Document:

Amendment No. 1 to Benefit Equalization Plan

Exhibit 10.2 

AMENDMENT NO. 1 

VALLEY NATIONAL BANCORP BENEFIT EQUALIZATION
PLAN 

Effective as of January 1, 1996, the Valley
National Bancorp Benefit Equalization Plan (the “Plan”) is amended as follows:

 

	1.	Article I of
      the Plan is amended by renumbering Sections 1.5 through 1.23 as Sections
      1.6 through 1.24 respectively, and by adding the following new
      Section 1.5: 

“1.5. 'Change in Control' means any of the
following events: (i) when Valley National Bancorp (“Valley”) or 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 (a “Subsidiary”),
acquires actual knowledge that any person (as such term is used in Sections
13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended, (the
“Exchange Act”), other than an affiliate of Valley or a Subsidiary or an
employee benefit plan established or maintained by Valley, a 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, or 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
Subsidiary or an employee benefit plan established or maintained by Valley, a
Subsidiary or any of their respective affiliates), (iii) upon the approval
by Valley’s stockholders of (A) a merger or consolidation of Valley with or
into another corporation (other than a merger or consolidation which is approved
by at least two-thirds of the Continuing Directors (as hereinafter defined) or
the definitive agreement for which provides that at least two-thirds of the
directors of the surviving or resulting corporation immediately after the
transaction are Continuing Directors (in either case, a “Non-Control
Transaction”)), (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 

 

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period of two (2) consecutive years,
individuals who at the beginning of such period constitute the Board of
Directors of Valley (the “Continuing Directors”) cease for any reason to
constitute at least two-thirds thereof or, following a Non-Control Transaction,
two-thirds of the board of directors of the surviving or resulting corporation;
provided that any individual whose election or nomination for election as
a member of the Board of Directors of Valley (or, following a Non-Control
Transaction, the board of directors of the surviving or resulting 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 Valley National Bank (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 Subsidiary, or an affiliate of Valley or a 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). No person
shall be considered a Control Person for purposes of clause (i) above if
(A) such person is or becomes the beneficial owner, directly or indirectly,
of more than ten percent (10%) but less than twenty-five percent (25%) of
the combined voting power of Valley’s then outstanding securities if the
acquisition of all voting securities in excess of ten percent (10%) was
approved in advance by a majority of the Continuing Directors then in office or
(B) such person acquires in excess of ten percent (10%) of the
combined voting power of Valley’s then outstanding voting securities in
violation of law and by order of a court of competent jurisdiction, settlement
or otherwise, disposes or is required to dispose of all securities acquired in
violation of law.” 

 

	2.	Section 2.8, as renumbered, is amended to read as follows:
      

“1.8 'Compensation Committee’ means the Personnel
and Compensation Committee of the Board of Directors.” 

 

	3.	Section 1.10 (as renumbered) of the Plan is amended by
      deleting the terms “ ten (10) Years Of Continuous Service” and
      substituting “fifteen (15) Years Of Continuous Service” in their
      place. 

 

- 2 - 

	4.	The Plan is
      amended by renumbering Sections 1.10 through 1.25 (as renumbered) as
      Sections 1.11 through 1.26, and by adding the following new
      Section 1.10: 

“1.10 . 'Disabled' shall mean, with respect to a
participant, that the Participant has become mentally or physically disabled
such that he or she is, or is reasonably expected to be, unable to perform the
usual and customary duties of his or her position for a period of long and
continued duration. For this purpose the determination of a Participant’s
disability shall be determined by the Compensation Committee, in its sole but
reasonable discretion. The Compensation Committee shall consult with one
physician of its choosing and one physician of the subject Participant’s
choosing in helping it to determine the existence and extent of the
Participant’s disability.” 

 

	5.	Article IV
      of the Plan is amended by adding the following new paragraph to the end
      thereof: 

“Notwithstanding anything herein to the contrary,
a Participant will have his or her SERP Benefit forfeited in its entirety in the
event that the Participant leaves the employment of the Company for any reason,
voluntarily or involuntarily, prior to the attainment of age 55, except if such
employment terminates as a result of the Participant’s death or Disability. The
preceding sentence will not apply, and all Participant’s will be fully and
absolutely vested in their accrued SERP Benefits, in the event of a Change of
Control. A Participant’s SERP Benefit, if any, will only be paid in the same
form and beginning at the same time as his or her Pension Plan Benefit under the
Pension Plan.” 

IN WITNESS WHEREOF, the Personnel and Compensation
Committee of the Board of Directors of Valley National Bancorp hereby adopts the
foregoing Amendment No. 1 to the Valley National Bancorp Benefit
Equalization Plan. 

 

			
		
	
      BY:
	 	
      /s/ Robert McEntee

		 	
      ROBERT McENTEE

		 	
      Chairman

      VNB Personnel and Compensation
      Committee

5/4/96 

Date 

 

- 3 -Amendment No. 2 to Benefit Equalization Plan

Exhibit 10.3 

AMENDMENT NO. 2 

VALLEY NATIONAL BANK BENEFIT EQUALIZATION PLAN

Effective as of April 6, 1999, the Valley National
Bank Benefit Equalization Plan (the "Plan") is hereby amended as follows:

1. Section 1.7 of the Plan is amended by
replacing the term "Compensation Committee of the Board of Directors" with
"Human Resources and Compensation Committee of the Board of Directors".Amendment No. 3 to Benefit Equalization Plan

Exhibit 10.4 

AMENDMENT NO. 3 

VALLEY NATIONAL BANCORP BENEFIT EQUALIZATION
PLAN 

Effective as of January 1, 2001, the Valley
National Bancorp Benefit Equalization Plan (the "Plan") is hereby amended as
follows: 

1. Section 1.09 of the Plan is amended by deleting
the words "and who has completed fifteen (15) years of Continuous service with
the Company, excluding any past service credit granted under the terms of the
Pension Plan for employment with an entity that was not a member of the
controlled group of corporations that included Valley National Bancorp at the
time service was rendered".Amendment No. 4 to Benefit Equalization Plan

Exhibit 10.5 

AMENDMENT NO. 4 

VALLEY NATIONAL BANCORP BENEFIT EQUALIZATION
PLAN 

Effective as of October 11, 2001, the Valley
National Bancorp Benefit Equalization Plan (the "Plan") is hereby amended as
follows: 

1. The phrase in Section 3.1 of the Plan
which begins with "Each Person who qualifies" and ends with "(a) minus
(b) as follows:" is amended to read: "Each Participant who qualifies for a
Normal, Early, Disability, or Deferred Pension Plan Benefit, or who has
completed at least five Years of Continuous Service under the Pension Plan and
is entitled to an immediately distributable benefit from the Pension Plan, shall
be entitled to a SERP Benefit equal to (a) minus (b) as
follows:"Exhibit 10.6

 

AMENDMENT NO. 5

VALLEY NATIONAL BANCORP BENEFIT EQUALIZATION PLAN

 

 

Effective as of August 15, 2006, the Valley National Bancorp Benefit Equalization Plan (the Plan”) is amended as follows:

1.            Section 1.5 of the Plan, defining Change in Control, is amended by deleting the existing definition and replacing it with the following:

“1.5     ‘Change in Control’ means any of the following events: (i) when Valley National Bancorp (“Valley”) or a 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 Subsidiary or an employee benefit plan established or maintained by Valley, a 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 Subsidiary or an employee benefit plan established or maintained by Valley, a 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 cease for any reason to constitute at least 60% thereof or, following a Non-Control Transaction, 60% of the board of directors of the Surviving Corporation; provided that any individual whose election or nomination
for election as a member of the 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 Valley National Bank, a Subsidiary (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 Subsidiary, or an affiliate of Valley or a 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). No person shall be considered a Control Person for purposes of clause (i) above if (A) such person is or becomes the beneficial owner, directly or indirectly, of more than ten percent (10%) but less than twenty-five percent (25%) of the combined voting power of Valley’s then outstanding securities if the acquisition of all voting securities in excess of ten percent (10%) was approved in advance by a
majority of the Continuing Directors then in office or (B) such person acquires in excess of ten percent (10%) of the combined voting power of Valley’s then outstanding voting securities in violation of law and by order of a court of competent jurisdiction, settlement or otherwise, disposes or is required to dispose of all securities acquired in violation of law. 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) the capitalized term “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.”

 

 

2.            Section 1.7 of the Plan, defining Compensation, is amended by deleting the existing definition and replacing it with the following:

“1.7                   “Compensation” shall mean a Participant’s annual rate of base earnings (excluding overtime and any other forms of additional compensation) paid to him for each calendar year effective as of each January 1. In addition, Compensation shall include all bonus payments paid to a Participant in a given calendar year.”  

The foregoing Amendment shall apply to all Participants who are employed by the Company on or after August 15, 2006. If applicable, however, item 2 of the Amendment above shall apply for purposes of calculating Compensation for all years, including years prior to 2006.

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