Document:

Separation Agreement dated April 15, 2004

 Exhibit 10.22 
  
 SEPARATION AGREEMENT 
  
 THIS AGREEMENT IS ENTERED INTO ON April 15, 2004, by and between Gregory A. Stoklosa (“Executive”) and R.R. Donnelley & Sons Company, its
subsidiaries, affiliates, predecessors, successors and assigns (the “Company”) in connection with Executive’s termination of employment with the Company. 
  
 IN CONSIDERATION OF the payments, obligations and promises set forth in this agreement (the “Separation
Agreement”), Executive and the Company agree as follows: 
  
 1.
Executive’s employment with the Company shall end effective March 31, 2004 (the “Final Separation Date”). Executive will be relieved of the duties as Executive Vice President and Chief Financial Officer of the Company effective as of
March 1, 2004. Executive’s last day in office will be March 1, 2004. However, during the period from March 1, 2004 through the Final Separation Date, Executive will continue to be employed by the Company and provide consultative services as
requested by the Company at mutually agreeable times involving no unreasonable delays. During this period, the Company will pay Executive the base salary and provide benefits at the same levels as they exist as of the date hereof. Executive will
vest in all options and other equities which vest prior to March 31, 2004, in accord with the terms of the applicable agreements. Exhibit A lists the equities, the amount vested in each, and the exercise price. These vested equities are exercisable
for 90 days after March 31, 2004 under the terms of the agreements covering each and are not repurchasable by the Company. 
  
 2. Executive represents and agrees that as of the date hereof Executive is in compliance with, not aware of any material violations of, and will comply with any
continuing obligations under all Company policies and covenants provided in this Separation Agreement, including, but not limited to those provided in paragraphs 6, 7, 11, 13, and 16, and under the Agreement Regarding Confidential Information,
Intellectual Property, and Non-Solicitation of Employees (“Confidentiality Agreement”), which he signed on June 27, 1997. 
  
 3. Pursuant to the Company’s reasonable request, Executive agrees to fully cooperate with the Company in connection with any investigations, inquiries, actions,
suits, claims or proceedings involving the Company. Executive will be reimbursed for any reasonable out-of-pocket expenses associated with his cooperation under this paragraph. 
  
 4. Executive does hereby formally resign as of March 1, 2004 from all of Executive’s appointments, offices and directorships with the
Company including Executive Vice President and Chief Financial Officer. Executive further agrees to fully cooperate and resign from any other Company appointments, offices and directorships, if any, including promptly executing any documents
necessary to effect these resignations. 

 5. Executive agrees to return to the Company within five days of the date hereof, all Company documents, files,
electronic information, equipment, and other property currently in Executive’s possession. Executive will also agree promptly to transfer to the Company any and all subscriptions, season tickets and memberships currently in Executive’s
name which are paid for by the Company. 
  
 6. Executive agrees that the
confidentiality obligations set forth in the Company’s policies, including the Confidentiality Agreement, shall continue in full force and effect from and after the date hereof, and Executive further agrees that from and after the date hereof,
Executive will not disclose any confidential information regarding the Company to any third party or otherwise discuss the Company’s business, operations, affairs or prospects with any third party without the written consent of the Company,
which may be withheld by the Company in the Company’s sole and absolute discretion, except that Executive may share information about his termination, this settlement agreement, and related matters, with his spouse, legal advisors, or
accountants, so long as those individuals agree to be bound by the terms of Executive’s confidentiality obligations as to third parties. 
  
 7. Executive agrees that through the Final Separation Date and for eighteen (18) months after the Final Separation Date, Executive will not (i) accept a position with, or
provide material services to, an entity that competes with a portion of the Company’s business representing more than $25 million of the Company’s revenues on the Final Separation Date, (ii) breach the terms of the Confidentiality
Agreement, or (iii) materially interfere with the Company’s business relationships with any material customers or suppliers. 
  
 8. In consideration for signing and returning both (i) the Separation Agreement, and (ii) the Updated Release attached hereto as Annex A no earlier than the Final
Separation Date, and not revoking either document within the applicable revocation periods, and provided that Executive is in compliance with all of the terms of and conditions of the Separation Agreement and has not breached Executive’s
obligations hereunder, Executive will receive the following separation benefits: 
  
 a. Severance Pay. Executive will receive $50,375.00 per month for eighteen (18) months. Of this amount, $7,500.00 per week for fifteen (15) weeks represents “Regular Separation Pay” under the terms of the RR
Donnelley Separation Pay Plan (“Separation Plan”). For more information as to the determination of your Regular Separation Pay, please see the Separation Plan’s Summary Plan Description (“SPD”), a copy of which is included
with these materials. Notwithstanding the foregoing, Executive will be entitled to 25% of his or her Regular Separation Pay even if Executive fails to sign either (i) the Separation Agreement, or (ii) the Updated Release, or signs both documents but
revokes either or both of the documents within the applicable revocation periods; 
  

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 b. Special Payment – Executive will receive a payment of approximately $185,405.00, which represents
an amount that is roughly equivalent to the pro-rata amount that the Executive would have accrued under the Company’s 3-year Long Term Incentive Plan; and, 
  

c. COBRA Subsidy. The Company will subsidize Executive’s health care continuation benefits for a certain period determined in accordance with the
terms of the Separation Plan. Executive will be required to pay the amounts for the coverage he selected which he had been paying prior to his Final Separation Date, if he continues to qualify for COBRA coverage, and the Company will pay the
balance. Executive will be responsible for completing the appropriate paperwork he will receive from the COBRA administrator within the specified time frames. 
  

d. Financial Planning Account. Through September 30, 2005, if Executive is not in breach of this Agreement, Executive may use the remaining balance in
his financial planning account for expenses comparable to the expenses paid for Executive and other participants in these accounts prior to March 1, 2004. Any requests for payment from this account should be sent to Andrew Panega. 
  
 e. Outplacement Services. Executive shall be entitled to up to $15,000 of
outplacement services utilized by Executive from an outplacement service provider of Executive’s choice, provided that such services are utilized within the 18 month period following the Final Separation Date. 
  
 9. Executive will receive a lump sum payment in lieu of any accrued but unused vacations days
as of the Final Separation Date whether or not the Separation Agreement becomes effective. 
  
 10. All payments made pursuant to this Separation Agreement shall be reduced by applicable tax withholdings. All periodic payments made under this Separation Agreement shall be paid in accordance with usual Company
payroll practices, as they may be in effect from time to time, by automatic direct deposit into an account designated by Executive beginning with the month following the Effective Date of the attached Updated Release. All lump-sum payments made
under this Separation Agreement shall be paid as soon as administratively practicable after the Effective Date of the attached Updated Release. 
  
 11. (a) Executive agrees for himself and others acting on his behalf, that he (and they) have not and will not disparage, make negative statements about or act in any
manner which is intended to or does damage to the good will of, or the business or personal reputations of the Company or any of their incumbent or former officers, directors, agents, consultants, employees, successors and assigns. 
  
 (b) If any prospective employers request a reference, the Company will
provide them with only the fact that you worked for the Company, the positions you held, and your salary. No further information will be provided unless we receive a written release 
  

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 or unless the Company is required to do so by law. You will notify Andrew Panega at least one week before you begin any
employment prior to September 30, 2005. 
  
 12. For and in consideration of the
payments, benefits and other things of value to be provided pursuant to this Agreement, Executive agrees, knowingly and voluntarily, to release and forever discharge the Company and the current and former shareholders, employees, officers,
directors, consultants, representatives and agents thereof, of and from any and all claims, liabilities, demands or causes of action known and unknown, that Executive has, ever had or could have had as of the date hereof, arising out of or in
any way connected with or related to this Separation Agreement, Executive’s employment by the Company or the cessation of Executive’s employment (this “Release”). This total and unlimited release includes, but is not limited to,
any claims based on any local, state or federal statute, or other regulations or laws (including common law): 
  

	 	•	Relating to bias based on Executive’s age, sex, religion, religious creed, citizenship, color, race, ancestry, national origin, veteran, familial or marital status, sexual
orientation or preference, genetic predisposition or carrier status, physical or mental disability or past or present history of the same or any other form of discrimination, harassment or retaliation, including, without limitation, the Age
Discrimination in Employment Act of 1967, as amended (“ADEA”), the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Illinois Human Rights Act, the Illinois Equal Pay laws,
the Cook County Human Rights Ordinance, and the Chicago Human Rights Ordinance; 

  

	 	•	Relating to the Worker Adjustment and Retraining Notification Act (“WARN”); 

  

	 	•	Any claim under the Family and Medical Leave Act; 

  

	 	•	For wrongful discharge, harassment or retaliation; 

  

	 	•	Relating to any implied or express contract (whether oral or written); 

  

	 	•	For intentional or negligent infliction of emotional harm, defamation or any other tort; 

  

	 	•	For fraud or conversion; 

  

	 	•	In connection with continuation of sponsored health benefits; and 

  

	 	•	For costs, fees or other expenses including attorneys’ fees and disbursements. 

  
 This Separation Agreement does not waive or otherwise impair Executive’s rights (i) under any benefit plan or program
of the Company in accordance with the terms of such plan(s), (ii) to continuation of health care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or (iii) under this Separation Agreement. Executive’s
severance benefits will be limited to those described in this Separation Agreement, and except as otherwise provided herein, Executive’s participation in any Company-sponsored employee benefit plan shall cease as of the Final Separation Date.

  
 If any provision of this Separation Agreement is held by a
court of competent jurisdiction to be illegal, void or unenforceable, such provision shall have no effect; 
  

 4 

 however, the remaining provisions shall be enforced to the maximum extent possible. Further, if a court should determine
that any portion of this Separation Agreement is overbroad or unreasonable, such provision shall be given effect to the maximum extent possible by narrowing or enforcing in part that aspect of the provision found overbroad or unreasonable.

  
 Executive will continue to be covered under the terms of the
indemnity provisions of Article Twelve of the Certificate of Incorporation for all acts occurring during his employment including any work as an Officer or Director of any of our subsidiaries, and to the same extent as any other Officer who is
provided indemnification in a matter in which Executive also seeks indemnification from the Company. Executive does not waive any rights he may have as a stockholder of the Company. 
  
 13. Executive agrees that the terms of this Separation Agreement are and shall remain strictly confidential and shall not be disclosed to
any third party, other than to Executive’s attorney or other advisors, or Executive’s spouse for purposes of considering whether to sign this Separation Agreement; provided that Executive discloses to such persons the existence of this
confidentiality provision and such persons agree to maintain the confidentiality thereof, and provided further that Executive shall be fully responsible for any breach by any such person of this confidentiality provision. In the event any third
party inquires about Executive’s employment or separation from employment with the Company, Executive agrees to respond as follows: “I have reached agreement with the Company. I cannot comment any further.” 
  
 14. This Agreement is not intended, and shall not be construed, as an admission that the
Company has violated any federal, state or local law (statutory or decisional), ordinance or regulation, breached any contract or committed any wrong whatsoever against Executive. 
  
 15. By signing this Separation Agreement, and initialing each of the following statements, Executive expressly acknowledges and agrees that:

  
 Ÿ Executive has read and fully understands the terms of this Separation Agreement; [        ] 
  
 Ÿ Executive acknowledges and agrees that the payments, benefits and/or other things of value provided pursuant to this Separation Agreement: (i) are in full discharge of any and all liabilities and obligations of the
Company to Executive, monetarily or with respect to employee benefits or otherwise, including but not limited to any and all obligations arising under any alleged written or oral employment agreement, policy, plan or procedure of the Company and/or
any alleged understanding or arrangement between Executive and the Company; and (ii) exceed any payment, benefit, or other thing of value to which Executive might otherwise be entitled under any policy, plan or procedure of the Company and/or any
agreement between Executive and the Company; [        ] 
  

 5 

 ·
Executive understands that (i) this Separation Agreement sets forth the entire agreement between the parties, and fully supersedes any prior agreements or understandings between the parties and (ii) this Separation Agreement and the attached Updated
Release constitute a release by Executive of all claims, known and unknown, which relate to Executive’s employment or separation from employment; [            ] 
  
 · The Company advised Executive to consult an attorney, and Executive has so consulted an attorney, prior to signing this Separation Agreement and the attached Updated Release;
[            ] 
  
 · Executive has had adequate opportunity to request, and has received, all information Executive needs to
understand this Separation Agreement and has been offered at least forty-five (45) days to consider the terms of this Separation Agreement and the information attached at Annex B which is provided pursuant to the Older Workers Benefit Protection
Act, and Executive agrees that any modifications, material or otherwise, made to this Separation Agreement shall not restart or affect in any manner the original forty-five (45) calendar day consideration period; and
[            ] 
  
 · Executive has knowingly and voluntarily entered this Separation Agreement, without any duress, coercion or undue
influence by anyone. [            ] 
  
 16. Executive represents and warrants that as of the date hereof Executive has not filed any complaints, charges, or claims for relief against the Company, any of its past or present officers, directors, employees,
consultants or agents arising out of any acts or omissions they allegedly may have committed in connection with this Separation Agreement, Executive’s employment or the termination of such employment with any local, state or federal court or
administrative agency and has not authorized any other person or entity to assert such a claim on Executive’s behalf. Other than for claims arising under the ADEA, Executive also agrees, to the fullest extent permitted by law, not to commence,
encourage, facilitate or participate in any action or proceeding for damages, reinstatement, injunctive or any other type of relief, in any state, federal or local court or before any administrative agency, relating to this Separation Agreement or
the attached Updated Release, the enforceability of any provision thereof or Executive’s employment with the Company or the termination thereof. 
  
 17. Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement that cannot be resolved by Executive and the Company, including
any dispute as to the calculation of any payments hereunder, and the terms of this Separation Agreement, shall be determined by a single arbitrator in Chicago, Illinois, in accordance with the National Rules for the Resolution of Employment Disputes
of the American Arbitration Association then in effect. The decision of the arbitrator shall be final and binding and may be entered in any court of competent jurisdiction. The arbitrator may award the party he determines has prevailed in the
arbitration any legal fees and other fees and expenses that may be incurred in respect of enforcing its 
  

 6 

 respective rights under this Agreement. This Agreement shall be interpreted in accordance with the laws of the State of
Illinois. 
  
 18. Executive agrees that, if the Company is required to take any
legal action to enforce Executive’s obligations under this Separation Agreement for any reason, except any claim arising under the ADEA, executive shall be responsible for all costs incurred by the Company to enforce Executive’s
obligations thereunder including, without limitation, reasonable attorneys fee and expenses, provided that a court of competent jurisdiction has issued a final, non-appealable order or decision that Executive has violated this Agreement. 

 
 19. All notices or communications under this Agreement must be in writing, addressed; (i)
if to the Company, to the attention of Andrew Panega, Senior Vice President, Human Resources, 77 W. Wacker Drive Chicago, IL 60601-1696 and (ii) if to Executive, at Executive’s last known address (or to any other addresses as either party may
designate in a notice duly delivered as described in this paragraph). Any notice or communication shall be delivered by fax (with proof of transmission), by hand or by courier (with proof of delivery). Notices and communications may also be sent by
certified or registered mail, return receipt requested, postage prepaid, addressed as above and the third business day after the actual date of mailing shall constitute the time at which notice was given. 
  
 20. This Separation Agreement will become effective on the eighth day after Executive signs
it. During the seven (7) days after Executive signs this Separation Agreement, Executive may revoke it by giving written notice to R.R. Donnelley & Sons Company, to the attention of Andrew Panega, Senior Vice President, Human Resources, 77 W.
Wacker Drive Chicago, IL 60601-1696, in which event this Separation Agreement will not go into effect. If the last day of the revocation period is a Saturday, Sunday or legal holiday in the State of Illinois, then the revocation period shall not
expire until the next business day. 
  

	
	AGREED AND ACCEPTED:
	
	/s/    Gregory A. Stoklosa
	

	Name: Gregory A. Stoklosa

  
  

 7 

			
	R.R. DONNELLEY & SONS COMPANY
		
	By:	 	/s/    Andrew B. Panega
	 	 	

	 Name:
	 	Andrew B. Panega
	 Title:
	 	Senior Vice President, Human Resources

  

 8 

 Annex A 
  
 UPDATED RELEASE 
  
 In consideration of the receipt of the payments and benefits described in the Separation Agreement dated
                , 2004 (the “Separation Agreement”), Executive knowingly and voluntarily releases and forever discharges R.R. Donnelley & Sons
Company, its affiliates, subsidiaries, divisions, successors and assigns (the “Company”) and the current and former shareholders, employees, officers, directors, consultants, representatives and agents thereof, of and from any and all
claims, liabilities, demands or causes of action, known and unknown, that Executive has, ever had or could have had as of the date hereof arising out of or in any way connected with or related to Executive’s employment by the Company or the
termination of Executive’s employment (this “Release”). This total and unlimited release includes, but is not limited to, any claims based on any local, state or federal statute, or other regulations or laws (including common law):

  

	 	•	Relating to bias based on Executive’s age, sex, religion, religious creed, citizenship, color, race, ancestry, national origin, veteran, familial or marital status, sexual
orientation or preference, genetic predisposition or carrier status, physical or mental disability or past or present history of the same or any other form of discrimination, harassment or retaliation, including, without limitation, the Age
Discrimination in Employment Act of 1967, as amended (“ADEA”), the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Illinois Human Rights Act, the Illinois Equal Pay laws,
the Cook County Human Rights Ordinance, and the Chicago Human Rights Ordinance; 

  

	 	•	Relating to the Worker Adjustment and Retraining Notification Act (“WARN”); 

  

	 	•	Any claim under the Family and Medical Leave Act; 

  

	 	•	For wrongful discharge, harassment or retaliation; 

  

	 	•	Relating to any implied or express contract (whether oral or written); 

  

	 	•	For intentional or negligent infliction of emotional harm, defamation or any other tort; 

  

	 	•	For fraud or conversion; 

  

	 	•	In connection with continuation of sponsored health benefits; and 

  
 For costs, fees or other expenses including attorneys’ fees and disbursements. 
  
 This Updated Release does not waive or otherwise impair Executive’s rights (i) under any benefit plan or program of the
Company in accordance with the terms of such plan(s), (ii) to continuation of health care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or (iii) under the Separation Agreement. Executive’s severance
benefits will be limited to those described in the Separation Agreement, and except as otherwise provided herein, Executive’s participation in any Company-sponsored employee benefit plan shall cease as of the Final Separation Date. 

 

 A-1 

 Executive represents and agrees that as of the date hereof Executive is in compliance with, not aware of
any material violations of, and will comply with any continuing obligations under all Company policies and covenants provided in the Separation Agreement, including, but not limited to those provided in paragraphs 6, 7, 11, 13, and 16. 

 
 Executive represents and warrants that as of the date hereof Executive has
not filed any complaints, charges, or claims for relief against the Company, any of its past or present officers, directors, employees, consultants or agents arising out of any acts or omissions they allegedly may have committed in connection with
the Separation Agreement, Executive’s employment or the termination of such employment with any local, state or federal court or administrative agency and has not authorized any other person or entity to assert such a claim on Executive’s
behalf. 
  
 Executive has had an adequate opportunity to request,
and has received, all information Executive needs to understand this Updated Release and has been offered at least forty-five (45) days to consider the terms of this Updated Release and the information attached at Annex B which is provided pursuant
to the Older Workers Benefit Protection Act, and Executive agrees that any modifications, material or otherwise, made to the Separation Agreement shall not restart or affect in any manner the original forty-five (45) calendar day consideration
period. 
  
 Executive has knowingly and voluntarily executed this
Updated Release without any duress, coercion or undue influence by anyone. 
  
 This Updated Release will become effective on the eighth day after Executive signs it. During the seven (7) days after Executive signs this Updated Release, Executive may revoke it by giving written notice to R.R.
Donnelley & Sons Company, to the attention of Andrew Panega, Senior Vice President, Human Resources, 77 W. Wacker Drive Chicago, IL 60601-1696, in which event neither this Updated Release nor the obligation to provide any unpaid payments or
benefits provided under the Separation Agreement shall go into effect. If the last day of the revocation period is a Saturday, Sunday or legal holiday in the State of Illinois, then the revocation period shall not expire until the next business day.

  
 If any provision of this Updated Release is held to be
illegal, void, or unenforceable, such provision shall have no effect; however, the remaining provisions shall be enforced to the maximum extent possible. 
  

					
	 	 	 	 	 
			
	 Dated:
	 	 	 	  
	 	 	 	 	

	 	 	 	 	 Gregory A. Stoklosa

  

 A-2 

 March 1, 2004 
  
 Annex B 
  
 DISCLOSURE INFORMATION PROVIDED 
 PURSUANT TO THE OLDER WORKERS BENEFIT PROTECTION ACT

  
 Time Limitations and Eligibility Factors 
  
 In connection with the combination of R.R. Donnelley & Sons Company (“RRD”),
and Moore-Wallace, Inc. (“MW”), the employment of certain employees will be terminated. All employees of both RRD and MW occupying positions between the level of Vice President and divisional President comprise the decisional unit.
Employees selected for termination on or before March 31, 2004 in connection with the combination are being offered additional severance benefits in exchange for their signing a Separation Agreement and Updated Release. 
  
 Employees who have been selected for termination and who desire to receive the additional
severance benefits have at least forty-five (45) days from the date of receipt of this disclosure information and the attached Separation Agreement and Updated Release to sign the Separation Agreement and the Updated Release. They may receive the
additional severance benefits by signing the Separation Agreement, and also by signing the Updated Release no earlier than their last day of employment and returning both documents to R.R. Donnelley & Sons Company, to the attention of Andrew
Panega, Senior Vice President, Human Resources, 77 W. Wacker Drive Chicago, IL 60601-1696. The Separation Agreement, and the Updated Release shall each become effective on the eighth (8th) day following their being signed (respectively, the Separation Agreement Effective Date, and the Updated Release Effective Date). 
  
 Employees may, at any time prior to the Separation Agreement Effective Date or the Updated
Release Effective Date, revoke the Separation Agreement or the Updated Release by giving notice in writing of such revocation to Andrew Panega, Senior Vice President, Human Resources, at the address above, by the seventh (7th) day after they sign each document, except that if the seventh (7th) day following the date the employee signs either document falls on a Saturday, Sunday or legal holiday, then the last day of the revocation period shall be
the next business day, and the applicable effective date shall be the following day. 
  
 In accordance with law, RRD is disclosing to you the job titles and dates of birth of the employees selected and not selected for termination in this program. 
  

 B-1Form of Employment Agmt. b/w Oceanfirst Bank & Robert Pardes

 Exhibit 10.16 
  
 OCEANFIRST BANK 
 EMPLOYMENT
AGREEMENT 
  
 This AGREEMENT is made effective as of
February 18, 2004 by and among OceanFirst Bank (the “Bank”), a federally chartered savings institution, with its principal administrative office at 975 Hooper Avenue, Toms River, New Jersey 08753, OceanFirst Financial Corp., a corporation
organized under the laws of the State of Delaware, the holding company for the Bank (the “Holding Company”), and Robert M. Pardes (“Executive”). 
  
 WHEREAS, the Bank wishes to assure itself of the services of Executive for the period provided in this Agreement; and

  
 WHEREAS, Executive is willing to serve in the employ of the
Bank on a full-time basis for said period. 
  
 NOW, THEREFORE, in
consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 
  

	1.	POSITION AND RESPONSIBILITIES. 

  
 During the period of his employment hereunder, Executive agrees to serve as Executive Vice President and Chief Lending Officer of the Bank. Executive
shall render administrative and management services to the Bank such as are customarily performed by persons situated in a similar executive capacity. During said period, Executive also agrees to serve if elected, as an officer and director of the
Holding Company or any other subsidiary of the Bank. 
  

	2.	TERMS AND DUTIES. 

  
 (a) The period of Executive’s employment under this Agreement shall be deemed to have commenced as of the date first above written and shall continue
for a period of thirty-six (36) full calendar months thereafter. Commencing on the first anniversary date of this Agreement, and continuing on each anniversary thereafter, the disinterested members of the board of directors of the Bank
(“Board”) may extend the Agreement an additional year such that the remaining term of the Agreement shall be three (3) years unless the Executive elects not to extend the term of this Agreement by giving written notice in accordance with
Section 8 of this Agreement. The Board will review the Agreement and Executive’s performance annually for purposes of determining whether to extend the Agreement and the rationale and results thereof shall be included in the minutes of the
Board’s meeting. The Board shall give notice to the Executive as soon as possible after such review as to whether the Agreement is to be extended. 
  
 (b) During the period of Executive’s employment hereunder, except for periods of absence occasioned by illness, reasonable vacation periods, and
reasonable leaves of absence, Executive shall devote a sufficient amount of his business time, attention, skill, and efforts to the faithful performance of his duties hereunder including activities and services related to the organization, operation
and management of the Bank and participation in community and civic organizations; provided, however, that, with the approval of the Board, as evidenced by a resolution of such Board, from time to time, Executive may serve, or continue to serve, on
the boards of directors of, and hold any other offices or positions in, companies or organizations, which, in such Board’s judgment, will not present any conflict of interest with the Bank, or materially affect the performance of
Executive’s duties pursuant to this Agreement. 
  

 (c) Notwithstanding anything herein to the contrary, Executive’s employment with the Bank may be
terminated by the Bank or the Executive during the term of this Agreement, subject to the terms and conditions of this Agreement. 
  

	3.	COMPENSATION AND REIMBURSEMENT. 

  
 (a) The Bank shall pay Executive as compensation a salary of $203,000 per year (“Base Salary”). Base Salary shall include any amounts of
compensation deferred by Executive under any qualified or unqualified plan maintained by the Bank. Such Base Salary shall be payable bi-weekly. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually;
the first such review will be made no later than one year from the date of this Agreement. Such review shall be conducted by the Board or by a Committee of the Board, delegated such responsibility by the Board. The Committee or the Board may
increase Executive’s Base Salary. Any increase in Base Salary shall become the “Base Salary” for purposes of this Agreement. In addition to the Base Salary provided in this Section 3(a), the Bank shall also provide Executive, at no
premium cost to Executive, with all such other benefits as are provided uniformly to permanent full-time employees of the Bank. 
  
 (b) The Executive shall be entitled to participate in any employee benefit plans, arrangements and perquisites substantially equivalent to those in which
Executive was participating or otherwise deriving benefit from immediately prior to the beginning of the term of this Agreement, and the Bank will not, without Executive’s prior written consent, make any changes in such plans, arrangements or
perquisites which would materially adversely affect Executive’s rights or benefits thereunder; except to the extent such changes are made applicable to all Bank employees on a non-discriminatory basis. Without limiting the generality of the
foregoing provisions of this Subsection (b), Executive shall be entitled to participate in or receive benefits under any employee benefit plans including but not limited to, retirement plans, supplemental retirement plans, pension plans,
profit-sharing plans, health-and-accident plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank in the future to its senior executives and key management employees, subject to and on a basis consistent
with the terms, conditions and overall administration of such plans and arrangements. Executive shall be entitled to incentive compensation and bonuses as provided in any plan of the Bank in which Executive is eligible to participate. Nothing paid
to the Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which the Executive is entitled under this Agreement. 
  

(c) In addition to the Base Salary provided for by paragraph (a) of this Section 3 and other compensation provided for by paragraph (b) of this Section
3, the Bank shall pay or reimburse Executive for all reasonable travel and other reasonable expenses incurred in the performance of Executive’s obligations under this Agreement and may provide such additional compensation in such form and such
amounts as the Board may from time to time determine. 
  

	4.	PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION. 

  
 (a) Upon the occurrence of an Event of Termination (as herein defined) during the Executive’s term of employment under this Agreement, the provisions
of this Section shall apply. As used in this Agreement, an “Event of Termination” shall mean and include any one or more of the following: (i) the termination by the Bank or the Holding Company of Executive’s full-time employment
hereunder for any reason other than a termination governed by Section 5(a) hereof, or Termination for Cause, as defined in Section 7 hereof; (ii) Executive’s resignation from the Bank’s employ upon any (A) failure to elect or reelect or to
appoint or reappoint Executive as Executive Vice President and Chief Lending Officer, unless consented to by the Executive, (B) a material change in Executive’s function, duties, or responsibilities, which change would cause 

  

 
Executive’s position to become one of lesser responsibility, importance, or scope from the position and attributes thereof described in Section 1,
above, unless consented to by Executive, (C) a relocation of Executive’s principal place of employment by more than 25 miles from its location at the effective date of this Agreement, unless consented to by the Executive, (D) a material
reduction in the benefits and perquisites to the Executive from those being provided as of the effective date of this Agreement, unless consented to by the Executive, or (E) a liquidation or dissolution of the Bank or Holding Company, or (F) breach
of this Agreement by the Bank. Upon the occurrence of any event described in clauses (A), (B), (C), (D), (E) or (F), above, Executive shall have the right to elect to terminate his employment under this Agreement by resignation upon not less than
sixty (60) days prior written notice given within six full months after the event giving rise to said right to elect. 
  
 (b) Upon the occurrence of an Event of Termination, on the Date of Termination, as defined in Section 8, the Bank shall be obligated to pay Executive, or,
in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be an amount equal to the sum of: (i) the amount of the remaining payments that the Executive would have earned if he had continued his employment
with the Bank during the remaining term of this Agreement at the Executive’s Base Salary at the Date of Termination; and (ii) the amount equal to the annual contributions that would have been made on Executive’s behalf to any employee
benefit plans of the Bank or the Holding Company during the remaining term of this Agreement based on contributions made (on an annualized basis) at the Date of Termination; provided, however, that any payments pursuant to this
subsection and subsection 4(c) below, shall not, in the aggregate, exceed three times Executive’s average annual compensation for the five most recent taxable years that Executive has been employed by the Bank or such lesser number of years in
the event that Executive shall have been employed by the Bank for less than five years. In the event the Bank is not in compliance with its minimum capital requirements or if such payments pursuant to this subsection (b) would cause the Bank’s
capital to be reduced below its minimum regulatory capital requirements, such payments shall be deferred until such time as the Bank or successor thereto is in capital compliance. At the election of the Executive, which election is to be made prior
to an Event of Termination, such payments shall be made in a lump sum as of the Executive’s Date of Termination. In the event that no election is made, payment to Executive will be made on a monthly basis in approximately equal installments
during the remaining term of the Agreement. Such payments shall not be reduced in the event the Executive obtains other employment following termination of employment. 
  
 (c) Upon the occurrence of an Event of Termination, the Bank will cause to be continued life, medical, dental and disability
coverage substantially identical to the coverage maintained by the Bank or the Holding Company for Executive prior to his termination at no premium cost to the Executive, except to the extent such coverage may be changed in its application to all
Bank or Holding Company employees. Such coverage shall cease upon the expiration of the remaining term of this Agreement. 
  

	5.	CHANGE IN CONTROL. 

  
 (a) For purposes of this Agreement, a “Change in Control” of the Bank or Holding Company shall mean an event of a nature that: (i) would be
required to be reported in response to Item 1 of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); or (ii) results in a
Change in Control of the Bank or the Holding Company within the meaning of the Home Owners’ Loan Act of 1933, as amended, the Federal Deposit Insurance Act or the Rules and Regulations promulgated by the Office of Thrift Supervision
(“OTS”) (or its predecessor agency), as in effect on the date hereof (provided, that in applying the definition of change in control as set forth under the rules and regulations of the OTS, the Board shall substitute its judgment for that
of the OTS); or (iii) without limitation such a Change in Control shall be deemed to have occurred 

  

 
at such time as (A) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Bank or the Holding Company representing 25% or more of the Bank’s or the Holding Company’s outstanding voting securities or
right to acquire such securities except for any voting securities of the Bank purchased by the Holding Company and any voting securities purchased by any employee benefit plan of the Bank or the Holding Company, or (B) individuals who constitute the
Board on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, 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 the Holding Company’s stockholders was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for purposes of
this clause (B), considered as though he were a member of the Incumbent Board, or (C) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Holding Company or similar transaction occurs in
which the Bank or Holding Company is not the resulting entity; provided, however, that such an event listed above will be deemed to have occurred or to have been effectuated upon the receipt of all required regulatory approvals not including the
lapse of any statutory waiting periods. 
  
 (b) If a Change in
Control has occurred pursuant to Section 5(a) or the Board has determined that a Change in Control has occurred, Executive shall be entitled to the benefits provided in paragraphs (c), and (d) of this Section 5 upon his subsequent termination of
employment at any time during the term of this Agreement due to: (1) Executive’s dismissal or (2) Executive’s voluntary resignation following any demotion, loss of title, office or significant authority or responsibility, material
reduction in annual compensation or benefits or relocation of his principal place of employment by more than 25 miles from its location immediately prior to the Change in Control, unless such termination is because of his death or termination for
Cause. 
  
 (c) Upon Executive’s entitlement to benefits
pursuant to Section 5(b), the Bank shall pay Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a sum equal to the greater of: (1) the payments due for the remaining term of the
Agreement; or 2) three (3) times Executive’s average annual compensation for the five (5) most recent taxable years that Executive has been employed by the Bank or such lesser number of years in the event that Executive shall have been employed
by the Bank for less than five (5) years. Such average annual compensation shall include Base Salary, commissions, bonuses, contributions on Executive’s behalf to any pension and/or profit sharing plan, severance payments, retirement payments,
directors or committee fees, fringe benefits paid or to be paid to the Executive in any such year, and payment of expense items without accountability or business purpose or that do not meet the IRS requirements for deductibility by the Institution;
provided however, that any payment under this provision and subsection 5(d) below shall not exceed three (3) times the Executive’s average annual compensation. In the event the Bank is not in compliance with its minimum capital
requirements or if such payments would cause the Bank’s capital to be reduced below its minimum regulatory capital requirements, such payments shall be deferred until such time as the Bank or successor thereto is in capital compliance. At the
election of the Executive, which election is to be made prior to a Change in Control, such payment shall be made in a lump sum as of the Executive’s Date of Termination. In the event that no election is made, payment to the Executive will be
made in approximately equal installments on a monthly basis over a period of thirty-six (36) months following the Executive’s termination. Such payments shall not be reduced in the event Executive obtains other employment following termination
of employment. 
  
 (d) Upon the Executive’s entitlement to
benefits pursuant to Section 5(b), the Bank will cause to be continued life, medical, dental and disability coverage substantially identical to the coverage maintained by the Bank for Executive prior to his severance at no premium cost to the

  

 
Executive, except to the extent that such coverage may be changed in its application for all Bank employees on a non-discriminatory basis. Such coverage and
payments shall cease upon the expiration of thirty-six (36) months following the Date of Termination. 
  

	6.	CHANGE OF CONTROL RELATED PROVISIONS 

  
 Notwithstanding the provisions of Section 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said
paragraphs (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Code or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to
an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount”, as determined in accordance with said Section 280G. The allocation of
the reduction required hereby among the Termination Benefits provided by Section 5 shall be determined by Executive. 
  

	7.	TERMINATION FOR CAUSE. 

  
 The term “Termination for Cause” shall mean termination because of Executive’s personal dishonesty, incompetence, willful misconduct, any
breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order or material breach
of any provision of this Agreement. Notwithstanding the foregoing, Executive shall not be deemed to have been Terminated for Cause unless and until there shall have been delivered to him a Notice of Termination which shall include a copy of a
resolution duly adopted by the affirmative vote of not less than a majority of the members of the Board at a meeting of the Board called and held for that purpose (after reasonable notice to Executive and an opportunity for him, together with
counsel, to be heard before the Board), finding that in the good faith opinion of the Board, Executive was guilty of conduct justifying Termination for Cause and specifying the particulars thereof in detail. Executive shall not have the right to
receive compensation or other benefits for any period after Termination for Cause. During the period beginning on the date of the Notice of Termination for Cause pursuant to Section 8 hereof through the Date of Termination for Cause, stock options
and related limited rights granted to Executive under any stock option plan shall not be exercisable, nor shall any unvested awards granted to Executive under any stock benefit plan of the Bank, the Holding Company or any subsidiary or affiliate
thereof, vest. At the Date of Termination for Cause, such stock options and related limited rights and such unvested awards shall become null and void and shall not be exercisable by or delivered to Executive at any time subsequent to such
Termination for Cause. 
  

	8.	NOTICE. 

  
 (a) Any purported termination by the Bank or by Executive shall be communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a
written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under
the provision so indicated. 
  
 (b) “Date of
Termination” shall mean the date specified in the Notice of Termination (which, in the case of a Termination for Cause, shall not be less than thirty days from the date such Notice of Termination is given.). 
  
 (c) If, within thirty (30) days after any Notice of Termination is given, the
party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of Termination shall be the date on which the dispute is finally determined, 

  

 
either by mutual written agreement of the parties, by a binding arbitration award, or by a final judgment, order or decree of a court of competent
jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected) and provided further that the Date of Termination shall be extended by a notice of dispute only if such notice is given in good faith and the party
giving such notice pursues the resolution of such dispute with reasonable diligence. Notwithstanding the pendency of any such dispute, in the event the Executive is terminated for reasons other than Termination for Cause the Bank will continue to
pay Executive his Base Salary in effect when the notice giving rise to the dispute was given until the earlier of: 1) the resolution of the dispute in accordance with this Agreement or 2) the expiration of the remaining term of this Agreement as
determined as of the Date of Termination. Amounts paid under this Section are in addition to all other amounts due under this Agreement and shall not be offset against or reduce any other amounts due under this Agreement. 
  

	9.	POST-TERMINATION OBLIGATIONS. 

  
 All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 9 for one (1) full year
after the earlier of the expiration of this Agreement or termination of Executive’s employment with the Bank. Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may reasonably be required by the Bank
in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party. 
  

	10.	NON-COMPETITION. 

  
 (a) Upon any termination of Executive’s employment hereunder pursuant to Section 4 hereof, Executive agrees not to compete with the Bank for a period
of one (1) year following such termination in any city, town or county in which the Executive’s normal business office is located and the Bank has an office or has filed an application for regulatory approval to establish an office, determined
as of the effective date of such termination, except as agreed to pursuant to a resolution duly adopted by the Board. Executive agrees that during such period and within said cities, towns and counties, Executive shall not work for or advise,
consult or otherwise serve with, directly or indirectly, any entity whose business materially competes with the depository, lending or other business activities of the Bank. The parties hereto, recognizing that irreparable injury will result to the
Bank, its business and property in the event of Executive’s breach of this Subsection 10(a) agree that in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an
injunction to restrain the violation hereof by Executive, Executive’s partners, agents, servants, employees and all persons acting for or under the direction of Executive. Nothing herein will be construed as prohibiting the Bank from pursuing
any other remedies available to the Bank for such breach or threatened breach, including the recovery of damages from Executive. 
  
 (b) Executive recognizes and acknowledges that the knowledge of the business activities and plans for business activities of the Bank and affiliates
thereof, as it may exist from time to time, is a valuable, special and unique asset of the business of the Bank. Executive will not, during or after the term of his employment, disclose any knowledge of the past, present, planned or considered
business activities of the Bank or affiliates thereof to any person, firm, corporation, or other entity for any reason or purpose whatsoever. Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or economic
principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Bank. Further, Executive may disclose information regarding the business activities of the Bank to the OTS and the Federal
Deposit Insurance Corporation (“FDIC”) pursuant to a formal regulatory request. In the event of a breach or threatened breach by Executive of the provisions of this Section, the Bank will be entitled to an injunction restraining Executive
from disclosing, in whole or in part, the knowledge of the past, present, planned or 

  

 
considered business activities of the Bank or affiliates thereof, or from rendering any services to any person, firm, corporation, other entity to whom such
knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to the Bank for such breach or threatened breach, including the
recovery of damages from Executive. 
  

	11.	SOURCE OF PAYMENTS. 

  
 All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Holding Company, however,
unconditionally guarantees payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or
provided by the Holding Company. 
  

	12.	EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS. 

  
 This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or its
subsidiaries or any predecessor of the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be
interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. 
  

	13.	NO ATTACHMENT. 

  
 (a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no
effect. 
  
 (b) This Agreement shall be binding upon, and inure to
the benefit of, Executive and the Bank and their respective successors and assigns. 
  

	14.	MODIFICATION AND WAIVER. 

  
 (a) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 
  
 (b) No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless
specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived.

  

	15.	REQUIRED PROVISIONS. 

  
 (a) The Bank may terminate Executive’s employment at any time, but any termination by the Bank, other than Termination for Cause, shall not prejudice
Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause as defined in Section 7 hereinabove. 

 

 (b) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct
of the Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1), the Bank’s obligations under this contract shall be suspended as of the date of service,
unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion: (i) pay Executive all or part of the compensation withheld while their contract obligations were suspended; and (ii) reinstate (in
whole or in part) any of the obligations which were suspended. 
  
 (c) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or
(g)(1), all obligations of the Bank under this contract shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
  
 (d) If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1)
all obligations of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 
  
 (e) All obligations of the Bank under this contract shall be terminated, except to the extent determined that continuation
of the contract is necessary for the continued operation of the institution: (i) by the Director of the OTS (or his designee) or FDIC, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the
authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS (or his designee) at the time the Director (or his designee) approves a supervisory merger to resolve problems
related to the operations of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 
  
 (f) Any payments made to Executive pursuant to this Agreement, or otherwise,
are subject to and conditioned upon compliance with 12 U.S.C. §1828(k) and 12 C.F.R. §545.121 and any rules and regulations promulgated thereunder. 
  

	16.	REINSTATEMENT OF BENEFITS UNDER SECTION 15(b). 

  
 In the event Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice described in
Section 15(b) hereof (the “Notice”) during the term of this Agreement and a Change in Control, as defined herein, occurs, the Bank will assume its obligation to pay and Executive will be entitled to receive all of the termination benefits
provided for under Section 5 of this Agreement upon the Bank’s receipt of a dismissal of charges in the Notice. 
  

	17.	SEVERABILITY. 

  
 If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect. 
  

	18.	HEADINGS FOR REFERENCE ONLY. 

  
 The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any
of the provisions of this Agreement. 
  

	19.	GOVERNING LAW. 

  
 The validity, interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of New Jersey, but only to the
extent not superseded by federal law. 
  

	20.	ARBITRATION. 

  
 Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of
three arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of the Bank, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy
arising under or in connection with this Agreement. 
  
 In the
event any dispute or controversy arising under or in connection with Executive’s termination is resolved in favor of Executive, whether by judgment, arbitration or settlement, Executive shall be entitled to the payment of all back-pay,
including salary, bonuses and any other cash compensation, fringe benefits and any compensation and benefits due Executive under this Agreement. 
  

	21.	PAYMENT OF COSTS AND LEGAL FEES. 

  
 All reasonable costs and legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall
be paid or reimbursed by the Bank if Executive is successful on the merits pursuant to a legal judgment, arbitration or settlement. 
  

	22.	INDEMNIFICATION. 

  
 (a) The Bank shall provide Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’
liability insurance policy at its expense, and shall indemnify Executive (and his heirs, executors and administrators) as permitted under federal law against all expenses and liabilities reasonably incurred by him in connection with or arising out
of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Bank (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such
expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements. 
  
 (b) Any payments made to Executive pursuant to this Section are subject to and conditioned upon compliance with 12 C.F.R.§ 545.121 and any rules or
regulations promulgated thereunder. 
  

	23.	SUCCESSOR TO THE BANK. 

  
 The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all
the business or assets of the Bank or the Holding Company, expressly and unconditionally to assume and agree to perform the Bank’s obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to
perform if no such succession or assignment had taken place. 
  
 SIGNATURES 
  
 IN WITNESS WHEREOF, OceanFirst Bank
and OceanFirst Financial Corp. have caused this Agreement to be executed and their seals to be affixed hereunto by their duly authorized officers and directors, and Executive has signed this Agreement, on the 18th day of February, 2004. 

 

									
	 ATTEST:
	 	 	 	 OCEANFIRST BANK

				
	 	 	 	 	By:	 	 
	
	 	 	 	 	 	

	 Secretary
	 	 	 	 	 	 Entire Board of Directors

  
 [SEAL] 
  

									
	 ATTEST:
	 	 	 	 OCEANFIRST FINANCIAL CORP.
             (Guarantor)

				
	 	 	 	 	By:	 	 
	
	 	 	 	 	 	

	 Secretary
	 	 	 	 	 	 Entire Board of Directors

  
 [SEAL] 
  

									
	 WITNESS:
	 	 	 	 
				
	 	 	 	 	 	 	 
	
	 	 	 	 	 	

	 	 	 	 	 	 	 Executive

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