Document:

Exhibit 10.8

 EXHIBIT 10.8 
 FEDERAL TRUST BANK 
 EMPLOYEE SEVERANCE AGREEMENT 
 THIS EMPLOYEE SEVERANCE AGREEMENT (“Agreement”) is entered into by and between Federal Trust Bank (“Employer”) and Mark E.
McRae (“Employee”). 
 WHEREAS, in recognition of Employee’s contribution to Employer as its Executive Vice
President & Senior Loan Officer. Employer wishes to protect Employee’s position therewith in the manner provided in this Agreement in the event of a Change in Control of the Employer (as defined below), or of its parent-holding
company, Federal Trust Corporation (“FTC”); 
 NOW, THEREFORE, in consideration of Employee’s management position,
contribution, and responsibilities, Employer hereby agrees to provide Employee with certain severance benefits as specifically provided herein. 
 SECTION 1 - DEFINITIONS 
 (a) “Change in Control” means the sale, dissolution, merger, consolidation or other
reorganization of the Employer or FTC, any sale of all or substantially all of the assets of the Employer or FTC, or any sale or other transfer of the ownership of, or the right to vote, more than 50% of the total combined voting power of all
classes of stock entitled to vote on the election of directors (“voting stock”) of the Employer or FTC; provided, however, a “Change in Control” shall be deemed not to have occurred in connection with any transaction where
stockholders who own more than 50% of the voting stock of the Employer or FTC immediately before the consummation of such transaction, own more than 50% of the voting stock or other controlling ownership interests of the surviving entity immediately
after such transaction. 
 (b) Termination for “Just Cause” means termination of Employee’s employment by the
Employer, upon written notice to Employee, upon any of the following events: 
 (i) Employee’s continued willful
failure to perform, or his habitual neglect of, his duties; 
 (ii) Employee’s conviction of, plea of nolo contendre to,
indictment or information for (which indictment or information is not discharged or otherwise resolved within eighteen (18) months), any felony, or any crime involving moral turpitude, or any crime which is likely to result in material injury
to the Employer; 
 (iii) Employee’s commission of an act of fraud, theft or dishonesty, or breach of a fiduciary duty
relating to the Employee’s employment with the Employer; 
 (iv) Employee’s material breach of this Agreement;

 (v) Employee’s having engaged in conduct involving fraud, deceit, personal dishonesty, or breach of fiduciary duty;

 (vi) Employee’s having violated any banking law or regulation, memorandum of
understanding, cease and desist order, or other agreement with any banking agency having jurisdiction over FTC or the Employer; 
 (vii) Employee’s having become subject to continuing intemperance in the use of alcohol or drugs which has adversely affected, or may adversely affect, the business or reputation of FTC or the Employer, as determined by the Board of
Director of the Employer (without taking into consideration the vote of Employee as a director) in its sole and absolute discretion; or 
 (viii) Any banking authority having supervisory jurisdiction over FTC or the Employer initiating any proceeding for removal of the Employee. 
 Notwithstanding the foregoing, Employee shall not be deemed to have been terminated for Just Cause under clause (i) or (iv) above unless the
Employer provided reasonable written notice to the Employee setting forth the reasons for the Employer’s intention to terminate for Just Cause, and Employee failed within thirty (30) days to cure the event or deficiency set forth in the
written notice. 
 (c) “Protected Period” means the term of this Agreement and (3) Three months following termination
hereof. 
 SECTION 2 - TERM OF AGREEMENT 
 This Agreement shall remain in effect during the term of Employee’s employment by Employer, unless and until Employer, at any time and in its sole and absolute discretion, shall earlier terminate this Agreement
by delivering to the Employee written notice indicating that this Agreement is terminated. 
 SECTION 3 - PAYMENTS TO EMPLOYEE UPON CHANGE
IN CONTROL 
 In the event of a Change in Control within the Protected Period, if either (i) Employer terminates Employee’s
employment without Just Cause, or (ii) Employee terminates his own employment for any reason, whether such termination occurs prior to or after the Change of Control, Employee shall be entitled to receive the termination benefits described in
Section 4. This Section 3 shall survive termination of this Agreement for the Protected Period. 
 SECTION 4 - TERMINATION
BENEFITS 
 (a) Upon a termination of employment described in Section 3, Employer shall pay Employee, or in the event of his
subsequent death, his estate, as severance pay, a sum equal to two years’ “highest annual base salary.” For purposes of this Agreement, Employee’s highest annual base salary shall mean the Employee’s highest base salary
during the three years immediately preceding Employee’s termination. Such payment shall be made in one lump sum payment six (6) months after a termination of employment. 
 (b) Upon a termination described in Section 3, Employer or its successor(s) shall continue to provide life, health and disability coverage
(“Coverage”) comparable to the coverage maintained by Employer for Employee prior to his termination. Such Coverage shall cease upon 

  

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the earlier of Employee’s obtaining new employment and receiving similar Coverage through another employer, which provides comparable coverage, or one
year from the date of Employee’s termination. 
 (c) Notwithstanding the foregoing, the Employee shall not receive any termination
benefits described in this Section 4 unless and until the Employee has executed and delivered to the Employer a full and unconditional release, in a form reasonably acceptable to the Employer, of all claims which the Employee may have against
the Employer or FTC in connection with the Employee’s employment or the termination thereof, other than (i) the Employee’s claim for the termination benefits described in this Section 4, and (ii) any claim which cannot be
waived by law. 
 SECTION 5 - SUSPENSION OF OBLIGATIONS 
 (a) If Employee is suspended from office and/or temporarily prohibited from participating in the conduct of Employer’s affairs pursuant to an action brought by the Office of Thrift Supervision or the Federal
Deposit Insurance Corporation (either referred to herein as a “Regulatory Agency”), Employer’s obligations under this Agreement shall be suspended as of the date of such action. The obligations of this Agreement shall be reinstated if
the charges of the Regulatory Agency are subsequently dismissed, or if the Employee is otherwise determined to be not guilty of such charges. 
 (b) If Employee is removed from office or permanently prohibited from participating in Employer’s conduct or affairs by a final order resulting from an action brought by a Regulatory Agency, all obligations of Employer under this
Agreement shall terminate on the effective date of the order. 
 SECTION 6 - NOTICE OF TERMINATION 
 Any purported termination of employment by Employer or by Employee shall be communicated by a Notice of Termination to the other party hereto. For
purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Employee’s employment under the
provision so indicated. 
 SECTION 7 - NON-SOLICITATION; CONFIDENTIALITY 
 In consideration of the benefits and protections of this Agreement, Employee agrees to the following: 
 (a) During the term of Employee’s employment by the Employer, and for a period of one year following the termination of Employee’s employment
for any reason, Employee will not, directly or indirectly: 
 (i) solicit, divert, or take away, or attempt to solicit,
divert, or take away from the Employer the business of any person who the Employee knows or reasonably should know is a customer or identified, prospective customer of the Employer, or cause any such person to refrain, in any respect, from
conducting business with the Employer; or 
  

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 (ii) solicit, request, or induce, or attempt to solicit, request, or induce any employee
of the Employer or FTC to terminate employment with the Employer or FTC and accept employment with another person, firm, corporation, or other entity; provided, however, that general advertisements for employment that are not directed
to the Employer’s or FTC’s employees will not violate this Section 7. 
 (b) The Employee will not at any time use for his own
benefit, copy or make known in any manner to any person, firm, corporation or other entity the contents of any agreements (including this Agreement), memoranda, correspondence, writings, drawings, reports, charts, or other media, of or related to
information, data, methods, systems, processes, concepts or technologies, used or developed by the Employee, the Employer, or FTC, including, without limitation, any and all trade secrets (as defined under Florida law), proprietary information or
other confidential information acquired by the Employee in connection with the Employee’s employment with the Employer. The Employee understands and agrees that the lists of existing or prospective customers, vendors, and contractors of the
Employer, as such may exist from time to time, and information concerning such customers, vendors, and contractors are valuable, special and unique assets of the Employer’s business which are entitled to protection under the provisions of this
Section 7. 
 (c) The parties acknowledge and agree that money damages cannot fully compensate Employer in the event of Employee’s
violation of the provisions of this Section 7. Thus, in the event of a breach of any of the provisions of this Section 7, Employee agrees that Employer, upon application to a court of competent jurisdiction, shall be entitled to an
injunction restraining Employee from any further breach of the terms of this Section 7. Employee’s sole remedy, in the event of the wrongful entry of such injunction, shall be the dissolution of such injunction. Employee hereby waives any
and all claims for damages by reason of the wrongful issuance of any such injunction. 
 (d) This Section 7 shall survive termination of
this Agreement for any reason. 
 SECTION 8 - ENFORCEMENT COSTS 
 The Employer is aware that upon the occurrence of a Change in Control, the Board of Directors or a stockholder of the Employer may then cause or attempt
to cause the Employer to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Employer to institute, or may institute, litigation seeking to have this Agreement declared unenforceable, or may take, or
attempt to take, other action to deny the Employee the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the parties that the Employee not be required to incur the
legal fees and expenses associated with the protection or enforcement of his rights under this Agreement in the event of a Change of Control by litigation or other legal action because such costs would substantially detract from the benefits
intended to be extended to the Employee hereunder, nor be bound to negotiate any settlement of his rights hereunder under threat of incurring such costs in the event of a Change of Control. Accordingly, if in connection with, or as a result of, a
Change of Control, it should reasonably appear to the Employee that the Employer is or has acted contrary to or is failing or has failed to comply with any of its obligations under this Agreement for the reason that it regards this Agreement to be
void or unenforceable or for any other reason, or in the event that the Employer or any other person takes any action to declare this Agreement 

  

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void or unenforceable in connection with, or as a result of, a Change of Control, or institutes any litigation or other legal action designed to deny,
diminish or to recover from the Employee the benefits provided or intended to be provided to him hereunder in connection with, or as a result of, a Change of Control, and the Employee has acted in good faith to perform his obligations under this
Agreement, the Employer irrevocably authorizes the Employee from time to time to retain counsel of his choice at the expense of the Employer (as provided below) to represent him in connection with the protection and enforcement of his rights
hereunder arising from such Change of Control, including without limitation representation in connection with the initiation or defense of any litigation or other legal action, whether by or against the Employee or the Employer or any director,
officer, stockholder or other person affiliated with the Employer, in any jurisdiction. The reasonable fees and expenses of counsel selected from time to time by the Employee as herein above provided shall be paid or reimbursed to the Employee by
the Employer on a regular, periodic basis upon presentation by the Employee of a statement or statements prepared by such counsel in accordance with its customary practices. Counsel so retained by the Employee may be counsel representing other
officers or key executives of the Employer in connection with the protection and enforcement of their rights under similar agreements between them and the Employer, and, unless in his sole judgment use of common counsel could be prejudicial to him
or would not be likely to reduce the fees and expenses chargeable hereunder to the Employer, the Employee agrees to use his best efforts to agree with such other officers or executives to retain common counsel. 
 SECTION 9 - MODIFICATION AND WAIVER 
 (a) This Agreement may not be modified or amended except as agreed to in writing by the parties hereto. Notwithstanding the foregoing, this Section 8(a) shall not be construed to limit the Employer’s ability under Section 2
to terminate this Agreement. 
 (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any
estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and
each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future, or as to any act other than that specifically waived. 
 SECTION 10 - ARBITRATION 
 The parties
agree that, except for the specific remedies for injunctive relief as contained in Section 7, any controversy or claim arising out of or relating to this Agreement or any breach hereof, including, without limitation, any claim that this
Agreement or any portion hereof is invalid, illegal or otherwise voidable, shall be submitted to binding arbitration before and in accordance with the rules of the American Arbitration Association, and judgment upon the determination and/or award of
such arbitrator(s) may be entered in any court having jurisdiction thereof. This Section shall not be construed to permit the award of punitive damages to either party. The venue of any arbitration shall be in Seminole County, Florida. 

 

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 SECTION 11 - ATTORNEYS’ FEES 
 In the event of any proceeding occurring out of or involving this Agreement, the prevailing party shall be entitled to recovery of reasonable
attorneys’ fees, expenses, and costs, including fees and costs to enforce an award. 
 SECTION 12 - SEVERABILITY 
 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect. 
 SECTION 13 - HEADINGS FOR REFERENCE ONLY 
 The headings of the sections herein are included solely for convenience of reference and shall not control the meaning or the interpretation of any of
the provisions of this Agreement. 
 SECTION 14 - APPLICABLE LAW 
 This Agreement shall be governed in all respects and be interpreted by and under the laws of the State of Florida. 
 SECTION 15 - SUCCESSORS 
 Employer
shall require any successor to the business of Employer in connection with a Change in Control to assume and agree to perform Employer’s obligations under this Agreement in writing. 
 SECTION 16 - NO CONTRACT OF EMPLOYMENT 
 This Agreement shall not, under any
circumstances, be deemed to constitute an employment contract between Employer and Employee or to be in consideration of or an inducement for the employment of Employee. Nothing contained in this Agreement shall be deemed to give Employee the right
to be retained in the service of Employer, or to interfere with the right of Employer to discharge Employee at any time. 
 SECTION 17 -
LIMITATION OF RIGHTS 
 Neither this Agreement, nor any amendment hereof, nor the payment of any benefits hereunder shall be construed as
giving Employee or other person any legal or equitable right against Employer except as expressly herein. 
  

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 IN WITNESS WHEREOF, Employee and Employer have duly executed this Agreement this 7th day of
January, 2008. 
  

							
	EMPLOYEE	 		 	FEDERAL TRUST BANK
				
	 /s/ Mark E. McRae
	 		 	By:	 	 /s/ Dennis T. Ward

	Mark E. McRae	 		 	Print:	 	Dennis T. Ward
		 		 	Its:	 	Chief Executive Officer

  

 7Exhibit 10.9

 Exhibit 10.9 
 FEDERAL TRUST BANK 
 AMENDED SALARY CONTINUATION AGREEMENT 
 THIS AGREEMENT is made this 31st day of December, 2005, by and between Federal Trust Bank, a federal savings bank (“Bank”), and Gregory E. Smith (“Executive”), as an amendment to that certain
agreement dated November 10, 2003. 
 INTRODUCTION 
 To encourage the Executive to remain an employee of the Bank, the Bank is willing to provide salary continuation benefits to the Executive. 
 AGREEMENT 
 The Executive and the Bank
agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
  

	 1.1
	 Definitions. Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 

  

	 	 1.1.1
	 “Anniversary Date” means the 31st day of December of each calendar year. 

  

	 	 1.1.2
	 “Change of Control” means a change in control with respect to either the Bank or its corporate parent, Federal Trust Corporation, as defined in
12 C.F.R. Section 574.4(a) or (b) of the OTS regulations, or as otherwise required by Section 409A of the Internal Revenue Code of 1986, as amended, and any Treasury Regulations promulgated thereunder. 

  

	 	 1.1.3
	 “Disability” means sickness, accident or injury which, in the judgment of a physician appointed by the Bank, prevents the Executive from
performing all of the Executive’s customary duties for the Bank, or as otherwise required by Section 409A of the Internal Revenue Code of 1986, as amended, and any Treasury Regulations promulgated thereunder. As a condition to any
benefits, the Bank may require the Executive to submit to such physical or mental evaluations and tests as the Bank’s Board of Directors deems appropriate. 

  

	 	 1.1.4
	 “Early Retirement Date” means the Executive attaining age sixty-two (62) and completing ten (10) Years of Service.

  

	 	 1.1.5
	 “Effective Date” means the 1st day of June, 2003. 

  

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	 	 1.1.6
	 “Month of Service” means each completed full month of a Year of Service. 

  

	 	 1.1.7
	 “Normal Retirement Date” means the Anniversary Date in the year the Executive attains age 65. 

  

	 	 1.1.8
	 “Termination of Employment” means the Executive’s ceasing to be employed by the Bank for any reason whatsoever, voluntary or involuntary,
other than by reason of an approved leave of absence. 

  

	 	 1.1.9
	 “Years of Service” means the total number of consecutive twelve-month periods during which the Executive is employed on a full-time or part-time
basis by the Bank, inclusive of any approved leaves of absence, from the Effective Date of this Agreement until Termination of Employment. 

 ARTICLE 2 
 LIFETIME BENEFITS 
  

	 2.1
	 Normal Retirement Benefit. If the Executive terminates employment on or after the Normal Retirement Date for reasons other than death, the Bank shall pay
to the Executive the benefit described in this Section 2.1. 

  

	 	 2.1.1
	 Amount of Benefit. The annual benefit under this Section 2.1 shall be twenty thousand dollars ($10,000) per year for life (“Normal Retirement
Benefits”). 

  

	 	 2.1.2
	 Payment of Benefit. The Bank shall pay eight hundred thirty three and 33/100 dollars ($833.33), to the Executive on the first day of each month commencing
with the month following the Normal Retirement Date and continuing for life. 

  

	 	 2.1.3
	 Change of Control. Upon a Change of Control after benefit payments have commenced under Section 2.1.2, the Executive may elect to receive a present
value lump sum payment within sixty (60) days of such Change of Control based on a discount rate of eight percent (8%) and a life expectancy of age 82. 

  

	 2.2
	 Early Retirement Benefit. If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons
other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2. 

  

	 	 2.2.1
	 Amount of Benefit. The Early Retirement Benefit under this Section 2.2 shall be an amount equal to the Normal Retirement Benefit reduced by five
percent (5%) for each year (or part thereof) prior to Executive’s Normal Retirement Date, determined as of the date of Termination of Employment. 

  

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	 	 2.2.2
	 Payment of Benefit. The Bank shall pay the Early Retirement Benefit to the Executive in equal consecutive monthly payments for life.

  

	 	 2.2.3
	 Change of Control. Upon a Change of Control after benefit payments have commenced under Section 2.1.2, the Executive may elect to receive a present
value lump sum payment within sixty (60) days of such Change of Control based on a discount rate of eight percent (8%) and a life expectancy of age 82. 

  

	 2.3
	 Disability Benefit. If the Executive terminates employment because of Disability prior to the Normal Retirement Date, the Bank shall pay to the Executive
the benefit described in this Section 2.3. 

  

	 	 2.3.1
	 Amount of Disability Benefit. The Disability Benefit under this Section 2.3 is 100% of the Normal Retirement Benefit. 

 

	 	 2.3.2
	 Payment of Benefit. The Bank shall pay the benefit to the Executive, at the Bank’s discretion, in either a present value lump sum payment within
sixty (60) days of Termination of Employment due to Disability based on a discount rate of eight percent (8%) and a life expectancy of age 82, or in equal consecutive monthly payments for life, beginning with the month following Disability.

  

	 	 2.3.3
	 Change of Control. Upon a Change of Control after benefit payments have commenced under Section 2.1.2, the Executive may elect to receive a present
value lump sum payment within sixty (60) days of such Change of Control based on a discount rate of eight percent (8%) and a life expectancy of age 82. 

  

	 2.4
	 Change of Control Benefit. Upon a Change of Control while the Executive is employed by the Bank, the Bank shall pay to the Executive the benefit described
in this Section 2.4 in lieu of any other benefit under this agreement. 

  

	 	 2.4.1
	 Amount of Benefit. The Change of Control benefit shall be an amount equal to 100% of the Normal Retirement Benefit in Section 2.1.1 as if the
Executive worked until age 65. 

  

	 	 2.4.2
	 Payment of Benefit. The Bank shall pay the benefit to the Executive as a present value lump sum payment within 60 days of Change of Control based on a
discount rate of eight percent (8%) and a life expectancy of age 82. 

 ARTICLE 3 
 DEATH BENEFITS 
  

	 3.1
	 Death During Employment. If the Executive dies while employed by the Bank, the Bank shall pay to the Executive’s beneficiary the benefit described in
this Section 3.1. 

  

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	 	 3.1.1.
	 Computation of Benefit. The death benefit under this Section 3.1 shall be computed by reference to the Annual Benefit, determined as of the date of
Termination of Employment due to Executive’s death. 

  

	 	 3.1.2
	 Payment of Benefit. The Bank shall pay the death benefit to the Executive’s beneficiary, at the discretion of the Personal Representative of
Executive’s estate, in either a present value lump sum payment within 90 days of Executive’s death, based on a discount rate of eight percent (8%) and a life expectancy of age 82, computed by reference to the Annual Benefit, or in 60
equal consecutive quarterly payments based on one-quarter (1/4) of the Annual Benefit determined as of the date of Termination of Employment due to Executive’s death and beginning with the month following the Executive’s death.

  

	 3.2
	 Death During Benefit Period. If the Executive’s beneficiary dies after death benefit payments have commenced under Section 3.1.2 of this
Agreement, but before receiving all such payments, the Bank shall pay the remaining benefits to the designated beneficiary of the Executive’s beneficiary at the same time and in the same amounts the benefit would have been paid to the
Executive’s beneficiary had he or she survived. 

 ARTICLE 4 
 BENEFICIARIES 
  

	 4.1
	 Beneficiary Designations. The Executive shall designate a “primary” and “contingent” beneficiary by filing a written designation with
the Bank. The Executive may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Executive and accepted by the Bank during the Executive’s lifetime. A
beneficiary’s designation shall be deemed automatically revoked if the beneficiary predeceases the Executive, or if the Executive names a spouse as beneficiary and the marriage is subsequently dissolved. If the Executive dies without a valid
beneficiary designation, all payments shall be made to the Executive’s surviving spouse, if any, and if none, to the Executive’s surviving children in equal shares per survivor, and if no survivors, to the Executive’s estate.

  

	 4.2
	 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or
her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority or guardianship as it
may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit. 

  

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 ARTICLE 5 
 GENERAL LIMITATIONS 
 Notwithstanding any provision of this Agreement to the
contrary, the Bank shall not pay any benefit under this Agreement for the following reasons: 
  

	 5.1
	 Termination for Cause. If the Bank terminates the Executive’s employment for: 

  

	 	 5.1.1
	 Gross negligence or gross neglect of duties; 

  

	 	 5.1.2
	 Commission of a felony; or 

  

	 	 5.1.3
	 Fraud, disloyalty, dishonesty or willful violation of any law or material Bank policy in connection with the Executive’s employment.

  

	 5.2
	 Suicide. No benefits shall be payable if the Executive commits suicide prior to August 31, 2005, or if the Executive has made any material
misstatement of fact on any application for life insurance purchased by the Bank. 

 ARTICLE 6 
 CLAIMS AND REVIEW PROCEDURES 
  

	 6.1
	 Claims Procedure. The Bank shall notify the Executive or his successor in interest (“Claimant”) in writing, within ninety (90) days of the
Claimant’s written application for benefits, of eligibility or non eligibility for benefits under the Agreement. If the Bank determines that the Claimant is not eligible for benefits or full benefits, the notice shall set forth (1) the
specific reasons for such denial, (2) a specific reference to the provisions of the Agreement on which the denial is based, (3) a description of any additional information or material necessary for the Claimant to perfect Claimant’s
claim, and a description of why it is needed, and (4) an explanation of the Agreement’s claims review procedure and other appropriate information as to the steps to be taken if the Claimant wishes to have the claim reviewed. If the Bank
determines that there are special circumstances requiring additional time to make a decision, the Bank shall notify the Claimant of the special circumstances and the date by which a decision is expected to be made, and may extend the time for up to
an additional ninety-day period. 

  

	 6.2
	 Review Procedure. If the Claimant is determined by the Bank not to be eligible for benefits, or if the Claimant believes that Claimant is entitled to
greater or different benefits, the Claimant shall have the opportunity to have such claim reviewed by the Bank by filing a petition for review with the Bank within sixty (60) days after receipt of the notice issued by the Bank. Said petition
shall state the specific reasons which the 

  

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Claimant believes entitles Claimant to benefits or to greater or different benefits. Within sixty (60) days after receipt by the Bank of the petition,
the Bank shall afford the Claimant (and counsel, if any) an opportunity to present Claimant’s position to the Bank orally, or in writing, and the Claimant (or counsel) shall have the right to review the pertinent documents. The Bank shall
notify the Claimant of its decision in writing within the sixty-day period, stating specifically the basis of its decision, written in a manner calculated to be understood by the Claimant and the specific provisions of the Agreement on which the
decision is based. If, because of the need for a hearing, the 60 day period is not sufficient, the decision may be deferred for up to another sixty-day period at the election of the Bank, but notice of this deferral shall be given to the Claimant.

 ARTICLE 7 
 AMENDMENTS AND TERMINATION 
 The Bank reserves the right to amend or terminate this Agreement at any time.
In the event of termination of this Agreement, the benefit to the Executive shall be based on the benefit determined as of the date of termination of this Agreement. The Bank shall pay the benefit to the Executive, at the Bank’s discretion, in
either a present value lump sum payment within 60 days of Executive’s Termination of Employment based on a discount rate of eight percent (8%) and a life expectancy of age 82, computed by reference to the benefit, or in equal consecutive
quarterly payments based on one-quarter (1/4) of the benefit, on the first day of each quarter commencing with the month following the Executive’s Termination of Employment and continuing for the remainder of her life. In the event of
amendment, the nonforfeitable benefit accrued as of the effective date of the amendment shall not be reduced by the amendment. 
 ARTICLE 8

 MISCELLANEOUS 
  

	 8.1
	 Binding Effect. This Agreement shall bind the Executive and the Bank, and their beneficiaries, survivors, executors, administrators.

  

	 8.2
	 No Guaranty of Employment. This Agreement is not an employment policy or contract. It does not give the Executive the right to remain an employee of the
Bank, nor does it interfere with the Bank’s right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment at any time.

  

	 8.3
	 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

  

	 8.4
	 Tax Withholding. The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement.

  

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	 8.5
	 Applicable Law. The Agreement and all rights thereunder shall be governed by the laws of Florida, except to the extent preempted by the laws of the United
States of America. 

  

	 8.6
	 Unfunded Arrangement. The Executive and any beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The
benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors.
Insurance on the Executive’s life, if any, is a general asset of the Bank to which the Executive and any beneficiary shall have no preferred or secured claim. 

 IN WITNESS WHEREOF, the Executive and a duly authorized Bank officer have signed this Agreement. 
  

							
	 EXECUTIVE:
	 		 	 FEDERAL TRUST BANK

				
	 /s/ Gregory E. Smith
	 		 		 	 /s/ James V. Suskiewich

	 Gregory E. Smith
	 		 	 By:
	 	 James V. Suskiewich

		 		 		 	 Chairman & Chief Executive Officer

  

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 FEDERAL TRUST BANK 
 SALARY CONTINUATION AGREEMENT 
 BENEFICIARY DESIGNATION 
 I designate the following as beneficiary of any death benefits under the Salary Continuation Agreement: 
  

					
	 Primary:
	  	             Nancy B. Smith
	  	
			
	 Contingent A:
	  	             Mark C. Smith
	  	
		  	             Rachel D.
Smith            
	  	
			
	 Contingent B:
	  	             Scott F. Smith
	  	
		  	             Glenn T. Smith
	  	

  

			
	 Note:
	  	 To name a Trust as beneficiary, please provide the name of the Trustee and the exact date of the Trust Agreement.

 I understand that I may change any beneficiary designations by filing a new written designation
with the Bank. This benefit designation shall be controlled by section 4.1 of the Salary Continuation Agreement. 
  

			
	 Signature:
	 	 /s/ Gregory E. Smith

	 Date:
	 	 3/21/06

 Accepted by the Bank this 21 day March, 2006. 
  

			
	 By:
	 	 /s/ James V. Suskiewich

		
	 Title:
	 	 CHAIRMAN

  

 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]