Document:

UNITY. Feraro Employment Agreement 2001  (40078015.DOC;3)

Exhibit

10.6

 

EMPLOYMENT

AGREEMENT

 

This Employment Agreement (the Agreement”) is made as

of this 26th day of February, 2002, by and between ANTHONY J.

FERARO, an individual residing at                                (“Executive”), UNITY  BANK, a New Jersey state bank

with its principal place of business located at 64 Old Highway 22, Clinton, New

Jersey 08809 (the “Bank) and UNITY BANCORP, INC. a Delaware corporation

and holding company of the Bank with its principal place of business located at

64 Old Highway 22, Clinton, New Jersey 08809 (“Unity”) (Bank and Unity

collectively, “Employer”).

WHEREAS, Executive is currently employed as the President of Employer pursuant

to an employment agreement between Executive and the Bank dated as of the 18th

day of October, 1999 (the “Original Agreement”); and

WHEREAS, Executive and Employer desire for Executive to continue his

employment with the Employer and desire that this Agreement replace the

Original Agreement and govern the terms and conditions of Executive’s employment.

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.  Employer hereby agrees to employ the

Executive, and the Executive hereby accepts such employment, upon the terms and

conditions set forth herein.

2.             Position and Duties.  The Executive shall be employed as President

of Employer, to perform such services in that capacity as are usual and

customary for comparable institutions and as shall from time to time be

established the Board of Directors of the Employer.  Executive agrees that he will devote his full business time and

efforts to his duties hereunder.

3.             Cash Compensation.  Employer shall pay to the Executive compensation

for his services as follows:

(a)           Base

Salary.  The Executive shall be

entitled to receive, commencing upon the date of this Agreement, an annual base

salary (the “Base Salary”) of $305,000 which shall be payable in installments

in accordance with Employer’s usual payroll method.  Annually thereafter, on or prior to the anniversary date of this

Agreement, the Board of Directors shall review the Executive’s performance, the

status of Employer and such other factors as the Board of Directors or a committee

thereof shall deem appropriate, and may, but shall not be obligated to, adjust

the Base Salary accordingly.

(b)           Discretionary

Bonus.  Executive and the Board of

Directors of Employer or a committee thereof shall meet and establish

performance criteria for the Executive. 

Based upon the 

 

 

Executive’s satisfaction of such criteria, the Executive shall be

entitled to receive annually a bonus, the amount to be agreed upon by the Board

of Directors or a committee thereof and the Executive.  The Executive and the Board of Directors or

a committee thereof shall meet annually on or prior to the anniversary date of

the Agreement to review the Executive’s performance and to mutually agree upon

new performance criteria for the upcoming year.

4.             Other Benefits.

(a)           Fringe

Benefits.  Executive shall be

entitled to participate in such benefit programs as are made available

generally to employees of Employer.

(b)        Life

Insurance.    Employer shall obtain

for the benefit of Executive life insurance on the life of Executive in the

amount of two and one-half times Executive’s annual Base Salary.  Upon any termination of Executive without

“Cause” hereunder pursuant to Section 6(c), or upon any Change in Control (as

defined below), Employer shall transfer to Executive any rights Employer may

have in any policies of insurance acquired to satisfy this provision.  Payment of any premiums under any such

policies shall thereafter be the sole obligation of Executive, and not of Employer.

(c)        Stock

Options.   Executive shall be

entitled to participate in such stock option plans as the Board of Directors

may, in its discretion, determine.

5.             Term.  The term of this Agreement shall be three

(3) years, commencing upon the date hereof and continuing until the third anniversary

hereof; provided, however, that on a daily basis, one additional day shall be

added to the term of this Agreement, so that the remaining term shall always be

three (3) years, either the Executive or Employer shall have provided the other

with written notice of its intention to cease extending the term of this

Agreement.

6.             Termination.

(a)           Cause.   As used in this Agreement, the term “Cause”

shall mean any of the following actions: 

the Executive’s personal dishonesty, incompetence,  willful misconduct, breach of fiduciary duty

involving personal profit, intentional failure to perform stated duties,

willful violation of any law, rule or regulation or final cease-and-desist

order or a material breach of any provision of this Agreement.

(b)           Termination

With Cause.   Employer shall have

the right to terminate the Executive for Cause, upon written notice to him of

such determination, specifying the alleged Cause.  In the event of such termination, the Executive shall not be

entitled to any further benefits under this Agreement; provided, however, that

nothing contained herein shall excuse Employer from paying all benefits earned

or accrued up to the date of such termination.

(c)           Termination

Without Cause.  If Employer

terminates the Executive’s employment hereunder without Cause, Executive will

be entitled to receive a payment equal to twice his then current 

 

2

 

annual Base Salary.  Any

payments provided for hereunder shall be made by a lump sum payment within ten

(10) days of any such termination.  In

addition, to the extent Executive participated in Employer’s hospital, health

and medical programs as of the date of such termination, Employer shall

continue to provide Executive with such benefits for a period of twelve (12)

months after such termination.  The

Executive shall have no duty to mitigate damages in connection with the

termination of his employment without cause. 

If the Executive 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.

(d)           Death

or Disability.  This Agreement shall

terminate upon Executive’s death or his disability, as defined herein.  Upon Executive’s death or his disability,

the obligation of Employer hereunder to pay Executive the compensation called

for under Section 3 hereof shall terminate, and Employer’s only obligation

shall be to pay Executive any and all benefits to which Executive was entitled

at the time of such death or disability under any benefit plans of Employer

then in place.  For purposes of this

Agreement, the term “disability” shall mean a good faith determination by the

Board of Directors of Unity that Executive is unable to substantially perform

his material duties as prescribed in this Agreement due to his incapacity or

disability, physical or mental, for a period of six (6) consecutive months,

7.             Change in Control.

(a)           Upon

the consummation of a Change in Control (as herein defined), Executive shall

have the right, upon written notice to the Employer, to terminate his

employment hereunder and the provisions of Section 7(c) shall apply as if the

Executive had been terminated.

(b)           A

“Change in Control”  shall mean:

(1)                                  a reorganization, merger, consolidation

or sale of all or substantially all of the assets of Unity, or a similar

transaction in which Unity is not the resulting entity;

 

(2)                                  individuals who constitute the Incumbent

Board (as herein defined) of the Unity cease for any reason to constitute a

majority thereof;

 

(3)                                  the occurrence of any transaction

requiring the approval of the Board of Governors of the Federal Reserve System

under 12 C.F.R. §225.41 et  seq., except a transaction by any

party owning 10% or more of Unity’s outstanding stock as of the date hereof; or

 

(4)                                  an event of a nature that would be

required to be reported in response to Item I 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 (the “Exchange Act”); or

 

3

 

 

(5)                                  Without limitation, a change in control shall

be deemed to have occurred at such time as (i) any “person” (as the term is

used in Section 13(d) and 14(d) of the Exchange Act) other than Unity is or

becomes a “beneficial owner” (as defined in Rule 13–d under the Exchange

Act) directly or indirectly, of securities of Unity representing 25% or more of

Unity’s outstanding securities ordinarily having the right to vote at the

election of directors, excluding any securities purchased by Employer’s

employee stock ownership plan and trust, or any other employee benefit plans

established by Employer from time to time in determining whether such person is

the beneficial owner of more than 25% of Unity’s securities; or

 

(6)                                  A proxy statement soliciting proxies from

stockholders of Unity is disseminated by someone other than the current

management of Unity, seeking stockholder approval of a plan of reorganization,

merger or consolidation of Unity or similar transaction with one or more

corporations as a result of which the outstanding shares of the class of securities

then subject to the plan or transaction are exchanged or converted into cash or

property or securities not issued by Unity;

 

(7)                                  A tender offer is made for 25% or more of

the voting securities of Unity and the shareholders owning beneficially or of

record 25% or more of the outstanding securities of Unity have tendered or

offered to sell their shares pursuant to such tender offer and such tendered

shares have been accepted by the tender offeror.

 

.                               For these purposes, “Incumbent Board”

means the Board of Directors of Unity 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 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)           Upon the termination of Executive’s

employment, either by Executive as permitted under Section 7(a) or by Employer

or its successor without cause and within eighteen (18) months following a

Change in Control, Executive shall be entitled to receive a lump sum payment

equal to three (3) times his then current Base Salary (giving no effect to any

bonuses Executive may have earned under Section 3(b) hereof).  In addition, Employer shall be obligated to

maintain all policies of medical or disability insurance then covering

Executive for a term of one year after such termination.  The payments provided for hereunder shall be

in lieu of, and not in addition to, any payments Executive may be entitled to

under Section 6(c).

 

(d)           Upon

the occurrence of Change in Control and the negotiation by Executive of a

mutually acceptable replacement employment agreement with the Employer or its

successor, in lieu of 

 

4

 

any rights which Executive may have under paragraph (c) hereof,

Executive shall be entitled to a payment equal to 1.5 times his then current

Base Salary.  This payment to Executive

shall be in lieu of any other right to payment Executive may have pursuant to

this Agreement (other than for compensation or bonuses earned but not yet paid).

 

Notwithstanding

anything contained in section 7 above, in the event all compensation to be

provided to Executive conditioned upon the occurrence of a Change in Control,

whether under this Agreement or in connection with any other agreement or

benefit plan of the Employer to which Executive is a party or in which he

participates, exceeds 2.99 times the Executive’s Base Amount, as that term is

defined under Section 280G of the Internal Revenue Code and regulations of the

Internal Revenue Service promulgated thereunder, the total compensation to be

paid to the Executive shall be reduced to an amount that is $1.00 less than

2.99 times the Executive’s Base Amount. Executive shall have the right to

determine which benefits to which he would otherwise be entitled shall be

reduced.

8.             Covenant Not to Compete.  Executive agrees that during the term of his

employment hereunder and for a period of one (1) year after the termination of

his employment, 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 the National Association of Securities

Dealers Automated Quotation System) any enterprise which competes with Employer

in the business of banking in the geographic areas in which Employer conducts

its business on the date of Executive’s termination.  In the event that this covenant not to compete shall be found by

a court of competent jurisdiction to be invalid or unenforceable as against

public policy, such court shall exercise discretion in reforming such covenant to

the end that Executive shall be subject to a covenant not to compete that is

reasonable under the circumstances and enforceable by Employer.  Executive agrees to be bound by any such

modified covenant not to compete.

9.             Miscellaneous.

(a)           Governing

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.

(c)           Entire

Agreement; Amendment.  This

Agreement sets forth the entire understanding of the parties with regarding to

the subject matter contained herein and supersedes any and 

 

5

 

all prior agreements, arrangements or understandings relating to the

subject matter hereof, including specifically the Original Agreement, and may

only be amended by written agreement signed by both parties hereto or their

duly authorized representatives.

(d)           Notices.  Notices hereunder shall be sent by Certified

Mail, Return Receipt Requested, to the address set forth for each party on the

first page of this Agreement.  Notices

to Employer shall be directed to the attention of the Chairman of the Board.

(e)           Termination

of Original Agreement.  Upon the

execution of this Agreement, the Original Agreement shall be deemed terminated

and voided and the rights of the parties hereto shall be determined solely by

reference to this Agreement.

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as

of the date first above written.

 

	

   

  	

  UNITY

  BANK

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ DAVID D. DALLAS

  
	

   

  	

   

  	

  David D. Dallas, Chairman of the Board

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  UNITY BANCORP,

  INC.

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ DAVID D. DALLAS

  
	

   

  	

   

  	

  David D. Dallas, Chairman of the Board

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  EXECUTIVE:

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ ANTHONY J. FERARO

  
	

   

  	

   

  	

  Anthony J. Feraro

  	

   

  
					

 

6UNITY. Hughes Retention Agreement  (40077985.DOC;3)

Exhibit 10.7

 

RETENTION  AGREEMENT

 

RETENTION AGREEMENT (this

“Agreement”) made as of this 26th day of February, 2002 by and between UNITY

BANK,

a New Jersey state bank with its principal place of business located at 64 Old

Highway 22, Clinton, New Jersey 08809 (the “Bank), UNITY BANCORP, INC. a

Delaware corporation with its principal place of business located at 64 Old

Highway 22, Clinton, New Jersey 08809 (“Unity”) (Bank and Unity collectively,

“Employer”), and JAMES A. HUGHES, an individual residing at 4 Lance Road,

Lebanon, New Jersey 08833 (the “Executive”).

 

W I T N E S S E T H:

WHEREAS, Executive is

presently employed by Employer as an executive officer of the Bank in the

position of Executive Vice-President and Chief Financial Officer; and

WHEREAS, Employer

wishes to ensure that it will continue to retain Executive in its employ and to

receive Executive’s undivided effort and attention;

NOW, THEREFORE, in

consideration of the mutual promises and undertakings herein contained, the

parties hereto, intending to be legally bound, agree as follows:

1.             Termination. 

Executive may be terminated at any time, without prejudice to

Executive’s right to compensation or benefits as provided herein or pursuant to

any other benefit plan or policy of Employer.  

Executive’s rights upon a termination shall be as follows:

(a)           Cause. 

Employer may terminate Executive for cause.  Upon such a termination, Executive shall be entitled to no

further compensation or employment related benefits from and after the date of

such termination, except for the payment of accrued and unpaid compensation

through the date of such termination and except for the provision of any

statutorily required benefits.  As used

in this Agreement, the term “cause” shall mean the Executive’s personal dishonesty,

willful misconduct, 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 minor offenses

which do not adversely effect Employer’s reputation or standing in the

community) or final cease-and-desist order or a material breach of any

provision of this Agreement.

(b)           Termination Without Cause.  Upon a termination of Executive’s employment

hereunder without “cause”, Executive shall be entitled to receive his then

current Base Salary (as defined below) for a nine (9) month period (the

“Termination Payment”).  Executive’s

“Base Salary” at any time shall be that annual salary most recently approved by

the Board of Directors of Employer or any committee thereof.  Such payments shall be made in periodic

payments in the same manner in which the 

 

1

 

Executive’s salary was paid

through the time of such termination. 

Employer shall continue to provide the Executive with hospital, health,

medical and life insurance, and any other like benefits in effect at the time

of such termination for a nine (9) month period.  In addition, the vesting period for any stock options granted to

Executive shall accelerate.

Executive shall also be

entitled to payments for periods or partial periods that occurred prior to the

date of termination and for which the Executive has not yet been paid.

The Executive shall have no

duty to mitigate damages in connection with his termination by Employer without

“cause”.  However, if the Executive

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.

(c)           Resignation With Cause.  Executive shall have the right to resign his

employment with Employer at any time hereunder, providing notice as require by

the Employer’s employment related policies then in effect.  In the event such a resignation is for “good

cause” (as defined below), such resignation shall deemed a termination without cause

under subparagraph (b) hereof, and Executive shall be entitle to receive all

such benefits as are provided for under such subparagraph (b) hereof.

For purposes of this

provision, the term “good cause” shall mean any of the following:

(i)            A material reduction in Executive’s duties, responsibilities,

title or employment status from its level as of the date hereof;

(ii)           Subject to the next subsection, a reduction in Executive’s

total annual compensation to below $140,000; or

(iii)          In the event of the Employer, for the proceeding fiscal

year, has reported earnings of at least 80% of the Employer’s budgeted

earnings, if Executive’s total compensation is below $175,000; or

(iv)          Employer terminates this Agreement..

 

For purposes determining the value of

Executive’s compensation, all compensation provided to Executive, cash and

non-cash, shall be taken into account. 

For purpose of valuing stock options, the Black-Scholes method shall be

utilized in the same manner as provided in the Employers proxy statement for

the prior year.

2.             Change in Control.

(a)           Upon the occurrence of a Change in

Control (as herein defined), regardless of 

 

2

 

whether

Executive’s employment with Employer continues, Executive shall be entitled to

receive a payment equal to 100% of his current Base Salary for a nine (9) month

period (the “Change in Control Payment”). 

The Change in Control Payment shall be made to Executive, at Executive’s

discretion, either over a nine (9) month period and in the same manner in which

Executive’s salary has customarily been paid, or in a single lump sum payment

to be made within sixty (60) days of Employer’s receipt of written notice by

Executive directing that the Payment be made in a lump sum.

In

addition to the foregoing, if Executive chooses to receive the Change in

Control Payment over time rather than in a lump sum, Executive shall be

entitled to receive from Employer or its successor, hospital, health, medical

and life insurance, and any other like benefits in effect at the time of such

Change in Control for a nine (9) month period after the Change in Control on

the terms and at the same cost to Executive as Executive was receiving such

benefits on the date of the Change in Control. 

However, if the Executive 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.

Upon

the Executive becoming entitled to a Change in Control Payment hereunder, and

provided that Executive has received an offer of “Comparable Employment” with

the Employer or its successor upon the consummation of such Change in Control,

Executive shall not be entitled to receive any other payment hereunder solely

because of the Change In Control.  If

Executive does not receive an offer of “Comparable Employment, it shall be

deemed a termination without cause, and Executive shall be entitled to receive

the payments due under Section 1(b) hereof. For purpose hereof, the term

“Comparable Employment” shall mean an offer of employment for position which

has all the following characteristics:

(i)            The total annual

compensation offered Executive has a value at least as great as the total

compensation provided to Executive to in the last full fiscal year a prior to

the Change in Control;

(ii)           Regardless of

title, the responsibilities and duties of the position shall be of as

substantial a nature as those of Executive’s position prior to such Change in

Control; and

(iii)          Executive’s primary

place of employment shall not be more than 30 miles away from Executive’s place

of employment as of the time of the Change in Control.

In

the event that Executive is offered Comparable Employment, the provisions of

the Agreement shall remain in full force and effect after the payment of the

Change in Control payment, and by way of illustration, and not by limitation,

Executive’s rights under Paragraph 1(b) and 1(c) hereunder 

 

3

 

shall remain in full force and effect.

 

(b)           A “Change in Control” shall mean:

 

 

(i)                                     a

reorganization, merger, consolidation or sale of all or substantially all of

the assets of Unity or a similar transaction in which Unity is not the

resulting entity; or

 

(ii)                                  individuals who

constitute the Incumbent Board (as herein defined) of Unity cease for any

reason to constitute a majority thereof; or

 

(iii)                               the occurrence

of an event of a nature that would be required to be reported in response to

Item I 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 (the

“Exchange Act”); or

 

(iv)                              Without

limitation, a Change in Control shall be deemed to have occurred at such time

as (i) any “person” (as the term is used in Section 13(d) and 14(d) of the

Exchange Act) other than Unity or the trustees or any administrator of any

employee stock ownership plan and trust, or any other employee benefit plans,

established by Employer from time-to-time is or becomes a “beneficial owner”

(as defined in Rule 13-d under the Exchange Act) directly or indirectly, of

securities of Unity representing 25% or more of Unity’s outstanding securities

ordinarily having the right to vote at the election of directors; or

 

(iv)                              A proxy

statement soliciting proxies from stockholders of Unity is disseminated by

someone other than the current management of Unity, seeking stockholder

approval of a plan of reorganization, merger or consolidation of Unity or

similar transaction with one or more corporations as a result of which the

outstanding shares of the class of securities then subject to the plan or

transaction are exchanged or converted into cash or property or securities not

issued by Unity; or

 

(vi)                              A tender offer

is made for 25% or more of the voting securities of Unity and shareholders

owning beneficially or of record 25% or more of the outstanding securities of

Unity have tendered or offered to sell their shares pursuant to such tender and

such tendered shares have been accepted by the tender offeror.

 

For these purposes,

“Incumbent Board” means the Board of Directors of Unity Bancorp, Inc. 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 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.

 

4

 

3.             No Guaranty of Employment.  Nothing in this Agreement shall be construed

as guarantying the employment of the Executive.  Executive shall remain an “employee at will” of Employer at all

times during the term of this Agreement.

4.             Notices. Any and all notices, demands or requests

required or permitted to be given under this Agreement shall be given in writing

and sent, (i) by registered or certified U.S. mail, return receipt requested,

(ii) by hand, (iii) by overnight courier or (iv) by telecopier addressed to the

parties hereto at their addresses set forth above or such other addresses as

they may from time-to-time designate by written notice, given in accordance

with the terms of this Section, together with copies thereof as follows:

 

In the case of Executive,

with a copy to:

 

 

 

In the case of Employer,

with a copy to:

Windels Marx Lane &

Mittendorf, LLP

120 Albany Street Plaza, 6th

Floor

New Brunswick, New Jersey

08901

Telecopier No. (732)

846-8877

Attention: Robert A.

Schwartz

 

Notice given as provided in

this Section shall be deemed effective: (i) on the date hand delivered, (ii) on

the first business day following the sending thereof by overnight courier,

(iii) on the seventh calendar day (or, if it is not a business day, then the

next succeeding business day thereafter) after the depositing thereof into the

exclusive custody of the U.S. Postal Service or (iv) on the date telecopied.

5.             Assignability. 

Neither this Agreement nor the rights or obligations of Executive

hereunder may be assigned , whether by operation of law or otherwise.  This Agreement shall be binding upon, and

inure to the benefit of, Employer and its Successors and assigns.  This Agreement shall inure to the benefit of

the Executive’s heirs, executors, administrators and other legal

representatives.

6.             Waiver. 

The waiver by Employer or the Executive of a breach of any provision of

this Agreement by the other shall not operate or be construed as a waiver of

any subsequent or other breach hereof.

7.             Applicable Law. 

This Agreement shall be governed by and construed in accordance with the

laws of the State of New Jersey without giving effect to principles of conflict

of laws.

8.             Entire Agreement.  This Agreement contains the entire agreement of the parties

hereto 

 

5

 

with respect to the subject matter hereof and

may not be amended, waived, changed, modified or discharged, except by an

agreement in writing signed by the parties hereto.

9.             Counterparts. 

This Agreement may be executed in two or more counterparts, each of

which shall be deemed an original but all of which taken together shall constitute

one and the same instrument.

10.             Amendment. 

This Agreement may be modified or amended only by an amendment in

writing signed by both parties.

11.             Severability. 

If any provision of this Agreement shall be held invalid or

unenforceable, such invalidity or unenforceability shall attach only to such

provision, only to the extent it is invalid or unenforceable, and shall not in

any manner affect or render invalid or unenforceable any other severable

provision of this Agreement, and this Agreement shall be carried out as if any

such invalid or unenforceable provision were not contained herein.

12.             Section Headings. 

The headings contained in this Agreement are solely for convenience of

reference and shall be given no effect in the construction or interpretation of

this Agreement.

13.           Fees and Expenses. 

If any party to this Agreement institutes any action or proceeding to

enforce this Agreement, the prevailing party in such action or proceeding shall

be entitled to recover from the non-prevailing party all legal costs and

expenses incurred by the prevailing party in such action, including, but not

limited to, reasonable attorneys’ fees and other reasonable legal costs and

expenses.

 

6

 

IN WITNESS WHEREOF, the parties

hereto have executed this Agreement under their

respective hands and seals as of the day and

year first above written.

 

	

  ATTEST:

  	

   

  	

  UNITY BANK

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/DAVID D. DALLAS

  
	

   

  	

   

  	

   

  	

  David D. Dallas, Chairman

  of the Board

  
	

   

  	

   

  	

   

  	

   

  
	

  ATTEST:

  	

   

  	

  UNITY BANCORP, INC.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/DAVID D. DALLAS

  
	

   

  	

   

  	

   

  	

  David D. Dallas, Chairman

  of the Board

  
	

   

  	

   

  	

   

  	

   

  
	

  WITNESS:

  	

   

  	

  EXECUTIVE:

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  /s/JAMES HUGHES

  
	

  James

  Hughes

  	

   

  	

   

  
							

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}]]