Document:

Exhibit 10.1

 

It is the responsibility of any investor purchasing
these securities to satisfy itself as to full observance of the laws of any relevant territory outside the United States in connection
with any such purchase, including obtaining any required governmental or other consents or observing any other applicable requirements.
We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.

 

Hoth Therapeutics, Inc.

Series B Preferred Stock

 

SUBSCRIPTION AND INVESTMENT REPRESENTATION AGREEMENT

 

THIS AGREEMENT (this “Agreement”),
dated as of November 2, 2022, is by and between Hoth Therapeutics, Inc., a Nevada corporation (the “Company”), and the undersigned
subscriber (the “Subscriber”). In consideration of the mutual promises contained herein, and other good, valuable and
adequate consideration, the parties hereto agree as follows:

 

1. Agreement of Sale;
Closing. The Company agrees to sell to Subscriber, and Subscriber agrees to purchase from the Company, 2,000,000 shares of the Company’s
Series B Preferred Stock, par value $0.0001 per share (the “Securities”), which Securities shall have the rights, preferences,
privileges and restrictions set forth in the Certificate of Designation of the Series B Preferred Stock attached hereto as Exhibit
A (the “Certificate of Designation”). Subscriber hereby acknowledges and agrees to the entire terms of the Certificate
of Designation, including, without limitation, the limited voting rights in Section 3 thereof, the restrictions on transfer of the Securities
in Section 5 thereof and the redemption of the Securities pursuant to Section 6 thereof. The aggregate purchase price for the Securities
to be paid by the Subscriber to the Company shall be $1,000. Upon satisfaction of the covenants and conditions set forth herein, the closing
of the purchase and sale of the Securities to the Subscriber hereunder shall be held at the principal office of the Company at 10:00 a.m.
local time on the date upon which the Company accepts and signs this Agreement or such other location, time and date as the parties shall
mutually agree.

 

2. Representations and
Warranties of Subscriber. In consideration of the Company’s offer to sell the Securities, and in addition to the purchase price
to be paid, Subscriber hereby covenants, represents and warrants to the Company as follows:

 

a. Information About
the Company.

 

i. Subscriber is aware
that the Company is not profitable and that its financial projections and future are purely speculative.

 

ii. Subscriber has had an
opportunity to ask questions of, and receive answers from, the Company concerning the business, management, and financial and compliance
affairs of the Company and the terms and conditions of the purchase of the Securities contemplated hereby. Subscriber has had an opportunity
to obtain, and has received, any additional information deemed necessary by the Subscriber to verify such information in order to form
a decision concerning an investment in the Company.

 

iii. Subscriber has been
advised to seek legal counsel and financial and tax advice concerning Subscriber’s investment in the Company hereunder.

 

b. Information on Subscriber.
Subscriber is not and has never been, prior to the effective date of this Agreement, an employee, officer, director, contractor, agent,
representative, beneficiary, and/or shareholder of the Company.

 

    -1-

     

    

 

c. Restrictions on Transfer.
Subscriber covenants, represents and warrants that the Securities are being purchased for Subscriber’s own personal account and
for Subscriber’s individual investment and without the intention of reselling or redistributing the same, that Subscriber has made
no agreement with others regarding any of such Securities, and that Subscriber’s financial condition is such that it is not likely
that it will be necessary to dispose of any of the Securities in the foreseeable future. Moreover, Subscriber acknowledges that any of
the aforementioned actions will require the prior written consent of the Company and its board of directors pursuant to the Certificate
of Designation. Subscriber is aware that, in the view of the Securities and Exchange Commission, a purchase of the Securities with an
intent to resell by reason of any foreseeable specific contingency or anticipated change in market values, or any change in the condition
of the Company, or in connection with a contemplated liquidation or settlement of any loan obtained by Subscriber for the acquisition
of the Securities and for which the Securities were pledged as security, would represent an intent inconsistent with the covenants, warranties
and representations set forth above. Subscriber understands that the Securities have not been registered under the Securities Act of 1933,
as amended (the “Securities Act”), or any state or foreign securities laws in reliance on exemptions from registration
under these laws, and that, accordingly, the Securities may not be resold by the undersigned (i) unless they are registered under both
the Securities Act and applicable state or foreign securities laws or are sold in transactions which are exempt from such registration,
and (ii) except in compliance with Section 5 of the Certificate of Designation, which will require the prior written consent of the Company
and its board of directors. Subscriber therefore agrees not to sell, assign, transfer or otherwise dispose of the Securities (i) unless
a registration statement relating thereto has been duly filed and become effective under the Securities Act and applicable state or foreign
securities laws, or unless in the opinion of counsel satisfactory to the Company no such registration is required under the circumstances,
and (ii) except in compliance with Section 5 of the Certificate of Designation. There is not currently, and it is unlikely that in the
future there will exist, a public market for the Securities, and accordingly, for the above and other reasons, Subscriber may not be able
to liquidate an investment in the Securities for an indefinite period.

 

d. High Degree of Economic
Risk. Subscriber realizes that an investment in the Securities involves a high degree of economic risk to the Subscriber, including
the risks of receiving no return on the investment and/or of losing Subscriber’s entire investment in the Company. Subscriber is
able to bear the economic risk of investment in the Securities, including the total loss of such investment. The Company can make no assurance
regarding its future financial performance or as to the future profitability of the Company.

 

e. Suitability. Subscriber
has such knowledge and experience in financial, legal and business matters that Subscriber is capable of evaluating the merits and risks
of an investment in the Securities. Subscriber has obtained, to the extent deemed necessary, Subscriber’s own personal professional
advice with respect to the risks inherent in, and the suitability of, an investment in the Securities in light of Subscriber’s financial
condition and investment needs. Subscriber believes that the investment in the Securities is suitable for Subscriber based upon Subscriber’s
investment objectives and financial needs, and Subscriber has adequate means for providing for Subscriber’s current financial needs
and personal contingencies and has no need for liquidity of investment with respect to the Securities. Subscriber understands that no
federal or state agency has made any finding or determination as to the fairness for investment, nor any recommendation or endorsement,
of the Securities.

 

f. Tax Liability.
Subscriber has reviewed with Subscriber’s own tax advisors the federal, state, local and foreign tax consequences of this investment
and the transactions contemplated by this Agreement, and has and will rely solely on such advisors and not on any statements or representations
of the Company or any of its agents, representatives, employees or affiliates or subsidiaries. Subscriber understands that Subscriber
(and not the Company) shall be responsible for Subscriber’s own tax liability that may arise as a result of this investment or the
transactions contemplated by this Agreement. Under penalties of perjury, Subscriber certifies that Subscriber is not subject to back-up
withholding either because Subscriber has not been notified that Subscriber is subject to back-up withholding as a result of a failure
to report all interest and dividends, or because the Internal Revenue Service has notified Subscriber that Subscriber is no longer subject
to back-up withholding.

 

    -2-

     

    

 

g. Residence. Subscriber’s
present principal residence or business address, and the location where the securities are being purchased, is located in the State of
[ ].

 

h. Limitation Regarding
Representations. Except as set forth in this Agreement, no covenants, representations or warranties have been made to Subscriber by
the Company or any agent, representative, employee, director or affiliate or subsidiary of the Company and in entering into this transaction,
Subscriber is not relying on any information, other than that contained herein and the results of independent investigation by Subscriber
without any influence by Company or those acting on Company’s behalf. Subscriber agrees it is not relying on any oral or written
information not expressly included in this Agreement, including, but not limited to, the information which has been provided by the Company,
its directors, its officers or any affiliate or subsidiary of any of the foregoing.

 

i. Authority.

 

1. Entity.
If the undersigned is not an individual but an entity, the individual signing on behalf of such entity and the entity jointly and severally
agree and certify that (a) the undersigned was not organized for the specific purpose of acquiring the Securities and (b) this Agreement
has been duly authorized by all necessary action(s) on the part of the undersigned, has been duly executed by an authorized officer, agent
or representative of the undersigned, and is a legal, valid and binding obligation of the undersigned enforceable in accordance with its
terms.

 

2. Individual.
If the undersigned is an individual, the undersigned is of legal age.

 

3. Legend. Subscriber
consents to the notation of the Securities with a legend substantially similar to the following reciting restrictions on the transferability
of the Securities:

 

The
Securities represented hereby have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
and have not been registered under any state securities laws. These Securities may not be sold, offered for sale or transferred, without
first obtaining (i) an opinion of counsel satisfactory to the Company that such sale or transfer lawfully is exempt from registration
under the Securities Act and under the applicable state securities laws or (ii) without an effective registration statement related thereto.
Moreover, these Securities may be transferred only in accordance with the terms of the Company’s Certificate of Designation of Series
B Preferred Stock, a copy of which is on file with the Secretary of the Company.

 

4. Accredited Status.
Subscriber covenants, represents and warrants that it qualifies as an “accredited investor” as that term is defined in Regulation
D under the Securities Act because the undersigned satisfies the criteria indicated in Exhibit B hereto. Subscriber further covenants,
represents and warrants that the information provided under the heading “Accredited Investor Status” in Exhibit B to
this Agreement is true and correct. The information provided under this section of the Agreement is required in connection with the exemptions
from the Securities Act and state securities laws being relied on by the Company with respect to the offer and sale of the Securities.
The undersigned agrees to furnish any additional information which the Company or its legal counsel deem necessary in order to verify
the responses set forth above.

 

5. Holding Status.
Subscriber desires that the Securities be held as set forth on the signature page hereto.

 

6. Confidentiality.
Subscriber will make no written or other public disclosures regarding the Company and its business, the terms or existence of the proposed
or actual sale of Securities or regarding the parties to the proposed or actual sale of Securities to any individual or organization without
the prior written consent of the Company, except as may be required by law.

 

7. Notice. Correspondence
regarding the Securities should be directed to Subscriber at the address provided by Subscriber to the Company in writing.

 

    -3-

     

    

 

8. No Assignment or Revocation;
Binding Effect. Neither this Agreement, nor any interest herein, shall be assignable or otherwise transferable, restricted or limited
by Subscriber without prior written consent of the Company. Subscriber hereby acknowledges and agrees that Subscriber is not entitled
to cancel, terminate, modify or revoke this Agreement in any way and that the Agreement shall survive the death, incapacity or bankruptcy
of Subscriber. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective
heirs, legal representatives, successors and assigns.

 

9. Indemnification.
The Company agrees to indemnify and hold harmless the Subscriber and each current and future officer, director, employee, agent, representative
and shareholder, if any, of the Subscriber from and against any and all costs, loss, damage or liability associated with this Agreement
and the issuance and voting of the Securities.

 

10. Modifications.
This Agreement may not be changed, modified, released, discharged, abandoned or otherwise amended, in whole or in part, except by an instrument
in writing, signed by the Subscriber and the Company. No delay or failure of the Company in exercising any right under this Agreement
will be deemed to constitute a waiver of such right or of any other rights.

 

11. Entire Agreement.
This Agreement and the exhibits hereto are the entire agreement between the parties with respect to the subject matter hereto and thereto.
This Agreement, including the exhibits, supersede any previous oral or written communications, representations, understandings or agreements
with the Company or with any officers, directors, agents or representatives of the Company.

 

12. Severability.
In the event that any paragraph or provision of this Agreement shall be held to be illegal or unenforceable in any jurisdiction, such
paragraph or provision shall, as to that jurisdiction, be adjusted and reformed, if possible, in order to achieve the intent of the parties
hereunder, and if such paragraph or provision cannot be adjusted and reformed, such paragraph or provision shall, for the purposes of
that jurisdiction, be voided and severed from this Agreement, and the entire Agreement shall not fail on account thereof but shall otherwise
remain in full force and effect.

 

13. Governing Law.
This Agreement shall be governed by, subject to, and construed in accordance with the laws of the State of Nevada without regard to conflict
of law principles.

 

14. Survival of Covenants,
Representations and Warranties. Subscriber understands the meaning and legal consequences of the agreements, covenants, representations
and warranties contained herein, and agrees that such agreements, covenants, representations and warranties shall survive and remain in
full force and effect after the execution hereof and payment by Subscriber for the Securities.

 

[Remainder of page left blank intentionally
- signature page follows]

 

    -4-

     

    

 

For good, valuable and
adequate consideration, the receipt and sufficiency of which is hereby acknowledged, Subscriber hereby agrees that by signing this Subscription
and Investment Representation Agreement, and upon acceptance hereof by the Company, that the terms, provisions, obligations and agreements
of this Agreement shall be binding upon Subscriber, and such terms, provisions, obligations and agreements shall inure to the benefit
of and be binding upon Subscriber and its successors and assigns. 

 

	INDIVIDUAL(S):	 	ENTITY:
	 	 	 
	 	 	Entity Name:	 
	Name:	               	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Its:	 

 

Number of Securities Purchased: 2,000,000

Aggregate Purchase Price: $1,000

 

	The Subscriber desires that the Securities be held as follows (check one):
	 	 	 
	[  ] Individual Ownership	 	[  ] Corporation*
	 	 	 
	[  ] Community Property	 	[  ] Trust*
	 	 	 
	[  ] Jt. Tenant with Right of Survivorship	 	[  ] Limited Liability Company*
	  (both parties must sign)
    	 	 
	 	 	 
	[  ] Tenants in Common	 	[  ] Partnership*
	 	 	 
	 	 	[  ] Other (please describe:	       

 

* If Securities are being subscribed for by an entity, Exhibit C
to this Agreement must also be completed.

 

The Company hereby accepts
the subscription evidenced by this Subscription and Investment Representation Agreement:

 

	 	HOTH THERAPEUTICS, INC.
	 	 	 
	 	By:	 
	 	Name:	Robb Knie
	 	Title:	Chief Executive Officer

 

 

-5-Exhibit 10.2

		

			Exhibit 10.2

		

		
			EMPLOYMENT AGREEMENT BETWEEN
		

		
			BCB COMMUNITY BANK AND JAWAD CHAUDHRY
		

		
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			This Employment Agreement (the “Agreement”) is made effective as of October 11, 2022 (the “Effective Date”), by and between BCB BANCORP INC. and BCB COMMUNITY BANK, a New Jersey state-chartered bank (collectively the “Company” or the “Bank”), with its principal offices at Bayonne, New Jersey, and JAWAD CHAUDHRY (“Executive”).
		

		
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			WHEREAS, the Bank wishes to assure itself of the continued services of Executive for the period provided in this Agreement; and,
		

		
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			WHEREAS, in order to induce Executive to remain in the employ of the Bank and to provide further incentive for Executive to achieve the financial and performance objectives of the Bank, the parties desire to enter into this Agreement; and,
		

		
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			WHEREAS, the Bank desires to set forth the rights and responsibilities of Executive and the compensation payable to Executive, as modified from time to time.
		

		
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			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:
		

		
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			1.    POSITION AND RESPONSIBILITIES
		

		
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			During the term of this Agreement, Executive agrees to serve as Chief Financial Officer of the Bank (the “Executive Position”), and will perform all duties and will have all powers associated with such position as set forth in the Job Description provided to Executive by the Bank and as may be set forth in the Bylaws of the Bank.
		

		
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			2.    TERM AND ANNUAL REVIEW
		

		
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			(a)    Term. The term of this Agreement will begin as of the Effective Date and will continue for twelve (12) calendar months (“Term”) thereafter. Said Term shall automatically renew for twelve calendar months thereafter, unless either the Bank or the Executive provides written notice of termination of this Agreement no less than ninety (90) days prior to any such renewal or until such time as either party terminates this Agreement as set forth herein.
		

		
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			(b)    Annual Review. On an annual basis, at least thirty (30) and not more than ninety (90) days prior to the annual anniversary date of this Agreement, the Compensation Committee (the “Committee”) of the Board of Directors (“Board”) will conduct a comprehensive performance evaluation and review of Executive’s performance, and the results thereof will be included in the Minutes of a Board meeting.
		

		
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			(c)    Continued Employment Following Expiration of Term. Nothing in this Agreement shall mandate or prohibit a continuation of Executive’s employment following the
		

		
			 
		

		

		

		 

		

			SL1 1805202v1 114694.00001

		

 

		

			Exhibit 10.2

		

		expiration of the term of this Agreement, upon such terms and conditions as the Bank and Executive may mutually agree.
		

		
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			3.    PERFORMANCE OF DUTIES
		

		
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			During the period of his employment hereunder, except for periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence, Executive will devote all of his business time, attention, skill and efforts to the faithful performance of his duties under this Agreement, including activities and duties directed by the Board.
		

		
			Notwithstanding the preceding sentence, subject to the approval of the Board, Executive may serve as a member of the board of directors of business, community and charitable organizations, provided that in each case such service shall not materially interfere with the performance of his duties under this Agreement, adversely affect the reputation of the Bank or any other affiliates of the Bank, or present any conflict of interest. Executive will submit on or before the annual anniversary date of this Agreement to the Board for its review and approval, a list of organizations in which Executive is participating or proposes to participate. Such service to and participation in outside organizations will be presumed for these purposes to be for the benefit of the Bank, and the Bank will reimburse Executive his reasonable expenses associated therewith,
		

		
			to the extent Executive’s expenses are not reimbursed by such organizations. The failure of Executive to submit and/or the Board to approve the list of organizations in a timely manner shall not otherwise prohibit Executive from serving on or participating in these organizations.
		

		
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			4.    COMPENSATION, BENEFITS AND REIMBURSEMENT
		

		
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			(a)    Base Salary. The Bank agrees to pay or cause to be paid to Executive for
		

		
			Executive’s services an annual base salary at the gross rate prior to taxes and other withholdings of $350,000.00 (“Base Salary”) for the 2022 calendar year. This Base Salary shall be subject to annual review and adjustment pursuant to Section 2(b) commensurate with compensation of similar executives of similarly-sized financial institutions located in the same geographic region. If Executive’s Base Salary increases, pursuant to the above annual review, any such increased amounts shall be considered the Executive’s Base Salary for all sections of this Agreement. Such Base Salary will be payable in accordance with the customary payroll practices of the Bank.
		

		
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			(b)    Annual Bonus. The Bank under the direction of the Compensation Committee may pay or cause to be paid to Executive an annual cash incentive bonus in an amount up to fifty percent of the Base Salary. Any such Bonus shall be paid at such time or times and in such manner as directed by the Compensation Committee jointly during the term of this Agreement.
		

		
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			(c)    Incentive Compensation. Executive shall be entitled to participate in any other incentive compensation and bonus plans or arrangements of the Bank or the Company. Any incentive compensation will be paid in accordance with the terms of such plans or arrangements, or on a discretionary basis by the Compensation Committee. Nothing paid to the Executive under any such plans or arrangements will be deemed to be in lieu of other compensation to which the Executive is entitled under this Agreement.
		

		
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			(d)    Benefit Plans. Executive will be entitled to participate in all employee benefit plans, arrangements and perquisites offered to employees and executives of the Company or the
		

		
			 
		

		

		

		 

		

			SL1 1805202v1 114694.00001

		

 

		

			Exhibit 10.2

		

		Bank. Without limiting the generality of the foregoing provisions of this Section 4(c), Executive also will be entitled to participate in any employee benefit plans including, but not limited to, stock benefit plans, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident plans, 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.
		

		
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			(e)    Health, Dental, Life and Disability Coverage. The Bank shall provide Executive with life, medical, dental and disability coverage made available by the Bank to its senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such coverage.
		

		
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			(f)    Vacation and Leave. Executive will be entitled to paid vacation time each year during the term of this Agreement measured on a fiscal or calendar year basis, as well as sick
		

		
			leave, holidays and other paid absences in accordance with the Bank’s policies and procedures for senior executives. Any unused paid time off during an annual period will be treated in accordance with the Bank’s personnel policies as in effect from time to time.
		

		
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			(g)    Expense Reimbursements. The Bank will reimburse Executive for all reasonable travel, entertainment and other reasonable expenses incurred by Executive during the course of performing his obligations under this Agreement, including, without limitation, fees for memberships in such organizations as Executive and the Board mutually agree are necessary and appropriate in connection with the performance of his duties under this Agreement, upon substantiation of such expenses in accordance with applicable policies and procedures of the Bank. All reimbursements pursuant to this Section 4(g) shall be paid promptly by the Bank.
		

		
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			5.    WORKING FACILITIES
		

		
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			Executive’s principal place of employment will be at such place as directed by the Board.
		

		
			The Bank will provide Executive at his principal place of employment with a private office, secretarial and other support services and facilities suitable to his position with the Bank and necessary or appropriate in connection with the performance of his duties under this Agreement.
		

		
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			6.    TERMINATION AND TERMINATION PAY
		

		
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			Subject to Section 7 of this Agreement which governs the occurrence of a Change in Control, Executive’s employment under this Agreement may be terminated in the following circumstances:
		

		
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			(a)    Death. Executive’s employment under this Agreement will terminate upon his death during the term of this Agreement, in which event Executive’s estate or beneficiary will receive the compensation due to Executive through the last day of the calendar month in which his death occurred and vested rights and benefits earned through the date of the Agreement. The Bank will continue to provide to Executive’s immediate family members, provided said
		

		
			immediate family members are so eligible, for one (1) year after Executive’s death non-taxable medical and dental coverage substantially comparable (and on substantially the same terms and
		

		
			 
		

		

		

		 

		

			SL1 1805202v1 114694.00001

		

 

		

			Exhibit 10.2

		

		conditions) to the coverage maintained by the Bank for Executive and his family immediately prior to Executive’s death.
		

		
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			(b)    Disability. Termination of Executive’s employment based on “Disability” shall mean termination because of any permanent and total physical or mental impairment that restricts Executive from performing all the essential functions of normal employment. A determination as to whether Executive has suffered a disability shall be made by the Board with objective medical input. In the event of termination due to Disability, Executive will be entitled to disability benefits, if any, provided under a long term disability plan sponsored by the Bank, if any.
		

		
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			In the event the Board determines that Executive is Disabled, Executive will no longer be obligated to perform services under this Agreement. Upon Executive’s termination due to Disability, the Bank will cause to continue to provide to Executive life insurance and non-taxable medical and dental coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Company or the Bank for Executive immediately prior to termination for Disability. This coverage shall cease upon the earlier of (i) three (3) years from the date of termination, or (ii) the date Executive becomes eligible for Medicare coverage; provided further that if Executive is covered by family coverage or coverage for self and spouse, then Executive’s family or spouse shall continue to be covered for the remainder of the three (3) year period, or in the case of the spouse, until the spouse becomes eligible for Medicare coverage or obtains health care coverage elsewhere, whichever period is less.
		

		
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			(c)    Termination for Cause.
		

		
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			(i)    The Board may by written notice to Executive in the form and manner specified in this paragraph, immediately terminate the Executive’s employment at any time for
		

		
			cause (“Cause”). Executive shall have no right to receive compensation or other benefits for any period after termination for Cause, except for earned but unpaid Base Salary plus payment and vested benefits. Termination for Cause shall mean termination (as determined by the Bank in good faith) because of the Executive’s:
		

		
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			(1)    material act of fraud or dishonesty in performing Executive’s duties on
		

		
			behalf of the Bank;
		

		
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			(2)    willful misconduct that, in the judgment of the Board, will likely cause
		

		
			material economic damage to the Bank or injury to the business reputation of the Bank;
		

		
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			(3)    incompetence (in determining incompetence, the acts or omissions shall be measured against standards generally prevailing in the commercial banking industry);
		

		
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			(4)    breach of fiduciary duty;
		

		
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			(5)    intentional failure to perform stated duties under this Agreement after written notice thereof from the Board;
		

		
			 
		

		

		

		 

		

			SL1 1805202v1 114694.00001

		

 

		

			Exhibit 10.2

		

		(6)    willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflect adversely on the reputation of the Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a regulatory order;
		

		
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			(7)    material breach of any provision of this Agreement; or,
		

		
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			(8)    willful engagement in conduct which constitutes a violation of the established written policies or procedures of the bank regarding the conduct of its employees.
		

		
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			(ii)    Executive’s termination for Cause will not become effective unless the Board has delivered to Executive a copy of a notice of termination in accordance with Section 8(a) hereof. Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to the Executive 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 disinterested members of the Board, stating that the Executive was guilty of the conduct described above and specifying the particulars of such conduct.
		

		
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			(d)    Voluntary Termination by Executive. In addition to the Executive’s other rights to terminate employment under this Agreement, the Executive may voluntarily terminate employment during the term of this Agreement upon at least sixty (60) days prior written notice to the Board. Upon Executive’s voluntary termination, the executive will only receive compensation and vested rights and benefits earned through the date of termination, unless otherwise agreed by the Company, or the Bank, and the Executive. Following termination of employment under this Section, the Executive will be subject to the restrictions set forth in Section 9 of this Agreement.
		

		
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			(e)    Termination Without Cause.
		

		
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			(i)    The Bank may, by written notice to Executive, immediately terminate his employment at any time for a reason other than for cause (a termination “Without Cause”). Any termination of Executive’s employment, other than Termination for Cause, shall have no effect on or prejudice the vested rights of Executive under the Bank’s qualified or non-qualified retirement, pension, savings, thrift, profit-sharing or stock bonus plans, group life, health (including hospitalization, medical and major medical), dental, accident and long term disability insurance plans or other employee benefit plans or programs, or compensation plans or programs in which Executive was a participant.
		

		
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			(ii)    In the event of termination under this Section 6(e), the Bank shall pay
		

		
			Executive or, in the event of Executive’s subsequent death, Executive’s estate, the amount equal to Executive’s Base Salary through the remaining Term or applicable renewal as set forth in this Agreement. Such payment shall be payable within thirty (30) days following Executive’s date of termination, and will be subject to applicable withholding taxes.
		

		
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			(iii)    In addition, the Bank will continue to provide to Executive with life insurance coverage and non-taxable medical and dental insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank for Executive immediately prior to his termination. Such life insurance coverage and non-taxable medical and dental insurance coverage shall cease upon the earlier of (i) the greater
		

		
			 
		

		

		

		 

		

			SL1 1805202v1 114694.00001

		

 

		

			Exhibit 10.2

		

		of one (1) calendar year or the end of the term of this Agreement, subject to applicable renewals, whichever is longer; (ii) with respect to each such coverage (e.g., life insurance, medical and/or dental coverage), the date on which such substantially comparable coverage is made available to the Executive through subsequent employment; or (3) the date Executive becomes eligible for Medicare coverage.
		

		
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			(f)    Termination and Board Membership. To the extent Executive is a member of the board of directors of the Bank, or any of its affiliates and subsidiaries, on the date of termination of employment with the Bank, unless mutually agreed, said termination of employment shall be deemed automatic resignation by Executive from any and all of the boards of directors, and such resignation will not be conditioned upon any event or payment.
		

		
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			7.    CHANGE IN CONTROL
		

		
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			(a)    Change in Control Defined. For purposes of this Agreement, a “Change in Control” shall mean a change in the effective control of the Company or Bank, and shall be deemed to occur on the earliest of any of the following events:
		

		
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			(i)    MERGER: The Company or the Bank merges into or consolidates with another corporation, or merges another corporation into the Company or the Bank, and as a result less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;
		

		
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			(ii)    ACQUISITION OF SIGNIFICANT SHARE OWNERSHIP: There is filed
		

		
			or required to be filed a report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(D) or 14(D) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become
		

		
			the beneficial owner of 25% or more of a class of the Company’s voting securities; or
		

		
			﻿
		

		
			(iii)    SALE OF ASSETS: The Company sells to a third party all or substantially
		

		
			all of its assets.
		

		
			﻿
		

		
			(b)    Post-Change In Control Termination Benefits. If the Executive is terminated by the Bank (or its successor) without Cause or the Executive voluntarily terminates for Good Reason, each within two years after a Change in Control, the Bank (or its successor) shall pay Executive a lump sum cash payment equal to three (3) times the annual Base Salary of the Executive at the time of a Change in Control plus a bonus equal to the highest bonus received over the past three years. Such payment shall be payable within thirty (30) days following the date of the Executive’s termination of employment, and will be subject to all applicable withholding taxes. Notwithstanding the foregoing, the cash payment made pursuant to this Section 7(b) shall be made in lieu of any cash payments which may be subsequently triggered pursuant to Section 6 hereof. For purposes of this Agreement, a voluntary termination by Executive shall be considered a voluntary termination with Good Reason if the conditions stated in both clauses (i) and (ii) are satisfied:
		

		
			﻿
		

		
			(i)    Any of the following occur without Executive’s advance written consent:
		

		
			 
		

		

		

		 

		

			SL1 1805202v1 114694.00001

		

 

		

			Exhibit 10.2

		

		﻿
		

		
			﻿
		

		
			﻿
		

		
			responsibilities;
		

		
			(1)a material diminution in Executive’s Base Salary;
		

		
			﻿
		

		
			(2)    a material diminution in Executive’s authority, duties, or
		

		
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			(3)    a material change in the geographic location at which Executive must
		

		
			 
		

		
			perform his duties under this Agreement; or
		

		
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			(4)    any material breach by Bank of this Agreement.
		

		
			﻿
		

		
			(ii)    Executive provides notice to Bank of the existence of one or more of the conditions described in clause (i) within 90 days after the initial existence of the condition and Bank fails to remedy such condition within 30 days of receipt of such notice. In addition,
		

		
			Executive’s voluntary termination because of the existence of one or more of the conditions described in clause (i) occurs within one year after the initial existence of the condition.
		

		
			﻿
		

		
			(c)    280G Cutback. Notwithstanding anything in this Agreement to the contrary, in no event shall the aggregate payments or benefits to be made or afforded to Executive under this Agreement, either as a stand-alone benefit or when aggregated with other payments to, or for the benefit of, Executive that are contingent on a Change in Control, constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code (“Code”) or any successor thereto, and in order to avoid such a result, Executive’s benefits hereunder shall be reduced, if necessary, to an 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 Code Section 280G. In the event a reduction is necessary, the cash severance payable pursuant to this Section 7 hereof shall be reduced by the minimum amount necessary to result in no portion of the payments and benefits payable by the Bank under this Section 7 being non-deductible pursuant to Code Section 280G and subject to excise tax imposed under Code Section 4999.
		

		
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			8.    NOTICE REQUIREMENTS
		

		
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			(a)    Notice of Termination. A “notice of termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon as a basis for termination of Executive’s employment.
		

		
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			(b)    Date of Termination. “Date of termination” shall mean: (i) if Executive’s employment is terminated for Disability, thirty (30) days after a notice of termination is given (provided that he shall not have returned to the performance of his duties on a full-time basis during such thirty (30) day period); or (ii) if Executive’s employment is terminated for any other reason, the date specified in the notice of termination.
		

		
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			(c)    Good Faith Resolution. If the party receiving a notice of termination desires to dispute or contest the basis or reasons for termination, the party receiving the notice of termination must notify the other party within ten (10) calendar days after receiving the notice of termination that such a dispute exists, and shall pursue the resolution of such dispute in good faith and with reasonable diligence pursuant to Section 19 of this Agreement. During the ten
		

		
			(10) days after receiving notice of termination and during the pendency of any such dispute, the Bank shall not be obligated to pay Executive compensation or other payments beyond the date of
		

		
			 
		

		

		

		 

		

			SL1 1805202v1 114694.00001

		

 

		

			Exhibit 10.2

		

		termination. Any amounts paid to Executive upon resolution of such dispute under this Section shall be offset against or reduce any other amounts which may be due under this Agreement.
		

		
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			9.    POST-TERMINATION OBLIGATIONS
		

		
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			(a)    Non-Solicitation. Executive hereby covenants and agrees that, if Executive’s employment with the Bank is terminated under Sections 6(b) – (e) of this Agreement, for a period of one (1) year following termination of employment with the Bank (other than a termination of employment following a Change in Control), Executive shall not, without the written consent of the Bank, either directly or indirectly:
		

		
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			(i)    solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Bank, or any of its respective subsidiaries or affiliates, to terminate his employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any business whatsoever which competes with the business of the Bank, or any of its direct or indirect subsidiaries or affiliates, which has headquarters or offices within twenty-five (25) miles of any location(s) in which the Bank has business operations or has filed an application for regulatory approval to establish business operations;
		

		
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			(ii)    solicit, provide any information, advice or recommendation, or take any other action intended (or that reasonable person acting in like circumstances would expect) to have the effect of causing any customer of the Bank to terminate an existing business or commercial relationship with the Bank.
		

		
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			(b)    Confidentiality. Executive recognizes and acknowledges that the knowledge of the business activities, plans for business activities, and all other proprietary information of the Bank, as it may exist from time to time, are valuable, special and unique assets 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 or any other similar proprietary information of the Bank to any person, firm, corporation, or other entity for any reason or purpose whatsoever unless expressly authorized by the Board or required by law. 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 any bank regulator having regulatory jurisdiction over the activities of the Bank 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 any other similar proprietary information, or from rendering any services to any person, firm, corporation, or 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.
		

		
			 
		

		

		

		 

		

			SL1 1805202v1 114694.00001

		

 

		

			Exhibit 10.2

		

		(c)    Information/Cooperation. Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may be reasonably requested by the Bank, in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party; provided, however, that Executive shall not be required to provide information or assistance with respect to any litigation between Executive and the Bank or any other subsidiaries or affiliates.
		

		
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			(d)    Reliance. All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 9, to the extent applicable. 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 Section 9, 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 and all persons acting for or with
		

		
			Executive. Executive represents and admits that Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged in other lines of business than the Bank, and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to them for such breach or threatened breach, including the recovery of damages from Executive.
		

		
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			10.    SOURCE OF PAYMENTS/RELEASE
		

		
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			(a)    All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank.
		

		
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			(b)    Notwithstanding anything to the contrary in this Agreement, Executive shall not be entitled to any payments or benefits under this Agreement unless and until Executive executes an unconditional release of any claims against the Bank, and its affiliates, including its officers, directors, successors and assigns, releasing said persons from any and all claims, rights, demands, causes of action, suits, arbitrations or grievances relating to the employment relationship other than claims for benefits under tax-qualified plans or other benefit plans in which Executive is vested, claims for benefits required by applicable law or claims with respect to obligations set forth in this Agreement that survive the termination of this Agreement.
		

		
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			11.    CLAWBACK AND FORFEITURE. Notwithstanding any other provision to the contrary contained herein, the right of Executive or his estate or other beneficiaries shall forfeit all rights to receive or retain all payments and benefits provided, and shall reimburse the Bank for all such payments and benefits received, pursuant to Sections 4, 6 and 7:
		

		
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			(a)    Executive breaches any of his agreements contained in Section 9;
		

		
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			(b)    Executive makes, except as required by law, any disparaging remark, orally or in writing, about the Bank or about its operations except to those persons who have a need to know and a corresponding fiduciary or contractual obligation to keep such conversations confidential, provided that this obligation shall not prohibit Executive from enforcing or defending any legal right he may have at law or in equity in appropriate legal proceedings against any other person;
		

		
			 
		

		

		

		 

		

			SL1 1805202v1 114694.00001

		

 

		

			Exhibit 10.2

		

		(c)    Any financial statement filed is materially misleading as to the Bank’s results of operation for a fiscal year or the Bank financial condition at the end of a fiscal year during which Executive was the Chief Financial Officer because of (i) any overstatement of the amount of one or more items of income or understatement of the amount of one or more items of expense or other charges against income for such fiscal year; or (ii) any material overstatement in value of any one or more items of assets or understatement in value of any one or more items of liabilities at the end of such fiscal year;
		

		
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			(d)    Executive, directly or indirectly, falsified or cause to be falsified, any book, record, or account or made or caused to be made a materially false or misleading statement, or omitted to state, or caused another person to omit to state, any material fact necessary in order to make statements made.
		

		
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			12.    REQUIRED REGULATORY PROVISIONS
		

		
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			(a)    Notwithstanding anything herein contained to the contrary, any payments to Executive by the Bank, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.
		

		
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			(b)    Notwithstanding anything else in this Agreement to the contrary, Executive’s employment shall not be deemed to have been terminated unless and until Executive has a “Separation from Service” within the meaning of Code Section 409A. For purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed by Executive after the date of the termination (whether as an employee or as an independent contractor) or the level of further services performed is less than 50% of the average level of bona fide services in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury
		

		
			Regulation Section 1.409A-1(h)(ii).
		

		
			﻿
		

		
			(c)    Notwithstanding the foregoing, in the event the Executive is a “Specified
		

		
			Employee” (as defined herein), then, solely, to the extent required to avoid penalties under Code Section 409A, the Executive’s payments shall be delayed until the first day of the seventh month following the Executive’s Separation from Service. A “Specified Employee” shall be interpreted to comply with Code Section 409A and shall mean a key employee within the meaning of Code Section 416(i) (without regard to paragraph 5 thereof), but an individual shall be a “Specified Employee” only if the Bank or Company is or becomes a publicly traded company.
		

		
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			13.    NO ATTACHMENT
		

		
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			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 effect any such action shall be null, void, and of no effect.
		

		
			 
		

		

		

		 

		

			SL1 1805202v1 114694.00001

		

 

		

			Exhibit 10.2

		

		14.    ENTIRE AGREEMENT; MODIFICATION AND WAIVER
		

		
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			(a)    This Agreement contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements, understandings or representations relating to the subject matter hereof, except that the parties acknowledge that this Agreement shall not affect any of the rights and obligations of the parties under any agreement or plan entered into with or by the Bank pursuant to which Executive may receive compensation or benefits except as set forth in Section 6(d) hereof.
		

		
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			(b)    This Agreement may not be modified or amended except by an instrument in writing signed by each of the parties hereto.
		

		
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			(c)    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.
		

		
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			(d)    The terms defined in this Agreement have the meanings assigned to them in this Agreement, and they include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender.
		

		
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			15.    SEVERABILITY
		

		
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			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.
		

		
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			16.    HEADINGS FOR REFERENCE ONLY
		

		
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			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.
		

		
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			17.    GOVERNING LAW
		

		
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			This Agreement shall be governed by the laws of the State of New Jersey, but only to the extent not superseded by federal law.
		

		
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			18.    ARBITRATION
		

		
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			Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding, confidential arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator mutually acceptable to the Bank and Executive, sitting in a location selected by the Bank within
		

		
			twenty-five (25) miles from the main office of the Bank, in accordance with the rules of the
		

		
			 
		

		

		

		 

		

			SL1 1805202v1 114694.00001

		

 

		

			Exhibit 10.2

		

		American Arbitration Association’s National Rules for the Resolution of Employment Disputes then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction.
		

		
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			19.    INDEMNIFICATION
		

		
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			Insurance. During the term of this Agreement, the Bank will provide Executive with coverage under a directors’ and officers’ liability policy, at the Bank’s expense, that is at least equivalent to the coverage provided to directors and senior executives of the Bank. Said coverage shall, without limitation, provide-coverage for all acts or omissions of Executive while employed arising out of and during the course of the performance of his duties, even if Executive is no longer employed by Bank.
		

		
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			20.    SUCCESSORS AND ASSIGNS
		

		
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			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, to expressly and unconditionally 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.
		

		
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			21.    ATTORNEYS’ FEES AND COSTS
		

		
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			If any action is brought by either party against the other party to enforce the terms of this Agreement, the prevailing party shall be entitled to recover from the other party the reasonable attorneys’ fees and costs incurred by the prevailing party in connection with the prosecution or defense of such action.
		

		
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			IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the dates set forth below.
		

		
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						BCB COMMUNITY BANK

				
	
					
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						Date: October 11, 2022

					
					
						By:

					
					
						/s/ Ryan Blake

				
	
					
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						Name: Ryan Blake

				
	
					
						﻿

					
					
						 

					
					
						Title: Chief Operating Officer

				

		
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			﻿
		

			
					
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						EXECUTIVE

				
	
					
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						Date: October 11, 2022

					
					
						By:

					
					
						/s/ Jawad Chaudhry

				
	
					
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						Name: Jawad Chaudhry

					
						Title: Chief Financial Officer

				

		
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			SL1 1805202v1 114694.00001

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