Document:

Exhibit 4(b)(15)

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS
MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

REGISTERED                                                         $[____]

No. FL-001                                                         CUSIP # [___]

                         THE BEAR STEARNS COMPANIES INC.

                           MEDIUM-TERM NOTE, SERIES B
                                 (FLOATING RATE)

Original Issue Date: November 29, 2004   Interest Reset Date(s): *

Maturity Date: November 29, 2019         Interest Reset Period: Quarterly

Interest Rate Basis: Other. See          Interest Determination Date(s): Fifth
   "Interest Rate" below.                   Business Day prior to but not
                                            including the applicable Interest
                                            Reset Date

Initial Interest Rate: 14.00%

Index Maturity: N/A

Spread (plus or minus): 30-Year CMS      Day Count Basis: 360-day year of
   Rate minus 10-Year CMS Rate.             twelve 30-day months

Maximum Interest Rate: N/A               Interest Payment Date(s): **

Minimum Interest Rate: 0.00%             Interest Payment Period: Quarterly

                                         Redeemable On and After: ***

                                         Optional Repayment Date(s): N/A

Minimum Denominations: $5,000, increased in multiples of $1,000

*     Commencing November 29, 2005 and on each February 28th, May 29th, August
      29th and November 29th thereafter prior to Maturity. If any Interest Reset
      Date is not a Business Day, then the Interest Reset Date will be postponed
      to the next Business Day. If the next Business

<PAGE>

      Day is in the next succeeding calendar month, the Interest Reset Date will
      be the preceding Business Day (any such adjustment being referred to as
      the "Business Day Convention").

**    Commencing February 28, 2005 and on each February 28th, May 29th, August
      29th and November 29th thereafter, including the Maturity Date.

***   Commencing February 28, 2005 and on each Interest Payment Date thereafter
      until Maturity, the Notes may be called in whole at par at the option of
      the Company on five New York Business Days' notice.

If any Interest Payment Date, Maturity Date or redemption date is not a Business
Day, the related payment of principal, premium, if any, or interest will be
postponed to the next Business Day and no additional interest shall accrue for
the period from and after that Interest Payment Date, Maturity Date or
redemption date, as the case may be, to the next Business Day. If the next
Business Day is in the next calendar month, principal, premium, if any, or
interest will be paid on the preceding Business Day.

Business Day:                 Any day that is both a London Banking Day and a
                              New York Business Day.

London Banking Day:           A day other than a Saturday or Sunday on which
                              dealings in deposits in U.S. dollars are
                              transacted, or with respect to any future date are
                              expected to be transacted, in the London interbank
                              market.

New York Business Day:        Any day that is not a Saturday or Sunday, and
                              that, in New York City, is not a legal holiday nor
                              a day on which banking institutions or trust
                              companies in New York City are authorized or
                              obligated by law to close.

Interest Rate:                USD Callable CMS Spread

                              Principal Protected Range Note.

                              The Calculation Agent will determine the Interest
                              Rate for each Interest Payment Period in
                              accordance with the following:

                              From the Original Issue Date through November 28,
                              2005:

                                    14.00% (the "Initial Fixed Interest Rate").

                              For each Interest Payment Period from November 29,
                              2005 until the Maturity Date, the Interest Rate
                              (the "Variable Interest Rate") shall equal:

                                    Greater of [0%, (20 x Spread)]

Spread:                       30-Year CMS Rate minus 10-Year CMS Rate.

30-Year CMS Rate:             The rate in effect for each Interest Payment
                              Period will be the rate that appears on Reuters
                              page ISDA FIX1 under the heading "30YR" at 11:00
                              a.m., New York City time on the

                                      -2-
<PAGE>

                              Interest Determination Date for that Interest
                              Payment Period. If such rate does not appear on
                              Reuters page ISDA FIX1 on such date, the rate for
                              such date shall be determined as if the parties
                              had specified "USD-CMS-Reference Banks" as the
                              applicable rate.

10-Year CMS Rate:             The rate in effect for each Interest Payment
                              Period will be the rate that appears on Reuters
                              page ISDA FIX1 under the heading "10YR" at 11:00
                              a.m., New York City time on the Interest
                              Determination Date for that Interest Payment
                              Period. If such rate does not appear on Reuters
                              page ISDA FIX1 on such date, the rate for such
                              date shall be determined as if the parties had
                              specified "USD-CMS-Reference Banks" as the
                              applicable rate.

USD-CMS-Reference Banks:      The rate determined on the basis of the mid-market
                              semi-annual swap rate quotations provided by the
                              Reference Banks at approximately 11:00 a.m., New
                              York City time on any Interest Determination Date;
                              and for this purpose, the semi-annual swap rate
                              means the mean of the bid and offered rates for
                              the semi-annual fixed leg, calculated on a 30/360
                              day count basis, of a fixed-for-floating U.S.
                              Dollar interest rate swap transaction with a term
                              equal to the Designated Maturity commencing on
                              that date and in a Representative Amount with an
                              acknowledged dealer of good credit in the swap
                              market, where the floating leg, calculated on an
                              actual/360 day count basis, is equivalent to
                              USD-LIBOR-BBA with a designated maturity of three
                              months. The rate for that Interest Determination
                              Date will be the arithmetic mean of the
                              quotations, eliminating the highest quotation (or,
                              in the event of equality, one of the highest) and
                              the lowest quotation (or, in the event of
                              equality, one of the lowest).

Reference Banks:              The five leading swap dealers in the New York City
                              interbank market selected by the Calculation Agent
                              for the purposes of providing quotations as
                              provided above.

Designated Maturity:          Either 30 years or 10 years, as the case may be.

Representative Amount:        The amount that is representative for a single
                              transaction in the relevant market at the relevant
                              time.

Calculation Agent:            Bear, Stearns & Co. Inc.

            THE BEAR STEARNS COMPANIES INC., a Delaware corporation (the
"Company"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal amount stated above on the Maturity Date shown
above (the "Maturity Date") and to pay interest thereon at the rate per annum
equal to the Initial Interest Rate shown above until the first Interest Reset
Date shown above following the Original Issue Date shown above and thereafter at
a rate determined

                                      -3-
<PAGE>

(unless otherwise specified on the face hereof) in accordance with the
provisions on the reverse hereof under the heading "Determination of Commercial
Paper Rate," "Determination of LIBOR," "Determination of Federal Funds Rate,"
"Determination of Treasury Rate," "Determination of Prime Rate" or
"Determination of CMT Rate" depending upon whether the Interest Rate Basis is
Commercial Paper Rate, LIBOR, Federal Funds Rate, Treasury Rate, Prime Rate or
CMT Rate, as indicated above, until the principal hereof is fully paid or duly
made available for payment. The Company will pay interest monthly, quarterly,
semiannually or annually as indicated above on each Interest Payment Date shown
above commencing with the first Interest Payment Date shown above immediately
following the Original Issue Date shown above, and on the Maturity Date or, if
applicable, the Redemption Date or Optional Repayment Date; provided, however,
that if the Original Issue Date shown above is between a Regular Record Date (as
defined below) and an Interest Payment Date, interest payments will commence on
the Interest Payment Date following the next succeeding Regular Record Date; and
provided, further, however, that if an Interest Payment Date, Maturity Date,
Redemption Date or Optional Repayment Date would fall on a day that is not a
Business Day (as defined on the reverse hereof), unless otherwise specified on
the face hereof, the related payment of principal, premium, if any, or interest
shall be made on the following day that is a Business Day, and no interest shall
accrue for the period from and after that Interest Payment Date, Maturity Date,
Redemption Date or Optional Repayment Date, as the case may be, to the next
Business Day. In the event the Interest Rate Basis is LIBOR, as indicated above,
if such next Business Day falls in the next calendar month, principal, premium,
if any, or interest will be paid on the preceding day that is a Business Day,
provided that any such Business Day is also a London Banking Day (as defined on
the reverse hereof), with respect to such LIBOR Note. Except as provided above
and in the Indenture referred to on the reverse hereof, interest payments will
be made on the Interest Payment Dates shown above. The "Regular Record Date"
shall be the date whether or not a Business Day 15 calendar days immediately
preceding such Interest Payment Date, unless otherwise specified on the face
hereof.

            The interest so payable, and punctually paid or duly provided for,
on the Interest Payment Dates referred to above, will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, provided, however, that interest payable on the
Maturity Date, or if applicable, the Redemption Date or Optional Repayment Date,
will be paid to the Person to whom the principal of this Note is payable. Any
such interest which is payable, but is not punctually paid or duly provided for,
on any Interest Payment Date shall forthwith cease to be payable to the Holder
on such Regular Record Date, and may be paid to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to the Holder of this
Note not less than ten days prior to such Special Record Date, or may be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.

            Payment of the principal of and interest on this Note shall be made
at the office or agency of the Trustee maintained for that purpose in the
Borough of Manhattan, The City of New York, in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debt; provided, however, that payment of interest
on any Interest Payment Date (other than the Maturity Date or Redemption Date or
Optional Repayment Date, if any) may be made at the option of the Company by
check mailed to the address

                                      -4-
<PAGE>

of the Person entitled thereto as such address shall appear in the Security
Register, or by wire transfer of immediately available funds, if the registered
holder of at least $10,000,000 in principal amount (or such other principal
amount specified on the face hereof) of Notes entitled to such interest has so
requested by a notice in writing delivered to the Trustee not less than 16 days
prior to the Interest Payment Date on which such payment is due, which notice
shall provide appropriate instructions for such transfer.

            The principal hereof and interest due at maturity will be paid upon
maturity in immediately available funds against presentation of this Note at the
office or agency of the Trustee maintained for that purpose in the Borough of
Manhattan, The City of New York.

            REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH ON THE FACE HEREOF.

            This Note shall be governed by and construed in accordance with the
laws of the State of New York.

            This Note is one of the series of Medium-Term Notes, Series B, of
the Company.

            Unless the certificate of authentication hereon has been executed by
JPMorgan Chase Bank, N.A. (formerly, The Chase Manhattan Bank), the Trustee
under the Indenture, or its successor thereunder by the manual signature of one
of its authorized signatories, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                      -5-
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed under its corporate seal.

Dated:

                                        THE BEAR STEARNS COMPANIES INC.

                                        By:_____________________________________

ATTEST:

_____________________________
Secretary

[Corporate Seal]

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.

                                        JPMORGAN CHASE BANK, N.A., as Trustee

                                        By:_____________________________________
                                           Authorized Signature

                                      -6-
<PAGE>

                                [Reverse of Note]

                         THE BEAR STEARNS COMPANIES INC.

                           MEDIUM-TERM NOTE, SERIES B
                                 (FLOATING RATE)

            This Note is one of a duly authorized issue of debentures, notes or
other evidences of indebtedness (hereinafter called the "Securities") of the
Company of the series hereinafter specified, all such Securities issued and to
be issued under the Indenture dated as of May 31, 1991, as amended (herein
called the "Indenture"), between the Company and JPMorgan Chase Bank, N.A.
(formerly, The Chase Manhattan Bank), as Trustee (herein called the "Trustee,"
which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and limitations of rights thereunder of the
Company, the Trustee and the Holders of the Securities, and the terms upon which
the Securities are, and are to be, authenticated and delivered. As provided in
the Indenture, Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest, if any, at different rates, may be subject
to different redemption provisions, if any, may be subject to different
repayment provisions, if any, may be subject to different sinking, purchase or
analogous funds, if any, may be subject to different covenants and Events of
Default and may otherwise vary as in the Indenture provided or permitted. This
Note is one of a series of the Securities designated as Medium-Term Notes,
Series B (the "Notes"). The Notes of this series may be issued at various times
with different maturity dates, redemption dates and different principal
repayment provisions, may bear interest at different rates and may otherwise
vary, all as provided in the Indenture.

            The interest payable on this Note on each Interest Payment Date will
include accrued interest from and including the Original Issue Date or from and
including the last date in respect of which interest has been paid, as the case
may be, to, but excluding, such Interest Payment Date, except that the interest
payment at the Maturity Date, Redemption Date or Optional Repayment Date will
include interest accrued to but excluding such date. Accrued interest from the
Original Issue Date or from the last date to which interest has been paid is
calculated by multiplying the principal amount hereof by an accrued interest
factor. Such accrued interest factor is computed by adding the interest factors
calculated for each day from the Original Issue Date, or from the last date to
which interest has been paid, to the date for which accrued interest is being
calculated. Unless otherwise specified on the face hereof, the interest factor
(expressed as a decimal calculated to seven decimal places without rounding) for
each such day is computed by dividing the interest rate applicable to such day
by 360, in the case of Commercial Paper Rate Notes, Federal Funds Rate Notes,
LIBOR Notes and Prime Rate Notes, or by the actual number of days in the year,
in the case of Treasury Rate Notes. With respect to CMT Rate Notes, interest is
calculated on the basis of twelve 30-day months and a 360-day year. The interest
rate in effect on each day will be (a) if such day is an Interest Reset Date,
the interest rate with respect to the Interest Determination Date pertaining to
such Interest Reset Date or (b) if such day is not an Interest Reset Date, the
interest rate with respect to the Interest Determination Date pertaining to the
next preceding Interest Reset Date; provided, however, that (i) the interest
rate in effect from the Original Issue Date to the first Interest Reset Date
will be the Initial Interest Rate as specified on the face hereof and (ii) the
interest rate in effect for the ten calendar days immediately prior to

                                      -7-
<PAGE>

maturity will be that in effect on the tenth calendar day preceding maturity.
Notwithstanding the foregoing, if the rate at which interest is payable is
adjusted daily or weekly, such rate of interest shall be adjusted until the
Interest Reset Date immediately preceding the Maturity Date. Notwithstanding the
foregoing, the interest rate hereon shall not be greater than the Maximum
Interest Rate, if any, or less than the Minimum Interest Rate, if any, shown on
the face hereof. All percentages resulting from any calculations will be
rounded, if necessary, to the nearest one hundred-thousandth of a percent, with
five one-millionths of a percent being rounded upwards. In addition, the
interest rate hereon shall in no event be higher than the maximum rate, if any,
permitted by applicable law.

            Commencing with the first Interest Reset Date shown on the face
hereof following the Original Issue Date, and thereafter on each succeeding
Interest Reset Date specified on the face hereof, the rate at which interest on
this Note is payable shall be adjusted daily, weekly, monthly, quarterly,
semiannually or annually as specified on the face hereof under "Interest Reset
Date(s)." Each such adjusted rate shall be applicable on and after the Interest
Reset Date to which it relates to but not including the next succeeding Interest
Reset Date or until the Maturity Date or, if applicable, the Redemption Date or
Optional Repayment Date, as the case may be. Unless otherwise specified on the
face hereof, the Interest Reset Date will be, if this Note resets daily, each
Business Day; if this Note resets weekly, the Wednesday of each week (with the
exception of weekly reset Treasury Rate Notes which will reset the Tuesday of
each week, except as specified below); if this Note resets monthly, the third
Wednesday of each month; if this Note resets quarterly, the third Wednesday of
March, June, September and December; if this Note resets semiannually, the third
Wednesday of the two months specified on the face hereof; and if this Note
resets annually, the third Wednesday of the month specified on the face hereof.
Subject to applicable law and except as specified herein, on each Interest Reset
Date, the rate of interest on this Note shall be the rate determined in
accordance with the provisions applicable below, plus or minus the Spread (as
specified on the face hereof), if any. Unless otherwise specified on the face
hereof, if any Interest Reset Date would otherwise be a day that is not a
Business Day, such Interest Reset Date shall be postponed to the next succeeding
day that is a Business Day, except that in the case of a LIBOR Note, if such
Business Day is in the next succeeding calendar month, such Interest Reset Date
shall be the next preceding Business Day. Unless otherwise specified on the face
hereof, "Business Day" means (i) with respect to any Note, any day that is not a
Saturday or Sunday, and that is neither a legal holiday nor a day on which
banking institutions or trust companies in New York City are authorized or
obligated by law to close, and (ii) with respect to LIBOR Notes only, a London
Banking Day. A "London Banking Day" means any day on which dealings in deposits
in U.S. dollars are transacted in the London interbank market.

            The Interest Determination Date pertaining to an Interest Reset Date
will be, if the Interest Rate Basis is Commercial Paper Rate or Federal Funds
(Effective) Rate, the Business Day next preceding such Interest Reset Date.
Unless otherwise specified on the face hereof, the Interest Determination Date
pertaining to an Interest Reset Date will be, if the Interest Rate Basis is
LIBOR, the second London Banking Day preceding such Interest Reset Date. The
Interest Determination Date pertaining to an Interest Reset Date will be, if the
Interest Rate Basis is Treasury Rate, the day of the week in which such Interest
Reset Date falls on which Treasury bills (as defined below) of the Index
Maturity specified on the face hereof are auctioned. Treasury bills normally are
auctioned on Monday of each week, unless that day is a legal holiday, in which
case the auction is normally held on the following Tuesday, except that such
auction may be held on the preceding Friday. If, as a result of a legal holiday,
an auction is so held on the preceding Friday,

                                      -8-
<PAGE>

such Friday will be the Interest Determination Date pertaining to the Interest
Reset Date occurring in the next succeeding week. Interest payable hereon will
be payable monthly, quarterly, semiannually or annually (the "Interest Payment
Period") as specified on the face hereof. The Interest Determination Date
pertaining to an Interest Reset Date will be, if the Interest Rate Basis is
Prime Rate or Federal Funds (Open) Rate, the same day as such Interest Reset
Date. The Interest Determination Date pertaining to an Interest Reset Date will
be, if the Interest Rate Basis is CMT Rate, the tenth Business Day prior to each
Interest Reset Date. Unless otherwise specified on the face hereof, interest
will be payable, if this Note resets daily, weekly or monthly, on the third
Wednesday of each month or on the third Wednesday of March, June, September and
December, of each year; if this Note resets quarterly, on the third Wednesday of
March, June, September and December, of each year; if this Note resets
semiannually, on the third Wednesday of the two months of each year specified on
the face hereof; and if this Note resets annually, on the third Wednesday of the
month specified on the face hereof (each such date being an "Interest Payment
Date") and in each case, at maturity or, if applicable, upon redemption or
optional repayment.

            Determination of Commercial Paper Rate. If the Interest Rate Basis
specified on the face hereof is "Commercial Paper Rate," the interest rate shall
equal (a) the Money Market Yield (as defined below) on the applicable Interest
Determination Date of the rate for commercial paper having the Index Maturity
specified on the face hereof (i) as published by the Board of Governors of the
Federal Reserve System in "Statistical Release H.15(519), Selected Interest
Rates," or any successor publication ("H.l5(519)"), under the heading
"Commercial Paper--Nonfinancial" or (ii) in the event that such rate is not
published on the Calculation Date (as defined below) pertaining to such Interest
Determination Date, then as published in H.15 Daily Update or any other
recognized electronic source used for displaying that rate under the heading
"Commercial Paper--Nonfinancial" or (b) if neither of such yields is published
by 3:00 P.M., New York City time, on such Calculation Date, the Money Market
Yield of the arithmetic mean of the offered rates as of 11:00 A.M., New York
City time, of three leading dealers of commercial paper in The City of New York
selected by JPMorgan Chase Bank, N.A. (formerly, The Chase Manhattan Bank), as
Calculation Agent (or any successor calculation agent, or any other Calculation
Agent named on the face hereof, the "Calculation Agent"), on that Interest
Determination Date, for commercial paper of the Index Maturity specified on the
face hereof placed for an industrial issuer whose bond rating is "AA," or the
equivalent, from a nationally recognized rating agency, in each of the above
cases, adjusted by the addition or subtraction of the Spread, if any, specified
on the face hereof; provided, however, that if such dealers are not quoting as
mentioned above, the interest rate in effect hereon until the Interest Reset
Date next succeeding the Interest Reset Date to which such Interest
Determination Date relates shall be the rate in effect on the Interest
Determination Date next preceding such Interest Reset Date.

            "Money Market Yield" shall be a yield calculated in accordance with
the following formula:

            Money Market Yield =   D x 360    x 100
                                 ------------
                                 360 - (D x M)

where "D" refers to the per annum rate for commercial paper quoted on a bank
discount basis and expressed as a decimal; and "M" refers to the actual number
of days in the interest period for which interest is being calculated.

                                      -9-
<PAGE>

            Determination of LIBOR. If the Interest Rate Basis specified on the
face hereof is "LIBOR," the interest rate shall equal, as specified on the face
hereof, either (a) the offered rates for deposits in U.S. dollars having the
Index Maturity specified on the face hereof, commencing (unless otherwise
specified on the face hereof) on the second London Banking Day immediately
following the applicable Interest Determination Date which appears on Telerate
Page 3750 (or such other page as may replace Telerate Page 3750 for the purpose
of displaying London interbank rates of major banks), as of 11:00 A.M., London
time, on such Interest Determination Date adjusted by the addition or
subtraction of the Spread, if any, specified on the face hereof ("LIBOR
Telerate") or (b) the arithmetic mean, as determined by the Calculation Agent,
of the offered rates for deposits in U.S. dollars having the Index Maturity
specified on the face hereof, commencing on the second London Banking Day
immediately following the applicable Interest Determination Date which appears
on the Reuters Screen LIBO Page (or such other page as may replace such Reuters
Screen LIBO Page for the purpose of displaying London interbank rates of major
banks), as of 11:00 A.M., London time, on such Interest Determination Date, if
at least two such offered rates appear on the Reuters Screen LIBO Page (or such
other page as may replace such page) ("LIBOR Reuters"); provided, however, that
if no such rate appears on Telerate Page 3750 (or such other page as may replace
such page) or if fewer than two offered rates appear on the Reuters Screen LIBO
Page (or such other page as may replace such page), the Calculation Agent shall
request the principal London office of each of four major banks in the London
interbank market selected by the Calculation Agent to provide a quotation of the
rate at which such bank offered to prime banks in the London interbank market at
approximately 11:00 A.M., London time, on such Interest Determination Date,
deposits in U.S. dollars having the Index Maturity specified on the face hereof
commencing (unless otherwise specified on the face hereof) on the second London
Banking Day immediately following such Interest Determination Date and in a
principal amount equal to an amount not less than U.S. $1,000,000 that is
representative of a single transaction in such market at such time, and such
rate of interest hereon shall equal the arithmetic mean of (a) such quotations,
if at least two quotations are provided, or (b) if less than two quotations are
provided, the rates quoted at approximately 11:00 A.M., New York City time, on
such Interest Determination Date by three major banks in The City of New York,
selected by the Calculation Agent for loans in U.S. dollars to leading European
banks, having the Index Maturity specified on the face hereof commencing (unless
otherwise specified on the face hereof) on the second London Banking Day
immediately following such Interest Determination Date and in a principal amount
as aforesaid, in either case, adjusted by the addition or subtraction of the
Spread, if any, specified on the face hereof; provided, however, that if the
three banks selected as aforesaid by the Calculation Agent are not quoting as
mentioned above, the interest rate in effect hereon until the Interest Reset
Date next succeeding the Interest Reset Date to which such Interest
Determination Date relates shall be the rate in effect on the Interest
Determination Date next preceding such Interest Reset Date.

            Determination of Federal Funds Rate. If the Interest Rate Basis
specified on the face hereof is "Federal Funds Rate," the interest rate shall
equal either the Federal Funds (Effective) Rate or the Federal Funds (Open)
Rate.

            Unless otherwise specified on the face hereof, the Federal Funds
(Effective) Rate shall equal (a) the rate on the applicable Interest
Determination Date specified on the face hereof for Federal Funds as published
in H.15(519) under the heading "Federal funds (effective)" on Telerate page 120
or any successor service or page, or (b) if such rate is not so published on the
Calculation Date pertaining to such Interest Determination Date, then the rate
on the applicable

                                      -10-
<PAGE>

Interest Determination Date as published in H.15 Daily Update or any other
recognized electronic source used for displaying that rate under the heading
"Federal Funds/Effective Rate."

            Unless otherwise specified on the face hereof, the Federal Funds
(Open) Rate shall equal the rate on the applicable Interest Determination Date
specified on the face hereof for Federal Funds as reported on Telerate Page 5
under the heading "Federal Funds/Open."

            If (a) the applicable Federal Funds (Effective) Rate described above
or (b) the Federal Funds (Open) Rate described above is not published by 3:00
P.M., New York City time, on the relevant Calculation Date, then the Federal
Funds (Effective) Rate and the Federal Funds (Open) Rate, as applicable, will be
calculated by the Calculation Agent as the arithmetic mean of the rates for the
last transaction in overnight Federal Funds arranged by three leading brokers of
Federal Funds transactions in The City of New York selected by the Calculation
Agent as of 11:00 A.M., New York City time, on such Interest Determination Date,
in each of the above cases, adjusted by the addition or subtraction of the
Spread, if any, specified on the face hereof; provided, however, that if such
brokers are not quoting as mentioned above, the interest rate in effect hereon
until the Interest Reset Date next succeeding the Interest Reset Date to which
such Interest Determination Date relates shall be the rate in effect on the
Interest Determination Date next preceding such Interest Reset Date.

            Determination of Treasury Rate. If the Interest Rate Basis specified
on the face hereof is "Treasury Rate," the interest rate shall equal the rate
for the auction held on the applicable Interest Determination Date of direct
obligations of the United States ("Treasury bills") having the Index Maturity
specified on the face hereof as published under the column designated "Invest
Rate" on Telerate page 56 under the heading "US Treasury 3 MO T-Bill Auction
Results" or Telerate page 57 under the heading "US Treasury 6 MO T-Bill Auction
Results," as applicable, or any successor publication, or, if not so published
on the Calculation Date pertaining to such Interest Determination Date, the
auction average rate (expressed as a bond equivalent on the basis of a year of
365 or 366 days, as applicable, and applied on a daily basis) as otherwise
announced by the United States Department of the Treasury, in either case,
adjusted by the addition or subtraction of the Spread, if any, specified on the
face hereof. In the event that the results are not published or reported as
provided above by 3:00 P.M., New York City time, on such Calculation Date, or if
no such auction is held in a particular week, then the rate of interest herein
shall be calculated by the Calculation Agent and shall be a yield to maturity
(expressed as a bond equivalent on the basis of a year of 365 or 366 days, as
applicable, and applied on a daily basis) of the arithmetic mean of the
secondary market bid rates as of approximately 3:30 P.M., New York City time, on
such Interest Determination Date, of three leading primary United States
government securities dealers selected by the Calculation Agent for the issue of
Treasury bills with a remaining maturity closest to the Index Maturity specified
on the face hereof, adjusted by the addition or subtraction of the Spread, if
any, specified on the face hereof; provided, however, that if the dealers
selected as aforesaid by the Calculation Agent are not quoting as mentioned
above, the interest rate in effect hereon until the Interest Reset Date next
succeeding the Interest Reset Date to which such Interest Determination Date
relates shall be the rate in effect on the Interest Determination Date next
preceding such Interest Reset Date.

            Determination of Prime Rate. If the Interest Rate Basis specified on
the face hereof is "Prime Rate," the interest rate shall equal (a) the rate on
the applicable Interest Determination Date (i) as reported on Telerate Page 5
under the heading "Bank Rates/Prime" or (ii) as published

                                      -11-
<PAGE>

in H.15(519), under the caption "Bank Prime Loan", (b) if the rates referred to
under (a)(i) and (a)(ii) are not published by 9:00 A.M., New York City time, on
the Calculation Date pertaining to such Interest Determination Date, then the
arithmetic mean (as calculated by the Calculation Agent) of the rates of
interest publicly announced by each bank named on the Reuters Screen NYMF Page
(as defined below) as such bank's prime rate or base lending rate as in effect
for such Interest Determination Date as quoted on the Reuters Screen NYMF Page
for such Interest Determination Date, or, if fewer than four such rates appear
on the Reuters Screen NYMF Page for such Interest Determination Date, the rate
shall be the arithmetic mean (as calculated by the Calculation Agent) of the
prime rates quoted on the basis of the actual number of days in the year divided
by 360 as of the close of business on such Interest Determination Date by at
least two of the three major money center banks in The City of New York selected
by the Calculation Agent (after consultation with the Company) from which
quotations are requested, or (c) if fewer than two quotations are provided under
(b) above, the Prime Rate shall be calculated by the Calculation Agent and shall
be determined as the arithmetic mean on the basis of the prime rates in The City
of New York by the appropriate number of substitute banks or trust companies
organized and doing business under the laws of the United States, or any State
thereof, in each case having total equity capital of at least U.S. $500 million
and being subject to supervision or examination by Federal or State authority,
selected by the Calculation Agent (after consultation with the Company) to quote
such rate or rates, in each case adjusted by the addition or subtraction of the
Spread, if any, specified on the face hereof; provided, however, that if in any
month or two consecutive months, the Prime Rate is not reported or published as
provided above, and if such quotations are not available, the interest rate in
effect hereon until the Interest Reset Date next succeeding the Interest Reset
Date to which such Interest Determination Date relates shall be the rate in
effect on the Interest Determination Date next preceding such Interest Reset
Date in each case.

            If this failure continues over three or more consecutive months, the
Prime Rate for each succeeding Interest Determination Date until the maturity or
redemption of this Note or, if earlier, until this failure ceases, shall be
LIBOR determined as if this Note were a LIBOR Note, and the Spread, if any, will
be the number of basis points specified on the face hereof as the "Alternate
Rate Event Spread."

            "Reuters Screen NYMF Page" means the display designated as Page
"NYMF" on the Reuters Monitor Money Rates Service (or such other page as may
replace the NYMF Page on that service for the purpose of displaying prime rates
or base lending rates of major United States banks).

            Determination of CMT Rate. If the Interest Rate Basis specified on
the face hereof is "CMT Rate," the interest rate will be determined by the
Calculation Agent on each Interest Determination Date in accordance with the
following provisions, in each case, adjusted by the addition or subtraction of
the Spread, if any, specified on the face hereof.

            Unless otherwise specified on the face hereof, the CMT Rate will be:

            (a) the rate displayed on the designated CMT Telerate Page, under
the caption for "... Treasury Constant Maturities... Federal Reserve Board
Release H.15... Mondays Approximately 3:45 p.m.," under the column for the
designated CMT Index Maturity, for: (i) the latest rate displayed at the close
of business on such Interest Determination Date if the designated CMT Telerate
Page is 7051; or (ii) the average for the week, or the month, as specified on
the face

                                      -12-
<PAGE>

hereof, ended immediately before the week in which the related Interest
Determination Date occurs if the designated CMT Telerate Page is 7052.

            (b) If the applicable rate specified in (a) above is not displayed
on the relevant page by 3:00 p.m., New York City time on that Calculation Date,
unless the calculation is made earlier and the rate is available from that
source at that time on the Calculation Date, then the CMT Rate will be the
Treasury constant maturity rate having the designated Index Maturity, as
published in H.15(519) or another recognized electronic source for displaying
the rate.

            (c) If the applicable rate specified in (b) above is not published
in H.15(519) or another recognized electronic source for displaying such rate by
3:00 p.m., New York City time on that Calculation Date, unless the calculation
is made earlier and the rate is available from one of those sources at that
time, then the CMT Rate will be the Treasury constant maturity rate, or other
United States Treasury rate, for the Index Maturity and with reference to the
relevant Interest Determination Date, that is published by either the Board of
Governors of the Federal Reserve System or the United States Department of the
Treasury and that the Calculation Agent determines to be comparable to the rate
formerly displayed on the designated CMT Telerate Page and published in
H.15(519).

            (d) If the applicable rate specified in (c) above cannot be
determined, then the Calculation Agent will determine the CMT Rate to be a yield
to maturity based on the average of the secondary market offered rates as of
approximately 3:30 p.m., New York City time, on the relevant Interest
Determination Date reported, according to their written records, by three
leading primary United States government securities dealers in New York City.
The Calculation Agent will select five such securities dealers after consulting
with the Company, and will eliminate the highest quotation (or, in the event of
equality, one of the highest) and the lowest quotation (or, in the event of
equality, one of the lowest), for the most recently issued direct noncallable
fixed rate obligations of the United States Treasury ("Treasury Notes") with an
original maturity of approximately the designated Index Maturity and a remaining
term to maturity of not less than the designated Index Maturity minus one year
in a representative amount. If two Treasury Notes with an original maturity as
described above have remaining terms to maturity equally close to the designated
Index Maturity, the quotes for the Treasury Note with the shorter remaining term
to maturity will be used.

            (e) If the Calculation Agent cannot obtain three Treasury Note
quotations of the kind described in the prior paragraph, the Calculation Agent
will determine the CMT Rate to be the yield to maturity based on the average of
the secondary market offered rates for Treasury Notes with an original maturity
longer than the designated CMT Index Maturity which have a remaining term to
maturity closest to the designated CMT Index Maturity and in a representative
amount, as of approximately 3:30 p.m., New York City time, on the relevant
Interest Determination Date of leading primary United States government
securities dealers in New York City. In selecting these offered rates, the
Calculation Agent will request quotations from at least five such securities
dealers and will disregard the highest quotation (or if there is equality, one
of the highest) and the lowest quotation (or if there is equality, one of the
lowest). If two Treasury Notes with an original maturity longer than the
designated CMT Index Maturity have remaining terms to maturity that are equally
close to the designated CMT Index Maturity, the Calculation Agent will obtain
quotations for the Treasury Note with the shorter remaining term to maturity.

            (f) If fewer than five but more than two if the leading primary
United States

                                      -13-
<PAGE>

government securities dealers are quoting as described in the prior paragraph,
then the CMT Rate for the relevant Interest Determination Date will be based on
the average of the offered rates obtained, and neither the highest nor the
lowest of those quotations will be eliminated.

            (g) If two or fewer leading primary United States government
securities dealers selected by the Calculation Agent are quoting as described
above, the CMT Rate will remain the CMT Rate then in effect on that Interest
Determination Date.

            The Calculation Date pertaining to an Interest Determination Date
shall be the earlier of (a) the tenth calendar day after such Interest
Determination Date or if any such day is not a Business Day, the next succeeding
Business Day, or (b) the Business Day prior to the applicable Interest Payment
Date, Maturity Date, Redemption Date or Optional Repayment Date. The Calculation
Agent shall calculate the interest rate hereon in accordance with the foregoing
and will confirm in writing such calculation to the Trustee and any Paying Agent
immediately after each determination. Neither the Trustee nor any Paying Agent
shall be responsible for any such calculation. All determinations made by the
Calculation Agent shall be, in the absence of manifest error, conclusive for all
purposes and binding on the Company and holders of the Note. At the request of
the Holder hereof, the Calculation Agent will provide to the Holder hereof the
interest rate hereon then in effect and, if different, the interest rate that
will become effective as a result of a determination made on the most recent
Interest Reset Date with respect to the Note.

            If so specified on the face of this Note, this Note may be redeemed
by the Company on and after the date so indicated on the face hereof. If no such
date is set forth on the face hereof, this Note may not be redeemed prior to
maturity. On and after such date, if any, from which this Note may be redeemed,
unless otherwise specified on the face hereof, this Note may be redeemed in
whole or in part in increments of $1,000 (provided, unless a different minimum
denomination is set forth on the face hereof, that any remaining principal
amount of this Note shall be at least $25,000) at the option of the Company, at
a redemption price equal to 100% of the principal amount to be redeemed,
together with interest thereon payable to the Redemption Date, on notice given,
unless otherwise specified on the face hereof, not more than 60 nor less than 30
days prior to the Redemption Date. If less than all the Outstanding Notes having
such terms as specified by the Company are to be redeemed, the particular Notes
to be redeemed shall be selected by the Trustee not more than 60 days prior to
the Redemption Date from the Outstanding Notes having such terms as specified by
the Company not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate. The notice of such redemption shall specify
which Notes are to be redeemed. In the event of redemption of this Note, in part
only, a new Note or Notes in authorized denominations for the unredeemed portion
hereof shall be issued in the name of the Holder hereof upon the surrender
hereof.

            If so specified on the face of this Note, this Note will be subject
to repayment at the option of the Holder hereof on the Optional Repayment
Date(s). Except as set forth in the next paragraph, if no Optional Repayment
Date is set forth on the face hereof, this Note may not be repaid at the option
of the Holder prior to maturity. Unless otherwise specified on the face hereof,
on and after the Optional Repayment Date, if any, from which this Note may be
repaid at the option of the Holder, this Note shall be repayable in whole or in
part in increments of $1,000 (provided, unless a different minimum denomination
is set forth on the face hereof, that any remaining principal amount of this
Note shall be at least $25,000) at a repayment price equal to 100% of the
principal amount to be repaid, together with interest thereon payable to the
Optional Repayment

                                      -14-
<PAGE>

Date. For this Note to be repaid in whole or in part at the option of the Holder
hereof, the Trustee must receive not less than 30 nor more than 60 days prior to
the Optional Repayment Date (i) this Note with the form entitled "Option to
Elect Repayment," which appears below, duly completed or (ii) a telegram, telex,
facsimile transmission or a letter from a member of a national securities
exchange or the National Association of Securities Dealers, Inc. or a commercial
bank or trust company in the United States of America setting forth the name of
the Holder of this Note, the principal amount of this Note, the certificate
number of this Note or a description of this Note's tenor or terms, the
principal amount of this Note to be repaid, a statement that the option to elect
repayment is being exercised thereby and a guarantee that this Note with the
form entitled "Option to Elect Repayment," which appears below, duly completed,
will be received by the Trustee no later than five Business Days after the date
of such telegram, telex, facsimile transmission or letter and this Note and such
form duly completed are received by the Trustee by such fifth Business Day.
Exercise of the repayment option shall be irrevocable.

            If an Event of Default with respect to the Notes shall occur and be
continuing, the Trustee or the Holders of not less than 25% in principal amount
of the Outstanding Notes may declare the principal of all the Notes due and
payable in the manner and with the effect provided in the Indenture.

            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of 66-2/3% in aggregate principal amount of the
Securities at the time Outstanding of each series affected thereby. The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of each series,
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding
upon such Holder and upon future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note.

            Holders of Securities may not enforce their rights pursuant to the
Indenture or the Securities except as provided in the Indenture. No reference
herein to the Indenture and no provision of this Note or the Indenture shall
alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of and interest on this Note at the time,
place, and rate, and in the coin or currency, herein prescribed.

            As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note may be registered on the Security
Register of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company in the Borough of Manhattan, The
City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company, and this Note duly executed by,
the Holder hereof or by his attorney duly authorized in writing and thereupon
one or more new Notes, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

                                      -15-
<PAGE>

            Unless otherwise specified on the face hereof, the Notes are
issuable only in registered form without coupons in denominations of $25,000 or
any amount in excess thereof which is an integral multiple of $1,000. As
provided in the Indenture and subject to certain limitations therein set forth,
this Note is exchangeable for a like aggregate principal amount of Notes of
different authorized denomination as requested by the Holder surrendering the
same.

            No service charge will be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

            Prior to the due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

            The interest rate payable with respect to this Note shall in no
event be higher than the maximum rate, if any, permitted by applicable law.

            All capitalized terms used in this Note and not otherwise defined
herein shall have the meanings assigned to them in the Indenture.

                                      -16-
<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM     -     as tenants in common

TEN ENT     -     as tenants by the entireties

JT TEN      -     as joint tenants with right of survivorship and not as
                  tenants in common

UNIF GIFT MIN ACT - ________________________ Custodian _________________________
                              (Cust)                           (Minor)

                                        Under Uniform Gifts to Minors Act

                                    ____________________________________________
                                                     (State)

Additional abbreviations may also be used though not in the above list.

                                   ----------

                            OPTION TO ELECT REPAYMENT

            The undersigned hereby irrevocably request(s) and instruct(s) the
Company to repay this Note (or portion thereof specified below) pursuant to its
terms on _____________, 20__ (the "Optional Repayment Date") at a price equal to
the principal amount thereof, together with interest to the Optional Repayment
Date, to the undersigned at

________________________________________________________________________________

________________________________________________________________________________
        (Please print or typewrite name and address of the undersigned.)

            For this Note to be repaid the Trustee must receive at 4 New York
Plaza, New York, New York 10004, Attention: Debt Operations -- 13th Floor, or at
such other place or places of which the Company shall from time to time notify
the Holder of this Note, not more than 60 days nor less than 30 days prior to
the Optional Repayment Date, this Note with this "Option to Elect Repayment"
form duly completed.

                                      -17-
<PAGE>

            If less than the entire principal amount of this Note is to be
repaid, specify the portion thereof (which shall be increments of $1,000) which
the Holder elects to have repaid: $______________; and specify the denomination
or denominations (which, unless a different minimum denomination is set forth on
the face hereof, shall be $25,000 or an integral multiple of $1,000 in excess of
$25,000) of the Notes to be issued to the Holder for the portion of this Note
not being repaid (in the absence of any such specification, one such Note will
be issued for the portion not being repaid): $________________.

Date:__________________       __________________________________________________
                              Note: The signature to this Option to Elect
                              Repayment must correspond with the same as written
                              upon the face of this Note in every particular
                              without alteration or enlargement.

                                   ----------

                                   ASSIGNMENT

                   FOR VALUE RECEIVED, the undersigned hereby
                     sell(s), assign(s) and transfer(s) unto

________________________________________________________________________________
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________

________________________________________________________________________________
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

________________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing

______________________________________________________________________ Attorney
to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated: __________________________

                                        ________________________________________

_______________________________________
         (Signature Guarantee)

                                      -18-Gerald H. Lipkin Change in Control Agreement

	

November 30, 2004 

AMENDED AND RESTATED 

CHANGE IN CONTROL AGREEMENT 
(GERALD H. LIPKIN)
2004 

        
        THIS
AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT (this “Agreement”), is
made as of this 30th day of November, 2004, among VALLEY NATIONAL BANK
(“Bank”), a national banking association with its principal office at
1455 Valley Road, Wayne, New Jersey, VALLEY NATIONAL BANCORP (“Valley”),
a New Jersey corporation which maintains its principal office at 1455 Valley Road, Wayne,
New Jersey (Valley and the Bank collectively are the “Company”) and
GERALD H. LIPKIN (the “Executive”). 

BACKGROUND 

        
        WHEREAS,
the Executive has been employed by Valley and the Bank for many years; 

        
        WHEREAS,
 the  Executive  throughout  his tenure has worked  diligently  in his  position  in the
business of the Bank and Valley; 

        
        WHEREAS,
the Boards of Directors of the Bank and Valley (either one, the “Board of
Directors” and, together, the “Company Boards”) believe that the
future services of the Executive are of great value to the Bank and Valley and that it is
important for the growth and development of the Bank that the Executive continue in his
position; 

        
        WHEREAS,
if the Company receives any proposal from a third person concerning a possible business
combination with, or acquisition of equities securities of, the Company, the Company
Boards believe it is imperative that the Company and the Company Boards be able to rely
upon the Executive to continue in his position, 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; 

	

        
        WHEREAS,
to achieve that goal, and to retain the Executive’s services prior to any such
activity, the Company Boards 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 of
the Company, as hereinafter defined; and 

        
        WHEREAS,
the Executive and the Company had entered into a Change in Control Agreement dated January
1, 1995, which was amended and restated on January 1, 1999, and have agreed to further
amend and restate that agreement with this Agreement. 

        
        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 an acquisition or 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)
willful and continued failure by the Executive to perform his duties           for the
Company under this Agreement after at least one warning in writing from           the
Board of Directors identifying specifically any such failure; (ii) the           willful
engaging by the Executive in misconduct which causes material injury to           the
Company as specified in a written notice to the Executive from the Board of
          Directors; 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 (required with respect to drunkenness or absenteeism
          only) in writing from the Board of Directors 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 interests
          of the Company.  

2 

	

        
                   b.            Change
in Control. “Change in Control” means any of the           following
events: (i) when Valley or a Valley Subsidiary acquires actual           knowledge that
any person (as such term is used in Sections 13(d) and 14(d)(2)           of the Exchange
Act), other than an affiliate of Valley or a Valley Subsidiary           or an employee
benefit plan established or maintained by Valley, a Valley           Subsidiary or any of
their respective affiliates, is or becomes the beneficial           owner (as defined in
Rule 13d-3 of the Exchange Act) directly or indirectly, of           securities of Valley
representing more than twenty-five percent (25%) of the           combined voting power
of Valley’s then outstanding securities (a           “Control Person”);
(ii) upon the first purchase of           Valley’s common stock pursuant to a tender
or exchange offer (other than a           tender or exchange offer made by Valley, a
Valley Subsidiary or an employee           benefit plan established or maintained by
Valley, a Valley Subsidiary or any of           their respective affiliates); (iii) the
consummation of (A) a transaction, other           than a Non-Control Transaction,
pursuant to which Valley is merged with or into,           or is consolidated with, or
becomes the subsidiary of another corporation, (B) a           sale or disposition of all
or substantially all of Valley’s assets or (C) a           plan of liquidation or
dissolution of Valley; (iv) if during any period of two           (2) consecutive years,
individuals (the “Continuing Directors”)           who at the beginning
of such period constitute the Board of Directors of Valley           (the “Valley
Board”) cease for any reason to constitute at           least 60% thereof or,
following a Non-Control Transaction, 60% of the board of           directors of the
Surviving Corporation; provided that any individual           whose election or
nomination for election as a member  

3 

	

of the Valley Board (or, following a
Non-Control Transaction, the board of directors of the Surviving Corporation) was approved
by a vote of at least two-thirds of the Continuing Directors then in office shall be
considered a Continuing Director; or (v) upon a sale of (A) common stock of the Bank if
after such sale any person (as such term is used in Section 13(d) and 14(d)(2) of the
Exchange Act) other than Valley, an employee benefit plan established or maintained by
Valley or a Valley Subsidiary, or an affiliate of Valley or a Valley Subsidiary, owns a
majority of the Bank’s common stock or (B) all or substantially all of the
Bank’s assets (other than in the ordinary course of business). For purposes of this
paragraph: (I) Valley will be deemed to have become a subsidiary of another corporation if
any other corporation (which term shall include, in addition to a corporation, a limited
liability company, partnership, trust, or other organization) owns, directly or
indirectly, 50 percent or more of the total combined outstanding voting power of all
classes of stock of Valley or any successor to Valley; (II) “Non-Control
Transaction” means a transaction in which Valley is merged with or into, or is
consolidated with, or becomes the subsidiary of another corporation pursuant to a
definitive agreement providing that at least 60% of the directors of the Surviving
Corporation immediately after the transaction are persons who were directors of Valley on
the day before the first public announcement relating to the transaction; (III) the
“Surviving Corporation” in a transaction in which Valley becomes the
subsidiary of another corporation is the ultimate parent entity of Valley or Valley’s
successor; (IV) the “Surviving Corporation” in any other transaction
pursuant to which Valley is merged with or into another corporation is the surviving or
resulting corporation in the merger or consolidation; and (V) “Valley
Subsidiary” means any corporation in an unbroken chain of corporations, beginning
with Valley, if each of the corporations other than the last corporation in the unbroken
chain owns stock possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain. 

4 

	

        
                   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 third anniversary of the Change in Control or (ii) the death           of the
Executive. For the purpose of this Agreement, a Change in Control shall           be
deemed to have occurred at the date specified in the definition of Change in
          Control.  

        
                   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 prior           written
consent:  

        
                                   (1)                      The
assignment to Executive of any duties inconsistent with, or the reduction of
          powers or functions associated with, Executive’s position, title, duties,
          responsibilities and status with the Company immediately prior to a Change in
          Control; 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.  

        
                                   (2)                      A
reduction by the Company in Executive’s annual base compensation as in
          effect immediately prior to a Change in Control or the failure to award
          Executive annual increases in accordance herewith;  

        
                                   (3)                      A
failure by the Company to continue any bonus plan in which Executive
          participated immediately prior to the Change in Control (except that the
Company           may institute plans, programs or arrangements providing the Executive
          substantially similar benefits) or a failure by the Company to continue
          Executive as a participant in such plans on at least the same basis as
Executive           participated in such plan prior to the Change in Control; or a
failure to pay           the Executive the bonus provided for in Section 4.b hereof at
the time and in           the manner therein specified;  

5 

	

        
                                   (4)                      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 occasional travel on the Company’s business to an extent
          consistent with Executive’s business travel obligations immediately prior
          to such Change in Control;  

        
                                   (5)                      The
failure by the Company to continue in effect any employee benefit plan,           program
or arrangement (including, without limitation the Company’s           retirement
plan, benefit equalization plan, split-dollar life insurance           agreement for the
Executive, health and accident plan, disability plan, deferred           compensation
plan or long term stock incentive 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           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
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;  

        
                                   (6)                      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 prior to any Change in Control; or  

6 

	

        
                                   (7)                      Any
purported termination of Executive’s employment by the Company during           the
term of this Agreement which is not effected pursuant to all of the
          requirements of this Agreement; and, for purposes of this Agreement, no such
          purported termination shall be effective.  

        
                   2.            Employment.
The Company hereby agrees to employ the Executive, and the           Executive hereby
accepts employment, during the Contract Period upon the terms           and conditions
set forth herein.  

        
                   3.            Position.
During the Contract Period the Executive shall be employed as           Chairman and
Chief Executive Officer of Valley and the Bank, 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           with
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 or from continuing to serve on
          any boards of directors or trustees which he served prior to the Change in
          Control or for which consent is provided by the Valley Board after a Change in
          Control.  

        
                   4.            Cash
Compensation. The Company shall pay to the Executive compensation           for his
services during the Contract Period as follows:  

        
                                   a.            Base
Salary. A base annual salary equal to the annual salary in effect as           of the
Change in Control. The annual salary shall be payable in installments in
          accordance with the Company’s usual payroll method.  

7 

	

        
                   b.            Annual
Bonus. An annual cash bonus equal to at least the average of the           bonuses
paid to the Executive in the three 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.  

        
                   c.            Annual
Review. The Board of Directors during the Contract Period shall           review
annually, or at more frequent intervals which the Board of Directors           determines
is appropriate, the Executive’s compensation and shall award him
          additional compensation to reflect the Executive’s performance, the
          performance of the Company and competitive compensation levels, all as
          determined in the discretion of the Board of Directors.  

        
        5.       Expenses
and Fringe Benefits.  

        
                   a.            Expenses.
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.  

        
                   b.            Benefit
Equalization Plan. During the Contract Period, if the Executive           was
entitled to benefits under the Company’s Benefit Equalization Plan           (“BEP”)
prior to the Change in Control, the Executive shall be           entitled to continued
benefits under the BEP after the Change in Control and           such BEP may not be
modified or terminated to reduce or eliminate such benefits           during the Contract
Period.  

        
                   c.            Club
Membership and Automobile. If prior to the Change in Control, the           Executive
was entitled to membership in a country club and/or the use of an           automobile,
during the Contract Period he shall be entitled to the same           membership and/or
use of an automobile at least comparable to the automobile           provided to him
prior to the Change in Control.  

8 

	

        
                   d.            Other
Benefits. During the Contract Period, the Executive also 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 senior officers of the Company, all upon terms as           favorable as those enjoyed
by other senior officers of the Company.           Notwithstanding anything in this
paragraph 5(d) to the contrary, if the Company           adopts any change in the
benefits provided for senior officers of the Company,           and such policy is
uniformly applied to all officers of the Company (and any           successor or acquiror
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 paragraph.  

        
        6.       Termination
for Cause. During the Contract Period, 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 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 4           consecutive months, the Company
may terminate the employment of the Executive.           In such event, the Executive
shall be paid within 10 days of termination a lump           sum equal to one-twelfth of
the highest annual salary (including 401(k) plan           deferral) paid to the
Executive during any calendar year in each of the three           calendar years
immediately prior to the Change in Control, but shall not be           entitled to any
further compensation or benefits under this Agreement, except as           provided in
the next sentence and in Section 12. If the Company fails to pay the           Executive
the lump sum amount due him under this Section 7 or the payments under           Section
12, the Executive, after giving 10 days’ written notice to the           Company
identifying the Company’s failure, shall be entitled to recover           from the
Company on a monthly basis as incurred all of his reasonable legal fees           and
expenses incurred in connection with his enforcement against the Company of           the
terms of this Agreement. The Executive shall be denied payment of his legal
          fees and expenses only if a court finds that the Executive sought payment of
          such fees without reasonable cause and not in good faith.  

9 

	

        
        8.       Death
Benefits. During the Contract Period (defined without regard to his           death),
upon the Executive’s death his estate shall be paid within 20           business
days of his death a lump sum equal to one-twelfth of the highest annual           salary
(including 401(k) plan deferral) paid to the Executive during any           calendar year
in each of the three calendar years immediately prior to the           Change in Control,
but shall not be entitled to any further compensation or           benefits under this
Agreement, except as provided in the next sentence and in           Section 12. If the
Company fails to pay the Executive’s estate the lump sum           amount due it
under this Section or the payments under Section 12, the           Executive’s
estate, after giving 10 days’ written notice to the           Company identifying
the Company’s failure, shall be entitled to recover           from the Company on a
monthly basis as incurred all of its reasonable legal fees           and expenses
incurred in connection with its enforcement against the Company of           the terms of
this Agreement. The Executive’s estate shall be denied payment           of its
legal fees and expenses only if a court finds that the Executive sought           payment
of such fees without reasonable cause and not in good faith.  

        
        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 providing four weeks notice. The Executive may resign           for Good Reason
during the Contract Period upon four weeks written notice to the           Company
specifying the facts and circumstances claimed to support the Good           Reason. The
Executive shall be entitled to give a Notice of Termination that his           or her
employment is being terminated for Good Reason at any time during the           Contract
Period, not later than twelve months after any occurrence of an event           stated to
constitute Good Reason. If during the Contract Period the Company           terminates
the Executive’s employment without Cause or the Executive           Resigns for Good
Reason, then the Executive shall be entitled to the following:           (i) the Company
shall within 20 business days of the termination of employment           pay the
Executive a lump sum severance payment in an amount equal to three times           the
highest annual compensation, consisting solely of salary (including any           401(k)
plan deferral) and bonus, paid to (or in the case of bonus accrued for)           the
Executive during any calendar year in each of the three calendar years
          immediately prior to the Change in Control; (ii) the Company shall continue to
          provide the Executive for a period of three years after termination with
health,           hospitalization and medical insurance, as well as life and disability
insurance,           as were provided at the time of the termination of his employment
with the           Company, at the Company’s cost (subject to payment by the
Executive of the           same contribution amount and deductibles as Executive
previously paid); (iii)           the Company shall credit Executive under the BEP
immediately upon termination           with additional years of credited service as if he
had continued to work for the           Company for three years after the date of
termination, the benefit plans covered           thereby had remained the same during
such period, and the BEP was not changed or           modified after the Change in
Control or otherwise during such period.  

10 

	

        
        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. If the Company fails to pay the Executive the lump sum
amount due him hereunder or to provide him with the health, hospitalization and medical
insurance, life disability or BEP benefits due under this section or the payments under
Section 12, the Executive, after giving 10 days’ written notice to the Company
identifying the Company’s failure, shall be entitled to recover from the Company on a
monthly basis as incurred all of his reasonable legal fees and expenses incurred in
connection with his enforcement against the Company of the terms of this Agreement. The
Executive shall be denied payment of his legal fees and expenses only if a court finds
that the Executive sought payment of such fees without reasonable cause and not in good
faith. 

11 

	

        
        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.  

        
                   a.            Non-Disclosure
of Confidential Information. Except in the course of his           employment with
the Company and in the pursuit of the business of the Company or           any of its
subsidiaries or affiliates, the Executive shall not, at any time           during or
following the Contract Period, disclose or use, any confidential           information or
proprietary data of the Company or any of its subsidiaries or           affiliates. The
Executive agrees that, among other things, all information           concerning the
identity of and the Company’s relations with its customers           is confidential
information.  

        
                   b.            Specific
Performance. Executive agrees that the Company does not have an           adequate
remedy at law for the breach of this section and agrees that he shall           be
subject to injunctive relief and equitable remedies as a result of the breach
          of this section. The invalidity or unenforceability of any provision of this
          Agreement shall not affect the force and effect of the remaining valid
portions.           No alleged breach of this Section 11 shall give the Company the right
to           withhold or offset against any payments due the Executive under this
Agreement.  

12 

	

        
                   c.            Survival.
This section shall survive the termination of the           Executive’s employment
hereunder and the expiration of this Agreement.  

        
        12.
Gross Up for Taxes.

        
                   a.            Additional
Payments. If, for any taxable year, Executive shall be liable           for the
payment of an excise tax under Section 4999 or other substitute or           similar tax
assessment (the “Excise Tax”) of the Internal           Revenue Code of
1986, as amended (the “Code”), including the           corresponding
provisions of any succeeding law, with respect to any payments or           benefits
under Section 9 of this Agreement or Sections 7 or 8 or any other           provision of
this Agreement, including but not limited to this Section 12 or           under any
benefit plan of the Company applicable to Executive individually or           generally
to executives or employees of the Company, then, notwithstanding any           other
provisions of this Agreement, the Company shall pay to the Executive an
          additional amount (the “Gross-Up Payment”) such that the net
          amount retained by the Executive, after deduction of the Excise Tax imposed on
          all such payments and benefits and of the federal, state and local income tax
          and Excise Tax imposed upon payments provided for in this Section 12, shall be
          equal to the payments and benefits due to the Executive hereunder and the
          payments and/or benefits due to the Executive under any benefit plan of the
          Company. Each Gross-Up Payment shall be made to Executive or as provided in
          Section 16 hereof, upon the later of (i) five (5) days after the date the
          Executive notifies the Company of its need to make such Gross-Up Payment, or
          (ii) the date of any payment causing the liability for such Excise Tax. The
          amount of any Gross-Up Payment under this section shall be computed by a
          nationally recognized certified public accounting firm designated jointly by
the           Company and the Executive. The cost of such services by the accounting firm
          shall be paid by the Company. If the Company and the Executive are unable to
          designate jointly the accounting firm, then the firm shall be the accounting
          firm used by the Company immediately prior to the Change in Control.  

13 

	

        
                   b.            IRS
Disputed Claims. The Executive shall notify the company in writing of           any
claim by the Internal Revenue Service (“IRS”) that, if
          successful, would require the payment by the Company of a Gross-Up Payment in
          addition to that payment previously paid by the Company pursuant to this
          section. Such notification shall be given an soon as practicable but no later
          than fifteen (15) business days after the Executive is informed in writing of
          such claim and shall apprise the Company of the nature of such claim, the date
          on which such claim is requested to be paid, and attach a copy of the IRS
          notice. The Executive shall not pay such claim prior to the expiration of the
          thirty (30) day period following the date on which the Executive gives such
          notice to the Company (or such shorter period ending on the date that any
          payment of taxes with respect to such claim is due). If the Company notifies
the           Executive in writing prior to the expiration of such period that it desires
to           contest such claim, the Executive shall:  

        
                                   (i)                      Give
the Company any information reasonably requested by the Company relating to such claim;  

        
                                   (ii)                      Take
such action in connection with contesting such claim as the Company shall reasonably
request in writing from time to time, including, without limitation, accepting legal
representation with respect to such claim by an attorney reasonably selected by the
Company;  

        
                                   (iii)                      Cooperate
with the Company in good faith in order effectively to contest such claim; and  

14 

	

        
                                   (iv)                      Permit
the Company to participate in any proceedings relating to such  claim;
provided, however that the Company shall pay directly all costs and expenses (including
legal and accounting fees, as well as other expenses and any additional interest and
penalties) incurred by the Executive and the Company in connection with an IRS levy,
contest or claim. 

        
                   c.                      This
Section shall survive the termination of Executive’s employment           hereunder
and the expiration of the Contract Period.  

        
        13.       Term
and Effect Prior to Change in Control.  

        
                   a.            Term.
This Agreement shall commence on the date hereof and shall remain           in effect for
a period of 3 years from the date hereof (the “Initial           Term”)
or until the end of the Contract Period, whichever is later. The           Term shall be
automatically extended for an additional one year period on the           anniversary
date hereof (so that the Initial Term on any anniversary date is           always 3
years) unless the Valley Board, by a majority vote by resolution of a           majority
of Directors then in office votes not to extend the Initial Term any           further.  

        
                   b.            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 or contract or plan with
          the Company. 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 ended for any reason prior to a Change in Control, this
Agreement           shall thereafter be of no further force and effect.  

        
        14.       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 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 or agreements with the Company, except that if the           Executive receives the
lump severance payment due under paragraph 9 hereof, the           Executive shall not be
entitled to the lump sum severance payment due under           paragraph 1 of the
Severance Agreement (the “Severance           Agreement”), dated August
17, 1994, between the Company and the           Executive, or to severance payments under
any other plan or program of the           Company providing for severance pay, and shall
not be entitled to health,           hospital, medical and other benefits under Paragraph
4 of the Severance           Agreement to the extent such post-employment benefits
duplicate the benefits           hereunder. The compensation and benefits payable under
paragraph 2 (death) of           the Severance Agreement shall not be effected by this
Agreement, but shall be in           addition to the benefits provided hereunder. [The
provisions of Paragraph 3 of           the Severance Agreement (minimum retirement
benefit) shall continue to apply.]  

15 

	

        
        15.       Notice.
During the Contract Period, any notice of termination of the           employment of the
Executive by the Company or by the Executive to the Company           shall be
communicated by written Notice of Termination to the other party           hereto. For
purposes of this Agreement, a “Notice of           Termination” shall
mean a dated notice which shall (i) indicate the           specific termination provision
in this Agreement relied upon; (ii) set forth, if           necessary, in reasonable
detail the facts and circumstances claimed to provide a           basis for termination
of the employment of the Executive or from the Company           under the provision so
indicated; (iii) specify a date of termination, which           shall be not less than
two weeks nor more than six weeks after such Notice of           Termination is given,
except in the case of termination of employment by the           Company of the Executive
for Cause pursuant to Section 6 hereof, in which case           the Notice of Termination
may specify a date of termination as of the date such           Notice of Termination is
given; and (iv) be given by personal delivery or, if           the individual is not
personally available, by certified mail to the last known           address of the
individual. Upon the death of the Executive, no Notice of           Termination need be
given.  

16 

	

        
        16.       Payroll
and Withholding Taxes. All payments to be made or benefits to be           provided
hereunder by the Company shall be subject to applicable federal and           state
payroll or withholding taxes. Any Gross-Up Payment to be made by the           Company
may be made in the form of withholding taxes, but shall be timely           directed to
the IRS (or any state division of taxation) on the Executive’s           behalf.  

        
        17.       Miscellaneous.
This Agreement is the joint and several obligation of the           Bank and Valley. The
terms of this Agreement shall be governed by, and           interpreted and construed in
accordance with the provisions of, the laws of New           Jersey. Except as set forth
herein, this Agreement supersedes all prior           agreements and understandings with
respect to the matters covered hereby,           including expressly any prior agreement
with the Company concerning Change in           Control benefits. This Agreement
expressly replaces the Amended and Restated           Change in Control Agreement dated
January 1, 1999. Except as expressly specified           in Section 14 with regard to the
Severance Agreement, this Agreement does not           effect or reduce the benefits or
obligations of the parties under the           Split-Dollar Agreement, dated as of July
7, 1995 (and any supplement or           amendment to, or replacement for that agreement)
between the Company, the           Executive and his spouse or the Severance Agreement
(or any supplement or           amendment to or replacement for that agreement). The
amendment or termination of           this Agreement may be made only in a 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 a 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.  

17 

	

        
        IN
WITNESS WHEREOF, Valley National Bank and Valley National Bancorp each have caused this
Agreement to be signed by their duly authorized representatives pursuant to the authority
of their respective Boards of Directors, and the Executive has personally executed this
Agreement, all as of the day and year first written above. 

	ATTEST:

  
——————————————

                                          , Secretary
 		VALLEY NATIONAL BANCORP

By:  
——————————————

    Robert McEntee, Chairman of
    the Compensation Committee

	ATTEST:

  
——————————————

                                          , Secretary
 		VALLEY NATIONAL BANK

By:  
——————————————

    Robert McEntee, Chairman of
    the Compensation Committee

	WITNESS:

  
——————————————

            
 		

——————————————

Gerald H. Lipkin, Executive

	

18

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