Document:

Amendment No. 1 to Master Property Management

 Exhibit 10.2 
 Amendment No. 1 to the 
 Master Property Management, Leasing 
 and Construction Management Agreement 
 This Amendment No. 1 (“Amendment No. 1”) to the Master Property Management, Leasing And Construction Management Agreement (the “Agreement”) is made and entered into as of
the 1st day of April, 2007, by and among Wells Real Estate Investment Trust II, Inc., a Maryland corporation (“Wells REIT II”), Wells Operating Partnership II, L.P., a Delaware limited partnership (“Wells OP II”),
and Wells Management Company, Inc., a Georgia corporation (“Manager”). 
 Background 
 Wells REIT II, Wells OP II, and Manager entered into a Master Property Management, Leasing and Construction Management Agreement on
October 22, 2004, pursuant to which Owner (as defined in the Agreement) retained, and reserved the right to in the future retain, Manager to manage, coordinate the leasing of, and manage construction activities related to, some of the real
estate properties acquired for the benefit of Wells REIT II under the terms and conditions set forth in the Agreement. 
 It
is expected that on or about April 16, 2007, Wells Real Estate Investment Trust, Inc. (“Wells REIT I”) will internalize certain of its operations by acquiring personnel from the Advisor and Manager (the “Internalization
Transaction”). Some of the personnel to be acquired from Manager are personnel who have primary responsibility for the management of some of Owner’s Properties. If this internalization occurs, the personnel (the “WREAS
Personnel”) having primary responsibility for the management of such Properties will become employees of Wells Real Estate Advisory Services, Inc. (“WREAS”), a Georgia corporation and a new subsidiary of Wells REIT I.

 Accordingly, the parties wish to amend the Agreement as provided in Section 7.5 thereof to remove the Transferred
Properties (as defined below) from the scope of the Agreement and to provide for the orderly transition of services from the Manager to WREAS assuming consummation of the Internalization Transaction. Additionally, concurrent or nearly concurrent
with the closing of the Internalization Transaction, it is expected that Wells REIT II, Wells OP II, and WREAS will enter into a separate Master Property Management, Leasing and Construction Management Agreement (the “WREAS
Agreement”) under which the WREAS Personnel will be able to continue to provide the services enumerated in the Agreement with respect to the Transferred Properties. 
 Capitalized terms used in this Amendment No. 1 but not defined herein have the meaning ascribed to them in the Agreement. 

 Agreement 
 Now, Therefore, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

  

	 1.
	 Transferred Properties. Properties that, prior to the date hereof, are managed pursuant to the Agreement primarily by WREAS Personnel will be
removed from the scope of the Agreement and included in the WREAS Agreement effective upon consummation of the Internalization Transaction. Those Properties (the “Transferred Properties”) are as follows:

  

	 	 1.1.
	 1501 Opus Place 

  

	 	 1.2.
	 3333 Finley Road 

  

	 	 1.3.
	 5995 Opus Parkway 

  

	 	 1.4.
	 Quadrangle Corp Park – Siemens 

  

	 	 1.5.
	 Tampa Commons 

  

	 	 1.6.
	 333 & 777 Republic Drive 

 Accordingly, upon consummation of the Internalization Transaction, each Property Amendment relating to the above Properties is hereby removed as a part of the Agreement. 
  

	 2.
	 Removal as Manager. Upon consummation of the Internalization Transaction, Owner removes Manager as the sole and exclusive manager of the
Transferred Properties. Manager hereby accepts and agrees to such removal, subject to the terms and conditions in this Amendment No. 1. All parties hereby waive any and all notice or time periods under the Agreement to effectuate such removal.
Immediately after the consummation of the Internalization Transaction, Manager will cease to be Owner’s and Owner JV’s agent with respect to the Transferred Properties. 

  

	 3.
	 Transition Actions. 

  

	 	 3.1.
	 Manager shall prepare a final accounting within sixty (60) days of the date of the closing of the Internalization Transaction for all Transferred
Properties. Such final accounting shall set forth all current income, all current expenses and all other expenses contracted for on Owner’s or Owner JV’s behalf but not yet incurred in connection with the Transferred Properties.

  

	 	 3.2.
	 Manager shall render to Owner an accounting of all funds of Owner and Owner JV in its possession and shall deliver to Owner a statement of Management Fees
claimed to be due Manager and shall cause funds of Owner and Owner JV held by Manager relating to the Transferred Properties to be paid to Owner and Owner JV or their designees and shall assist in the transferring of approved signatories on all
Accounts. 

  

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	 	 3.3.
	 Manager shall otherwise cooperate with Owner and WREAS in transitioning the services provided for with respect to the Transferred Properties, including
transferring any books and records, transferring any insurance policies or amending such policies to change the named insureds to include WREAS (without removing Manager from such policies without Manager’s consent, which consent shall be in
Manager’s sole and absolute discretion), transferring or assigning any service contracts and personal property solely relating to or used in the operation and maintenance of the Transferred Properties (except personal property paid for and
owned by Manager), and any other actions reasonably requested by Owner and WREAS with respect to the Transferred Properties, all in an effort to ensure the orderly continuance of the operations of the Transferred Properties. Manager shall also, for
a period of sixty (60) days immediately following the date of the closing of the Internalization Transaction, make itself available to consult with and advise WREAS regarding the operation, maintenance and leasing of the Transferred Properties.

  

	 	 3.4.
	 Fees. 

  

	 	 A.
	 Owner will pay Manager the prorated fees due to Manager for the month of termination within 30 days of the date of the closing of the Internalization
Transaction. 

  

	 	 B.
	 Owner will pay Manager a reasonable fee for any services provided by Manager pursuant to the last sentence of Section 3.3 to be negotiated at the time such
services are requested. 

  

	 4.
	 Failure to Close Internalization Transaction. If the Internalization Transaction fails to close for any reason by
                    , 2007, the provisions of Sections 1, 2, and 3 shall become null and void. 

  

	 5.
	 Technical Amendment. As a result of the termination of Wells REIT II’s initial public offering and its subsequent filing of a new registration
statement pursuant to which Wells REIT II sells shares of its common stock to the public, the reference to Registration Statement No. 333-107066 in Section 2.3.B of the Agreement is hereby amended to refer to Registration Statement
No. 333-125463. 

  

	 6.
	 Amendment to Section 2.4.P.(3). Section 2.4.P.(3) shall be amended and restated in its entirety to read as follows:

 (3) Final Accounting. Following the expiration or earlier termination of this Agreement, by virtue
of the termination of this Agreement by Owner or Owner JV for cause or otherwise, or following the partial termination of this Agreement by removal of one or more Properties from the scope of this Agreement, Manager shall nonetheless be responsible
for preparing a final accounting within sixty (60) days of said expiration or earlier termination for any or all Properties subject to such termination or 

  

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expiration. Such final accounting shall set forth all current income, all current expenses and all other expenses contracted for on Owner’s or Owner
JV’s behalf but not yet incurred in connection with the applicable Property(ies). The final accounting shall also include all other items reasonably requested by Owner. 
  

	 7.
	 Amendment to Section 6.2 of Agreement. The introductory language in Section 6.2 of the Agreement is hereby amended to read as follows:

 Upon the termination of this Agreement or upon partial termination of this Agreement with respect to
certain Properties, Manager shall have the following duties (and in the case of a partial termination, references to “Properties” mean only those Properties that are being removed from the scope of this Agreement): 
  

	 8.
	 General. 

  

	 	 8.1.
	 The term “Agreement” as used in the Agreement shall be deemed to refer to the Agreement as amended by each subsequent amendment thereto.

  

	 	 8.2.
	 Except as set forth herein, the Agreement shall remain in full force and effect and shall be otherwise unaffected hereby. 

  

	 	 8.3.
	 This Amendment No. 1 may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument. 

 [Signatures appear on next page] 
  

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 In Witness Whereof, the parties have executed this Amendment No. 1 to the
Property Management, Leasing and Asset Management Agreement as of the date first above written. 
  

									
		 	 WELLS REIT II:

		
		 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC.

				
		 		 	 By:
	 	 
		 		 	 Name:
	 	 
		 		 	 Title:
	 	 
		
		 	 OWNER:

		
		 	 WELLS OPERATING PARTNERSHIP II, L.P.

			
		 		 	 By: Wells Real Estate Investment Trust II, Inc. (as General Partner of Wells Operating Partnership II, L.P.)

					
		 		 		 	 By:
	 	 
		 		 		 	 Name:
	 	 
		 		 		 	 Title:
	 	 
		
		 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC.

					
		 		 		 	 By:
	 	 
		 		 		 	 Name:
	 	 
		 		 		 	 Title:
	 	 
		
		 	 ADVISOR

		
		 	 WELLS CAPITAL, INC.

					
		 		 		 	 By:
	 	 
		 		 		 	 Name:
	 	 
		 		 		 	 Title:
	 	 
		
		 	 MANAGER:

		
		 	 WELLS MANAGEMENT COMPANY, INC.

				
		 		 	 By:
	 	 
		 		 	 Name:
	 	 
		 		 	 Title:
	 	 

 [Signature Page to Amendment No. 1 to the Master Property Management, Leasing and
Construction Management Agreement by and among Wells Real Estate Investment Trust II, Inc., Wells Operating Partnership II, L.P., and Wells Management Company, Inc.]Change in Control Agreement dated November 30, 2004

 EXHIBIT (10A) 
 November 30, 2004 
 CHANGE-IN-CONTROL AGREEMENT 
 (Robert A. Ewing) 
 2004

 THIS CHANGE IN CONTROL AGREEMENT (this “Agreement”), is made
as of this 30th day of November, 2004, 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 ROBERT A. EWING (the “Executive”). 
 BACKGROUND 
 WHEREAS, the Executive has been continuously employed by the Bank for at least three full years; 
 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 the Executive’s 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 
  

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 upon the Executive to continue in the Executive’s position, and that they be able to receive and rely upon the
Executive’s 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 Company Boards 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. 
 NOW, THEREFORE, to assure the Company that it will have the continued dedication of the Executive and the availability of the Executive’s advice and counsel notwithstanding the possibility, threat or occurrence
of 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. Base Salary. “Base Salary”, as used in Section 9 hereof, means the annual cash base salary (excluding any bonus and the value of any fringe benefits) paid to the Executive at the time of the
termination of employment unless such amount has been reduced after a Change in Control, in which case such amount shall be the highest base salary in effect during the 18 months prior to the Change in Control. 
  

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 b. 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 the duties for the Company contemplated 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 crime, other than a traffic violation, habitual drunkenness, drug abuse, or excessive absenteeism other than for illness, after a warning (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 interest of the Company. 
 c. 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

  

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 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 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 
  

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 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. 
 d. Continuously Employed. “Continuously employed”, as used in Section 9, means
continuously employed by the Bank but excludes any period of employment by a bank or financial institution acquired by or merged into the Bank and excludes any period of employment by the Bank if such period is separated from the current employment
with the Bank by a break in service (other a break in service resulting solely from illness, disability or family leave). 
 e. Contract
Period. “Contract Period” shall mean the period commencing 
  

 5 

 the day immediately preceding a Change in Control and ending on the earlier of (i) the first anniversary of the
Change in Control or (ii) the date the Executive would attain age 65 or (iii) 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. 
 f. Exchange Act. “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 g. Good Reason. When used with reference to a voluntary termination by Executive of employment with the Company, “Good
Reason” shall mean any of the following, if taken without Executive’s express written consent: 
 (1) The assignment to
Executive of any duties inconsistent with, or the reduction of powers or functions associated with, Executive’s position, duties, responsibilities and status with the Company immediately prior to a Change in Control. A change in title or
positions resulting merely from a merger of the Bank or Valley into or with another bank or company which does not downgrade in any way the Executive’s powers, duties and responsibilities shall not meet the requirements of this paragraph;

 (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 or a failure by the Company to continue Executive as a participant in such plan on at least the same basis as Executive participated in such plan prior to the Change in Control;

  

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 (4) The Company’s transfer of Executive to another geographic location more than 35 miles from the
Executive’s present office location, except for required travel on the Company’s business to an extent substantially 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, life insurance plan, health and accident plan, disability 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

  

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 (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. 
 h. Pro-rata Bonus Amount. “Pro-rata Bonus Amount”, as used in Section 9, means an amount equal to a
“portion” of the highest cash bonus paid to the Executive in the three calendar years immediately prior to the Change in Control. The “portion” of such cash bonus shall be a fraction, the numerator of which is the number of
calendar months or part thereof which the Executive has worked in the calendar year in which the termination occurs and the denominator of which is 12. 
 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 a Senior Officer by 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 substantially the same title and the same duties and responsibilities as before the Change in Control. The Executive shall devote 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 which do not
require any service on the Executive’s part in the operation of such investments. 
  

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 4. Cash Compensation. The Company shall pay to the Executive compensation for 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. 
 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 the Executive 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 the Executive with
respect to the business of the Company in the same manner and to the same extent as such expenses were previously reimbursed to the Executive immediately prior to the Change in Control. 
  

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 b. Other Benefits. 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(b) 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 acquirer of the Company, if any), then no such change shall be deemed to be contrary to this
paragraph. 
 6. Termination for Cause. The Company shall have the right to terminate the Executive for Cause, upon written notice to
the Executive 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 benefits under this Agreement. 
 7. Disability. During the Contract Period if the Executive becomes permanently disabled, or is unable to perform the Executive’s duties
hereunder for 4 consecutive months in any 12 month period, the Company may terminate the employment of the Executive. In such event, the Executive shall not be entitled to any further benefits under this Agreement. 
 8. Death Benefits. Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further
benefits under this Agreement. 
 9. Termination Without Cause or Resignation for Good Reason. The Company 
  

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 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 facts and circumstances claimed to support the Good Reason. The Executive shall be entitled to give a
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 the Company terminates
the Executive’s employment during the Contract Period without Cause or if the Executive Resigns for Good Reason, the Company shall, subject to section 12 hereof: 
 a. Within 20 business days of the termination of employment pay the Executive a lump sum equal to: one (1) year of Base Salary plus a Pro-rata Bonus Amount; and 
 b. Continue to provide the Executive with medical, dental and life insurance for the period equal to the equivalent period of the lump sum payment (1
year) as were provided at the time of the termination of the Executive’s employment with the Company, at the Company’s cost (subject to normal co-pays, deductible and employee contributions). Upon expiration of benefit coverages, full
COBRA benefits (18 months) will be made available to Executive. 
 The Executive shall not have a duty to mitigate the damages suffered by
the Executive in connection with the termination by the Company of the Executive’s employment without Cause or a resignation for Good Reason during the Contract Period. If the Company fails to pay the Executive the lump sum amount due the
Executive hereunder or to provide the Executive 
  

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 with the health, hospitalization and insurance benefits due under this section, the Executive, after giving 10 days’
written notice to the Company identifying the Company’s failure, shall be entitled to recover from the Company all of the Executive’s reasonable legal fees and expenses incurred in connection with the enforcement against the Company of the
terms of this Agreement. The Executive shall be denied payment of his or her legal fees and expenses only if a court finds that the Executive sought payment of such fees without reasonable cause. 
 10. Resignation Without Good Reason. The Executive shall be entitled to resign from the employment of the Company at any time during the Contact
Period without Good Reason, but upon such resignation the Executive shall not be entitled to any additional compensation for the time after which the Executive 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. 
 11.
Non-Disclosure of Confidential Information. 
 a. Non-Disclosure of Confidential Information. Except in the course of the
Executive’s 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. 
  

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 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 the Executive 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. 
 c. Survival. This section shall survive the termination of the
Executive’s employment hereunder and the expiration of this Agreement. 
 12. Certain Reduction of Payments by the Company.

 a. Anything in this Agreement to the contrary notwithstanding, prior to the payment of any lump sum amount payable hereunder, the
certified public accountants of the Company immediately prior to a Change of Control (the “Certified Public Accountants) shall determine as promptly as practical and in any event within 20 business days following the termination of
employment of Executive whether any payment or distribution by the Company to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a
“Payment”) would more likely than not be nondeductible by the Company for Federal income purposes because of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and if it is then the
aggregate present value of amounts payable or distributable to or for the benefit of Executive pursuant to this Agreement (such payments or distributions pursuant to this Agreement are thereinafter referred to as “Agreement
Payments”) shall be reduced (but not below zero) to the reduced Amount. For purposes of this 
  

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 paragraph, the “Reduced Amount” shall be an amount expressed in present value which maximizes the
aggregate present value of Agreement Payments without causing any Payment to be nondeductible by the Company because of said Section 280G of the Code. 
 b. If under paragraph (a) of this section the Certified Public Accountants determine that any Payment would more likely than not be nondeductible by the Company because of Section 280G of the Code, the
Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Executive may then elect, in the Executive’s sole discretion, which and how much of the Agreement
Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount), and shall advise the Company in writing of his or her election within 20 business days of the
receipt of notice. If no such election is made by the Executive within such 20-day period, the Company may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the Aggregate present Value
of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election. For purposes of this paragraph, present Value shall be determined in accordance with Section 280G(d)(4) of the Code. All
determinations made by the Certified Public Accountants shall be binding upon the Company and Executive shall be made within 20 business days of a termination of employment of Executive. With the consent of the Executive, the Company may suspend
part or all of the lump sum payment due under Section 9 hereof and any other payments due to the Executive hereunder until the Certified Public Accountants 
  

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 finish the determination and the Executive (or the Company, as the case may be) elect how to reduce the Agreement
Payments, if necessary. As promptly as practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of Executive such amounts as are then due to Executive under this Agreement and
shall promptly pay to or distribute for the benefit of Executive in the future such amounts as become due to Executive under this Agreement. 
 c. As a result of the uncertainty in the application of Section 280G of the Code, it is possible that Agreement Payments may have been made by the Company which should not have been made (“Overpayment”) or that
additional Agreement Payments which will have not been made by the Company could have been made (“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Certified Public
Accountants, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or Executive which said Certified Public Accountants believe has a high probability of success, determines that an Overpayment has been made,
any such Overpayment shall be treated for all purposes as a loan to Executive which Executive shall repay to the Company together with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code; provided, however,
that no amount shall be payable by Executive to the Company in and for the extent such payment would not reduce the amount which is subject to taxation under Section 4999 of the Code. In the event that the Certified Public Accountants, based
upon controlling precedent, determine that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive together with interest at the applicable Federal rate provided for in
Section 7872(f)(2)(A) of the Code. 
  

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 13. Term and Effect Prior to Change in Control. 
 a. Term. Except as otherwise provided for hereunder, 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 Initial Term shall be automatically extended for an additional one year period on the anniversary date hereof (so that
the Initial Term is always 3 years) unless, prior to a Change in Control, the Chief Executive Officer of the Bank notifies the Executive in writing at any time that the Contract is not so extended, in which case the Initial Term shall end upon the
later of (i) 3 years after the date hereof, or (ii) nine months after the date of such written notice. Notwithstanding anything to the contrary contained herein, the Initial Term shall cease when the Executive reaches age 65. 

b. No Effect Prior to Change in Control. This Agreement shall not effect any rights of the Company to terminate 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 and after a Change in Control. If the full-time
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 
  

 16 

 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 received any payment hereunder, the Executive shall not be entitled to any
payment under the Company’s severance policy for officers and directors. 
 15. 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. 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. 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 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 the Executive’s 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. 
  

 17 

 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 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
				
	

	 		 	By:	 	

	                                       
 , Secretary	 		 		 	 Gerald H. Lipkin, Chairman
 and Chief Executive Officer

			
	ATTEST:	 		 	VALLEY NATIONAL BANK
				
	

	 		 	By:	 	

	                                       
 , Secretary	 		 		 	 Gerald H. Lipkin, Chairman
 and Chief Executive Officer

				
	WITNESS:	 		 		 	
	

	 		 	

		 		 	Robert A. Ewing, Executive

  

 18

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