Document:

Form of Restricted Stock Agreement

 Exhibit 10.6 
 CURAGEN CORPORATION 
 Restricted Stock Agreement 
  

			
	Name of Recipient:	    	NAME
		
	Number of shares of restricted
common stock awarded:	    	#
		
	Grant Date:	    	May 25, 2007

 CuraGen Corporation (the “Company”) has selected you to receive the
restricted stock award described above, which is subject to the provisions of the Company’s 2007 Stock Incentive Plan (the “Plan”) and the terms and conditions contained in this Restricted Stock Agreement. Please confirm
your acceptance of this restricted stock award and of the terms and conditions of this Agreement by signing a copy of this Agreement where indicated below. 
  

			
	CURAGEN CORPORATION
		
	By:	 	  

		 	David M. Wurzer
		 	Executive Vice President, Chief Financial Officer, and Treasurer

  

	
	Accepted and Agreed:
	
	  

	Employee Name
	
	Date:
	
	  

  

 CURAGEN CORPORATION 
 Restricted Stock Agreement 
 The terms and conditions of the award of shares of restricted
common stock of the Company (the “Restricted Shares”) made to the Recipient, as set forth on the cover page of this Agreement, are as follows: 
 1. Issuance of Restricted Shares. The Restricted Shares are issued to the Recipient, effective as of the Grant Date (as set forth on the cover page of this Agreement), in consideration of employment services
rendered and to be rendered by the Recipient to the Company. The Restricted Shares will be held in book entry by the Company’s transfer agent in the name of the Recipient. The Recipient agrees that the Restricted Shares shall be subject to the
forfeiture provisions set forth in Section 2(b) of this Agreement and the restrictions on transfer set forth in Section 4 of this Agreement. 
 2. Vesting. 
 (a) The Restricted Shares shall vest and become free from the forfeiture provisions in
Section 2(b) hereof and become free from the transfer restrictions in Section 4 hereof as follows, provided in each case that the Recipient is employed with the Company as of the applicable vesting date: 
 (i) on December 31, 2008, provided that the Board of Directors of the Company certifies that the closing price of the Company’s common
stock on the Nasdaq Global Market has equaled or exceeded $5.00 per share over a period of 20 consecutive trading days beginning at any time on or after the Grant Date (such price to be adjusted in the event of a stock split, reverse stock
split, stock dividend, recapitalization, combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event); or 
 (ii) immediately prior to the consummation of a merger, consolidation, statutory share exchange, a sale or other disposition of all or substantially all of the assets of the Company or similar form of corporate
transaction involving the Company (a “Business Combination”), provided that such Business Combination has the following characteristics (a “Qualifying Change in Control”): 
 1. Occurs on or prior to December 31, 2008. 
 2. Provides for payment of gross proceeds to the Company’s stockholders of $5.00 or more per share (such price to be adjusted in the event of a stock split, reverse stock split, stock dividend,
recapitalization, combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event). Proceeds to the Company’s stockholders shall be calculated for this purpose without regard to deductions for
applicable taxes. In the event any consideration payable in connection with the Business Combination consists of securities of another entity, such securities shall be valued at their fair market value as determined by (or in a manner approved by)
the Company’s Board of Directors (“Fair Market Value”). 

 3. Immediately following such Business Combination, voting securities of the Company that were
outstanding immediately prior to such Business Combination (or, if applicable, shares into which such Company voting securities were converted pursuant to such Business Combination) represent less than 50% of the total voting power of (x) the
corporation resulting from such Business Combination (the “Surviving Corporation”) or (y) if applicable, the ultimate parent corporation that directly or indirectly has the beneficial ownership of 100% of the voting
securities eligible to elect directors of the Surviving Corporation. 
 (b) In the event that (i) the Recipient ceases to be employed by
the Company prior to the date that the Restricted Shares vest under Section 2(a)(i) or Section 2(a)(ii) hereof, for any reason or no reason, with or without cause, or (ii) the Restricted Shares otherwise do not vest in accordance with
the conditions set forth in Section 2(a)(i) or Section 2(a)(ii) hereof on or before December 31, 2008, then all of the Restricted Shares shall be forfeited immediately and automatically to the Company for no consideration
effective as of either the date of termination of employment or January 1, 2009 whichever is earlier, and the Recipient shall have no further rights with respect to such Restricted Shares. The Recipient hereby authorizes the Company to
take any actions necessary or appropriate to cancel any stock certificate(s) representing forfeited Restricted Shares and transfer ownership of such forfeited Restricted Shares to the Company; and if the Company or its transfer agent requires an
executed stock power or similar confirmatory instrument in connection with such cancellation and transfer, the Recipient shall promptly execute and deliver the same to the Company. For purposes of this Agreement, employment with the Company shall
include employment with a parent or subsidiary of the Company, or any successor to the Company. 
 3. Acknowledgment regarding Employment
Agreement. The Recipient and the Company hereby acknowledge and agree that the Restricted Shares will vest in accordance with the conditions set forth in Section 2(a)(ii) above only upon a Qualifying Change in Control, notwithstanding
anything to the contrary in that certain Amended and Restated Employment Agreement dated September 1, 2006 between the Recipient and the Company, as amended. 
 4. Restrictions on Transfer. 
 The Recipient shall not sell, assign, transfer, pledge, hypothecate or
otherwise dispose of, by operation of law or otherwise (collectively “transfer”) any Restricted Shares, or any interest therein, until such Restricted Shares have vested, except that the Recipient may transfer such Restricted
Shares: (a) to or for the benefit of any spouse, children, parents, uncles, aunts, siblings, grandchildren and any other relatives approved by the Compensation Committee of the Company’s Board of Directors (collectively,
“Approved Relatives”) or to a trust established solely for the benefit of the Recipient and/or Approved Relatives, provided that such Restricted Shares shall remain subject to this Agreement (including without
limitation the forfeiture provisions set forth in Section 2(b) and the restrictions on transfer set forth in this Section 4) and such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument
confirming that such transferee shall be bound by all of the terms and conditions of this Agreement; or (b) as part of the sale of all or substantially all of the shares of capital stock of the Company (including pursuant to a merger or
consolidation). The Company shall not be required (i) to transfer on its books any of the Restricted Shares which have been transferred in 

 
violation of any of the provisions of this Agreement or (ii) to treat as owner of such Restricted Shares or to pay dividends to any transferee to whom
such Restricted Shares have been transferred in violation of any of the provisions of this Agreement. 
 5. Restrictive Legends.

 All certificates representing Restricted Shares shall have affixed thereto legends in substantially the following forms, in addition to
any other legends that may be required under applicable law: 
 (A) “These shares of stock are subject to forfeiture provisions and
restrictions on transfer set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of these shares (or his or her predecessor in interest), and such Agreement is available for inspection without charge at the
office of the Secretary of the corporation.” 
 (B) “These shares of stock have not been registered under the Securities Act of
1933, as amended, and may not be sold, transferred or otherwise disposed of in the absence of an effective registration statement under such Act or an opinion of counsel satisfactory to the corporation to the effect that such registration is not
required.” 
 6. Rights as a Stockholder. 
 Except as otherwise provided in this Agreement, for so long as the Recipient is the registered owner of the Restricted Shares, the Recipient shall have all rights as a stockholder with respect to the Restricted
Shares, whether vested or unvested, including, without limitation, any rights to receive dividends and distributions with respect to the Restricted Shares and to vote the Restricted Shares and act in respect of the Restricted Shares at any meeting
of stockholders. 
 7. Provisions of the Plan. 
 This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Recipient with this Agreement. 
 8. Tax Matters. 
 (a) The Recipient acknowledges and agrees that the Company has the right to deduct
from payments of any kind otherwise due to the Recipient any federal, state, local or other taxes of any kind required by law to be withheld with respect to the vesting of the Restricted Shares. On each date on which Restricted Shares vest, the
Company shall deliver written notice to the Recipient of the amount of withholding taxes due with respect to the vesting of the Restricted Shares that vest on such date; provided, however, that the total tax withholding cannot exceed the
Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income). The Recipient may satisfy
such tax obligations by making a cash payment to the Company on the date of vesting of the Restricted Shares, in the amount of the Company’s withholding obligation in connection with such vesting. 

 (b) The Recipient has reviewed with the Recipient’s own tax advisors the federal, state, local and
other tax consequences of the acquisition of the Restricted Shares. The Recipient is relying solely on such advisors and not on any statements or representations of the Company or any of its agents with respect to the tax consequences relating to
the Restricted Shares. The Recipient understands that the Recipient (and not the Company) shall be responsible for the Recipient’s own tax liability that may arise in connection with the acquisition, vesting and/or disposition of the Restricted
Shares. 
 THE RECIPIENT AGREES NOT TO FILE AN ELECTION UNDER SECTION 83(B) OF THE INTERNAL REVENUE CODE WITH RESPECT TO THE ISSUANCE OF
THE SHARES. 
 9. Miscellaneous. 
 (a) No Right to Continued Employment. The Recipient acknowledges and agrees that, notwithstanding the fact that the vesting of the Restricted Shares is contingent upon his or her continued employment by the Company, this Agreement
does not constitute an express or implied promise of continued employment or confer upon the Recipient any rights with respect to continued employment by the Company. 
 (b) 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, and each other provision of this
Agreement shall be severable and enforceable to the extent permitted by law. 
 (c) Waiver. Any provision for the benefit of the
Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. 
 (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Recipient and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the
restrictions on transfer set forth in Section 4 of this Agreement. 
 (e) Notice. Each notice relating to this Agreement shall be
in writing and delivered in person or by first class mail, postage prepaid, to the address as hereinafter provided. Each notice shall be deemed to have been given on the date it is received. Each notice to the Company shall be addressed to it at its
offices at 322 East Main Street, Branford, CT 06405. Each notice to the Recipient shall be addressed to the Recipient at the Recipient’s last known address. 
 (f) Entire Agreement. This Agreement and the Plan constitute the entire agreement between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement.

 (g) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
Recipient. 

 (h) Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with
the internal laws of the State of Delaware without regard to any applicable conflicts of laws provisions. 
 (i) Interpretation. The
interpretation and construction of any terms or conditions of the Plan or of this Agreement or other matters related to the Plan by the Compensation Committee of the Board of Directors of the Company shall be final and conclusive. 
 (j) Recipient’s Acknowledgments. The Recipient acknowledges that he: (i) has read this Agreement, has received and read the Plan, and
understands the terms and conditions of this Agreement and the Plan; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Recipient’s own choice or has voluntarily declined to
seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Wilmer Cutler Pickering Hale and Dorr
LLP is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not acting as counsel for the Recipient. 
 (k) No Deferral. Notwithstanding anything herein to the contrary, neither the Company nor the Recipient may defer the delivery of the Restricted Shares. 

 STOCK POWER AND ASSIGNMENT SEPARATE FROM 
 CERTIFICATE 
 FOR VALUE RECEIVED, I hereby sell, assign and transfer unto CuraGen
Corporation (the “Corporation”)
                                        
shares of Common Stock, $0.01 par value per share, of the Corporation standing in my name on the books of the Corporation represented by Certificate(s) Number
                                        ,
and do hereby irrevocably constitute and appoint the
                                        
of the Corporation as attorney to transfer the said stock on the books of the Corporation with full power of substitution in the premises. 
  

			
	Dated:	 	  

		
	By:	 	
	
	  

  

	
	IN THE PRESENCE OF:
	
	  
 

 NOTICE: The signature(s) to this assignment must correspond with the name as written upon the
face of the certificate, in every particular, without alteration, enlargement, or any change whatever.Change in Control Agreement

 Exhibit 10.3 
 CHANGE IN CONTROL AGREEMENT 
 This AGREEMENT
is made effective as of 23rd day of October, 2007 by and between Pamrapo Bancorp, Inc. (the “Holding Company”), a corporation organized under the
laws of the State of Delaware, with its office at 611 Avenue C, Bayonne, New Jersey, Pamrapo Savings Bank, S.L.A. (the “Bank”), a who11y-owned subsidiary of the Holding Company, and Margaret Russo (“Executive”).

 WHEREAS, the Holding Company, the Bank and the Executive entered into a Special Termination Agreement effective November 10,
1989; 
 WHEREAS, Section 7(a) of the Special Termination Agreement provides that it may be modified by written instrument signed by
both parties; 
 WHEREAS, the Holding Company continues to recognize the substantial contribution Executive has made to the Company and
wishes to protect his position therewith for the period provided in this Agreement; and 
 WHEREAS, the amendment and restatement of the
Special Termination Agreement now is considered desirable by the parties; 
 NOW, THEREFORE, in consideration of the contribution and
responsibilities of Executive, and upon the other terms and conditions hereinafter provided, the Special Termination Agreement is renamed the Change in Control Agreement (the “Agreement”) and amended and restated as follows: 
  

	1.	TERM OF AGREEMENT. 

 The term of this Agreement shall be
deemed to have commenced as of the date first above written and shall continue for a period of thirty-six (36) full calendar months thereafter. Commencing on the first anniversary date of this Agreement and continuing at each anniversary date
thereafter, the Agreement shall automatically renew for an additional year such that the remaining term shall be three (3) years unless written notice is provided to Executive, at least ten (10) days and not more than twenty (20) days
prior to expiration of such period, then the term of this Agreement shall cease at the end of twenty-four (24) months following the next anniversary date unless Executive’s employment is voluntarily or involuntarily terminated with the
Bank and Holding Company. 
  

	2.	PAYMENTS TO EXECUTIVE UPON CHANGE IN CONTROL. 

 (a) Upon
the occurrence of a Change in Control of the Bank or the Holding Company (as herein defined), the provisions of Section 3 shall apply. 
 (b) Definition of a Change in Control. A “Change in Control” of the Bank or the Holding Company shall mean a “change in the ownership” of the Bank or Holding Company, a “change in effective control” of the Bank
or Holding Company, or a “change in the ownership of a substantial portion of the assets” of the Bank or Holding Company as these terms are defined in Section 409A of the Code and the regulations promulgated thereunder. 

	3.	CHANGE IN CONTROL BENEFITS. 

 (a) Upon the occurrence of a
Change in Control, the Bank and the Holding Company shall pay Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be or both, a sum equal to three (3) times the average annual
compensation paid to Executive for the three (3) years immediately preceding the occurrence of the Change in Control or such fewer number of years as Executive shall have been employed by the Bank and the Holding Company. Such annual
compensation shall include base salary, commissions, bonuses, any other cash compensation, contributions or accruals on behalf of Executive to any pension and/or profit sharing plan, severance payments, retirement payment, director or committee fees
and fringe benefits paid or to be paid to the Executive in any such year and payment of any expense item without accountability or business purpose or that do not meet the Internal Revenue Service requirements for deductibility by the Holding
Company or the Institution. Such payment shall be made in a lump sum within 30 days of the occurrence of the Change in Control or, if later, January 1, 2008. 
 (b) Upon a Change in Control, Executive will have a period of three (3) months or such longer period as may be determined by the Committee or pursuant to the Plan within which to exercise any nonstatutory stock
options he may hold for the purchase of any securities of the Holding Company all of which will become fully exercisable on the effective date of such Change in Control. Such options will expire at the end of the three (3) month period or such
longer period as may be determined by the Committee or pursuant to the Plan. Executive shall also be entitled to any additional rights with respect to options granted under any nonstatutory stock option plan of the Bank or Holding Company.

 (c) Upon the occurrence of a Change in Control, Executive will have a period of twelve (12) months within which to exercise options
and any limited rights attached thereto granted to him under any stock option plan of the Holding Company. However, with respect to incentive stock options, as defined in Section 422A of the Internal Revenue Code of 1986 (“Code”) in
order for the options to be treated as Incentive Stock Options, the options must be exercised within three(3) months of the Change in Control and not later than the date which is ten (10) years from the date of grant of such incentive stock
option, or in the case of a ten percent stockholder, five (5) years from the date of grant of such incentive stock option. 
 (d) Upon
the occurrence of a Change in Control, the Executive will be entitled to any benefits under the Bank’s Management Recognition and Retention Plan arising from a change in control. 
 (e) Notwithstanding the preceding paragraphs of this Section 3, in the event that the aggregate payments or benefits to be made or afforded to
Executive under said paragraphs (the “Change in Control Termination Benefits”) would be deemed to include an “excess parachute payment” under Section 280G of the Code or any successor thereto, subject to the excise tax (the
“Excise Tax”) imposed under Section 4999 of the Code, the Holding Company or the Bank 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 on the Change in Control Payments and any Federal, state and local income and employment taxes and the Excise Tax upon the Gross-Up payment, shall be equal to the Change in Control Benefits. 
 (i) For purposes of determining whether any of the Change in Control Benefits will be subject to the Excise Tax and the amount of such
Excise Tax, (A) all of the Change in Control Benefits shall be treated as “parachute payments” (within the meaning of Section 280G(b)(2) of the Code) unless, in the opinion of tax counsel (“Tax 

  

 2 

 
Counsel”) reasonably acceptable to the Executive and selected by the accounting firm which was, immediately prior to the Change in Control, the Holding
Company’s or Bank’s independent auditor (the “Auditor”), such payments or benefits (in whole or in part) should not be treated by the courts as constituting parachute payments, including by reason of Section 280G(b)(4)(A) of
the Code, (B) all “excess parachute payments” within the meaning of Section 280G(b)(l) of the Code shall be treated as subject to the Excise Tax unless, in the opinion of Tax Counsel, such excess parachute payments (in whole or
in part) should be treated by the courts as representing reasonable compensation for services actually rendered (within the meaning of Section 280G(b)(4)(B) of the Code), or are otherwise not subject to the Excise Tax, and (C) the value of
any noncash benefits or any deferred payment or benefit shall be determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. All fees and expenses of the Tax Counsel and the Auditor shall be borne
solely by the Holding Company or the Bank. 
 (ii) For purposes of determining the amount of the Gross-Up Payment, the
Executive shall be deemed to pay Federal income tax at the highest marginal rate of Federal income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate of taxation in
the state and locality of the Executive’s residence in the calendar year in which the Gross-Up Payment is to be made, net of the maximum reduction in Federal income taxes which could be obtained from deduction of such state and local taxes,
taking into account the reduction in itemized deduction under Section 68 of the Code. 
 (iii) The Gross-Up Payment shall
be made upon the payment to the Executive of the Change in Control Benefits unless it is initially determined by the Holding Company, Bank or the Tax Counsel that the Change in Control Benefits are not subject to the Excise Tax but after payment of
the Change in Control Benefits, it is finally that the Change in Control Benefits are subject to the Excise Tax, in which case it shall be made upon the imposition upon the Executive of the Excise Tax. 
 (iv) The Executive shall notify the Holding Company or the Bank in writing of any claim by the Internal Revenue Service that, if
successful, would require the payment by the Holding Company or the Bank of a Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten (10) business days after the Executive is informed in writing of such
claim and shall apprise the Holding Company or the Bank of the nature of such claim and the date on which such claim is requested to be paid. 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 Holding Company or the Bank (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Holding Company or the Bank notifies the Executive
in writing prior to the expiration of such period that it desires to contest such claim, the Executive shall: 
 (A) give the
Holding Company or the Bank any information reasonably requested by the Holding Company or the Bank relating to such claim; 
 (B) take such action in connection with contesting such claim as the Holding Company or the Bank 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 Holding Company or the Bank and reasonably satisfactory to the Executive; 
  

 3 

 (C) cooperate with the Holding Company or the Bank in good faith in order to effectively
contest such claim; and 
 (D) permit the Holding Company or the Bank to control any proceedings relating to such claim as
provided below; provided, however, that the Holding Company or the Bank shall bear and pay directly all costs and expenses (including, but not limited to, additional interest and penalties and related legal, consulting or other similar fees)
incurred in connection with such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for the Excise Tax or other tax (including interest and penalties with respect thereto) imposed as a result of such representation
and payment of costs and expenses. 
 (v) The Holding Company or the Bank shall control all proceedings taken in connection
with such contest and, at its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Executive to
pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more
appellate courts, as the Holding Company or the bank shall determine; provided, however, that if the Holding Company or the Bank directs the Executive to pay such claim and sue for a refund, the Holding Company or the Bank shall advance the amount
of such payment to the Executive and shall indemnify and hold the Executive harmless from the Excise Tax or other tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income
with respect to such advance; and provided, further, that if the Executive is required to extend the statute of limitations to enable the Holding Company or the Bank to contest such claim, the Executive may limit this extension solely to such claim.
The Holding Company’s or the Bank’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any
other issue raised by the Internal Revenue Service or any other taxing authority. In addition, no position may be taken nor any final resolution be agreed to by the Holding Company or the Bank without the Executive’s consent if such position or
resolution could reasonably be expected to adversely affect the Executive (including any other tax position of the Executive unrelated to the matters covered hereby). 
 (vi) In the event that the Executive receives a refund of the Excise Tax previously paid, the Executive shall repay to the Holding Company
or the Bank, within five (5) business days following the receipt of such refund of the Excise Tax previously paid, the amount of such refund plus any interest received by the Executive from the Internal Revenue Service on the refund, and an
amount equal to the reduction in the Executive’s Federal, state and local income tax assuming that the repayment is deductible. If, after the receipt by the Executive of an amount advanced by the Holding Company or the Bank in connection with
the Excise Tax claim, a determination is made that Executive shall not be entitled to any refund with respect to such claim and the Holding Company or the Bank does not notify the Executive in writing of its intent to contest the denial of such
refund prior to the expiration of thirty (30) days after such determination, such advance shall be forgiven and shall not be required to be repaid. 
  

 4 

 (f) Upon the occurrence of a Change in Control of the Bank or the Holding Company followed at any time
during the term of this Agreement by Executive’s voluntary or involuntary termination of employment, other than a Termination for Cause, the Bank shall cause to be continued life, health and disability coverage substantially identical to the
coverage maintained by the Bank for Executive prior to his severance. Such coverage shall cease upon the earlier of Executive’s obtaining similar coverage by another employer or twelve (12) months from the date of Executive’s
termination. In the event the Executive obtains new employment and receives less coverage for life, health or disability, the Bank shall provide coverage substantially identical to the coverage maintained by the Bank for the Executive prior to
termination for a period of twelve (12) months. 
 For the purpose of this Section 3(f), the term “Termination for Cause” shall mean
termination upon intentional failure to perform stated duties, personal dishonesty which results in loss to the Holding Company or one of its affiliates or willful violation of any law, rule, regulation or final Cease and desist order which results
in substantial loss to the Holding Company or one of its affiliates or any material breach of this Agreement. For purposes of this Section, no act, or the failure to act, on Executive’s part shall be “willful” unless done, or omitted
to be done, not in good faith and without reasonable belief that the action or omission was in the best interest of the Holding Company or its affiliates. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause
unless and until there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of not less than three-fourths of the members of the Board at a meeting of the Board called and held for that purpose (after
reasonable notice to Executive and an opportunity for him, together with counsel, to be heard before the Board), finding that in the good faith opinion of the board, Executive was guilty of conduct justifying Termination for Cause and specifying the
particulars thereof in detail. The Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause. Any stock options granted to Executive under any stock option plan of the Bank, the Holding
Company or any subsidiary or affiliate thereof, shall become null and void effective upon Executive’s receipt of written notice of Termination for Cause and shall not be exercisable by Executive at any time subsequent to such Termination for
Cause. 
  

	4.	SOURCE OF PAYMENTS. 

 It is intended by the parties hereto
that all payments provided in this Agreement shall be paid in cash or check from the general funds of the Bank or the Holding Company, as the case may be. No special or separate fund of the Bank shall be established and no other segregation of
assets of the Bank shall be made to assure payment. The Holding Company, however, guarantees payment and provision of all amounts and benefits due hereunder to Executive, if such amounts and benefits due from the Bank are not timely paid or provided
by the Bank, such amounts and benefits shall be paid or provided by the Holding Company. 
  

	5.	EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFIT PLANS. 

 This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement between the Bank, the Holding Company and Executive, except that this Agreement shall not affect or operate to reduce any benefit
or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement.

  

 5 

	6.	NO ATTACHMENT. 

 (a) Except as required by law, no right to
receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect. 
 (b) This Agreement shall
be binding upon, and inure to the benefit of, Executive, the Bank, the Holding Company and their respective successors and assigns. 
  

	7.	MODIFICATION AND WAIVER. 

 (a) This Agreement may not be
modified or amended except by an instrument in writing signed by the parties hereto. 
 (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. 
  

	8.	REQUIRED REGULATORY PROVISIONS. 

 (a) The Bank may
terminate the Executive’s employment at any time, but any termination by the Bank, other than Termination for Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the
right to receive compensation or other benefits for any period after Termination for Cause. “Termination for Cause” shall mean termination upon intentional failure to perform stated duties, personal dishonesty which results in loss to the
Holding Company or one of its affiliates or willful violation of any law, rule, regulation or final Cease and desist order which results in substantial loss to the Holding Company or one of its affiliates or any material breach of this Agreement.
For-purposes of this Section, no act, or the failure to act, on Executive’s part shall be “willful” unless done, or omitted to be done, not in good faith and without reasonable belief that the action or omission was in the best
interest of the Holding Company or its affiliates. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the
affirmative vote of not less than three-fourths of the members of the Board at a meeting of the Board called and held for that purpose (after reasonable notice to Executive and an opportunity for him, together with counsel, to be heard before the
Board), finding that in the good faith opinion of the board, Executive was guilty of conduct justifying termination for Cause and specifying the particulars thereof in detail. The Executive shall not have the right to receive compensation or other
benefits for any period after termination for Cause. Any stock options granted to Executive under any stock option plan of the Bank, the Holding Company or any subsidiary or affiliate thereof, shall become null and void effective upon
Executive’s receipt of Notice of Termination for Cause pursuant to Section 8 hereof, and shall not be exercisable by Executive at any time subsequent to such Termination for Cause. 
 (b) If the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice
served under Section 5(d)(4)(D) or Section 5(d)(5)(A))of the Home Owners’ Loan Act (12 U.S.C. 1464(d)(4)(D) and (d)(5)(A)) or 

  

 6 

 
under Section 407(g)(4) or Section 407(h)of the National Housing Act (12 U.S.C.1730(g)(4) and (h)), the Bank’s obligations under this contract
shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while their
contract obligations were suspended and (ii) reinstate (in whole or in part) any of the obligations which were suspended. 
 (c) If the
Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 5(d)(4)(E) or Section 5(d)(5)(A) of the Home Owners’ Loan Act, (12 U.S.C.1464(d)(4)(E)
and (d)(5)(A))or under Section 407(g)(4) or Section 407(h) of the National Housing Act (12 U.S.C. 1730(g)(4) and (h)), all obligations of the Bank under this contract shall terminate as of the effective date of the order, but vested rights
of the contracting parties shall not be affected. 
 (d) If the Bank is in default as defined in Section 401(d) of the National Housing
Act, all obligations of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 
 (e) All obligations of the Bank under this contract shall be terminated, except to the extent determined that continuation of the contract is necessary
for the continued operation of the institution, (i) by the Federal Savings and Loan Insurance Corporation (“FSLIC”), at the time FSLIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority
contained in Section 406{f) of the National Housing Act (12 U.S.C. 1729(f)); or (ii) by the Federal Home Loan Bank Board (the “FHLBB”), at the time the FHLBB or its Principal Supervisory Agent approves a supervisory merger to
resolve problems related to the operations of the Bank or when the Bank is determined by the FHLBB to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

  

	9.	REINSTATEMENT OF BENEFITS UNDER SECTION 8(b). 

 In the
event Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice described in Section 8(b) hereof (the “Notice”) during the term of this Agreement and a Change in
Control, as defined herein, occurs the Bank and the Holding Company will assume its obligation to pay and the Executive will be entitled to receive all of the Change in Control Benefits provided for under Section 3 of this Agreement upon the
Bank’s receipt of a dismissal of charges in the Notice. 
  

	10.	SEVERABILITY. 

 If, for any reason, any provision of this
Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full
extent consistent with law continue in full force and effect. 
  

	11.	HEADINGS FOR REFERENCE ONLY. 

 The headings of sections and
paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
  

 7 

	12.	GOVERNING LAW. 

 The validity, interpretation, performance,
and enforcement of this Agreement shall be governed by the laws of the State of New Jersey with respect to matters between the Bank and the Executive and by the laws of the State of Delaware with respect to matters between the Holding Company and
the Executive. 
  

	13.	ARBITRATION. 

 Any dispute or controversy arising under or
in connection with this Agreement shall be settled exclusively by arbitration in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having
jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this
Agreement. 
  

	14.	PAYMENT OF LEGAL FEES. 

 All reasonable legal fees paid or
incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank and the Holding Company if Executive is in any material part successful, which payments are guaranteed by
the Holding Company pursuant to Section 4 hereof. 
  

 8 

	15.	SIGNATURES. 

 IN WITNESS WHEREOF, the Bank and the Holding Company has caused this Agreement to be executed by its duly authorized officer, and Executive has signed this Agreement, on the 23rd day of October, 2007. 
  

					
	ATTEST:	 	PAMRAPO BANCORP, INC.
			
	 /s/ Judith McAuliffe
	 	By:	 	 /s/ William J. Campbell

	Asst. Secretary	 		 	
			
	[SEAL]	 		 	
			
	WITNESS:	 		 	
			
	 /s/ Kenneth D. Walter
	 	By:	 	 /s/ Margaret Russo

		 		 	Margaret Russo

  

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}]]