Document:

Valley National Bancorp 1999 Long-Term Stock Incentive Plan

 EXHIBIT 10.C 
 VALLEY NATIONAL BANCORP 
 1999 LONG-TERM STOCK INCENTIVE PLAN

 (Adopted by Directors January 19, 1999) 
 Adopted by Shareholders April 7, 1999) 
 (As Amended by Directors April 6,
2000) 
 (As Amended by Directors May 1, 2001) 
 (As Clarified by Directors through June 19, 2001) 
 (As Amended by Directors
August 20, 2002) 
 (As Amended by Directors April 9, 2003) 
 (As Amended by Directors March 16, 2004) 
 (As Amended by
Directors December 14, 2004) 
 (As Amended by Directors July 20, 2005) 
 (As Amended by Directors December 31, 2005) 
 (As Amended by Directors February 14, 2006) 
 (As Approved by Shareholders
April 5, 2006) 
 (As Amended by Directors November 13, 2006) 
 (As Amended by Directors April 11, 2007) 
 (As Amended by
Directors November 14, 2007) 
 (As Amended by Directors January 20, 2010) 
 1. Purpose. The purpose of the Plan is to provide additional incentive to those officers and key employees of the Company and its Subsidiaries whose
substantial contributions are essential to the continued growth and success of the Company’s business in order to strengthen their commitment to the Company and its Subsidiaries, to motivate such officers and employees to faithfully and
diligently perform their assigned responsibilities and to attract and retain competent and dedicated individuals whose efforts will result in the long-term growth and profitability of the Company. To accomplish such purposes, the Plan provides that
the Company may grant Incentive Stock Options, Nonqualified Stock Options, Restricted Stock Awards and Stock Appreciation Rights. 
 2.
Definitions. For purposes of this Plan: 
  

	(a)	“Agreement” means the written agreement between the Company and an Optionee or Grantee evidencing the grant of an Option or Award and setting forth the terms
and conditions thereof. 

  

	(b)	“Award” means a grant of Restricted Stock or Stock Appreciation Rights, or either or both of them. 

  

	(c)	“Bank” means Valley National Bank, a Subsidiary. 

  

	(d)	“Board” means the Board of Directors of the Company. 

  

	(e)	“Cause” means the willful failure by an Optionee or Grantee to perform his duties with the Company or with any Subsidiary or the willful engaging in conduct
which is injurious to the Company or any Subsidiary, monetarily or otherwise. 

	(f)	“Change in Capitalization” means any increase, reduction, change or exchange of Shares for a different number or kind of shares or other securities of the
Company by reason of a reclassification, recapitalization, merger, consolidation, reorganization, issuance of warrants or rights, stock dividend, stock split or reverse stock split, combination or exchange of shares, repurchase of shares, change in
corporate structure or otherwise. 

  

	(g)	 “Change in Control” means any of the following events: (i) when the Company 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 the Company or a Subsidiary or an employee benefit plan established or maintained by the Company, 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 the Company representing more than twenty-five percent (25%) of the combined voting power of the
Company’s then outstanding securities (a “Control Person”), (ii) upon the first purchase of the Company’s common stock pursuant to a tender or exchange offer (other than a tender or exchange offer made by the Company, a
Subsidiary or an employee benefit plan established or maintained by the Company, a Subsidiary or any of their respective affiliates), (iii) the consummation of (A) a transaction, other than a Non-Control Transaction, pursuant to which the
Company 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 the Company’s assets or (C) a plan of liquidation or dissolution of
the Company, (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 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 the Company, an employee benefit plan established or maintained by the Company or a Subsidiary, or an affiliate of the Company 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 the Company’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 the Company’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) the Company 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 the Company or any successor to the Company; (II) “Non-Control
Transaction” means a

  

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transaction in which the Company 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 the Company on the day before the first public announcement relating to the transaction; (III) the “Surviving Corporation” in
a transaction in which the Company becomes the subsidiary of another corporation is the ultimate parent entity of the Company or the Company’s successor; and (IV) the “Surviving Corporation” in any other transaction pursuant to which
the Company is merged with or into another corporation is the surviving or resulting corporation in the merger or consolidation. 

  

	(h)	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	(i)	“Committee” means a committee consisting solely of two (2) or more directors who are Non-Employee Directors (as defined in Rule 16b-3 of the Exchange Act
as it may be amended from time to time) of the Company and outside directors as defined pursuant to Section 162(m) of the Code (as it may be amended from time to time) appointed by the Board to administer the Plan and to perform the functions
set forth herein. Directors appointed by the Board to the Committee shall have the authority to act notwithstanding the failure to be so qualified. 

  

	(j)	“Company” means Valley National Bancorp, a New Jersey corporation. 

  

	(k)	This Subsection (k) intentionally left blank. 

  

	(l)	“Eligible Employee” means any officer or other key employee of the Company or a Subsidiary designated by the Committee as eligible to receive Options or
Awards subject to the conditions set forth herein. 

  

	(m)	“Escrow Agent” means the escrow agent under the Escrow Agreement, designated by the Committee. 

  

	(n)	“Escrow Agreement” means an agreement between the Company, the Escrow Agent and a Grantee, in the form specified by the Committee, under which shares of
Restricted Stock awarded pursuant hereto shall be held by the Escrow Agent until either (a) the restrictions relating to such shares expire and the shares are delivered to the Grantee or (b) the Company reacquires the shares pursuant
hereto and the shares are delivered to the Company. 

  

	(o)	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  

	(p)	 “Fair Market Value” means the fair market value of the Shares as determined by the Committee in its sole discretion; provided,
however, that (A) if the Shares are admitted to quotation on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) or other comparable quotation system and have been designated as a National
Market System (“NMS”) security, Fair Market Value on any date shall be the last sale price reported for the Shares on such system on such date or on the last day preceding such date on which a sale was reported, (B) if the Shares are
admitted to quotation on NASDAQ and have not been designated a NMS security, Fair Market Value

  

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on any date shall be the average of the highest bid and lowest asked prices of the Shares on such system on such date, or (C) if the Shares are admitted to trading on a national securities
exchange, Fair Market Value on any date shall be the last sale price reported for the Shares on such exchange on such date or on the last date preceding such date on which a sale was reported. 

  

	(q)	“Grantee” means a person to whom an Award has been granted under the Plan. 

  

	(r)	“Incentive Stock Option” means an Option within the meaning of Section 422 of the Code. 

  

	(s)	“Nonqualified Stock Option” means an Option which is not an Incentive Stock Option. 

  

	(t)	“Option” means an Incentive Stock Option, a Nonqualified Stock Option, or either or both of them. 

  

	(u)	“Optionee” means a person to whom an Option has been granted under the Plan. 

  

	(v)	“Parent” means any corporation in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock
possessing 50% or more of the total combined voting power of all classes of stock of one of the other corporations in such chain. 

  

	(w)	“Plan” means the Valley National Bancorp 1999 Long-Term Stock Incentive Plan as set forth in this instrument and as it may be amended from time to time.

  

	(x)	“Restricted Stock” means Shares issued or transferred to an Eligible Employee which are subject to restrictions as provided in Section 8 hereof.

  

	(y)	“Retirement” means the retirement from active employment with the Company of an employee or officer but only if such person meets all of the requirements
contained in clause (i) or contained in clause (ii) below: 

  

	 	(i)	he has a minimum combined total of years of service and age equal to eighty (80); he is age sixty-two (62) or older; and he provides six (6) months’
prior written notice to the Company of the retirement; or 

  

	 	(ii)	he has a minimum of five (5) years of service; he is age sixty-five (65) or older and he provides six (6) months’ prior written notice to the
Company of the retirement. 

 “Years of Service” shall be defined the same way as it is under the
Company’s pension plan, provided that for this purpose years of service will mean only employment by the Company, and will not include employment by any company or entity acquired by the Company for the period prior to its acquisition by the
Company. An employee or officer who retires but fails to meet such requirements shall not be deemed to be within the definition of “Retirement” for any purpose under this Plan or any Award or Option granted thereunder; provided,
however, after a Change in Control transaction, no prior notice of a Retirement shall be required for purposes of this Plan only and any Optionee (as defined in the Plan) who meets all of the other conditions contained in clause (i) or in

  

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clause (ii), but is terminated without Cause, shall be deemed to meet all the conditions for Retirement for purposes of the Plan only and shall be deemed to have terminated employment due to
Retirement for purposes of this Plan only. 
  

	(z)	“Shares” means the common stock, no par value, of the Company (including any new, additional or different stock or securities resulting from a Change in
Capitalization). 

  

	(aa)	“Stock Appreciation Right” means a right to receive all or some portion of the increase in the value of shares of Common Stock as provided in Section 7
hereof. 

  

	(ab)	“Subsidiary” means any corporation in an unbroken chain of corporations, beginning with the Company, 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. 

  

	(ac)	“Successor Corporation” means a corporation, or a parent or subsidiary thereof, which issues or assumes a stock option in a transaction to which
Section 425(a) of the Code applies. 

  

	(ad)	“Ten-Percent Shareholder” means an eligible Employee, who, at the time an Incentive Stock Option is to be granted to him, owns (within the meaning of
Section 422(b)(6) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, a Parent or a Subsidiary within the meaning of Section 422(b)(6) of the Code.

 3. Administration. 
  

	(a)	The Plan shall be administered by the Committee which shall hold meetings at such times as may be necessary for the proper administration of the Plan. The Committee
shall keep minutes of its meetings. A majority of the Committee shall constitute a quorum and a majority of a quorum may authorize any action. Each member of the Committee shall be a Non-Employee Director (as defined in Rule 16b-3 of the Exchange
Act as it may be amended from time to time) and an outside director as defined pursuant to Section 162(m) of the Code as it may be amended from time to time. No failure to be so qualified shall invalidate any Option or Award or any action or
inaction under the Plan. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, the Options or the Awards, and all members of the Committee shall be fully
indemnified by the Company with respect to any such action, determination or interpretation. 

 Subject to the
express terms and conditions set forth herein, the Committee shall have the power from time to time: 
  

	 	(1)	to determine those Eligible Employees to whom Options shall be granted under the Plan and the number of Incentive Stock Options and/or Nonqualified Options to be
granted to each eligible Employee and to prescribe the terms and conditions (which need not be identical) of each Option, including the purchase price per share of each Option; 

  

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	 	(2)	to select those Eligible Employees to whom Awards shall be granted under the Plan and to determine the number of shares of Restricted Stock and/or Stock Appreciation
Rights to be granted pursuant to each Award, the terms and conditions of each Award, including the restrictions or performance criteria relating to such shares or rights, the purchase price per share, if any, of Restricted Stock and whether Stock
Appreciation Rights will be granted alone or in conjunction with an Option; 

  

	 	(3)	to construe and interpret the Plan and the Options and Awards granted thereunder and to establish, amend and revoke rules and regulations for the administration of the
Plan, including, but not limited to, correcting any defect or supplying any omission, or reconciling any inconsistency in the Plan or in any Agreement, in the manner and to the extent it shall deem necessary or advisable to make the Plan fully
effective, and all decisions and determinations by the Committee in the exercise of this power shall be final and binding upon the Company or a Subsidiary, the Optionees and the Grantees, as the case may be; 

  

	 	(4)	to determine the duration and purposes for leaves of absence which may be granted to an Optionee or Grantee without constituting a termination of employment or service
for purposes of the Plan; and 

  

	 	(5)	generally, to exercise such powers and to perform such acts as are deemed necessary or advisable to promote the best interests of the Company with respect to the Plan.

 4. Stock Subject to Plan. 
  

	(a)	The maximum number of Shares that may be issued or transferred pursuant to all Options and Awards under this Plan is 6,931,628 of which not more than 693,163 Shares may
be issued or transferred pursuant to Options and/or Awards to any one Eligible Employee. Subject to the foregoing aggregate limitations, the maximum number of Shares (i) that may be issued or transferred pursuant to Options or Awards for
Incentive Stock Options, Non-Qualified Stock Options and Stock Appreciation Rights shall be 5,267,471 and (ii) that may be issued or transferred pursuant to Awards of Restricted Stock shall be 1,664,157. In each case, upon a Change in
Capitalization after the adoption of this Plan by the Board on January 19, 1999, the Shares shall be adjusted to the number and kind of Shares of stock or other securities existing after such Change in Capitalization. 

The number of Shares set forth herein includes Shares awarded pursuant to all Options and Awards issued or transferred under this Plan
prior to the date of the amendment to this section and the number of Shares takes into account all Changes in Capitalization prior to January 18, 1999. 
  

	(b)	Whenever any outstanding Option or portion thereof expires, is cancelled or is otherwise terminated (other than by exercise of the Option or any related Stock
Appreciation Right), the shares of Common Stock allocable to the unexercised portion of such Option may again be the subject of Options and Awards hereunder. 

  

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	(c)	Whenever any Shares subject to an Award or Option are resold to the Company, or are forfeited for any reason pursuant to the terms of the Plan, such Shares may again be
the subject of Options and Awards hereunder. 

 5. Eligibility. Subject to the provisions of the Plan, the Committee shall
have full and final authority to select those Eligible Employees who will receive Options and/or Awards but no person shall receive any Options or Awards unless he is an employee of the Company or a Subsidiary at the time the Option or Award is
granted. 
 6. Stock Options. The Committee may grant Options in accordance with the Plan, the terms and conditions of which shall be set
forth in an Agreement. Each Option and Option Agreement shall be subject to the following conditions: 
  

	(a)	Purchase Price. The purchase price or the manner in which the purchase price is to be determined for Shares under each Option shall be set forth in the
Agreement, provided that the purchase price per Share under each Incentive Stock Option shall not be less than 100% of the Fair Market Value of a Share at the time the Option is granted (110% in the case of an Incentive Stock Option granted to a
Ten-Percent Shareholder) and under each Nonqualified Stock Option shall not be less than 100% of the Fair Market Value of a Share at the time the Option is granted. 

  

	(b)	Duration. Options granted hereunder shall be for such term as the Committee shall determine, provided that (i) no Incentive Stock Option shall be
exercisable after the expiration of ten (10) years from the date it is granted (five (5) years in the case of an Incentive Stock Option granted to a Ten-Percent Shareholder) and (ii) no Nonqualified Stock Option shall be exercisable
after the expiration of ten (10) years and one (1) day from the date it is granted. The Committee may, subsequent to the granting of any Option, extend the term thereof but in no event shall the term as so extended exceed the maximum term
provided for in the preceding sentence. 

  

	(c)	Non-Transferability. No Option granted hereunder shall be transferable by the Optionee to whom granted otherwise than by will or the laws of descent and
distribution, and an Option may be exercised during the lifetime of such Optionee only by the Optionee or his guardian or legal representative. The terms of such Option shall be binding upon the beneficiaries, executors, administrators, heirs and
successors of the Optionee. 

  

	(d)	Stock Options; Vesting. Subject to Section 6(h) hereof, each Option shall be exercisable in such installments (which need not be equal) and at such times as
may be designated by the Committee and set forth in the Option Agreement. Unless otherwise provided in the Agreement, to the extent not exercised, installments shall accumulate and be exercisable, in whole or in part, at any time after becoming
exercisable, but not later than the date the Option expires. Upon the death or Retirement of an Optionee, all Options shall become immediately exercisable. Notwithstanding the foregoing, with respect only to Options granted between November 13,
2006 and September 20, 2007, upon the Retirement of an Optionee who is an officer at the Senior Vice President level or above, only those Options that were scheduled to vest (i) during the calendar year in which the Retirement occurs, and
(ii) in the calendar year following the calendar year in which the Retirement occurs, will become fully vested and immediately exercisable. With respect to Options granted after September 20, 2007, upon the Retirement of an Optionee, all
Options shall become immediately exercisable. Notwithstanding the foregoing, the Committee may accelerate the exercisability of any Option or portion thereof at any time. 

  

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	(e)	Method of Exercise. The exercise of an Option shall be made only by a written notice delivered in person or by mail (including electronic mail) to the Secretary
of the Company at the Company’s principal executive office, specifying the number of Shares to be purchased and accompanied by payment therefor, as well as for any required tax withholding, and otherwise in accordance with the Agreement
pursuant to which the Option was granted. The purchase price and required tax withholding for any shares purchased pursuant to the exercise of an Option shall be paid in full upon such exercise (i) in cash, (ii) by check, (iii) at the
discretion of the Committee, by transferring Shares having a Fair Market Value on the day preceding the date of exercise of such option equal to the aggregate purchase price for the Shares being purchased to the Company and satisfying such other
terms and conditions as may be imposed by the Committee; provided that such Shares have been held by the Optionee for no less than six months (or such other period as established from time to time by the Committee or generally accepted accounting
principles), (iv) at the discretion of the Committee, subject to such other terms and conditions as may be imposed by the Committee, by having Shares that would otherwise have been delivered to the Participant upon exercise of an Option
withheld by the Company or (v) such other method as approved by the Committee at the discretion of the Committee. If requested by the Committee, the Optionee shall deliver the Agreement evidencing the Option and the Agreement evidencing any
related Stock Appreciation Right to the Secretary of the Company who shall endorse thereon a notation of such exercise and return such Agreement to the Optionee. Not less than 100 Shares may be purchased at any time upon the exercise of an Option
unless the number of Shares so purchased constitutes the total number of Shares then purchasable under the Option. 

  

	(f)	Rights of Optionees. No Optionee shall be deemed for any purpose to be the owner of any Shares subject to any Option unless and until (i) the Option shall
have been exercised pursuant to the terms thereof, (ii) the Company shall have issued and delivered the Shares to the Optionee, and (iii) the Optionee’s name shall have been entered as a shareholder of record on the books of the
Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such Shares. 

  

	(g)	Termination of Employment. In the event that an Optionee ceases to be employed by the Company or any Subsidiary, any outstanding Options held by such Optionee
shall, unless the Option Agreement evidencing such Option provides otherwise, terminate as follows: 

  

	 	(1)	If the Optionee’s termination of employment is due to his death the Option shall be exercisable for a period of one (1) year following such termination of
employment, and shall thereafter terminate; provided, however, that the Company shall have given written notice to the Optionee’s designated beneficiary for the Plan as permitted under Section 17(c) or, if there is no designated
beneficiary for the Plan, then to the Optionee’s designated beneficiaries under the Company’s group term life insurance plan, within the six (6) months following the Optionee’s termination of employment; 

 

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	 	(2)	If the Optionee’s termination of employment is by the Company or a Subsidiary for Cause or is by the Optionee (other than due to the Optionee’s Retirement),
the Option shall terminate on the date of the Optionee’s termination of employment; 

  

	 	(3)	If the termination of employment is due to the Optionee’s Retirement, the Option shall be exercisable for the remaining term of the Option and thereafter shall be
unaffected by the death of the Optionee. (An Optionee who exercises his or her Options more than 90 days after the termination of employment due to Retirement shall acknowledge that the Options so exercised will not be Incentive Stock Options.); and

  

	 	(4)	If the Optionee’s termination of employment is for any other reason (including an Optionee’s ceasing to be employed by a Subsidiary as a result of the sale of
such Subsidiary or an interest in such Subsidiary), the Option (to the extent exercisable at the time of the Optionee’s termination of employment) shall be exercisable for a period of ninety (90) days following such termination of
employment, and shall thereafter terminate. 

 Notwithstanding the foregoing, the Committee may provide, either at
the time an Option is granted or thereafter, that the Option may be exercised after the periods provided for in this Section 6(g), but in no event beyond the term of the Option. To the extent that the exercise period is extended by the
Committee after the Option is granted, such extension may only be made in accordance with Section 409A of the Code. 
  

	(h)	Effect of Change in Control. In the event of a Change in Control, all Options outstanding on the date of such Change in Control shall become immediately and
fully exercisable. 

  

	(i)	Substitution and Modification. Subject to the terms of the Plan, the Committee may modify outstanding Options or accept the surrender of outstanding Options (to
the extent not exercised) and grant new Options in substitution for them. Notwithstanding the foregoing, no modification of an Option shall alter or impair any rights or obligations under the Option without the Optionee’s consent, except as
provided for in this Plan or the Agreement. 

 7. Stock Appreciation Rights. The Committee may, in its discretion, either
alone or in connection with the grant of an Option, grant Stock Appreciation Rights in accordance with the Plan, the terms and conditions of which shall be set forth in an Agreement. If granted in connection with an Option, a Stock Appreciation
Right shall cover the same shares covered by the Option (or such lesser number of shares as the Committee may determine) and shall, except as provided in this Section 7, be subject to the same terms and conditions as the related Option.

  

	(a)	Time of Grant. A Stock Appreciation Right may be granted: 

  

	 	(i)	at any time if unrelated to an Option; or 

  

	 	(ii)	if related to an Option, either at the time of grant, or at any time thereafter during the term of the Option. 

  

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	(b)	Stock Appreciation Rights Related to an Option. 

  

	 	(1)	Payment. A Stock Appreciation Right granted in connection with an Option shall entitle the holder thereof, upon exercise of the Stock Appreciation Right or any
portion thereof, to receive payment of an amount computed pursuant to Section 7(b)(iii). 

  

	 	(2)	Exercise. Subject to Section 7(f), a Stock Appreciation Right granted in connection with an Option shall be exercisable at such time or times and only to
the extent that the related Option is exercisable, and will not be transferable except to the extent the related Option may be transferable. A Stock Appreciation Right granted in connection with an Incentive Stock Option shall be exercisable only if
the Fair Market Value of a Share on the date of exercise exceeds the purchase price specified in the related Incentive Stock Option. 

  

	 	(3)	Amount Payable. Except as otherwise provided in Section 7(g), upon the exercise of Stock Appreciation Right related to an Option, the Grantee shall be
entitled to receive an amount determined by multiplying (A) the excess of the Fair Market Value of a Share on the date of exercise of such Stock Appreciation Right over the per Share purchase price under the related Option, by (B) the
number of Shares as to which such Stock Appreciation Right is being exercised. Notwithstanding the foregoing, the Committee may limit in any manner the amount payable with respect to any Stock Appreciation Right by including such a limit in the
Agreement evidencing the Stock Appreciation Right at the time it is granted. 

  

	 	(4)	Treatment of Related Options and Stock Appreciation Rights Upon Exercise. Except as provided in Section 7(b)(v), (A) upon the exercise of a Stock Appreciation
Right granted in connection with an Option, the Option shall be cancelled to the extent of the number of Shares as to which the Stock Appreciation Right is exercised and (B) upon the exercise of an Option granted in connection with a Stock
Appreciation Right, the Stock Appreciation Right shall be cancelled to the extent of the number of Shares as to which the Option is exercised. 

  

	 	(5)	Simultaneous Exercise of Stock Appreciation Right and Option. The Committee may provide, either at the time a Stock Appreciation Right is granted in connection
with a Nonqualified Stock Option or thereafter during the term of the Stock Appreciation Right, that, subject to Section 7(f), upon exercise of such Option, the Stock Appreciation Right shall automatically be deemed to be exercised to the
extent of the number of Shares as to which the Option is exercised. In such event, the Grantee shall be entitled to receive the amount described in Section 7(b)(iii) or 7(g) hereof, as the case may be (or some percentage of such amount if so
provided in the Agreement evidencing the Stock Appreciation Right), in addition to the Shares acquired pursuant to the exercise of the Option. If a Stock Appreciation Right Agreement contains an automatic exercise provision described in this
Section 7(b)(v) and the Option or any portion thereof to which it relates is exercised within six (6) months from the date the Stock Appreciation Right is granted, such automatic exercise provision shall not be effective with respect to
that exercise of the Option. The inclusion in an Agreement evidencing a Stock Appreciation Right of a provision described in this Section 7(b)(v) may be in addition to and not in lieu of the right to exercise the Stock Appreciation Right as
otherwise provided herein and in the Agreement. 

  

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	(c)	Stock Appreciation Rights Unrelated to an Option. The Committee may grant to Eligible Employees Stock Appreciation Rights unrelated to Options. Stock
Appreciation Rights unrelated to Options shall contain such terms and conditions as to exercisability, vesting and duration as the Committee shall determine, but in no event shall they have a term of greater than ten (10) years. Upon the death
or Retirement of a Grantee, all Stock Appreciation Rights shall become immediately exercisable. Upon the death of a Grantee, the Stock Appreciation Rights held by that Grantee shall be exercisable for a period of one (1) year following such
termination of employment, and shall thereafter terminate. Upon the Retirement of a Grantee, the Stock Appreciation Rights held by that Grantee shall be exercisable for a period of ninety (90) days following such termination of employment, and
shall thereafter terminate. Except as otherwise provided in Section 7(g), the amount payable upon exercise of such Stock Appreciation Rights shall be determined in accordance with Section 7(b)(iii), except that “Fair Market Value of a
Share on the date of the grant of the Stock Appreciation Right” shall be substituted for “purchase price under the related Option.” 

  

	(d)	Method of Exercise. Stock Appreciation Rights shall be exercised by a Grantee only by a written notice delivered in person or by mail to the Secretary of the
Company at the Company’s principal executive office, specifying the number of Shares with respect to which the Stock Appreciation Right is being exercised. If requested by the Committee, the Grantee shall deliver the Agreement evidencing the
Stock Appreciation Right being exercised and the Agreement evidencing any related Option to the Secretary of the Company who shall endorse thereon a notation of such exercise and return such Agreements to the Grantee. 

  

	(e)	Form of Payment. Payment of the amount determined under Sections 7(b)(iii) or 7(c), may be made solely in whole shares of Common Stock in a number determined at
their Fair Market Value on the date of exercise of the Stock Appreciation Right or, alternatively, at the sole discretion of the Committee, solely in cash, or in a combination of cash and Shares as the Committee deems advisable. In the event that a
Stock Appreciation Right is exercised within the sixty-day period following a Change in Control, any amount payable shall be solely in cash. If the Committee decides to make full payment in Shares, and the amount payable results in a fractional
Share, payment for the fractional Share will be made in cash. Notwithstanding the foregoing, no payment in the form of cash may be made upon the exercise of a Stock Appreciation Right pursuant to Section 7(b)(iii) or 7(c) to an officer of the
Company or a Subsidiary who is subject to Section 16(b) of the Exchange Act, unless the exercise of such Stock Appreciation Right is made during the period beginning on the third business day and ending on the twelfth business day following the
date of release for publication of the Company’s quarterly or annual statements of earnings. 

  

	(f)	Restrictions. No Stock Appreciation Right may be exercised before the date six (6) months after the date it is granted, except in the event that the death
of the Grantee occurs before the expiration of the six-month period. 

  

 11 

	(g)	Effect of Change in Control. In the event of a Change in Control, subject to Section 7(f), all Stock Appreciation Rights shall become immediately and fully
exercisable. 

 8. Restricted Stock. The Committee may grant Awards of Restricted Stock which shall be evidenced by an
Agreement between the Company and the Grantee. Each Agreement shall contain such restrictions, terms and conditions as the Committee may require and (without limiting the generality of the foregoing) such Agreements may require that an appropriate
legend be placed on Share certificates. Awards of Restricted Stock shall be subject to the following terms and provisions: 
  

	(a)	Rights of Grantee. 

  

	 	(1)	Shares of Restricted Stock granted pursuant to an Award hereunder shall be issued in the name of the Grantee as soon as reasonably practicable after the Award is
granted and the purchase price, if any, is paid by the Grantee, provided that the Grantee has executed an Agreement evidencing the Award, an Escrow Agreement, appropriate blank stock powers and any other documents which the Committee, in its
absolute discretion, may require as a condition to the issuance of such Shares. If a Grantee shall fail to execute the Agreement evidencing a Restricted Stock Award, an Escrow Agreement or appropriate blank stock powers or shall fail to pay the
purchase price, if any, for the Restricted Stock, the Award shall be null and void. Shares issued in connection with a Restricted Stock Award, together with the stock powers, shall be deposited with the Escrow Agent. Except as restricted by the
terms of the Agreement, upon the delivery of the Shares to the Escrow Agent, the Grantee shall have all of the rights of a shareholder with respect to such Shares, including the right to vote the shares and to receive, subject to Section 8(d),
all dividends or other distributions paid or made with respect to the Shares. 

  

	 	(2)	If a Grantee receives rights or warrants with respect to any Shares which were awarded to him as Restricted Stock, such rights or warrants or any Shares or other
securities he acquires by the exercise of such rights or warrants may be held, exercised, sold or otherwise disposed of by the Grantee free and clear of the restrictions and obligations provided by this Plan. 

  

	(b)	Non-Transferability. Until any restrictions upon the Shares of Restricted Stock awarded to a Grantee shall have lapsed in the manner set forth in
Section 8(c), such Shares shall not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated, nor shall they be delivered to the Grantee. Upon the termination of employment of the Grantee, all of such
Shares with respect to which restrictions have not lapsed shall be resold by the Grantee to the Company at the same price paid by the Grantee for such Shares or shall be forfeited and automatically transferred to and reacquired by the Company at no
cost to the Company if no purchase price had been paid for such Shares. The Committee may also impose such other restrictions and conditions on the Shares as it deems appropriate. 

  

 12 

	(c)	Lapse of Restrictions. 

  

	 	(1)	Restrictions upon Shares of Restricted Stock awarded hereunder shall lapse at such time or times and on such terms, conditions and satisfaction of performance criteria
as the Committee may determine; provided, however, that the restrictions upon such Shares shall lapse only if the Grantee on the date of such lapse is then and has continuously been an employee of the Company or a Subsidiary from the
date the Award was granted, or unless the Committee sets a later date for the lapse of such restrictions. 

  

	 	(2)	In the event of a Change in Control, all restrictions upon any Shares of Restricted Stock shall lapse immediately and all such Shares shall become fully vested in the
Grantee thereof. 

  

	 	(3)	In the event of termination of employment as a result of death or Retirement of a Grantee, all restrictions upon Shares of Restricted Stock awarded to such Grantee
shall thereupon immediately lapse. Notwithstanding the foregoing, with respect only to Shares of Restricted Stock granted between November 13, 2006 and September 20, 2007, upon the termination of employment as a result of Retirement for an
officer at the Senior Vice President level or above, only those restrictions upon such Shares of Restricted Stock that were scheduled to vest (i) during the calendar year in which the Retirement occurs, and (ii) in the calendar year
following the calendar year in which the Retirement occurs, shall thereupon immediately lapse. With respect to Shares of Restricted Stock granted after September 20, 2007, upon the termination of employment as a result of Retirement for an
officer at the Senior Vice President level or above, all restrictions upon Shares of Restricted Stock awarded to such Grantee shall thereupon immediately lapse. The Committee may also decide at any time in its absolute discretion and on such terms
and conditions as it deems appropriate, to remove or modify the restrictions upon Shares of Restricted Stock awarded hereunder, unless the Committee sets a later date for the lapse of such restrictions. 

  

	(d)	Treatment of Dividends. At the time of an Award of Shares of Restricted Stock, the Committee may, in its discretion, determine that the payment to the Grantee of
dividends, or a specified portion thereof, declared or paid on Shares of Restricted Stock by the Company shall be deferred until the earlier to occur of (i) the lapsing of the restrictions imposed upon such Shares, in which case such dividends
shall be paid over to the Grantee, or (ii) the forfeiture of such Shares under Section 8(b) hereof, in which case such dividends shall be forfeited to the Company, and such dividends shall be held by the Company for the account of the
Grantee until such time. In the event of such deferral, interest shall be credited on the amount of such dividends held by the Company for the account of the Grantee from time to time at such rate per annum as the Committee, in its discretion, may
determine. Payment of deferred dividends, together with interest accrued thereon as aforesaid, shall be made upon the earlier to occur of the events specified in (i) and (ii) of the immediately preceding sentence, in the manner specified
therein. 

  

	(e)	 Delivery of Shares. When the restrictions imposed hereunder and in the Plan expire or have been cancelled with respect to one or more shares of
Restricted Stock, the Company shall notify the Grantee and the Escrow Agent of same. The Escrow Agent shall then return the certificate covering the Shares of Restricted Stock to the Company and upon receipt of such certificate the Company shall
deliver to the Grantee (or such Grantee’s

  

 13 

	 	 
legal representative, beneficiary or heir) a certificate for a number of shares of Common Stock, without any legend or restrictions (except those required by any federal or state securities
laws), equivalent to the number of Shares of Restricted Stock for which restrictions have been cancelled or have expired. A new certificate covering Shares of Restricted Stock previously awarded to the Grantee which remain restricted shall be issued
to the Grantee and held by the Escrow Agent and the Agreement, as it relates to such shares, shall remain in effect. 

 9.
Loans. 
  

	(a)	The Company shall not make or arrange any personal loans to a Grantee or Optionee who is an executive officer of the Company in connection with the purchase of Shares
pursuant to an Award or in connection with the exercise of an Option. Such prohibition shall not prevent the Company or a Subsidiary from making or arranging such loans to an Optionee or Grantee who is not an executive officer of the Company (if
approved by the Committee) , in connection with the purchase of Shares pursuant to an Award or in connection with the exercise of an Option, subject to the following terms and conditions and such other terms and conditions, including the rate of
interest, if any, as the Committee shall impose from time to time, not inconsistent with the Plan. 

  

	(b)	No loan made in connection with the purchase of Shares pursuant to an Award or in connection with the exercise of an Option under the Plan shall exceed the sum of
(i) the aggregate purchase price payable pursuant to the Option or Award with respect to which the loan is made, plus (ii) the amount of the reasonably estimated income taxes payable by the Optionee or Grantee with respect to the Option or
Award. In no event may any such loan exceed the Fair Market Value, at the date of exercise, of any such Shares. 

  

	(c)	No loan in connection with the purchase of Shares pursuant to an Award or in connection with the exercise of an Option made under the Plan shall have an initial term
exceeding ten (10) years; provided, that loans under the Plan shall be renewable at the discretion of the Committee; and provided, further, that the indebtedness under each loan shall become due and payable, as the case may be, on a date no
later than (i) one (1) year after termination of the Optionee’s or Grantee’s employment due to death or retirement, or (ii) the date of termination of the Optionee’s or Grantee’s employment for any reason other
than death or retirement. 

  

	(d)	Loans in connection with the purchase of Shares pursuant to an Award or in connection with the exercise of an Option under the Plan may be satisfied by an Optionee or
Grantee, as determined by the Committee, in cash or, with the consent of the Committee, in whole or in part by the transfer to the Company of Shares whose Fair Market Value on the date of such payment is equal to the cash amount for which such
Shares are transferred. 

  

	(e)	A loan in connection with the purchase of Shares pursuant to an Award or in connection with the exercise of an Option under the Plan shall be secured by a pledge of
Shares with a Fair Market Value of not less than the principal amount of the loan. After partial repayment of a loan, pledged shares that are no longer required as security may be released to the Optionee or Grantee. 

  

 14 

	(f)	Every loan in connection with the purchase of Shares pursuant to an Award or in connection with the exercise of an Option under the Plan shall meet all applicable laws,
regulations and rules of the Federal Reserve Board and any other governmental agency having jurisdiction. 

 10. Adjustment
Upon Changes in Capitalization. 
  

	(a)	In the event of a Change in Capitalization, the Committee shall conclusively determine the appropriate adjustments, if any, to the maximum number and class of shares of
stock with respect to which Options or Awards may be granted under the Plan, the number and class of shares as to which Options or Awards have been granted under the Plan, and the purchase price therefor, if applicable. 

  

	(b)	Any such adjustment in the Shares or other securities subject to outstanding Incentive Stock Options (including any adjustments in the purchase price) shall be made in
such manner as not to constitute a modification as defined by Section 425(h)(3) of the Code and only to the extent otherwise permitted by Sections 422 and 425 of the Code. 

  

	(c)	If, by reason of a Change in Capitalization, a Grantee of an Award shall be entitled to new, additional or different shares of stock or securities (other than rights or
warrants to purchase securities), such new additional or different shares shall thereupon be subject to all of the conditions, restrictions and performance criteria which were applicable to the Shares or units pursuant to the Award prior to such
Change in Capitalization. 

 11. Effect of Certain Transactions. In the event of (i) the liquidation or dissolution of
the Company, (ii) a merger or consolidation in which the Company is not the surviving corporation or (iii) the sale or disposition of all or substantially all of the Company’s assets, provision shall be made in connection with such
transaction for the assumption of the Plan and the Options or Awards theretofore granted under the Plan, or the substitution for such Options or Awards of new options or awards of the Successor Corporation, with appropriate adjustment as to the
number and kind of shares and the purchase price for shares thereunder. 
 12. Release of Financial Information. A copy of the
Company’s annual report to shareholders shall be delivered to each Optionee and Grantee at the time such report is distributed to the Company’s shareholders. Upon request the Company shall furnish to each Optionee and Grantee a copy of its
most recent annual report and each quarterly report and current report filed under the Exchange Act, since the end of the Company’s prior fiscal year. 
 13. Termination and Amendment of the Plan. The Plan shall terminate on the day preceding the tenth anniversary of its effective date and no Option or Award may be granted thereafter. The Board may
sooner terminate or amend the Plan at any time, and from time to time; provided, however, that, except as provided in Sections 10 and 11 hereof, no amendment shall be effective unless approved by the shareholders of the Company in
accordance with applicable law and regulations at an annual or special meeting held within twelve months before or after the date of adoption of such amendment, where such amendment will: 
  

	(a)	increase the number of Shares as to which Options or Awards may be granted under the Plan; or 

  

 15 

	(b)	change the class of persons eligible to participate in the Plan. 

 Except as provided in Sections 10 and 11 hereof, rights and obligations under any Option or Award granted before any amendment of the Plan shall not be altered or impaired by such amendment, except with
the consent of the Optionee or Grantee, as the case may be. 
 14. Non-Exclusivity of the Plan. The adoption of the Plan by the Board
shall not be construed as amending, modifying or rescinding any previously approved incentive arrangement or as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including,
without limitation, the granting of stock options otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases. 
 15. Limitation of Liability. As illustrative of the limitations of liability of the Company, but not intended to be exhaustive thereof, nothing in the Plan shall be construed to: 
  

	(a)	give any person any right to be granted an Option or Award other than at the sole discretion of the Committee; 

  

	(b)	give any person any rights whatsoever with respect to Shares except as specifically provided in the Plan; 

  

	(c)	limit in any way the right of the Company to terminate the employment of any person at any time; or 

  

	(d)	be evidence of any agreement or understanding, expressed or implied, that the Company will employ any person in any particular position at any particular rate of
compensation or for any particular period of time. 

  

	16.	Regulations and Other Approvals; Governing Law. 

  

	(a)	This Plan and the rights of all persons claiming hereunder shall be construed and determined in accordance with the laws of the State of New Jersey without giving
effect to the choice of law principles thereof, except to the extent that such law is preempted by federal law. 

  

	(b)	The obligation of the Company to sell or deliver Shares with respect to Options and Awards granted under the Plan shall be subject to all applicable laws, rules and
regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 

  

	(c)	The Plan is intended to comply with Rule 16b-3 promulgated under the Exchange Act and Section 162(m) of the Code (each as amended from time to time) and the
Committee shall interpret and administer the provisions of the Plan or any Agreement in a manner consistent therewith to the extent necessary. Any provisions inconsistent with such Rule or Section shall be inoperative but shall not affect the
validity of the Plan or any grants thereunder. 

  

 16 

	(d)	Except as otherwise provided in Section 13, the Board may make such changes as may be necessary or appropriate to comply with the rules and regulations of any
government authority or to obtain for Eligible Employees granted Incentive Stock Options the tax benefits under the applicable provisions of the Code and regulations promulgated thereunder. 

  

	(e)	Each Option and Award is subject to the requirement that, if at any time the Committee determines, in its absolute discretion, that the listing, registration or
qualification of Shares issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in
connection with, the grant of an Option or the issuance of Shares, no Options shall be granted or payment made or Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free
of any conditions unacceptable to the Committee. 

  

	(f)	In the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act of 1933, as
amended, and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required by the Securities Act of 1933, as amended, or regulations thereunder, and the Committee may require any individual
receiving Shares pursuant to the Plan, as a condition precedent to receipt of such Shares (including upon exercise of an Option), to represent to the Company in writing that the Shares acquired by such individual are acquired for investment only and
not with a view to distribution. 

  

	17.	Miscellaneous. 

  

	(a)	Multiple Agreements. The terms of each Option or Award may differ from other Options or Awards granted under the Plan at the same time, or at some other time.
The Committee may also grant more than one Option or Award to a given Eligible Employee during the term of the Plan, either in addition to, or in substitution for, one or more Options or Awards previously granted to that Eligible Employee. The grant
of multiple Options and/or Awards may be evidenced by a single Agreement or multiple Agreements, as determined by the Committee. 

  

	(b)	 Withholding of Taxes. The Company shall have the right to deduct from any distribution of cash to any Optionee or Grantee an amount equal to the
federal, state and local income taxes and other amounts required by law to be withheld with respect to any Option or Award. If requested by the Grantee, the Committee shall cancel Shares of Restricted Stock to be delivered to the Grantee having a
Fair Market Value, on the date of vesting of the Restricted Stock, equal to the aggregate required tax withholding in connection with such vesting, and to apply the value of such Shares of Restricted Stock as payment for the Grantee’s aggregate
required tax withholding for the vesting of any Shares of Restricted Stock. Notwithstanding anything to the contrary contained herein, if an Optionee or Grantee is entitled to receive Shares upon exercise of an Option or pursuant to an Award, the
Company shall have the right to require such Optionee or Grantee, prior to the delivery of such Shares, to pay to the Company the amount of any federal, state or local income taxes and other amounts which the Company is required by law to withhold.
The Agreement evidencing any Incentive Stock Options granted under this Plan shall provide that if the Optionee makes a disposition, within the meaning of

  

 17 

	 	 
Section 425(c) of the Code and regulations promulgated thereunder, of any Share or Shares issued to him or her pursuant to his or her exercise of the Incentive Stock Option within the
two-year period commencing on the day after the date of grant of such Option or within the one-year period commencing on the day after the date of transfer of the Share or Shares to the Optionee pursuant to the exercise of such Option, he or she
shall, within ten (10) days of such disposition, notify the Company thereof and immediately deliver to the Company any amount of federal income tax withholding required by law. 

  

	(c)	Designation of Beneficiary. Each Optionee and Grantee may, with the consent of the Committee, designate a person or persons to receive in the event of his/her
death, any Option or Award or any amount payable pursuant thereto, to which he/she would then be entitled. Such designation will be made upon forms supplied by and delivered to the Company and may be revoked in writing. If an Optionee fails
effectively to designate a beneficiary, then the beneficiary or beneficiaries named by the Optionee under the Company’s group term life insurance plan will be deemed to be the beneficiary. 

 18. Effective Date. The effective date of the Plan shall be the date of its adoption by the Board, subject only to the approval by the affirmative
vote of a majority of the votes cast at a meeting of shareholders at which a quorum is present to be held within twelve (12) months of such adoption. No Options or Awards shall vest hereunder unless such Shareholder approval is obtained.

  

 18Directors Deferred Compensation Plan, dated June 1, 2004., as amended

 EXHIBIT 10.H 
  
  
 Valley National Bancorp 
 Directors Deferred Compensation Plan 
 Effective as of June 1, 2004 
  
  

  
 Valley National Bancorp 
 Directors Deferred Compensation Plan 
  
  
  

					
	 	  	Page
			
	 1
	 	Purposes	  	1
			
	 2.
	 	Definitions	  	1
			
	 3.
	 	Administration	  	2
			
	 4.
	 	Participation	  	2
			
	 5.
	 	Deferrals	  	2
			
	 6.
	 	Deferral Accounts	  	3
			
	 7.
	 	Settlement of Deferral Accounts	  	3
			
	 8.
	 	Statements	  	4
			
	 9.
	 	Amendment/Termination	  	4
			
	 10.
	 	General Provisions	  	4
			
	 11.
	 	Claim and Appeal Procedures	  	6
			
	 12.
	 	Effective Date	  	7

  
 Valley National Bancorp 
 Directors Deferred Compensation Plan 
  
  
 1. Purposes. The purpose of this Valley National Bancorp Directors Deferred Compensation Plan (the “Plan”) is to provide the members of the Board of Directors (the “Board”) of
Valley National Bancorp (the “Company”) with the opportunity to elect to defer receipt of some or all retainer fees that would otherwise have been paid in cash, and have those retainer fees treated as if they were credited in restricted
stock units of the Company, with such credited amounts then satisfied by the Company delivering restricted stock of the Company (or, in certain circumstances, by having the credited amounts being paid out in cash). 
 2. Definitions. In addition to the terms defined in Section 1 above, the following terms used in the Plan shall have the
meanings set forth below: 
 (a) “Administrator” shall mean the committee or committees forth in Section 3(b), to
whom the Board has delegated the authority to take action under, and to administer, the Plan. 
 (b) “Beneficiary”
shall mean the Participant’s estate. 
 (c) “Code” shall mean the Internal Revenue Code of 1986, as amended.
References to any provision of the Code or regulation (including a proposed regulation) thereunder shall include any successor provisions or regulations. 
 (d) “Deferral Account” shall mean the account or subaccount established and maintained by the Administrator for specified cash deferrals and cash contributions attributable to a Participant, as
described in Section 5. Deferral Accounts will be maintained solely as bookkeeping entries by the Company to evidence unfunded obligations of the Company. 
 (e) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. References to any provision of the Exchange Act or rule thereunder shall include any successor provisions or rules.

 (f) “Participant” shall mean any member of the Board who is not an employee of the Company who participates or
makes an election to participate in the Plan. 
 (g) “Plan Year” shall mean the calendar year. 
 (h) “Restricted Stock Units or RSUs” shall mean those amounts credited to a Participant’s Deferral Account, which give such
Participant the right to receive one share of Company restricted stock on such terms and conditions are established under the Stock Plan. The terms and conditions of such awards (including the vesting provisions related thereto) will in all
instances be applied to the Restricted Stock Units credited hereunder. 

 (i) “Stock Plan” shall mean the Valley National Bancorp 2004 Director Restricted
Stock Plan, as it may be adopted and/or modified from time to time, or any successor thereto. 
 (j) “Valuation Date”
shall mean the close of business on each business day, unless otherwise determined from time to time by the Administrator. 
 3. Administration. 
 (a) Authority. The Administrator shall administer the Plan in accordance with its
terms, and shall have all powers necessary or appropriate to accomplish such purpose, including the power and authority to construe and interpret the Plan, to define the terms used herein, to prescribe, amend and rescind rules and regulations,
agreements, forms, and notices relating to the administration of the Plan, and to make all other determinations necessary or advisable for the administration of the Plan. Any actions of the Administrator with respect to the Plan shall be conclusive
and binding upon all persons interested in the Plan. The Administrator may appoint agents and delegate thereto powers and duties under the Plan, except as otherwise limited by the Plan. 
 (b) Administrator. The Administrator shall be a committee consisting of such number of individuals as shall be determined by the
Board, each of whom shall be appointed by, shall remain in office at the will of, and may be removed, with or without cause, by the Board. Any member of the Administrator may resign at any time. No member of the Administrator shall be entitled to
act on or decide any matter relating solely to himself or herself or any of his or her rights or benefits under the Plan. With respect to any provisions of this Plan under which an investment rate of return (with respect to cash being distributed
under this Plan to a Participant), the Administrator shall consist solely of members of the Board who are not Participants. The members of the Administrator shall not receive any special compensation for serving in their capacities as members of the
Administrator, but shall be reimbursed for any reasonable expenses incurred in connection therewith. No bond or other security need be required of the Administrator or any member thereof in any jurisdiction. 
 (c) Limitation of Liability. Each member of Administrator shall be entitled to, in good faith, rely or act upon any report or other
information furnished to him or her by any officer or other employee of the Company or any subsidiary or affiliated entity, the Company’s outside accountants, or any executive compensation consultant, legal counsel, or other professional
retained by the Company, the Board or the Administrator to assist in the administration of the Plan. To the maximum extent permitted by law, no member of the Administrator, nor any person to whom duties have been delegated hereunder, shall be liable
to any person for any action taken or omitted in connection with the interpretation and administration of the Plan. 
 4.
Participation. Each member of the Board of Directors of the Company who is not an employee of the Company shall be eligible to participate in the Plan. 
 5. Deferrals. To the extent authorized by the Administrator, a Participant may elect to defer some or all cash fees to be paid or awarded to him or her by the Company, or such other

  

 - 2 - 

 
compensation, fees or awards as may be designated by the Administrator. The Administrator may impose (1) limitations on the amounts permitted to be deferred, (2) limitations on the
timing and form of deferrals, (3) limitations on amounts of deferrals for particular Participants, and (4) terms and conditions regarding deferrals under the Plan. 
 (a) Elections. Once an election form, properly completed, is received by the Company, the elections of the Participant shall be
irrevocable. Deferral election forms filed by a Participant will apply for the given Company fiscal year, and a new deferral election must be filed for future fiscal years, which new deferral election must be filed prior to the commencement of the
Plan Year in which the new fiscal year begins. 
 If a Participant ceases to be a member of the Board prior to a scheduled
payment, then the Deferral Account will be distributed in cash following such cessation, adjusted in a manner determined by the Administrator, unless otherwise provided herein or unless otherwise provided by law. 
 (b) Date of Election. An election to defer cash fees must be received by the Administrator prior to the date specified by the
Administrator. Under no circumstances may a Participant defer receipt of retainer or other fees to which the Participant has attained, at the time of deferral, a legally enforceable right to such amounts, as determined in the sole discretion of the
Administrator. 
 6. Deferral Accounts. 
 (a) Establishment; Crediting of Amounts Deferred. One or more Deferral Accounts will be established for each Participant, as determined by the Administrator. The amount of cash fees deferred with
respect to each Deferral Account will be credited to such Deferral Account in the form of RSUs, in such quantity as is determined pursuant to a formula determined by the Board, as of the date on which the cash fees otherwise would have been paid to
a Participant. 
 (b) RSU Adjustments. The number of RSUs credited under the Plan will be appropriately adjusted from
time to time to reflect any cash or stock dividends paid on or with respect to Company common stock, as well as stock splits and stock combinations (and similar events) with respect to Company common stock. RSU adjustments under this
Section 6(b) will be effected by the Administrator as of the date on which the event giving rise to the adjustment occurs. 
 7. Settlement of Deferral Accounts. 
 (a) Form of Payment. The Company shall settle a Participant’s
Deferral Account, and discharge all of its obligations to pay deferred compensation under the Plan with respect to such Deferral Account, by delivery to the Participant of such number of shares of restricted stock as are represented by RSUs credited
to such Participant’s Deferral Account (with any fractional RSU being settled in cash). As additional compensation to such Participants, the Company shall pay the par value of any such shares of Company common stock to be so

  

 - 3 - 

 
delivered. In the event that the Administrator determines that delivery of shares of Company common stock in satisfaction of a Participant’s Deferral Account would cause substantial adverse
tax or consequences (or would result in a violation of the federal securities laws) to the Participant, other Participants or to the Company, then the Administrator will delay delivery of such shares for up to one year, if such delay would eliminate
the risk of such consequences, or will instead deliver cash if elimination of the risk is not possible. In that event, the cash settlement will be equal to the amount of cash fees deferred by the Participant under the Plan, adjusted in a manner
determined by the Administrator in its sole discretion. 
 (b) Restricted Stock Terms. The terms and conditions of such
restricted stock will be determined pursuant to the Stock Plan. Notwithstanding the above, in the event that the Stock Plan is not approved by the Company’s shareholders at its 2005 meeting, or if the Stock Plan is not submitted to the
Company’s shareholders at that meeting, then each Participant’s Deferral Account will be distributed prior to the end of April 2005, and will be settled in cash. The amount distributed in that event will be equal to the amount of cash fees
deferred by the Participant under the Plan, adjusted in a manner determined by the Administrator in its sole discretion. 
 (c) Timing of Payments. Payments in settlement of a Deferral Account, which will be made in the form of restricted stock (except to the extent otherwise provided herein), shall be made as soon as practicable following the meeting of
the Company’s shareholders that next follows the deferral. 
 8. Statements. The Administrator will periodically
furnish statements to each Participant reflecting the amount credited to his or her Deferral Account as of a Valuation Date. 
 9. Amendment/Termination. The Board may, with prospective or retroactive effect, amend, alter, suspend, discontinue, or terminate the Plan at any time without the consent of Participants, shareholders, or any other person;
provided, however, that, without the consent of a Participant, no such action shall adversely affect the right of such Participant to payment of his or her Deferral Account, as of the date of such action, unless such action is required in
order to comply with law or to prevent adverse tax consequences to the Participant or the Company. 
 10. General Provisions.

 (a) Limits on Transfer of Awards. Other than by will or the laws of descent and distribution, no right, title or
interest of any kind in the Plan shall be transferable or assignable by a Participant or his or her Beneficiary or be subject to alienation, anticipation, encumbrance, garnishment, attachment, levy, execution or other legal or equitable process, nor
subject to the debts, contracts, liabilities or engagements, or torts of any Participant or his or her Beneficiary. Any attempt to alienate, sell, transfer, assign, pledge, garnish, attach or take any other action subject to legal or equitable
process or encumber or dispose of any interest in the Plan shall be void. 
 (b) Receipt and Release. Payments or other
distributions (in any form) to any Participant or Beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims for the amounts deferred and relating to the Deferral Account to which
the payments or other distributions relate, against the Company or any

  

 - 4 - 

 
subsidiary or affiliated entity thereof or the Administrator, and the Administrator may require such Participant or Beneficiary, as a condition to such payments, to execute a receipt and release
to such effect. 
 (c) Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan for
deferred compensation and Participants shall rely solely on the unsecured promise of the Company or applicable affiliated entity for payment hereunder. With respect to any payment not yet made to a Participant under the Plan, nothing contained in
the Plan shall give a Participant any rights that are greater than those of a general unsecured creditor of the Company or the applicable affiliated entity. 
 (d) Compliance. A Participant in the Plan shall have no right to receive payment or other distribution (in any form) with respect to his or her Deferral Account until legal and contractual
obligations of the Company relating to establishment of the Plan and the Stock Plan and the making of such payments shall have been complied with in full. In addition, the Company shall impose such restrictions on any interest constituting a
security as it may deem advisable in order to comply with the Securities Act of 1933, as amended, the requirements of any applicable stock exchange or automated quotation system, any state securities laws applicable to such a transfer, any provision
of the Company’s Certificate of Incorporation or Bylaws, or any other law, regulation, or binding contract to which the Company is a party. 
 (e) Other Participant Rights. No provision of the Plan or any transaction hereunder shall confer upon any Participant any right to continue to be a member of the Board, or to interfere in any way
with the right of the Company or a subsidiary to increase or decrease the amount of any fees payable to such Participant. Subject to the limitations set forth in Section 10(a) hereof, the Plan shall inure to the benefit of, and be binding upon,
the parties hereto and their successors and assigns. 
 (f) Legal Fees and Expenses. The Company shall pay all reasonable
legal fees and expenses which a Participant may incur in respect of obtaining from the Company any benefit to which he is entitled under the Plan. The Company will also pay all issuance costs related to payments associated with a Participant’s
Deferral Account, including payment of the par value of shares of Company common stock, as specified above. 
 (g) Tax
Withholding. The Company and any subsidiary or affiliated entity shall have the right to deduct from amounts and shares otherwise payable or to be distributed in settlement of a Deferral Account, any sums that federal, state, local or foreign
tax law requires to be withheld with respect to such payment. To the extent permissible by applicable law, and to the extent permitted by the Administrator, shares of Company common stock that would otherwise be delivered to the Participant may be
withheld by the Company and used to satisfy such withholding requirements. 
 (h) Governing Law. The validity,
construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of New Jersey, without giving effect to principles of conflicts of laws, and applicable provisions
of federal law. 
  

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 (i) Limitation. A Participant and his or her Beneficiary shall assume all risk in
connection with any decrease in value of the Deferral Account, and neither the Company nor any subsidiary or affiliated entity nor the Administrator shall be liable or responsible therefor. 
 (j) Construction. The captions and numbers preceding the sections of the Plan are included solely as a matter of convenience of
reference and are not to be taken as limiting or extending the meaning of any of the terms and provisions of the Plan. Whenever appropriate, words used in the singular shall include the plural or the plural may be read as the singular, and male
references shall include female and neuter, and vice versa. 
 (k) Severability. In the event that any provision of the
Plan shall be declared illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions of the Plan but shall be fully severable, and the Plan shall be construed and enforced as if said illegal or invalid
provision had never been inserted herein. 
 (l) Status. The establishment and maintenance of, or allocations and credits
to, the Deferral Account of any Participant shall not vest in any Participant any right, title or interest in and to any specific assets or benefits except at the time or times and upon the terms and conditions and to the extent expressly set forth
in the Plan. 
 11. Claim and Appeal Procedures. The Administrator shall provide adequate notice in writing to any
Participant or to any Beneficiary (“Claimant”) whose claim for benefits under the Plan has been denied. The Administrator’s notice to the Claimant shall set forth: 
 (a) The specific reason for the denial; 
 (b) Specific references to pertinent Plan provisions upon which the Administrator based its denial; 
 (c) A description of any additional material and information that is needed; and 
 (d) That any appeal the Claimant wishes to make of the adverse determination must be in writing to the Administrator within seventy-five (75) days after receipt of the Administrator’s notice of denial of benefits. The
Administrator’s notice must further advise the Claimant that his failure to appeal the action to the Administrator in writing within the seventy-five (75) day period will render the Administrator’s determination final, binding and
conclusive. 
 If the Claimant should appeal to the Administrator, he, or his duly authorized representative, may submit, in
writing, whatever issues and comments he or his duly authorized representative feels are pertinent. The Claimant, or his duly authorized representative, may review pertinent Plan documents. The Administrator shall re-examine all facts to the appeal
and make a final determination as to whether the denial of benefits is justified under the circumstances. The Administrator shall advise the Claimant of its decision within sixty (60) days of the Claimant’s written request for review,
unless special circumstances (such as a hearing) would make the rendering of a decision within the sixty (60) day limit unfeasible, but in no event shall the Administrator render a decision respecting a denial for a claim of benefits later than
one hundred twenty (120) days after its receipt of a request for review. 
  

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 The Administrator’s notice of denial of benefits shall identify the name and address to
whom the Claimant may forward his or her appeal. 
 12. Effective Date. The Plan shall be effective as of June 1,
2004. 
  

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