Document:

Amended and Restated Severance and Change of Control Agreement

 Exhibit 10.1 
 NETSUITE INC. 
 AMENDED AND RESTATED 
 SEVERANCE AND CHANGE OF CONTROL AGREEMENT 
 This Amended and Restated Severance
and Change of Control Agreement (the “Agreement”) is made and entered into by and between James Ramsey (“Executive”) and NetSuite Inc., a Delaware corporation (the “Company”), effective as August 4, 2009 (the
“Effective Date”). 
 RECITALS 
 1. It is possible that the Company could terminate Executive’s employment with the Company and it is expected that the Company from time to time will consider the possibility of an acquisition by another company
or other change of control. The Board of Directors of the Company (the “Board”) recognizes that such considerations can be a distraction to Executive and can cause Executive to consider alternative employment opportunities. The Board has
determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat or occurrence of such a termination
of employment or the occurrence of a Change of Control (as defined herein) of the Company. 
 2. The Board believes that it is in the best
interests of the Company and its stockholders to provide Executive with an incentive to continue his employment and to motivate Executive to maximize the value of the Company for the benefit of its stockholders. 
 3. The Board believes that it is imperative to provide Executive with certain severance benefits upon Executive’s termination of employment and with
certain additional benefits upon a Change of Control. These benefits will provide Executive with enhanced financial security and incentive and encouragement to remain with the Company. 
 4. This Agreement is intended to replace in its entirety the previous Severance and Change of Control Agreement entered into between the Company and
Executive effective October 1, 2008 (the “Original Agreement”). 
 5. Certain capitalized terms used in the Agreement are
defined in Section 6 below. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 
 1. Term of Agreement. This Agreement will terminate upon the date that all of the obligations of the parties hereto with respect to this Agreement have been satisfied. 

 2. At-Will Employment. The Company and Executive acknowledge that Executive’s employment is
and will continue to be at-will, as defined under applicable law, except as may otherwise be specifically provided under the terms of any written formal employment agreement between the Company and Executive (an “Employment Agreement”). If
Executive’s employment terminates for any reason, including (without limitation) any termination not set forth in Section 3, Executive will not be entitled to any payments, benefits, damages, awards or compensation other than as provided
by this Agreement. 
 3. Severance Benefits. 
 (a) Termination without Cause and not in Connection with a Change of Control. If the Company (or any Affiliate) terminates Executive’s employment with the Company (or any Affiliate), for a reason other
than Cause, Executive becoming Disabled or Executive’s death at any time other than during the period commencing three (3) months before and ending twelve (12) months after a Change of Control, then, subject to Section 4,
Executive will receive the following severance benefits from the Company: 
 (i) Accrued Compensation. The Company will pay Executive
all accrued but unpaid vacation, expense reimbursements, wages, commissions/bonuses under the Company’s Sales Incentive Plan (“Commissions”), and other benefits due to Executive under any Company-provided plans, policies, and
arrangements. 
 (ii) Severance Payment. Executive will be paid continuing payments of severance pay at a rate equal to
Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies. 
 (iii) Pro-Rated Bonus Payment. Executive will receive a lump-sum severance payment equal to one hundred percent (100%) of Executive’s
target bonus as in effect for the fiscal year in which Executive’s termination occurs, pro-rated by multiplying such bonus amount by a fraction, the numerator of which shall be the number of days from and including the first day of such fiscal
year through and including the date of Executive’s termination, and the denominator of which shall be three-hundred and sixty-five (365). 
 (iv) Equity. Subject to the remaining provisions of this paragraph, all of Executive’s unvested and outstanding equity awards that would have become vested had Executive remained in the employ of the Company for the twelve
(12) month period following Executive’s termination of employment shall immediately vest and become exercisable as of the date of Executive’s termination. If, however, an outstanding equity award is to vest, and/or the amount of the
award to vest, is to be determined, in part or in whole, based on the achievement of performance criteria, and the performance period for achievement of such performance will expire within the twelve (12) month period following Executive’s
termination of employment, then the equity award will vest as to the amount of the equity award that would have vested had Executive remained employed through such twelve (12) month period and the determination of the achievement of the
performance criteria by the Administrator (with the amount of the award vesting based upon the extent to which the performance criteria was so determined to have been achieved). The settlement 

  

 -2- 

 
of any awards that vest pursuant to the preceding sentence shall take place at the time the Administrator determines to what extent the performance criteria
for the performance period have been achieved. If the performance period for achievement of such performance will not expire within the twelve (12) month period following Executive’s termination of employment, the award will terminate
unvested upon Executive’s termination and Executive will not be entitled to any shares or other payment of consideration with respect to the award. 
 In addition, with respect to equity awards granted after the effective date of the Original Agreement, Executive will have twelve (12) months following any such termination of employment in which to exercise any
stock options, stock appreciation rights, or similar rights to acquire Company common stock, but in no event will such equity award be permitted to be exercised beyond the earlier of the original maximum term of such equity award or ten
(10) years from the original grant date of such equity award. 
 (v) Outplacement Benefits. If requested by Executive, the
Company will pay the expense for outplacement benefits provided by a service to be determined by the Company in its discretion for a period of up to twelve (12) months following Executive’s termination. 
 (vi) Continued Employee Benefits. Executive will receive Company-paid coverage for a period of twelve (12) months for Executive and
Executive’s eligible dependents under the Company’s Benefit Plans. 
 (vii) Payments or Benefits Required by Law. Executive
will receive such other compensation or benefits from the Company as may be required by law (for example, Title X of the Consolidated Budget Reconciliation Act of 1985, as amended (“COBRA”)). 
 (b) Termination without Cause or Resignation for Good Reason in Connection with a Change of Control. If during the period commencing three
(3) months before and ending twelve (12) months after a Change of Control, (1) Executive terminates his employment with the Company (or any Affiliate) for Good Reason or (2) the Company (or any Affiliate) terminates
Executive’s employment for other than Cause, Executive becoming Disabled or Executive’s death, then, subject to Section 4, Executive will receive the following severance from the Company: 
 (i) Accrued Compensation. The Company will pay Executive all accrued but unpaid vacation, expense reimbursements, wages, Commissions, and other
benefits due to Executive under any Company-provided plans, policies, and arrangements. 
 (ii) Severance Payment. Executive will
receive a lump-sum severance payment equal to twelve (12) months of Executive’s annual base salary as in effect immediately prior to Executive’s termination date or (if greater) at the level in effect immediately prior to the Change
of Control. 
 (iii) Bonus Payment. Executive will receive a lump-sum severance payment equal to one hundred percent (100%) of
the higher of (x) Executive’s target bonus as in effect for the fiscal year in which the Change of Control occurs or (y) Executive’s target bonus as in effect for the fiscal year in which Executive’s termination occurs.

  

 -3- 

 (iv) Equity. Subject to the remaining provisions of this paragraph, Executive will be entitled to
accelerated vesting as to one hundred percent (100%) of the then unvested portion of all of Executive’s outstanding equity awards. If, however, an outstanding equity award is to vest and/or the amount of the award to vest is to be
determined based on the achievement of performance criteria, then the equity award will vest as to one hundred percent (100%) of the amount of the equity award assuming the performance criteria had been achieved at target levels for the
relevant performance period(s). 
 In addition, with respect to equity awards granted after the effective date of the Original Agreement,
Executive will have twelve (12) months following any such termination of employment in which to exercise any stock options, stock appreciation rights, or similar rights to acquire Company common stock, but in no event will such equity award be
permitted to be exercised beyond the earlier of the original maximum term of such equity award or ten (10) years from the original grant date of such equity award. 
 (v) Continued Employee Benefits. Executive will receive Company-paid coverage for a period of twelve (12) months for Executive and Executive’s eligible dependents under the Company’s Benefit
Plans. 
 (vi) Outplacement Benefits. If requested by the Executive, the Company will pay the expense for outplacement benefits
provided by a service to be determined by the Company in its discretion for a period of twelve (12) months following Executive’s termination. 
 (vii) Payments or Benefits Required by Law. Executive will receive such other compensation or benefits from the Company as may be required by law (for example, COBRA). 
 For purposes of Section 3(a) and (b), if Executive’s employment with the Company or one of its Affiliates terminates, he will not be determined
to have been terminated without Cause, provided he continues to remain employed by the Company or one of its Affiliates (e.g., upon transfer from one Affiliate to another); provided, however, that the parties understand and acknowledge that any such
termination could potentially result in Executive’s ability to resign for Good Reason under Section 3(b). 
 (c) Disability;
Death. If Executive’s employment with the Company (or any Affiliate) is terminated due to Executive’s becoming Disabled or Executive’s death, then Executive or Executive’s estate (as the case may be) will (i) receive the
earned but unpaid base salary through the date of termination of employment, (ii) receive all accrued vacation, expense reimbursements and any other benefits due to Executive through the date of termination of employment in accordance with
Company-provided or paid plans, policies and arrangements, and (iii) not be entitled to any other compensation or benefits from the Company except to the extent required by law (for example, COBRA). 
 (d) Voluntary Resignation; Termination for Cause. If Executive voluntarily terminates Executive’s employment with the Company or any
Affiliate (other than for Good Reason during the period that commences three (3) months before a Change of Control and ends twelve (12)

  

 -4- 

 
months after a Change of Control) or if the Company (or any Affiliate) terminates Executive’s employment with the Company (or any Affiliate) for Cause,
then Executive will (i) receive his earned but unpaid base salary through the date of termination of employment, (ii) receive all accrued vacation, expense reimbursements and any other benefits due to Executive through the date of
termination of employment in accordance with established Company-provided or paid plans, policies and arrangements, and (iii) not be entitled to any other compensation or benefits (including, without limitation, accelerated vesting of any
equity awards) from the Company except to the extent provided under agreement(s) relating to any equity awards or as may be required by law (for example, COBRA). 
 (e) Exclusive Remedy. In the event of a termination of Executive’s employment, the provisions of this Agreement are intended to be and are exclusive and in lieu of and supersede any other rights or
remedies to which Executive or the Company (or any Affiliate) may otherwise be entitled, whether at law, tort or contract (including, without limitation, Executive’s Employment Agreement and the Original Agreement) or in equity. Executive will
be entitled to no benefits, compensation or other payments or rights upon termination of employment other than those benefits expressly set forth in this Agreement. 
 4. Conditions to Receipt of Severance 
 (a) Release of Claims Agreement.
The receipt of any severance payments or benefits pursuant to this Agreement is subject to Executive signing and not revoking a separation agreement and release of claims in a form acceptable to the Company (the “Release”), which must
become effective no later than the sixtieth (60th) day following
Executive’s termination of employment (the “Release Deadline”), and if not, Executive will forfeit any right to severance payments or benefits under this Agreement. To become effective, the Release must be executed by Executive
and any revocation periods (as required by statute, regulation, or otherwise) must have expired without Executive having revoked the Release. In addition, in no event will severance payments or benefits will be paid or provided until the Release
actually becomes effective. In the event the termination occurs at a time during the calendar year where the Release Deadline could occur in the calendar year following the calendar year in which Executive’s termination occurs, then any
severance payments or benefits under the this Agreement that would be considered Deferred Compensation Separation Benefits (as defined in Section 4(c)) will be paid on the first payroll date to occur during the calendar year following the
calendar year in which such termination occurs, or such later time as required by (i) the payment schedule applicable to each payment or benefit as set forth in Section 3, (ii) the date the Release becomes effective, or
(iii) Section 4(c). 
 (b) Non-solicitation. Executive agrees, to the extent permitted by applicable law, that in the event
the Executive receives severance pay or other benefits pursuant to Sections 3(a) and (b) above, for the twelve (12) consecutive month period immediately following the date of Executive’s termination, Executive, as a condition to
receipt of severance pay and benefits under Sections 3(a) and (b), will not directly or indirectly, solicit, induce, recruit, any employee of the Company to leave his employment either for Executive or for any other entity or person. In the event
Executive violates the provisions of this Section 4(b), all severance pay and other benefits pursuant to Section 3 shall cease immediately. 
  

 -5- 

 The covenant contained in this Section 4(b) hereof shall be construed as a series of separate
covenants, one for each country, province, state, city or other political subdivision in which the Company currently engages in its business or, during the term of this Agreement, becomes engaged in its business. Except for geographic coverage, each
such separate covenant shall be deemed identical in terms to the covenant contained in this Section 4(b). If, in any judicial proceeding, a court refuses to enforce any of such separate covenants (or any part thereof), then such unenforceable
covenant (or such part) shall be eliminated from this Agreement to the extent necessary to permit the remaining separate covenants (or portions thereof) to be enforced. In the event that the provisions of this Section 4(b) are deemed to exceed
the time, geographic or scope limitations permitted by applicable law, then such provisions shall be reformed to the maximum time, geographic or scope limitations, as the case may be, permitted by applicable law. 
 (c) Section 409A. 
 (i)
Notwithstanding anything to the contrary in this Agreement, no Deferred Payments (as defined below) or other severance benefits that otherwise are exempt from Section 409A (as defined below) pursuant to Treasury Regulation
Section 1.409A-1(b)(9) shall become payable until Executive has a “separation from service” within the meaning of Section 409A. 
 (ii) Further, if Executive is a “specified employee” within the meaning of Section 409A of the Code and the final regulations and any guidance promulgated thereunder (“Section 409A”) at the
time of Executive’s separation from service (other than due to death), and the severance payments and benefits payable to Executive, if any, pursuant to the offer, when considered together with any other severance payments or separation
benefits, are considered deferred compensation under Section 409A (together, the “Deferred Payments”), such Deferred Payments that otherwise are payable within the first six (6) months following Executive’s separation from
service will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable
in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, in the event of Executive’s death following Executive’s separation from service but prior to the six
(6) month anniversary of Executive’s separation from service (or any later delay date), then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of
Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under the offer is intended to constitute a separate payment for
purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (iii) Any severance payment that satisfies the requirements of the
“short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations shall not constitute Deferred Payments for purposes of the offer. Any severance payment that qualifies as a payment made as a result of an
involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit shall not constitute Deferred Payments for purposes of the offer. For purposes of this
subsection (iii), “Section 409A Limit” will mean the lesser of two (2) times: (i) Executive’s annualized 

  

 -6- 

 
compensation based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding the Executive’s taxable year of
Executive’s separation from service as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into
account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated. 
 (iv) The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided under the offer will be subject to the additional tax imposed under
Section 409A, and any ambiguities herein will be interpreted to so comply. Executive and the Company agree to work together in good faith to consider amendments to the offer and to take such reasonable actions which are necessary, appropriate
or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. 
 5. Limitation on Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G
of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) but for this Section 5, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s severance benefits under
Section 3 will be either: 
  

	 	(a)	delivered in full, or 

  

	 	(b)	delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under Section 4999 of the Code,

 whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by
Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be taxable under Section 4999 of the Code.
Unless the Company and Executive otherwise agree in writing, any determination required under this Section 4 will be made in writing by the Company’s independent public accountants immediately prior to Change of Control (the
“Accountants”), whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 5, the Accountants may make reasonable assumptions
and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Accountants such information and
documents as the Accountants may reasonably request in order to make a determination under this Section. The Company will bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 5. If
a reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: reduction of severance and pro-rata bonus;
cancellation of vesting acceleration; reduction of COBRA continuation coverage; reduction of outplacement benefits. 
  

 -7- 

 6. Definition of Terms. The following terms referred to in this Agreement will have the following
meanings: 
 (a) Affiliate. “Affiliate” means the Company and any other parent or subsidiary corporation of the Company, as
such terms are defined in Section 424(e) and (f) of the Code. 
 (b) Benefit Plans. “Benefit Plans” means plans,
policies or arrangements that the Company sponsors (or participates in) and that immediately prior to Executive’s termination of employment provide Executive and/or Executive’s eligible dependents with medical, dental, vision and similar
benefits. Benefit Plans do not include any other type of benefit (including, but not by way of limitation, disability, life insurance, or retirement benefits). A requirement that the Company provide Executive and Executive’s eligible dependents
with coverage under the Benefit Plans will not be satisfied unless the coverage is no less favorable than that provided to executives of the Company at any applicable time during the period Executive is entitled to receive severance pursuant to
Section 3. The Company may, at its option, satisfy any requirement that the Company provide coverage under any Benefit Plan by (i) reimbursing Executive’s premiums under COBRA after Executive has properly elected continuation coverage
under COBRA (in which case Executive will be solely responsible for electing such coverage for his eligible dependents), or (ii) providing coverage under a separate plan or plans providing coverage that is no less favorable. 
 (c) Cause. “Cause” means (i) Executive’s failure to devote sufficient time and effort to the performance of his duties;
(ii) Executive’s continued failure to perform his employment duties, (iii) Executive’s repeated unexplained or unjustified absences from the Company; (iv) Executive’s material and willful violation of any federal or
state law which if made public would injure the business or reputation of the Company; (v) Executive’s refusal or willful failure to act in accordance with any specific lawful direction or order of the Company or stated written policy of
the Company; (vi) Executive’s commission of any act of fraud with respect to the Company; or (vii) Executive’s conviction of, or plea of nolo contendere to, a felony or a crime involving moral turpitude causing
material harm to the standing and reputation of the Company, in each case as reasonably determined by the Company or the Board of Directors of the Company (the “Board”). The Company may not terminate the employment of an Executive under
clause (i), (ii), or (iii) above unless the Company (1) provides Executive with a written notice that specifically sets forth the factual basis to support the Company’s right to terminate Executive’s employment under clause (i),
(ii), or (iii) above, and (2) permits Executive to cure such failure, to the Company’s satisfaction, within 10 business days after receiving such notice. 
 (d) Change of Control. “Change of Control” means the occurrence of any of the following: 
 (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), except Tako Ventures, LLC, or an affiliate of Tako Ventures, LLC, that becomes the “beneficial
owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by, or more than fifty percent (50%) of the fair
value of, the Company’s then outstanding voting securities; provided, however, that for purposes of this subsection (d), the acquisition of additional securities by any one person, who is considered to own 

  

 -8- 

 
more than fifty percent (50%) of the total voting power of the securities of the Company shall not be considered a Change of Control; or 
 (ii) Any action or event occurring within an one-year period, as a result of which less than a majority of the directors are Incumbent Directors.
“Incumbent Directors” will mean directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated for election, to the Board with the affirmative votes of a majority of the Incumbent
Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); or 

(iii) The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or resulting entity, including any parent
holding company) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving or resulting entity outstanding immediately after such merger or consolidation; or 
 (iv) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any person acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total fair market value
of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this Section 6(d)(iv), a transfer of assets by the Company to any of the following shall not constitute a change
in the ownership of a substantial portion of the Company’s assets: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s securities; (2) an entity, fifty percent
(50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company; (3) a person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the
outstanding stock of the Company; or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a person described in clause (3). For purposes of this subsection (iv), gross
fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 
 Notwithstanding the foregoing, a Company transaction that does not constitute a change in control event under Code Section 409A(a)(2)(A)(v) shall be
not be considered a Change of Control for purposes of this Agreement. 
 (e) Disability. “Disability” will mean that the
Executive has been unable to perform his Company duties as the result of his incapacity due to physical or mental illness, and such inability, at least twenty-six (26) weeks after its commencement or one hundred and eighty (180) days in
any consecutive twelve (12) month period, is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to Executive or Executive’s legal representative (such agreement as to acceptability
not to be unreasonably withheld). Termination 

  

 -9- 

 
resulting from Disability may only be effected after at least thirty (30) days’ written notice by the Company of its intention to terminate the
Executive’s employment. In the event that the Executive resumes the performance of substantially all of his duties hereunder before the termination of his employment becomes effective, the notice of intent to terminate will automatically be
deemed to have been revoked. 
 (f) Good Reason. “Good Reason” means Executive’s resignation within thirty
(30) days following the expiration of any Company cure period following the occurrence of one or more of the following, without the Executive’s written consent: (i) the significant reduction of Executive’s duties, authority,
responsibilities, job title or reporting relationships relative to Executive’s duties, authority, responsibilities, job title, or reporting relationships as in effect immediately prior to such reduction, or the assignment to Executive of such
reduced duties, authority, responsibilities, job title, or reporting relationships; provided, however, that a reduction in position or responsibilities solely by virtue of a Change in Control shall not constitute “Good Reason”; (ii) a
reduction of more than five percent of Executive’s Base Salary in any one year; (iii) a reduction by more than ten percent of Executive’s total target annual cash compensation in any one year (which consists of Executive’s Base
Salary plus target bonus incentive compensation); (iv) the material change in the geographic location at which Executive must perform services (for these purposes, the relocation of Executive to a facility that is more than twenty-five
(25) miles from Executive’s current employment location will be considered material); (v) the failure of the Company to obtain assumption of this Agreement by any successor; and (vi) the breach by the Company of a material
provision of this Agreement. For purposes of clause (i), Executive’s duties, authority, responsibilities, job title and reporting relationships will be deemed to have been significantly reduced if Executive does not (a) hold
at least the same title and position (including responsibility over at least the same functional areas as prior to the change of control) with the Company business or the business with which such business is operationally
merged or subsumed (as, for example, where the Senior Vice President, Sales and Distribution of the Company remains the Senior Vice President, Sales and Distribution of the Company following a Change in Control where the Company becomes a
wholly owned but separate operating subsidiary of the acquirer, but is not made the Senior Vice President, Sales and Distribution of the acquiring corporation), or (b) remain a member of the executive officer management staff of
the Company business or the business with such business is operationally merged or subsumed. Executive will not resign for Good Reason without first providing the Company with written notice within ninety (90) days of the event that
Executive believes constitutes “Good Reason” specifically identifying the acts or omissions constituting the grounds for Good Reason and a reasonable cure period of not less than thirty (30) days following the date of such notice.

 7. Successors. 
 (a)
The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets will
assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession.
For all purposes under this Agreement, the term “Company” will include any successor to the Company’s business and/or assets which executes and delivers the assumption 

  

 -10- 

 
agreement described in this Section 7(a) or which becomes bound by the terms of this Agreement by operation of law. 
 (b) Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of, and be
enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 8. Notice. 
 (a) General. Notices and all other communications contemplated by this Agreement
will be in writing and will be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of Executive, mailed notices will be addressed to
him or her at the home address which he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the attention of its
President. 
 (b) Notice of Termination. Any termination by the Company for Cause or by Executive for Good Reason will be communicated
by a notice of termination to the other party hereto given in accordance with Section 8(a) of this Agreement. Such notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty (30) days after the giving of such notice). The failure by Executive
to include in the notice any fact or circumstance which contributes to a showing of Good Reason will not waive any right of Executive hereunder or preclude Executive from asserting such fact or circumstance in enforcing his rights hereunder.

 9. Miscellaneous Provisions. 
 (a) No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any such payment be reduced by any earnings that Executive may receive from any other source.

 (b) Waiver. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is
agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will
be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (c) Headings. All
captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 
 (d)
Entire Agreement. This Agreement, together with any Employment Agreement, constitutes the entire agreement of the parties hereto and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether
oral or written and whether expressed or implied) of the parties with respect to the subject matter hereof. No waiver, 

  

 -11- 

 
alteration, or modification of any of the provisions of this Agreement will be binding unless in writing and signed by duly authorized representatives of the
parties hereto and which specifically mention this Agreement. 
 (e) Choice of Law. The validity, interpretation, construction, and
performance of this Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions). Any claims or legal actions by one party against the other arising out of the relationship between the
parties contemplated herein (whether or not arising under this Agreement) will be commenced or maintained in any state or federal court located in the jurisdiction where Executive resides, and Executive and the Company hereby submit to the
jurisdiction and venue of any such court. 
 (f) Severability. The invalidity or unenforceability of any provision or provisions of
this Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and effect. 
 (g) Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable income and employment taxes. 
 (h) Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 
 [SIGNATURE PAGE FOLLOWS] 
  

 -12- 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its
duly authorized officer, as of the day and year set forth below. 
  

							
	COMPANY	 		 	NETSUITE INC.
				
		 		 	By:	 	 / s/    DOUGLAS P. SOLOMON

		 		 	Title:	 	SVP, General Counsel and Secretary
				
	EXECUTIVE	 		 	By:	 	 /s/    JAMES RAMSEY

  

 -13-Change in Control Agreement

 Exhibit 10.1 
 CHANGE IN CONTROL AGREEMENT 
 THIS CHANGE IN CONTROL AGREEMENT (the
“Agreement”), is dated as of the 12th day of June 2009, among Lakeland
Bancorp, Inc. (the “Holding Company”), a New Jersey corporation, and Lakeland Bank (the “Bank”), a New Jersey chartered commercial bank, having offices at 250 Oak Ridge Road, Oak Ridge, New Jersey 07438 (the Holding Company and
the Bank are collectively referred to herein as the “Company”) and Ronald E. Schwarz (the “Executive”). 
 BACKGROUND

 WHEREAS, the Executive is employed as Executive Vice President and Chief Retail Officer of the Company; and 
 WHEREAS, the Company believes that the future services of the Executive are of great value to the Company and that it is important for the growth
and development of the Company that the Executive continue in his position; and 
 WHEREAS, the Board of Directors of the Holding
Company (the “Board”) believes it is imperative that the Company be able to rely upon the Executive to continue in his position in the event that Holding Company receives any proposal from a third person concerning a possible business
combination with, or acquisition of equities securities of, the Company, and that they be able to receive and rely upon his advice, if they request it, as to the best interests of the Company and its shareholders, without concern that the Executive
might be distracted by the personal uncertainties and risks created by such a proposal; and 
 WHEREAS, to achieve that goal, and to
retain the Executives services prior to any such activity, the Company and the Executive have agreed to enter into this Agreement to govern the Executive’s termination benefits in the event of a Change in Control, as hereinafter defined;

 NOW, THEREFORE, to assure the Company that it will have the continued dedication of the Executive and the availability of his
advice and counsel notwithstanding the possibility, threat or occurrence of a bid to take over control of the Company, and to induce the Executive to remain in the employ of the Company, and for other good and valuable consideration, the Company and
the Executive, each intending to be legally bound hereby agree as follows: 
 1.    Definitions 
 a.    Cause. For purposes of this Agreement “Cause” with respect to the termination by the Company of
Executive’s employment shall mean: (i) failure by the Executive to materially perform his duties for the Company under this Agreement after at least one warning in writing identifying specifically any such material failure and offering a
reasonable opportunity to cure such failure; (ii) the willful engaging by the Executive in material misconduct which causes material injury to the Company; or (iii) conviction of a crime (other than a traffic violation), habitual
drunkenness, drug abuse, or excessive absenteeism other than for illness, after a warning (with respect 

 to drunkenness or absenteeism only) in writing to refrain from such behavior. No act or failure to act on the part of the
Executive shall be considered willful unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or omission was in the best interest of the Company. The Company shall have the burden of
proving Cause by clear and convincing evidence. 
 b.    Change in Control. For purposes of this Agreement, a
“Change in Control” shall mean the occurrence of any of the following events with respect to the Holding Company: 
 (i)    the consummation of any consolidation or merger of the Holding Company in which the Holding Company is not the continuing or surviving corporation or pursuant to which shares of the Holding Company’s common
stock (“Common Stock”) would be converted into cash, securities or other property, other than a merger of the Holding Company in which the holders of the shares of the Holding Company’s Common Stock immediately prior to the merger
have the same proportionate ownership of common stock of the surviving corporation immediately after the merger; or 
 (ii)    the consummation of 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 Holding Company, other than to a
subsidiary or affiliate; or 
 (iii)    an approval by the shareholders of the Holding Company of any plan or proposal
for the liquidation or dissolution of the Holding Company; or 
 (iv)    any action pursuant to which any person (as
such term is defined in Section 13(d) of the Exchange Act), corporation or other entity (other than any person who owns more than ten percent (10%) of the outstanding Common Stock on the date this Agreement is entered into, the Holding
Company or any benefit plan sponsored by the Holding Company or any of its subsidiaries) shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of shares of capital stock
entitled to vote generally for the election of directors of the Holding Company (“Voting Securities”) representing fifty-one (51%) percent or more of the combined voting power of the Holding Company’s then outstanding Voting
Securities (calculated as provided in Rule 13d-3(d) in the case of rights to acquire any such securities), unless, prior to such person so becoming such beneficial owner, the Board shall determine that such person so becoming such beneficial owner
shall not constitute a Change in Control; or 
 (v)    the individuals (x) who, as of the date
on which the Agreement is entered into, constitute the Board (the “Original Directors”) and (y) who thereafter are elected to the Board and whose election, or nomination for election, to the Board was approved by a vote of at least
two thirds of the Original Directors then still in office (such Directors being called “Additional Original Directors”
) and (z) who thereafter are elected to the Board and whose election or nomination for election to the Board was approved by a vote of at least two thirds of the Original Directors and Additional
Original Directors then still in office, cease for any reason to constitute a majority of the members of 

  

 2 

 
the Board. 
 c.    Contract Period. “Contract Period” shall mean the period commencing the day immediately preceding a Change in Control and ending on the earlier of: (i) the second anniversary of the Change in
Control; (ii) the date the Executive would attain age 65; or (iii) the death of the Executive. 
 d.    Exchange Act. “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 e.    Good Reason. When used with reference to a voluntary termination by Executive of his employment with the Company, “Good Reason” shall mean any of the following, if taken without Executive’s express written consent: 
 (i)    The assignment to Executive of any duties inconsistent with, or the reduction of authority, powers or responsibilities
associated with, Executive’s position, title, duties, responsibilities and status with the Company immediately prior to a Change in Control (a “Change in Assignment”) or any removal of Executive from, or any failure to re-elect
Executive to, any position(s) or office(s) Executive held immediately prior to such Change in Control. A change in position, title, duties, responsibilities and status or position(s) or office(s) following a Change in Control shall constitute a
Change in Assignment unless the Executive’s new title, duties and responsibilities are accepted in writing by the Executive, in the sole discretion of the Executive; 
 (ii)    A reduction by the Company in Executive’s annual base compensation as in effect immediately prior to a Change in
Control; 
 (iii)    A failure by the Company to continue for Executive any bonus plan in which Executive participated
immediately prior to the Change in Control or a failure by the Company to continue Executive as a participant in such plan on at least the same basis as Executive participated in such plan prior to the Change in Control. 
 (iv)    After a Change in Control, the Company’s transfer of Executive to another geographic location outside of New Jersey or
more than 25 miles from his present office location, except for required travel on the Company’s business to an extent substantially consistent with Executive’s business travel obligations immediately prior to such Change in Control;

 (v)    The failure by the Company to continue in effect for Executive any employee benefit plan, program or
arrangement (including, without limitation any 401(k) plan, pension plan, life insurance plan, health and accident plan, disability plan, or stock option plan) in which Executive is participating immediately prior to a Change in Control (except that
the Company may institute or continue plans, programs or arrangements providing Executive with substantially similar benefits); the taking of any action by the Company after a Change in Control which would adversely affect Executive’s
participation in or materially reduce Executive’s benefits under, any of such plans, programs or arrangements, the failure to continue, or the taking of any action which would deprive 

  

 3 

 
Executive, of any material fringe benefit enjoyed by Executive immediately prior to such Change in Control; or the failure by the Company to provide
Executive with the number of paid vacation days to which Executive was entitled immediately prior to such Change in Control; or 
 (vi)    The failure by the Company to obtain an assumption in writing of the obligations of the Company to perform this Agreement by any successor to the Company and to provide such assumption to the Executive upon
consummation of the event giving rise to the Change in Control. 
 2.    Employment. During the Contract Period,
the Company hereby agrees to employ the Executive, and the Executive hereby accepts employment, upon the terms and conditions set forth herein. 
 3.    Position. During the Contract Period, the Executive shall be employed as Executive Vice President and Chief Retail Officer of the Company or such other corporate or divisional profit center as shall then be
the principal successor to the business, assets and properties of the Company, with the same title and the same duties and responsibilities as before the Change in Control. The Executive shall devote his full time and attention to the business of
the Company, and shall not during the Contract Period be engaged in any other business activity. This paragraph shall not be construed as preventing the Executive from managing any investments of his which do not require any service on his part in
the operation of such investments. 
 4.    Cash Compensation. The Company shall pay to the Executive salary and
bonus compensation for his services during the Contract Period as follows: 
 a.    Annual Salary. An Annual
salary equal to the annual salary in effect immediately prior to Change in Control. The annual salary shall be payable in installments in accordance with the Company’s usual payroll method. The annual salary shall not be reduced during the
Contract Period. 
 b.    Annual Bonus. An Annual cash bonus equal to the highest annual bonus paid to the
Executive during the three most recent fiscal years prior to the Change in Control. The bonus shall be payable at the time and in the manner which the Company paid such bonuses prior to the Change in Control 
 5.    Expenses and Fringe Benefits. During the Contract Period, the Executive shall be entitled to reimbursement for all
business expenses incurred by him with respect to the business of the Company in the same manner and to the same extent as such expenses were previously reimbursed to him immediately prior to the Change in Control. If prior to the Change in Control,
the Executive was entitled to the use of an automobile, he shall be entitled to the same use of an automobile at least comparable to the automobile provided to him prior to the Change in Control, and he shall be entitled to vacations and sick days,
in accordance with the practices and procedures of the Company, as such existed immediately prior to the Change in Control. During the Contract Period, the Executive also shall be entitled to hospital, health, medical and life insurance, and any
other benefits enjoyed, from time to time, by Executive officers of the Company, all upon terms as favorable as those enjoyed by other Executive officers of the 

  

 4 

 
Company. Notwithstanding anything in this section to the contrary, if the Company adopts any change in the expenses allowed to, or fringe benefits provided
for, Executive officers of the Company, and such policy is uniformly applied to all Executive officers of the Company (and any successor or acquirer of the Company, if any), including the chief executive officer of such entities, then no such change
shall be deemed to be contrary to this Section. 
 All reimbursements provided under this Agreement shall be made or provided in accordance
with the requirements of Section 409A of the Code (as defined in Section 14 below), including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter
period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an
eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit. 
 6.    Termination for Cause. The Company shall have the right to terminate the Executive for Cause, upon written notice to him
of the termination which notice shall specify the reasons for the termination. In the event of a valid termination for Cause, the Executive shall not be entitled to any further compensation or benefits under this Agreement. 
 7.    Disability. During the Contract Period, if the Executive becomes permanently disabled, or is unable to perform his
duties hereunder for six consecutive months, the Company may terminate the employment of the Executive. In such event, the Executive shall not be entitled to any further benefits under this Agreement other than payments under any disability policy
which the Company may obtain for the benefit of senior officers generally. 
 8.    Death Benefits. Upon the
Executive’s death during the Contract Period, the Executive shall be entitled to the benefits of any life insurance policy paid for by the Company which provides, permits and allows the Executive to name a beneficiary other than the Company,
but his estate shall not be entitled to any further benefits under this Agreement or any other life insurance policy, except for such policies or benefits customarily provided to employees of the Bank. 
 9.    Termination Without Cause or Resignation for Good Reason. The Company may terminate the Executive without Cause during
the Contract Period by written notice to the Executive, or the Executive may resign for Good Reason during the Contract Period upon four weeks’ prior written notice to the Company specifying the Good Reason. If the Company terminates the
Executive’s employment during the Contract Period without Cause or if the Executive resigns for Good Reason, the Company shall, within 20 business days of the Executive’s termination of employment, pay the Executive a lump sum equal to two
times the highest annual compensation, including only salary and cash bonus, paid the Executive during any of the three calendar years immediately prior to the Change in Control (the 

  

 5 

 
“Lump Sum Payment”). During the remainder of the Contract Period, the Company also shall continue to provide the Executive with and pay for medical
and hospital insurance, disability insurance and life insurance, as were provided and paid for at the time of the termination of his employment with the Company; provided, that such insurance coverage shall be provided only to the extent
permitted under the terms and conditions of the Company’s employee benefit plans. The Executive shall also have the right to purchase from the Company, at book value price, such automobile of the Company, if any, as was used by the Executive
while employed by the Company; provided, that the Executive exercises such right within 10 days of his termination of employment and completes the purchase transaction within 30 days of his termination of employment. The Executive shall not
have a duty to mitigate the damages suffered by him in connection with the termination by the Company of his employment without Cause or a resignation for Good Reason during the Contract Period. 
 The Lump Sum Payment is intended to be administered and interpreted in a manner such that it shall not be subject to “additional tax” within
the meaning of Section 409A(a)(1)(B) of the Code. Notwithstanding any provision of this Agreement to the contrary, if and to the extent necessary to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to
“specified employees,” the Lump Sum Payment shall be paid on the first business day of the seventh month following the Executive’s separation from service with the Company, and shall be paid together with interest accrued during the
period of such restriction at a rate, per annum, equal to the applicable federal short-term rate (compounded monthly) in effect under Section 1274(d) of the Code on the date of termination. Notwithstanding provision of this Agreement to the
contrary, the Executive shall not be considered to have terminated employment with the Company for purposes of this Section 9 unless he would be considered to have incurred a “termination of employment” from the Company within the
meaning of Treasury Regulation §1.409A-1(h)(1)(ii). 
 The Executive acknowledges that any tax liability incurred by the Executive under
Section 409A of the Code is solely the responsibility of the Executive. 
 10.    Resignation
Without Good Reason. The Executive shall be entitled to resign from the employment of the Company at any time during the Contract Period without Good Reason, but upon such resignation the Executive shall not be entitled to any additional
compensation for the time after which he ceases to be employed by the Company, and shall not be entitled to any of the other benefits provided hereunder. No such resignation shall be effective unless in writing with four weeks’ notice thereof. 
 11.    Non-Disclosure of Confidential Information. In consideration of the covenants of the Company herein, the Executive
agrees as follows: 
 a.    The Executive hereby agrees and acknowledges that he has and has had access to or is aware of
Confidential Information. The Executive hereby agrees that he shall keep strictly confidential and will not during and after his employment with the Company, without the Company’s express written consent, divulge, furnish or make accessible to
any person or entity, or make use of for the 

  

 6 

 
benefit of himself or others, any Confidential Information obtained, possessed, or known by him except as required in the regular course of performing the
duties and responsibilities of his employment by the Company while in the employ of the Company, and that he will, prior to or upon the date on which his employment with the Company terminates (the “Date of Termination”) deliver or return
to the Company all such Confidential Information that is in written or other physical or recorded form or which has been reduced to written or other physical or recorded form, and all copies thereof, in his possession, custody or control. The
foregoing covenant shall not apply to (i) any Confidential Information that becomes generally known or available to the public other than as a result of a breach of the agreements of the Executive contained herein, (ii) any disclosure of
Confidential Information by the Executive that is expressly required by judicial or administrative order; provided however that the Executive shall have (x) notified the Company as promptly as possible of the existence, terms and circumstances
of any notice, subpoena or other process or order issued by a court or administrative authority that may require him to disclose any Confidential Information, and (y) cooperated with the Company, at the Company’s request, in taking legally
available steps to resist or narrow such process or order and to obtain an order or other reliable assurance that confidential treatment will be given to such Confidential Information as is required to be disclosed. 
 b. For purposes of this Agreement, “Confidential Information” means all non-public or proprietary information, data, trade secrets,
“know-how”, or technology with respect to any products, designs, improvements, research, styles, techniques, suppliers, clients, markets, methods of distribution, accounting, advertising and promotion, pricing, sales, finances, costs,
profits, financial condition, organization, personnel, business systems (including without limitation computer systems, software and programs), business activities, operations, budgets, plans, prospects, objectives or strategies of the Company.

 12.    Post-Employment Obligations. In consideration of the covenants of the Company herein, the Executive
agrees as follows: 
 a.    The Executive agrees that while he is in the employ of the Company and for a one year period
after the Date of Termination (unless such termination is by the Company without Cause), he shall not, without the prior written consent of the Company, directly or indirectly, and regardless of the reason for his ceasing to be employed by the
Company, employ, solicit for employment, or advise or recommend to any other person that they employ or solicit for employment or retention as a consultant, any person who is, or was at any time within twelve (12) months prior to the Date of
Termination, an employee of, or exclusive consultant to, the Company. 
 b.    If the Executive commits a breach or is
about to commit a breach, of any of the provisions of Sections 11 or 12 hereof, the Company shall have the right to have the provisions of this Agreement specifically enforced by any court having equity jurisdiction without being required to post
bond or other security and without having to prove the inadequacy of the available remedies at law, it 

  

 7 

 
being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company that money damages will not provide an
adequate remedy to the Company. In addition, the Company may take all such other actions and remedies available to them under law or in equity and shall be entitled to such damages as they can show they have sustained by reason of such breach.

 c.    The parties acknowledge that the type and periods of restriction imposed in the provisions of Sections 11 anti
12 hereof are fair and reasonable and are reasonably required for the protection of the Company and the goodwill associated with the business of the Company; and that the provisions of Sections 11 and 12 have been specifically negotiated by
sophisticated parties and are given as an integral part of this Agreement. 
 13.    No Effect Prior to Change in
Control. This Agreement shall not affect any rights of the Company or the Executive prior to a Change in Control or any rights of the Executive granted in any other agreement, plan or arrangements. The rights, duties and benefits provided
hereunder shall only become effective upon a Change in Control. If the employment of the Executive by the Company is terminated for any reason prior to a Change in Control, this Agreement shall thereafter be of no further force and effect.

 14. Certain Reduction of Payments by the Company. 
 a.    Anything in this Agreement to the contrary notwithstanding, prior to the payment of any compensation or
benefits payable under Section 9 hereof, the certified public accountants of the Company immediately prior to a Change of Control (the “Certified Public Accountants”) shall determine as promptly as practical and in any event within 20 business days following
the termination of employment of Executive whether any payment or distribution by the Company to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a
“Payment”) would more likely than not be nondeductible by the Company for Federal income purposes because of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and if it is then the aggregate present
value of amounts payable or distributable to or for the benefit of Executive pursuant to this Agreement are hereinafter referred to as “Agreement Payments” shall be reduced (but not below zero) to the Reduced Amount. For purposes of this
paragraph, the “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Agreement Payments without causing any Payment to be nondeductible by the Company because of said
Section 280G of the Code. 
 b.    If under paragraph a of this section the Certified Public Accountants determine
that any Payment would more likely than not be nondeductible by the Company because of Section 280G of the Code, the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the
Reduced Amount, and the Executive may then elect, in his sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the
Reduced Amount), and shall 

  

 8 

 
advise the Company in writing of his election within 20 business days of his receipt of notice. If no such election is made by the Executive within such
20-day period, the Company may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount) and shall notify the
Executive promptly of such election. For purposes of this paragraph, present value shall be determined in accordance with Section 280G (d) (4) of the Code. All determinations made by the Certified Public Accountants shall be binding
upon the Company and Executive and shall be made within 20 days of a termination of employment of Executive. The Company may suspend for a period of up to 30 days after termination of employment the Lump Sum Payment and any other payments or
benefits due to the Executive under Section 9 hereof until the Certified Public Accountants finish the determination and the Executive (or the Company, as the case may be) elect how to reduce the Agreement Payments, if necessary. As promptly as
practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of Executive such amounts as are then due to Executive under this Agreement and shall promptly pay to or distribute
for the benefit of Executive in the future such amounts as become due to Executive under this Agreement. 
 c.    As a result of the uncertainty in the application of Section 280G of the Code, it is possible that Agreement Payments may have been made by the Company which should not have been made (“Overpayment”)
or that additional Agreement Payments which will have not been made by the Company could have been made (“Underpayment”
), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Certified Public Accountants, based upon the assertion of a deficiency by the Internal Revenue
Service against the Company or Executive which said Certified Public Accountant believe has a high probability of success, determines that an Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to Executive
which Executive shall repay to the Company together with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code; provided, however, that no amount shall be payable by Executive to the Company in and to the
extent such payment would not reduce the amount which is subject to taxation under Section 4999 of the Code. In the event that the Certified Public Accountants, based upon controlling precedent, determine that an Underpayment has occurred, any
such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive together with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code. 
 15.    Severance Compensation and Benefits Not in Derogation of other Benefits. Anything to the contrary herein contained
notwithstanding, the payment or obligation to pay any monies, or granting of any benefits, rights or privileges to Executive as provided in this Agreement now has or will have under any plans or programs of the Company, except that the Executive
shall not be in lieu or derogation of the rights and privileges that the Executive now has or will have under any plans or programs of the Company, except that the Executive shall not be entitled to the benefits of any other plan or program of

  

 9 

 
the Company expressly providing for severance or termination pay if the Executive is terminated without Cause or resigns for Good Reason after a Change in
Control. 
 16.    Miscellaneous. The terms of this Agreement shall be governed by, and interpreted and construed
in accordance with the provisions of, the laws of New Jersey and, to the applicable, federal law. This Agreement supersedes all prior agreements and understandings with respect to the matters covered hereby. The amendment or termination of this
Agreement may be made only in writing executed by the Company and the Executive, and no amendment or termination of this Agreement shall be effective unless and until made in such in writing. This Agreement shall be binding upon any successor
(whether direct or indirect, by purchase, merge, consolidation, liquidation or otherwise) to all or substantially all of the assets of the Company. This Agreement is personal to the Executive and the Executive may not assign any of his rights or
duties hereunder but this Agreement shall be enforceable by the Executive’s legal representatives, executors or administrators. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and it shall
not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. 
 IN WITNESS WHEREOF, the
Company has caused this Agreement to be signed by its duly authorized representatives pursuant to the authority of its Board, and the Executive has personally executed this Agreement, all as of the day and year first written above. 
  

			
	LAKELAND BANCORP, INC.
		
	By:	 	/s/  Thomas J. Shara
		 	Thomas J. Shara, President and CEO
	
	LAKELAND BANK
		
	By:	 	/s/  Thomas J. Shara
		 	Thomas J. Shara, President and CEO

			
	
	Executive:
		
		 	/s/   Ronald E. Schwarz
		 	RONALD E. SCHWARZ

  

 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}]]