Document:

Amendment to Change in Control Severance Agree. for David Lamere

 Exhibit 10.54 
 AMENDMENT TO AGREEMENTS 
 WHEREAS, Mellon Financial Corporation, a Pennsylvania corporation
(the “Company”) and David F. Lamere, an employee of the Company (the “Executive”) have previously entered into an agreement regarding Executive’s employment and the possibility of a change in control, dated as of
September 17, 2001 (the “Change in Control Agreement”), and various equity award agreements specified on Exhibit I hereto, dated as of the dates specified thereon (the “Equity Award Agreements” and, together with the Change
in Control Agreement, the “Agreements”); and 
 WHEREAS, the parties desire to amend the Agreements in a manner which reflects the
parties best efforts to comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), for the benefit of the Executive, and to make certain other changes to the Agreements; 
 NOW THEREFORE, the Company and the Executive, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and
intending to be legally bound hereby, agree as follows: 
 I. The Change in Control Agreement shall be amended as follows: 

1. Solely with respect to the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank
of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, the second paragraph of the Good Reason definition, Section 1(f) of the Change in Control Agreement, which originally read as set forth below in
italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding anything herein to
the contrary, termination of employment by Executive for any reason during the 30-day period commencing one (1) year after the date of a Change in Control shall constitute Good Reason. 
 2. Solely with respect to the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of
New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, the following new paragraph shall be added as a second paragraph of the Good Reason definition, Section 1(f) of the Change in Control Agreement:

 Notwithstanding anything herein to the contrary, none of the following shall constitute Good Reason: (i) any change in duties and
responsibilities (excepting reporting responsibilities to Robert P. Kelly), status, title, offices (including, if applicable, membership on the Board), associated with Executive’s initial position assumed in connection with the transactions
contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time (the “Initial Position” assumed in
the “Transaction”); (ii) any failure to pay Executive an annual bonus in respect of the year in which such Change in Control occurs or any subsequent year in an amount greater than or equal to the annual bonus earned for the year
prior to the year in which such Change in Control occurs, provided that the Company maintains competitive compensation relative to the Executive’s and the Company’s performance; (iii) any requirement that Executive be based for his
Initial Position anywhere more than fifty (50) miles from the office where Executive is located at the time of the Change in 

 
Control because Executive is expected to maintain a significant presence at the Company’s headquarters in New York, New York following the Transaction;
(iv) any requirement that Executive travel on Company business to an extent substantially greater than the travel obligations of Executive immediately prior to such Change in Control, with specific recognition by the Executive that it is
necessary for Executive to maintain a significant presence at the Company’s headquarters in New York, New York following the Transaction, allowing for business travel;1 or (v) any failure of the Company to continue in effect any employee benefit plan, compensation plan, welfare benefit plan or material fringe benefit plan
in which Executive is participating immediately prior to such Change in Control or the taking of any action by the Company which would adversely affect Executive’s participation in or reduce Executive’s benefits under any such plan,
provided that the Company evaluates and analyzes such plans following the Transaction with a view toward developing appropriate and effective compensation plans on a going forward non-discriminatory basis. 
 3. Section 4(a)(i) and (ii) of the Change in Control Agreement shall be amended to delete the phrase “within twenty (20) days
following the Date of Termination” from the first sentence of each subsection, and the following paragraph shall be added to the end of Section 4(a): 
 The amounts set forth in Section 4(a)(i)(A) and (C) shall be payable on the first regularly scheduled payroll date following the Date of Termination. The amounts set forth in Section 4(a)(i)(B) shall be
payable on the date set forth and in accordance with the terms of the plan under which the bonus is provided. The amounts set forth in Section 4(a)(ii) shall be payable upon the first day following the six-month anniversary of the Date of
Termination. 
 4. The “provided, further” clause of the first sentence of Section 4(b) of the Change in Control Agreement
shall be deleted and the following new sentence shall be inserted immediately after the first sentence: 
 To the extent any such benefits
cannot be provided on a non-taxable basis to Executive and the provision thereof would cause any part of the benefits to be subject to additional taxes and interest under Section 409A of the Code, then the provision of such benefits shall be
deferred until the first day following the six-month anniversary of the Date of Termination. 

	1	For purposes of illustration and not limitation, clauses (i), (iii) and (iv) mean you would give up the “Good Reason Termination for Job Change”
on account of material adverse changes in your duties / titles / travel requirements (as described in Section 1(f) of your Change in Control Agreement prior to amendment) related to your initial position assumed following the contemplated
merger (the “Merger”). Conversely, this means, by way of illustration and not limitation, that you retain the right to assert a “Good Reason Termination for Job Change” if: (i) you cease to report to Robert P. Kelly for any
reason, including, but not limited to Mr. Kelly’s ceasing to be employed by BNY Mellon; (ii) you are asked to permanently relocate your primary office location more than fifty (50) miles from where you are presently located
except to the extent of the business travel that is necessary for you to maintain a significant presence at BNY Mellon’s headquarters in New York following the Merger; or (iii) there is some other material adverse change in your duties /
titles subsequent to your initial position assumed following the contemplated Merger. 

  

 - 2 - 

 5. Solely with respect to the Transaction contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, the first sentence of Section 5(a) of the Change in Control Agreement shall be amended and
restated in its entirety to read as follows below. For sake of convenience, additions are shown in bold type: 
 Anything in this Agreement to
the contrary notwithstanding, in the event it shall be determined that any payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or distribution) by the Company (or any of its affiliated entities) or any entity
which effectuates a Change in Control (or any of its affiliated entities) to or for the benefit of Executive (whether pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this
Section 5) (the “Payments”) would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), any additional tax, or any interest or penalties are incurred
by Executive with respect to such excise or additional tax (such excise or additional tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Company shall
pay to Executive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any Excise Tax) imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment
equal to the sum of (x) the Excise Tax imposed upon the Payments and (y) the product of any deductions disallowed because of the inclusion of the Gross-up Payment in Executive’s adjusted gross income and the highest applicable
marginal rate of federal income taxation for the calendar year in which the Gross-up Payment is to be made 
 6. The following new sentences
are added to the end of Section 7 of the Change in Control Agreement: 
 Such reasonable legal fees and expenses incurred by Executive
within the first six months following the Date of Termination shall be reimbursed by the Company on the first day following the six-month anniversary of Executive’s separation from service. Expenses incurred thereafter shall be reimbursed on a
monthly basis for expenses incurred in the preceding month by the Company in accordance with the Company’s expense policies applicable to employees. 
 7. As contemplated by Section 9(a) of the Change in Control Agreement, following consummation of the transactions contemplated by that Agreement and Plan of Merger by and between Mellon Financial Corporation and
The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, all references to “Company” within the Change in Control Agreement shall be deemed to refer to The Bank of New York Mellon
Corporation. 
 8. Any “separation from service” within the Change in Control Agreement shall be construed consistent with
Section 409A of the Code and the regulations thereunder. The term “termination” or phrase “Date of Termination”, when used within the Change in Control Agreement in the context of a condition to, or timing of, payment shall
be interpreted to mean a “separation from service” as that term is used in Section 409A of the Code. 
 9. Except as provided
in this amendment, the Change in Control Agreement is, in all other respects, unchanged and is and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and is hereby in
all respects ratified and confirmed. 
  

 - 3 - 

 II. The Equity Award Agreements enumerated as # 1, # 2, and # 3 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.6 of such Equity Award Agreements, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, this Option shall become fully exercisable immediately and automatically upon the occurrence of a Change in
Control Event, as defined in the Plan. 
 2. A new Section 3.6 shall be added, which shall read as follows: 
 If the Optionee’s employment is terminated by the Corporation “without cause” as defined in the Plan or by the Optionee for “Good
Reason”, as defined in the Change in Control Agreement between the Optionee and the Corporation, as amended, in either case within three years after the occurrence of a Change in Control Event, as defined in the Plan, the Option shall fully
vest upon such termination of employment. 
 3. The following sentence is added to the end of Section 4.3: 
 If the Optionee’s employment is terminated by the Optionee for “Good Reason”, as defined in the Change in Control Agreement between
Optionee and the Company, as amended, as evidenced by notice thereof from Optionee, the Optionee shall have the right to exercise this Option, to the extent vested upon termination of employment, until the later of (i) the 15th day of the third month following the date of termination of employment or (ii) December 31 of the calendar year in which
termination of employment occurred. 
 4. Except as provided in this amendment, such enumerated Equity Award Agreements are, in all other
respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and are hereby in all respects ratified and confirmed. 
  

 - 4 - 

 III. The Equity Award Agreements enumerated as # 14 and #15 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 2.6 of such Equity Award Agreements, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, this Reload Option shall automatically become fully exercisable immediately and automatically upon the
occurrence of a Change in Control Event, as defined in the Plan. 
 2. A new Section 2.6 shall be added, which shall read as
follows: 
 If the Optionee’s employment is terminated by the Corporation “without cause” as defined in the Plan or by the
Optionee for “Good Reason”, as defined in the Change in Control Agreement between the Optionee and the Corporation, as amended, in either case within three years after the occurrence of a Change in Control Event, as defined in the Plan,
the Reload Option shall fully vest upon such termination of employment. 
 3. The following sentence is added to the end of Section 3.3:

 If the Optionee’s employment is terminated by the Optionee for “Good Reason”, as defined in the Change in Control Agreement
between Optionee and the Company, as amended, as evidenced by notice thereof from Optionee, the Optionee shall have the right to exercise this Reload Option, to the extent vested upon termination of employment, until the later of (i) the
15th day of the third month following the date of termination of employment or (ii) December 31 of the
calendar year in which termination of employment occurred. 
 4. Except as provided in this amendment, such enumerated Equity Award
Agreements are, in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and are hereby in all respects ratified and confirmed.

  

 - 5 - 

 IV. The Equity Award Agreement enumerated as # 4 on Exhibit I shall be amended as follows:

 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and between Mellon
Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1.
Section 3.6 of such Equity Award Agreements, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, this Option shall become fully exercisable immediately and automatically upon the occurrence of a Change in
Control Event, as defined in the Plan. 
 2. A new Section 3.6 shall be added, which shall read as follows: 
 If the Optionee’s employment is terminated by the Corporation under circumstances constituting a “Without Cause” termination, as defined in
Section 4.10, or by the Optionee for “Good Reason”, as defined in the Change in Control Agreement between the Optionee and the Corporation, as amended, in either case within three years after the occurrence of a Change in Control
Event, as defined in the Plan, the Option shall fully vest upon such termination of employment. 
 3. The following sentence is added to the
end of Section 4.3: 
 If the Optionee’s employment is terminated by the Optionee for “Good Reason”, as defined in the
Change in Control Agreement between Optionee and the Company, as amended, as evidenced by notice thereof from Optionee, the Optionee shall have the right to exercise this Option, to the extent vested upon termination of employment, until the later
of (i) the 15th day of the third month following the date of termination of employment or (ii) December 31
of the calendar year in which termination of employment occurred. 
 4. Except as provided in this amendment, such enumerated Equity Award
Agreement is, in all other respects, unchanged and is and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and is hereby in all respects ratified and confirmed.

  

 - 6 - 

 V. The Equity Award Agreements enumerated as # 5, # 7, and # 9 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.11, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set forth in Section 2.1 hereof shall lapse immediately
upon the occurrence of a “Change in Control Event”, as defined in Section 2.4 of the Plan. 
 2. A new Section 3.11
shall be added, which shall read as follows: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set
forth in Section 2.1 hereof shall lapse immediately upon termination of Grantee’s employment with the Corporation prior to the date specified in Section 3.1, if such termination is by reason of (i) a termination by the
Corporation “without cause”, as defined in the Plan, or (ii) a termination by the Grantee for “Good Reason”, as defined in the Grantee’s Change in Control Agreement with the Corporation, as amended. 
 3. The Performance Conditions set forth in Sections 3.2 and 3.3 shall be revised to reflect the consummation of the transactions contemplated by that
Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, to reflect the combined organizational objectives as determined
in good faith in the discretion of the Corporation. 
 4. Except as provided in this amendment, such enumerated Equity Awards Agreements are,
in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and are hereby in all respects ratified and confirmed. 
  

 - 7 - 

 VI. The Equity Award Agreements enumerated as # 6, # 8 and # 10 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.9, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set forth in Section 2.1 hereof shall lapse immediately
upon the occurrence of a “Change in Control Event”, as defined in Section 2.4 of the Plan. 
 2. A new Section 3.9
shall be added, which shall read as follows: 
 Notwithstanding any other provision hereof, the restrictions on Disposition of the Stock set
forth in Section 2.1 hereof shall lapse immediately upon termination of Grantee’s employment with the Corporation prior to the date specified in Section 3.1, if such termination is by reason of (i) a termination by the
Corporation “without cause”, as defined in the Plan, or (ii) a termination by the Grantee for “Good Reason”, as defined in the Grantee’s Change in Control Agreement with the Corporation, as amended. 
 3. The Performance Conditions set forth in Section 3.2 shall be revised to reflect the consummation of the transactions contemplated by that
Agreement and Plan of Merger by and between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time, to reflect the combined organizational objectives as determined
in good faith in the discretion of the Corporation. 
 4. Except as provided in this amendment, such enumerated Equity Award Agreements are,
in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions following the Transaction, and are hereby in all respects ratified and confirmed. 
  

 - 8 - 

 VII. The Equity Award Agreement enumerated as # 11 on Exhibit I shall be amended as follows:

 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and between
Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.4, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding Section 3.1 hereof, the restrictions on Disposition of the Stock (including the Dividend Shares) set forth in Section 2.1
hereof shall lapse immediately upon the occurrence of a “Change in Control Event”, as defined in Section 2.4 of the Plan. 
 2. The following subclause (vi) shall be added to Section 3.2, which shall read as follows: 
 or (vi) termination by
the Grantee for “Good Reason”, as defined in the Grantee’s Change in Control Agreement with the Corporation, as amended, within three years after the occurrence of a Change in Control Event. 
 3. Except as provided in this amendment, such enumerated Equity Award Agreement is, in all other respects, unchanged and is and shall continue to be in
full force and effect, and applicable to successive Change in Control transactions following the Transaction, and is hereby in all respects ratified and confirmed. 
  

 - 9 - 

 VIII. The Equity Award Agreements enumerated as # 12 and # 13 on Exhibit I shall be amended as
follows: 
 Solely with respect to the transactions (collectively, the “Transaction”) contemplated by that Agreement and Plan of Merger by and
between Mellon Financial Corporation and The Bank of New York Company, Inc. dated as of December 3, 2006, as may be amended from time to time: 
 1. Section 3.3, which originally read as set forth below in italics, shall be and hereby is deleted in its entirety and shall have no further force and effect: 
 Notwithstanding Section 3.1 hereof, the restrictions on Disposition of the Stock set forth in Section 2.1 hereof shall lapse immediately upon
the occurrence of a “Change in Control Event”, as defined in Section 2.4 of the Plan. 
 2. The following subclause
(vi) and (vii) shall be added to Section 3.2, which shall read as follows: 
 (vi) termination of the Grantee’s
employment by the Corporation “without cause”, as defined in the Plan within three years after the occurrence of a Change in Control Event, or (vii) termination by the Grantee for “Good Reason”, as defined in the
Grantee’s Change in Control Agreement with the Corporation, as amended, within three years after the occurrence of a Change in Control Event. 
 3. Except as provided in this amendment, such enumerated Equity Award Agreements are, in all other respects, unchanged and are and shall continue to be in full force and effect, and applicable to successive Change in Control transactions
following the Transaction, and are hereby in all respects ratified and confirmed. 
  

 - 10 - 

 IN WITNESS WHEREOF, the parties have executed this amendment, in duplicate, on the dates set forth below.

  

					
	MELLON FINANCIAL CORPORATION
			
	By:	 	/s/ R.P. Kelly	 	1/24/07
	Name:	 	R. P. Kelly	 	Date Signed
		
	Title:	 	Chairman, President and Chief Executive Officer
	
	Executive
			
		 	/s/ David F. Lamere	 	1/23/07
		 	David F. Lamere	 	Date Signed

  

 - 11 - 

 EXHIBIT I 
 Equity Award Agreements 
  

					
	 Agreement Number
	  	 Type
	  	 Grant Date

	#1	  	Type I Stock Option	  	1/23/04
	#2	  	Type I Stock Option	  	1/24/05
	#3	  	NQ Stock Option	  	1/23/06
	#4	  	NQ Stock Option	  	3/13/06
	#5	  	PARs (Private Wealth)	  	1/24/03
	#6	  	PARs (Asset Management)	  	1/24/03
	#7	  	PARs (Private Wealth)	  	1/23/04
	#8	  	PARs (Asset Management)	  	1/23/04
	#9	  	PARs (Private Wealth)	  	1/24/05
	#10	  	PARs (Asset Management)	  	1/24/05
	#11	  	Restricted Stock	  	3/13/06
	#12	  	Restricted Stock	  	1/23/04
	#13	  	Restricted Stock	  	1/23/06
	#14	  	Reload Option	  	8/4/05
	#15	  	Reload Option	  	8/18/06

  

 - 12 -Lakeland Bancorp, Inc. 2007 Automatic Dividend Reinvestment and Stock Purchase

 Exhibit 4.4 
 LAKELAND BANCORP, INC. 
 2007 AUTOMATIC DIVIDEND REINVESTMENT 
 AND STOCK PURCHASE PLAN 
 The 2007
Automatic Dividend Reinvestment and Stock Purchase Plan (the “Plan”) of Lakeland Bancorp, Inc. (“Bancorp”) described herein provides holders of Bancorp’s Common Stock, no par value (“Common Stock”), with a simple
and convenient method of investing cash dividends and optional cash payments in additional shares of Common Stock without payment of any brokerage commission or service charge. 
 1. Administration of the Plan 
 The
Plan Administrator shall be American Stock Transfer & Trust Company (“AST”) or another institution selected by the Board of Directors of Bancorp. The Plan Administrator shall administer the Plan for participants, keep records,
send statements of account to participants pursuant to Section 7 herein and perform other duties relating to the Plan. The Plan Administrator will act in the capacity of agent for the participants. 
 2. Eligibility to Participate 
 (a)
All holders of record of shares of Common Stock are eligible to participate in the Plan. To participate in the Plan, beneficial owners of shares of Common Stock whose shares are registered in other names (for instance, in the name of a broker or a
nominee) must first become owners of record of such shares by having those shares transferred into their own names. A stockholder may continue to have some shares of Bancorp registered in the name of the stockholder’s broker and some shares
registered in the stockholder’s own name. A participant in the Plan must participate with respect to all shares of Common Stock registered in the stockholder’s name. 

 (b) A stockholder of Bancorp may join the Plan at any time by signing an authorization card
(“Authorization Card”) and returning it to the Plan Administrator. 
 (c) A stockholder may participate in the dividend
reinvestment feature of the Plan, the optional cash payment feature of the Plan, or both features of the Plan. 
 3. Participation in the
Plan 
 All Authorization Cards shall be in a form satisfactory to Bancorp and the Plan Administrator and must be received by the Plan
Administrator (i) not later than the record date of the first dividend to be invested in Common Stock pursuant to the Plan and (ii) not later than the seventh business day prior to the first business day of the first quarter in which the
participant wishes to invest in Common Stock by means of an optional cash payment, in accordance with Section 4. Notwithstanding the foregoing and any other provision contained herein, all participants in Bancorp’s prior dividend
reinvestment and stock purchase plan as of the date the Plan is adopted by Bancorp’s Board of Directors shall automatically be participants in the Plan, unless they notify the Plan Administrator that they do not wish to participate in the Plan,
in which case they will be deemed to have withdrawn from the Plan. 
 4. Cash Payments 
 (a) At any time and from time to time, a participant may make an optional cash payment of not less than $100 per quarter, to be used for purchasing Common
Stock pursuant to the Plan, as described below; provided, however, that the sum of a participant’s optional cash payments in any quarter may not exceed $5,000. The limitations set forth in the preceding sentence pertaining to the minimum and
maximum quarterly amount of optional cash payments may be modified from time to time in accordance with Section 15. 
 (b) An optional
cash payment must be received by the Plan Administrator and must clear by the seventh business day prior to the first business day 

  

 -2- 

 
of the quarter in which it is to be invested in accordance with Section 6. Once made, an optional cash payment may be withdrawn at any time except
during any such seven business day period. Provided that an optional cash payment has cleared and is not withdrawn by the seventh business day prior to the first business day of a quarter, then, on such first business day the Plan Administrator
shall invest the participant’s optional cash payment by purchasing shares of Bancorp Common Stock in accordance with Section 6 hereof. 
 (c) Notwithstanding anything to the contrary contained in this Plan, Bancorp may suspend the optional cash payment feature of the Plan from time to time. Participants will be notified promptly of any such suspension of the optional cash
payment feature of the Plan and any optional cash payments (i) received prior to the date of such notice of suspension and not yet invested or (ii) received after the date of such notice of suspension and before the date of a notice of
resumption of the optional cash payment feature will be returned to participants. Participants will be notified promptly of the resumption of the optional cash payment feature of the Plan. 
 (d) Optional cash payments may be made by check or money order payable to the Plan Administrator. 
 (e) The number of shares of Common Stock purchased for each participant with such participant’s optional cash payment shall be computed (to four
decimal places) by dividing (a) such participant’s optional cash payment by (b) the purchase price described in Section 6 hereof. 
 (f) All shares purchased with optional cash payments will be allocated to the participant’s Plan account and all cash dividends on shares purchased through optional cash payments will be automatically reinvested
in additional shares of Common Stock and credited to the participant’s Plan account. 
  

 -3- 

 5. Payment and Reinvestment of Dividends 
 (a) As and when dividends are paid on the Common Stock, Bancorp will promptly pay to the Plan Administrator all dividends payable on shares participating
in the Plan with respect to the reinvestment of dividends (including all shares credited to participants’ accounts) (less taxes withheld, if any). The Plan Administrator shall credit such dividends to the accounts of the respective participants
(on the basis of such participating shares owned by each participant on the most recent dividend record date) and shall on each dividend payment date reinvest such dividends by purchasing Bancorp Common Stock in accordance with Section 6
hereof. The number of shares of Common Stock purchased for each participant with reinvested dividends shall be computed (to four decimal places) by dividing (a) the dividend credited to the participant’s account by (b) the purchase
price described in Section 6 hereof. 
 (b) Notwithstanding anything to the contrary contained in this Plan, Bancorp may suspend the
dividend reinvestment feature of the Plan from time to time. Participants will be notified promptly of any such suspension of the dividend reinvestment feature of the Plan and, in the event of such suspension, any and all dividends will be paid to
participants in cash with respect to any dividend payment date occurring after the date of any such notice of suspension and prior to the date of a notice of resumption of the dividend reinvestment feature. Participants will be notified promptly of
the resumption of the dividend reinvestment feature of the Plan. 
 6. Purchases and Shares 
 (a) Purchases of shares of Common Stock from Bancorp will be made on the relevant investment date. If shares are purchased in the open market, the Plan
Administrator will use its best efforts to make the purchases promptly, but not later than 30 days after the investment date (in most instances). With respect to the reinvestment of dividends, an investment date is a dividend payment date. With
respect 

  

 -4- 

 
to optional cash payments, an investment date is the first business day of January, April, July and October. Participants will become owners of the shares
purchased for them under the Plan on the date on which such shares are purchased. 
 (b) A total of 1,000,000 shares of Common Stock are
authorized under the Plan, subject to adjustment as described in Section 12(a) hereof. Purchases of shares of Common Stock will be made by the Plan Administrator in the market, from negotiated purchases, from Bancorp itself or from a
combination of the foregoing, as determined by the Plan Administrator in its discretion. Shares purchased from Bancorp may be either authorized but unissued shares of Common Stock or treasury shares of Common Stock. 
 (c) Shares purchased by the Plan Administrator in the market will be purchased at prevailing prices. The purchase price of shares purchased in market
transactions will be the weighted average of the actual prices paid for shares of Common Stock by the Plan Administrator. The price of original issue shares or treasury shares of Common Stock shall be the “Market Price” of the Common Stock
on the relevant investment date. The Market Price shall be the average of the closing sales prices of the Common Stock as reported by the NASDAQ Global Select Market for the last five trading days prior to the investment date on which trades in the
Common Stock were reported. If such prices are unavailable for such specified number of days, the purchase price per share shall be determined by Bancorp on the basis of such market quotations or other information as it shall deem appropriate.

 (d) The number of shares that will be purchased for each participant will depend on the amount of the participant’s reinvestment
and/or investment and the purchase price. Each participant’s account will be credited with that number of shares (including fractions computed to four decimal places) equal to the total amount to be invested divided by the applicable purchase
price (also computed to four decimal places). 
  

 -5- 

 (e) The Board of Directors of Bancorp shall reserve a sufficient number of shares of Common Stock for
issuance pursuant to the Plan. 
 7. Reports to Participants 
 Each participant in the Plan shall receive a statement of account after each purchase. The statement will set forth the amount of the most recent
reinvestment and/or investment, the number of shares purchased, the price per share, and the total number of shares held in the participant’s account. These statements are a participant’s record of the costs of the participant’s
purchases and should be retained for income tax purposes. In addition, each participant shall receive copies of other communications sent to holders of shares of Common Stock and Internal Revenue Service information for reporting dividend income
received. 
 8. Certificates for Shares 
 (a) Shares of Common Stock purchased under the Plan for the accounts of participants shall be registered in the name of the Plan Administrator or its nominee and shall not be issued to participants until requested in
writing to the Plan Administrator. 
 (b) Certificates for any number of whole shares credited to an account under the Plan will be issued at
any time upon the written request of a participant to the Plan Administrator. Any remaining full shares and fractions of a share will continue to be credited to the participant’s account. 
 (c) Certificates for fractions of shares will not be issued under any circumstances. 
  

 -6- 

 9. Pledge or Assignment of Shares 
 Shares credited to the account of a participant (those registered in the name of the Plan Administrator or its nominee) may not be pledged or assigned and
any such purported pledge or assignment will be void. 
 10. Disposition of Shares 
 If a participant disposes of Common Stock registered in his or her name, the dividends on shares previously credited to his or her account under the Plan
will continue to be reinvested until the participant withdraws from the Plan pursuant to Section 11 herein. 
 11. Withdrawal;
Termination of Participation 
 (a) A participant may withdraw from the Plan by sending a written withdrawal notice to the Plan
Administrator. When a participant withdraws from the Plan, or upon termination of the participant’s participation in the Plan or termination of the Plan by Bancorp, certificates for whole shares credited to the participant’s account under
the Plan will be issued and a cash payment will be made for any fraction of a share based on the then current Market Price of the Common Stock. 
 (b) Upon a participant’s withdrawal from the Plan the participant may also request that all or part of the whole shares credited to the participant’s account in the Plan be sold. If a participant makes such a request, the sale
shall be made for the participant by the Plan Administrator as soon as practicable after the request is received. The participant shall receive the proceeds from such sale, less related brokerage fees or commissions and less any applicable transfer
taxes. 
 (c) A participant may withdraw from the Plan by notice to the Plan Administrator, which notice must be received at least seven
business days prior to the applicable dividend record date with respect to the reinvestment of dividends on the dividend payment date immediately following such dividend record date. All optional cash payments received on or before the seventh
business day prior to an investment 

  

 -7- 

 
date for optional cash payments will be invested in shares of Common Stock on the next relevant investment date unless a withdrawal notice is received by the
Plan Administrator at least seven business days before the investment date. 
 (d) The Plan Administrator may terminate a participant’s
participation in the Plan after mailing a notice of intention to terminate to the participant at his or her address as it appears in the Plan Administrator’s records. Bancorp reserves the right to terminate any participant’s participation
in the Plan at any time for any reason, including, without limitation, arbitrage-related activities, transactional profit activities and excessive re-enrollments. 
 (e) When a participant withdraws from the Plan, a cash adjustment representing any fraction of a share credited to the participant’s account will be mailed directly to the participant. The cash payment will be
based on the Market Price of the Common Stock on the effective date of withdrawal. 
 (f) A stockholder may re-enter the Plan by following
the procedures applicable for initial enrollment in the Plan. However, Bancorp reserves the right to reject any Authorization Card from a previous participant in the event of excessive enrollments and withdrawals. 
 12. Non-Cash Dividends and Stock Splits; Rights Offerings 
 (a) Any stock dividends or stock splits applicable to shares of Common Stock held by a participant under the Plan will be credited to the participant’s account. The number of shares subject to the Plan will be
adjusted to reflect such events as stock dividends and stock splits. 
 (b) In the event that Bancorp makes available to its shareholders
rights to purchase additional shares or securities, participants under the Plan will receive a subscription warrant for all of such rights directly from Bancorp. 
  

 -8- 

 13. Voting Rights 
 (a) Shares held by the Plan Administrator for a participant will be voted as the participant directs with respect to shares held in his or her own name. 
 (b) For each meeting of stockholders, the participant shall receive a proxy card which will enable the participant to vote the shares registered in his
or her own name. If the proxy card is returned properly signed and marked for voting, all whole shares held for the participant under the Plan shall be voted in the same manner as the shares owned directly by the participant. The total number of
whole shares held under the Plan may also be voted in person at a meeting. 
 (c) If no instructions are received on a properly signed
returned proxy card with respect to any item thereon, all of a participant’s whole shares (those registered in his name and those credited to his account under the Plan) will be voted in accordance with the recommendations of Bancorp’s
Board of Directors, to the extent permitted by applicable law. If the proxy card is not returned or if it is returned unsigned, none of the participant’s shares will be voted unless the participant votes in person. 
 (d) Participants may also vote the shares in their Plan account by telephone or on the internet. 
 14. Foreign Stockholders 
 In the case
of a foreign stockholder whose dividends are subject to federal income tax withholding, the amount of tax required to be withheld will be deducted from the amount of cash dividends to determine the amount of dividends to be reinvested. 

15. Modification and Termination of Plan 
 Bancorp (through its Board of Directors) reserves the right to suspend, modify or terminate the Plan, or the participation in the Plan by any participant, at any time, including the right to suspend the optional cash payment feature and
dividend 

  

 -9- 

 
reinvestment feature of the Plan, as described in Sections 4 and 5 hereof. All participants affected by such action shall receive notice of any such
suspension, modification or termination. Bancorp’s right to modify the Plan includes the right to increase or decrease the minimum and maximum amounts of optional cash payments which may be made under the Plan and to impose fees in connection
with participation in the Plan. Revisions in such minimum and maximum amounts and in the fee structure of the Plan will only be made upon 30 days’ prior notice to participants. 
 16. Fees and Commissions 
 Except as
described in Sections 11 and 15, Bancorp shall pay all fees and brokerage commissions in connection with the Plan. 
 17. Interpretation

 The Plan shall be interpreted and regulated by Bancorp. All such interpretations and regulations shall be conclusive. 
 18. No Liability 
 In administering
the Plan, Bancorp and the Plan Administrator (including all of their respective officers, directors, employees and agents) will not be liable for any act done in good faith or for any good faith omission to act, including without limitation, any
claim of liability arising out of failure to terminate a participant’s account upon such participant’s death prior to receipt of notice in writing of such death and any claim of liability with respect to the prices at which shares are
purchased for participants’ accounts or the times such purchases are made. 
 19. Termination or Resignation of Plan Administrator

 Bancorp may terminate the Plan Administrator’s services under the Plan upon thirty (30) days prior written notice to the Plan
Administrator. The Plan Administrator may resign upon ninety (90) days’ prior written notice to Bancorp. 
 20. Governing Law

 The terms, conditions and operation of the Plan shall be governed by the laws of the State of New Jersey. 
  

 -10-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]