Document:

Ex-10.6

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT made as of the 1st day of November, 1985 by and between
THE TRUSTCOMPANY BANCORPORATION, a New Jersey corporation (the "Holding
Company"), THE TRUST COMPANY OF NEW JERSEY, a New Jersey chartered bank (the
"Bank") (collectively the "Company"), and SIGGI B. WILZIG (the "Employee").

         1.0 BACKGROUND AND PURPOSE.--

         1.1 Employee has been employed by the Bank as its chairman, president
and chief executive officer pursuant to an employment agreement with a term
ending April 30, 1989, and in that capacity Employee has performed various
executive and administrative duties. In November 1985, after the commencement of
operations of the Holding Company and its acquisition of the Bank, the boards of
directors of the Holding Company and the Bank agreed in principle to extend
Employee's term of employment with the Bank and to grant him certain options, in
order to secure his services for the Holding Company as its chief executive
officer and provide further incentive for Employee to remain with the Company
and to cause its further growth.

         1.2 Employee makes this Agreement in consideration of his continued
employment by the Bank, his employment by the Company and the salary and other
consideration paid and to be paid to him as a result of his employment.

         1.3 Employee and the Company desire by this Agreement

             (a) to provide for Employee's continued employment by the Company;

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             (b) to be set forth the rights and obligations of the Company and
     Employee in the event that Employee's employment shall be terminated for
     any reason; and

             (c) to protect the Company's legitimate competitive interests both
     during and after the term of Employee's employment.

         2.0 AGREEMENT TO EMPLOY.--

         2.1 The Bank and the Holding Company each hereby agrees to employ
Employee as its chairman of the board and chief executive officer and, when
designated by either board of directors, its president, and the Employee hereby
agrees to serve each of the Bank and the Holding Company in such capacities,
subject to the terms and conditions of this Agreement.

         2.2 (a) The board of directors of the Holding Company each year shall
nominate Employee to serve as a director of the Holding Company, and recommend
his election to its shareholders.

             (b) The board of directors of the Holding Company shall also elect
Employee as its chairman of the board and chief executive officer and nominate
and elect him as a director of the bank. If the shareholders do not elect
Employee a director of the Holding Company, he shall be elected president of the
Holding Company and the holder of such office shall be designated the chief
executive officer of the Holding Company.

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             (c) The board of directors of the Bank shall elect Employee each
year as its chairman of the board and chief executive officer.

         2.3 If the board of directors of the bank or the Holding Company shall
breach any of its obligations pursuant to this Section 2.0, Employee shall be
entitled to discontinue service to the Company hereunder and receive as
liquidated damages all amounts to which he is entitled pursuant to Sections 5.0
and 7.0 hereunder for the full term thereof.

         3.0 TERM. -- The term of employment under this Agreement shall be for a
period of seven years and six months, beginning as of the date hereof and ending
on April 30, 1993, unless sooner terminated pursuant to the provisions of
Section 7.0 hereof.

         4.0 DUTIES.--

         4.1 Employee shall serve as chairman of the board, chief executive
officer and, if designated by either board, president of the Bank and the
Holding Company, with all responsibilities, powers and duties as are usual
and customary to one holding such offices, and with such additional
responsibilities, powers and duties consistent with such offices as may be
assigned to him from time to time by the board of directors of either the Bank
or the Holding Company.

         4.2 During the term of his employment, Employee shall devote
substantially all of his business time, attention, expertise and efforts to the
business and affairs of the Com-

                                      -3-
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pany, Employee shall, however, be entitled (a) to continue to serve as a
consultant to Wilshire Oil Company of Texas, (b) to serve as a consultant to
other entities, if such service is approved in advance by the boards of
directors of the Holding Company and the Bank, (c) to serve as a director of
other public corporations, if such service is approved in advance by the boards
of directors of the Holding Company and the Bank and (d) to pursue private
investments and other opportunities, provided that such private investments and
other opportunities do not, in the opinion of the boards of directors of the
Holding Company and the Bank, conflict with his duties hereunder.

         5.0 COMPENSATION; STOCK OPTION; BENEFIT.--

         5.1. SALARY.-- As partial consideration for the services rendered by
Employee pursuant to this Agreement as an employee of the Company, the Company
shall pay to Employee an annual base salary at a rate of not less than $200,000
per year, with Employee's actual salary to be determined by the boards of
directors from time to time. Such salary shall be payable in equal bi-weekly
installments, or at such other frequency as shall be consistent with the
Company's practices with other executive employees. It is understood that, as of
the date hereof, Employee's principal duties will be for the Bank and that the
Bank will pay all amounts due to Employee hereunder until the boards of
directors of the Holding Company and the Bank determine that Employee's efforts
on behalf of

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<PAGE>

the Holding Company make it appropriate for the Holding Company to share in such
payment.

         5.2 BONUS.-- In further consideration for Employee's services rendered
pursuant to this Agreement, the Company may pay to Employee such bonuses as the
boards of directors of the Holding Company and the Bank may individually
determine from time to time are appropriate, based upon such factors as each
board of directors from time to time may consider relevant, including, but not
limited to, the profitability, performance or growth of the Company and the
Employee's contribution thereto.

         5.3 STOCK OPTION.-- In further consideration for Employee's services
rendered pursuant to this Agreement, the board of directors of the Holding
Company shall, subject to shareholder ratification and approval, grant Employee
an option to acquire 53,000 shares of the Common Stock of the Holding Company
upon the terms and conditions, and in the form, of Exhibit A annexed hereto and
made a part thereof.

         5.4 BENEFITS.-- (a) Employee shall be entitled to participate in any
retirement, pension or profit-sharing program and other fringe benefit programs
of the Company in the same manner and on the same basis as other executive
employees of the Company, except as otherwise provided in this Agreement. In
addition, Employee's medical insurance and hospitalization shall be extended
throughout the consulting term described in Section 6.0.

                                      -5-
<PAGE>

             (b) The Company will continue to provide the Employee with a
$2,000,000 life insurance policy payable to Employee's heirs. By its terms, the
Company shall be reimbursed on Employee's death for premiums paid.

             (c) The Company shall also provide Employee with 5 weeks per year
of paid vacation, to be taken at such times as may be mutually convenient to and
agreed upon by the Employee and the Company.

         5.5 OFFICES.-- The Company shall provide the Employee with office space
at the principal office of the Company suitable to a chief executive, and
appropriate personnel to assist him, including but not limited to a secretary
and administrative assistant. The assistance described above shall also be
provided to Employee if needed in his opinion to perform consulting services
during the consulting term.

         5.6 EXPENSES.-- Employee shall be entitled to reimbursement of all
travel and other expenses reasonably incurred by him in the performance of his
duties as an employee of consultant.

         6.0 CONSULTING.--

         6.1 ENGAGEMENT.-- Commencing after the end of the term of his
employment set forth in section 3.0 or upon the earlier termination of his
employment pursuant to section 7.4, the Company hereby engages Employee, and
Employee agrees to serve, as a consultant to the Company. Employee shall provide
advice to the Company as a consultant on matters relating to

                                      -6-
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the banking business in New Jersey, at such times and places as shall be
mutually agreed upon by the parties from time to time and consistent with
permitting Employee to engage in his chosen post-employment activities, as well
as to take such trips and vacations as he may desire. It is anticipated that
Employee will be able to perform all required consulting work by telephone. No
travel may be required of Employee under this Section 6.0. During the period
specified in Section 6.2, Employee shall be free to locate his residence and any
other business activities in any place he chooses, so long as he gives the
Company notice of a location where he regularly may be reached by telephone.

         6.2. CONSULTING TERM.--Employee shall remain available to provide such
consulting services to the Company for a term of three years after the
termination of his employment referred to in section 6.1, except that Employee
shall be excused from providing such services if he is temporarily disabled from
time to time and in the event of his permanent disability or upon his death.

         6.3. FEES.--Employee shall not be entitled to any separate fee for his
consulting services hereunder beyond the other consideration provided to
Employee under this Agreement.

         7.0. TERMINATION OF EMPLOYMENT.--

         7.1. TERMINATION FOR CAUSE.--Notwithstanding the provisions of Section
3.0, Employee's employment may be terminated for cause upon 3 months prior
written notice to Employee from the Company. Such notice shall state the basis
for the deter-

                                      -7-

<PAGE>

mination that such cause for termination exists. Termination for "cause" shall
mean termination by the Company on the following grounds only: (i) willful and
material fraud, misappropriation or embezzlement by Employee relating to the
business or property of the Company; or (ii) Employee's conviction of any crime
committed within the scope of his employment by the Company which constitutes a
felony in the jurisdiction involved. In the event of termination for cause, the
Companmy shall pay to Employee the salary he otherwise would have received up
through the date of termination only; provided, however, that the Company shall
have the right at any time to pay Employee his full salary for the notice period
and to terminate Employee's employment upon the serving of the notice described
above and payment of his salary for such 3 month period.

         7.2. TERMINATION UPON DEATH.--Employee's employment shall be terminated
upon Employee's death. In such event, the Compamy shall pay to Employee's estate
the termination compensation set forth in Section 7.5.

         7.3. TERMINATION UPON DISABILITY.-- If Employee is unable to perform
his normal duties for a period of 200 consecutive business days or for 300
business days in any period of 400 consecutive business days, and remains so
disabled thereafter as to be unable to continue to perform his duties under this
Agreement, the Company at its option may terminate his employment. In such
event, the Company shall pay to the Employee the termination compensation set
forth in Section 7.5.

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<PAGE>

         7.4. VOLUNTARY TERMINATION.--Employee shall have the option voluntarily
to terminate his employment at any time after April 30, 1991 and before April
30, 1993 upon at least 3 months prior written notice to the Company; provided,
however, that he shall thereupon be entitled to only the reduced termination
compensation provided in Section 7.5(b).

         7.5. TERMINATION COMPENSATION.--(a) Upon termination of Employee's
employment for any reason whatsoever except pursuant to Section 7.1, whether by
death, disability, end of the term set forth in section 3.0 or otherwise,
Employee shall receive annual termination compensation equal to 50% of his
"Average Salary". Average Salary shall mean the average of amounts of aggregate
salary and bonuses received by Employee in a calendar year pursuant to Sections
5.1 and 5.2 during the term of his employment hereunder, but in no event shall
Average Salary be less than the salary and bonuses he earned for calendar year
1985.

         (b) Unless termination is pursuant to Section 7.4, this annual
termination compensation will be paid for the longer of (a) Employee's life or
(b) 10 years from the date of termination of Employee's employment. If Employee
shall resign his employment pursuant to Section 7.4, his annual termination
compensation shall be paid for a term of ten years.

         (c) The termination compensation shall be paid in bi-weekly
installments commencing two weeks after the date of termination.

                                      -9-
<PAGE>

         7.6. DEATH FOLLOWING TERMINATION--In the event that Employee shall die
after termination of this employment hereunder but prior to the payment of all
amounts due to him hereunder, including his termination compensation under
section 7.5, those amounts shall be paid to Employee's estate.

         8.0. RESTRICTIVE COVENANT--During the period commencing as of the date
of this Agreement and ending on the day after the latest of (a) the date of the
termination of Employee's employment pursuant to section 3.0 or section 7.0 or
(b) the date that his consulting term under section 6.2 shall end, so long as
the Company has not breached this Agreement, Employee shall not, directly or
indirectly, be a shareholder, principal, owner, officer, director, employee or
agent of, or otherwise render services to, any bank, savings bank, savings and
loan association, bank holding company, or savings and loan holding company
other than the Company which either (i) has its principal office within the
State of New Jersey or (ii) has a majority of its deposits located in the State
of New Jersey, unles such engagement is with an affiliate of the Company or is
approved by the boards of directors of the Company; and provided further that
this Section 8.0 shall not prohibit or restrict in any way any relationship
Employee now has or may in the future have with Wilshire Oil Company of Texas or
any of its affiliates. Notwithstanding the above, Employee may be a shareholder
of any such competing publicly-owned corporation, so long as he beneficially
owns less that 5% of the outstanding shares of any class

                                      -10-
<PAGE>

of stock of such corporation and his relationship with such corporation is
limited to such ownership. The covenants of Employee contained in this Section
8.0 shall be for the benefit of any future subsidiary of Holding Company or of
the Bank.

         9.0. SEVERABILITY.--If any provision of this Agreement, and in
particular any obligation undertaken by Employee herein, is deemed invalid in
any respect under applicable law, the provision shall, if possible, be enforced
to the extent reasonable under the circumstances. To the extent that the
provision or any part of the provision remains unenforceable, it shall be deemed
not to constitute part of the Agreement. In any case, the remaining provisions
of the Agreement shall not be affected, and shall remain valid and be enforced
to the full extent allowed by law.

         10.0. SPECIFIC ENFORCEMENT.--

         10.1. Employee recognizes that the Company, at considerable cost and
effort, has created substantial business and good will and acquired patronage,
accouns and a customer base, all of which comprise valuable assets of the
Company. Employee ackowledges that his failure to fulfill his obligations under
Section 8.0 of this Agreement would substantially and irreparably jeopardize the
value of such assets, and that the remedies at law for any breach by him of his
obligations would prove inadequate. Employee therefore agrees that the Company
shall be entitled to sue in equity any breach or anticipated breach by him of
Section 8.0 of this Agreement, and he hereby

                                      -11-
<PAGE>

waives the defense, in any such action or proceeding brought by the Company,
that an adequate remedy at law exists.

         10.2. This section shall nor be deemed to limit the Company's right to
any remedies to which it may be entitled under law, including the recovery of
monetary damages from Employee.

         11.0. JOINT AND SEVERAL.--All obligations of the Bank and the Holding
Company hereunder shall be joint and several. If any provision of this Agreement
shall be deemed to be invalid or unenforceable as against any one of the Bank or
the Holding Company, it shall nevertheless remain valid and enforeceable against
the other.

         12.0. ACTION BY THE COMPANY.--Unless otherwise expressly provided
herein any action by the "Company" referred to in this Agreement shall require
the approval of the boards of directors of both the Holding Company and the
Bank.

         13.0. WITHHOLDING OF TAXES.--Any payments to Employee, or to Employee's
beneficiary or beneficiaries, or to Employee's estate, pursuant to the terms of
this Agreement shall be reduced by such amounts as are required to be withheld
with respect thereto under then applicable federal, state and local tax laws and
regulations and other laws and regulations.

         14.0. GOVERNING LAW.--This Agreement shall be governed and interpreted
in all respects in accordance with the laws of New Jersey.

         15.0. NOTICES.--Any notice required or permitted hereunder shall be in
writing, and shall be deemed to have been

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given when hand delivered or sent by registered or certified mail, return
receipt requested, addressed, as follows:

         if to the Company:    The TrustCompany Bancorporation
                               35 Journal Square
                               Jersey City, New Jersey 07306
                               Attn: Chief Personnel Officer

         if to the Employee:   Mr. Siggi B. Wilzig
                               340 Dwasline Road
                               Clifton, New Jersey 07012

or to such other person or address as either party shall designate to the other
from time to time in writing forwarded in like manner.

         16.0. AMENDMENT.--The provisions of this Agreement can be modified or
amended only by a writing signed by both Employee and the Company.

         17.0. ENTIRE AGREEMENT.--This Agreement is the entire agreement of the
parties pertaining to the subject matter hereof and supersedes and revokes all
prior employment agreements between the parties.

         18.0. BINDING EFFECT; NONASSIGNMENT.--This Agreement shall inure to the
benefit of Employee and his personal representatives, heirs and assigns.
Employee may not delegate the performance of his obligations or assign his
rights hereunder. This Agreement shall inure to the benefit of the Holding
Company and the Bank, and the respective successors, but neither of them may
assign its rights hereunder. This Agreement shall be binding upon the Holding
Company and the Bank and their respective successors and assigns.

                                      -13-
<PAGE>

         19.0. ACKNOWLEDGMENT BY EMPLOYEE.--Employee represents and acknowledges
that he has carefully reviewed all of the terms and obligations contained in
this Agreement, and that he understands fully the character and extent of the
restraints that the Agreement shall impose upon him, both during his employment
and after its termination. Employee expressly agrees that the restraints are
reasonable and necessary for the proper protection of the Company's business.

         20.0. ATTORNEYS FEE.--In the event that any dispute arises concerning
the terms of this Agreement, Employee shall be entitled to reimbursement of all
reasonable costs incurred by him in such dispute, including attorneys fees, if
he shall by the prevailing party.

         21.0 SHAREHOLDER APPROVAL.--This Agreement shall be null and void ab
initio unless the shareholders of the Holding Company approve the stock option
grant set forth in Section 5.3 prior to November 1, 1986.

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<PAGE>

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of November 1, 1985 on Match 18, 1986.

WITNESS:

                                         /s/ Siggi B. Wilzig
--------------------------------         -------------------------------------
                                         Siggi B. Wilzig

ATTEST:                                  THE TRUSTCOMPANY BANCORPORATION

/s/ John B. Bell                    By: /s/ John F. Love
--------------------------------        --------------------------------------
John H. Bell, Secretary                 John F. Love, Treasurer

ATTEST:                                 THE TRUST COMPANY OF NEW JERESY

/s/ John F. Love                    By: /s/ John H. Bell
--------------------------------        --------------------------------------
John F. Love, Senior                    John H. Bell, Executive
  Vice President                        Vice President

                                      -15-
<PAGE>

                EXTENSION AND AMENDMENT OF EMPLOYMENT AGREEMENT
                -----------------------------------------------

         THIS AGREEMENT ("Agreement") is made this 22nd day of December, 1992,
by and between THE TRUSTCOMPANY BANCORPORATION, a New Jersey corporation
("Holding Company"), THE TRUST COMPANY OF NEW JERSEY, a New Jersey chartered
bank ("Bank"), (Holding Company and Bank sometimes collectively, "Company"), and
SIGGI B. WILZIG ("Employee").

                       W I T N E S S E T H   T H A T :

         WHEREAS, the Company and the Employee entered into an Employment
Agreement dated as of November 1, 1985 ("Employment Agreement"); and

         WHEREAS, Section 3.0 of the Employment Agreement provides that the
Employee's term of employment shall be for a period of seven years and six
months, ending on April 30, 1993, unless sooner terminated pursuant to the
provisions of the Employment Agreement ("Initial Term"); and

         WHEREAS, as of December 31, 1985, there were 27 branches of the Bank,
total deposits were $1,045,470,000 and total assets were $1,184,674,000; and as
of December 31, 1992, the number of branches of the Bank has grown by more than
30% to 38, total deposits and total assets have doubled to $2,166,899,000 and
$2,367,422,000, respectively, and the value of the Holding Company's Stock has
increased 2,000% over the last 10 years; and

         WHEREAS, in recognition of the phenomenal growth of the Company without
acquisition or merger, the Employee's valuable

<PAGE>

contributions to the success of the Company, his unique expertise, and the
continuing executive and administrative requirements of the Company, it is in
the best interests of the Company to extend the Initial Term for an additional
period of seven years and six months commencing on the first day after the
expiration of the Initial Term ending on October 31, 2000 ("Extended Term"), and
to amend certain other provisions of the Employment Agreement; and

         WHEREAS, the Employee has agreed to extend his term of employment for
the Extended Term, unless sooner terminated pursuant to the provisions of the
Employment Agreement and amended by this Agreement, and to devote his attention,
expertise and efforts to the Company on the terms set forth herein and in the
Employment Agreement; and

         WHEREAS, the Company and the Employee wish to amend the Employment
Agreement on the terms and conditions set forth herein but only to the extent
herein provided.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
premises contained herein, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties, intending
to be legally bound, hereby agree as follows:

         1. AMENDMENT. Section 3.0 of the Employment Agreement is deleted in its
entirety and is replaced with the following provision:

         "3.0. TERM.--The term of employment under this Agreement shall
         be for a period of seven years and six months, beginning as of
         May 1, 1993 and ending on October 31, 2000, unless sooner
         terminated pursuant to the provisions of Section 7.0 hereof."

<PAGE>

         2. The first sentence of Section 5.1 of the Employment Agreement is
hereby deleted and is replaced with the following provision:

         "5.1 SALARY. -- As partial consideration for the services rendered by
         Employee pursuant to this Agreement as an employee of the Company, the
         Company shall pay to Employee an annual base salary at a rate of not
         less than $300,000 per year, with Employee's actual salary to be
         determined by the boards of directors from time to time."

         3. Section 5.3 of the Employment Agreement has been satisfied in full
and is therefore not applicable to the Extended Term.

         4. Section 5.4(b) of the Employment Agreement is hereby deleted in its
entirety and is replaced with the following provision:

         "(b) The Company will continue to provide the Employee with a
         $3,200,000 life insurance policy payable to Employee's heirs or to his
         designee. The policy shall provide that the Company shall be reimbursed
         on Employee's death for premiums paid."

         5. The first sentence of Section 6.1 of the Employment Agreement is
hereby deleted in its entirety and is replaced with the following first
sentence:

         "6.1 ENGAGEMENT. -- In recognition of the Employee's exemplary past
         performance, commencing after the end of his employment set forth in
         Section 3.0 or upon the earlier termination of his employment pursuant
         to Section 7.4, the Company hereby engages Employee, and Employee in
         his sole discretion may elect to serve, as a consultant to the
         Company."

         6.  Section 6.2 of the Employment Agreement is hereby amended by adding
the following clause to the beginning of the Section as follows:

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<PAGE>

         "6.2 CONSULTING TERM. -- If Employee elects to serve as a consultant to
         the Company, . . . "

         7. The second sentence of Section 7.2 is hereby deleted in its entirety
and is replaced with the following second sentence:

         "In such event, the Company shall pay to Employee's estate or to his
         designee the termination compensation set forth in Section 7.5"

         8. Section 7.4 of the Employment Agreement is hereby deleted in its
entirety and is replaced with the following Section 7.4:

         "7.4 VOLUNTARY TERMINATION. -- (a) Employee shall have the option
         voluntarily to terminate his employment at any time before April 30,
         1996 upon at least three months prior written notice to the Company;
         provided, however, that he shall thereupon be entitled to only the
         reduced termination compensation provided in Section 7.5(b).

             (b) Empoyee shall have the option voluntarily to terminate
         his employment at any time after April 30, 1996 and before October 31,
         2000 upon at least three months prior written notice to the Company and
         he shall thereupon be entitled to the termination compensation provided
         in Section 7.5(b)."

         9. Section 7.5(b) of the Employment Agreement is hereby deleted in its
entirety and is replaced with the following Section 7.5(b):

         "(b) Unless termination is pursuant to Section 7.4(a), this annual
         termination compensation will be paid for the longer of (1) Employee's
         life, or (2) 10 years from the date of termination of Employee's
         employment. If Employee shall resign his employment pursuant to Section
         7.4(a), his annual termination compensation shall be paid for a term of
         ten years."

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<PAGE>

         10. Section 7.6 of the Employment Agreement is amended to add the
following clause to the end of the Section:

         ". . . or to his designee."

         11. Section 21.0 of the Employment Agreement is deleted in its
entirety.

         12. ENFORCEABILITY OF EMPLOYMENT AGREEMENT. The Company and Employee
affirm the continuing validity of the Employment Agreement, as amended by this
Agreement. Each warrants and represents to the other that except as expressly
modified hereby, there has been no other modification of the Employment
Agreement, whether oral or written, and that there are no rights, claims or
causes of action of any nature that it/he has or may assert against the other
with respect to the Employment Agreement, as amended.

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement Dec. 22, 1992.

WITNESS                                     EMPLOYEE:

/s/ PETER J. O'BRIEN                        /s/ SIGGI B. WILZIG
------------------------------              -------------------------------
                                            Siggi B. Wilzig

ATTEST:                                     THE TRUSTCOMPANY BANCORPORATION

/s/ PETER J. O'BRIEN                        /s/ JOHN F. LOVE
-------------------------------             -------------------------------
Peter J. O'Brien, Secretary                 John F. Love, Treasurer

ATTEST:                                     THE TRUST COMPANY OF NEW JERSEY

/s/ PETER J. O'BRIEN                        /s/ JOHN F. LOVE
-------------------------------             -------------------------------
Peter J. O'Brien, Secretary                 John F. Love, Treasurer

                                       -5-

<PAGE>

                                SECOND AMENDMENT
                                       OF
                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT  ("Agreement") is made this 27th day of February,  1995,
by and between THE TRUST COMPANY OF NEW JERSEY, a New Jersey chartered bank (the
"Bank"),  THE TRUSTCOMPANY  BANCORPORATION,  a New Jersey  corporation  ("Former
Holding  Company" and,  together with Bank,  the  "Company") and SIGGI B. WILZIG
("Employee").

                          W I T N E S S E T H   T H A T :

         WHEREAS, the Company  and the  Employee  entered  into an  Employment
Agreement dated as of November 1, 1985 ("Employment Agreement"); and

         WHEREAS,  the  Employment  Agreement  was  amended by  agreement  dated
December  22,  1992 to,  among  other  things,  extend  the  Employee's  term of
employment   thereunder   until  October  31,  2000  followed  by  a  three-year
consultancy  term,  in order to  assure  the  Bank of the  Employee's  continued
valuable and unique services; and

         WHEREAS,  the  Board of  Directors  of the  Bank  and its  compensation
committee  wish  to  further  amend  the  Employment  Agreement  to  extend  the
consultancy term thereunder in lieu of certain termination compensation provided
for  thereunder  in  order to  assure  the  continuing  exemplary  services  and
dedication of the Employee; and

         WHEREAS,  the  Employee is willing to provide such  services  under the
terms and conditions set forth therein.

         NOW,  THEREFORE,  in  consideration  of the  foregoing  and the  mutual
premises  contained  herein,  and other  good and  valuable  consideration,  the
receipt and sufficiency of which are hereby  acknowledged,  the parties agree as
follows:

         1. Section 2.2(c) is hereby amended by replacing the third line thereof
with the following "chief executive officer and shall nominate Employee to serve
as a director of the Bank and recommend his election to its shareholders."

         2.  Section  6.0 of the  Employment  Agreement  is  hereby  amended  by
deleting  such  section in its  entirety  and  replacing  such  section with the
following:

<PAGE>

                  6.0 CONSULTING.

                  6.1 ENGAGEMENT  TERM. In  recognition of Employee's  exemplary
         past performance, the Bank hereby engages Employee, and Employee agrees
         to serve,  as a consultant to the Bank for the term that shall commence
         upon the end of Employee's employment,  as set forth in Section 3.0 and
         continue for ten years (the "Initial  Consulting  Term") unless earlier
         terminated  pursuant  to  Section  7.0.  At  the  end  of  the  Initial
         Consulting  Term, the  Employee  shall  have the  option  to renew  the
         consulting  engagement  for an additional  ten year term (the "Extended
         Consulting  Term")  subject  to the terms of this  Agreement.  Employee
         shall provide advice to the Bank as a consultant on policy matters with
         respect to decisions  relating to the business and financial affairs of
         the Bank and the  banking  business in New Jersey  generally  and shall
         continue  to  promote  the  goodwill  of the  Bank  through  community,
         charitable,  educational,  civic,  philanthropic  and similiar types of
         activities,  all of which  shall be deemed to  benefit  the Bank.  Such
         consulting  services may be rendered in person at the corporate offices
         of the Bank, at any other mutually  agreeable  place or by telephone or
         correspondence; it is agreed, however, that such services (i) shall not
         require Employee's presence at the corporate offices of the Bank except
         at  such  times  as  may be  mutually  agreeable,  and  (ii)  shall  be
         consistent   with   permitting   Employee   to  engage  in  his  chosen
         post-employment activities, as well as to take such vacations as he may
         desire.

                  6.2 FEES. During the Initial  Consulting Term and the Extended
         Consulting  Term, as the case may be,  Employee shall receive an annual
         fee  equal  to fifty  percent  (50%) of his  Average  Salary.  "Average
         Salary"  shall mean the  average of  amounts  of  aggregate  salary and
         bonuses received by Employee in a calendar year pursuant to Section 5.1
         and 5.2 during the term of his  employment  hereunder,  but in no event
         shall  Average  Salary be less than the  salary and bonus he earned for
         calendar  year  1992."  Such  compensation  shall be paid in  bi-weekly
         installments.

         3.  Section  7.4 of the  Employment  Agreement  is  hereby  amended  by
deleting such section in its entirety.

         4.  Section  7.5 of the  Employment  Agreement  is  hereby  amended  by
deleting  such  section in its  entirety  and  replacing  such  section with the
following:

                                       2
<PAGE>

                  7.5 TERMINATION  COMPENSATION.  Upon termination of Employee's
         employment by reason of Employee's  death or disability,  the Employee,
         or  his  estate  or  designee,  as  the  case  may  be,  shall  receive
         termination  compensation  equal to fifty  percent (50%) of his Average
         Salary  through and including the final year of the Initial  Consulting
         Term, or, if Employee's death or disability  occurs during the Extended
         Consulting  Term,  through and including the final year of the Extended
         Consulting  Term. In the case of Employee's  death,  such  compensation
         shall be paid in a lump sum not  later  than the  sixtieth  (60th)  day
         following the date of Employee's  death.  In the case of the Employee's
         disability,  such compensation shall be paid in bi-weekly  installments
         commencing  two weeks after the date of  termination  by reason of such
         disability.

         5.  Section  7.6 of the  Employment  Agreement  is  hereby  amended  by
deleting such section in its entirety.

         6. ENFORCEABILITY OF EMPLOYMENT AGREEMENT. The Bank and Employee affirm
the continuing validity of the Employment Agreement,  as further amended by this
Agreement.

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

WITNESS                                     EMPLOYEE:

/s/ ALAN WILZIG                             /s/ SIGGI B. WILZIG
------------------------------              -------------------------------
                                            Siggi B. Wilzig

ATTEST:                                     THE TRUST COMPANY OF NEW JERSEY

/s/ PETER J. O'BRIEN                        /s/ MICHAEL A. MARINELLI
-------------------------------             -------------------------------
Peter J. O'Brien, Secretary                 Michael A. Marinelli, E.V.P.

ATTEST:                                     THE TRUSTCOMPANY BANCORPORATION

/s/ PETER J. O'BRIEN                        /s/ JOHN F. LOVE
-------------------------------             -------------------------------
Peter J. O'Brien, Secretary                 John F. Love, Treasurer

                                       3
<PAGE>

                                 THIRD AMENDMENT
                                       OF
                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT ("Agreement") is made this 29th day of September,  2000,
by and between THE TRUST COMPANY OF NEW JERSEY, a New Jersey chartered bank (the
"Bank"), and SIGGI B. WILZIG ("Employee").

                          W I T N E S S E T H   T H A T :

         WHEREAS, the Bank, the Trustcompany  Bancorporation ("Bancorp",  former
holding  company of the  Bank),  and the  Employee  entered  into an  Employment
Agreement dated as of November 1, 1985 ("Employment Agreement"); and

         WHEREAS, the Employment Agreement was extended and amended by Extension
and  Amendment of  Agreement  dated  December  22, 1992 to, among other  things,
extend the  Employee's  term of employment  until October 31, 2000 followed by a
three-year  consultancy  term,  in order to assure  the Bank and  Bancorp of the
Employee's continued valuable and unique services; and

         WHEREAS,  the Bank and Bancorp further amended the Employment Agreement
by Second  Amendment to Employment  Agreement  dated February 27, 1995 to, among
other things,  extend the consultancy  term under the Employment  Agreement,  as
amended,  in lieu of  certain  termination  compensation  in order to assure the
continuing exemplary services and dedication of the Employee; and

         WHEREAS,  the  Board of  Directors  of the  Bank  and its  Compensation
Committee  now wish to  further  amend  the  Employment  Agreement,  as  amended
previously on December 22, 1992 and February 27, 1995, to extend Employee's term
of employment for one additional year to October 31, 2001 in order to assure the
continuance of Employee's outstanding services to the Bank; and

         WHEREAS,  the  Employee is willing to provide such  services  under the
terms and conditions set forth therein.

         NOW,  THEREFORE,  in  consideration  of the  foregoing  and the  mutual
premises  contained  herein,  and other  good and  valuable  consideration,  the
receipt and sufficiency of which are hereby  acknowledged,  the parties agree as
follows:

         1. AMENDMENT.  Section 3.0 of the Employment Agreement,  as amended, is
deleted in its entirety and is hereby replaced with the following provision:

<PAGE>

                  "3.0 TERM - The term of employment  under this Agreement shall
                  be for a period of eight years and six months, beginning as of
                  May 1, 1993 and  ending on October  31,  2001,  unless  sooner
                  terminated pursuant to the provisions of Section 7.0 hereof."

         2. TRUSTCOMPANY BANCORPORATION. References in the Employment Agreement,
as amended,  to "Trustcompany  Bancorporation" and the "Company" shall be deemed
to refer to the Bank.

         3. ENFORCEABILITY OF EMPLOYMENT AGREEMENT. The Bank and Employee affirm
the continuing validity of the Employment Agreement,  as amended on December 22,
1992, February 27, 1995, and as further amended by this Agreement.

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

WITNESS:                                      EMPLOYEE:

/s/ Alan Wilzig                               /s/ Siggi B. Wilzig
---------------------------------             ----------------------------------
Alan Wilzig                                   Siggi B. Wilzig

ATTEST:                                       THE TRUST COMPANY OF NEW JERSEY

/s/ Peter J. O'Brien                          By: /s/ Donald R. Brenner
---------------------------------             ----------------------------------
Peter J. O'Brien, Secretary                   Donald R. Brenner

                                      -2-
<PAGE>

                                FOURTH AMENDMENT
                                       OF
                              EMPLOYMENT AGREEMENT

         THIS  AGREEMENT  ("Agreement")  is made as of this 26th day of October,
2001,  by and between THE TRUST  COMPANY OF NEW JERSEY,  a New Jersey  chartered
bank (the "Bank" or the "Company"), and SIGGI B. WILZIG ("Employee").

                          W I T N E S S E T H   T H A T :

         WHEREAS,  the Bank, the  Trustcompany  Bancorporation  ("Bancorp",  the
former holding company of the Bank), and the Employee entered into an Employment
Agreement dated as of November 1, 1985 ("Employment Agreement"); and

         WHEREAS, the Employment Agreement was extended and amended by Extension
and  Amendment of  Agreement  dated  December  22, 1992 to, among other  things,
extend the  Employee's  term of employment  until October 31, 2000 followed by a
three-year  consultancy  term,  in order to assure  the Bank and  Bancorp of the
Employee's continued valuable and unique services; and

         WHEREAS,  the Bank and Bancorp further amended the Employment Agreement
by Second  Amendment to Employment  Agreement  dated February 27, 1995 to, among
other things,  extend the consultancy  term under the Employment  Agreement,  as
amended,  in lieu of  certain  termination  compensation  in order to assure the
continuing exemplary services and dedication of the Employee; and

         WHEREAS,  the  Board of  Directors  of the  Bank  and its  Compensation
Committee  further  amended  the  Employment  Agreement  by Third  Amendment  of
Employment Agreement dated September 29, 2000, as amended previously on December
22, 1992 and February 27, 1995, to extend  Employee's term of employment for one
additional  year to  October  31,  2001 in order to assure  the  continuance  of
Employee's outstanding services to the Bank; and

         WHEREAS,  the  Board of  Directors  of the  Bank  and its  Compensation
Committee,  at meetings  held in October  2001,  concluded  that the  Employment
Agreement,  as amended  previously  on December 22, 1992,  February 27, 1995 and
September 29, 2000,  should be further  amended to, among other things,  provide
for a new  definition  of the term  "Index  Salary,"  delete  the term  "Average
Salary",  permit the voluntary resignation of Employee,  set forth a new payment
mechanism by which Employee,  his designees or his heirs may be paid termination
compensation, and to extend the Employee's term of employment for two additional
years to October 31, 2003; and

         WHEREAS,  the  Employee is willing to provide such  services  under the
terms and conditions set forth therein,

<PAGE>

         NOW,  THEREFORE,  in  consideration  of the  foregoing  and the  mutual
premises  contained  herein,  and other  good and  valuable  consideration,  the
receipt and sufficiency of which are hereby  acknowledged,  the parties agree as
follows:

            1.    Section  3.0  of  the  Employment  Agreement,  as  amended, is
deleted in its entirety and is hereby replaced with the following provision:

                  "3.0 TERM - The term of employment  under this Agreement shall
                  be for a period of ten years and six months,  beginning  as of
                  May 1, 1993 and  ending on October  31,  2003,  unless  sooner
                  terminated pursuant to the provisions of Section 7.0 hereof."

            2.    Section  6.2  of  the  Employment  Agreement,  as  amended, is
deleted in its entirety and is replaced with the following provision:

                  "6.2  FEES.  During  the first  two (2)  years of the  Initial
                  Consulting Term, Employee shall receive an annual fee equal to
                  one hundred  percent  (100%) of the Index  Salary,  as defined
                  below.  From the third  year  through  the  tenth  year of the
                  Initial  Consulting  Term and during the  Extended  Consulting
                  Term, as the case may be, Employee shall receive an annual fee
                  equal  to  fifty  percent  (50%)  of the  Index  Salary.  Such
                  compensation  shall  be paid in  bi-weekly  installments.  For
                  purposes  of  this  Section  6  and  this  entire   Employment
                  Agreement,  as amended,  the term Index  Salary shall mean the
                  actual   aggregate  amount  of  salary,   bonuses,   incentive
                  compensation,  and any  other  W-2  remuneration  received  by
                  Employee in calendar year 2000. "

            3.    The last sentence of Section 7.3 of the  Employment Agreement,
as amended, is replaced in its entirety with the following sentence:

                  7.3 TERMINATION UPON  DISABILITY.- "In such event, the Company
                  shall pay to the  Employee or his  designees  the  termination
                  compensation set forth in Section 7.5."

            4.    The following  Section  7.4  is hereby added to the Employment
Agreement, as amended:

                  7.4 VOLUNTARY TERMINATION. - Employee shall have the option to
                  voluntarily terminate his employment or any consulting term at
                  any time  after  March  1,  2001  upon at least 15 days  prior
                  written  notice to Company and shall  thereupon be entitled to
                  receive  (either  directly or by payment to his designees) the
                  termination compensation set forth in Section 7.5."

            5.    Section  7.5  of  the  Employment  Agreement,  as  amended, is
deleted in its entirety and is replaced with the following provision:

                                      -2-
<PAGE>

                  7.5 TERMINATION  COMPENSATION.- Upon termination of Employee's
                  employment  or any  consulting  term by reason  of  Employee's
                  death, disability, or voluntary termination (any such event, a
                  "Trigger  Event"),  the Employee,  his designees or estate, as
                  the case may be, shall receive  payments  equal to one hundred
                  percent  (100%) of  Employee's  Index Salary for the first two
                  (2) years after a Trigger Event and  thereafter  fifty percent
                  (50%) of Employee's  Index Salary for the next eight (8) years
                  after a  Trigger  Event.  Payments  shall  be  made  in  equal
                  quarterly  installments.  Notwithstanding  the foregoing,  the
                  Employee, his designee, or his estate, as the case may be, may
                  elect to accelerate  termination  compensation  payments up to
                  the  aggregate  amount  which is payable by the Company in any
                  one year and in the  subsequent  year  pursuant  to the  first
                  sentence of this  Section 7.5  ("Acceleration  Feature").  Any
                  such  payments as are  accelerated  shall reduce the aggregate
                  balance   due  and  the   number   of   installment   payments
                  outstanding,  but shall not reduce  the  dollar  amount of any
                  unpaid installments. Conversely, Employee, his designee or his
                  estate may elect to defer the  distribution  by the Company of
                  any installments and in doing so may extend the pay-out of the
                  termination  compensation  for a period of up to an additional
                  five (5) years  for a total  pay-out  period of up to  fifteen
                  (15) years. Similarly,  although the dates of installments may
                  be extended and the  Acceleration  Feature remains  unaltered,
                  the aggregate dollar amount of the  installments  shall not be
                  reduced.

            6.    A new Section 21 is hereby added to the Employment  Agreement,
                  as amended:

                  21.  PAYMENTS  TO  EMPLOYEE,  HIS  HEIRS  OR  DESIGNEES.   The
                  Employment Agreement,  as amended from time to time, presently
                  contemplates  that various  payments be made to the Employee's
                  designees or estate,  as the case may be.  Employee  requested
                  that the  concept  of  designees  be  added to the  Employment
                  Agreement, as amended, to provide him with greater flexibility
                  in managing his personal  affairs.  To provide guidance to the
                  Company  as to the  making of such  payments,  Employee  shall
                  delineate  his  designees  in writing to the  Secretary to the
                  Board of Directors  of the Company  from time to time.  In the
                  event of  Employee's  failure to do so, the Company shall make
                  payments to Employee  during his lifetime and to his estate in
                  the event of his death.

            7.    ENFORCEABILITY  OF  EMPLOYMENT  AGREEMENT.   The  Company  and
Employee affirm the continuing validity of the Employment Agreement,  as amended
on December 22, 1992,  February 27,  1995,  September  29, 2000,  and as further
amended by this Fourth Amendment.

                                      -3-
<PAGE>

      IN WITNESS  WHEREOF,  the parties  hereto have duly  executed  this Fourth
Amendment as of the day and year first above written.

WITNESS:                                   EMPLOYEE:

/s/ Alan Wilzig                            /s/ Siggi B. Wilzig
---------------------------------          ------------------------------------
Alan Wilzig                                Siggi B. Wilzig

ATTEST:                                    THE TRUST COMPANY OF NEW JERSEY

/s/ Peter J. O'Brien                       By: /s/ Donald R. Brenner
---------------------------------          ------------------------------------
Peter J. O'Brien, Secretary

                                      -4-
<PAGE>

                                 FIFTH AMENDMENT
                                       OF
                              EMPLOYMENT AGREEMENT

      THIS  AGREEMENT  ("Agreement")  is made as of this 26th day of  September,
2002,  by and between THE TRUST  COMPANY OF NEW JERSEY,  a New Jersey  chartered
bank (the "Bank" or the "Company"), and SIGGI B. WILZIG ("Employee").

                         W I T N E S S E T H   T H A T :

      WHEREAS, the Bank, the Trustcompany  Bancorporation ("Bancorp", the former
holding  company of the  Bank),  and the  Employee  entered  into an  Employment
Agreement dated as of November 1, 1985 ("Employment Agreement"); and

      WHEREAS,  the  Employment  Agreement was extended and amended by Extension
and  Amendment of  Agreement  dated  December  22, 1992 to, among other  things,
extend the  Employee's  term of employment  until October 31, 2000 followed by a
three-year  consultancy  term,  in order to assure  the Bank and  Bancorp of the
Employee's continued valuable and unique services; and

      WHEREAS,  the Bank and Bancorp further amended the Employment Agreement by
Second Amendment to Employment Agreement dated February 27, 1995 to, among other
things, extend the consultancy term under the Employment Agreement,  as amended,
in lieu of certain  termination  compensation  in order to assure the continuing
exemplary services and dedication of the Employee; and

      WHEREAS, the Board of Directors of the Bank and its Compensation Committee
further  amended the  Employment  Agreement  by Third  Amendment  of  Employment
Agreement dated  September 29, 2000, as amended  previously on December 22, 1992
and  February  27,  1995,  to  extend  Employee's  term  of  employment  for one
additional  year to  October  31,  2001 in order to assure  the  continuance  of
Employee's outstanding services to the Bank; and

      WHEREAS, the Board of Directors of the Bank and its Compensation Committee
further  amended the  Employment  Agreement by Fourth  Amendment  of  Employment
Agreement  dated as of October 26, 2001,  as amended  previously on December 22,
1992, February 27, 1995 and September 29, 2000, to, among other things,  provide
for a new  definition  of the term  "Index  Salary,"  delete  the term  "Average
Salary",  permit the voluntary resignation of Employee,  set forth a new payment
mechanism by which Employee,  his designees or his heirs may be paid termination
compensation, and to extend the Employee's term of employment for two additional
years to October 31, 2003; and

      WHEREAS,  the  Board  of  Directors  of  the  Bank  and  its  Compensation
Committee,  at  meetings  held in  July  2002,  concluded  that  the  Employment
Agreement,  as amended  previously  on December  22,  1992,  February  27, 1995,
September  29, 2000 and October 26,  2001,  should be further  amended to change
Employee's  title from Chief  Executive  Officer and President to Advisor to the
President  and  to the  Chief  Executive  Officer  and to  describe  his  duties
associated

<PAGE>

with such  position  and to remove from the  Employment  Agreement,  as amended,
Employee's  option to  voluntarily  terminate his  employment or any  consulting
term.

      WHEREAS,  the Employee is willing to provide such services under the terms
and conditions set forth therein,

      NOW, THEREFORE,  in consideration of the foregoing and the mutual premises
contained  herein,  and other good and valuable  consideration,  the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

      1.    Section 2.1 of the Employment Agreement, as amended, is deleted in
its entirety and is hereby replaced with the following provision:

            "2.1 The Bank  hereby  agrees to employ  Employee as Chairman of the
            Board  of  the  Bank  and as  Advisor  to the  President  and  Chief
            Executive  Officer of the Bank, and Employee  hereby agrees to serve
            the Bank in such capacities,  subject to the terms and conditions of
            this Agreement."

      2.    Section 2.2 of the Employment  Agreement,  as amended, is deleted in
its entirety and is hereby replaced with the following provisions:

                  "2.2(a)  The Board of  Directors  of the Bank each year  shall
            nominate  Employee  to serve as a  director  of the Bank,  and shall
            recommend his election to its shareholders. "

                  "2.2(b)  The  Board  of  Directors  of the  Bank  shall  elect
            Employee each year as its Chairman of the Board."

      3.    Section 4.1 of the Employment  Agreement,  as amended, is deleted in
its entirety and is hereby replaced with the following provision:

            "Employee  shall  serve as  Chairman of the Board of the Bank and as
            Advisor to the President and the Chief Executive  Officer,  with all
            responsibilities,  powers,  and duties as are usual and customary to
            one holding such  offices,  with such  additional  responsibilities,
            powers and duties consistent with such offices as may be assigned to
            him from  time-to-time by the Board of Directors of the Bank and the
            President and Chief Executive  Officer.  By way of amplification and
            not of limitation, Employee shall, in his capacity as Advisor to the
            President  and the Chief  Executive  Officer,  provide  insight  and
            guidance respecting such matters relating to the Investment,  Trust,
            Marketing and Lending Departments of the Bank, lending his expertise
            in the  areas of  pension  funds  and  investments,  stock  and bond
            markets,  interest  rate  fluctuation,   portfolio  investments  and
            management,   rate   setting,   major  credit

                                      -2-
<PAGE>

            analysis, customer development and continuity, deposit relationships
            and government banking."

      4.    Section  7.4 of the  Employment  Agreement,  as  amended,  captioned
"Voluntary Termination" is hereby deleted in its entirety.

      5.    The first  sentence of Section 7.5 of the Employment  Agreement,  as
amended, is hereby deleted and is replaced with the following first sentence:

            "7.5  TERMINATION  COMPENSATION.-  Upon  termination  of  Employee's
            employment or any consulting  term by reason of Employee's  death or
            disability  (any such  event,  a  "Trigger  Event"),  Employee,  his
            designees  or estate,  as the case may be,  shall  receive  payments
            equal to one hundred  percent (100%) of Employee's  Index Salary for
            the first two (2) years after a Trigger Event and thereafter,  fifty
            percent  (50%) of  Employee's  Index  Salary  for the next eight (8)
            years after Trigger Event."

      6.    ENFORCEABILITY  OF  EMPLOYMENT  AGREEMENT.  The Company and Employee
affirm  the  continuing  validity  of the  Employment  Agreement,  as amended on
December 22, 1992, February 27, 1995,  September 29, 2000, October 26, 2001, and
as further amended by this Fifth Amendment.

      IN WITNESS  WHEREOF,  the  parties  hereto have duly  executed  this Fifth
Amendment as of the day and year first above written.

WITNESS:                                      EMPLOYEE:

/s/ Alan Wilzig                               /s/ Siggi B. Wilzig
---------------------------------             ----------------------------------
Alan Wilzig                                   Siggi B. Wilzig

ATTEST:                                       THE TRUST COMPANY OF NEW JERSEY

/s/ Peter J. O'Brien                          By: /S/ Alan Wilzig
---------------------------------             ----------------------------------
Peter J. O'Brien, Secretary

                                      -3-EXHIBIT 10.8

Description of Split Dollar Life Insurance
Arrangements for the Benefit of Richard
Robinson and Helen Benham

     During the fiscal year
    ended May 31, 2000, with the approval of the Board of Directors of Scholastic
    Corporation (the “Company”), the Company agreed to pay that portion
    of the annual premium representing the non-term life insurance portion of
    a split dollar life insurance policy for the benefit of Richard Robinson
    and his wife, Helen Benham. Mr. Robinson is the Chairman of the Board,
    President and Chief Executive Officer of the Company. During the Company’s
    three fiscal years ended May 31, 2002, the aggregate portion of the annual
    premiums paid by the Company was $700,741. Notwithstanding the foregoing
    agreement, the Company ceased to pay such portion of the annual premium due
    during the fiscal year ended May 31, 2003, which premium was paid pursuant
    to the automatic premium loan provision of the original policy as issued
    in February 2000. All premiums previously paid by the Company in respect
    of the non-term portion of the split dollar life insurance policy will be
    repaid to the Company, without interest, not later than upon the death of
    the last to survive of Mr. Robinson and Ms. Benham. The Company
    is not responsible for payment of the portion of the premium attributable
    to the term life insurance portion of such policy.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]