Document:

Change in Control Agreement of Elizabeth Magennis dated October 22, 2007

 Exhibit 10.3 
 CHANGE IN CONTROL AGREEMENT 
 THIS CHANGE IN CONTROL
AGREEMENT (the “Agreement”), is made this 22nd
day of October 2007, between North Jersey Community Bank (“Bank”), a New Jersey chartered commercial bank with its principal office at 180 Sylvan Avenue, Englewood Cliffs, NJ and Elizabeth Magennis (the “Executive”). 

BACKGROUND 
 WHEREAS, the Bank wishes to employ the Executive as its Senior Vice President and Chief Lending Officer 
 WHEREAS, the Executive wishes to accept such employment; 
 WHEREAS, if the BANK
receives any proposal from a third person concerning a possible business combination involving the BANK, or the acquisition of voting securities of the BANK, the Board of Directors of the BANK (the “Board”) believes it is imperative that
the BANK and the Board be able to rely upon the Executive to continue in his position, and that they be able to receive and rely upon his advice, if they request it, as to the best interests of the BANK and its shareholders, without concern that the
Executive might be distracted by the personal uncertainties and risks created by such a proposal; 
 WHEREAS, to achieve that
goal, and to retain the Executive’s services prior to any such activity, the Board and the Executive have agreed to enter into this Agreement to govern the Executive’s status in the event of a Change in Control, as hereinafter defined.

 NOW, THEREFORE, to assure the BANK that it will have the continued dedication of the Executive and the availability of his
advice and counsel notwithstanding the possibility, threat or occurrence of a bid to take over control of the BANK, and to induce the Executive to remain in the employ of the BANK, and for other good and valuable consideration, the BANK and the
Executive, each intending to be legally bound hereby agree as follows: 

 1. Definitions. 

A. Cause. For purposes of this Agreement “Cause” with respect to the termination by Company (as defined below) of
Executive’s employment shall mean (i) willful and continued failure by the Executive to perform his duties for Company under this Agreement after at least one warning in writing from the Company’s Board of Directors identifying
specifically any such failure, (ii) the willful engaging by the Executive in misconduct which causes material injury to Company as specified in written notice to the Executive from the Company’s Board of Directors; or (iii) conviction
of a crime (other than a traffic violation) which is either a felony or an indictable offense or in the reasonable opinion of the Board of Directors is of such a nature that it should be cause for termination, habitual drunkenness, drug abuse, or
excessive absenteeism other than for illness, after a warning (with respect to drunkenness or absenteeism only) in writing from the Company’s Board of Directors to refrain from such behavior. 

B. Company. “Company” shall mean the BANK and any successor in interest to the BANK, whether by means of merger,
consolidation or the continuation of all or substantially all of the business of the BANK. 
 C. Change in Control.
“Change in Control” shall mean the occurrence of any of the following events: 
  

	 	(i)	a reorganization, merger, consolidation or sale of all or substantially all of the assets of the Bank, or any similar transaction, in any case in which the shareholders
of the Bank prior to such transaction hold less than a majority of the voting power of the resulting entity; or 

  

	 	(ii)	individuals who constitute the Incumbent Board (as herein defined) of the Bank cease for any reason to constitute a majority thereof. 

D. Time of Change in Control. For purposes of this Agreement, a Change in Control shall be deemed to occur on the earlier of:

 (1) The date on which the members of the Incumbent Board fail to represent a majority of the Board; or 

(2) The business day prior to effective date of any merger, consolidation, combination or sale of assets as defined in paragraph 1C
above. 
 E. Incumbent Board. “Incumbent Board” means the Board of Directors of the BANK on the date hereof,
provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three quarters of the directors 

 
comprising the Incumbent Board, or whose nomination for election by stockholders was approved by the same nominating committee serving under an Incumbent Board, shall be considered as though such
individual were a member of the Incumbent Board. 
 F. Contract Period. “Contract Period” shall mean the
period commencing the day immediately preceding a Change in Control and ending on the earlier of (i) the first anniversary of the Change in Control, or (ii) the date the Executive retires from service with the Company or (iii) the
death of the Executive. 
 G. Good Reason. When used with reference to a voluntary termination by Executive of his
employment with Company, “Good Reason” shall mean any of the following actions, if taken without Executive’s express written consent: 
 (1) The assignment to Executive of any duties inconsistent with, or the reduction of powers or functions associated with, Executive’s position, title, duties, responsibilities and status with the
BANK immediately prior to a Change in Control or any removal of Executive from, or any failure to re-elect Executive to, any position(s) or office(s) Executive held with the BANK and/or its subsidiaries immediately prior to such Change in Control. A
change in position, title, duties, responsibilities and status or position(s) or office(s) resulting merely from a merger of the BANK into or with another bank or company shall not meet the requirements of this paragraph if, and only if, the
Executive’s new title and responsibilities are accepted in writing by the Executive, in the sole discretion of the Executive. 
 (2) A reduction by Company in Executive’s annual base compensation as in effect immediately prior to a Change in Control or the failure to award Executive annual increases in accordance herewith;

 (3) A failure by Company to continue any bonus plan in which Executive participated immediately prior to the Change in
Control or failure by Company to continue Executive as a participant in such plan on at least the same basis as Executive participated in such plan prior to the Change in Control; 

(4) The Company’s transfer of Executive to another geographic location outside of New Jersey or within New Jersey but more than 25
miles from his present office location, except for required travel on Company’s business to an extent substantially consistent with Executive’s business travel obligations immediately prior to such Change in Control; 

(5) The failure by Company to continue in effect any employee benefit plan, program or arrangement (including, without limitation the
Company’s 401(k) plan, the Company’s Employee Stock Ownership Plan, life insurance plan, health and accident plan, disability plan, any other insurance policies or plans covering Executive or Executive’s family members or stock option
plan) in which Executive is participating on the same terms and conditions (including, but not limited to, Executive’s contribution and co-payment requirements) as such plan, program or arrangement was in effect for Executive immediately prior
to a Change in Control (except that Company may institute, continue or provide plans, programs or 

 
arrangements providing Executive with substantially similar benefits on the same terms and conditions as they were provided to Executive prior to the Change in Control and not have such
substitution qualify as “Good Reason”); the taking of any action by Company which would adversely affect Executive’s participation in or materially reduce Executive’s benefits under, any of such plans, programs or arrangements;
the failure to continue, or the taking of any action which would deprive Executive, of any material fringe benefit enjoyed by Executive immediately prior to such Change in Control; or the failure by Company to provide Executive with the number of
paid vacation days to which Executive was entitled immediately prior to such Change in Control; 
 (6) The failure of the BANK
to obtain an assumption in writing of the obligations of Company to perform this Agreement by an successor to the BANK and to provide such assumption to the Executive prior to any Change in Control; or 

(7) Any purported termination of Executive’s employment by Company during the term of this Agreement which is not effected pursuant
to all of the requirements of this Agreement; and, of purposes of this Agreement, no such purported termination shall be effective. 
 2. Employment. Company hereby agrees to employ the Executive, and the Executive hereby accepts employment, during the Contract Period upon the terms and conditions set forth herein. 

3. Position. During the Contract Period, the Executive shall be employed as a senior executive officer of Company and as the
senior executive officer of the subsidiary, division or profit center of the Company which is the principal successor to the business, assets and properties of the BANK. The Executive shall devote his full time and attention to the business of
Company, and shall not during the Contract Period be engaged in any other business activity. This paragraph shall not be construed as preventing the Executive from managing any investments of his which do not require any service on his part in the
operation of such investments. 
 4. Cash Compensation. Company shall pay to the Executive compensation for his services
during the Contract Period as follows: 
 A. Base Compensation. The base compensation shall be equal to the annual
compensation, including both salary and bonus, as were paid to or accrued for the Executive by the BANK, its subsidiaries and affiliates in the 12 months immediately prior to the Change in Control. The annual salary portion of base compensation
shall be payable in installments in accordance with Company’s usual payroll method. The bonus shall be payable at the time and in the manner which the Company paid such bonuses prior to the Change in Control. Any increase in the
Executive’s annual compensation pursuant to paragraph 4B below, or otherwise, shall automatically and permanently increase the base compensation. 
 B. Annual Increase. The Board of Directors of Company during the Contract Period shall review annually, or at more frequent intervals which the Board determines is

 
appropriate, the Executive’s compensation and shall award him additional compensation to reflect the impact of inflation, the Executive’s performance, the performance of the Company and
competitive compensation levels, all as determined in the discretion of the Board of Directors. Additional compensation may take any form including but not limited to increases in the annual salary, incentive bonuses and/or bonuses not geared to
performance. However, in no event shall the percentage increase in compensation be less than the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (New York and Northern New Jersey-ALL Items) during
the preceding twelve months. 
 5. Expenses and Fringe Benefits. During the Contract Period, the Executive shall be
entitled to reimbursement for all business expenses incurred by him with respect to the business of Company in the same manner and to the same extent as such expenses were previously reimbursed to him immediately prior to the Change in Control. If
prior to the Change in Control, the Executive was entitled to the use of an automobile, he shall be entitled to the same use of an automobile at lease comparable to the automobile provided to him prior to the Change in Control, and shall be entitled
to vacations and sick days, in accordance with the practices and procedures of Company, as such existed during Executive’s employment with the BANK immediately prior to the Change in Control. During the Contract Period, the Executive also shall
be entitled to hospital, health, medical and life insurance, and any other benefit enjoyed, from time to time, by other executive officers of Company, all upon terms as favorable as those enjoyed by Executive prior to the Change in Control.
Notwithstanding anything in this section to the contrary, if Company adopts any change in the expenses allowed to, or fringe benefits provided for, executive officers of Company, and such policy is uniformly applied to all Executive officers of
Company, including the Chief Executive Officer of such Company, then no such change shall be deemed to be contrary to this section. 
 6. Termination for Cause. Company shall have the right to terminate the Executive for Cause, upon written notice to him of the termination which notice shall specify the reasons for the
termination. In the event of Termination for Cause the Executive shall not be entitled to any further benefits under this Agreement. 
 7. Disability. During the Contract Period, if the Executive becomes permanently disabled, or is unable to perform his duties hereunder for 6 consecutive months in any 18-month period, Company may
terminate the employment of the Executive. In such event, the Executive shall not be entitled to any further benefits under this Agreement other than payments under the disability policy which Company may obtain for the benefit of senior officers
generally. 
 8. Death Benefits. Upon the Executive’s death during the Contract Period, the Executive shall be
entitled to the benefits of any life insurance policy paid for by Company and naming the Estate of the Executive as the beneficiary or having allowed the Executive to name the beneficiary, but his Estate shall not be entitled to any further benefits
under this Agreement. 
 9. Termination Without Cause of Resignation for Good Reason. Company may terminate the Executive
without Cause during the Contract Period by 20 business days prior written notice to the Executive, and Executive may resign for Good Reason during the Contract Period upon four weeks’ prior written notice to Company specifying the Good Reason.
If 

 
Company terminates the Executive’s employment during the Contract Period without Cause or if the Executive Resigns for Good Reason, Company shall within 20 business days of the termination
of employment pay the Executive a lump sum equal to one times the highest annual compensation, including only salary and cash bonus, paid the Executive by the BANK, its subsidiaries and affiliates during any of the three calendar years immediately
prior to the Change in Control (the “Lump Sun Payment”). During the remainder of the Contract Period Company also shall continue to provide the Executive with and pay for medial and hospital insurance, disability insurance and life
insurance, as were provided and paid for at the time of the termination of his employment with Company. 
 The Executive shall
not have a duty to mitigate the damages suffered by him in connection with the termination by Company of his employment without Cause or a resignation for Good Reason during the Contract Period. 

10. Resignation Without Good Reason. The Executive shall be entitled to resign from the employment of Company at any time during
the Contract Period without Good Reason, but upon such resignation the Executive shall not be entitled to any additional compensation for the time after which he ceases to be employed by Company, and shall not be entitled to any of the other
benefits provided hereunder. No such resignation shall be effective unless in writing with four weeks’ notice thereof. 

11. Non-Disclosure of Confidential Information. 
 A. Non-Disclosure of Confidential Information. Except in the course of his employment with Company and in the pursuit of the business of Company or any of its subsidiaries or affiliates, the
Executive shall not, at any time during or following the Contract Period, disclose or use, any confidential information or proprietary data of Company or any of its subsidiaries or affiliates. 

B. Specific Performance. Executive agrees that Company does not have an adequate remedy at law for the breach of this section and
agrees that he shall be subject to injunctive relief and equitable remedies as a result of the breach of this section. The invalidity or unenforceability of any provisions of this Agreement shall not effect the force and effect of the remaining
valid portions. 
 C. Survival. This section shall survive the termination of the Executive’s employment hereunder
and the expiration of this Agreement. 
 12. Term and Effect Prior to Change in Control. 

A. Term. Except as otherwise provided for hereunder, this Agreement shall commence on the date hereof and shall remain in effect
for a period of 3 years from the date hereof (the “Initial Term”) or , if a Change in Control has occurred,until the end of the Contract Period. The Initial Term shall be automatically extended for an additional one-year period on the
anniversary date hereof (so that the Initial Term is always 3 years) unless the Board of Directors of the BANK, by a majority vote of the Directors then in office votes not to extend the Initial Term. The Executive shall be promptly notified of the
passage of such resolution. 

 B. No Effect Prior to Change in Control. This Agreement shall not affect any rights
of the BANK or the Executive prior to a Change in Control or any rights of the Executive granted in any other agreement, plan or arrangements. The rights, duties and benefits provided hereunder shall only become effective upon a Change in Control.
If the employment of the Executive by the BANK is terminated for any reason prior to a Change in Control, this Agreement shall thereafter be of no further force and effect. 
 14. Certain Reductions on Payments. In no event shall any payments provided for hereunder constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of
1986, as amended or any successor thereto, and in order to avoid such a result the benefits provided for hereunder will be reduced, if necessary, to an amount which is One Dollar ($1.00) less than an amount equal to three (3) times
Executive’s “base amount” as determined in accordance with such Section 280G. 
 15. Severance
Compensation and Benefits Not in Derogation of Other Benefits. Anything to the contrary herein contained notwithstanding, the payment or obligation to pay any monies, or granting of any benefits, rights or privileges to Executive as provided in
this Agreement shall not be in lieu or derogation of the rights and privileges that the Executive now has or will have under any plans or programs of Company, except that the Executive shall not be entitled to the benefits of any other plan or
program of Company expressly providing for severance or termination pay if the Executive is terminated without Cause or resigns for Good reason after the Change in Control. 
 16. Miscellaneous. The terms of this Agreement shall be governed by, and interpreted and construed in accordance with the provisions of, the laws of New Jersey and, to the extent applicable,
federal law. This Agreement supersedes all prior agreements and understandings with respect to the matters covered hereby including the Agreement referred to in Paragraph 13 above. The amendment or termination of this Agreement may be made only in a
writing executed by Company and the Executive, and no amendment or termination of this Agreement shall be effective unless and until made in such a writing. This agreement shall be binding upon any successor (whether direct or indirect, by purchase,
merge, consolidation, liquidation or otherwise) to all or substantially all of the assets of Company. This Agreement is personal to the Executive and the Executive may not assign any of his rights or duties hereunder but this Agreement shall be
enforceable by the Executive’s legal representatives, executors or administrators. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this
Agreement to produce or account for more than one such counterpart. 

 IN WITNESS WHEREOF, the Bank caused this Agreement to be signed by its duly authorized
representatives pursuant to the authority of its Board of Directors, and the Executive has personally executed this Agreement, all as of the day and year first written above. 

 

							
		 		 	North Jersey Community Bank.
				
	 /s/ Frank Sorrentino III
	 		 	BY:	 	 /s/ Thomas DeMedici

	Frank Sorrentino III	 		 		 	Thomas DeMedici
	Chairman	 		 		 	President and CEO
			
	 /s/ Frank Sorrentino III
	 		 	 /s/ Elizabeth Magennis

	Frank Sorrentino III	 		 	Elizabeth Magennis
	Chairman	 		 	(EXECUTIVE)Employment Agreement with William S. Burns dated September 18, 2012

 Exhibit 10.4 
 EMPLOYMENT AGREEMENT 
 Employment Agreement (the “Employment
Agreement”) made as of this 18th day of September, 2012, by and between WILLIAM S. BURNS an individual residing at 11 Nottingham Road, Short Hills (the “Employee”), NORTH JERSEY COMMUNITY BANK, a New Jersey state
chartered commercial bank with its principal place of business located at 301 Sylvan Avenue, Englewood Cliffs, NJ 07632 (the “Bank”), and NORTH JERSEY COMMUNITY BANCORP, INC., a New Jersey corporation with its principal place
of business located at 301 Sylvan Avenue, Englewood Cliffs, NJ 07632 (the “Company”; the Bank and the Company sometimes collectively are referred to herein as “Employer”). 

WHEREAS, the Board of Directors of the Bank and the Board of Directors of the Company have each determined that it is in the best
interests of each of the Bank and the Company to enter into this Agreement with Employee, and each respective Board has authorized the Bank and the Company to enter into this Agreement; 

WHEREAS, the Employee agrees to be employed pursuant to the terms and conditions of this Agreement; 

NOW, THEREFORE, in consideration of the premises and covenants contained herein, and with the intent to be legally bound hereby,
the parties hereto hereby agree as follows: 
 1. Employment. The Company and the Bank hereby jointly agree to employ the
Employee, and the Employee hereby accepts such employment, upon the terms and conditions set forth herein. 
 2. Position and
Duties. The Employee shall be employed as Executive Vice President and Chief Financial Officer of the Company and the Bank, to perform such services in that capacity as are usual and customary for comparable institutions and as shall from
time-to-time be established by the Chief Executive Officer and/or the Board of Directors of the Company and the Bank. Employee agrees that he will devote his full business time and efforts to his duties hereunder. 

  
 1 

 3. Compensation. Employer shall pay to the Employee compensation for his services as
follows: 
 (a) Base Salary. The Employee shall be entitled to receive during his service hereunder a minimum annual base
salary (the “Base Salary”) of Two Hundred Forty Thousand Dollars ($240,000), which shall be payable in installments in accordance with Employer’s usual payroll method. Annually commencing on December 31, 2012, the Board of
Directors shall review the Employee’s performance, the status of Employer and such other factors as the Board of Directors or a committee thereof shall deem appropriate and shall adjust the Base Salary accordingly, which shall not be less than
$240,000 annually, unless any reduction in salary to less than $240,000 annually is part of an overall reduction in compensation applicable to all senior executive officers of the Employer. 

(b) Incentive Plans. Employee shall be entitled to participate in the Employer’s incentive plan for executive officers of the
Employer, with a potential to earn a bonus of twenty five (25%) to fifty (50%) percent of the Employee’s Base Salary upon attainment of performance targets established pursuant to the Employer’s Compensation Incentive Plan;
provided, however, that any payment pursuant to any incentive plan for the year ending December 31, 2012 shall be prorated based upon the period commencing on the Effective Date hereof and ending on December 31, 2012. 

(c) Sign On Grant and Bonus. Effective upon the Effective Date (as defined below), Employer shall grant Employee 1,667 shares of
the Company’s common stock, no par value per share ( the “Sign On Grant”). The shares subject to the Sign On Grant will vest, and become non-forfeitable by Employee, on the following schedule: one half of the shares will vest on the
day after the first anniversary of the Effective Date, and the final one half of the shares will vest on the day after the second anniversary of the Effective Date. Vesting will accelerate upon a Change In Control of the Company (as defined herein).
The Sign On Grant will also be subject to the terms and conditions of the equity plan under which it is granted. In addition, on January 2, 2013, Employer shall pay Employee a cash bonus (the “Sign On Bonus”) of $25,000, provided that
Employee is still employed with Employer as of such payment date. 
 (d) IPO Grant. In the event that during the Term (as hereinafter
defined) of this Agreement: 
  

	 	(A)	the Company shall engage in any offering of its common stock registered with the United States Securities and Exchange Commission, and 

 

	 	(B)	An equity option or restricted stock program (the “Equity Grant Program”) shall be made available for the Employer’s management in connection with that
offering which is approved by the Compensation Committee, then 

 the Employee shall be entitled to an allocation of the Equity Grant Program equal to at least twenty five
(25%) percent and at most forty (40%) percent of the allocation of the Equity Grant Program offered at the same time to the Chief Executive Officer of the Employer. Further, Employee shall be entitled to the second largest allocation of
the Equity Grant Program (the Chief Executive Officer will be entitled to the largest allocation). 
 4. Other Benefits.

 (a) Automobile. The Employee shall be entitled to a cash allowance in the amount of seven hundred fifty ($750) dollars
per month to be used for the purpose of maintaining an automobile for use in the business of the Employer. 
 (b) Insurance
Coverage and Employee Benefit Plans. The Employee shall be entitled to receive hospital, health, medical, and life insurance of a type currently provided to and enjoyed by other senior officers of Employer, and shall be entitled to participate
in any other employee benefit, incentive or retirement plans offered by Employer to its employees generally or to its senior management. 
 (c) Expenses. The Employee shall be entitled to reimbursement for all proper business expenses incurred by him with respect to the business of the Employer upon the provision of documentation
evidencing such expenses in accordance with the Employer’s expense reimbursement policies and in the same manner and to the same extent as such expenses are reimbursed to other officers of the Employer. 

(d) Vacation. The Employee shall be entitled to vacations and other leave in accordance with the Employer’s policy for senior
executives. 

 5. Term. The term of this Agreement shall commence on the date Employee commences the
position (the “Effective Date”) and continue until September 30, 2014 (the “Term”). Unless either party gives written notice at least ninety (90) days prior to the end of the Term, this Agreement shall renew for a one
(1) year period, and such extended period shall be deemed to be included within the Term. 
 6. Termination.
Employee may be terminated at any time, without prejudice to Employee’s right to compensation or benefits as provided herein. Employee’s rights upon a termination shall be as follows: 

(a) Cause. For purposes of this Agreement “Cause” with respect to the termination by Employer (as defined below) of
Employee’s employment shall mean (i) willful and continued failure, for a period of at least thirty (30) calendar days, by the Employee to perform his duties for Employer under this Agreement after at least one (1) warning in
writing from the Chief Executive Officer of the Employer identifying specifically any such failure, (ii) the willful engaging by the Employee in misconduct which causes material injury to Employer as specified in written notice to the Employee
from the Chief Executive Officer of the Employer; or (iii) conviction of a crime (other than a traffic violation) which is either a felony or an indictable offense or Employee’s habitual drunkenness, drug abuse, or excessive absenteeism
other than due to Disability (as defined herein), after a warning (with respect to drunkenness or absenteeism only) in writing from the Chief Executive Officer of the Employer to refrain from such behavior. 

(b) Termination With Cause. Employer shall have the right to terminate the Employee for “cause”. In the event of such
termination, the Employee shall only be entitled to salary and benefits accrued through the date of termination. 
 (c)
Termination Without Cause. Upon a termination of Employee’s employment hereunder without “cause”, in recognition of such termination and Employee’s agreement to be bound by the covenants contained in Sections 8, 9 and 10
hereof, Employee shall be entitled to receive a lump sum severance payment equal to his then current annual Base Salary. This lump sum severance payment shall be made to Employee no later than thirty (30) days after the date upon which his
employment with Employer shall be terminated for other than cause as provided in this subsection (c). In addition, Employer shall continue to provide the Employee with hospital, health, medical and life insurance, and any other like benefits in
effect at the time of such termination, on the terms and conditions under which they were offered to 

 
Employee prior to such termination for a period equal to the remaining Term. In the event Employer, under its insurance and benefit plans then in effect, is unable to provide Employee with the
benefits provided for above under the terms provided for herein, then in lieu of providing such benefits, Employer will pay the amount of Employee’s premium to continue such coverage pursuant to the terms of the Comprehensive Omnibus Budget
Reconciliation Act. The Employee shall have no duty to mitigate damages in connection with his termination by Employer without “cause”. However, if the Employee obtains new employment and such new employment provides for hospital, health,
medical and life insurance, and other benefits, in a manner substantially similar to the benefits payable by Employer hereunder, Employer may permanently terminate the duplicative benefits it is obligated to provide hereunder. Following the
cessation of the continuation of Employee’s hospital, health, and medical insurance, Employee shall be permitted to elect to extend such insurance coverage under the policies maintained by Employer in accordance with the applicable provisions
of the Section 4980B of the Internal Revenue Code of 1986, as amended (“Code”), and/or applicable state law, to the extent eligible to do so under the Code and such state law. 

(d) Death or Disability. This Agreement shall automatically terminate upon the death or Disability of Employee. Upon such
termination, Employee shall not be entitled to any additional compensation hereunder, provided, however that the forgoing shall not prejudice Employee’s right to be paid for all compensation earned through the date of such termination and the
benefits of any insurance programs maintained for the benefit of Employee or his beneficiaries in the event of his death or Disability. For purposes hereof, Disability shall be defined to mean a disability under any long term disability plan of the
Employer then in effect. 
 7. Change in Control. 

(a) Upon the termination of Employee’s employment upon the occurrence of a Change in Control (as herein defined), Employee shall be
entitled to receive the payments provided for under paragraph (c) hereof. In addition, if within six (6) months of the occurrence of a Change in Control Employer or its successor shall (i) reassign the Employee to a position of lesser
rank or status than Chief Financial Officer, (ii) relocate the Employee’s principal place of employment by more than twenty five (25) miles from its location prior to consummation of the Change in Control, or (iii) reduces the
Employee’s compensation or other benefits below the 

 
level in effect prior to the consummation of Change in Control, Employee have the right to resign his employment with the Employer or its successor and thereafter Employee shall become entitled
to receive the payments provided for under paragraph (c) below. 
 (b) A “Change in Control” shall mean:

  

	 	(i)	a reorganization, merger, consolidation or sale of all or substantially all of the assets of the Company, or a similar transaction, in any case in which the holders of
the voting stock of the Company prior to such transaction do not hold a majority of the voting power of the resulting entity; or 

  

	 	(ii)	individuals who constitute the Incumbent Board (as herein defined) of the Company cease for any reason to constitute a majority thereof. 

For these purposes, “Incumbent Board” means the Board of Directors of the Company on the date hereof, provided that any person
becoming a director subsequent to the date hereof whose election was approved by a voting of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by members or stockholders was approved by the
same nominating committee serving under an Incumbent Board, shall be considered as though he were a member of the Incumbent Board. 
 (c) In the event the conditions of Section (a) above are satisfied, Employee shall be entitled to receive a lump sum payment equal to the Employee’s then current monthly Base Salary (i.e.,
Employee’s then current annual Base Salary divided by twelve (12)) multiplied by fifteen; provided, however, that on each anniversary date of the Effective Date of this Agreement, the multiplier will be increased by one (i.e., as of the
first anniversary of the Effective Date, the Employee’s monthly Base Salary will be multiplied by sixteen (16)); provided further, however, that in no event shall any payments provided for hereunder constitute an “excess parachute
payment” under Section 280G of the Internal Revenue Code of 1986, as amended or any successor thereto, and in order to avoid such a result the benefits provided for hereunder will be reduced, if necessary, to an amount which is One Dollar
($1.00) less than an amount equal to three (3) times Employee’s “base amount” as determined in accordance with such Section 280G. In addition to the foregoing, Employee shall be entitled to receive from Employer, or its
successor, hospital, health, medical and life insurance on the terms and at the 

 
cost to Employee as Employee was receiving such benefits upon the date of his termination. Employer’s obligation to continue such insurance benefits will be for a period of one (1) year
from the effective date of the Change in Control. 
 8. Covenant Not to Compete. 

(a) As consideration for the benefits conferred upon Employee hereunder, including, but not limited to Employee’s right to severance
under Section 6(c), Employee agrees that during the term of his employment hereunder and for a period of one (1) year after the termination of his employment (the “Covenant Term”), provided that he is entitled to severance
hereunder upon such termination, he will not in any way, directly or indirectly, manage, operate, control, accept employment or a consulting position with or otherwise advise or assist or be connected with or own or have any other interest in or
right with respect to (other than through ownership of not more than five percent (5%) of the outstanding shares of a corporation whose stock is listed on a national securities exchange or on NASDAQ) any enterprise which competes with Employer
in the business of banking in the counties in which Employer conducts its business on the date of Employee’s termination. 

9. Non Solicitation 
 During the period Employee is performing services for the Employer and for a period of two (2) years following the termination of the Employee’s services for the Employer for any reason, the
Employee agrees that the Employee will not, directly or indirectly, for the Employee’s benefit or for the benefit of any other person, firm or entity, do any of the following: 

 

	 	(i)	 solicit or attempt to solicit from any customer that Employee serviced or learned of while in the employ of the Employer (“Customer”), or any
potential customer of the Employer which has been the subject of a known written or oral bid, offer or proposal by the Employer, or of substantial preparation with a view to making

	 	
such a bid, proposal or offer, within twelve months prior to such Employee’s termination (“Potential Customer”), business of a similar nature or related to the business of the
Employer; 

  

	 	(ii)	accept any business from, or perform any work or services for, any Customer or Potential Customer, which business, work or services is similar to the business of the
Employer; 

  

	 	(iii)	cause or induce or attempt to cause or induce any Customer, Potential Customer, licensor, supplier or vendor of the Employer to reduce or sever its affiliation with the
Employer; 

  

	 	(iv)	solicit the employment or services of, or hire or engage, or assist anyone else to hire or engage, any person who was known to be employed or engaged by or was a known
employee of or consultant to the Employer upon the termination of the Employee’s services to the Employer, or within twelve months prior thereto; or 

  

	 	(v)	otherwise interfere with the business or accounts of the Employer. 

 For purposes hereof, “solicitation” shall include directly or indirectly initiating any contact or communication of any kind whatsoever for purposes of inviting, encouraging or requesting such
Customer, Potential Customer, licensor, supplier, vendor, employee or consultant to materially alter its business relationship, or engage in business, with the Employee or any person, firm or entity other than the Employer. 

 10. Confidential Information 

(a) As used herein, “Confidential Information” means any confidential or proprietary information relating to the Employer and
its affiliates including, without limitation, the identity of the Employer’s customers, the identity of representatives of customers with whom the Employer has dealt, the kinds of services provided by the Employer to customers, the manner in
which such services are performed or offered to be performed, the service needs of actual or prospective customers, customer preferences and policies, pricing information, business and marketing plans, financial information, budgets, compensation or
personnel records, information concerning the creation, acquisition or disposition of products and services, vendors, software, data processing programs, databases, customer maintenance listings, computer software applications, research and
development data, know-how, and other trade secrets. 
 Notwithstanding the above, Confidential Information does not include information which:
(i) is or becomes public knowledge without breach of this Agreement; or (ii) is received by Employee from a third party without any violation of any obligation of confidentiality and without confidentiality restrictions; provided, however,
that nothing in this Agreement shall prevent the Employee from participating in or disclosing documents or information in connection with any judicial or administrative investigation, inquiry or proceeding to the extent that such participation or
disclosure is required under applicable law; provided further, however, that the Employee will provide the Employer with prompt notice of such request so that the Employer may seek (with 

 
the cooperation of the Employee, if so requested by the Employer), a protective order or other appropriate remedy and/or waiver in writing of compliance with the provisions of this Agreement. If
a particular portion or aspect of Confidential Information becomes subject to any of the foregoing exceptions, all other portions or aspects of such information shall remain subject to all of the provisions of this Agreement. 

(b) At all times, both during the period of Employee’s services for the Employer and after termination of Employee’s services,
the Employee will keep in strictest confidence and trust all Confidential Information and the Employee will not directly or indirectly use or disclose to any third-party any Confidential Information, except as may be necessary in the ordinary course
of performing the Employees duties for the Employer, or disclose any Confidential Information, or permit or encourage any other person or entity to do so, without the prior written consent of the Employer except as may be necessary in the ordinary
course of performing the Employee’s duties for the Employer. 
 (c) The Employee agrees to return promptly all Confidential
Information in tangible form, including, without limitation, all photocopies, extracts and summaries thereof, and any such information stored electronically on tapes, computer disks, mobile or remote computers (including personal digital assistants)
or in any other manner to the Employer at any time that the Employer makes such a request and automatically, without request, within five days after the termination of the Employee’s performance of services for the Employer for any reason.

 11. Miscellaneous. 

(a) Governing Law. In the absence of controlling Federal law, this Agreement shall be governed by and interpreted under the
substantive law of the State of New Jersey. 
 (b) Severability. If any provision of this Agreement shall be held to be invalid,
void, or unenforceable, the remaining provisions hereof shall in no way be affected or impaired, and such remaining provisions shall remain in full force and effect. If a court finds that any provision of this Agreement is invalid or unenforceable,
but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited. 
 (c) Entire Agreement; Amendment. This Agreement sets for the entire understanding of the parties with regarding to the subject matter contained herein and supersedes any and all prior agreements,
arrangements or understandings relating to the subject matter hereof and may only be amended by written agreement signed by both parties hereto or their duly authorized representatives. 

(d) Successors and Assigns. This Agreement shall be binding upon and become the legal obligation of the successors and assigns of
Employer and shall inure to the benefit of Employee’s estate, heirs, representatives in the event of his death or Disability. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written. 
  

					
	NORTH JERSEY COMMUNITY BANK
		
	By:	 	 /s/ Frank Sorrentino III

		 	Name:	 	Frank Sorrentino III
		 	Title:	 	Chairman
	
	NORTH JERSEY COMMUNITY BANCORP, INC.
		
	By:	 	 /s/ Frank Sorrentino III

		 	Name:	 	Frank Sorrentino III
		 	Title:	 	Chairman
	
	EMPLOYEE:
	
	 /s/ William S. Burns

	Name:	 	William S. Burns

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