Document:

Exhibit 10.8

    Exhibit
      10.8

    

      
        	 	
                3100
                  Route 38

              
	
                

              	
                Mount
                  Laurel, NJ 08054

                
                  (609)
                    273-5900

                  
                    FAX
                      (609) 273-7577

                  

                

              

      

    

     

    April
      1,
      2002

     

    Mrs.
      Sherri Valentino-Congdon

    10
      Blackhawk Court

    Medford,
      NJ 08055

     

    Dear
      Mrs.
      Valentino-Congdon:

     

    Sterling
      Bank (the “Bank”) recognizes that the possibility of a change in control may
      exist in the future which could result in the departure or distraction of
      members of management to the detriment of the Bank and its
      shareholders.

     

    In
      order
      to induce you to remain in the employ of the Bank, the parties hereto, intending
      to be legally bound hereby, agree as follows:

     

    1.  Definitions.
      For
      purposes of this agreement, the following terms shall have the meaning indicated
      below:

     

    (a)  “Change
      in Control” of the Bank shall mean: (i) the consummation of (x) a consolidation
      or merger of the Bank in which the Bank is not the continuing or surviving
      entity or pursuant to which the voting securities of the Bank are converted
      into
      cash or other property other than a consolidation or merger in which the holders
      of the voting securities of the Bank immediately prior to the merger or
      consolidation have majority control of the voting securities of the continuing
      or surviving entity immediately after the consolidation or merger or (y) any
      sale, lease, exchange or other transfer (in one transaction or a series of
      related transactions) of all or substantially all of the assets of the Bank
      (other than in connection with a corporate or bankruptcy reorganization of
      the
      Bank) ; or (ii) any person (as such term is used in Sections 13(d) and 14(d)(2)
      of the Securities Exchange Act of 1934, as amended) shall become the beneficial
      owner of twenty-five percent (25%) or more of the outstanding voting securities
      of the Bank, but not if such person is a member of the Board of Directors at
      the
      date of this agreement, or if such person is a group the majority of the members
      of which (in terms of ownership of the Bank’s common stock by such group) are
      members of the Board of Directors at the date of this agreement.

     

    (b)  “Good
      Cause” shall mean (i) your conviction of or plea of guilty or nolo contendere to
      a felony (ii) the issuance by any federal or state banking authority of a final
      order directing that the Bank terminate your employment, or (iii) the willful
      engagement by you in misconduct, or engagement by you in conduct or lack of
      conduct evidencing dishonesty or neglect, which is materially detrimental to
      the
      Bank, monetarily or otherwise.

     

     

    
      
        
        

      

      
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          1 of 4

        
          

        

      

      
        
        

      

    

     

    (c)  “Disability”
      shall mean your inability to perform your regular employment duties for a period
      of three (3) consecutive months or three (3) months in any twelve (12)
      consecutive month period, as a result of your incapacity due to physical or
      mental illness.

     

    (d)  “Term
      of
      Employment” shall have the meaning described in Paragraph 2(a)
      below.

     

    2.  Employment
      upon a Change in Control.

     

    (a)  If
      a
      Change in Control of the Bank occurs within ten (10) years of the date of this
      agreement while you are an employee of the Bank, you will thereupon be deemed
      to
      have been engaged by the Bank, and you will thereupon be deemed to have accepted
      employment with the Bank, in your then current position and corporate office,
      for a term of employment of eighteen (18) months from the date of the Change
      in
      Control (the “Term of Employment”). During the Term of Employment, you will
      continue to perform substantially the same duties that you performed prior
      to
      the Change in Control. As compensation for the services to be rendered by you
      during the Term of Employment, the Bank will pay to you your base salary at
      the
      rate in effect at the time of the Change in Control, and you will also
      participate in such benefit plans as are generally made available to-senior
      executive employees; provided, however, that such benefits must be at least
      comparable to those benefits received by you immediately prior to the
      commencement of the Term of Employment. Such employment during the Term of
      Employment will sooner terminate, and no further compensation or benefits will
      be payable to you, upon your death or upon termination by the Bank or its
      successor for Good Cause or Disability or upon termination by you after the
      first thirty (30) days of the Term of Employment.

     

    (b)  By
      prior
      written notice given by you to the Bank, you shall have the right to terminate
      your employment with the Bank or its successor for any reason during the first
      thirty (30) days of the Term of Employment. Upon any such voluntary termination,
      you shall be entitled to receive sixty-six percent (66%) of the same
      compensation and participate in such benefit plans for the balance of the Term
      of Employment in the same manner as though you had not terminated your
      employment and such payments shall not be reduced even if you become employed
      by
      another employer. Within thirty (30) days after your death during the Term
      of
      Employment following any such termination under this Paragraph 2(b), the Bank
      shall pay to your executors, administrators or personal representatives a lump
      sum in cash equal to the aggregate amount of the remaining salary payments
      (with
      no discount) which would have been payable to you if you had not died before
      the
      end of the Term of Employment,

     

    (c)  Notwithstanding
      anything to the contrary in this agreement: (i) your current employment with
      the
      Bank will continue on an “at will” basis, and may be terminated by the Bank or
      by you, at any time for any reason, with or without Good Cause,
      until
      such time as the Term of Employment commences. However, if there is a public
      announcement by, or with the consent of, the Board of Directors of the Bank,
      of
      an expected transaction, event or series of events which is or are reasonably
      expected to result in a Change in Control of the Bank, your compensation and
      benefits may not be reduced and your employment may not be terminated by the
      Bank without the compensation provided below, except for Good Cause, Disability,
      or death, between the date thirty (30) days prior to such announcement and
      the
      earlier to occur of the Change in Control of the Bank, or the termination of
      the
      transaction, event or series of events which is or are reasonably expected
      to
      result in the Change in Control of the Bank. If your employment is terminated
      by
      the Bank or its successor for any reason other than Good Cause, Disability
      or
      death during the period beginning thirty (30) days prior to the public
      announcement described above, you shall (i) receive the same compensation and
      participate in such benefit plans until the Change in Control of the Bank (or
      the termination of the transaction) and such payments shall not be reduced
      even
      if you become employed by another employer, and (ii) be deemed an employee
      of
      the Bank on the date of the Change in Control of the Bank for purposes of being
      entitled to the benefits provided in Paragraphs 2(a) and 2(b)
      above.

     

     

    
      
        
        

      

      
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          2 of 4

        
          

        

      

      
        
        

      

    

     

    3.  Miscellaneous.

     

    (a)  The
      Bank
      shall require any successor (whether direct or indirect, by purchase, merger,
      consolidation, or otherwise) to all or substantially all of the business or
      assets of the Bank, by agreement in form and substance reasonably satisfactory
      to you, to assume and agree to perform this agreement in the same manner and
      to
      the same extent that the Bank would be required to perform this agreement if
      no
      such succession had taken place. If you must institute legal action against
      the
      Bank or its successor to enforce your employment rights hereunder, and you
      prevail, the Bank or its successor will pay for your reasonable legal fees
      and
      expenses incident to such action.

     

    (b)  This
      agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective personal or legal representatives, executors,
      administrators, successors, assigns, heirs, devisees and legatees. If you should
      die during your employment, your estate will receive any accrued but unpaid
      salary and/or benefits earned by you through the date of your
      death.

     

    (c)  This
      agreement may not be modified, waived, or discharged unless such waiver,
      modification or discharge is agreed to in writing by the parties hereto. No
      waiver by either party at any time of any breach by the other party of, or
      compliance with, any provision of this agreement to be performed by such other
      party shall he deemed a waiver of similar or dissimilar provisions at the same
      or any prior or subsequent time.

     

    (d)  This
      agreement contains the entire understanding of the parties hereto with respect
      to the subject matter hereof, and supersedes all prior written or oral
      discussions and agreements.

     

    (e)  This
      agreement shall be governed by the laws of the State of New Jersey. The validity
      or unenforceability of any provision of this agreement shall not affect the
      validity or enforceability of any other provision of this
      agreement.

     

    (f)  This
      agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original but all of which together shall constitute one and
      the
      same instrument.

     

    (g)  This
      agreement shall vest from your first day of employment with Bank, as
      follows:

    Six
      months service in position  66%
      vested

    Twelve
      months service in position  100%
      vested

     

    If
      this
      letter agreement accurately sets forth our agreement on the subject matter
      set
      forth above, kindly sign and return to the Bank the enclosed copy of this
      letter, which will then constitute our agreement on this subject.

     

     

    
      
        
        

      

      
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          3 of 4

        
          

        

      

      
        
        

      

    

    
 

    Sincerely,

     

    STERLING
      BANK

    

      
        	
                By:

              	
                Robert
                  J. King

              
	 	
                President
                  and CEO

              

      

      

      /s/
        Robert J. King

    

     

    Accepted
      and agreed, with the 

    intent
      to
      be legally bound this

    ___,
      day
      of _____, 2002

     

    _________________________

    Sherri
      Valentino-Congdon

     

     Page 4
      of 4Exhibit 10.9

    EXHIBIT
      10.9

     

    EMPLOYMENT
      AGREEMENT

     

    This
      Employment Agreement (“Agreement”), dated January 25, 2006, between STERLING
      BANK, a New Jersey-chartered commercial bank (the “Bank”), and ROBERT H. KING,
      an individual residing in Burlington County, New Jersey (the
“Executive”).

     

    WITNESSETH:

     

    WHEREAS,
      the Bank and the Executive desire to establish and formalize their specific
      understandings regarding the Executive’s employment with the Bank by executing a
      formal document more fully setting forth the respective rights and obligations
      of the parties in connection with such employment relationship.

     

    NOW,
      THEREFORE, in consideration of the premises and intending to be legally bound
      hereby, the parties hereto agree as follows:

     

    1.  Employment.
      The
      Bank hereby employs the Executive as its President and Chief Executive Officer,
      and the Executive hereby accepts such employment and agrees to perform all
      duties and accept all responsibilities, normally incident to the position of
      President and Chief Executive Officer of a banking institution similar to that
      of the Bank, as may be assigned to him from time to time by the Board of
      Directors of the Bank (the “Board’). The Executive shall devote his fall time,
      best efforts, knowledge, and experience in discharging his duties under this
      Agreement; provided, however, that he shall be entitled to engage in charitable
      and civic activities so long as such activities do not adversely affect his
      ability to adequately discharge his duties hereunder.

     

    2.  Term
      of Employment.
      Except
      as otherwise provided below, the Executive’s employment under this Agreement
      shall be for a three-year period (the “Employment Period”), commencing on the
      date first set forth above. Beginning with the second day of this Agreement,
      and
      on each day thereafter, the Employment Period shall be extended by one day,
      so
      that, at all times, the Employment Period shall be for a period of three years;
      provided, however, that such automatic extension provisions shall terminate
      concurrent with the Executive’s 65th
      birthday
      (“Retirement Age”). Notwithstanding the preceding terms of this subsection, the
      Bank may, at any time, deliver to the Executive a written notice advising him
      that it desires to terminate the foregoing automatic renewal provisions, in
      which event the Employment Period shall, subject to the terms of this Agreement,
      continue through the remainder of its term in effect on the date such notice
      of
      non-renewal is given.

     

    (a)  Termination
      for Cause.
      The
      Executive’s employment under this Agreement may be terminated at any time during
      the Employment Period for Cause, by action of the Board. As used in this
      Agreement, “Cause”‘ means any of the following events:

     

    (i)  the
      Executive is convicted of or enters a plea of guilty or nolo
      contendere
      to a
      felony or crime involving (A) a material falsehood, (B) material dishonesty,
      or
      (C) any fraud or act of moral turpitude; or the actual incarceration of the
      Executive for a period of 45 consecutive days;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (ii)  the
      commission of any act of personal dishonesty or willful violation of any law,
      rule or regulation (other than traffic violations or similar offenses) that
      materially and adversely affects, or in the good faith, reasonable opinion
      of
      the Board, could materially and adversely affect, the Bank or its reputation
      (or
      the Executive’s ability to perform his duties hereunder), or the issuance of a
      final cease-and-desist order;

     

    (iii)  the
      Executive willfully fails to follow the lawful instructions (which are not
      inconsistent with the provisions of this Agreement) of the Board, after his
      receipt of reasonable written notice of such instructions, coupled with his
      failure to cure any such failure within ten (10) days as may be referenced
      in
      such written notice (if it is curable at all), other than a failure resulting
      from his incapacity because of physical or mental disability;

     

    (iv)  the
      Executive violates any provision of any code of conduct or similar document
      (if
      any), which violation is material under the circumstances, including, without
      limitation, any provisions relating to breach of fiduciary duty in connection
      with his employment;

     

    (v)  any
      government regulatory agency, having jurisdiction over the Bank, recommends
      or
      orders, in either case in writing, that his employment be terminated or that
      he
      be relieved from the performance of his duties;

     

    (vi)  during
      his employment hereunder, the Executive commits any material breach of this
      Agreement, including but not limited to a violation of the provisions of Section
      5, 6 or 7, after his receipt of reasonable written notice of such breach,
      coupled with his failure to cure any such breach within ten (10) days (if it
      is
      curable at all) as may be referenced in such written notice; or

     

    (vii)  the
      continued, habitual intoxication of the Executive or the continued, habitual
      performance by the Executive of his duties while under the influence of a
      controlled substance, other than a controlled substance prescribed by a
      physician.

     

    If
      the
      Executive’s employment is terminated under the provisions of this Section 2(a),
      then all rights of the Executive under Section 3 shall cease as of the effective
      date of such termination; provided, however, that he shall nonetheless be paid
      his accrued but unpaid salary (determined under Section 3(a)) to the date of
      termination, incurred but un-reimbursed appropriate business expenses as of
      the
      date of termination, and such other amounts and benefits (if any) as he may
      otherwise be due under the pension and welfare (including insured welfare)
      benefit plans in which he is then a participant.

     

    (b)  Termination
      by the Bank Without Cause.
      The
      Executive’s employment under this Agreement may be terminated by the Bank at any
      time during the Employment Period without Cause, by action of the Board, upon
      giving written notice of such termination to the Executive at least 30 days
      prior to the date upon which such termination shall take effect. If the
      Executive’s employment is terminated under the provisions of this Section 2(b),
      then the Executive shall be entitled to receive the compensation and benefits
      set forth in Section 4.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    (c)  Retirement
      or Death.
      If the
      Executive retires at Retirement Age or earlier or dies while still employed
      by
      the Bank or its successors and assigns, the Executive’s employment under this
      Agreement shall be deemed terminated as of the date of the Executive’s
      retirement or death, and all rights of the Executive under Section 3 shall
      cease
      as of the effective date of such retirement or death; provided, however, that
      the Executive (or his estate, as applicable) shall nonetheless be entitled
      to
      payment of accrued but unpaid salary (determined under Section 3(a)) to the
      date
      of termination, incurred but un-reimbursed appropriate business expenses as
      of
      the date of termination, and such other amounts and benefits (if any) as he
      may
      otherwise be due hereunder as of the date of termination or under the terms
      of
      the pension and welfare (including insured welfare) benefit plans in which
      he is
      then a participant.

     

    (d)  Disability.
      If the
      Executive becomes incapacitated by accident, sickness or otherwise so as to
      render the Executive mentally or physically incapable of performing services
      required under Section 1 of this Agreement, notwithstanding reasonable
      accommodation, for a continuous period of six months or 180 days in any 12
      month
      period, then, upon the expiration of such period or at any time thereafter,
      by
      written action of the Board, the Executive’s employment under this Agreement may
      be terminated immediately upon giving the Executive written notice to that
      effect. If the Executive’s employment is terminated under the provisions of this
      Section 2(d), then all rights of the Executive under Section 3 shall cease
      as of
      the last business day of the week in which such termination occurs; provided,
      however, that he shall nonetheless be entitled to payment of accrued but unpaid
      salary (determined under Section 3(a)) to the date of termination, incurred
      but
      un-reimbursed appropriate business expenses as of the date of termination,
      and
      such other amounts and benefits (if any) as he may otherwise be due hereunder
      or
      under the pension and welfare (including insured welfare) benefit plans in
      which
      he is then a participant. An accommodation satisfying the provisions of this
      Section 2(d) shall be deemed compliance in full with any federal, state or
      local
      statute, ordinance or regulation requiring a reasonable accommodation on account
      of the Executive’s physical or mental disability or handicap.

     

    (e)  Voluntary
      Termination by the Executive Without Good Reason.
      The
      Executive may voluntarily terminate his employment under this Agreement at
      any
      time during the Employment Period, for any or no reason (other than Good
      Reason), by giving written notice of such termination to the Board at least
      30
      days prior to the date upon which such termination is to take effect. If the
      Executive terminates his employment under the provisions of this Section 2(e),
      then all rights of the Executive under Section 3 hereof shall cease as of the
      effective date of such termination; provided, however, that he shall nonetheless
      be entitled to payment of accrued but unpaid salary (determined under Section
      3(a)) to the date of termination, incurred but un-reimbursed appropriate
      business expenses as of the date of termination, and such other amounts and
      benefits (if any) as he may otherwise be due hereunder as of the date of
      termination or under the pension and welfare (including insured welfare) benefit
      plans in which he is then a participant.

     

    (f)  Voluntary
      Termination by the Executive With Good Reason.
      The
      Executive may resign his employment under this Agreement for a Good Reason
      at
      any time during the Employment Period upon thirty (30) days notice as herein
      set
      forth. As used in this Agreement, “Good Reason” means any of the following,
      unless such circumstances are fully cured within thirty (30) days after the
      Executive notifies the Bank in writing that he intends to terminate his
      employment for Good Reason:

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (i)  any
      reduction in title, a material change in reporting structure or a material
      reduction in the Executive’s responsibilities or authority (including such
      responsibilities and authority as the same may be increased at any time during
      the Employment Period) over the operations of the Bank, which reduction or
      change shall be deemed to have occurred if the Bank becomes a subsidiary of
      (or
      integrated into) an entity that is initially controlled (determined by reference
      to the voting power of its securities) by persons other than the Bank’s
      shareholders immediately prior to the relevant transaction;

     

    (ii)  the
      assignment to the Executive of duties inconsistent with the Executive’s title as
      the President and Chief Executive Officer of the Bank;

     

    (iii)  any
      reassignment of the Executive that reasonably requires the Executive to move
      his
      present principal residence referred to in Section 13, or to provide his
      employment services under this Agreement at a principal office location of
      the
      Bank that is more than 25 miles from where the Bank’s principal office is
      located on the date of this Agreement;

     

    (iv)  any
      removal of the Executive from office or any material adverse change in the
      terms
      and conditions of the Executive’s employment, except for any termination of the
      Executive’s employment under the provisions of Subsections (a), (c) or
      (d);

     

    (v)  any
      reduction in the Executive’s base compensation provided in Section 3(a) or in
      the Executive’s incentive compensation provided in Section 3(d), unless, in the
      latter case, such reduction is in accordance with the terms of any written
      incentive plan approved by the Board of Directors, in each case, as in effect
      on
      the date hereof or as the same may be increased from time to time; provided
      however, that no reduction shall be deemed to occur if it occurs by reason
      of
      any permitted action by the Bank set forth in Section 3;

     

    (vi)  any
      failure of the Bank to provide the Executive with benefits at least as favorable
      (in the aggregate) as those enjoyed by him under any of the pension and welfare
      (including insured welfare) benefit plans in which the Executive then currently
      participates, or the taking of any action that would materially reduce any
      of
      such benefits, unless such reduction is part of a reduction applicable to all
      or
      substantially all of the officers of the Bank covered by such
      plans;

     

    (vii)  the
      failure of any successor of the Bank to assume and agree to perform (or cause
      to
      be assumed and agreed to be performed by one of its affiliated companies) the
      Bank’s obligations under this Agreement, as provided in and to the extent
      required by Section 14(a); or

     

    (viii)  a
      material breach of this Agreement on the part of the Bank at any relevant time,
      coupled with the failure to cure the same within 30 days after receipt of a
      written notice of such breach from the Executive.

     

     

    
      
        
        

      

      
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    At
      the
      Option of the Executive, exercisable by him within 90 days after the occurrence
      of an event constituting an event of Good Reason (or 180 days thereafter in
      the
      event a “Change in Control” (as defined in Section 4(b) has occurred) and after
      the Bank has failed to cure or otherwise fully remedy such event within 30
      days
      following written notice of such event by the Executive, the Executive may
      resign from employment under this Agreement by a notice in writing (the “Notice
      of Termination”) delivered to the Bank, whereupon the provisions of Section 4
      shall apply.

     

    (g)  Rights
      of Executive Upon Expiration of Agreement.
      In the
      event this Agreement expires in accordance with its terms, the Executive shall
      only be entitled to payment of accrued but unpaid salary (determined under
      Section 3(a)) to the date of expiration, incurred but un-reimbursed appropriate
      business expenses as of the date of expiration, and such other amounts and
      benefits (if any) as he may otherwise be due hereunder or under the pension
      and
      welfare (including insured welfare) benefit plans in which he is then a
      participant.

     

    3.  Compensation.

     

    (a)  Salary.
      During
      the term of this Agreement, the Bank agrees to pay to the Executive a base
      salary at an annual rate of One Hundred Ninety Six Thousand Dollars
      ($196,000.00), payable in bi-weekly installments or otherwise in accordance
      with
      the Bank’s standard payroll practice. Subject to final approval of the Board,
      the Personnel Practices Committee of the Board shall periodically consider
      salary adjustments in accordance with a 2004 CEO compensation matrix adopted
      by
      the Board, which matrix shall remain in effect until such time as it may be
      changed by the Board, in its reasonable discretion.

     

    (b)  Welfare
      Benefits.

     

    (i)  In
      General.
      The
      Executive shall be entitled to participate in each health insurance, life
      insurance and other welfare benefit plan available on a basis similar to that
      applicable to other employees of the Bank in accordance with the terms of such
      plans; provided, however, that the Bank reserves the right, from time to time,
      to amend a plan in any respect and to terminate any or all of such welfare
      benefit plans, so long that any reduction or change in benefits is applicable
      to
      all or substantially all employees generally. In the event of Executive’s
      termination of employment, the Bank will provide continuation participation
      by
      the Executive and eligible members of his family in the Bank’s medical expense
      plan through and during any applicable COBRA coverage period (to the extent
      he
      opts for such coverage). All costs of such medical benefit coverage shall be
      borne by the Bank, except to the extent he was paying some portion of the
      premium or related cost prior to termination.

     

    (ii)  Additional
      Life Insurance Benefits.
      In
      addition to his right to participate in the Bank’s life insurance program for
      its employees generally, during the Employment Period, the Bank shall continue
      to provide supplemental life insurance coverage in an amount equal to one times
      the Executive’s annual base salary set forth in Section 3(a) hereof, as the same
      may be hereafter increased. Costs of such supplemental coverage shall be borne
      by the Bank.

     

     

    
      
        
        

      

      
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    (iii)  Disability
      Insurance.
      In
      addition to his right to participate in the Bank’s group disability insurance
      program for its employees generally, during the Employment Period, the Bank
      shall continue to provide supplemental long-term disability coverage in an
      amount that, when added to the Bank’s group disability benefit, equals 100% of
      the Executive’s pre-disability annual base salary set forth in Section 3(a)
      hereof, as the same may be hereafter increased. Costs of such supplemental
      coverage shall be borne by the Bank.

     

    (c)  Pension
      Benefits.
      The
      Executive shall be entitled to participate in each pension benefit plan of
      the
      Bank, if any, on a basis similar to that applicable to other employees of the
      Bank in accordance with the terms of such plans; provided, however, that the
      Bank reserves the right, from time to time, to amend a plan in any respect
      and
      to terminate any or all of such pension benefit plans, so long as any reduction
      or change in benefits is applicable to all or substantially all employees
      generally.

     

    (d)  Incentive
      Compensation Plan.
      The
      Executive shall be entitled to participate in the Executive Incentive Plan,
      adopted by the Board in 2004, in accordance with its terms; provided, however,
      that the Bank reserves the right to amend the plan in any respect and to
      terminate such plan, so long as any such reduction or change in benefits is
      applicable to all or substantially all executives generally.

     

    (e)  Bank
      Vehicle.
      The
      Executive shall be entitled to continued use of a Bank-provided vehicle on
      terms
      substantially the same as those heretofore in effect. In addition, in the event
      of his termination, other than for Cause or without Good Reason, he shall be
      given the right by the bank to purchase such vehicle from the Bank (or leasing
      entity, if applicable) at its then wholesale fair market value. The Executive
      shall periodically provide to the Bank, upon its request, a detailed accounting
      of his personal and business use of the automobile from time to
      time.

     

    (f)  Club
      Membership.
      The
      Bank acknowledges that the club membership at Laurel Creek Country Club is
      the
      property of the Executive. However, during the Employment Period, the Bank
      agrees to pay or reimburse him for periodic dues and other fees at Laurel Creek
      Country Club.

     

    (g)  Vacation.
      The
      Executive shall be entitled to four weeks of vacation per calendar year (pro
      rated as appropriate), two weeks of which may be taken consecutively. In
      addition, he shall be entitled to one additional week of vacation per calendar
      year after ten years of service with the Bank and one additional week of
      vacation per calendar year after 20 years of service.

     

    (h)  Stock
      Options.
      The
      Executive shall be entitled to participate in such stock option plan as may
      be
      adopted and maintained by the Bank, at levels commensurate with his status
      within the Bank’s organization.

     

    (i)  Expenses.
      The
      Bank will reimburse the Executive for all reasonable expenses incurred by him
      in
      the course of performing his duties under this Agreement, which expenses are
      consistent with the Bank’s policies in effect from time to time with respect to
      travel, entertainment and other business expenses, subject to the Bank’s
      requirements with respect to reporting and documentation of such
      expenses.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    4.  Benefits
      in the Event of Certain Terminations of Employment.

     

    (a)  Payments
      and Benefits.
      In the
      event of the Executive’s termination of employment without Cause under Section
      2(b) or the termination of the Executive’s employment in accordance with the
      provisions of Section 2(f), he shall be entitled to the following payments
      and
      benefits, in addition to accrued compensation, un-reimbursed expenses described
      in Section 3(i), and the benefits to which he may be entitled under the terms
      of
      any plans or programs of the Bank in which he is a participant or to which
      he is
      a party:

     

    (i)  The
      Executive will be paid an amount equal to three times the sum of (i) the highest
      annualized base salary paid to him at any time under this Agreement, and (ii)
      the average of the annual bonuses paid to him with respect to the three calendar
      years immediately preceding the year of termination (including calendar years
      which include service prior to the date of this Agreement). Such amount will
      be
      paid to the Executive in 36 equal monthly installments (without interest),
      beginning 30 days following the date of termination of employment.

     

    (ii)  The
      Executive shall also be entitled, at the Bank’s sole cost, to continuation of
      welfare benefits in which he was participating as of the date of his termination
      of employment, for a period of three-years following such termination; provided,
      however, that this provision shall not result in duplication of any of such
      benefits as otherwise provided for herein. To the extent any such benefit may
      not be provided to the Executive because he is no longer an employee of the
      Bank, the Bank shall pay him such after-tax amount as is necessary for him
      to
      secure substantially identical coverage.

     

    (iii)  In
      the
      event that the amounts and benefits payable under this section, when added
      to
      other amounts and benefits which may become payable to the Executive by the
      Bank
      (the “Payments”), are such that he becomes subject to the excise tax provisions
      of Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”),
      the Bank shall pay him such additional amount or amounts (the “Gross-Up
      Payments”) as will result in his retention (after the payment of all federal,
      state and local excise, employment, and income taxes with respect to the
      Payments) of a net amount equal to the net amount he would have retained had
      the
      initially calculated Payments been subject only to income and employment
      taxation. For purposes of determining the amount of Gross-Up Payments, the
      Executive shall be deemed to be subject to the highest marginal federal, state,
      local and (if relevant) foreign tax rates. All calculations required to be
      made
      under this paragraph shall be made by the Bank’s independent public accountants,
      subject to the right of the Executive’s representative to review the same. All
      such amounts required to be paid shall be paid at the time any withholding
      may
      be required under applicable law, and any additional amounts to which the
      Executive may be entitled shall be paid or reimbursed no later than 15 days
      following confirmation of such amount by the Bank’s independent accountants. In
      the event any amounts paid hereunder by the Bank are subsequently determined
      to
      be in excess of the amounts owed because estimates were required or otherwise,
      the Executive will reimburse the Bank to correct the error upon written notice
      from the Bank, together with written confirmation of the same by the Bank’s
      independent accountants, as appropriate, and to pay interest thereon at the
      applicable federal rate (as determined under Code Section 1274 for the period
      of
      time such erroneous amount remained outstanding and un-reimbursed). In the
      event
      any amounts paid hereunder by the Bank are subsequently determined to be less
      than the amounts owed (or paid later than when due) for any reason, the Bank
      will pay to the Executive the deficient amount, together with (i) interest
      at
      the greater of the above-referenced rate or the interest he may be required
      to
      pay taxing authorities, plus (ii) any penalties assessed against him by such
      authorities. Prior to its payment to the Executive, the Bank shall be entitled
      to request the delivery of proof (by calculations made by the Executive’s
      accountant or, in the case of tax assessments, the Executive’s delivery of
      copies of such assessments) of the underpaid amounts and any interest or
      penalties assessed by taxing authorities. The parties recognize that the actual
      implementation of the provisions of this subsection are complex and agree to
      deal with each other in good faith to resolve any questions or disagreements
      arising hereunder.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (iv)  Notwithstanding
      the preceding provisions of this Section 4, in the event the payments and
      benefit (including Gross-Up Payment) provisions are contrary to (and in excess
      of) any federal or state banking authority law, rule or regulation, then the
      benefits provided under this Section 4 shall be reduced by such minimal amount
      as may be necessary to comply with such law, rule or regulation. The Executive
      shall be entitled to elect which payments and benefits shall be reduced and
      in
      which manner, subject to approval of the Board.

     

    All
      payments made and benefits provided under this Section 4 shall be in lieu of
      any
      severance benefit to which the Executive would otherwise be entitled under
      any
      severance benefit program of the Bank. To the extent benefits under such a
      program may not be reduced, then the amounts and benefits otherwise provided
      hereunder shall be reduced by an amount equal to the value of the amounts and
      benefits received under such severance program.

     

    (b)  Change
      in Control.
      For
      purposes of this Agreement (including application of this section), the term
      “Change in Control” means any change described in Code Section 280G(b)(2)(A)(i),
      or any other event or series of events declared as such by the
      Board.

     

    (c)  Execution
      of Amendment and Release.
      As a
      condition to the Executive’s right to receive the payments and benefits
      otherwise required under this section, he shall execute and deliver to the
      Bank
      a form of Release Agreement substantially in the form of Exhibit A, attached
      hereto.

     

    (d)  Loss
      of Rights.
      In the
      event the Executive breaches any of the provisions of Section 5, 6 or 7, he
      shall forthwith forfeit his right to continued payments and benefits under
      this
      section and shall, upon written demand of the Bank, return the value of the
      payments and benefits provided to him following the initial violation of any
      such section and before the discovery thereof by the Bank.

     

    5.  Covenant
      Not to Compete, Etc.

     

    (a)  Covenant.
      The
      Executive hereby acknowledges and recognizes the highly competitive nature
      of
      the business of the Bank and its affiliated companies and accordingly agrees
      that during the Employment Period and for a period of three years thereafter,
      the Executive shall not:

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (i)  be
      engaged, directly or indirectly, either for his own account or as agent,
      consultant, employee, partner, officer, director, proprietor, investor (except
      as an investor owning less than 1% of the stock of a publicly-owned company)
      or
      otherwise of any person, firm, corporation, or enterprise engaged in any
      business in which the Bank or any of its affiliates was engaged in during the
      Employment Period or as of the date of his termination, unless, in the case
      of
      termination of employment, such business has previously been permanently
      abandoned (the “Restricted Businesses”), in any county in which the Bank or any
      such affiliate has a branch banking presence during the Employment Period (the
      “Non-Competition Area”);

     

    (ii)  provide
      financial or other assistance to any person, firm, corporation, or enterprise
      engaged in a Restricted Business in the Non-Competition Area;

     

    (iii)  solicit
      current or former customers of the Bank or any of its affiliated companies;
      or

     

    (iv)  solicit
      for hire or otherwise hire current or former employees of the Bank or its
      affiliated companies.

     

    Notwithstanding
      the preceding provisions of this subsection, the provisions of this subsection
      shall not apply in the event the Executive terminates his employment at or
      following a Change in Control or for Good Reason. Furthermore, notwithstanding
      in this Section 5(4) to the contrary, this Section 5(a) shall not apply at
      any
      time after the one-year anniversary of the Executive’s termination of employment
      provided that the executive executes and delivers a written release and waiver
      in a form reasonably acceptable to the Bank providing for the Executive’s
      relinquishment of any rights to post-termination compensation hereunder,
      including without limitation, Section 4, from and after such date.

     

    (b)  Judicial
      Cut-Back.
      It is
      expressly understood and agreed that, although the Executive and the Bank
      consider the restrictions contained in Section 5(a) to be reasonable for the
      purpose of preserving for the Bank and its affiliated companies their good
      will
      and other proprietary rights, if a final determination is made by a court or
      arbitrator having jurisdiction that the time or territory or any other
      restriction contained in Section 5(a) is an unreasonable or otherwise
      unenforceable restriction against the Executive, the provisions of Section
      5(a)
      shall not be rendered void but shall be deemed amended to apply as to such
      maximum time and territory and to such other extent as such court or arbitrator
      may determine or indicate to be reasonable.

     

    6.  Confidential
      Information.
      The
      Executive will not reveal (or permit to be revealed) to a third party or use
      for
      his own benefit, either during or after his employment hereunder, without the
      prior written consent of the Bank, any confidential information pertaining
      to
      the business of the Bank or its shareholders, subsidiaries or other affiliates,
      including but not limited to information about customers, suppliers, employees,
      financial condition, operations, procedures, know-how, production, distribution,
      experiments, patent or other trade secrets of the Bank or its affiliates except
      for information clearly established to be in the public record. Notwithstanding
      the foregoing, confidential information does not include (i) information which
      the Executive can prove to the Bank’s satisfaction is or has become generally
      known to the public through no act or omission of the Executive and (ii)
      information which has been or hereafter is lawfully obtained by the Executive
      from a source other than the Bank or any of its affiliates (or their respective
      officers, directors, employees, equity holders or agents) so long as, in the
      case of information obtained from a third party, such third party was not,
      directly or indirectly, subject to an obligation of confidentiality owed to
      the’
Bank or any of its affiliates at the time such confidential information was
      disclosed to the Executive. Nothing in this section shall be construed as
      precluding the Executive’s divulging of confidential information if required by
      law, provided he gives prior written notice to the Bank of the impending
      disclosure.

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    7.  Additional
      Covenants of Executive.
      The
      Executive hereby agrees that:

     

    (a)  Employee
      Work.
      All
      written and graphic materials, computer software, inventions, discoveries,
      patents, patent applications developed, authored, prepared, conceived or made
      by
      the Executive during the term of his employment hereunder and which are related
      to or are the product of the tasks, assignments and performance by the Executive
      of the duties of his employment and relate to the business of the Bank or any
      of
      its affiliates (collectively, “Employee Work”) shall be the sole property of the
      Bank or, as relevant, an affiliate, and, to the extent applicable, shall be
      “work made for hire” under and as defined in the Copyright Act of 1976, 17
      U.S.C. Section I et
      seq. The
      Executive hereby agrees to disclose promptly to the Bank all Employee Work
      and
      hereby agrees to assign to the Bank or an affiliate, as the case may be, all
      right, title and interest in and to such Employee Work and shall execute,
      whether employed or not then employed by the Bank or its successors and assigns,
      all such documents and instruments as the Bank may reasonably determine are
      necessary or desirable in order to give effect to this subsection or to
      preserve, protect or enforce the Bank’s or an affiliate’s rights with respect to
      any Employee Work.

     

    (b)  Return
      of Bank and Affiliate Property.
      Promptly after termination of the Executive’s employment hereunder for any
      reason, the Executive or his personal representative shall return to the Bank
      all property of the Bank or an affiliate then in his possession, including
      without limitation papers, documents, computer disks, applicable compute program
      user identification information and passwords, vehicles, keys, credit cards
      and
      confidential information, and shall neither make nor retain copies of the
      same.

     

    8.  Arbitration.
      Any
      disagreement or claim (other than a claim for injunctive relief for violation
      of
      Section 5, 6 or 7, which is hereby authorized in addition to any other right
      of
      enforcement permitted hereunder) arising out of or relating to this Agreement,
      or the breach thereof, or its termination shall be finally settled by
      arbitration in Burlington County, New Jersey pursuant to the rules of the
      American Arbitration Association regarding resolution of employment disputes.
      In
      such instances, it is agreed that the dispute shall be submitted to final and
      binding arbitration by one arbitrator; provided, however, that either party
      may
      request that there be three arbitrators, in which case each party shall select
      one arbitrator, and the two arbitrators so selected shall select a third. Except
      as otherwise provided in Section 10, all costs of arbitration (other than the
      costs of a party’s own witnesses and professional advisors), shall be split
      equally between the parties.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    9.  Representations
      and Warranties of the Executive.
      The
      Executive hereby represents and warrants to the Bank that he is not a party
      to
      or otherwise subject to or bound by any contract, agreement or understanding
      which would limit or otherwise adversely affect his ability to perform his
      duties hereunder or which would be breached by his execution and delivery of
      this Agreement or by the performance of his duties hereunder. The Executive
      further represents and warrants that his employment by the Bank will not require
      him to disclose or use any confidential information belonging to prior employers
      or other persons or entities.

     

    10.  Legal
      Expenses.
      The
      Bank shall pay to the Executive (or his surviving spouse or estate) all
      reasonable legal fees and expenses incurred by the Executive (or his surviving
      spouse or estate), in good faith, in seeking to obtain or enforce any right
      or
      benefit provided by this Agreement; provided he (or his spouse or estate)
      prevails with respect to any material issue in dispute. In addition, upon
      execution of this Agreement, the Bank shall pay or reimburse (on a tax-effected
      basis determined as provided in Section 3(b)(i)) the legal fees incurred by
      the
      Executive in connection with the negotiation of this Agreement.

     

    11.  No
      Mitigation or Offset.
      The
      Executive shall not be required to mitigate the amount of any payment or benefit
      provided for in this Agreement by seeking employment or otherwise; nor shall
      any
      amount or benefit payable or provided hereunder be reduced in the event he
      does
      secure employment.

     

    12.  Liability
      Insurance.
      The
      Bank shall use its best efforts to obtain insurance coverage for the Executive
      under an insurance policy covering the officers and directors of the Bank
      against lawsuits, arbitrations and other legal or regulatory proceedings;
      provided, however, that nothing herein shall be construed to require the Bank
      to
      obtain such insurance, if the Board determines that such coverage cannot be
      obtained at a reasonable price.

     

    13.  Notices.
      Any
      notice required to be provided to the Executive hereunder shall be given to
      the
      Executive in writing by certified mail, return receipt requested, or by
      reputable overnight courier, addressed to the Executive at his address of record
      with the Bank, or at such other place as the Executive may from time to time
      designate in writing. Any notice which the Executive is required to give to
      the
      Bank hereunder shall be given in writing by certified mail, return receipt
      requested, or by reputable overnight, addressed to the Senior Human Resources
      Officer at its principal office. The dates of mailing any such notice shall
      be
      deemed to be the date of delivery thereof.

     

    14.  Successors,
      Binding Agreement.

     

    (a)  The
      Bank
      will require any successor (whether direct or indirect, by purchase, merger,
      consolidation, or otherwise) to all or substantially all of the business and/or
      assets of the Bank to expressly assume and agree to perform this Agreement
      in
      the same manner and to the same extent that the Bank would be required to
      perform if no such succession had taken place. Failure by the Bank to obtain
      such assumption and agreement prior to the effectiveness of any such succession
      shall constitute a material breach of this Agreement. As used in this Agreement,
      the “Bank” shall mean the Bank as hereinbefore defined and any successor to the
      business and/or assets of the Bank as aforesaid which assumes and agrees to
      perform this Agreement by operation of law, or otherwise.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (b)  This
      Agreement shall not be assignable by the Executive without the Bank’s prior
      written consent. This Agreement shall inure to the benefit of and be enforceable
      by the Executive’s personal or legal representatives, executors, administrators,
      heirs, distributees, devisees, and legatees, as appropriate. If the Executive
      should die while any amount or benefit would be payable to the Executive under
      this Agreement if the Executive had continued to live, all such amounts and
      benefits, unless otherwise provided herein, shall be paid in accordance with
      the
      terms of this Agreement to the Executive’s surviving spouse, if any, and, if
      there is no surviving spouse, to his estate. This Agreement shall inure to
      the
      benefit of and be binding upon the Bank’s successors and assigns.

     

    15.  Withholding.
      All
      taxable payments and benefits made or provided hereunder shall be subject to
      such federal, state, local and (if relevant) foreign tax withholding. To the
      extent there are insufficient funds available for the Bank to discharge its
      withholding obligations, the Executive will promptly provide such funds to
      the
      Bank, following its demand, as may be necessary for it to satisfy such
      obligations.

     

    16.  Miscellaneous.
      The
      validity or enforceability of any provision hereof shall in no way affect the
      validity or enforceability of any other provision. This Agreement embodies
      the
      entire Agreement between the parties hereto and supersedes any and all prior
      or
      contemporaneous, oral or written understandings, negotiations, or communications
      on behalf of such parties. This Agreement may be executed in several
      counterparts, each of which shall be deemed original, but all of which together
      shall constitute one and the same instrument. This Agreement may be delivered
      by
      telefax, and such telefax copy shall be as effective as delivery of a manually
      executed counterpart. The waiver by either party of any breach or violation
      of
      any provision of this Agreement shall not operate or be construed as a waiver
      of
      any subsequent breach or violation hereof. This Agreement shall be deemed
      executed in and shall be governed by and construed in accordance with the laws
      of the State of New Jersey without giving effect to any conflict of laws
      provision. This Agreement may be amended only by written agreement of both
      parties hereto. The headings of the several sections, subsections and paragraphs
      of this Agreement have been inserted for convenience of reference only and
      shall
      not be construed in determining the meaning of the provisions
      hereof.

     

    17.  American
      Jobs Creation Act of 2004.
      Notwithstanding anything herein to the contrary, the provisions of this
      Agreement are subject to the conditions and provisions of Section 885 of the
      American Jobs Creation Act of 2004 (the “2004 Act”) and Code Section 409A
      implemented thereby. To the extent any provision hereof would violate the
      provisions of such laws, thereby potentially resulting in adverse tax
      consequences to the Executive, the parties agree to negotiate, in good faith
      and
      to the extent possible, to modify this Agreement in order to ameliorate or
      eliminate such potential adverse tax consequences to the Executive. Such
      modification(s) may include, among other things, the deferral of the
      commencement of severance benefits for six months to the extent required by
      the
      2004 Act and Code Section 409A, and the payment of accelerated lump sum amounts,
      taking into account appropriate present value calculations at then relevant
      applicable federal or other appropriate interest rates.

     

     

    
      
        
        

      

      
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    18.  Effective
      Date.
      The
      effective date of this Agreement shall be the date first set forth
      above.

     

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

     

    

      
        	
                STERLING
                  BANK

                 

              
	
                By: _____________________________

              
	
                R.
                  Scott Horner

              
	
                Title: Executive
                  Vice President

                 

              
	
                __________________________________

                Robert
                  King

                 

              

      

     

    
      
        
           

           

        

        
        

      

      
        13

        
          

        

      

      
        
        

        
          

           

        

      

    

    EXHIBIT
      A

     

    Form
      of Release

     

    RELEASE
      AGREEMENT

     

    THIS
      RELEASE AGREEMENT (the
      “Release Agreement”) is made as of this ______ day of _________, 20__, by and
      between STERLING
      BANK (the
      “Bank”) and ROBERT
      H. KING (the
      “Executive”). In consideration of the mutual agreements set forth below, the
      Executive and the Bank hereby agree as follows:

     

    1.  General
      Release.
      In
      consideration of the payments and benefits required to be provided to the
      Executive under the Employment Agreement between Sterling Bank and the
      Executive, dated January 25, 2006 (the “Agreement”) and after consultation with
      counsel, the Executive, for himself and on behalf of each of the Executive’s
      heirs, executors, administrators, representatives, agents, successors and
      assigns (collectively, the “Releasors”) hereby irrevocably and unconditionally
      releases and forever discharges the Bank, its majority owned subsidiaries and
      affiliated companies, and each of its officers, employees, directors,
      shareholders and agents (collectively, the “Releasees”) from any and all claims,
      actions, causes of action, rights, judgments, obligations, damages, demands,
      accountings or liabilities of whatever kind or character (collectively,
“Claims”), including, without limitation, any Claims under any federal, state,
      local or foreign law, that the Releasors may have, or in the future may possess,
      arising out of (i) the Executive’s employment relationship with and service as
      an employee, officer or director of the Bank and any of its majority-owned
      subsidiaries and affiliates, or the termination of the Executive’s service in
      any and all of such relevant capacities, (ii) the Agreement, or (iii) any event,
      condition, circumstance or obligation that occurred, existed or arose on or
      prior to the date hereof; provided, however, that the release set forth herein
      shall not apply to (iv) the payment and/or benefit obligations of the Bank
      under
      the Agreement, and (v) any claims Executive, may have under any plans or
      programs not covered by the Agreement in which Executive participated and under
      which Executive has accrued and become entitled to a benefit. Except as provided
      in the immediately preceding sentence, the Releasors further agree that the
      payments and benefits the Bank makes and provides as required by the Agreement
      shall be in full satisfaction of any and all Claims for payments or benefits,
      whether express or implied, that the Releasors may have against the Bank or
      any
      of its affiliates arising out of the Executive’s employment relationship under
      the Agreement and the Executive’s service as an employee, officer or director of
      the Bank under the Agreement or the termination thereof, as
      applicable.

     

    2.  Specific
      Release of ADEA and CEPA Claims. In
      further consideration of the payments and benefits provided to the Executive
      under the Agreement, the Releasors hereby unconditionally release and forever
      discharge the Releasees from any and all Claims that the Releasors may have
      in
      connection with the Executive’s employment or termination of employment, arising
      under the Federal Age Discrimination in Employment Act of 1967, as amended,
      and
      the applicable rules and regulations promulgated thereunder (“ADEA”), under the
      New Jersey Conscientious Employee Protection Act (“CEPA”), or any other
      applicable state or federal law directly affecting the employment relationship
      between the Releasor and the Releasee. By signing this Release Agreement, the
      Executive hereby acknowledges and confirms the following: (i) the Executive
      was
      advised by the Bank or his then employer in connection with his termination
      of
      employment or retirement to consult with an attorney of his choice prior to
      signing this Release Agreement and to have such attorney explain to the
      Executive the terms of this Release Agreement, including, without limitation,
      the terms relating to the Executive’s release of claims arising under the ADEA
      and the CEPA, and the Executive has in fact consulted with an attorney; (ii)
      the
      Executive was given a period of not fewer than 21 days to consider the terms
      of.
      this Release Agreement prior to its signing; and (iii) the Executive knowingly
      and voluntarily accepts the terms of this Release Agreement.

     

     

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    3.  No
      Assignment.
      The
      Executive represents and warrants that he has not assigned any of the Claims
      being released hereunder.

     

    4.  Claims.
      The
      Executive represents that he has not instituted, assisted or otherwise
      participated in connection with, any action, complaint, claim, charge,
      grievance, arbitration, lawsuit, or administrative agency proceeding, or action
      at law or otherwise against the Releasees. The Executive agrees that he shall
      not hereafter institute, assist or otherwise participate in connection with
      any
      arbitration or lawsuit asserting Claims released by Section 1.

     

    5.  Revocation.
      This
      Release Agreement may be revoked by the Executive within the seven-day period
      commencing on the date the Executive signs this Release Agreement (the
“Revocation Period”). In the event of any such revocation by the Executive, all
      obligations of the parties under this Release Agreement shall terminate and
      be
      of no further force and effect as of the date of such revocation. No such
      revocation by the Executive shall be effective unless it is in writing and
      signed by the Executive and received by the Bank prior to the expiration of
      the
      Revocation Period. If this Release Agreement is revoked, the Executive agrees
      to
      return to the Bank any payments made to him in connection with the Release
      Agreement other than compensation theretofore earned in the ordinary course.
      In
      the event of revocation, the Executive shall not be entitled to any payment
      or
      benefit under the Agreement, the receipt of which is conditioned on the
      Executive’s execution of this Release Agreement and the absence of any
      revocation prior to the expiration of the Revocation Period.

     

    6.  Non-Disparagement.
      The
      Executive agrees not to disparage or criticize the Releasees, or any of them,
      or
      otherwise speak of Releasees, or any of them, in any negative or unflattering
      way to anyone with regard to any matters relating to the Executive’s employment
      by the Bank or any of its affiliated companies or the business or employment
      practices of such business entities. The Bank agrees, on behalf of itself and
      its affiliated companies, not to disparage or criticize the Executive or
      otherwise speak of the Executive in any negative or unflattering way to anyone
      with regard to any matters relating to the Executive’s employment with the Bank
      or any of its affiliated companies. The parties understand that this provision
      is a material provision of this Release Agreement. This section shall not
      operate as a bar to (i) statements reasonably necessary to be made in any
      judicial, administrative or arbitral proceeding, or (ii) internal communications
      between and among the employees of the Bank and its affiliated companies with
      a
      job-related need to know about this Release Agreement or matters related to
      the
      administration of this Release Agreement,

     

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Bank (on its behalf and on behalf of its affiliated
      companies) and the Executive, intending to be legally bound, have executed
      this
      Release Agreement on the day and year first above written.

     

    

      
        	 	
                STERLING
                  BANK

                 

              
	 	
                By: ______________________________

              
	 	
                Title: ________________________

                 

              
	
                [CORPORATE
                  SEAL]

              	
                Attest: ______________________________

              
	 	
                (Asst.)
                  Secretary

                 

              
	 	
                ______________________________(SEAL)

              
	 	
                Robert
                  H. King

                 

              

      

    

    

     

    
      
         

        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    [This
      space is intentionally left blank.]

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     A-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]