Document:

Exhibit 10.40

     

    Exhibit
      10.40

    

       

      

      On
        March
        21, 2006, the Board of Directors of Commerce Bancorp, Inc.
        (the “Company”)
        ratified the following items approved by the Company’s Compensation Committee:

      

      	·  	
              Board
                Compensation for Service on the Board and its
                Committees:

            

       

      	-  	
              Annual
                cash retainer of $35,000; 

            

      	-  	
              Attendance
                per meeting $1,500; 

            

      	-  	
              Grant
                of options to purchase 7,500 shares of the Company’s common
                stock1

            

      	-  	
              Annual
                retainer of $30,000 to the Chair of the Audit Committee;
                

            

      	-  	
              Annual
                retainer of $30,000 to the Chair of the Nominating and Governance
                Committee; and 

            

      	-  	
              Annual
                retainer of $15,000 to the Chair of the Compensation
                Committee.

            

      

      	·  	
              2005
                Bonuses for Certain Executive Officers:

            

      

      
        	
                Name

              	
                Title

              	
                Cash
                  Bonus

              	
                Stock
                  Option Grants 1

              
	
                Vernon
                  W. Hill, II

                 

              	
                Chairman,
                  President and Chief Executive Officer

                 

              	
                $0

                 

              	
                500,000

                 

              
	
                Robert
                  D. Falese, Jr.

                 

              	
                President,
                  Commercial & Investment Banking

                 

              	
                $0

                 

              	
                150,000

                 

              
	
                Dennis
                  M. DiFlorio

                 

              	
                President,
                  Retail/Support

                 

              	
                $0

                 

              	
                150,000

                 

              
	
                George
                  E. Norcross, III

                 

              	
                Chairman
                  & Chief Executive Officer, Commerce Insurance Services,
                  Inc.

                 

              	
                $0

                 

              	
                100,000

                 

              
	
                Peter
                  M. Musumeci, Jr.

                 

              	
                Executive
                  Vice President, Credit/Loan Admin

                 

              	
                $0

                 

              	
                50,000

                 

              

      

      

      	·  	
              2006
                Base Salaries of Certain Executive Officers:

            

      

      
        	
                Name

              	
                Title

              	
                Base
                  Salary

              
	
                Vernon
                  W. Hill, II

                 

              	
                Chairman,
                  President and Chief Executive Officer

                 

              	
                $1,000,000

                 

              
	
                Robert
                  D. Falese, Jr.

                 

              	
                President,
                  Commercial & Investment Banking

                 

              	
                $900,000

                 

              
	
                Dennis
                  M. DiFlorio

                 

              	
                President,
                  Retail/Support

                 

              	
                $900,000

                 

              
	
                George
                  E. Norcross, III

                 

              	
                Chairman
                  & Chief Executive Officer, Commerce Insurance Services,
                  Inc.

                 

              	
                $950,000

                 

              
	
                Peter
                  M. Musumeci, Jr.

                 

              	
                Executive
                  Vice President, Credit/Loan Admin

                 

              	
                $650,000

                 

              

      

      

      
        
          

        

        
          1
            Grants
            made at exercise price of $36.37 per share, the market price on the date
            of
            grant.Exhibit 10.1

                                 PROMISSORY NOTE

$400,000                          Dallas, Texas                 January 31, 2005

         For value received,  MILLENNIA, INC., a Nevada corporation,  makes this
note and  promises  to pay to PAM J.  HALTER,  or order,  the  principal  sum of
$400,000,  with interest on the unpaid  principal  balance of this Note from the
date hereof.

         Principal  and  interest at the rate of 6% per annum are  payable  upon
demand by Payee.  Matured,  unpaid  principal  shall bear simple interest at the
rate of twelve  percent  (12%) per annum  from  fifteen  days  after the date of
maturity until paid.

         Time is of the essence of this note. The failure to pay any installment
of  principal  or  interest  when due gives the  holder of the note the right to
declare the entire  unpaid  principal  and all earned  interest  due and payable
immediately.

         Maker of this note,  retains the right to prepay the principal in whole
or in part  before  its due  date.  Any  prepayment  will be  credited  first on
interest  then due,  and the balance on  principal.  Interest  will cease on the
principal so credited,  except that no prepayment  shall relieve me as the Maker
from the  obligation to pay principal  and interest on each  successive  regular
monthly installment date following  prepayment until all of the unpaid principal
with interest has been paid in full.

         Maker,  and any sureties,  guarantors,  and endorsers of this note, all
waive demand, presentment for payment, notice of dishonor, protest and notice of
protest,  diligence in  collecting  or in bringing  suit against any party,  and
agree to all extensions and partial payments,  with or without notice, before or
after maturity.

         If, after maturity, this note is placed in the hands of an attorney for
collection, or if it is collected through judicial proceedings,  Maker agrees to
pay the holder of this note  reasonable  attorneys' fees and all costs and other
expenses incurred by the holder in enforcing the terms of this note.

         It is the  intention of the parties  hereto to conform  strictly to the
usury  laws now in force in the  State of  Texas.  Accordingly,  notwithstanding
anything to the contrary in this Note,  or in any other  instrument or agreement
entered into in  connection  with or as security for this Note,  it is agreed as
follows:

         (1)      The aggregate of all charges which  constitute  interest under
                  the laws of the State of Texas  that are  contracted  for,  or
                  chargeable, or receivable under this Note, or under any of the
                  other  aforesaid  instruments or  agreements,  or otherwise in
                  connection with this Note, shall under no circumstances exceed
                  the  maximum  amount of  interest  permitted  by law,  and any
                  excess shall be deemed a mistake in

<PAGE>

         D. Any  representation  or  warranty  made by  Pledgor  in this  Pledge
Agreement,  the Agreement or in any other agreement,  certificate,  financial or
other statement  furnished by Pledgor pursuant hereto or in connection  herewith
is untrue in any material respect as of the date made or furnished.

         SECTION 5. REMEDIES OF SECURED  PARTY.  Upon the happening of any Event
of Default  specified herein,  and at any time thereafter,  at the option of the
holder  thereof,  the Note shall  become  immediately  due and  payable  without
presentment,  demand, notice of intention to accelerate, notice of acceleration,
notice  of  non-payment,  protest,  notice  of  dishonor,  or any  other  notice
whatsoever  to Pledgor,  and  Secured  Party  shall have and may  exercise  with
reference to the  Collateral and Notes any and all of the rights and remedies of
a secured party under the Uniform Commercial Code as then in effect in the State
of Texas, and as otherwise granted herein or under any other applicable law (all
of  which  rights  and  remedies  shall  be  cumulative),   including,   without
limitation,  the right to sell the Pledged  Securities,  or any part thereof, at
public or private sale or at any broker's board or on any  securities  exchange,
for cash or on credit,  or for future delivery without  assumption of any credit
risk, and at such price or prices as Secured Party may deem satisfactory.

         Secured Party may be the purchaser of all or any part of the Collateral
and/or the  Pledged  Securities  so sold at any public  sale (or if the  Pledged
Securities is of a type customarily sold in a recognized  market or is of a type
which is the subject of widely  distributed  standard price  quotations,  at any
private sale) and thereafter  hold the same  absolutely,  free from any right or
claim or right of whatever kind.  Secured Party is hereby authorized at any such
sale, if it deems it advisable so to do, to restrict the prospective  bidders or
purchasers of any of the Pledged  Securities  to persons who will  represent and
agree that they are  purchasing  for their own account for  investment,  and not
with a view to the distribution or sale of any of the Pledged  Securities.  Upon
any such  sale,  Secured  Party  shall  have the right to  deliver,  assign  and
transfer to the purchaser thereof the Pledged Securities so sold. Each purchaser
at any such sale shall hold the Pledged  Securities so sold absolutely free from
any claim or right of whatever kind.

         Secured  Party  shall  give  Pledgor  ten days'  written  notice of its
intention to make any such public or private  sale or sale at broker's  board or
on a securities exchange. Such notice, in the case of a public sale, shall state
the time and place  fixed for such sale,  and, in the case of sale at a broker's
board or on a  securities  exchange,  shall state the board or exchange at which
such  sale is to be made and the day on which  the  Pledged  Securities,  or the
portion  thereof so being sold,  will first be offered for sale at such board or
exchange.  Any  such  public  sale  shall be held at such  time or times  within
ordinary  business hours and at such place or places as Secured Party may fix in
the notice of such sale. At any such sale, the Pledged Securities may be sold in
one lot as an entirety or in separate  parcels as Secured  Party may  determine.
Secured  Party shall not be obligated to make any such sale pursuant to any such
notice. Secured Party may, without notice or publication,  adjourn any public or
private sale or cause the same to be adjourned from time to time by announcement
at the time and place fixed for the sale,  and such sale may be made at any time
or place to which  the same may be so  adjourned.  In case of any sale of all or
any part of the Pledged Securities on credit or for future delivery, the Pledged
Securities so sold may be retained by Secured Party until the purchase  price is
paid by the purchaser  thereof,  but Secured Party shall not incur any liability
due to any  failure  of such  purchaser  to  take  up and  pay  for the  Pledged
Securities so sold and, upon such failure, such Pledged Securities may again be

                                       2

<PAGE>

sold upon like notice.  Instead of exercising the power of sale herein conferred
upon it,  Secured  Party may  proceed  by a suit or suits at law or in equity to
foreclose the security  interests herein granted and sell the Collateral  and/or
Pledged Securities,  or any part thereof;  under a judgment or decree of a court
or courts of competent jurisdiction.

         Secured Party is hereby  granted the right,  after the occurrence of an
Event of  Default,  to transfer at any time to itself or its nominee the Pledged
Securities,  or any part thereof,  and  thereafter to exercise all voting rights
with respect to any such Pledged  Securities so  transferred  and to receive the
proceeds,  payments, moneys, income or benefits attributable or accruing thereto
and to hold the same as security for the Note, or at Secured  Party's  election,
to apply  such  amounts to the Note,  whether or not then due,  in such order as
Secured  Party  may  elect,  or,  Secured  Party  may,  at its  option,  without
transferring such Pledged Securities to its nominee,  exercise all voting rights
with respect to the Pledged  Securities  and vote all or any part of the Pledged
Securities at any regular or special meeting of shareholders.

         SECTION 6. MISCELLANEOUS.

         A. Secured Party shall not be obligated to take any steps  necessary to
preserve any rights in the Collateral against prior parties

         B. No delay or omission on the part of Secured Party in exercising  any
rights hereunder shall operate as a waiver of any such right or any other right.
A waiver  on any one or more  occasions  shall not be  construed  as a bar to or
waiver of any right or remedy on any future occasion.

         C. It is the intention of the parties hereto to comply with  applicable
usury laws; accordingly,  it is agreed that notwithstanding any provision to the
contrary in this Pledge  Agreement,  no such provision shall require the payment
or permit the collection of interest in excess of the maximum  permitted by such
laws.

         D. All rights of Secured Party  hereunder shall inure to the benefit of
its successors and assigns.  The rights and remedies of Secured Party  hereunder
are  cumulative,  and the exercise of any one or more of the  remedies  provided
herein  shall  not be  construed  as a waiver of any of the  other  remedies  of
Secured Party.

         E.  The  security  interest  hereby  granted  and  all  the  terms  and
provisions hereof shall continue in full force and effect, and all the terms and
provisions  hereof  shall remain  effective  as between the  parties,  until the
repayment by Pledgor of the Notes.

F. This  Pledge  Agreement  and the  security  interest  herein  granted  are in
addition  to, and not in  substitution,  novation or  discharge  of, any and all
prior or  contemporaneous  agreements and security interests in favor of Secured
Party or assigned to Secured Party by Pledgor.  All rights,  powers and remedies
of Secured  Party in all such  agreements  are  cumulative,  but in the event of
actual conflict in terms and conditions, the terms and conditions of this Pledge
Agreement shall govern and control.

         G. Any provision of this Pledge Agreement found to be invalid under the
laws of the State of Texas,  or any other  state  having  jurisdiction  or other

                                       3

<PAGE>

applicable  law, shall be invalid only with respect to the offending  provision.
All  words  used  herein  shall be  construed  of such  gender  or number as the
circumstances  require.  The laws of the State of Texas and, as applicable,  the
laws of the United States of America,  shall govern this Pledge  Agreement,  its
construction,  interpretation  and enforcement.  H. This Pledge Agreement may be
executed in any number of  counterparts,  all of which together shall constitute
one and the same instrument.

         IN WITNESS WHEREOF, the parties hereto have caused this agreement to be
executed as of the date first above written.

                                                   PLEDGOR:

                                                   MILLENNIA, INC.

                                                   By: /s/ Kevin B. Halter
                                                      --------------------------
                                                      Kevin B. Halter, President

                                                   SECURED PARTY:

                                                    /s/ Pam J. Halter
                                                   -----------------------------
                                                   PAM J. HALTER

                                       4

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