Document:

ex10-1.htm

  

  

  

Exhibit 10.1

November 17, 2010

Joseph C. Levesque

4791 McDonald Drive Circle North

Stillwater, MN 55082

Re: Retirement Benefit

Dear Joe:

This letter will memorialize the agreement the board completed and approved today regarding your retirement benefit.

	
  

	
1.

	
You will retire as CEO of the Company effective December 31, 2010.

	
  

	
2.

	
During the period January 1 through December 31, 2011, you will receive a retirement benefit of $203,400, to be paid ratably on the Company’s regular payroll dates, provided that all payments that would otherwise have been made on payroll dates after March 15, 2011 and before July 1, 2011 will be aggregated and paid in one lump sum on the last payroll date on or before March 15, 2011. During the period January 1 through December 31, 2012, you will receive a retirement benefit of $133,400, to be paid ratably on the Company’s regular payroll dates.

	
  

	
3.

	
Payments of your retirement benefit will be made notwithstanding your death, and will be paid to the beneficiary you have designated in a writing delivered to the Company prior to your death, or in the absence of a beneficiary designation (or if your designated beneficiary predeceases you) to your surviving spouse, or if you do not have a surviving spouse, to the representative of your estate.

	
  

	
4.

	
Notwithstanding anything contained in this Agreement to the contrary, the Company will withhold from any payment such amount or amounts as the Company reasonably determines may be required for purposes of complying with the tax withholding provisions of Federal, state or local tax laws for purposes of paying any income, estate, inheritance, employment or other tax attributable to any amounts payable under this Agreement.

	
  

	
5.

	
Payment may be accelerated under this Agreement to the extent permitted under Treas. Reg. Section 1.409A-3(j)(4)(vi) for the payment of

  

  

  

Joseph C. Levesque

November 17, 2010

Page 2

	
  

	
employment taxes and the corresponding withholding taxes on such employment taxes.

	
  

	
6.

	
The Company and you intend that payments under this Agreement will comply in form and operation with the requirements of Section 409A of the Internal Revenue Code and the regulations issued thereunder (collectively “Code Section 409A”) or an exception to Code Section 409A and this Agreement will be interpreted and administered in a manner that is in compliance therewith.  The series of payments under paragraph 2 will, for purposes of Code Section 409A, be treated as a right to a series of separate payments that are due at a fixed time.

Please indicate your agreement to this retirement benefit arrangement by countersigning a copy of this letter.

Yours truly,

 

/s/ John J. Pollock

 

John J. Pollock

President

Aetrium Incorporated

Agreed:

 

 

/s/ Joseph C. Levesque

 

Joseph C. Levesque

Dated: November 17, 2010ex10-2.htm

  

  

  

Exhibit 10.2

 

November 17, 2010

Douglas L. Hemer

855 Eagle Ridge Lane

Stillwater, MN 55082

Re: Retirement Benefit

Dear Doug:

This letter will memorialize the agreement the board completed and approved today regarding your retirement benefit.

	
  

	
1.

	
It is anticipated that you will retire as CAO on or before December 31, 2011.

	
  

	
2.

	
You will be entitled to receive a retirement benefit following your termination of employment (other than on account of cause), including termination on account of your disability or death. A termination of employment will not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms means “separation from service.”

	
  

	
3.

	
The amount of your retirement benefit for the first twelve months following your termination will be $147,100, to be paid ratably on the Company’s regular payroll dates, provided that any payments due during the six (6)-month period measured from the date of your termination of employment will be suspended and not paid until the first payroll date following six (6) months after your termination of employment, or, if earlier, upon your death or later payment due date. During the second twelve months following your termination of employment, you will receive a retirement benefit of $96,200, to be paid ratably on the Company’s regular payroll dates.

  

  

  

Douglas L. Hemer

November 17, 2010

Page 2

 

	 	
4.

	
Payments of your retirement benefit will be made notwithstanding your death, and will be paid to the beneficiary you have designated in a writing delivered to the Company prior to your death, or in the absence of a beneficiary designation (or if your designated beneficiary predeceases you) to your surviving spouse, or if you do not have a surviving spouse, to the representative of your estate.

 

	
  

	
5.

	
Notwithstanding anything contained in this Agreement to the contrary, the Company will withhold from any payment such amount or amounts as the Company reasonably determines may be required for purposes of complying with the tax withholding provisions of Federal, state or local tax laws for purposes of paying any income, estate, inheritance, employment or other tax attributable to any amounts payable under this Agreement.

	
  

	
6.

	
Payment may be accelerated under this Agreement to the extent permitted under Treas. Reg. Section 1.409A-3(j)(4)(vi) for the payment of employment taxes and the corresponding withholding taxes on such employment taxes.

	
  

	
7.

	
The parties intend that payments under this Agreement will comply in form and operation with the requirements of Section 409A of the Internal Revenue Code and the regulations issued thereunder (collectively “Code Section 409A”) and this Agreement will be interpreted and administered in a manner that is in compliance therewith. The series of payments under paragraph 3 will, for purposes of Code Section 409A, be treated as a right to a series of separate payments that are due at a fixed time.

Please indicate your agreement to this retirement benefit arrangement by countersigning a copy of this letter.

Yours truly,

/s/ John J. Pollock

John J. Pollock

President

Aetrium Incorporated

Agreed:

/s/ Douglas L. Hemer

Douglas L. Hemer

Dated: November 17, 2010ex10_13.htm

Exhibit 10.13

 

ADDENDUM TO THE

CHANGE OF CONTROL AGREEMENT

THIS ADDENDUM (this “Addendum”) to the AMENDED AND RESTATED CHANGE OF CONTROL AGREEMENT by and between James S. Vaccaro (the “Executive”) and Central Jersey Bancorp (“Central Jersey”) dated December 23, 2008 (“COC Agreement”), is made by and among the Executive, Central Jersey, Kearny Financial Corp. (“Kearny“) and Kearny Federal Savings Bank (“Kearny Federal”) as of May 25, 2010.

WHEREAS, the Executive is currently employed by Central Jersey and Central Jersey Bank, National Association (“Central Jersey Bank”) as Chairman, President and Chief Executive Officer, and is experienced in certain phases of the business of Central Jersey and Central Jersey Bank; and

WHEREAS, Kearny contemplates acquiring Central Jersey pursuant to the Agreement and Plan of Merger (“Merger Agreement”) by and among Kearny, Kearny Federal, Central Jersey and Central Jersey Bank, dated May 25, 2010; and

WHEREAS, the parties desire to set forth certain modifications to the COC Agreement as set forth in this Addendum prior to execution of the Merger Agreement, with this Addendum to be effective as of the effective date of the merger of Central Jersey with and into Kearny.

NOW, THEREFORE, the parties hereto, intending to be legally bound do hereby agree, that in exchange for the good and valuable consideration to be paid by Kearny, Kearny Federal, and Central Jersey, this Addendum by and among Kearny, Kearny Federal, Central Jersey and the Executive, is hereby made, as follows:

1.           No Payments in Excess of Code Section 280G.

Notwithstanding any agreement or plan to which the Executive is a party with Central Jersey or Central Jersey Bank, including but not limited to the COC Agreement, all sums payable under the COC Agreement by Kearny, Kearny Federal, and Central Jersey (collectively, the “Companies”) to the Executive shall be reduced in such manner and to such extent so that no payments made hereunder when aggregated with all other payments made or to be made to the Executive by the Companies shall be deemed an “excess parachute payment” in accordance with Section 280G of the Internal Revenue Code of 1986, as amended (“Code”), and would subject the Executive to the excise tax provided at Section 4999(a) of the Code. The Executive will be afforded the opportunity to review any such reduction in payments to be calculated by the Companies as provided herein.

2.           Defined Terms.

Capitalized terms set forth in this Addendum shall have such meaning as defined herein, and if not otherwise defined, then as defined in the COC Agreement.  Except as otherwise set forth herein, the COC Agreement shall remain in full force and effect as otherwise written.

  

  

  

IN WITNESS WHEREOF, the parties have executed this Addendum to the COC Agreement as of and effective on May 25, 2010.

	  	  	
CENTRAL JERSEY BANCORP

	  	  	  	  
	  	  	  	  
	
ATTEST:

	  	
By:

	
/s/ Robert S. Vuono

	  	  	  	  
	  	  	  	  
	
/s/ Anthony Giordano, III

	  	  	  
	
Assistant Secretary

	  	  	  
	  	  	  	  
	
WITNESS:

	  	  	  
	  	  	  	  
	  	  	  	  
	
/s/ Paul T. Colella

	  	  	
/s/ James S. Vaccaro

	  	  	  	
James S. Vaccaro, Executive

	  	  	  	  
	  	  	  	  
	  	  	
KEARNY FINANCIAL CORP.

	  	  	  	  
	  	  	  	  
	
ATTEST:

	  	
By:

	
/s/ John N. Hopkins

	  	  	  	
John N. Hopkins, CEO

	  	  	  	  
	
/s/ Sharon Jones

	  	  	  
	
Secretary

	  	  	  
	  	  	  	  
	  	  	
KEARNY FEDERAL SAVINGS BANK

	  	  	  	  
	  	  	  	  
	
ATTEST:

	  	
By:

	
/s/ John N. Hopkins

	  	  	  	
John N. Hopkins, CEO

	  	  	  	  
	  	  	  	  
	
/s/ Sharon Jones

	  	  	  
	
Secretary

	  	  	  

 

 

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