Document:

Exhibit 10.5 

 

CONSULTING AGREEMENT

 

 

This CONSULTING AGREEMENT (this “Agreement”)
is being entered into as of as of January 20, 2014, by and between Center Bancorp, Inc., a New Jersey corporation and bank holding
company (“Company”), and Lawrence B. Seidman, with an address at 100 Misty Lane, Parsippany, New
jersey (the “Consultant”).

 

RECITALS:

WHEREAS, the Company
is party to that certain Agreement and Plan of Merger dated as of the date hereof by and between the Company and ConnectOne Bancorp,
Inc. (the “Merger Agreement”), under which the Company will be the surviving entity (the “Surviving Company”);

 

WHEREAS, the Consultant
is currently a shareholder and member of the board of directors of the Company, but as of the Effective Time, the Consultant will
no longer serve as a director;

 

WHEREAS, as a condition
to executing the Merger Agreement, ConnectOne Bancorp, Inc. has requested that Company enter into this Agreement; and

 

WHEREAS, the Company
has determined that the Consultant’s considerable knowledge, expertise and relationships will benefit the Company on a post-merger
basis.

 

NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.                 
Consultancy.  Beginning on the Effective Time and for a period of two (2) years thereafter,
unless earlier terminated pursuant to the terms hereof (the “Consulting Period”), the Consultant shall undertake to
provide his personal advice and counsel to Company and its subsidiaries and affiliates in connection with the business of Company,
including, but not limited to: helping to maintain customer relationships; providing insight, advice and institutional memory with
regard to all relationships of the Company including those with customers, vendors and third party service providers; and providing
services and advice related to real estate and loan matters, investor relations and litigation matters (collectively the “Consulting
Services”).  The Consultant shall also provide such Consulting Services as may be reasonably requested from time
to time by the President and Chief Executive Officer of the Company or its successor.    Such Consulting Services
may be provided, at the Consultant’s option, in person, telephonically, electronically or by correspondence.

           Notwithstanding
anything in this Agreement to the contrary, during the Consulting Period, the Consultant shall be treated as an independent contractor
and shall not be deemed to be an employee of Company or any subsidiary or affiliate of Company.

 

2.                   Compensation
and Benefits. Company shall pay to the Consultant compensation and provide benefits for his services as follows:

    	

    		 

    

 

(a)               
Consulting Fees. The Consultant shall be entitled to receive a consulting fee of fifty thousand dollars ($50,000)
per year, which shall be payable in quarterly payments of $12,500 per quarter. Payments shall be made on the first day of each
quarter, with a payment due on the Effective Time equal to $12,500 pro rated by the number of days remaining in the quarter over
the full number of days in that quarter. Consultant shall be responsible for all tax payments owed in connection with the compensation
provided for hereunder, and Company shall not withhold any such tax payments from the quarterly consulting fees.

 

(b)              
Health Benefits. Consultant shall be entitled to participate in Company’s hospital, health and medical insurance
programs in the same manner as the executive officers of Company, subject to the same premium contributions, co-payments and deductibles.

 

3.                 
Additional Covenants.

(a)               
Confidential Information. Except as required in the performance of his duties hereunder, the Consultant shall not
use or disclose to any third party any Confidential Information (as hereinafter defined) or any know-how or experience related
thereto without the express prior written authorization of the Company, either during the term of this Agreement or thereafter.
Upon termination of his service, the Consultant shall leave with Company or destroy all documents and other items in his possession
which contain Confidential Information, and shall be prohibited from disclosing to any third party any Confidential Information.
For purposes of this paragraph 3(a), the term “Confidential Information” shall mean all information about the Company
or any of its affiliates or subsidiaries, or relating to any of their respective services or any phase of their respective operations
not generally known to any of their respective competitors and which is treated by the Company or any of its affiliates or subsidiaries
as confidential information, and shall specifically include all customer lists thereof.

The term “Confidential
Information” shall not include any of the foregoing which (i) is in the public domain, (ii) is in Consultant’s lawful
possession prior to a disclosure thereof and not subject to a confidentiality agreement or (iii) is hereafter lawfully disclosed
to Consultant by a third party who or which did not acquire the information under an obligation of confidentiality to Company.

(b)              
Board Service. Consultant hereby agrees that for a period of one (1) year following the Effective Time (the “Covenant
Term”), he will not himself seek election or nomination to, or serve as a member of, the Board of Directors, Board of Trustees
or similar governing body, however designated, of any entity which is engaged in the banking or financial services business within
the state of New Jersey. Notwithstanding the forgoing, and provided that Consultant is otherwise in full compliance with the terms
of this Agreement, Consultant may seek election to, or nomination to, or serve as a member of, the board of any entity which is
a federal or state chartered savings bank or savings association, or its parent holding company, provided that as of the Effective
Time, such entity was not subject to the Securities Exchange Act of 1934, as amended.

(c)               
Customer Non-Solicitation. Consultant agrees that for a period of two (2) years following the Effective Time
(the “Covenant Term”) he will not directly or indirectly , do banking business with any customer of the Company or ConnectOne
Bancorp, Inc. as of the

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Effective
Time on behalf of any other financial institution, nor shall he solicit nor recommend that any such customer conduct business
with any other financial institution, nor solicit such customer to nor recommend that such customer reduce their current business
with the Surviving Company.

(d)              
Employee Non-Solicitation. Consultant agrees that during the Covenant Term, he will not recruit for employment or
retention as an agent, consultant or director, or induce to terminate his or her employment or other service with the Company,
or any of its subsidiaries or affiliates any person who is, at the time of such solicitation, or who was at any time during the
Covenant Period, an employee, agent, consultant or director of the Company or any of its subsidiaries or affiliates; provided,
however that this Section 3(d) shall not apply with respect to a Former Employee or with respect to an employee of the Company
or its subsidiaries with a title lower than Senior Vice President  who responds to a general advertisement
for employment. The term “Former Employee” shall mean an employee of the Company or its subsidiaries whose employment
is terminated without cause by the Company or its subsidiaries during the Covenant Period and Anthony Weagley if he terminates
his employment with the Company, or the Company terminates his employment without cause, during the Covenant Period.

(e)               
Modification. If a court of competent jurisdiction determines that the scope, time duration or other limitations
of any of the restrictive covenants contained in this Section 3 is not reasonably necessary to protect the legitimate business
interests of the Company then such scope, time duration or other limitations will be deemed to become and thereafter will be the
maximum time period or scope which such court deems reasonable and enforceable.

(f)               
Definitions. For purposes of this Section 3, to act “directly or indirectly” means to act personally or
through an associate, affiliate, family member or otherwise, as proprietor, partner, shareholder, director, officer, employee,
agent, consultant or in any other capacity or manner whatsoever.

(g)              
Specific Performance. Company and the Consultant agree that in the event of a breach of the provisions of this Section
3 the injury which would be suffered by the Company would be of a character which could not be fully compensated for solely by
a recovery of monetary damages. Accordingly, Consultant agrees that in the event of a breach of the terms of this Section 3, in
addition to and not in lieu of any other remedies which Company may pursue, Company shall have the right to equitable relief, including
issuance of a temporary or permanent injunction by any court of competent jurisdiction against the commission or continuance of
any breach of this Section 3.

4.                 
Successors and Assigns. Except as may be specifically provided in this Agreement, no party may assign
this Agreement or any rights, interests, or obligations hereunder without the prior written approval of the other party.  Subject
to the preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns.

5.                 
Enforcement.  This Agreement shall be construed, enforced and interpreted in accordance with
and governed by the laws of the State of New Jersey, without reference to its 

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principles
of conflict of laws, except to the extent that federal law shall be deemed to preempt such state laws.

6.                 
Amendment; Termination.  This Agreement may be amended or modified at any time by a written
instrument executed by the parties. This Agreement shall terminate upon Consultant’s death or his disability (as defined herein).
Upon Consultant’s death or his disability, the obligation of Company hereunder to pay Consultant the compensation called for under
Section 2 hereof shall terminate, and Company’s only obligation shall be to pay Consultant any and all benefits to which
Consultant was entitled at the time of such death or disability under any health insurance plans of Company then in place and in
which Consultant may be a participant. For purposes of this Agreement, the term “disability” shall mean Consultant’s
inability to substantially perform his material duties as prescribed in this Agreement due to his incapacity or disability, physical
or mental, for a period of six (6) consecutive months.

7.                 
Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof
shall not be deemed a waiver of such term, covenant or condition.  A waiver of any provision of this Agreement must be
made in writing, designated as a waiver, and signed by the party against whom its enforcement is sought.  Any waiver
or relinquishment of any right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such
right or power at any other time or times.

8.                 
Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, and all of which shall constitute one and the same Agreement.

9.                 
Headings and Construction.  The headings of sections in this Agreement are for convenience of
reference only and are not intended to qualify the meaning of any section.  Any reference to a section number shall refer
to a section of this Agreement, unless otherwise stated.

10.             
Entire Agreement. This instrument 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. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Merger Agreement.

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IN WITNESS WHEREOF,
the Company has caused this Agreement to be executed by its duly authorized officer, and the Consultant has signed this Agreement,
all as of the date first written above.

 

	 	 
	 	 
	 	CONSULTANT
	 	 
	 	/s/
	 	 
	 	Lawrence B. Seidman
	 	 
	 	 
	 	CENTER BANCORP, INC
	 	 
	 	/s/
	 	 
	 	
        Name: Anthony C. Weagley

        Title: President and Chief Executive Officer

	 	 

5Exhibit 10.6

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
(the “Agreement”), made and entered into as of this 20th day of January, 2014 (and effective as set forth in
Section 4.11 of this Agreement), by and between Center Bancorp, Inc., a New Jersey corporation (the “Company”),
and the shareholders of the Company identified as such on the signature page of this Agreement (the “Shareholders”),

 

WITTNESSETH THAT

 

WHEREAS,
contemporaneous with the execution of this Agreement, the Company has entered into an agreement and plan of merger, dated
as of the date hereof, with ConnectOne Bancorp, Inc. (the “Other Holding Company”) providing for the combination
of the businesses of the Company and the Other Holding Company (the “Merger Agreement”);

 

WHEREAS, as a condition
to executing the Merger Agreement, the Other Holding Company required that Lawrence B. Seidman execute a voting and sell-down agreement
pursuant to which he has agreed to sell a substantial portion of the shares of the Company’s common stock, no par value (the
“Common Stock”), beneficially owned by him;

 

WHEREAS, as a condition
to Lawrence B. Seidman’s executing such voting and sell-down agreement, the Shareholders required that the Company provide
the covenants and assurances set forth in this Agreement; and

 

WHEREAS, the Company
wishes to provide the Shareholders with the covenants and assurances set forth herein in order to induce Lawrence Seidman to execute
such voting and sell-down agreement,

 

NOW, THEREFOR, in consideration
of the premises and the mutual covenants and agreements contained in this Agreement, the parties hereto, intending to be legally
bound, agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.01 Certain
Defined Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate” of
any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling,” “controlled by” and “under common control with”), as used with respect
to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting stock, by agreement or otherwise.

 

“Agreement” has
the meaning given such term in the Preamble.

    	 

    	

    

 “Beneficial Owner”
has the meaning given such term in Rules 13d-3 and 13d-5 under the Exchange Act.

 

“Blackout Period”
has the meaning set forth in Section 2.10(a)(ii).

 

“Business Day”
means any day that is not a Saturday, a Sunday or a day on which commercial banks in New Jersey are required or authorized to be
closed.

 

“Commission” means
the United States Securities and Exchange Commission, and any successor commission or agency having similar powers.

 

“Common Stock”
has the meaning set forth in the Recitals.

 

“Company” has
the meaning set forth in the Preamble.

 

“Delay Notice”
has the meaning set forth in Section 2.01(e)(ii).

 

“Demand Exercise Notice”
has the meaning set forth in Section 2.01(a).

 

“Demanding Party”
has the meaning set forth in Section 2.01(a).

 

“Demand Registration”
has the meaning set forth in Section 2.01(a).

 

“Demand Registration
Maximum Offering Size” has the meaning set forth in Section 2.01(f).

 

“Demand Registration
Request” has the meaning set forth in Section 2.01(a).

 

“Disadvantageous Condition”
means the existence of any acquisition, disposition or other material transaction involving the Company or any of its Subsidiaries
or any material financing activity, or the unavailability of any required financial statements, or the possession by the Company
of material information which, in the judgment of the Board of Directors of the Company, would not be in the best interests of
the Company or any of its Subsidiaries to disclose in a Registration Statement.

 

“Effective Date”
means the first day immediately after the date on which the shareholders of the Company vote conclusively on all Parent Shareholder
Matters (as defined in the Merger Agreement).

 

“Equity Interests”
means any shares of any class or series of capital stock of the Company or any securities or instruments (including debt securities)
directly or indirectly convertible into or exercisable or exchangeable for shares of any class or series of capital stock of the
Company (or which are convertible into or exercisable or exchangeable for another security or instrument which is, in turn, directly
or indirectly convertible into or exercisable or exchangeable for shares of any class or series of capital stock of the Company),
whether at the time of issuance or upon the passage of time or the occurrence of future events, whether now authorized or not.

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“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“Extendible Date”
means the date that follows the date on which the Effective Time (as defined in the Merger Agreement) occurs by a number of days
equal to the sum of (i) 365 days plus (ii) the number of days in any Blackout Period plus (iii) the number of days in any other
period during which the Shareholders are delayed from selling Registrable Securities hereunder pursuant to terms of this Agreement
(under Section 2.01(e) hereof or otherwise) that authorize such delay.

 

“FINRA” means
the Financial Industry Regulation Authority.

 

“Holders” means
the Shareholders, for so long as (and to the extent that) any of the Shareholders own Registrable Securities, and each of their
successors, assigns, and direct and indirect transferees who become registered owners of Registrable Securities or securities exercisable,
exchangeable or convertible into Registrable Securities in accordance with this Agreement. To the extent an in-kind distribution
is contemplated, an indirect holder of Registrable Securities may be considered a Holder for purposes of this Agreement as appropriate.

 

“Information Blackout”
has the meaning set forth in Section 2.10(a).

 

“Initial Shares”
has the meaning set forth in Section 2.04(e).

 

“Market Value”
means, as of any date, the value of Common Stock determined as follows:

 

		(i)	if the Common Stock is listed on any established stock exchange or a national market system, including
without limitation the Nasdaq Global Select Market, the Market Value of a share of Common Stock shall be the closing sales price
of a share of Common Stock as quoted on such exchange or system for such date (or the most recent trading day preceding such date
if there were no trades on such date);

 

		(ii)	if the Common Stock is regularly quoted by a recognized securities dealer but is not listed in
the manner contemplated by clause (i) above, the Market Value of a share of Common Stock shall be the mean between the high bid
and low asked prices for the Common Stock for such date (or the most recent trading day preceding such date if there were no trades
on such date), as reported by such source as the Company reasonably determines to be reliable; or

 

		(iii)	if neither clause (i) above nor clause (ii) above applies, the Market Value of a share of Common
Stock shall be determined in good faith by the Company based on the reasonable application of a reasonable valuation method

 

“Other Holding Company”
has the meaning set forth in the Preamble.

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“Other Securities”
has the meaning set forth in Section 2.02(a).

 

“Outstanding”
means with respect to any securities as of any date, all such securities theretofore issued, except any such securities theretofore
converted, exercised or canceled or held by the issuer or any successor thereto (whether in its treasury or not) or any Affiliate
of the issuer or any successor thereto.

 

“Overallotment Option
Shares” has the meaning set forth in Section 2.04(e).

 

“Person” means
any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture,
association, joint-stock corporation, estate, trust, unincorporated organization or government or any political subdivision, agency
or instrumentality thereof or any other entity of any kind.

 

“Piggyback Registration
Maximum Offering Size” has the meaning set forth in Section 2.02(b).

 

“Prospectus” means
the prospectus included in a Registration Statement, including any preliminary prospectus or summary prospectus, and any such prospectus
or preliminary or summary prospectus as amended or supplemented, and in each case including all material incorporated by reference
therein.

 

“Public Offering”
means an underwritten public offering of Equity Interests pursuant to an effective Registration Statement under the Securities
Act.

 

“Registrable Securities”
means any shares of Common Stock held by the Holders. As to any particular Registrable Securities, such securities shall cease
to be Registrable Securities when (i) a Registration Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been disposed of under such Registration Statement; (ii) they
shall have been distributed to the public pursuant to Rule 144; (iii) they shall have been otherwise transferred or disposed
of, and new certificates therefor not bearing a restrictive legend restricting further transfer shall have been delivered by the
Company, and subsequent transfer or disposition of them shall not require their registration or qualification under the Securities
Act or any state securities laws; or (iv) they shall have ceased to be outstanding.

 

“Registration Expenses”
has the meaning set forth in Section 2.03.

 

“Registration Statement”
means a registration statement filed by an issuer with the Commission and all amendments and supplements to any such registration
statement, including any statutory prospectus, preliminary prospectus or issuer free writing prospectus or any amendment or supplement,
in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein.

 

“Rule 144” means
Rule 144 (or any successor provision) under the Securities Act.

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“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

“Shareholders”
has the meaning set forth in the Preamble.

 

“Transferee” has
the meaning set forth in Section 3.01(a).

 

“Transferring Holder”
has the meaning set forth in Section 3.01(a).

 

ARTICLE II

REGISTRATION RIGHTS

 

Section 2.01 Demand
Registration Rights.

 

(a) Commencing
on the Effective Date, but not within 60 days after the consummation of any Public Offering, the Shareholders (and certain Transferees,
as set forth in Section 3.01(a)) shall have the right to require the Company to file a Registration Statement under the Securities
Act, covering all or any part of their Registrable Securities, by delivering a written notice thereof to the Company specifying
the number of Registrable Securities to be included in such registration and the intended method of distribution thereof; provided,
however, that such request shall cover Registrable Securities having an aggregate Market Value on the date of such request of not
less than $10,000,000.  Such request pursuant to this Section 2.01 is referred to herein as the “Demand Registration
Request,” the registration so requested is referred to herein as the “Demand Registration,” and the
party making such request is referred to as the “Demanding Party.” There shall be no limit on the number of
times that the Shareholders and their Transferees may exercise demand registration rights under this Section 2.01, provided that
the above-mentioned $10,000,000 threshold is satisfied. As promptly as practicable, but not later than ten Business Days after
receipt of a Demand Registration Request, the Company shall give written notice (the “Demand Exercise Notice”)
of such Demand Registration Request to all other Holders. In all instances, the Demanding Party and the Company shall cooperate
in good faith regarding a Demand Registration Request should the Company have any planned offering(s), or if the Company has effected
an offering of its Equity Interests (other than pursuant to a Registration Statement on Form S-8), within sixty days of the delivery
of such Demand Registration Request.

 

(b)
The Company shall include in the Demand Registration the Registrable Securities requested to be included therein by the Demanding
Party and by any other Holders that shall have made a written request to the Company for inclusion in such registration (which
request shall specify the maximum number of Registrable Securities intended to be disposed of by such other Holder) within 30 days
after the receipt of the Demand Exercise Notice.

 

(c) The Company shall
use its reasonable best efforts to (i) effect the registration under the Securities Act (including by means of a shelf registration
pursuant to Rule 415 under the Securities Act if so requested by the Demanding Party and if the Company is then eligible to effect
such a registration on Form S-3 or on any successor to Form S-3) of the

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 Registrable Securities which the Company has been so requested
to register by the Demanding Party and the other Holders (to the extent permitted to be registered in accordance with the terms
hereof), for distribution in accordance with the intended method of distribution described in the Demand Registration Request,
and (ii) if requested by the Demanding Party, obtain acceleration of the effective date of the Registration Statement relating
to such registration.

 

(d)
If a requested registration pursuant to this Section 2.01 involves an underwritten offering, the Demanding Party shall have
the right to select an investment banker or bankers of nationally recognized standing to administer the offering; provided, however,
that such investment banker or bankers shall be reasonably satisfactory to the Company. The Company shall notify the Demanding
Party if the Company objects to any investment banker or manager selected by the Demanding Party pursuant to this Section 2.01(d) within
ten (10) Business Days after the Demanding Party has notified the Company of such selection.

 

(e)
Notwithstanding anything to the contrary in this Section 2.01:

 

(i)
If the managing underwriter of any underwritten Public Offering shall advise the Demanding Party that the Registrable Securities
covered by the Registration Statement cannot be sold in such offering within a price range acceptable to the Demanding Party, then
the Demanding Party shall have the right to notify the Company that it has determined to terminate such Public Offering and to
cause the Company to notify all other Holders participating in such Demand Registration of such determination.

 

(ii)
If the Board of Directors of the Company determines in good faith that a Disadvantageous Condition exists, the Company shall, notwithstanding
any other provision of this Article II, be entitled, upon the giving of a written notice (a “Delay Notice”)
to such effect to each Holder of Registrable Securities included or to be included in such Registration Statement, to delay the
filing of such Registration Statement or to delay any Public Offering made thereunder until, in the judgment of the Board of Directors
of the Company, such Disadvantageous Condition no longer exists (notice of which the Company shall promptly deliver to the Holders
of the Registrable Securities with respect to which any such Registration Statement was to have been filed); provided, however,
that such delay shall not exceed a period of ninety (90) days from the date the Demand Registration Request is received by the
Company; provided, further, that the Company may not utilize this right more than once in any twelve-month period.

 

(f)
In connection with any Demand Registration Request involving an underwritten offering, if the managing underwriter shall advise
the Company that, in its view, the number of securities (including the Registrable Securities) that the Holders, the Company and
any other Person intend to include in such registration exceeds the largest number of securities which can be sold in such offering
at a price reasonably acceptable to the Demanding Party (the “Demand Registration Maximum Offering Size”), the
Company will include in such registration, in the following priority, up to the Demand Registration Maximum Offering Size:

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(i)
first, the Registrable Securities requested to be included in such registration pursuant to this Section 2.01; if the number of
Registrable Securities requested to be included exceeds the Demand Registration Maximum Offering Size, then the Registrable Securities
to be included in such registration shall be allocated pro rata among the Holders requesting registration based on the number of
securities duly requested to be included in such registration by each such Holder; and

 

(ii) second,
the securities to be offered by the Company; and

 

(ii) third,
all other securities requested by any other Person to be included in such registration (pursuant to contractual registration rights
or otherwise).

 

(g)
Notwithstanding the foregoing, the Company shall not be obligated to effect, or to take any action to effect, any registration
pursuant to this Section 2.01 (i) with respect to the Registrable Securities during the period starting with the date 30 days
prior to the Company’s good faith estimate of the date of filing of, and ending on a date 60 days after the effective date
of, a registration subject to Section 2.02 hereof or (ii) with respect to any notice delivered pursuant to Section 2.01(a)
at any time after the earlier of (x) the Extendible Date or (y) the first date on which the Holders are the Beneficial Owners of
less than five percent (5%) of the Company’s outstanding Common Stock.

 

(h)No registration of Registrable
Securities under this Section 2.01 shall relieve the Company of its obligations (if any) to effect registrations of Registrable
Securities pursuant to Section 2.02.

 

Section 2.02 Piggyback
Registration Rights.

 

(a)
At any time after the Effective Date, if the Company proposes to register (whether proposed to be offered for sale by the Company
or by any other Person) any shares of capital stock (collectively, the “Other Securities”) under the Securities
Act on a form and in a manner that would permit registration of the Registrable Securities for sale to the public under the Securities
Act (t being understood that Form S-4 is not a form that would permit registration of the Registrable Securities for sale to the
public under the Securities Act), each Holder of Registrable Securities will have the right to include its Registrable Securities
in such registration in accordance with this Section 2.02. The Company will give prompt written notice to all Holders of Registrable
Securities of its intention to register the Other Securities, describing the number of shares to be registered for sale and specifying
the form and manner and the other relevant facts involved in such proposed registration (including, without limitation, whether
or not such registration will be in connection with an underwritten offering, and if so, the identity of the managing underwriter
and whether such offering will be pursuant to a “best efforts” or “firm commitment” underwriting). Upon
the written request of any Holder delivered to the Company within 15 days after such notice shall have been received by such Holder
(which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder and shall confirm
that such Holder will dispose of such Registrable Securities pursuant to the Company’s intended method of disposition), the
Company will use its reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities
that the Company 

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has been so requested to register by the Holders of such Registrable Securities; provided, however, that:

 

(i)
if such registration involves an underwritten offering, all Holders requesting that their Registrable Securities be included in
such registration must sell their Registrable Securities to the underwriters selected by the Company (and/or such other Person
offering the Other Securities) on the same terms and conditions as the terms and conditions that apply to the Company (and/or such
other Person(s) offering the Other Securities);

 

(ii)
if, at any time after giving such written notice of its intention to register any of such Registrable Securities for sale, and
prior to the effective date of the Registration Statement filed in connection with such registration, the Company shall determine
for any reason to withdraw such Registration Statement, the Company may, at its election, give written notice of such determination
to each Holder that has requested to register Registrable Securities and thereupon the Company shall be relieved of its obligation
to register any Registrable Securities in connection with such registration; provided, however, that all Registration Expenses
of such withdrawn registration shall be borne by the Company in accordance with Section 2.03 hereof; and

 

(iii) the Company shall have no obligation to provide registration rights pursuant to this Section 2.02 during the period starting
with the date 30 days prior to the Company’s good faith estimate of the date of filing of, and ending on a date 60 days after
the effective date of, a registration subject to Section 2.01 hereof; provided, however, that the Company uses its reasonable
best efforts to cause such Registration Statement to become effective.

 

(b)
In connection with any Public Offering with respect to which Holders shall have requested registration pursuant to this Section 2.02,
if the managing underwriter shall advise the Company that, in its view, the number of securities (including the Registrable Securities)
that the Company, the Holders and any other Person intend to include in such registration exceeds the largest number of securities
which can be sold without having an adverse effect on such offering, including the price at which such securities can be sold (the
“Piggyback Registration Maximum Offering Size”), the Company will include in such registration, in the following
priority, up to the Piggyback Registration Maximum Offering Size:

 

(i)
first, all the Other Securities that the Company proposes to include in such registration;

 

(ii) second,
the Registrable Securities requested to be registered pursuant to this Section 2.02; if the number of Registrable Securities requested
to be included exceeds the Piggyback Registration Maximum Offering Size less the number of Other Securities to be sold by the Company,
then the Registrable Securities to be included in such registration (representing the Piggyback Registration Maximum Offering Size
less the number of Other Securities to be sold by the Company) shall 

    	-8-

    	

    

be allocated pro rata among the Holders requesting registration
based on the number of securities duly requested to be included in such registration by each such Holder; and

 

(ii)
third, all Other Securities requested by any other Person to be included in such registration (pursuant to contractual registration
rights or otherwise).

 

(c)
If a Holder decides not to include all of its Registrable Securities in any Registration Statement thereafter filed by the Company,
such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent Registration
Statement or Registration Statements as may be filed by the Company with respect to offerings of securities, all upon the terms
and conditions set forth herein.

 

(d) Notwithstanding anything
in this Article II to the contrary, (i) the Company shall not be required to give notice of, or effect any registration of Registrable
Securities under this Article II incidental to, the registration of any of its securities in connection with mergers, consolidations,
acquisitions, exchange offers, subscription offers, dividend reinvestment plans or stock options or other employee benefit or compensation
plans and (ii) the Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to this
Section 2.02 with respect to any written request delivered by any Shareholder pursuant to Section 2.02(a) at any time after
the earlier of (x) the Extendible Date or (y) the first date on which the Holders are the Beneficial Owners of less than five percent
(5%) of the Company’s outstanding Common Stock.

 

Section 2.03 Registration
Expenses.

 

The Company shall pay all
Registration Expenses in connection with the registration of Registrable Securities pursuant to this Article II. “Registration
Expenses” means all expenses incident to the Company’s performance of or compliance with Article II, including,
without limitation, all registration, filing and qualification fees (including filing fees with respect to FINRA), all fees and
expenses of complying with state securities or “blue sky” laws (including reasonable fees and disbursements of underwriters’
counsel in connection with any “blue sky” memorandum or survey), all printing expenses, all listing fees, all registrars’
and transfer agents’ fees, the fees and disbursements of counsel for the Company and of its independent certified public
accountants, including the expenses of any special audits and/or “comfort” letters required by or incident to such
performance and compliance, but excluding underwriting discounts and commissions, applicable transfer taxes, if any, and the fees
and disbursements of the attorneys-in-fact and the custodian for the Holders. In addition, in connection with each registration,
the Company shall pay the reasonable fees and expenses of one legal counsel to represent the interests of the Holders selling Registrable
Securities in such registration, provided that such fees and expenses shall not exceed $35,000 with respect to any offering of
Registrable Securities.

 

Section 2.04 Registration
Procedures.

 

(a)
If and whenever the Company is required to effect the registration of any Registrable Securities under the Securities Act as provided
in this Article II, the Company will:

    	-9-

    	

    

(i)
promptly prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and use its
reasonable best efforts to cause such Registration Statement to become effective as soon as reasonably practicable thereafter;

 

(ii)
prepare and file with the Commission such amendments (including any statutory prospectus, preliminary prospectus or issuer free
writing prospectus or any amendment or supplement) and supplements to such Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities
Act with respect to the disposition of all Registrable Securities covered by such Registration Statement until the earlier of (a) such
time as all such Registrable Securities have been disposed of in accordance with the intended methods of disposition by the seller
or sellers thereof set forth in such Registration Statement, and (b) 210 days from the date such Registration Statement first
becomes effective;

 

(iii)
furnish to each seller of such Registrable Securities such number of conformed copies of such Registration Statement and of each
such amendment and supplement thereto (in each case including all exhibits), such number of copies of the Prospectus included in
such Registration Statement, in conformity with the requirements of the Securities Act, such documents incorporated by reference
in such Registration Statement or Prospectus and such other documents as such seller may reasonably request in order to facilitate
the sale of such Registrable Securities;

 

(iv)
register or qualify all Registrable Securities and other securities covered by such Registration Statement under such securities
or “blue sky” laws of such jurisdictions as each seller shall reasonably request, and do any and all other acts and
things that may be necessary to enable each such seller to consummate the disposition in such jurisdictions of its Registrable
Securities covered by such Registration Statement, except that the Company shall not for any such purpose be required to qualify
generally to do business as a foreign corporation in any jurisdiction wherein it is not so qualified, to subject itself to taxation
in respect of doing business in any such jurisdiction or to consent to general service of process in any such jurisdiction;

 

(v)
furnish to each seller of Registrable Securities, on the date that the Registrable Securities are delivered to the underwriters
for sale in connection with a Public Offering, or, if such registration does not involve an underwritten Public Offering, on the
date that the Registration Statement with respect to such Registrable Securities becomes effective, (a) an opinion, dated
such date, of the counsel representing the Company for the purpose of such registration, in form and substance as is customarily
given to underwriters in a Public Offering, addressed to the underwriters, if any, or if there are no such underwriters, to the
sellers of Registrable Securities in such registration, and (b) a “comfort” letter, dated such date, from the
independent certified public accountants of the Company, in form and substance as is customarily given by independent certified
public accountants to underwriters in a 

    	-10-

    	

    

Public Offering, addressed to the underwriters, if any, or if there are no such underwriters,
to the sellers of Registrable Securities;

 

(vi)
promptly notify each seller of Registrable Securities covered by such Registration Statement at any time when a Prospectus relating
thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the Prospectus
included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing and if it is necessary to amend or supplement such Prospectus to comply with applicable law, and at the request of
any such seller prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such Prospectus
as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus shall not
include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances then existing and shall otherwise comply in all material respects
with applicable law;

 

(vii)
comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably
practicable, an earning statement covering a period of at least twelve months, beginning with the first month of the first fiscal
quarter after the effective date of such Registration Statement, which earning statement shall satisfy the provisions of Section 11(a) of
the Securities Act;

 

(viii)
use all reasonable efforts to facilitate the distribution and sale of any shares of Common Stock to be offered pursuant to this
Agreement, including without limitation, by causing appropriate officers of the Company to attend any “road shows”
and analyst presentations and otherwise use commercially reasonable efforts to cooperate as requested by the underwriters or any
Holder of Registrable Securities in the offering, marketing or selling of the Registrable Securities;

 

(ix)
cause all such Registrable Securities registered pursuant hereto to be listed on the securities exchange or quoted on the interdealer
quotation system on which the Common Stock is listed or quoted, if such listing or quotation is then permitted under the rules
of such exchange or quotation system, and provide a transfer agent, registrar and CUSIP number for such Registrable Securities
no later than the effective date of such Registration Statement; and

 

(x)
issue to any underwriter to which any Holder of Registrable Securities may sell such Registrable Securities in connection with
any such registration (and to any direct or indirect transferee of any such underwriter) certificates evidencing shares of Common
Stock without restrictive legends.

 

The Company may require each
seller of Registrable Securities as to which any registration

    	-11-

    	

    

 is being effected to furnish the Company with such information regarding
such seller and the distribution of such Registrable Securities as the Company may from time to time reasonably request in writing
and as shall be required by applicable law or by the Commission in connection therewith. The Company shall have no obligation to
have a Registration Statement declared effective or incur costs in connection therewith until the seller of such Registrable Securities
provides such information to the Company; provided, however, that if the applicable Registration Statement is a resale shelf Registration
Statement filed pursuant to Rule 415 under the Securities Act, the Company shall have the right to exclude such seller from the
table of selling stockholders set forth in such Registration Statement pending receipt of such information but not to delay the
preparation, filing or declaration of the effectiveness of such Registration Statement to the extent that such Registration Statement
is for the benefit of other selling stockholders and such other selling stockholder(s) caused the Company to file such Registration
Statement.

 

(b)
If requested by the underwriters for any Public Offering of Registrable Securities on behalf of a Holder or Holders of Registrable
Securities pursuant to a registration requested under Section 2.01 or 2.02 hereof, the Company and each such Holder of Registrable
Securities will enter into and perform their respective obligations under an underwriting agreement with such underwriters for
such offering, such agreement to contain such representations and warranties by the Company and such Holders and such other terms
and conditions as are customarily contained in underwriting agreements with respect to secondary distributions, including, without
limitation, indemnities to the effect and to the extent provided in Sections 2.06 and 2.07 hereof and delivery of opinions
of counsel and accountant letters.

 

(c)
If any registration pursuant to Section 2.01 or 2.02 hereof shall be in connection with an underwritten Public Offering, each
Holder that includes Registrable Securities in such Public Offering agrees, if so required by the managing underwriter(s), not
to effect any public sale or distribution (including any sale pursuant to Rule 144) of Equity Securities (other than as part of
such underwritten Public Offering) within ten days prior to or 90 days after (i) the effective date of the Registration Statement
with respect to such underwritten Public Offering, or (ii) in the event of a shelf Registration Statement, the consummation of
an underwritten takedown; provided, however, that the 90 day period referred to in this Section 2.04(c) may be extended
to up to 180 days upon the managing underwriter’s or underwriters’ reasonable request.

 

(d)
The Company agrees, if so required by the managing underwriter(s) in connection with an underwritten Public Offering of Registrable
Securities pursuant to Section 2.01 or 2.02, not to effect any public or private sale or distribution of any of its Equity
Interests (other than as part of such underwritten Public Offering), including a sale pursuant to Regulation D under the Securities
Act (or Section 4(2) thereof), within ten days prior to or 90 days after (i) the effective date of the Registration Statement with
respect to such underwritten Public Offering, or (ii) in the event of a shelf Registration Statement, the consummation of an underwritten
takedown, except in connection with any equity incentive plan, agreement, bonus, award, stock purchase plan, stock option plan
or other stock arrangement registered on Form S-8 or an acquisition, merger or exchange offer; provided, however, that the 90-day
period referred to in this Section 2.04(d) may be extended to up to 180 days upon the managing underwriter’s or
underwriters’ reasonable request.

    	-12-

    	

    

(e)
It is understood that in any underwritten offering of Registrable Securities, in addition to the shares (the “Initial
Shares”) the underwriters have committed to purchase, the underwriting agreement may grant the underwriters an option
to purchase a number of additional shares (the “Overallotment Option Shares”) equal to up to 15% of the Initial
Shares (or such other maximum amount as FINRA may then permit). Shares of Common Stock proposed to be sold by the Company and the
Holders of Registrable Securities shall be allocated between Initial Shares and Overallotment Option Shares as agreed or, in the
absence of agreement, pursuant to Sections 2.01 or 2.02 hereof.

 

(f)
No Holder of Registrable Securities may participate in any Public Offering hereunder unless it (i) agrees to sell its Registrable
Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements,
and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements and this Article II.

 

Section 2.05 Preparation;
Reasonable Investigation.

 

In connection with the preparation
and filing of each Registration Statement registering Registrable Securities under the Securities Act, the Company will give the
Holders on whose behalf such Registrable Securities are to be so registered and their underwriters, if any, and their respective
counsel and accountants, the opportunity to participate in the preparation of such Registration Statement, each Prospectus included
therein or filed with the Commission, and each amendment thereof or supplement thereto, and will give each of them such access
to its books and records and such opportunities to discuss the business of the Company with its officers and the independent public
accountants who have issued a report on its financial statements as shall be reasonably necessary, in the opinion of such Holders
and such underwriters or their respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act.

 

Section 2.06 Indemnification.

 

(a)
In the case of any Registration Statement filed under the Securities Act pursuant to Section 2.01 or Section 2.02, the
Company will indemnify and hold harmless the seller of any Registrable Securities covered by such Registration Statement, its directors,
officers and employees, each other Person who participates as an underwriter in the offering or sale of such Registrable Securities,
each officer, director and employee of each such underwriter, and each other Person, if any, who controls such seller, or each
officer, director and employee of such seller, or such underwriter, or each officer, director and employee of such underwriter,
within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, against any losses, claims,
damages, liabilities and expenses, joint or several, to which any such Person may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages, liabilities or expenses (or actions or proceedings in respect thereof) arise out of or
are based upon (i) any untrue statement or alleged untrue statement of a material fact in any Registration Statement (including
any document incorporated by reference therein) under which the Registrable Securities were registered under the Securities Act,
or any Prospectus or issuer

    	-13-

    	

    

 free writing prospectus or any amendment or supplement thereto, or in any filing made in connection
with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable
Securities are offered, or the omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act,
the Exchange Act or other federal or state law or any rule or regulation promulgated under the Securities Act, the Exchange Act
or other federal or state law; and the Company will reimburse each such Person for any legal or any other expenses reasonably incurred
by them in connection with investigating or defending any such loss, claim, damage, liability or expense; provided, however, that
the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or expense (or action
or proceeding in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in such Registration Statement, Prospectus, issuer free writing prospectus or blue sky filing or any amendment
or supplement thereto in reliance upon and in conformity with written information furnished to the Company for use in the preparation
thereof by such seller, underwriter or non-selling controlling Person, as the case may be. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of such Person and shall survive the transfer of such securities
by such seller.

 

(b)
The Company may require, as a condition to including any Registrable Securities in any Registration Statement filed pursuant to
this Article II, that the Company shall have received an undertaking reasonably satisfactory to it from (i) the prospective
seller of such Registrable Securities to indemnify and hold harmless (in the same manner and to the same extent as set forth in
Section 2.06(a) hereof, except that any such prospective seller shall not in any event be liable to the Company pursuant
thereto for an amount in excess of the net proceeds of the sale of such prospective seller’s Registrable Securities) the
Company, each officer, director and employee of the Company, each underwriter of such securities, each officer, director and employee
of each such underwriter and each other Person, if any, who controls the Company or any such underwriter or any officer, director
or employee thereof within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and (ii) each
such underwriter of such securities to indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 2.06(a) hereof)
the Company, each officer, director and employee of the Company, each prospective seller, each officer, director and employee of
each prospective seller and each other Person, if any, who controls the Company or any prospective seller or any officer, director
or employee thereof within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, but in
each case only with respect to any statement in or omission from such Registration Statement, any Prospectus included therein,
or any amendment or supplement thereto if such statement or omission was made in reliance upon and in conformity with written information
furnished by such prospective seller or such underwriter, as the case may be, to the Company for use in the preparation of such
Registration Statement, Prospectus, amendment or supplement; provided, however, that notwithstanding anything in this Agreement
to the contrary, the indemnity agreement contained in this subsection 2.06(b) shall not apply to amounts paid in settlement
of any such loss, claim, damage, liability or expense (or action or proceeding in respect thereof) if such settlement is effected
without the consent of the indemnifying party; provided that in no event shall any indemnity under this subsection 2.06(b) exceed
the net proceeds from the offering received by such indemnifying 

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party. Such indemnity shall remain in full force and effect regardless
of any investigation made by the indemnified party and shall survive the transfer of such securities by such seller.

 

(c)
Promptly after receipt by an indemnified party of notice of the commencement of any action or proceeding (including any investigation
by any governmental authority) involving a claim referred to in Section 2.06(a) or (b) hereof, such indemnified
party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the
commencement of such action; provided, however, that the failure of any indemnified party to give notice as provided herein shall
not relieve the indemnifying party of its obligations under the preceding provisions of this Section 2.06, except to the extent
that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an
indemnified party, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified
and indemnifying parties may exist in respect of such claim (in which case, the indemnifying party shall not be liable for the
fees and expenses of more than one (1) counsel for all sellers of Registrable Securities, or more than one counsel for the
underwriters in connection with any one (1) action or separate but similar or related actions), the indemnifying party will
be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified,
to the extent that it may wish with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to
such indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof.

 

(d)The indemnity provided
for hereunder shall not inure to the benefit of any indemnified party to the extent that such indemnified party failed to comply
with the applicable prospectus delivery requirements of the Securities Act as then applicable to the person asserting the loss,
claim, damage or liability for which indemnity is sought.

 

(e) The right to indemnification
under this Section 2.06 shall survive indefinitely.

 

Section 2.07 Contribution.

 

(a)
If the indemnification provided for in Section 2.06 is unavailable to the indemnified parties in respect of any losses, claims,
damages, liabilities or expenses referred to therein, then each indemnifying party shall contribute to the amounts paid or payable
by such indemnified party as a result of such losses, claims, damages, liabilities or expenses (i) as among the Company and each
of the selling Holders of Registrable Securities covered by a Registration Statement, on the one hand, and the underwriters, on
the other, in such proportion as is appropriate to reflect the relative benefits received by the Company and each such selling
Holder, on the one hand, and the underwriters, on the other, from the offering of the Registrable Securities, or if such allocation
is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the
relative fault of the Company and each such selling Holder, on the one hand, and of the underwriters, on the other, in connection
with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations, and (ii) as between the Company, on the one 

    	-15-

    	

    

hand, and each selling Holder of Registrable Securities covered by
a Registration Statement, on the other, in such proportion as is appropriate to reflect the relative fault of the Company and of
each such selling Holder in connection with such statements or omissions, as well as any other relevant equitable considerations.
The relative benefits received by the Company and each such selling Holder, on the one hand, and the underwriters, on the other,
shall be deemed to be in the same proportion as the total proceeds from the offering (net of underwriting discounts and commissions
but before deducting expenses) received by the Company and each such selling Holder bears to the total underwriting discounts and
commissions received by the underwriters. The relative fault of the Company and any selling Holder, on the one hand, and of the
underwriters, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company
and any selling Holder or by the underwriters. The relative fault of the Company, on the one hand, and each such selling Holder,
on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact relates to information supplied by the Company or any such selling Holder, and the parties’ (including as between selling
Holders) relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

(b)
The Company and the Holders of Registrable Securities agree that it would not be just and equitable if contribution pursuant to
this Section 2.07 were determined by pro rata allocation (even if the underwriters were treated as one entity for such purpose)
or by any other method of allocation that does not take account of the equitable considerations referred to in the preceding paragraph.
The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred
to in the preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Section 2.07, no underwriter shall be required to contribute any amount in excess of the amount by
which the total price at which the Registrable Securities underwritten by it and offered and distributed to the public exceeds
the amount of any damages that such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement
or omission or alleged omission, and no Holder of Registrable Securities shall be required to contribute any amount in excess of
the amount by which the total price at which the Registrable Securities of such Holder were offered to the public exceeds the amount
of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The obligation
of each Holder of Registrable Securities to contribute pursuant to this Section 2.07 is several in the proportion that the
proceeds of the offering received by such Holder bears to the total proceeds of the offering received by all the Holders and not
joint.

 

Section 2.08 Nominees
of Beneficial Owners.

 

In the event that any Registrable
Securities are held by a nominee for the Beneficial Owner 

    	-16-

    	

    

thereof, the Beneficial Owner thereof may, at its election, be treated
as the Holder of such Registrable Securities for purposes of any request or other action by any holder of Registrable Securities
pursuant to this Agreement or any determination of any number or percentage of shares of Registrable Securities held by any Holder
or Holders of Registrable Securities contemplated by this Agreement. If the Beneficial Owner of any Registrable Securities so elects,
the Company may require assurances reasonably satisfactory to it of such Beneficial Owner’s ownership of such Registrable
Securities.

 

Section 2.09 Rule
144.

 

The Company shall use all
commercially reasonable efforts to take all actions necessary to comply with the filing requirements described in Rule 144(c)(1)
or any successor thereto so as to enable the Holders to sell Registrable Securities without registration under the Securities Act.
Upon the written request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied
with the filing requirements under Rule 144(c)(1) or any successor thereto.

 

Section 2.10 Information Blackout.

 

(a) Upon
written notice from the Company to the Holders that the Company has determined in good faith that the sale of Registrable Securities
pursuant to a Registration Statement would require disclosure of non-public material information not otherwise required to be disclosed
under applicable law (A) which disclosure would have a material adverse effect on the Company or (B) relating to a material
business transaction involving the Company (an “Information Blackout”), the Company may postpone the effectiveness
of any Registration Statement required hereunder and, if such Registration Statement has become effective, the Company shall not
be required to maintain the effectiveness of such Registration Statement and all Holders shall suspend sales of Registrable Securities
pursuant to such Registration Statement, in each case, until the earlier of:

 

(i) forty-five (45) days
after the Company makes such good faith determination, and

 

(ii) such time as the
Company notifies the Holders that such material information has been disclosed to the public or has ceased to be material or that
sales pursuant to such Registration Statement may otherwise be resumed (the number of days from such notice from the Company until
the day when the Information Blackout terminates hereunder is hereinafter called a “Blackout Period”).

 

(b) Any delivery by the
Company of notice of an Information Blackout during the forty-five (45) days immediately following effectiveness of any Registration
Statement effected pursuant to Section 2.01 hereof shall give the Holders of a majority in aggregate amount of Registrable
Securities being sold the right, by written notice to the Company within twenty (20) Business Days after the end of such Blackout
Period, to cancel such registration.

 

(c) Notwithstanding the
foregoing, there shall be no more than two (2) Information Blackouts during any calendar year and no Blackout Period shall
continue for more than forty-five (45) consecutive days.

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Section 2.11 Restriction
on Company Grants of Subsequent Registration Rights. 

 

The Company agrees that, without
the prior written consent of the Holders of a majority of the Outstanding Registrable Securities, it shall not enter into any agreement
with the holder or prospective holder of any securities of the Company that would grant such holder or prospective holder any registration
rights.

 

ARTICLE III 

TRANSFERS

 

Section 3.01 Transfer of Rights

 

(a) Each Shareholder may
transfer all or any portion of such Shareholder’s rights hereunder with respect to the Registrable Securities under this
Agreement to any Person (each, a “Transferee”), and any such Transferee may likewise transfer all or any portion
of the rights hereunder that it acquires with respect to the Registrable Securities to a subsequent Transferee; provided, that
the demand registration rights of Shareholders set forth in Section 2.01 hereof are not transferable unless such Transferee holds
at least ten percent (10%) of the Outstanding Registrable Securities, and provided further, that any such transfer complies with
applicable law. Any Shareholder or Transferee who transfers Registrable Securities to another Person is referred to herein as a
“Transferring Holder.”

 

(b) Any such transfer
of rights under this Agreement will be effective upon receipt by the Company of (i) written notice from such Transferring
Holder stating the name and address of any Transferee and identifying the number of Registrable Securities with respect to which
rights under this Agreement are being transferred and the nature of the rights so transferred, and (ii) a written agreement
from the Transferee to be bound by the terms of this Agreement, upon which such Transferee will be deemed to be a party hereto
and have the rights and obligations of the Transferring Holder hereunder with respect to the Registrable Securities transferred
(subject to 3.01(a)).

 

(c) In the event the Company
engages in a merger or consolidation in which the shares of Common Stock are converted into securities of another company, appropriate
arrangements will be made so that the registration rights provided under this Agreement continue to be provided to Holders by the
issuer of such securities. To the extent such new issuer, or any other company acquired by the Company in a merger or consolidation,
was bound by registration rights obligations that would conflict with the provisions of this Agreement, the Company will use its
reasonable best efforts to modify any such “inherited” registration rights obligations so as not to interfere in any
material respects with the rights provided under this Agreement, unless

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 otherwise agreed by Holders then owning a majority of the
Registrable Securities.

 

Section 3.02 In-Kind
Distributions.

 

If any Shareholder seeks
to effectuate an in-kind distribution of all or part of its shares of Common Stock to its direct or indirect equityholders, the
Company will, subject to applicable lockups, cooperate with such Shareholder and the Company’s transfer agent to facilitate
such in-kind distribution in the manner reasonably requested by such Shareholder.

 

ARTICLE IV

MISCELLANEOUS

 

Section 4.01 Consent
to Assignment.

 

This Agreement shall inure
to the benefit of and be binding upon the successors, assigns and transferees of each of the parties hereto including, without
limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Registrable Securities in violation of applicable law. .

 

Section 4.02 Entire
Agreement and Amendments.

 

This Agreement constitutes
the entire agreement among the parties, and merges and supersedes all previous agreements and understandings among the parties,
whether oral or written, relating to the subject matter hereof. No amendment, modification or interpretation of this Agreement
will have any effect unless it is reduced to writing, makes specific reference to this Agreement, is signed by all of the parties
and, prior to the Effective Time (as defined in the Merger Agreement, is consented to in writing by the Other Holding Company.
The Other Holding Company shall be deemed to be a third-party beneficiary of the requirement that it consent to any amendment to
this Agreement effected prior to such Effective Time.

 

Section 4.03 Notices.

 

All notices, requests, demands
and other communications required or permitted hereunder shall be in writing and if mailed by prepaid first-class mail or certified
mail, return receipt requested, at any time other than during a general discontinuance of postal service due to strike, lockout
or otherwise, shall be deemed to have been received on the earlier of the date shown on the receipt or three Business Days after
the postmarked date thereof and, if telexed or telecopied, the original notice shall be mailed by prepaid first class mail within
twenty-four (24) hours after sending such notice by telex or telecopy, and shall be deemed to have been received on the next Business
Day following dispatch and acknowledgment of receipt by the recipient’s telex or telecopy machine. In addition, notices hereunder
may be delivered by hand, in which event the notice shall be deemed effective when delivered, or by overnight courier, in which
event the notice shall be deemed to have been received on the next Business Day following delivery to such courier. All notices
and other communications under this Agreement shall be given to the parties hereto at the following addresses:

    	-19-

    	

    

If to the Company:

 

Center Bancorp, Inc.

2455 Morris Avenue

Union, New Jersey 07083

Attn: Anthony C. Weagley,

President and Chief Executive
Officer

 

and

 

ConnectOne Bancorp,
Inc.

301 Sylvan Avenue

Englewood Cliffs,
New Jersey 07632

Attn: Frank Sorrentino
III,

Chairman and Chief
Executive Officer

 

Copy to:

 

Lowenstein Sandler LLP

1251 Avenue of the Americas, 17th floor

New York, NY 10020

Fax:  (973) 597-2351

Attention: Peter H. Ehrenberg

 

and

 

Windels, Marx, Lane &
Mittendorf, LLP

120 Albany Street

New Brunswick, New Jersey
08901

Attn: Robert Schwartz

 

If to the Shareholders:

 

Mr. Lawrence B. Seidman

Seidman & Associates, L.L.C.

100 Misty Lane

Parsippany, New Jersey 07054

 

Copy to:

 

Bray & Bray, LLC

100 Misty Lane

Parsippany, New Jersey 07054

    	-20-

    	

    

Attn: Peter Bray

 

Any party hereto may change its address specified
for notices herein by designating a new address by notice in accordance with this Section 4.03.

 

Section 4.04 Non-Waiver.

 

The waiver by any party of
any breach of any term, covenant, condition or agreement contained herein or any default in the performance of any obligations
hereunder shall not be deemed to be a waiver of any other breach or default of the same or of any other term, covenant, condition,
agreement or obligation.

 

Section 4.05 Governing
Law, Jurisdiction.

 

(a)
This Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey, without regard to conflict
of laws principles.

 

(b)
Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the jurisdiction of
any New Jersey State court or federal court of the United States of America sitting in New Jersey, and any appellate court thereof,
in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and
each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in any such New Jersey State court or, to the extent permitted by law, in such federal court.

 

Section 4.06 Captions.

 

All captions are inserted
for convenience only, and will not affect any construction or interpretation of this Agreement.

 

Section 4.07 Severability.

 

Any provision of this Agreement
which is or may become prohibited or unenforceable, as a matter of law or regulation, will be ineffective only to the extent of
such prohibition or unenforceability and shall not invalidate the remaining provisions hereof if the essential purposes of this
Agreement may be given effect despite the prohibition or unenforceability of the affected provision.

 

Section 4.08 Equitable
Remedies.

 

The parties hereto agree that
irreparable harm would occur in the event that any of the agreements and provisions of this Agreement were not performed fully
by the parties hereto in accordance with their specific terms or conditions or were otherwise breached, and that money damages
are an inadequate remedy for breach of this Agreement because of the difficulty of ascertaining and quantifying the amount of damage
that will be suffered by the parties hereto in 

    	-21-

    	

    

the event that this Agreement is not performed in accordance with its terms or conditions
or is otherwise breached. It is accordingly hereby agreed that the parties hereto shall be entitled to an injunction or injunctions
to restrain, enjoin and prevent breaches of this Agreement by the other parties and to enforce specifically the terms and provisions
hereof in any court referred to in Section 4.05 hereof, such remedy being in addition to, and not in lieu of, any other rights
and remedies to which the other parties are entitled to at law or in equity.

 

Section 4.09 Counterparts;
Execution.

 

This Agreement may be executed
in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one
and the same instrument. . This Agreement may be executed by facsimile or pdf signature by any party and such signature is deemed
binding for all purposes hereof, without delivery of an original signature being thereafter required

 

Section 4.10 Recapitalizations,
Exchanges, Etc. Affecting Common Stock.

 

Except as otherwise provided
in this Agreement, the provisions of this Agreement shall apply to any and all shares of capital stock or other securities of the
Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets, transfer of Equity Interests
or otherwise) which may be issued in respect of, in exchange for, or in substitution of, any shares of Common Stock by reason of
any reorganization, recapitalization, reclassification, merger, consolidation, partial or complete liquidation, sale of assets,
spin-off, stock dividend, split, distribution to stockholders or combination of the shares of Common Stock or any other change
in the Company’s capital structure, in order to preserve fairly and equitably as far as practicable, the original rights
and obligations of the parties hereto under this Agreement.

 

Section 4.11 Effective Date. This
Agreement shall be effective as of the Effective Date.

 

Section 4.12 Waiver
of Jury Trial.

 

Each party hereto hereby waives
to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect to any suit, action or other
proceeding directly or indirectly arising out of, under or in connection with this Agreement or any transaction contemplated hereby.
Each party hereto (a) certifies that no representative of any other party hereto has represented, expressly or otherwise, that
such other party would not, in the event of any suit, action or other proceeding, seek to enforce that foregoing waiver and (b)
acknowledges that it and the other parties hereto have been induced to enter into this Agreement, by, among other things, the mutual
waivers and certifications in this Section 4.12.

 

Section 4.13 Construction.

 

This Agreement shall be deemed
to have been drafted by each of the parties hereto and, consequently, when construing its terms, none of the parties will be deemed
to have been the draftsperson.

    	-22-

    	

    

IN WITNESS WHEREOF, the parties
hereto have caused this Registration Rights Agreement to be duly executed by their respective authorized signatories thereunto
duly authorized as of the date first set forth above.

 

	 	Center Bancorp, Inc.
	 	 		 	 
	 	By: 	/s/	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 	 
	 	SHAREHOLDERS:
	 	 	 	 	 
	 	SEIDMAN AND ASSOCIATES, L.L.C.
	 	 	 	 	 
	 	By:	/s/	 
	 	 	Lawrence B. Seidman
	 	 	Manager	 
	 	 	 	 	 
	 	SEIDMAN INVESTMENT PARTNERSHIP, L.P.
	 	 	 	 	 
	 	By:	Veteri Place Corporation, its
	 	 	General Partner
	 	 	 	 	 
	 		By: 	/s/	 
	 	 	 	Lawrence B. Seidman	 
	 	 	 	President	 
	 	 	 	 	 
	 	SEIDMAN INVESTMENT PARTNERSHIP II, L.P.
	 	 	 	 	 
	 	 	 	 	 
	 	By:	Veteri Place Corporation, its
	 	 	General Partner
	 	 	 	 	 
	 	 	By:	/s/	 
	 	 	 	Lawrence B. Seidman
	 	 	 	President	 

    	 

    	

    

	 	LSBK06-08, L.L.C.	 
	 	 	 	 	 
	 	By:	Veteri Place Corporation, its	 
	 	 	Trading Advisor	 
	 	 	 	 	 
	 		By:	/s/	 
	 	 		Lawrence B. Seidman
	 	 		President	 
	 	 	 	 	 
	 	BROAD PARK INVESTORS, L.L.C.
	 	 	 	 	 
	 	By:	/s/	 
	 	 	Lawrence B. Seidman	 
	 	 	President	 
	 	 	 	 	 
	 	CBPS, L.L.C.	 
	 	 	 	 	 
	 	By:	/s/	 
	 	 	Lawrence B. Seidman	 
	 	 	Investment Manager	 
	 	 	 	 	 
	 	2514 MULTI-STRATEGY FUND, L.P.
	 	 	 	 	 
	 	By:	/s/	 
	 	 	Lawrence B. Seidman	 
	 	 	Investment Manager	 
	 	 	 	 	 
	 	2514 SELECT FUND, L.P.	 
	 	 	 	 	 
	 	By:	/s/	 
	 	 	Lawrence B. Seidman	 
	 	 	Investment Manager	 

    	-24-

    	

    

	 	CHEWY GOOEY COOKIES, L.P.	 
	 	 	 	 
	 	By:	/s/	 
	 	 	Lawrence B. Seidman	 
	 	 	Investment Manager	 
	 	 	 	 
	 	/s/	 
	 	Lawrence B. Seidman	 

    	-25-

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