Document:

Employment Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 EMPLOYMENT AGREEMENT 
 AGREEMENT made effective e as of the 5th
 day of November, 2007 by and between ACTION PRODUCTS INTERNATIONAL, INC., a Florida corporation, (the
“Company”) and ROBERT L. BURROWS (the “Executive”). 
 WHEREAS, the Company wishes to employ the Executive and the Executive wishes to accept such employment, upon the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, and intending to be legally bound hereby, the
Company and the Executive hereby agree as follows: 
  

	 	1.	Employment 

 The Company agrees to employ the
Executive during the Term specified in Section 2, and the Executive agrees to accept such employment, upon the terms and conditions hereinafter set forth. 
  

	 	2.	Term 

 Subject to the provisions contained in
Sections 6 and 7, the Executive’s employment by the Company shall be for a term commencing on the date hereof through December 31, 2008 (the “Initial Term”), and shall automatically renew for successive one (1) year
terms thereafter (each a “Renewal Term”, and together with the Initial Term, the “Term”) unless either party delivers written notice of termination (a “Notice of Termination”) to the other at least
120 days prior to the end of the Initial Term or any Renewal Term, as the case may be. The date on which the Executive ceases to be employed by the Company, regardless of the reason therefore, is referred to in this Agreement as the “Date of
Termination”. 
  

	 	3.	Duties and Responsibilities 

 (a) During the
Term, the Executive shall have the position of Chief Financial Officer. The Executive shall report to the Chief Executive Officer and to the Board of Directors of the Company (the “Board”). 
 (b) The Executive shall perform such executive and managerial duties and responsibilities customary to his position and as are reasonably necessary to
the operations of the Company as may be assigned to him from time to time by or under authority of the Board, consistent with his position as designated in or pursuant to Section 3(a). 
 (c) The Executive’s employment by the Company shall be full-time, and, during 

 
the Term, the Executive agrees that he will (i) devote substantially all of his business time and attention, his best efforts, and all his skill and
ability to promote the interests of the Company, (ii) carry out his duties in a competent and professional manner and serve the Company faithfully and diligently under the direction of the Chief Executive Officer and the Board, and
(iii) work with other employees of the Company and its subsidiaries and affiliates in a competent and professional manner; provided, however, that the Executive may pursue other business and personal activities not otherwise in material
breach of the provisions herein and that do not materially interfere with the performance of his duties under this Agreement. 
 (d) During
the Term, the Executive’s services hereunder shall be performed at the offices of the Company located in the City of Orlando, State of Florida, which such offices shall not be relocated outside of the City of Orlando, State of Florida. The
Executive’s duties shall include such travel as is necessary and consistent with his position and duties hereunder. 
 (e) Simultaneous
the execution and delivery by the Executive of this Agreement the Executive shall also execute and deliver the Company’s Proprietary Information and Inventions Agreement (the “Proprietary Information and Inventions Agreement”).

  

	 	4.	Compensation 

 (a) As compensation for his
services hereunder, and in consideration of his covenants set forth in Section 8 below, the Company shall pay the Executive during the Term, in accordance with its normal payroll practices, an annualized base salary (“Base
Salary”) of One Hundred Eighty Thousand Dollars ($180,000.00). Such Base Salary shall be reviewed by the Board each year during the Term and may be increased at the discretion of the Board. 
 (b) The Executive shall also receive a one-time cash bonus equal to twelve and one-half percent (12.5%) of his then-applicable Base Salary upon the
Company completing at least one Transaction (as hereinafter defined) during the first 365-day period commencing on the date hereof. For the purposes of this Section 4(b), the term “Transaction” shall mean the purchase by the
Company, outside of the ordinary course of business, of another company or a material portion of its assets, securities or business by means of a merger, consolidation, joint venture, exchange offer, licensing or purchase or sale of stock or assets
that requires the Company filing with the U.S. Securities and Exchange Commission (“SEC”) a Form 8-K under Item 2.01 of such Form 8-K. Such cash bonus shall be paid within thirty (30) days of the completion of such
Transaction, but excluding any Transaction with respect to Buddy Browser, Inc., a California corporation. 
 (c) The Company shall pay,
subject to the conditions in this Section 4(c), a cash bonus as follows: 
 (i) If the Company completes a Transaction (other than with
respect to Buddy Browser, Inc.) during calendar year 2008, and if the Company’s revenues, as reported in the Company’s Annual Report on Form 10-K or 10-KSB for the year ended December 31, 2008 exceeds Ten Million Dollars
($10,000,000), then the Company shall pay the Executive a cash bonus equal to 

  

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thirty-seven and one-half percent (37.5%) of his Base Salary as of December 31, 2008. Such cash bonus shall be paid not later than thirty
(30) days after filing such Form 10-K or Form 10-KSB with the SEC. 
 (ii) If the Company does not complete a Transaction (other
than with respect to Buddy Browser, Inc.) during calendar year 2008, then the Company shall pay the Executive a cash bonus as follows: 
 (A) If the Company’s revenues, as reported in the Company’s Annual Report on Form 10-K or 10-KSB for the year ended December 31, 2008 exceeds Seven Million Five Hundred Thousand Dollars ($7,500,000), then the Company shall
pay the Executive a cash bonus equal to twelve and one-half percent (12.5%) of his Base Salary as of December 31, 2008; 
 (B) If
the Company’s revenues, as reported in the Company’s Annual Report on Form 10-K or 10-KSB for the year ended December 31, 2008 exceeds Eight Million Five Hundred Thousand Dollars ($8,500,000), then the Company shall pay the Executive,
in addition to the cash bonus under Section 4(c)(i)(A), a cash bonus equal to twelve and one-half percent (12.5%) of his Base Salary as of December 31, 2008; and 
 (C) If the Company’s revenues, as reported in the Company’s Annual Report on Form 10-K or 10-KSB for the year ended December 31, 2008
exceeds Nine Million Five Hundred Thousand Dollars ($9,500,000), then the Company shall pay the Executive, in addition to the cash bonuses under Sections 4(c)(i)(A) and (B), a cash bonus equal to twelve and one-half percent (12.5%) of his Base
Salary as of December 31, 2008. 
 (iii) Any such cash bonus under this Section 4(c) shall be paid not later than thirty
(30) days after filing such Form 10-K or Form 10-KSB with the SEC. All cash bonuses under Section 4(b) and Section 4(c) are collectively referred to as the “Initial Annual Bonus”). 
 (d) For each fiscal year after December 31, 2008, the Compensation Committee of the Board, or if no such Committee exists, then the Board shall
establish an annual performance-based cash bonus up to one–half of the annual Base Salary as of the first day of such fiscal year (the “Subsequent Annual Bonus”). 
  

	 	5.	Expenses; Fringe Benefits  

 (a) The Company
agrees to pay or to reimburse the Executive for all reasonable, ordinary, necessary and documented business or entertainment expenses incurred during the Term in the performance of his services hereunder in accordance with the policy of the Company
as from time to time in effect. The Executive, as a condition precedent to obtaining such payment or reimbursement, shall provide to the Company any and all statements, bills or receipts evidencing the travel or out-of-pocket expenses for which the
Executive seeks payment or reimbursement, and any other information or materials, as the Company may from time to time reasonably require. 
  

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 (b) During the Term, the Executive and his spouse and dependents shall be eligible to participate in and
receive all benefits under any welfare benefit plans and programs (including without limitation, medical, disability and group life insurance) provided by the Company to its employees generally, subject, however, to the generally applicable
eligibility and other provisions of the various plans and programs in effect from time to time; provided, however, that medical and dental benefits will be provided at no cost to the Executive. 
 (c) During the Term, the Executive shall be entitled to participate in all retirement plans and programs provided by the Company to its employees
generally, subject, however, to the generally applicable eligibility and other provisions of the various plans and programs in effect from time to time. The Executive shall be allowed to participate in the Company’s 401(k) plan as of the
earliest date permitted by the plan, but in no event later than ninety (90) days after the date hereof. 
 (d) The Executive shall be
entitled to four weeks paid vacation annually to be taken at such times as shall not, in the reasonable judgment of the Board, materially interfere with the Executive’s fulfillment of his duties hereunder. In addition, the Executive shall be
entitled to as many paid holidays, sick days and personal days as are in accordance with the Company’s policy then in effect generally for its employees, and shall be entitled to paid time-off for religious observances. 
  

	 	6.	Termination 

 (a) The Company, by direction
of the Board, shall be entitled to terminate the Executive’s employment and to discharge the Executive with or without “cause,” in either case effective immediately upon the giving of written notice of such termination. The term
“cause” shall be limited to the following grounds: 
 (i) the Executive’s willful failure to (A) materially
perform his duties and responsibilities as set forth in Section 3 hereof or (B) abide in all material respects by the reasonable directives of the Board in accordance with Section 3, in each case if such failure or refusal is not
cured (if curable) within thirty (30) days after written notice thereof to the Executive by the Board; 
 (ii) the Executive’s
willful misappropriation of material funds or property of the Company; 
 (iii) the conviction of the Executive in a court of law of, or
entering by the Executive to a plea of guilty or no contest to, any felony or any crime involving moral turpitude, dishonesty or theft; or 
 (iv) any breach by the Executive of the Proprietary Information and Inventions Agreement if such failure or refusal is not cured (if curable) within thirty (30) days after written notice thereof to the Executive by the Chief Executive
Officer or the Board. 

  

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Any notice required to be given by the Board pursuant to clause (i) or clause (iv) above shall specify the nature of the claimed breach and the
manner in which the Company requires such breach to be cured (if curable). In the event that the Executive is purportedly terminated for cause and the arbitrator appointed pursuant to Section 14 determines that “cause” as defined
herein was not present, then such purported termination for cause shall be deemed a termination “without cause” pursuant to Section 6(c) and the Executive’s rights and remedies will be governed by Section 6(c), in full
satisfaction and in lieu of any and all other or further remedies the Executive may have. For purposes of this Agreement, “willful” shall mean done, or omitted to be done, by the Executive, not in good faith and without reasonable belief
that his action or omission was in the best interest of the Company. 
 (b) In the event of the termination of the employment of the
Executive by the Board for “cause”, the Executive shall be entitled to the following payments and benefits: (i) unpaid salary and accrued vacation compensation through, and any unpaid reimbursable expenses outstanding as of, the Date
of Termination; and (ii) all benefits, if any, that had accrued to the Executive through the Date of Termination under the plans and programs described in Sections 5(b) and (c) above. 
 (c) In the event of a termination of the employment of the Executive by the Board “without cause” or the Company delivers a Notice of
Termination under Section 2, the Executive shall be entitled to the following payments and benefits: 
 (i) as severance, (A) an
amount equal to one hundred fifty percent (150%) of his annual Base Salary in effect as of the Date of Termination, and (B) either (x) if the Date of Termination is on or before December 31, 2008, then the amount of the Initial
Annual Bonus (whether or not the respective performance criteria was met) multiplied by the number of days from the date hereof to the Date of Termination divided by 432, and (y) if the Date of Termination is after December 31, 2008, then
the amount of the Subsequent Annual Bonus (whether or not the performance criteria was met) multiplied by the number of days from January 1 of the calendar year in which the Date of Termination shall occur to the Date of Termination divided by
the total number of days in such calendar year (any employment or consulting income earned by the Executive during such period shall not reduce the Company’s obligations under this clause (i)); 
 (ii) unpaid salary and accrued vacation compensation through the Date of Termination; 
 (iii) any unpaid reimbursable expenses outstanding as of the Date of Termination; 
 (iv) all benefits, if any, that had accrued to the Executive through the Date of Termination under the plans and programs described in Sections 5(b) and
(c) above; and 
 (v) coverage under the “employee welfare benefit plans” (as defined in 

  

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Section 3(l) of ERISA) provided by the Company to comparable executives. In lieu of such coverage, the Company may reimburse the Employee on a net
after-tax basis, for the cost of individual insurance coverage for the Executive and the Executive’s dependents under a policy or policies that provide benefits not less favorable than the benefits provided under such employee welfare benefit
plans through the date one (1) year after the Date of Termination, or the Executive securing coverage of similar benefits by another employer or other source. 
 (d) The Executive shall have the right to terminate this Agreement and his employment hereunder for “good reason”, if (i) the Executive shall have given the Company prior written notice of the reason
therefor and (ii) a period of ten (10) business days following receipt by the Company of such notice shall have lapsed and the matters which constitute or give rise to such “good reason” shall not have been cured or eliminated by
the Company. In the event the Company shall not take such action within such period, the Executive may send another notice to the Company electing to terminate his employment hereunder and, in such event, the Executive’s employment hereunder
shall terminate and the effective date of such termination shall be the third business day after the Company shall have received such notice. In the event of such termination, the Executive shall be entitled to receive the same payments and benefits
as would be provided under Section 6(c) in the event of termination without cause. For the purpose of this Agreement, “good reason” shall only mean the occurrence of any of the following without the Executive’s prior written
consent: 
 (i) a material change by the Company in the nature of Executive’s title, duties, authority and responsibilities set forth in
this Agreement; provided, however, that a change in the Executive’s title shall not constitute good reason provided such change does not (A) materially reduce the Executive’s authority or (B) require the Executive to
report to anyone other than the Chief Executive Officer or the Board; 
 (ii) a reduction in the nature of the Executive’s compensation
as established under this Agreement; 
 (iii) a material breach by the Company of any of its obligations under this Agreement; 

(iv) a requirement that the Executive engage in any act or requirement that the Executive not act which is illegal or which would reasonably likely
be materially damaging or detrimental to the Executive’s reputation; or 
 (v) a Change of Control, as defined in Section 6(f), as
a result of which the Executive is not offered the same or comparable position in the surviving company on substantially the same terms as in this Agreement, or is offered such position but within twenty-four (24) months after the Executive
accepts such position, the Executive’s employment is terminated either without cause or for good reason described in subsections (i), (ii) or (iv) of this Section 6(d) or in subsection (iii) as to the employment agreement
then applicable to the Executive. 
 (e) The Executive shall be entitled to terminate this Agreement and his 

  

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employment hereunder without good reason by giving the Company prior written notice to that effect. The termination of employment shall be effective on the
date specified in such notice, or earlier, at the determination of the Company, in which event such termination shall remain classified as a termination by the Executive without good reason. In the event that the Executive terminates this Agreement
without good reason or delivers a Notice of Termination under Section 2, the Executive shall be entitled to receive the same payments and benefits as would be provided under Section 6(b). 
 (f) The term “Change or Control” shall mean (i) any “person” (as such term is used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than a trustee or other fiduciary holding securities of the Company under an employee benefit plan of the Company, (A) becomes the “beneficial
owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of (x) the outstanding shares of common stock of the Company or (y) the combined
voting power of the Company’s then-outstanding securities, and (B) became the beneficial owner of such securities other than with the affirmative vote by at least a majority of the Incumbent Directors, (ii) the Company is party to a
merger or consolidation, or series of related merger or consolidation transactions, which results in the voting securities of the Company outstanding immediately prior thereto failing to continue to represent (either by remaining outstanding or by
being converted into voting securities of the surviving or another entity) at least fifty (50%) percent of the combined voting power of the voting securities of the Company or such surviving or other entity outstanding immediately after such
merger or consolidation, (iii) the sale or disposition of all or substantially all of the Company’s assets (or consummation of any transaction, or series of related transactions, having similar effect), (iv) there occurs a change in
the composition of the Board within a two-year period, as a result of which fewer than a majority of the directors are Incumbent Directors, (v) the dissolution or liquidation of the Company, or (vi) any transaction or series of related
transactions that has the substantial effect of any one or more of the foregoing. “Incumbent Directors” will mean directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or
nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an
actual or threatened proxy contest relating to the election of directors to the Board). 
 (g) In the event that the severance and other
benefits provided for in this Agreement or otherwise payable to the Executive (i) constitute “parachute payments” within the meaning of Section 280G (as such section may be amended or replaced) of the Internal Revenue Code
of 1986, as amended or replaced (the “Code”) and (ii) but for this Section 6(g), would be subject to the excise tax imposed by Section 4999 (as such section may be amended or replaced) of the Code (the “Excise
Tax”), then the Executive’s benefits hereunder shall be either (i) provided to the Executive in full, or (ii) provided to the Executive only as to such lesser extent which would result in no portion of such benefits being
subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable Federal, state and local income taxes and the Excise Tax, results in the receipt by the Executive on an after-tax basis, of the greatest amount of
benefits, notwithstanding that all or some portion of such benefits may be taxable under the Excise Tax. 

  

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Unless the Company and the Executive otherwise agree in writing, any determination required under this Section 6(g) shall be made in writing in good
faith by the Company’s independent public accountants (the “Accountants”). In the event of a reduction in benefits hereunder, the Executive shall be given the choice of which benefits to reduce. For purposes of making the
calculations required by this Section 6(g), the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of the Code. The
Company and the Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 6(g). The Company shall bear all costs the Accountants may
reasonably incur in connection with any calculations contemplated by this Section 6(g). 
  

	 	7.	Disability; Death 

 In the event the
Executive shall be unable to perform his duties hereunder by virtue of illness or physical or mental incapacity or disability (from any cause or causes whatsoever) in substantially the manner and to the extent required hereunder prior to the
commencement of such disability (all such causes being herein referred to as “disability”) and the Executive shall fail to perform such duties for periods aggregating 60 days, whether or not continuous, in any continuous period of
180 days, the Company shall have the right to terminate the Executive’s employment hereunder upon prior written notice to him. In the event of the Executive’s death, the Date of Termination shall be the date of the Executive’s death.
In the event the Company terminates the Executive pursuant to this Section 7, the Executive, or in the case of his death, his heirs, beneficiaries or estate, shall be entitled to receive the entitlements set forth in Section 6(b) of this
Agreement. In addition, in the event the Company terminates the Executive pursuant to this Section 7 for disability, and the Executive elects to continue coverage under COBRA for the applicable statutory period under the employee healthcare
benefit plan in which he participated in accordance with the terms thereof, then the Company shall pay the same portion of the premium it would have paid had the Executive remained an employee, continuing for the period ending on the earlier of
(i) the termination of the applicable statutory period, or (ii) the first anniversary of the Date of Termination. In the event of the Executive’s death, if the Executive’s family members covered by the employee healthcare benefit
plan on which the Executive participated elect to continue coverage under COBRA for the applicable statutory period under such plan in accordance with the terms thereof, then the Company shall pay the same portion of the premium it would have paid
had the Executive remained an employee, continuing for the period ending on the earlier of (i) the termination of the applicable statutory period, or (ii) one year from the Date of Termination. 
  

	 	8.	Assignment 

 Subject to Section 6(d),
the Company and the Executive agree that the Company shall have the right to assign this Agreement, and, accordingly, this Agreement shall inure to the benefit of, and may be enforced by, any and all successors and assigns of the Company, including,
without limitation, by asset assignment, stock sale, merger, consolidation or other corporate reorganization; provided, however, that any assignment by the Company shall not relieve the Company of any of its obligations to the Executive under
this Agreement. The Company and the Executive agree that the 

  

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Executive’s rights and obligations under this Agreement are personal to the Executive, and the Executive shall not have the right to assign or otherwise
transfer his rights or obligations under this Agreement, and any purported assignment or transfer shall be void and ineffective. The rights and obligations of the Company hereunder shall be binding upon and run in favor of the successors and assigns
of the Company. 
  

	 	9.	Modification 

 This Agreement may not be
orally canceled, changed, modified or amended, and no cancellation, change, modification or amendment shall be effective or binding, unless in writing and signed by the parties to this Agreement, and approved by the Board. 
  

	 	10.	Severability; Survival 

 In the event any
provision or portion of this Agreement is determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall nevertheless be binding upon the parties with the same effect as though the
invalid or unenforceable part had been severed and deleted or reformed to be enforceable. The respective rights and obligations of the parties hereunder shall survive the termination of the Executive’s employment to the extent necessary to the
intended preservation of such rights and obligations. 
  

	 	11.	Notice 

 Any notice, request, instruction or
other document to be given hereunder by any party hereto to another party shall be in writing and shall be deemed effective (a) upon personal delivery, if delivered by hand, or (b) three days after the date of deposit in the mails, postage
prepaid if mailed by certified or registered mail, or (c) on the next business day, if sent by prepaid overnight courier service, and in each case, addressed as follows: 
  

	
	 If to the Executive:

	
	 Robert L. Burrows

	 11474 Swift Water Cir.

	 Orlando Florida 32817

	
	 If to the Company:

	
	 Action Products International, Inc.

	 Attention: Ronald S. Kaplan

	 1101 N. Keller Rd., Suite E

	 Orlando, Florida 32810

 Any party may change the address to which notices are to be sent by giving notice of such change of address to the
other party in the manner herein provided for giving notice. 
  

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	 	12.	Applicable Law 

 This Agreement shall be
governed by, enforced under, and construed in accordance with the laws of the State of Florida without application of conflict of law provisions applicable therein. 
  

	 	13.	Entire Agreement 

 This Agreement represents
the entire agreement between the Company and the Executive with respect to the employment of the Executive by the Company, and all prior agreements, plans and arrangements relating to the employment of the Executive by the Company are nullified and
superseded hereby. 
  

	 	14.	Arbitration 

 (a) The parties hereto
agree that any dispute, controversy or claim arising out of, relating to, or in connection with this Agreement (including, without limitation, any claim regarding or related to the interpretation, scope, effect, enforcement, termination, extension,
breach, legality, remedies and other aspects of this Agreement or the conduct and communications of the parties regarding this Agreement and the subject matter of this Agreement) shall be settled by arbitration at the offices of the American
Arbitration Association or a successor organization for binding arbitration in City of Orlando, State of Florida by a single arbitrator. The arbitrator may grant injunctions or other relief in such dispute or controversy. All awards of the
arbitrator shall be binding and non-appealable. Judgment upon the award of the arbitrator may be entered in any court having jurisdiction. The arbitrator shall apply Florida law to the merits of any dispute or claims, without reference to the rules
of conflicts of law applicable therein. Suits to compel or enjoin arbitration or to determine the applicability or legality of arbitration shall be brought in the United States District Court, in the City of Orlando, State of Florida, or if that
court lacks jurisdiction, in a state court located within the geographic boundaries thereof. Notwithstanding the foregoing, no party to this Agreement shall be precluded from applying to a proper court for injunctive relief by reason of the prior or
subsequent commencement of an arbitration proceeding as herein provided. 
 (b) The Executive has read and understands this
Section 14 which discusses arbitration. The Executive understands that by signing this Agreement, the Executive agrees to submit any claims arising out of, relating to, or in connection with this Agreement, or the interpretation, validity,
construction, performance, breach or termination thereof, or his employment or the termination thereof, to binding arbitration, and that this arbitration provision constitutes a waiver of the Executive’s right to a jury trial and relates to the
resolution of all disputes relating to all aspects of the employer/employee relationship. 
  

	 	15.	Headings 

 The headings contained in this
Agreement are for reference purposes only, and shall not affect the meaning or interpretation of this Agreement. 
  

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	 	16.	Withholdings 

 The Company may withhold from
any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
  

	 	17.	No Strict Construction 

 The language used in
this Agreement will be deemed to be the language chosen by the Company and the Executive to express their mutual intent, and no rule of law or contract interpretation that provides that in the case of ambiguity or uncertainty a provision should be
construed against the draftsman will be applied against any party hereto. 
 [remainder of page intentionally left blank] 

 

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 IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the day and year
first above written. 
  

			
	 /s/ ROBERT L. BURROWS

	Robert L. Burrows
	
	ACTION PRODUCTS INTERNATIONAL, INC.
		
	By:	 	 /s/ RONALD S. KAPLAN

		 	Ronald S. Kaplan
		 	Chief Executive Officer

  

 12Amended and Restated Change in Control Agreement Gerald H. Lipkin

 Exhibit 10.1 
 AMENDED AND RESTATED 
 CHANGE IN CONTROL AGREEMENT 
 GERALD H. LIPKIN 
 THIS AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT (this “Agreement”), is made
as of this 22nd day of January, 2008, among VALLEY NATIONAL BANK (“Bank”), a national banking association with its principal office at 1455 Valley Road, Wayne, New Jersey, VALLEY NATIONAL BANCORP
(“Valley”), a New Jersey corporation which maintains its principal office at 1455 Valley Road, Wayne, New Jersey (Valley and the Bank collectively are the “Company”) and GERALD H. LIPKIN (the
“Executive”). 
 BACKGROUND 
 WHEREAS, the Executive has been employed by Valley and the Bank for many years; 
 WHEREAS, the Executive
throughout his tenure has worked diligently in his position in the business of the Bank and Valley; 
 WHEREAS, the Boards of Directors of
the Bank and Valley (either one, the “Board of Directors” and, together, the “Company Boards”) believe that the future services of the Executive are of great value to the Bank and Valley and that it is important for
the growth and development of the Bank that the Executive continue in his position; 
 WHEREAS, if the Company receives any proposal from a
third person concerning a possible business combination with, or acquisition of equities securities of, the Company, the Company Boards believe it is imperative that the Company and the Company Boards be able to rely upon the Executive to continue
in his position, and that they be able to receive and rely upon his advice, if they request it, as to the best interests of the Company and its shareholders, without concern that the Executive might be distracted by the personal uncertainties and
risks created by such a proposal; 

 WHEREAS, to achieve that goal, and to retain the Executive’s services prior to any such activity,
the Board of Directors and the Executive have agreed to enter into this Agreement to govern the Executive’s termination benefits in the event of a Change in Control of the Company, as hereinafter defined; and 
 WHEREAS, the Executive and the Company had entered into an Amended and Restated Change in Control Agreement dated November 30, 2004, which was
amended on August 15, 2006, and have agreed to further amend and restate that agreement with this Agreement. 
 NOW, THEREFORE, to
assure the Company that it will have the continued dedication of the Executive and the availability of his advice and counsel notwithstanding the possibility, threat or occurrence of an acquisition or a bid to take over control of the Company, and
to induce the Executive to remain in the employ of the Company, and for other good and valuable consideration, the Company and the Executive, each intending to be legally bound hereby, agree as follows: 
 1. Definitions 
 a.
Cause. For purposes of this Agreement “Cause” with respect to the termination by the Company of Executive’s employment shall mean (i) willful and continued failure by the Executive to perform his duties for the
Company under this Agreement after at least one warning in writing from the Board of Directors identifying specifically any such failure; (ii) the willful engaging by the Executive in misconduct which causes material injury to the Company as
specified in a written notice to the Executive from the Board of Directors; or (iii) conviction of a 

  

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crime (other than a traffic violation), habitual drunkenness, drug abuse, or excessive absenteeism (other than for illness), after a warning (required with
respect to drunkenness or absenteeism only) in writing from the Board of Directors to refrain from such behavior. No act or failure to act on the part of the Executive shall be considered willful unless done, or omitted to be done, by the Executive
not in good faith and without reasonable belief that the action or omission was in the best interests of the Company. 
 b.
Change in Control. “Change in Control” means any of the following events: (i) when Valley or a Valley Subsidiary acquires actual knowledge that any person (as such term is used in Sections 13(d) and 14(d)(2) of the
Exchange Act), other than an affiliate of Valley or a Valley Subsidiary or an employee benefit plan established or maintained by Valley, a Valley Subsidiary or any of their respective affiliates, is or becomes the beneficial owner (as defined in
Rule 13d-3 of the Exchange Act) directly or indirectly, of securities of Valley representing more than twenty-five percent (25%) of the combined voting power of Valley’s then outstanding securities (a “Control Person”);
(ii) upon the first purchase of Valley’s common stock pursuant to a tender or exchange offer (other than a tender or exchange offer made by Valley, a Valley Subsidiary or an employee benefit plan established or maintained by Valley, a
Valley Subsidiary or any of their respective affiliates); (iii) the consummation of (A) a transaction, other than a Non-Control Transaction, pursuant to which Valley is merged with or into, or is consolidated with, or becomes the
subsidiary of another corporation, (B) a sale or disposition of all or substantially all of Valley’s assets or (C) a plan of liquidation or dissolution of Valley; (iv) if during any period of two (2) consecutive years,
individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board of Directors of Valley (the “Valley Board”) cease for any reason to constitute at least 60% thereof or, following a
Non-Control Transaction, 60% of the board of directors of the 

  

 3 

 
Surviving Corporation; provided that any individual whose election or nomination for election as a member of the Valley Board (or, following a
Non-Control Transaction, the board of directors of the Surviving Corporation) was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director; or (v) upon a sale of
(A) common stock of the Bank if after such sale any person (as such term is used in Section 13(d) and 14(d)(2) of the Exchange Act) other than Valley, an employee benefit plan established or maintained by Valley or a Valley Subsidiary, or
an affiliate of Valley or a Valley Subsidiary, owns a majority of the Bank’s common stock or (B) all or substantially all of the Bank’s assets (other than in the ordinary course of business). For purposes of this paragraph:
(I) Valley will be deemed to have become a subsidiary of another corporation if any other corporation (which term shall include, in addition to a corporation, a limited liability company, partnership, trust, or other organization) owns,
directly or indirectly, 50 percent or more of the total combined outstanding voting power of all classes of stock of Valley or any successor to Valley; (II) “Non-Control Transaction” means a transaction in which Valley is merged
with or into, or is consolidated with, or becomes the subsidiary of another corporation pursuant to a definitive agreement providing that at least 60% of the directors of the Surviving Corporation immediately after the transaction are persons who
were directors of Valley on the day before the first public announcement relating to the transaction; (III) the “Surviving Corporation” in a transaction in which Valley becomes the subsidiary of another corporation is the ultimate
parent entity of Valley or Valley’s successor; (IV) the “Surviving Corporation” in any other transaction pursuant to which Valley is merged with or into another corporation is the surviving or resulting corporation in the
merger or consolidation; and (V) “Valley Subsidiary” means any corporation in an unbroken chain of corporations, beginning with Valley, if each of the corporations other than the last corporation in the unbroken chain owns
stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
  

 4 

 c. Contract Period. “Contract Period” shall mean the period
commencing the day immediately preceding a Change in Control and ending on the earlier of (i) the third anniversary of the Change in Control or (ii) the death of the Executive. For the purpose of this Agreement, a Change in Control shall
be deemed to have occurred at the date specified in the definition of Change in Control. 
 d. Exchange Act.
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 e. Good Reason. When used
with reference to a voluntary termination by Executive of his employment with the Company, “Good Reason” shall mean any of the following, if taken without Executive’s express prior written consent: 
 (1) The assignment to Executive of any duties inconsistent with, or the reduction of powers or functions associated with, Executive’s
position, title, duties, responsibilities and status with the Company immediately prior to a Change in Control; any removal of Executive from, or any failure to re-elect Executive to, any position(s) or office(s) Executive held immediately prior to
such Change in Control. 
 (2) A reduction by the Company in Executive’s annual base compensation as in effect
immediately prior to a Change in Control or the failure to award Executive annual increases in accordance herewith; 
 (3) A
failure by the Company to continue any bonus plan in which Executive participated immediately prior to the Change in Control (except that the Company may institute plans, programs or arrangements providing the Executive substantially similar 

  

 5 

 
benefits) or a failure by the Company to continue Executive as a participant in such plans on at least the same basis as Executive participated in such plan
prior to the Change in Control; or a failure to pay the Executive the bonus provided for in Section 4.b hereof at the time and in the manner therein specified; 
 (4) The Company’s transfer of Executive to another geographic location outside of New Jersey or more than 25 miles from his present
office location, except for required occasional travel on the Company’s business to an extent consistent with Executive’s business travel obligations immediately prior to such Change in Control; 
 (5) The failure by the Company to continue in effect any employee benefit plan, program or arrangement (including, without limitation the
Company’s retirement plan, benefit equalization plan, split-dollar life insurance agreement for the Executive, health and accident plan, disability plan, deferred compensation plan or long term stock incentive plan) in which Executive is
participating immediately prior to a Change in Control (except that the Company may institute or continue plans, programs or arrangements providing Executive with substantially similar benefits); the taking of any action by the Company which would
adversely affect Executive’s participation in or materially reduce Executive’s benefits under, any of such plans, programs or arrangements; the failure to continue, or the taking of any action which would deprive Executive, of any material
fringe benefit enjoyed by Executive immediately prior to such Change in Control; or the failure by the Company to provide Executive with the number of paid vacation days to which Executive was entitled immediately prior to such Change in Control;

 (6) The failure by the Company to obtain an assumption in writing of the obligations of the Company to perform this
Agreement by any successor to the Company and to provide such assumption to the Executive prior to any Change in Control; or 
  

 6 

 (7) Any purported termination of Executive’s employment by the Company during the
term of this Agreement which is not effected pursuant to all of the requirements of this Agreement; and, for purposes of this Agreement, no such purported termination shall be effective. 
 2. Employment. The Company hereby agrees to employ the Executive, and the Executive hereby accepts employment, during the Contract Period upon the
terms and conditions set forth herein. 
 3. Position. During the Contract Period the Executive shall be employed as Chairman and
Chief Executive Officer of Valley and the Bank, or such other corporate or divisional profit center as shall then be the principal successor to the business, assets and properties of the Company, with the same title and with the same duties and
responsibilities as before the Change in Control. The Executive shall devote his full time and attention to the business of the Company, and shall not during the Contract Period be engaged in any other business activity. This paragraph shall not be
construed as preventing the Executive from managing any investments of his which do not require any service on his part in the operation of such investments or from continuing to serve on any boards of directors or trustees which he served prior to
the Change in Control or for which consent is provided by the Valley Board after a Change in Control. 
 4. Cash Compensation. The
Company shall pay to the Executive compensation for his services during the Contract Period as follows: 
 a. Base
Salary. A base annual salary equal to the annual salary in effect as of the Change in Control. The annual salary shall be payable in installments in accordance with the Company’s usual payroll method. 
  

 7 

 b. Annual Bonus. An annual cash bonus equal to at least the average of the bonuses
paid to the Executive in the three years prior to the Change in Control. The bonus shall be payable at the time and in the manner which the Company paid such bonuses prior to the Change in Control. 
 c. Annual Review. The Board of Directors during the Contract Period shall review annually, or at more frequent intervals which the
Board of Directors determines is appropriate, the Executive’s compensation and shall award him additional compensation to reflect the Executive’s performance, the performance of the Company and competitive compensation levels, all as
determined in the discretion of the Board of Directors. 
 5. Expenses and Fringe Benefits. 
 a. Expenses. During the Contract Period, the Executive shall be entitled to reimbursement for all business expenses incurred by him
with respect to the business of the Company in the same manner and to the same extent as such expenses were previously reimbursed to him immediately prior to the Change in Control. 
 b. Benefit Equalization Plan. During the Contract Period, if the Executive was entitled to benefits under the Company’s
Benefit Equalization Plan (“BEP”) prior to the Change in Control, the Executive shall be entitled to continued benefits under the BEP after the Change in Control and such BEP may not be modified or terminated to reduce or eliminate
such benefits during the Contract Period. 
 c. Club Membership and Automobile. If prior to the Change in Control, the
Executive was entitled to membership in a country club and/or the use of an automobile, during the Contract Period he shall be entitled to the same membership and/or use of an automobile at least comparable to the automobile provided to him prior to
the Change in Control. 
  

 8 

 d. Other Benefits. During the Contract Period, the Executive also shall be
entitled to vacations and sick days, in accordance with the practices and procedures of the Company, as such existed immediately prior to the Change in Control. During the Contract Period, the Executive also shall be entitled to hospital, health,
medical and life insurance, and any other benefits enjoyed, from time to time, by senior officers of the Company, all upon terms as favorable as those enjoyed by other senior officers of the Company. Notwithstanding anything in this paragraph 5(d)
to the contrary, if the Company adopts any change in the benefits provided for senior officers of the Company, and such policy is uniformly applied to all officers of the Company (and any successor or acquiror of the Company, if any), including the
chief executive officer of such entities, then no such change shall be deemed to be contrary to this paragraph. 
 6. Termination for
Cause. During the Contract Period, the Company shall have the right to terminate the Executive for Cause, upon written notice to him of the termination which notice shall specify the reasons for the termination. In the event of termination for
Cause the Executive shall not be entitled to any further compensation or benefits under this Agreement. 
 7. Disability. During the
Contract Period if the Executive becomes permanently disabled, or is unable to perform his duties hereunder for 4 consecutive months, the Company may terminate the employment of the Executive. In such event, the Executive shall be paid within 10
days of termination a lump sum equal to one-twelfth of the highest annual salary (including 401(k) plan deferral) paid to the Executive during any calendar year in each of the three calendar years immediately prior to the Change in Control, but
shall not be entitled to any further compensation or benefits under this Agreement, except as provided in the next sentence and in Section 12. If the Company fails to pay the Executive the lump sum amount due him under this Section 7 or
the payments under Section 12, the Executive, after giving 10 days’ written notice to 

  

 9 

 
the Company identifying the Company’s failure, shall be entitled to recover from the Company on a monthly basis as incurred all of his reasonable legal
fees and expenses incurred in connection with his enforcement against the Company of the terms of this Agreement. The Executive shall be denied payment of his legal fees and expenses only if a court finds that the Executive sought payment of such
fees without reasonable cause and not in good faith. 
 8. Death Benefits. During the Contract Period (defined without regard to his
death), upon the Executive’s death his estate shall be paid within 20 business days of his death a lump sum equal to one-twelfth of the highest annual salary (including 401(k) plan deferral) paid to the Executive during any calendar year in
each of the three calendar years immediately prior to the Change in Control, but shall not be entitled to any further compensation or benefits under this Agreement, except as provided in the next sentence and in Section 12. If the Company fails
to pay the Executive’s estate the lump sum amount due it under this Section or the payments under Section 12, the Executive’s estate, after giving 10 days’ written notice to the Company identifying the Company’s failure,
shall be entitled to recover from the Company on a monthly basis as incurred all of its reasonable legal fees and expenses incurred in connection with its enforcement against the Company of the terms of this Agreement. The Executive’s estate
shall be denied payment of its legal fees and expenses only if a court finds that the Executive sought payment of such fees without reasonable cause and not in good faith. 
 9. Termination Without Cause or Resignation for Good Reason. The Company may terminate the Executive without Cause during the Contract Period by
written notice to the Executive providing four weeks notice. The Executive may resign for Good Reason during the Contract Period upon four weeks written notice to the Company specifying the facts and circumstances claimed to support the Good Reason.
The Executive shall be entitled to give a 

  

 10 

 
Notice of Termination that his or her employment is being terminated for Good Reason at any time during the Contract Period, not later than twelve months
after any occurrence of an event stated to constitute Good Reason. If during the Contract Period the Company terminates the Executive’s employment without Cause or the Executive Resigns for Good Reason, then the Executive shall be entitled to
the following: (i) the Company shall within 20 business days of the termination of employment pay the Executive a lump sum severance payment in an amount equal to three times the highest annual compensation, consisting solely of salary
(including any 401(k) plan deferral) and bonus, paid to (or in the case of bonus accrued for) the Executive during any calendar year in each of the three calendar years immediately prior to the Change in Control; (ii) the Company shall credit
Executive under the BEP immediately upon termination with additional years of credited service as if he had continued to work for the Company for three years after the date of termination, the benefit plans covered thereby had remained the same
during such period, and the BEP was not changed or modified after the Change in Control or otherwise during such period; (iii) the Company shall, within 20 business days of the termination of employment, pay the Executive a lump sum amount
equal to one hundred twenty-five percent (125%) of (A) the aggregate COBRA premium amounts (based upon COBRA rates then in effect) for three (3) years of the health, hospitalization and medical insurance coverage that was being
provided to the Executive (and his spouse) at the time of termination of employment, minus (B) the aggregate amount of any employee contribution that would have been required of the Executive (determined as of the termination of employment) for
such three (3) year period; and (iv) the Company shall, within 20 business days of the termination of employment with the Company, pay the Executive a lump sum amount equal to one hundred twenty-five percent (125%) of the
Company’s share of the premium for three (3) years of the life insurance coverage provided to a similarly situated active employee (based upon the coverage and rates in effect on the date the Executive terminates employment). 

 

 11 

 The Executive shall not have a duty to mitigate the damages suffered by him in connection with the
termination by the Company of his employment without Cause or a resignation for Good Reason during the Contract Period. If the Company fails to pay the Executive any lump sum amounts due him hereunder or to provide him with BEP benefits due under
this section or the payments under Section 12, the Executive, after giving 10 days’ written notice to the Company identifying the Company’s failure, shall be entitled to recover from the Company on a monthly basis as incurred all of
his reasonable legal fees and expenses incurred in connection with his enforcement against the Company of the terms of this Agreement. The Executive shall be denied payment of his legal fees and expenses only if a court finds that the Executive
sought payment of such fees without reasonable cause and not in good faith. 
 10. Resignation Without Good Reason. The Executive
shall be entitled to resign from the employment of the Company at any time during the Contract Period without Good Reason, but upon such resignation the Executive shall not be entitled to any additional compensation for the time after which he
ceases to be employed by the Company, and shall not be entitled to any of the other benefits provided hereunder. No such resignation shall be effective unless in writing with four weeks’ notice thereof. 
  

 12 

 11. Non-Disclosure of Confidential Information. 
 a. Non-Disclosure of Confidential Information. Except in the course of his employment with the Company and in the pursuit of the
business of the Company or any of its subsidiaries or affiliates, the Executive shall not, at any time during or following the Contract Period, disclose or use, any confidential information or proprietary data of the Company or any of its
subsidiaries or affiliates. The Executive agrees that, among other things, all information concerning the identity of and the Company’s relations with its customers is confidential information. 
 b. Specific Performance. Executive agrees that the Company does not have an adequate remedy at law for the breach of this section
and agrees that he shall be subject to injunctive relief and equitable remedies as a result of the breach of this section. The invalidity or unenforceability of any provision of this Agreement shall not affect the force and effect of the remaining
valid portions. No alleged breach of this Section 11 shall give the Company the right to withhold or offset against any payments due the Executive under this Agreement. 
 c. Survival. This section shall survive the termination of the Executive’s employment hereunder and the expiration of this
Agreement. 
 12. Gross Up for Taxes. 
 a. Additional Payments. If, for any taxable year, Executive shall be liable for the payment of an excise tax under Section 4999 and/or Section 409A or other substitute or similar tax assessment (the
“Excise Tax”) of the Internal Revenue Code of 1986, as amended (the “Code”), including the corresponding provisions of any succeeding law, with respect to any payments or benefits under Section 9 of this
Agreement or Sections 7 or 8 or any other provision of this Agreement, including but not limited to this Section 12 or under any benefit plan of the 

  

 13 

 
Company applicable to Executive individually or generally to executives or employees of the Company, then, notwithstanding any other provisions of this
Agreement, the Company shall pay to the Executive an additional amount (the “Gross-Up Payment”) such that the net amount retained by the Executive, after deduction of the Excise Tax imposed on all such payments and benefits and of
the federal, state and local income tax and Excise Tax imposed upon payments provided for in this Section 12, shall be equal to the payments and benefits due to the Executive hereunder and the payments and/or benefits due to the Executive under
any benefit plan of the Company. Each Gross-Up Payment shall be made to Executive or as provided in Section 16 hereof, upon the later of (i) five (5) days after the date the Executive notifies the Company of its need to make such
Gross-Up Payment, or (ii) the date of any payment causing the liability for such Excise Tax. The amount of any Gross-Up Payment under this section shall be computed by a nationally recognized certified public accounting firm designated jointly
by the Company and the Executive. The cost of such services by the accounting firm shall be paid by the Company. If the Company and the Executive are unable to designate jointly the accounting firm, then the firm shall be the accounting firm used by
the Company immediately prior to the Change in Control. 
 b. IRS Disputed Claims. The Executive shall notify the
Company in writing of any claim by the Internal Revenue Service (“IRS”) that, if successful, would require the payment by the Company of a Gross-Up Payment in addition to that payment previously paid by the Company pursuant to this
section. Such notification shall be given an soon as practicable but no later than fifteen (15) business days after the Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim, the date on which
such claim is requested to be paid, and attach a copy of the IRS notice. The Executive shall not pay such claim prior to the expiration of the thirty (30) day period following the date on which the Executive gives such notice 

  

 14 

 
to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive
in writing prior to the expiration of such period that it desires to contest such claim, the Executive shall: 
 (i) Give the
Company any information reasonably requested by the Company relating to such claim; 
 (ii) Take such action in connection
with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company; 

(iii) Cooperate with the Company in good faith in order effectively to contest such claim; and 
 (iv) Permit the Company to participate in any proceedings relating to such claim; provided, however that the Company shall pay directly
all costs and expenses (including legal and accounting fees, as well as other expenses and any additional interest and penalties) incurred by the Executive and the Company in connection with an IRS levy, contest or claim. 
 c. This Section shall survive the termination of Executive’s employment hereunder and the expiration of the Contract Period.

 13. Term and Effect Prior to Change in Control. 
 a. Term. This Agreement shall commence on the date hereof and shall remain in effect for a period of 3 years from the date hereof
(the “Initial Term”) or until the end of the Contract Period, whichever is later. The Term shall be automatically extended for an additional one year period on the anniversary date hereof (so that the Initial Term on any anniversary
date is always 3 years) unless the Valley Board, by a majority vote by resolution of a majority of Directors then in office votes not to extend the Initial Term any further. 
  

 15 

 b. No Effect Prior to Change in Control. This Agreement shall not affect any
rights of the Company or the Executive prior to a Change in Control or any rights of the Executive granted in any other agreement or contract or plan with the Company. The rights, duties and benefits provided hereunder shall only become effective
upon a Change in Control. If the employment of the Executive by the Company is ended for any reason prior to a Change in Control, this Agreement shall thereafter be of no further force and effect. 
 14. Severance Compensation and Benefits Not in Derogation of Other Benefits. Anything to the contrary herein contained notwithstanding, the
payment or obligation to pay any monies, or granting of any benefits, rights or privileges to Executive as provided in this Agreement shall not be in lieu or derogation of the rights and privileges that the Executive now has or will have under any
plans or programs of or agreements with the Company, except that if the Executive receives the lump sum severance payment due under paragraph 9 hereof, the Executive shall not be entitled to the lump sum severance payment due under paragraph 1 of
the Severance Agreement (the “Severance Agreement”), dated as of the date hereof, between the Company and the Executive, or to severance payments under any other plan or program of the Company providing for severance pay, and shall
not be entitled to the lump sum payment for the aggregate COBRA premium amounts and the cost of life insurance coverage described under paragraph 2 of the Severance Agreement to the extent that such lump sum payment duplicates the payments
hereunder. The compensation and benefits payable under paragraph 8 (death) of the Severance Agreement shall not be effected by this Agreement, but shall be in addition to the benefits provided hereunder. Paragraph 9 of the Severance Agreement dated
the date hereof, regarding minimum retirement benefits shall continue to apply. 
  

 16 

 15. Notice. During the Contract Period, any notice of termination of the employment of the
Executive by the Company or by the Executive to the Company shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a dated notice which
shall (i) indicate the specific termination provision in this Agreement relied upon; (ii) set forth, if necessary, in reasonable detail the facts and circumstances claimed to provide a basis for termination of the employment of the
Executive or from the Company under the provision so indicated; (iii) specify a date of termination, which shall be not less than two weeks nor more than six weeks after such Notice of Termination is given, except in the case of termination of
employment by the Company of the Executive for Cause pursuant to Section 6 hereof, in which case the Notice of Termination may specify a date of termination as of the date such Notice of Termination is given; and (iv) be given by personal
delivery or, if the individual is not personally available, by certified mail to the last known address of the individual. Upon the death of the Executive, no Notice of Termination need be given. 
 16. Payroll and Withholding Taxes. All payments to be made or benefits to be provided hereunder by the Company shall be subject to applicable
federal and state payroll or withholding taxes. Any Gross-Up Payment to be made by the Company may be made in the form of withholding taxes, but shall be timely directed to the IRS (or any state division of taxation) on the Executive’s behalf.

 17. Delay in Payment. Notwithstanding anything else to the contrary in this Agreement, the BEP, or any other plan, contract,
program or otherwise, the Company (and its affiliates) are expressly authorized to delay any scheduled payments under this Agreement, the 

  

 17 

 
BEP, and any other plan, contract, program or otherwise, as such payments relate to the Executive, if the Company (or its affiliate) determines that such
delay is necessary in order to comply with the requirements of Section 409A of the Internal Revenue Code. No such payment may be delayed beyond the date that is six (6) months following the Executive ‘s separation from service (as
defined in Section 409A). At the end of such period of delay, the Executive will be paid the delayed payment amounts, plus interest for the period of any such delay. For purposes of the preceding sentence, interest shall be calculated using the
six (6) month Treasury Bill rate in effect on the date on which the payment is delayed, and shall be compounded daily. If the conditions of the severance exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) (or any successor
Regulation thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the extent permitted under the severance exception. 
 18. Miscellaneous. This Agreement is the joint and several obligation of the Bank and Valley. The terms of this Agreement shall be governed by,
and interpreted and construed in accordance with the provisions of, the laws of New Jersey. Except as set forth herein, this Agreement supersedes all prior agreements and understandings with respect to the matters covered hereby, including expressly
any prior agreement with the Company concerning Change in Control benefits. This Agreement expressly replaces the Amended and Restated Change in Control Agreement dated November 30, 2004, as amended. Except as expressly specified in
Section 14 with regard to the Severance Agreement, this Agreement does not effect or reduce the benefits or obligations of the parties under the Severance Agreement (or any supplement or amendment to or replacement for that agreement). The
amendment or termination of this Agreement may be made only in a writing executed by the Company and the Executive, and no amendment or termination of 

  

 18 

 
this Agreement shall be effective unless and until made in such a writing. This Agreement shall be binding upon any successor (whether direct or indirect, by
purchase, merge, consolidation, liquidation or otherwise) to all or substantially all of the assets of the Company. This Agreement is personal to the Executive and the Executive may not assign any of his rights or duties hereunder but this Agreement
shall be enforceable by the Executive’s legal representatives, executors or administrators. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of
this Agreement to produce or account for more than one such counterpart. 
 IN WITNESS WHEREOF, Valley National Bank and Valley National
Bancorp each have caused this Agreement to be signed by their duly authorized representatives pursuant to the authority of their respective Boards of Directors, and the Executive has personally executed this Agreement, all as of the day and year
first written above. 
  

									
	ATTEST:	 		 	VALLEY NATIONAL BANCORP
				
	/s/ Wilma Falduto	 		 	By:	 	/s/ Robert McEntee
	Wilma Falduto, Assistant Secretary	 		 	 Robert McEntee, Chairman,
 Compensation and
Human Resources Committee

  

									
	ATTEST:	 		 	VALLEY NATIONAL BANK
				
	/s/ Wilma Falduto	 		 	By:	 	/s/ Robert McEntee
	Wilma Falduto, Assistant Secretary	 		 	 Robert McEntee, Chairman,
 Compensation and
Human Resources Committee

  

									
	WITNESS:	 		 	
			
	/s/ Carol B. Diesner	 		 	/s/ Gerald H. Lipkin
	Carol B. Diesner, First Senior Vice President	 		 	Gerald H. Lipkin, Executive

  

 19

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