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              iii.

            	
              Change
                in Board Composition:
                during any period of two consecutive years, individuals who constitute
                the
                Company’s or the Bank’s Board of Directors at the beginning of the
                two-year period cease for any reason to constitute at least a majority
                of
                the Company’s or the Bank’s Board of Directors; provided, however, that
                for purposes of this clause (iii), each director who is first elected
                by
                the board (or first nominated by the board for election by stockholders)
                by a vote of at least three-fourths (3⁄4) of the directors who were
                directors at the beginning of the period shall be deemed to have
                been a
                director at the beginning of the two-year period;
                or

            

    

    

    
      	 	
              iv.

            	
              Sale
                of Assets:
                The Company sells to a third party all or substantially all of its
                assets.

            

    

    

    
      	 	
              b.

            	
              If,
                within the period beginning six (6) months prior to and ending two
                (2)
                years after a Change in Control, the Bank shall terminate the Officer’s
                employment Without Just Cause, the Bank shall, within thirty (30)
                calendar
                days of the Officer’s termination of employment, make a lump-sum cash
                payment to the Officer in an amount equal to two times the Officer’s
                highest annual rate of base salary during the two (2) year period
                preceding the effective date of the Change in Control. This cash
                payment
                shall be made in lieu of any payment also required under Section
                11(f) of
                this Agreement because of a termination in such period.
                

            

    

    

    13. Indemnification
      and Liability Insurance.

    

    
      	 	
              a.

            	
              Indemnification.
                The Bank agrees to indemnify the Officer (and the Officer’s heirs,
                executors, and administrators), and to advance expenses related thereto,
                to the fullest extent permitted under applicable law and regulations,
                against any and all expenses and liabilities reasonably incurred
                by the
                Officer in connection with or arising out of any action, suit, or
                proceeding in which the Officer may be involved by reason of having
                been a
                director or Officer of the Bank or any of its subsidiaries or affiliates
                (whether or not the Officer continues to be a director or Officer
                at the
                time of incurring any such expenses or liabilities). Such expenses
                and
                liabilities shall include, but shall not be limited to, judgments,
                court
                costs, attorneys’ fees and the costs of reasonable settlements, such
                settlements to be approved by the Board, if such action is brought
                against
                the Officer in the Officer’s capacity as an officer or director of the
                Bank or any of its subsidiaries or affiliates. Indemnification for
                expenses shall not extend to matters for which the Officer has been
                terminated for Just Cause. Nothing contained herein shall be deemed
                to
                provide indemnification otherwise prohibited by applicable law or
                regulation. Notwithstanding anything herein to the contrary, the
                obligations of this Section 13 shall survive the term of this Agreement
                by
                a period of six (6) years.

            

    

    

    
      	 	
              b.

            	
              Insurance.
                During the period in which indemnification of the Officer is required
                under this Section 13, the Bank shall provide the Officer (and the
                Officer’s heirs, executors, and administrators) with coverage under a
                directors’ and officers’

            

    

    
      
        
        

      

      
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    liability
      policy at the expense of the Bank, at least equivalent to the coverage provided
      to directors and senior officers of the Bank.

    

    14. Injunctive
      Relief.
      If
      there
      is a breach or threatened breach of Section 11(g) of this Agreement, the Bank
      and the Officer agree that there is no adequate remedy at law for such breach,
      and further, that the Bank shall be entitled to injunctive relief restraining
      the Officer from such breach or threatened breach, but such relief shall not
      be
      the exclusive remedy hereunder for such breach. The parties hereto likewise
      agree that the Officer, without limitation, shall be entitled to injunctive
      relief to enforce the obligations of the Bank under Section 12 of this
      Agreement.

    

    15. Successors
      and Assigns.

    

    
      	 	
              a.

            	
              This
                Agreement shall inure to the benefit of and be binding upon any corporate
                or other successor that acquires, directly or indirectly, by merger,
                consolidation, purchase or otherwise, all or substantially all of
                the
                assets or stock of the Company or the
                Bank.

            

    

    

    
      	 	
              b.

            	
              Since
                the Bank is contracting for the Officer’s unique and personal skills, the
                Officer shall be precluded from assigning or delegating any rights
                or
                duties hereunder without first obtaining the written consent of the
                Bank.

            

    

    

    16. No
      Mitigation.
      The
      Officer shall not be required to mitigate the amount of any payment provided
      for
      in this Agreement by seeking new employment or otherwise and no such payment
      shall be offset or reduced by the amount of any compensation or benefits
      provided to the Officer in any subsequent employment.

    

    17. Notices.
      All
      notices, requests, demands and other communications in connection with this
      Agreement shall be made in writing and shall be deemed to have been given when
      delivered by hand or 48 hours after mailing at any general or branch office
      of
      the United States Postal Service, by registered or certified mail, postage
      prepaid, addressed to the Bank at its principal business office and to the
      Officer at the Officer’s home address as maintained in the records of the
      Bank.

    

    18. Joint
      and Several Liability; Payments by the Company and the
      Bank.
      To
      the
      extent permitted by law, the Company shall be jointly and severally liable
      with
      the Bank for the payment of all amounts due under this Agreement and shall
      guarantee the performance of the Bank’s obligations hereunder, provided,
      however, that the Company shall not be required by this Agreement to pay the
      Officer a base salary or any bonuses or any other cash payments, except in
      the
      event that the Bank does not fulfill its obligations to the Officer for such
      payments.

    

    19. No
      Plan Created by this Agreement.
      The
      Officer and the Bank expressly declare and agree that this Agreement was
      negotiated among them and that no provisions of this Agreement are intended
      to,
      or shall be deemed to, create any “plan” for purposes of the Employee Retirement
      Income Security Act of 1974 (ERISA) or any other law or regulation, and each
      party expressly waives any right to assert the contrary. Any assertion in any
      judicial or

    
      
        
        

      

      
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    administrative
      filing, hearing, or process that such a plan was created by this Agreement
      shall
      be deemed a material breach of this Agreement by the party making such an
      assertion.

    

    20. Amendments.
      No
      amendments or additions to this Agreement shall be binding unless made in
      writing and signed by all of the parties, except as otherwise specifically
      provided for herein.

    

    21. Applicable
      Law.
      Except
      to the extent preempted by federal law, the laws of the State of New Jersey
      shall govern this Agreement in all respects, whether as to its validity,
      construction, capacity, performance or otherwise.

    

    22. 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 remaining provisions hereof.

    

    23. Headings.
      Headings
      contained herein are for convenience of reference only.

    

    24. Entire
      Agreement.
      This
      Agreement, together with any understandings or modifications agreed to in
      writing by the parties, shall constitute the entire agreement among the parties
      with respect to the subject matter hereof, other than written agreements with
      respect to specific plans, programs or arrangements described in Sections 5
      and
      6. This agreement supercedes and replaces in its entirety any previous
      employment agreements between or among the Bank, the Company and the
      Officer.

    

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement on the date first set forth
      above.

    

    
      	
              Attest:

            	 	
              YARDVILLE
                NATIONAL BANK

            
	 	 	 	 
	 	 	
              By:

            	
              /s/F.
                Kevin Tylus

            
	
              /s/Kathleen
                Fone

            	 	
              Title:

            	
              SEVP
                & Chief Operating Officer

            
	
              Witness

            	 	 	 
	 	 	
              YARDVILLE
                NATIONAL BANCORP

            
	 	 	 	 
	 	 	
              By:

            	
              /s/F.
                Kevin Tylus

            
	
              /s/Kathleen
                Fone

            	 	
              Title:

            	
              President

            
	
              Witness

            	 	 	 
	 	 	 	 
	
              /s/Kathleen
                Fone

            	 	 	
              /s/Edward
                J. Dietzler

            
	
              Witness

            	 	 	
              Edward
                J. Dietzler

            
	 	 	 	
              First
                Senior Vice PresidentEmployment Agreement between the Bank and Patrick L. Ryan

    EXHIBIT
      10.11

    

    EMPLOYMENT
      AGREEMENT 

    FOR
      FIRST SENIOR VICE PRESIDENTS

    

    THIS
      AGREEMENT
      (the
“Agreement”), made this 3rd day of November, 2006, by and between YARDVILLE
      NATIONAL BANK (the
      “Bank”) and
      Patrick L. Ryan (the
      “Officer”). References to “the Company” herein shall refer to YARDVILLE
      NATIONAL BANCORP,
      a New
      Jersey corporation (the “Company”) and the holding company for the
      Bank.

    

    W
      I T N E S S E T H

    

    WHEREAS,
      the
      Bank desires to retain the services of the Officer as an employee of the Bank;
      and

    

    WHEREAS,
      the
      Officer and the Bank (desire to enter into an employment agreement setting
      forth
      the terms and conditions of the continuing employment of the Officer and the
      related rights and obligations of the parties.

    

    NOW,
      THEREFORE,
      in
      consideration of the promises and mutual covenants herein contained, the parties
      hereby agree as follows:

    

    1. Employment.
      The
      Bank
      shall employ the Officer as a First Senior Vice President/Market Manager of
      the
      Bank. The
      Officer shall render such administrative and management services as are
      customarily provided by persons employed in similar officer capacities and
      shall
      have such other powers and duties as the Chief Executive Officer or the Board
      may prescribe from time to time.

    

    2. Location
      and Facilities.
      The Bank
      will furnish the Officer with the working facilities and staff customary for
      officers with the title and duties set forth in Section 1 and as are necessary
      for the performance of the Officer’s duties. The location of such facilities and
      staff shall be at the principal administrative offices of the Bank, or at such
      other site or sites customary for such offices.

    

    3. Term.

    

    
      	 	
              a.

            	
              The
                term of this Agreement shall be (i) the initial term, consisting
                of the
                period commencing on the date of this Agreement (the “Effective Date”) and
                ending on the first anniversary of the Effective Date, plus (ii)
                any and
                all extensions of the initial term made pursuant to this Section
                3.

            

    

    

    
      	 	
              b.

            	
              On
                each anniversary date of the Effective Date prior to a termination
                of the
                Agreement, the term under this Agreement shall be extended automatically
                for an additional one (1) year period without action by any party
                provided, however, that neither the Bank nor the Officer shall have
                given
                written notice at least sixty
                (60)

            

    

    
      
        
        

      

      
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    days
      prior to such anniversary date of their election not to extend the term of
      the
      Agreement. 

    

    4. Base
      Compensation.

    

    
      	 	
              a.

            	
              The
                Bank agrees to pay the Officer during the term of this Agreement
                a base
                salary at the rate of $152,000.00 per year, payable in accordance
                with
                customary payroll practices.

            

    

    

    
      	 	
              b.

            	
              The
                Executive Management Committee of the Bank shall review annually
                the rate
                of the Officer’s base salary based upon factors they deem relevant, and
                may maintain, increase or decrease the Officer’s base
                salary.

            

    

    

    
      	 	
              c.

            	
              In
                the absence of action by the Executive Management Committee, the
                Officer
                shall continue to receive base salary at the annual rate specified
                on the
                Effective Date or, if another rate has been established under the
                provisions of this Section 4, the rate last properly established
                by action
                of the Executive Management Committee under the provisions of this
                Section
                4.

            

    

    

    5. Bonuses.
      Officer
      shall be entitled to participate in any discretionary bonuses or other incentive
      compensation programs that may be awarded from time to time to senior management
      employees, pursuant to bonus plans or otherwise.

    

    6. Benefit
      Plans.
      The
      Officer shall be entitled to participate in such life insurance, medical,
      dental, pension, profit sharing, and retirement plans, stock compensation plans
      and other benefit programs and arrangements as may be approved from time to
      time
      for the benefit of Bank employees.

    

    7. Vacation
      and Leave. 

    

    
      	 	
              a.

            	
              The
                Officer may take vacations and other leave in accordance with Bank
                policy
                for senior officers, or otherwise as approved by the
                Board.

            

    

    

    
      	 	
              b.

            	
              In
                addition to paid vacations and other leave, the Officer shall be
                entitled,
                without loss of pay, to absent himself voluntarily from the performance
                of
                his duties for such additional periods of time and for such valid
                and
                legitimate reasons as the Bank may determine in its discretion. Further,
                the Bank may grant to the Officer a leave or leaves of absence, with
                or
                without pay, at such time or times and upon such terms and conditions
                as
                the Bank, in its discretion, may
                determine.

            

    

    

    8. Expense
      Payment and Reimbursements.
      The
      Officer shall be reimbursed for all reasonable out-of-pocket business expenses
      incurred in connection with services performed under this Agreement upon
      substantiation of such expenses in accordance with applicable policies of the
      Bank.

    
      
        
        

      

      
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    9. This
      Section 9 has been intentionally left blank.

    

    10. Loyalty
      and Confidentiality.

    

    
      	 	
              a.

            	
              During
                the term of this Agreement: (i) the Officer shall devote the requisite
                time, attention, skill, and efforts to the faithful performance of
                his
                duties hereunder; provided, however, that from time to time, the
                Officer
                may serve on the boards of directors of, and hold any other offices
                or
                positions in, companies or organizations which will not present any
                conflict of interest with the Bank or any of its subsidiaries or
                affiliates, unfavorably affect the performance of the Officer's duties
                pursuant to this Agreement, or violate any applicable statute or
                regulation; and (ii) the Officer shall not engage in any business
                or
                activity contrary to the business affairs or interests of the Bank
                or any
                of its subsidiaries or affiliates.

            

    

    

    
      	 	
              b.

            	
              Nothing
                contained in this Agreement shall prevent or limit the Officer's
                right to
                invest in the capital stock or other securities of any business dissimilar
                from that of the Bank or any of its subsidiaries or affiliates, or,
                solely
                as a passive, minority investor, in any
                business.

            

    

    

    
      	 	
              c.

            	
              The
                Officer agrees to maintain the confidentiality of any and all information
                concerning the operations or financial status of the Bank; the names
                or
                addresses of any borrowers, depositors and other customers; any
                information concerning or obtained from such customers; and any other
                information concerning the Bank to which the Officer may be exposed
                during
                the course of the Officer’s employment with the Bank. The Officer further
                agrees that, unless required by law or specifically permitted by
                the Board
                in writing, the Officer will not disclose to any person or entity,
                either
                during or subsequent to employment with the Bank, any of the
                above-mentioned information which is not generally known to the public,
                nor shall the Officer employ such information in any way other than
                for
                the benefit of the Bank or any of its subsidiaries or
                affiliates.

            

    

    

    11. Termination
      and Termination Pay.
      Subject
      to Section 12 of this Agreement, the Officer’s employment under this Agreement
      may be terminated in the following circumstances:

    

    
      	 	
              a.

            	
              Death.
                The Officer’s employment under this Agreement shall terminate upon the
                Officer’s death during the term of this Agreement, in which event the
                Officer’s estate shall be entitled to receive the compensation due to the
                Officer through the last day of the calendar month of death.
                

            

    

    

    
      	 	
              b.

            	
              Retirement.
                Notwithstanding anything in this Agreement to the contrary, this
                Agreement
                shall terminate upon the Officer’s retirement and will be subject to any
                retirement benefit plan or plans provided for under Section 6 of
                this
                Agreement or otherwise.

            

    

    
      
        
        

      

      
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    c. Disability.

    

    
      	 	
              i.

            	
              The
                Bank or the Officer may terminate the Officer’s employment after having
                established the Officer’s Disability. For purposes of this Agreement,
                “Disability” means the Officer’s suffering a sickness, accident or injury
                which has been determined by the carrier of any individual or group
                disability insurance policy covering the Officer, or by the Social
                Security Administration, to be a disability rendering the Officer
                totally
                and permanently disabled. The Bank shall determine in good faith
                whether
                or not the Officer is disabled for purposes of this Agreement. As
                a
                condition to any benefits, the Bank may require the Officer to submit
                proof of the carrier’s or the Social Security Administration’s
                determination of disability.

            

    

    

    
      	 	
              ii.

            	
              In
                the event of such Disability, the Officer’s obligation to perform services
                under this Agreement will terminate. In the event of such termination,
                the
                Officer shall continue to receive one-hundred percent (100%) of the
                Officer’s monthly base salary (at the annual rate in effect on the date of
                termination) through the earlier of the date of the Officer’s death, the
                date the Officer attains age 65 or the date which is six (6) months
                after
                the Officer’s termination date. Such payments shall be reduced by the
                amount of any short- or long-term disability benefits payable to
                the
                Officer under any other disability program sponsored by the
                Bank.

            

    

    

    
      	 	
              iii.

            	
              In
                addition, during any period of Disability for which the Officer is
                receiving payments under this Section 11(c), the Officer and the
                Officer’s
                dependents shall, to the greatest extent possible, continue to be
                covered
                under all benefit plans (including, without limitation, retirement
                plans
                and medical, dental and life insurance plans) under which the Officer
                participated prior to the Disability, on the same terms as if the
                Officer
                were actively employed through the earlier of the date of the Officer’s
                death, the date the Officer attains age 65 or the date which is six
                (6)
                months after the Officer’s termination
                date.

            

    

    

    d. Just
      Cause.

    

    
      	 	
              i.

            	
              The
                Bank may, by written notice to the Officer in the form and manner
                specified in this paragraph, immediately terminate the Officer’s
                employment with the Company or the Bank, respectively, at any time,
                for
                Just Cause. The Officer shall have no right to receive compensation
                or
                other benefits for any period after termination for Just Cause, except
                for
                previously vested benefits. Termination for “Just Cause” shall mean
                termination because of, in the good faith determination of the Bank,
                the
                Officer’s: 

            

    

    
      
        
        

      

      
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              (1)

            	
              Personal
                dishonesty;

            

    

    

    
      	 	
              (2)

            	
              Incompetence;

            

    

    

    
      	 	
              (3)

            	
              Willful
                misconduct;

            

    

    

    
      	 	
              (4)

            	
              Breach
                of fiduciary duty involving personal
                profit;

            

    

    

    
      	 	
              (5)

            	
              Intentional
                failure to perform duties under this
                Agreement;

            

    

    

    
      	 	
              (6)

            	
              Willful
                violation of any law, rule or regulation (other than traffic violations
                or
                similar offenses) that reflects adversely on the reputation of the
                Bank,
                any felony conviction, any violation of law involving moral turpitude,
                or
                any violation of a final cease-and-desist order;
                or

            

    

    

    
      	 	
              (7)

            	
              Material
                breach of any provision of this
                Agreement.

            

    

    

    

    
      	 	
              e.

            	
              Voluntary
                Termination by the Officer.
                In addition to the Officer’s other rights to terminate employment under
                the Agreement, the Officer may voluntarily terminate employment during
                the
                term of this Agreement upon at least sixty (60) days prior written
                notice
                to the Bank, in which case the Officer shall receive only compensation,
                vested rights and employee benefits up to the date of
                termination.

            

    

    

    f. Without
      Just Cause.

    

    
      	 	
              i.

            	
              In
                addition to termination pursuant to Sections 11(a) through 11(e),
                the Bank
                may, by means of written notice, immediately terminate the Officer’s
                employment at any time for a reason other than Just Cause (a termination
                “Without Just Cause”).

            

    

    

    
      	 	
              ii.

            	
              Subject
                to Section 12 hereof, in the event of termination under this Section
                11(f), the Officer shall be entitled to receive the annual base salary
                that would have been paid for the remaining term of the Agreement,
                including any renewals or extensions thereof, determined by reference
                to
                the highest annual rate of base salary in effect pursuant to Section
                4 of
                this Agreement in any of the twelve (12) months immediately preceding
                the
                Officer’s termination date. The sum due under this Section 11(f) shall be
                paid in one lump sum within thirty (30) calendar days of the Officer’s
                termination. 

            

    

    

    
      	 	
              iii.

            	
              Notwithstanding
                the foregoing, a reduction in base salary or a reduction or elimination
                of
                the Officer’s participation in or benefits under one or more benefit plans
                that occurs as part of a good faith, overall reduction in
                salary

            

    

    
      
        
        

      

      
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    or
      a
      reduction or elimination of plans or benefits provided thereunder, provided
      such
      reduction or elimination applies to all participants in a non-discriminatory
      manner (except as such discrimination may be necessary to comply with law),
      shall not constitute a material breach of this Agreement, provided that benefits
      of the same type or to the same general extent as those offered under the plan
      prior to reduction or elimination are not available to other officers of the
      Bank or its affiliates, or any company that controls either of them, under
      a
      plan or plans under which the Officer is not entitled to
      participate.

    

    iv. Notwithstanding
      anything in this Agreement to the contrary, during the six (6) month period
      beginning on the effective date of a Change in Control (as defined in Section
      12(a)), the Officer may voluntarily terminate employment under this Agreement
      for any reason and such termination shall constitute termination Without Just
      Cause.

    

    In
      that
      event, the Officer shall be entitled to the Change in Control payment (that
      is,
      the lump-sum cash payment equal to two (2) times the Officer’s highest annual
      rate of base salary during the two (2) year period prior to the effective date
      of the Change In Control, required under Section 12 (b) herein.

    

    

    
      	 	
              g.

            	
              Continuing
                Covenant Not to Compete or Interfere with Relationships.
                Regardless of anything herein to the contrary, following a termination
                by
                the Bank or the Officer pursuant to Section 11(f) and continuing
                until the
                six (6) month anniversary of the effective date of such termination,
                (i)
                the Officer’s obligations under Section 10(c) of this Agreement will
                continue in effect; and (ii) the Officer shall not interfere with
                the
                relationship between the Bank and any of its employees, agents, customers
                or representatives.

            

    

    

    12. Termination
      in Connection with a Change in Control.

    

    a. “Change
      in Control” means
      any
      one of the following events occurs:

    

    
      	 	
              i.

            	
              Merger:
                the Company merges into or consolidates with another corporation,
                or
                merges another corporation into the Company and, as a result, less
                than a
                majority of the combined voting power of the resulting corporation
                immediately after the merger or consolidation is held by persons
                who were
                stockholders of the Company immediately before the merger or
                consolidation;

            

    

    

    
      	 	
              ii.

            	
              Acquisition
                of Significant Share Ownership:
                a
                report on Schedule 13D or another form or schedule (other than Schedule
                13G) is filed or is required to be filed under Sections 13(d) or
                14(d) of
                the Securities Exchange Act of 1934, if the schedule discloses that
                the
                filing person or persons acting
                in

            

    

    
      
        
        

      

      
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    concert
      has or have become the beneficial owner(s) of 25% or more of a class of the
      Company’s voting securities, but this clause (ii) shall not apply to beneficial
      ownership of Company voting shares held in a fiduciary capacity by an entity
      of
      which the Company directly or indirectly beneficially owns fifty percent (50%)
      or more of its outstanding voting securities;

    

    
      	 	
              iii.

            	
              Change
                in Board Composition:
                during any period of two consecutive years, individuals who constitute
                the
                Company’s or the Bank’s Board of Directors at the beginning of the
                two-year period cease for any reason to constitute at least a majority
                of
                the Company’s or the Bank’s Board of Directors; provided, however, that
                for purposes of this clause (iii), each director who is first elected
                by
                the board (or first nominated by the board for election by stockholders)
                by a vote of at least three-fourths (3⁄4) of the directors who were
                directors at the beginning of the period shall be deemed to have
                been a
                director at the beginning of the two-year period;
                or

            

    

    

    
      	 	
              iv.

            	
              Sale
                of Assets:
                The Company sells to a third party all or substantially all of its
                assets.

            

    

    

    
      	 	
              b.

            	
              If,
                within the period beginning six (6) months prior to and ending two
                (2)
                years after a Change in Control, the Bank shall terminate the Officer’s
                employment Without Just Cause, the Bank shall, within thirty (30)
                calendar
                days of the Officer’s termination of employment, make a lump-sum cash
                payment to the Officer in an amount equal to two times the Officer’s
                highest annual rate of base salary during the two (2) year period
                preceding the effective date of the Change in Control. This cash
                payment
                shall be made in lieu of any payment also required under Section
                11(f) of
                this Agreement because of a termination in such period.
                

            

    

    

    13. Indemnification
      and Liability Insurance.

    

    
      	 	
              a.

            	
              Indemnification.
                The Bank agrees to indemnify the Officer (and the Officer’s heirs,
                executors, and administrators), and to advance expenses related thereto,
                to the fullest extent permitted under applicable law and regulations,
                against any and all expenses and liabilities reasonably incurred
                by the
                Officer in connection with or arising out of any action, suit, or
                proceeding in which the Officer may be involved by reason of having
                been a
                director or Officer of the Bank or any of its subsidiaries or affiliates
                (whether or not the Officer continues to be a director or Officer
                at the
                time of incurring any such expenses or liabilities). Such expenses
                and
                liabilities shall include, but shall not be limited to, judgments,
                court
                costs, attorneys’ fees and the costs of reasonable settlements, such
                settlements to be approved by the Board, if such action is brought
                against
                the Officer in the Officer’s capacity as an officer or director of the
                Bank or any of its subsidiaries or affiliates. Indemnification for
                expenses shall not extend to matters for which the Officer has been
                terminated for Just Cause. Nothing contained herein shall be deemed
                to
                provide indemnification otherwise prohibited by applicable law
                or

            

    

    
      
        
        

      

      
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    regulation.
      Notwithstanding anything herein to the contrary, the obligations of this Section
      13 shall survive the term of this Agreement by a period of six (6)
      years.

    

    
      	 	
              b.

            	
              Insurance.
                During the period in which indemnification of the Officer is required
                under this Section 13, the Bank shall provide the Officer (and the
                Officer’s heirs, executors, and administrators) with coverage under a
                directors’ and officers’ liability policy at the expense of the Bank, at
                least equivalent to the coverage provided to directors and senior
                officers
                of the Bank.

            

    

    

    14. Injunctive
      Relief.
      If
      there
      is a breach or threatened breach of Section 11(g) of this Agreement, the Bank
      and the Officer agree that there is no adequate remedy at law for such breach,
      and further, that the Bank shall be entitled to injunctive relief restraining
      the Officer from such breach or threatened breach, but such relief shall not
      be
      the exclusive remedy hereunder for such breach. The parties hereto likewise
      agree that the Officer, without limitation, shall be entitled to injunctive
      relief to enforce the obligations of the Bank under Section 12 of this
      Agreement.

    

    15. Successors
      and Assigns.

    

    
      	 	
              a.

            	
              This
                Agreement shall inure to the benefit of and be binding upon any corporate
                or other successor that acquires, directly or indirectly, by merger,
                consolidation, purchase or otherwise, all or substantially all of
                the
                assets or stock of the Company or the
                Bank.

            

    

    

    
      	 	
              b.

            	
              Since
                the Bank is contracting for the Officer’s unique and personal skills, the
                Officer shall be precluded from assigning or delegating any rights
                or
                duties hereunder without first obtaining the written consent of the
                Bank.

            

    

    

    16. No
      Mitigation.
      The
      Officer shall not be required to mitigate the amount of any payment provided
      for
      in this Agreement by seeking new employment or otherwise and no such payment
      shall be offset or reduced by the amount of any compensation or benefits
      provided to the Officer in any subsequent employment.

    

    17. Notices.
      All
      notices, requests, demands and other communications in connection with this
      Agreement shall be made in writing and shall be deemed to have been given when
      delivered by hand or 48 hours after mailing at any general or branch office
      of
      the United States Postal Service, by registered or certified mail, postage
      prepaid, addressed to the Bank at its principal business office and to the
      Officer at the Officer’s home address as maintained in the records of the
      Bank.

    

    18. Joint
      and Several Liability; Payments by the Company and the
      Bank.
      To
      the
      extent permitted by law, the Company shall be jointly and severally liable
      with
      the Bank for the payment of all amounts due under this Agreement and shall
      guarantee the performance of the Bank’s obligations hereunder, provided,
      however, that the Company shall not be required by this

    
      
        
        

      

      
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    Agreement
      to pay the Officer a base salary or any bonuses or any other cash payments,
      except in the event that the Bank does not fulfill its obligations to the
      Officer for such payments.

    

    19. No
      Plan Created by this Agreement.
      The
      Officer and the Bank expressly declare and agree that this Agreement was
      negotiated among them and that no provisions of this Agreement are intended
      to,
      or shall be deemed to, create any “plan” for purposes of the Employee Retirement
      Income Security Act of 1974 (ERISA) or any other law or regulation, and each
      party expressly waives any right to assert the contrary. Any assertion in any
      judicial or administrative filing, hearing, or process that such a plan was
      created by this Agreement shall be deemed a material breach of this Agreement
      by
      the party making such an assertion.

    

    20. Amendments.
      No
      amendments or additions to this Agreement shall be binding unless made in
      writing and signed by all of the parties, except as otherwise specifically
      provided for herein.

    

    21. Applicable
      Law.
      Except
      to the extent preempted by federal law, the laws of the State of New Jersey
      shall govern this Agreement in all respects, whether as to its validity,
      construction, capacity, performance or otherwise.

    

    22. 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 remaining provisions hereof.

    

    23. Headings.
      Headings
      contained herein are for convenience of reference only.

    

    24. Entire
      Agreement.
      This
      Agreement, together with any understandings or modifications agreed to in
      writing by the parties, shall constitute the entire agreement among the parties
      with respect to the subject matter hereof, other than written agreements with
      respect to specific plans, programs or arrangements described in Sections 5
      and
      6. This agreement supercedes and replaces in its entirety any previous
      employment agreements between or among the Bank, the Company and the
      Officer.

    

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement on the date first set forth
      above.

    

    
      	
              Attest:

            	 	
              YARDVILLE
                NATIONAL BANK

            
	 	 	 	 
	 	 	
              By:

            	
              /s/F.
                Kevin Tylus

            
	
              /s/Kathleen
                Fone

            	 	
              Title:

            	
              President
                & Chief Operating Officer

            
	
              Witness

            	 	 	 
	 	 	
              YARDVILLE
                NATIONAL BANCORP

            
	 	 	 	 
	 	 	
              By:

            	
              /s/F.
                Kevin Tylus

            
	
              /s/Peter
                Cahill

            	 	
              Title:

            	
              President

            
	
              Witness

            	 	 	 
	 	 	 	 
	
              /s/Fay
                Horrocks

            	 	 	
              /s/Patrick
                L. Ryan

            
	
              Witness

            	 	 	
              Patrick
                L. Ryan

            
	 	 	 	
              First
                Senior Vice President

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