Document:

Exhibit 10.7

SPONSOR WARRANTS PURCHASE AGREEMENT

 

THIS SPONSOR WARRANTS PURCHASE AGREEMENT,
dated as of [                   ] (as it may from time to time be amended and including all exhibits referenced herein, this “Agreement”),
is entered into by and among Capitol Acquisition Corp. II., a Delaware corporation (the “Company”), Capitol Acquisition
Management 2 LLC, a Delaware limited liability company, L. Dyson Dryden, Lawrence Calcano, Richard C. Donaldson and Piyush Sodha
(collectively, the “Purchasers”) and Graubard Miller, as escrow agent (“Escrow Agent”).

 

The Company intends to consummate a public
offering of the Company’s units (the “Public Offering”), each unit consisting of one share of the Company’s
common stock, par value $0.0001 per share (a “Share”), and one half of one warrant to purchase one Share at an exercise
price of $11.50 per Share. The Purchasers have agreed to purchase an aggregate of 4,600,000 warrants (the “Sponsor Warrants”),
each Sponsor Warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share.

 

NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1.          Authorization,
Purchase and Sale; Terms of the Sponsor Warrants.

 

A.           Authorization
of the Sponsor Warrants. The Company has duly authorized the issuance and sale of the Sponsor Warrants to the Purchasers.

 

B.           Purchase
and Sale of the Sponsor Warrants.

 

(i)           At least 24 hours prior to the effective
date (“Effective Date”) of the registration statement filed in connection with the Public Offering (“Registration
Statement”), the Purchasers shall deliver an aggregate purchase price of $4,600,000 (the “Purchase Price”) for
the Sponsor Warrants to the Escrow Agent, to hold in a non-interest bearing account.

 

(ii)           Simultaneously with the consummation
of the Public Offering (the “Closing Date”), the Company shall issue and sell to the Purchasers, and the Purchasers
shall purchase from the Company, the Sponsor Warrants. At such time, the Escrow Agent shall deposit the Purchase Price, without
interest or deduction, into the trust fund (“Trust Fund”) established by the Company for the benefit of the Company’s
public stockholders as described in the Registration Statement, pursuant to the terms of an Investment Management Trust Agreement
to be entered into between the Company and Continental Stock Transfer & Trust Company. On the Closing Date, upon the payment
by the Purchasers of the Purchase Price by wire transfer of immediately available funds to the Company, the Company shall deliver
certificates evidencing the Sponsor Warrants duly registered in the Purchasers’ names to the Purchasers as set forth on Exhibit
A attached hereto.

 

C.       
    Terms of the Sponsor Warrants.

 

(i)           Each
Sponsor Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent, in
connection with the Public Offering (a “Warrant Agreement”).

 

(ii)           On
the Effective Date, the Company and the Purchasers shall enter into a registration rights agreement (the “Registration Rights
Agreement”) pursuant to which the Company will grant certain registration rights to the Purchasers relating to the Sponsor
Warrants and the Shares underlying the Sponsor Warrants.

 

    	 

    	 

    

 

Section 2.          Representations
and Warranties of the Company.  As a material inducement to the Purchasers to enter into this Agreement and purchase
the Sponsor Warrants, the Company hereby represents and warrants to the Purchasers (which representations and warranties shall
survive the Closing Date) that:

 

A.           Organization
and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the
State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be
expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and
the Warrant Agreement.

 

B.           Authorization;
No Breach.

 

(i)           The
execution, delivery and performance of this Agreement and the Sponsor Warrants have been duly authorized by the Company as of the
Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms.
Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the Sponsor Warrants
will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Date.

 

(ii)           The
execution and delivery by the Company of this Agreement and the Sponsor Warrants, the issuance and sale of the Sponsor Warrants,
the issuance of the Shares of common stock upon exercise of the Sponsor Warrants and the fulfillment of and compliance with the
respective terms hereof and thereof by the Company, do not and will not as of the Closing Date (a) conflict with or result
in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of
any lien, security interest, charge or encumbrance upon the Company’s capital stock or assets under, (d) result in a
violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to,
or filing with, any court or administrative or governmental body or agency pursuant to the Certificate of Incorporation of the
Company or the By-laws of the Company, or any material law, statute, rule or regulation to which the Company is subject, or any
agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under
federal or state securities laws.

 

C.           Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Shares
issuable upon exercise of the Sponsor Warrants will be duly and validly issued, fully paid and nonassessable. Upon issuance in
accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchasers will have good title to the
Sponsor Warrants and the Shares issuable upon exercise of such Sponsor Warrants, free and clear of all liens, claims and encumbrances
of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer
restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of
the Purchasers.

 

D.           Governmental
Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is
required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the
Company of any other transactions contemplated hereby.

 

 

Section 3.          Representations
and Warranties of the Purchaser.  As a material inducement to the Company to enter into this Agreement and issue
and sell the Sponsor Warrants to the Purchasers, each of the Purchasers hereby represents and warrants to the Company (which representations
and warranties shall survive the Closing Date) that:

 

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A.           Organization
and Requisite Authority. Each Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B.           Authorization;
No Breach.

 

(i)           This
Agreement constitutes a valid and binding obligation of each Purchaser, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting
creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)           The
execution and delivery by each Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by each
Purchaser does not and shall not as of the Closing Date conflict with or result in a breach by such Purchaser of the terms, conditions
or provisions of any agreement, instrument, order, judgment or decree to which each Purchaser is subject.

 

C.           Investment
Representations.

 

(i)       
    Each Purchaser is acquiring the Sponsor Warrants and, upon exercise of the Sponsor Warrants, the Shares
issuable upon such exercise (collectively, the “Securities”) for its own account, for investment purposes only and
not with a view towards, or for resale in connection with, any public sale or distribution thereof.

 

(ii)         
 Each Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D.

 

(iii)         
Each Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from
the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein
in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv)         No
Purchaser decided to enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502(c) under the Securities Act of 1933, as amended (the “Securities Act”). 

 

(v)          Each
Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities which have been requested by the Purchaser. Each Purchaser has been afforded the
opportunity to ask questions of the executive officers and directors of the Company. Each Purchaser understands that its investment
in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the acquisition of the Securities.

 

(vi)         Each
Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on
or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities
by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vii)        Each
Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any
state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder
or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights
Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act
or any state securities laws or to comply with the terms and conditions of any exemption thereunder.

 

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(viii)       Each
Purchaser has such knowledge and experience in financial and business matters, know of the high degree of risk associated with
investments in the securities of companies in the development stage such as the Company, are capable of evaluating the merits and
risks of an investment in the Securities and are able to bear the economic risk of an investment in the Securities in the amount
contemplated hereunder for an indefinite period of time. Each Purchaser has adequate means of providing for its current financial
needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment
in the Securities. Each Purchaser can afford a complete loss of their investments in the Securities.

 

Section 4.          Conditions
of the Purchaser’s Obligations.  The obligation of each Purchaser to purchase and pay for the Sponsor Warrants
is subject to the fulfillment, on or before the Closing Date, of each of the following conditions:

 

A.           Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at
and as of the Closing Date as though then made.

 

B.           Performance.
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before the Closing Date.

 

C.           No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D.           Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Purchasers.

 

Section 5.          Conditions
of the Company’s Obligations.  The obligations of the Company to the Purchasers under this Agreement are subject
to the fulfillment, on or before the Closing Date, of each of the following conditions:

 

A.           Representations
and Warranties. The representations and warranties of the Purchasers contained in Section 3 shall be true and correct
at and as of the Closing Date as though then made.

 

B.           Performance.
The Purchasers shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchasers on or before the Closing Date.

 

C.           Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the Sponsor Warrants hereunder.

 

D.           No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

E.           Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Company.

 

Section 6.          Termination.
This Agreement may be terminated at any time if the Public Offering is not consummated within 14 days of the date the Purchase
Price is delivered to the Escrow Agent upon the election by either the Company or Purchasers entitled to purchase a majority of
the Sponsor Warrants upon written notice to the other party. In such event, the Escrow Agent shall return the Purchase Price to
the Purchasers, without interest or deduction.

 

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Section 7.          Escrow
Agent.

 

(i)           The Escrow Agent is serving hereunder
solely as a convenience to the parties to facilitate the purchase and sale of the Sponsor Warrants and Escrow Agent’s sole
obligation under this Agreement is to act with respect to the Purchase Price as described in Sections 1 and 6 of this Agreement.
Escrow Agent shall not be liable to the Company or the Purchasers or any other person or entity in respect of any act or failure
to act hereunder or otherwise in connection with serving as Escrow Agent unless Escrow Agent has acted in a manner constituting
gross negligence or willful misconduct. Each of the Company and the Purchasers shall indemnify Escrow Agent against any claim made
against it (including reasonable attorney’s fees) by reason of it acting or failing to act in connection with this transaction
except as a result of its gross negligence or willful misconduct.

 

(ii)           The Escrow Agent may rely and shall
be protected in acting or refraining from acting upon any written notice, instruction or request furnished to it hereunder and
believed by it to be genuine and to have been sued or presented by the proper party or parties. Escrow Agent may conclusively presume
that the Company and the Purchasers have full power and authority to instruct Escrow Agent on behalf of such parties unless written
notice to the contrary is received by Escrow Agent.

 

Section 8.         Survival of Representations
and Warranties.  All of the representations and warranties contained herein shall survive the Closing Date.

 

Section 9.          Definitions.  Terms
used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 10.        Miscellaneous.

 

A.           Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether
so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement,
other than assignments by the Purchasers to affiliates thereof (including, without limitation one or more of its members).

 

B.           Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C.           Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement.

 

D.           Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation.

 

E.           Governing
Law. This Agreement shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall
be construed in accordance with the internal laws of the State of Delaware.

 

F.           Amendments.
This letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by all parties hereto.

 

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[Signature page follows] 

 

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IN WITNESS WHEREOF, the parties hereto have executed
this Agreement.

 

	 	COMPANY:
	 	 
	 	CAPITOL ACQUISITION CORP. II
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 
	 	 	 
	 	PURCHASERS:
	 	 
	 	CAPITOL ACQUISITION MANAGEMENT 2 LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

  

	 	 
	 	L. Dyson Dryden 

  

	 	 
	 	Lawrence Calcano 

  

	 	 
	 	Richard C. Donaldson 

  

	 	 
	 	Piyush Sodha 

  

	 	GRAUBARD MILLER, as Escrow Agent
	 		 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

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Exhibit A

 

	Name of Purchaser	 	Purchase Price	 	Number of Sponsor Warrants
	 	 	 	 	 
	Capitol Acquisition 	 	 	 	 
	Management 2 LLC	 	 	 	 
	 	 	 	 	 
	L. Dyson Dryden	 	 	 	 
	 	 	 	 	 
	Lawrence Calcano	 	 	 	 
	 	 	 	 	 
	Richard C. Donaldson	 	 	 	 
	 	 	 	 	 
	Piyush Sodha	 	 	 	 

 

    	8UNION CENTER
NATIONAL BANK

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the "Agreement")
is made as of the 12th day of April, 2013, between Union Center National Bank, a bank chartered under the laws of Congress
(the "Bank") and Mr. Mark S. Cardone ("Executive").

 

WHEREAS, the Executive is currently serving as a First
Senior Vice President, Branch Administration and Private Clients Division at the Bank;

 

WHEREAS, the Executive and the Bank desire to enter into
an Employment Agreement to formalize the terms and conditions of the Executive's employment at the Bank which Employment Agreement
supersedes all previous Employment Agreements entered into between the Bank and Executive,

 

NOW, THEREFORE, in consideration of the mutual covenants
and undertakings made herein, the Bank and the Executive, each intending to be legally bound, hereby agree as follows:

 

		1.	Position. The Executive shall be employed as the First Senior Vice President, Branch Administration and Private Clients
Division, and shall perform such duties that are reasonably suitable to the Branch Administration and Private Clients Division
position as may be assigned to the Executive from time to time by the President and CEO . The Executive's employment will be on
a full time basis at the Bank's offices located in Union, New Jersey, subject to such reasonable travel as may be required from
time to time to perform Executive's duties. The Executive agrees to devote his full time and attention to the business of the Bank
and to perform such duties as may be required of him to the best of his abilities, and will not accept any other employment without
the prior written consent of the Bank, such consent not to be unreasonably withheld.

 

		2.	Term of Employment. Subject to the terms and conditions hereof, the Term of this Agreement shall commence on the Effective
Date and shall continue until otherwise terminated pursuant to provisions of paragraphs 5, 6, 7, 8 or 9 of this Agreement.

 

		3.	Compensation. The Bank shall pay to the Executive compensation for his services during the Term of Employment as follows:

 

			(a) The Executive shall be paid a minimum base salary of One-Hundred and Eighty-Seven-Thousand Eight-Hundred-Fifty-Three Dollars
and Fifty-Two Cents ($ 187,853.52) per annum. The Executive's base salary shall be reviewed at least annually. Such review shall
be conducted by the President and CEO. The base salary and any annual increases in base salary shall be paid in regular installments
in accordance with the Bank’s standard payroll practices. The Bank shall withhold from Executive’s Salary all applicable
federal, state or local withholding taxes, employment taxes and any other amounts, which the Bank may be required to deduct or
withhold pursuant to any federal, state or local laws, rules or regulations.

 

		(b)	The Executive shall be entitled to reimbursement for all proper business expenses incurred by him with respect to the business
of the Bank in the same manner and to the same extent as such expenses are reimbursed to other officers of the Bank and in accordance
with the policies of the Bank.

 

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		(c)	The Executive shall be eligible for the Bank’s AIP Incentive Plan, Stock Option Plan and Profit Sharing Plan.

 

		(d)	The Executive shall be reimbursed for any other expenses related to his duties as First Senior Vice President, Branch Administration
and Private Clients Division, such as attendance at various seminars, conventions and/or similar functions.

 

		(e)	The Executive shall be entitled to a monthly automobile allowance of $400.00 per month plus mileage and increased in step with
other executives receiving this same benefit..

 

		4.	Benefits. The Executive shall be entitled to receive benefits including vacation time and insurance benefits, in accordance
with the benefit policies developed for the Bank and approved by the Board of Directors.

 

		5.	Termination for Cause. The Bank may terminate the Executive's employment for Cause, upon written notice to the Executive
which notice shall specify the reason for termination. In the event of termination for Cause, the Executive shall not be entitled
to any further payment of benefits under the Agreement other than salary accrued as of the date of termination. For purposes of
the Agreement, "Cause" shall mean; (i) the willful or repeated failure by the Executive to perform his duties hereunder
or failure to abide by the policies set forth in the Employee Handbook, after at least one warning in writing from the Bank identifying
any such failure occurring not less than forty-five (45) days prior to the date notice of termination is given by the Bank pursuant
to this section; (ii) the willful misconduct of the Executive in the performance of his duties hereunder; (iii) conviction of a
felony (other than a minor traffic violation); (iv) use of alcohol or illegal drugs which interferes with the performance by the
Executive of Executive's duties; (v) excessive absenteeism, other than for illness, after at least one warning in writing from
the Bank; (vi) the unauthorized disclosure or use of any confidential information or proprietary data of the Bank, its parent,
or its subsidiaries; (vii) the happening of any event or existence of any circumstances which prevents the Executive from serving
as an officer of the Bank under the New Jersey banking regulations; (viii) Executive's conduct which in the reasonable opinion
of the Bank brings public discredit on, or injures the reputation of, Bank. Upon termination of Executive's employment pursuant
to this Paragraph, Executive will be bound by the terms and conditions of Section 10 hereof.

 

		6.	Disability. If during the Term of Employment, the Executive shall become permanently disabled or is otherwise unable
to perform the essential functions of his job with or without reasonable accommodation for six consecutive months, or for shorter
periods aggregating six (6) months, in any twelve month period, the Bank may terminate the employment of the Executive hereunder
upon written notice to the Executive. In such event, the Executive shall not be entitled to any further payments or benefits under
this Agreement other than payments that the Executive may be entitled to receive pursuant to any disability insurance policy which
the Bank may obtain for the benefit of its officers generally, and salary accruing up to the date of termination. Upon termination
of Executive's employment pursuant to this Paragraph, Executive will be bound by the terms and conditions of Section 10 hereof.

 

		7.	Death. Upon the death of the Executive, the Executive shall not be entitled to any further payments of salary and/or
benefits under this Agreement other than salary accruing up to the date of Executive’s death.

 

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		8.	Termination Without Cause. The President and CEO
may, at his discretion, terminate Executive's duties and responsibilities as First Senior Vice President, Branch Administration
and Private Clients Division and therefore terminate Executive’s continuing employment with the Bank. If the President and
CEO should terminate Executive’s employment without cause pursuant to the provisions of this Section 8, the Bank shall nonetheless
be obligated to pay to Executive a lump sum of severance compensation equal to two times the annual salary and benefits then being
paid to the Executive pursuant to paragraph 3 of this Agreement.

 

Notwithstanding the provisions of this Section 8,
upon a termination without cause as a result of a change in control during the first twenty-four (24) initial months of this Agreement,
in addition to the Bank’s obligations under Sections 2 and 3, the Bank shall pay to the Executive the Annual Incentive payment
to which he could have been entitled under the AIP, provided such Annual Incentive has not already been paid to the Executive.
In addition, the Bank will provide an additional cash payment to Executive, payable monthly, for a period of twenty four (24) months
equal to the difference between the health insurance benefits provided by the Bank and the cost of COBRA continuation coverage.

 

		9.	Resignation. Should Executive, at his discretion,
elect to terminate this contract for any reason, he shall provide to the President and CEO at least ninety (90) days written notice
of his decision to so terminate this Agreement. Executive shall continue to render his services and be paid his current base annual
salary during the period up to the date of termination. At the conclusion of that ninety (90) day period of notice, all rights,
duties and obligations under this contract shall terminate, except for those provided for in Section 10.

 

If the Executive terminates service for good reason,
then such termination shall be treated as a termination without cause under Section 8.. In addition, the Bank will provide an additional
cash payment to Executive, payable monthly, for a period of twenty four (24) months equal to the difference between the health
insurance benefits provided by the Bank and the cost of COBRA continuation coverage.

 

Good reason under this Agreement shall mean:

 

		·	Diminution in authority, duties or responsibilities of the Executive
without the Executive’s written permission;

		·	Reduction in the Executive’s base salary;

		·	Any failure of the Bank to obtain the assumption of or the agreement
to perform this Agreement by any successor to the Bank or for the Bank to materially breach this Agreement;

		·	The Bank or any successor to require the Executive to be permanently
assigned to a future administrative headquarters of the Bank which headquarters location is more than fifty miles from the present
administrative headquarters location.

 

In the event of the occurrence of any of the preceding,
the Bank shall have 30 days in which it may remedy the condition.

 

		10.	Non-Disclosure, Non-Compete and Restrictive Covenants

 

		(a)	Executive shall not, at any time during or following the period of Employment, disclose, use, transfer or sell, except in the
course of employment with Bank, any confidential information or proprietary data of Bank, or its subsidiaries or affiliates so
long as such information or data remains confidential and has not been disclosed or is not otherwise in the public domain, except
as required by law or pursuant to legal process.

 

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(b)         Executive agrees that, for a period of one (1)
year commencing on the date of termination of the Executive’s employment hereunder or the date of Executive's last receipt
of compensation for employment, whichever last occurs, Executive will not within Union County, New Jersey engage in, or own, manage,
operate, control, be employed by or participate in the ownership, management, operation or control of or otherwise be connected
in any manner with any business which engages in, any activity which is competitive with the business of the Bank or any of its
subsidiaries as conducted on the date of such termination,

 

(c )        For a period of one (1)
year following termination of Executive’s employment hereunder, Executive shall not urge, induce, entice or in any matter
whatsoever solicit other employees of the Bank to leave such employ.

 

(d) Reasonableness
of Covenants. Executive acknowledges that: (a) the terms contained in this Paragraph 10 are necessary for the reasonable protection
of Bank’s interests (b) each and every covenant and restriction is reasonable in respect to its subject matter, length of
time, and geographical area; and (c) Bank has been induced to enter into this Agreement with Executive, in part, and is relying
upon the representation by Executive that he will abide and be bound by, each of the aforesaid covenants and restraints.

 

(e) Injunctive and other Relief.

 

		i.	Executive acknowledges and agrees that the covenants contained herein are fair and reasonable in light of the consideration
paid hereunder, and that damages alone shall not be an adequate remedy for any breach by Executive of Executive's covenants which
then apply and, accordingly, expressly agrees that, in addition to any other remedies which Bank may have, Bank shall be entitled
to seek injunctive relief in any court of competent jurisdiction for any breach, or threatened breach, of any such covenants by
Executive. Nothing contained herein shall prevent or delay Bank from seeking in any court of competent jurisdiction specific performance,
or other equitable remedies, in the event of any breach, or intended breach, by Executive of any of its obligations hereunder,
including the payment to the Bank of its legal fees and costs incurred in the enforcement of the within covenants.

 

		ii.	In the event Executive breaches Executive's obligations under Section 10(a) and/or Section 10(b), the period specified therein
shall be tolled during the period of any such breach, and any litigation seeking remedies for such breach, and shall resume upon
the conclusion or termination of any such breach and any such litigation. The remedies set forth in this Section are cumulative
and in addition to any and all other remedies available to Bank at law or in equity.

 

(f) In the event that there is a conflict between
the terms and conditions of this Section and the terms and conditions of any other section of this Agreement, the terms and conditions
of this Section 10 shall prevail.

 

(g) The provisions set forth in this Section 10 of
the Agreement shall survive the termination of Executive's employment with the Bank, or the expiration of this Agreement, as the
case may be, and shall continue to be binding upon Executive in accordance with their respective terms.

 

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11    Waiver of Breach. The waiver by any
party hereto of a breach of any provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach,
nor shall any waiver of any provisions of this Agreement in any instance shall be deemed to be a waiver of any other provision
in any other instance.

 

12    Representation by Counsel. The Executive
represents and warrants to the Bank that he has been advised to retain legal counsel in connection with the preparation, negotiation
and execution of the Agreement.

 

13    Governing Law. The term of this Agreement
shall be governed by, and interpreted and construed in accordance with the laws of New Jersey applicable to agreements made and
fully to be performed in such state. Each Party submits to the exclusive jurisdiction of the Courts in the State of New Jersey
for all matters arising pursuant to or as a result of the terms of this Agreement.

 

14 Entire Agreement; Amendment. This Agreement
sets forth the entire understanding of the parties hereto with respect to its subject matter and supersedes all prior agreements,
negotiations and understandings, written or oral, with respect to matters covered hereby. The amendments or termination of this
Agreement may be made only in a writing executed by the Bank and the Executive, and no amendment or termination of this Agreement
shall be effective unless and until made in such a writing.

 

15Assignment. 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 assigned by the Bank to any entity which
acquires all or substantially all of the assets of the Bank existing at the time of such acquisition, or with or into which the
Bank is consolidated or merged.

 

16    Severability. The invalidity or unenforceability
of any provision or provisions 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.

 

17Counterparts. This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original, and together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the
Bank, by its duly authorized officer, and the Executive have executed this Agreement by signatures as of the day and year first
written above.

 

	EXECUTIVE:	 	UNION CENTER NATIONAL BANK
	 	 	 	 
	/s/Mark Cardone	 	By:	/s/Anthony C. Weagley
	Mark S. Cardone	 	 	Anthony C. Weagley
	30 Radcliff Drive 	 	 	Its:  President and CEO
	New Providence, NJ 07974	 	 	 

 

    	5

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