Document:

EXHIBIT 10.9

                           OPTION AND VOTING AGREEMENT

            OPTION AND VOTING AGREEMENT (this "Agreement"), dated as of August
3, 2006, by and among Rivacq LLC, a Delaware limited liability company
("Rivacq"), SOF U.S. Hotel Co Invest Holdings, L.L.C., a Delaware limited
liability company ("SOF"), Arrow Partners LP, a Delaware limited partnership
("Arrow"), and Arrow Capital Management LLC, a Delaware limited liability
company ("Newco").

            WHEREAS, Riv Acquisition Holdings, Inc., a Delaware corporation
("Riv Acquisition Holdings"), Riv Acquisition Inc., a Delaware corporation and a
wholly owned subsidiary of Riv Acquisition Holdings, and Riviera Holdings
Corporation, a Nevada corporation ("Riviera"), have entered into an Agreement
and Plan of Merger, dated as of April 5, 2006 (as may be amended from time to
time, the "Merger Agreement");

            WHEREAS, capitalized terms used but not defined herein shall have
the meanings ascribed thereto in the Merger Agreement;

            WHEREAS, Rivacq owns 300 shares of common stock, par value $0.01 per
share, of Riv Acquisition Holdings, representing 30% of the issued and
outstanding capital stock of Riv Acquisition Holdings;

            WHEREAS, SOF owns a 100% interest in Rivacq;

            WHEREAS, Rivacq owns 300,000 shares of common stock, par value
$0.001 per share, of Riviera ("Shares") and Arrow owns 373,100 Shares (the
"Arrow Shares");

            WHEREAS, SOF wishes that Arrow vote the Arrow Shares in favor of the
Merger, and Arrow wishes to so vote the Arrow Shares, upon the terms and subject
to the conditions set forth herein; and

            WHEREAS, SOF wishes to grant to Newco, and Newco wishes to receive
from SOF, an option to acquire an interest in Rivacq, upon the terms and subject
to the conditions set forth herein;

            NOW, THEREFORE, in consideration of the premises and the mutual
agreements and covenants hereinafter set forth, and intending to be legally
bound hereby, SOF, Rivacq, Arrow and Newco hereby agree as follows:

                                    ARTICLE I

                                     OPTION

            Section 1.01 Grant of Option. SOF hereby grants to Newco an
irrevocable option (the "Option") to purchase a 49% interest (calculated as of
the date on which the Option is exercised) in Rivacq (the "Minority Rivacq
Interest").

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            Section 1.02 Option Purchase Price.(b) The purchase price for the
Minority Rivacq Interest (the "Option Purchase Price") shall be equal to 49% of
the aggregate value of Rivacq's direct and indirect interest in Riviera, valued
as follows:

            (a) in the event that the Option is exercised prior to the Effective
Time, each Share held directly by Rivacq shall be valued at the purchase price
paid by Rivacq for such Share (as adjusted for stock splits, reverse stock
splits, and similar transactions); and

            (b) in the event that the Option is exercised concurrently with or
after the Effective Time, Rivacq's interest in Riviera shall be valued at an
amount equal to (i) the product obtained by multiplying (A) Rivacq's percentage
interest in Riv Acquisition Holdings by (B) the sum of the aggregate Merger
Consideration and the aggregate amount payable to satisfy the Indenture
Obligation pursuant to Section 7.16 of the Merger Agreement minus (ii) the
excess of the aggregate Merger Consideration received by Rivacq pursuant to the
Merger Agreement over the aggregate purchase price paid by Rivacq for any Shares
cancelled in the consummation of the Merger pursuant to the Merger Agreement.

            Section 1.03 Option Term. Subject to Section 1.06, the Option will
expire thirty (30) days after the Closing (the "Option Term"), unless the Option
Notice is delivered in accordance with Section 1.04 prior to such expiration.
Newco may, by notice in writing to SOF and Rivacq prior to such expiration date,
extend the Option Term by an additional thirty (30) days.

            Section 1.04 Exercise of Option.(b) In the event that Newco wishes
to exercise the Option, it shall give written notice (an "Option Notice") to SOF
and Rivacq (the date of delivery of such notice being the "Notice Date")
specifying a date, which shall be not later than ten business days and not
earlier than five business days following the Notice Date, for the closing of
the purchase and sale of the Minority Rivacq Interest (the "Option Closing").
The Option Closing shall be held at the offices of Cadwalader, Wickersham & Taft
LLP, One World Financial Center, New York, New York, or such other location
mutually agreeable to the parties hereto.

            Section 1.05 Option Closing Deliveries. At the Option Closing, (i)
Newco shall deliver to SOF the Option Purchase Price, plus 49% of all out of
pocket and documented expenses incurred by Rivacq to the date of the Option
Closing in connection with the Merger, by wire transfer of immediately available
funds to such bank account as SOF shall designate by notice in writing to Newco
prior to the Option Closing, (ii) Rivacq shall issue the Minority Rivacq
Interest to Newco, free and clear of all Encumbrances (as defined below), (iii)
Rivacq and SOF shall jointly and severally remake, as of the Option Closing, the
representations and warranties set forth in Article II, and (iv) Newco, SOF and
Rivacq shall enter into an Amended and Restated Limited Liability Company
Agreement of Rivacq in the form attached as Exhibit A hereto (the "Amended
Rivacq LLC Agreement").

            Section 1.06 Unwind of Option. Prior to exercise of the Option,
Rivacq may, upon written notice to Newco, terminate or suspend the Option, or,
after the exercise of the Option, Rivacq may require Newco to convey, assign and
deliver to Rivacq the Minority Rivacq Interest against payment to Newco of any
amounts previously paid by Newco to Rivacq pursuant

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to Sections 1.05 and 4.05, if, in each case, as reasonably determined by Rivacq,
(i) the existence or exercise of the Option could impair, delay or result in the
imposition of burdensome terms in connection with the issuance or maintenance of
a liquor license or gaming license necessary for the operation of the business
of Riviera in the State of Nevada or the State of Colorado, (ii) the gaming
authorities of the State of Nevada or the State of Colorado at any time
determine that Newco, or any of its Affiliates, is unsuitable to be an optionee
of Rivacq or to hold an indirect economic interest in Riv Acquisition Holdings
or Riviera or (iii) the existence or exercise of the Option could materially
impair or delay the Closing of the Merger or could dilute or otherwise impair
the direct or indirect voting rights of Rivacq in Riviera pursuant to Section
78.3790 of the Nevada Revised Statutes; provided, however, that Newco shall have
30 days following receipt of such written notice to cure the conditions or
circumstances giving rise to Rivacq's right under this Section 1.06 to terminate
or suspend the Option or to require Newco to convey, assign and deliver to
Rivacq the Minority Rivacq Interest, as the case may be.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES
                                OF SOF AND RIVACQ

            As an inducement to Arrow and Newco to enter into this Agreement,
SOF and Rivacq hereby represent and warrant, jointly and severally, to Arrow and
Newco as of the date hereof as follows:

            Section 2.01 Formation and Authorization; Enforceability. Each of
SOF and Rivacq is a limited liability company duly formed and validly existing
under the laws of the State of Delaware and has all necessary power and
authority to enter into this Agreement and the Amended Rivacq LLC Agreement, to
carry out its obligations hereunder and thereunder and to consummate the
transactions contemplated hereby and thereby. The execution and delivery by each
of SOF and Rivacq of this Agreement and the Amended Rivacq LLC Agreement, the
performance by each of SOF and Rivacq of its obligations hereunder and
thereunder and the consummation by each of SOF and Rivacq of the transactions
contemplated hereby and thereby have been duly authorized by all requisite
action on the part of SOF and Rivacq. This Agreement has been, and at the Option
Closing the Amended Rivacq LLC Agreement will be, duly executed and delivered by
each of SOF and Rivacq and (assuming due authorization, execution and delivery
by Newco) constitutes, or will constitute, the legal, valid and binding
obligation of each of SOF and Rivacq, enforceable against each of SOF and Rivacq
in accordance with its terms.

            Section 2.02 Ownership of Rivacq. (a) SOF is the sole record and
beneficial owner of 100% of the issued and outstanding interests in Rivacq, free
and clear of any security interest, pledge, lien, charge, encumbrance or other
restriction on the use, voting, transfer, receipt of income or other exercise of
any attribute of ownership (each, an "Encumbrance").

            (b) Upon consummation of the Option Closing and the execution and
delivery of the Amended Rivacq LLC Agreement by Newco, SOF and Rivacq, the
Minority Rivacq interest will be duly and validly issued, fully paid, and
non-assessable, and free and clear of all Encumbrances other than as may have
been created by or are attributable to Newco. Except for this Agreement, there
are no options, voting trusts, stockholder agreements, proxies or other

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agreements or understandings in effect with respect to the voting, issuance, or
transfer of any of any of the interests in Rivacq.

            Section 2.03 No Conflict. The execution, delivery and performance of
this Agreement and the Amended Rivacq LLC Agreement by each of SOF and Rivacq do
not and will not (i) violate, conflict with or result in the breach of any
provision of the certificate of formation or the limited liability company
agreements (or similar organizational documents) of SOF and Rivacq, or (ii)
conflict with or violate any statute, law, ordinance, regulation, rule, code,
order, requirement or rule of law (each, a "Law") or order, writ, judgment,
injunction, decree, stipulation, determination or award (each, an "Order")
applicable to SOF or Rivacq or any of their respective assets, properties or
businesses or (iii) conflict with, result in any breach of, constitute a default
(or event which with the giving of notice or lapse of time or both, would become
a default) under, require any consent under, or give to others any rights of
termination, amendment, acceleration, suspension, revocation or cancellation of,
or result in the creation of any Encumbrance on their respective assets or the
Minority Rivacq Interest pursuant to, any note, bond, mortgage or indenture,
contract, agreement, lease, sublease, license, permit, franchise or other
instrument to which SOF or Rivacq is a party or by which any of their respective
assets or the Minority Rivacq Interest is bound or affected.

            Section 2.04 Litigation. As of the date hereof, there are no
actions, proceedings, claims, suits, inquiries or investigations ("Actions") by
or against SOF or Rivacq pending before any government, regulatory or
administrative authority, agency, commission, court or tribunal (each, a
"Governmental Authority"), or, to the knowledge of SOF and Rivacq, threatened to
be brought by or before any Governmental Authority, which could affect the
legality, validity or enforceability of this Agreement or the Amended Rivacq LLC
Agreement, or the consummation of the transactions contemplated hereby or
thereby, or which reasonably could be expected to have a material adverse effect
on Rivacq.

            Section 2.05 Brokers. No broker, finder or investment banker is
entitled to any brokerage, finder's or other fee or commission in connection
with the transactions contemplated by this Agreement or the Amended Rivacq LLC
Agreement, based upon arrangements made by or on behalf of SOF or Rivacq.

            Section 2.06 Purpose; Material Assets and Liabilities. Rivacq was
formed, and since its formation has been operated, for the sole purpose of
holding the Shares and the shares of common stock of Riv Acquisition Holdings
(the "Riv Acquisition Holdings Shares"). Other than the Shares and the Riv
Acquisition Holdings Shares, Rivacq does not own, hold, or control any other
material asset. In addition, Rivacq does not currently have any material
liabilities.

            Section 2.07 Title to Assets. The Shares and the Riv Acquisition
Holdings Shares are owned beneficially and of record by Rivacq, and Rivacq owns
all right, title, and interest in and to the Shares and the Riv Acquisition
Holdings Shares, free and clear of any and all Encumbrances.

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                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES
                               OF ARROW AND NEWCO

            As an inducement to SOF and Rivacq to enter into this Agreement,
Arrow and Newco each severally make to SOF and Rivacq the respective
representations and warranties applicable to it as follows:

            Section 3.01 Formation and Authorization; Enforceability. Arrow is a
limited partnership duly formed and validly existing under the laws of the State
of Delaware and has all necessary power and authority to enter into this
Agreement, to carry out its obligations hereunder and to consummate the
transactions contemplated hereby. Newco is a limited liability company duly
formed and validly existing under the laws of the State of Delaware and has all
necessary power and authority to enter into this Agreement and the Amended
Rivacq LLC Agreement, to carry out its obligations hereunder and thereunder, and
to consummate the transactions contemplated hereby and thereby. The execution
and delivery by Arrow of this Agreement, the performance by Arrow of its
obligations hereunder and the consummation by Arrow of the transactions
contemplated hereby have been duly authorized by all requisite action on the
part of Arrow. The execution and delivery by Newco of this Agreement and the
Amended Rivacq LLC Agreement, the performance by Newco of its obligations
hereunder and thereunder, and the consummation by Newco of the transactions
contemplated hereby and thereby have been duly authorized by all requisite
action on the part of Newco. This Agreement has been duly executed and delivered
by Arrow and Newco, and (assuming due authorization, execution and delivery by
SOF and Rivacq) this Agreement constitutes the legal, valid and binding
obligation of Arrow and Newco, enforceable against Arrow and Newco in accordance
with its terms. At the Option Closing, the Amended Rivacq LLC Agreement will be
duly executed and delivered by Newco, and (assuming due authorization, execution
and delivery by SOF and Rivacq) will constitute the legal, valid and binding
obligation of Newco, enforceable against Newco in accordance with its terms.

            Section 3.02 Ownership of Arrow. (a) Arrow is the sole record and
beneficial owner of the Arrow Shares, free and clear of any Encumbrance. Arrow
has the sole power to vote and the full right, power and authority to sell,
transfer and deliver the Arrow Shares.

            Section 3.03 No Conflict. The execution, delivery and performance of
this Agreement by Arrow do not and will not (i) violate, conflict with or result
in the breach of any provision of Arrow's limited partnership agreement (or
similar organizational documents) or (ii) conflict with or violate any Law or
Order applicable to Arrow or any of its respective assets, properties or
businesses, or (iii) conflict with, result in any breach of, constitute a
default (or event which with the giving of notice or lapse of time or both,
would become a default) under, require any consent under, or give to others any
rights of termination, amendment, acceleration, suspension, revocation or
cancellation of, or result in the creation of any Encumbrance on any of the
Arrow Shares pursuant to, any note, bond, mortgage or indenture, contract,
agreement, lease, sublease, license, permit, franchise or other instrument to
which Arrow is a party or by which any of the Arrow Shares is bound or affected.
The execution, delivery and performance of this Agreement and the Amended Rivacq
LLC Agreement by Newco do not and will not (i) violate,

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conflict with or result in the breach of any provision of Newco's limited
liability company agreement (or similar organizational documents) or (ii)
conflict with or violate any Law or Order applicable to Newco or any of its
respective assets, properties or businesses, or (iii) conflict with, result in
any breach of, constitute a default (or event which with the giving of notice or
lapse of time or both, would become a default) under, require any consent under,
or give to others any rights of termination, amendment, acceleration,
suspension, revocation or cancellation of, any note, bond, mortgage or
indenture, contract, agreement, lease, sublease, license, permit, franchise or
other instrument to which Newco is a party.

            Section 3.04 Litigation. As of the date hereof, there are no Actions
by or against Arrow or Newco pending before any Governmental Authority, or, to
the best knowledge of Arrow and Newco, respectively, threatened to be brought by
or before any Governmental Authority, which could affect the legality, validity
or enforceability of this Agreement or the consummation of the transactions
contemplated hereby.

            Section 3.05 Brokers. No broker, finder or investment banker is
entitled to any brokerage, finder's or other fee or commission in connection
with the transactions contemplated by this Agreement based upon arrangements
made by or on behalf of Arrow or Newco.

                                   ARTICLE IV

                              ADDITIONAL AGREEMENTS

            Section 4.01 Grant of Proxy. (a) Effective upon execution of this
Agreement, Arrow, by this Agreement, with respect to 190,316 Arrow Shares (the
"Lock-up Arrow Shares"), hereby (i) subject to the issuance of the 10% Nevada
Gaming Approval (as defined below), grants an irrevocable proxy to Rivacq (and
agrees to execute such documents or certificates evidencing such proxy as Rivacq
may reasonably request) to vote at any meeting of the stockholders of Riviera,
and in any action by written consent of the stockholders of Riviera, the Lock-up
Arrow Shares (A) in favor of the approval of the Merger Agreement, as it may be
amended from time to time, and the approval of all other transactions
contemplated thereby, (B) against any action, agreement or transaction (other
than the Merger Agreement or the transactions contemplated thereby) or proposal
that would result in a breach of any covenant, representation or warranty or any
other obligation or agreement of Riviera under the Merger Agreement or that
could reasonably be expected to result in any of the conditions to Riviera's
obligations thereunder not being fulfilled and (C) in favor of any other matter
necessary to consummate the Merger Agreement and considered and voted upon by
the stockholders of Riviera, and (ii) agrees to cause Lock-up Arrow Shares to be
voted in accordance with the foregoing. THIS PROXY IS IRREVOCABLE AND COUPLED
WITH AN INTEREST.

            (b) This Section 4.01, and any proxy granted pursuant to this
Section 4.01, will terminate upon the Closing of the Merger or the termination
of Merger Agreement.

            (c) "10% Nevada Gaming Approval" means the approval by the Nevada
Gaming Authorities (as defined below) of the voting agreement and proxy granted
by Arrow to Rivacq pursuant to Section 4.01(a), or the receipt by Rivacq of such
other assurances from the

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Nevada Gaming Authorities as it may deem necessary or desirable in connection
with such voting agreement and proxy.

            (d) "Nevada Gaming Authorities" means the Nevada State Gaming
Control Board, the Nevada Gaming Commission, the Clark County Liquor and Gaming
Licensing Board and the City of Las Vegas and any other licensing authority or
governmental authority having authority over casino and gaming activities and
operations in the State of Nevada.

            Section 4.02 Restrictions on Transfer. (a) Arrow agrees that it
shall not, directly or indirectly, without the prior written consent of Rivacq
or as may be required to permit Arrow to exercise its right to cure under
Section 1.06, (i) sell, assign, transfer, or dispose of any of the Lock-up Arrow
Shares, (ii) deposit any of the Lock-up Arrow Shares into a voting trust or
enter into a voting agreement or arrangement or grant any proxy or power of
attorney with respect thereto that is inconsistent with this Agreement or (iii)
enter into any contract, option or other arrangement or undertaking with respect
to the direct or indirect acquisition or sale, assignment, transfer or other
disposition of any of the Lock-up Arrow Shares. Notwithstanding the foregoing,
Arrow may dispose of the Lock-up Arrow Shares in connection with the
consummation of the Merger or a Takeover Proposal.

            (b) Each of Rivacq and SOF agrees that it shall not, except as
consistent with this Agreement, directly or indirectly, without the prior
written consent of Arrow, (i) sell, assign, transfer, grant a lien upon, pledge,
dispose of or otherwise encumber the Minority Rivacq Interest or otherwise agree
to do any of the foregoing, or (ii) enter into any contract, option or other
arrangement or undertaking with respect to the direct or indirect acquisition or
sale, assignment, transfer or other disposition of the Minority Rivacq Interest.

            (c) Rivacq agrees that it shall not, directly or indirectly, without
the prior written consent of Arrow and Newco, (i) sell, assign, transfer, grant
a lien upon, pledge, dispose of or otherwise encumber any of the Riv Acquisition
Holdings Shares, (ii) deposit any of the Riv Acquisition Holdings Shares into a
voting trust or enter into a voting agreement or arrangement or grant any proxy
or power of attorney with respect thereto that is inconsistent with this
Agreement or (iii) enter into any contract, option or other arrangement or
undertaking with respect to the direct or indirect acquisition or sale,
assignment, transfer or other disposition of any of the Riv Acquisition Holdings
Shares.

            Section 4.03 Restriction on Additional Rivacq Interests; Protective
Provisions. Until the expiration of the Option, Rivacq agrees that it shall not,
without the prior written consent of Arrow and Newco, authorize or issue
additional interests or any securities convertible into or exchangeable for
interests in Rivacq. In addition, prior to the first to occur of (a) the
expiration of the Option Term or (b) the exercise of the Option, (1) Rivacq
shall not sell, transfer, hypothecate, pledge or otherwise dispose of the Riv
Acquisition Holdings Shares, (2) SOF shall not sell, transfer, hypothecate,
pledge or otherwise dispose of its interest in Rivacq, and (3) neither Rivacq
nor SOF shall take or omit from taking any action that would cause Rivacq to be
dissolved or wound up.

            Section 4.04 Participation in Termination Fee and Topping Fee. (a)
In the event that a portion of the Topping Fee is paid to Rivacq, and prior
thereto or at any time thereafter Newco has exercised the Option, Rivacq will
pay Newco 49% of the portion of the Topping Fee

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received by Rivacq minus the product of (i) $124,959 and (ii) the excess of (A)
the consideration paid per Share pursuant to the Takeover Proposal in respect of
which the Topping Fee was paid over (B) the Merger Consideration as set forth in
the Merger Agreement immediately prior to the termination thereof.

            (b) In the event that a portion of the Termination Fee is paid to
Rivacq, and prior thereto or at any time thereafter Newco has exercised the
Option, Newco shall be entitled to be paid 49% of the portion of the Topping Fee
received by Rivacq.

            Section 4.05 Expenses of Rivacq. Following the Option Closing, Newco
shall bear 49% of all expenses incurred by Rivacq as of and from the date of the
Option Closing in connection with the Merger.

            Section 4.06 Further Action. (a) Each of the parties hereto shall
use all reasonable efforts to take, or cause to be taken, all appropriate
action, do or cause to be done all things necessary, proper or advisable under
applicable law, and to execute and deliver such documents and other papers, as
may reasonably be required to carry out the provisions of this Agreement and
consummate and make effective the transactions contemplated hereby.

                                    ARTICLE V

                                 INDEMNIFICATION

            Section 5.01 Survival of Representations and Warranties. The
representations and warranties of the parties contained in this Agreement shall
survive the Option Closing indefinitely.

            Section 5.02 Indemnification by SOF and Rivacq. SOF and Rivacq
shall, jointly but not severally, indemnify and hold harmless Arrow, Newco and
their respective Affiliates, officers, directors, employees, agents, successors
and assigns (each, an "Arrow Indemnified Party") for and against any and all
liabilities, losses, damages, claims, costs and expenses, interest, awards,
judgments and penalties (including attorneys' and consultants' fees and
expenses), but excluding any diminution in value in or related to the Shares
that is not caused by the act or omission of SOF or Rivacq (e.g., the creation
of an Encumbrance), actually suffered or incurred by them (including any action
brought or otherwise initiated by any of them) (hereinafter a "Loss"), arising
out of or resulting from the breach of any representation, warranty, covenant or
agreement made by SOF or Rivacq contained in this Agreement. To the extent that
SOF or Rivacq's undertakings set forth in this Section 5.02 may be
unenforceable, SOF and Rivacq shall contribute the maximum amount that they are
permitted to contribute under applicable Law to the payment and satisfaction of
the Losses incurred by the Arrow Indemnified Parties.

            Section 5.03 Indemnification by Arrow and Newco. (a) Arrow shall
indemnify and hold harmless SOF and its Affiliates, officers, directors,
employees, agents, successors and assigns and Rivacq and its Affiliates,
officers, directors, employees, agents, successors and assigns (each, a "SOF
Indemnified Party") for and against any Loss, arising out of or resulting from
the breach of any representation, warranty, covenant or agreement made by Arrow

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contained in this Agreement. To the extent that Arrow's undertakings set forth
in this Section 5.03 may be unenforceable, Arrow shall contribute the maximum
amount that it is permitted to contribute under applicable Law to the payment
and satisfaction of the Losses incurred by the SOF Indemnified Parties. (b)
Newco shall indemnify and hold harmless each SOF Indemnified Party for and
against any Loss, arising out of or resulting from the breach of any
representation, warranty, covenant or agreement made by Newco contained in this
Agreement. To the extent that Newco's undertakings set forth in this Section
5.03 may be unenforceable, Newco shall contribute the maximum amount that it is
permitted to contribute under applicable Law to the payment and satisfaction of
the Losses incurred by the SOF Indemnified Parties.

            Section 5.04 Notice of Loss; Third Party Claims. (b) A party
entitled to indemnification under this Article V (an "Indemnified Party") shall
give each party against whom it wishes to seek indemnification under this
Article V (an "Indemnifying Party") notice of any matter that an Indemnified
Party has determined has given or could give rise to a right of indemnification
under this Agreement, within 20 days of the event giving rise to such potential
indemnity, stating the amount of the Loss, if known, and method of computation
thereof, and containing a reference to the provisions of this Agreement in
respect of which such right of indemnification is claimed or arises; provided,
however, that the failure to provide such notice shall not release the
Indemnifying Party from any of its obligations under this Article V except to
the extent that the Indemnifying Party is materially prejudiced by such failure
and shall not relieve the Indemnifying Party from any other obligation or
liability that it may have to any Indemnified Party otherwise than under this
Article V.

            (c) If an Indemnified Party shall receive notice of any Action,
audit, demand or assessment (each, a "Third Party Claim") against it or which
may give rise to a claim for a Loss under this Article V, within 30 days of the
receipt of such notice, the Indemnified Party shall give the Indemnifying Party
notice of such Third Party Claim; provided, however, that the failure to provide
such notice shall not release the Indemnifying Party from any of its obligations
under this Article V except to the extent that the Indemnifying Party is
materially prejudiced by such failure and shall not relieve the Indemnifying
Party from any other obligation or liability that it may have to any Indemnified
Party otherwise than under this Article V. If the Indemnifying Party
acknowledges in writing its obligation to indemnify the Indemnified Party
hereunder against any Losses that may result from such Third Party Claim, then
the Indemnifying Party shall be entitled to assume and control the defense of
such Third Party Claim at its expense and through counsel of its choice if it
gives notice of its intention to do so to the Indemnified Party within five days
of the receipt of notice from the Indemnified Party of such Third Party Claim;
provided, however, that if there exists or is reasonably likely to exist a
conflict of interest that would make it inappropriate in the judgment of the
Indemnified Party in its sole and absolute discretion for the same counsel to
represent both the Indemnified Party and the Indemnifying Party, then the
Indemnified Party shall be entitled to retain its own counsel in each
jurisdiction for which the Indemnified Party determines counsel is required, at
the expense of the Indemnifying Party. In the event that the Indemnifying Party
exercises the right to undertake any such defense against any such Third Party
Claim as provided above, the Indemnified Party shall cooperate with the
Indemnifying Party in such defense and make available to the Indemnifying Party,
at the Indemnifying Party's expense, all witnesses, pertinent records, materials
and information in the Indemnified Party's possession or under the

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Indemnified Party's control relating thereto as is reasonably required by the
Indemnifying Party. Similarly, in the event the Indemnified Party is, directly
or indirectly, conducting the defense against any such Third Party Claim, the
Indemnifying Party shall cooperate with the Indemnified Party in such defense
and make available to the Indemnified Party, at the Indemnifying Party's
expense, all such witnesses, records, materials and information in the
Indemnifying Party's possession or under the Indemnifying Party's control
relating thereto as is reasonably required by the Indemnified Party. No such
Third Party Claim may be settled by the Indemnifying Party without the prior
written consent of the Indemnified Party.

                                   ARTICLE VI

                                   TERMINATION

            Section 6.01 Termination. This Agreement shall terminate:

            (a) upon written notice by SOF or Rivacq to Arrow and Newco, if (i)
any representations and warranties of Arrow or Newco contained in this Agreement
shall not have been true and correct when made, (ii) Arrow or Newco shall not
have complied in all material respects with the covenants and agreements
contained in this Agreement to be complied with by it, or (iii) Arrow or Newco
shall make a general assignment for the benefit of creditors, or any proceeding
shall be instituted against Arrow or Newco seeking to adjudicate Arrow or Newco
as bankrupt or insolvent; provided, that in the case of clause (a)(i) and
(a)(ii), Arrow and Newco shall have 30 days to cure such inaccurate
representation or warranty or breached covenant or agreement and, in the event
it does so within such time period, neither SOF or Rivacq shall not be entitled
to terminate this Agreement pursuant to this Section 6.01(a) with respect to the
matter that has been so cured;

            (b) upon written notice by Arrow or Newco to SOF and Rivacq, if (i)
any representations and warranties of SOF contained in this Agreement shall not
have been true and correct when made or (ii) SOF or Rivacq shall not have
complied in all material respects with the covenants and agreements contained in
this Agreement to be complied with by them, or (iii) SOF or Rivacq shall make a
general assignment for the benefit of creditors, or any proceeding shall be
instituted against SOF or Rivacq seeking to adjudicate SOF or Rivacq as bankrupt
or insolvent; provided, that in the case of clause (b)(i) and (b)(ii), SOF or
Rivacq, as applicable, shall have 30 days to cure such inaccurate representation
or warranty or breached covenant or agreement and, in the event it does so
within such time period, Arrow and Newco shall not be entitled to terminate this
Agreement pursuant to this Section 6.01(b) with respect to the matter that has
been so cured;

            (c) upon notice by Arrow or Newco to SOF and Rivacq or by SOF or
Rivacq to Arrow and Newco, in the event that any Governmental Authority shall
have issued an Order or taken any other action restraining, enjoining or
otherwise prohibiting the transactions contemplated by this Agreement and such
Order or other action shall have become final and nonappealable;

            (d) by the mutual written consent of SOF, Rivacq, Arrow and Newco;
or

                                      -10-
<PAGE>

            (e) upon 90 days' written notice by SOF or Rivacq to Arrow and
Newco, in the event that Riviera shall have failed to obtain the affirmative
vote of the holders of 60% of the outstanding shares of Riviera's common stock
to approve the Merger Agreement, the Merger and the other transactions
contemplated by the Merger Agreement at a meeting of Riviera's stockholders
convened therefor or at any reconvening thereof.

            Section 6.02 Effect of Termination. In the event of termination of
this Agreement as provided in Section 6.01, this Agreement shall forthwith
become void and there shall be no liability on the part of any party hereto
except (a) as set forth in Sections 7.01 and 7.03, (b) that nothing shall
relieve any party hereto from liability for any breach of this Agreement and (c)
the provisions of Article V shall indefinitely survive any termination of this
Agreement. For the avoidance of doubt, the proxy granted pursuant to Section
4.01 shall expire upon any termination of this Agreement.

                                   ARTICLE VII

                               GENERAL PROVISIONS

            Section 7.01 Expenses. Except as otherwise specified in this
Agreement, all costs and expenses, including fees and disbursements of counsel,
financial advisors and accountants, incurred in connection with this Agreement
and the transactions contemplated by this Agreement shall be paid by the party
incurring such costs and expenses; provided, that any and all costs and expenses
of Newco and its affiliates that are reasonably required in order for them to
obtain applicable licenses, in any jurisdiction, necessary to be obtained in
connection with the transactions contemplated hereby shall be deemed costs and
expenses of Rivacq.

            Section 7.02 Notices. All notices, requests, claims, demands and
other communications hereunder shall be in writing and shall be given or made
(and shall be deemed to have been duly given or made upon receipt) by delivery
in person, by an internationally recognized overnight courier service, by
facsimile or by registered or certified mail (postage prepaid, return receipt
requested) to the respective parties hereto at the following addresses (or at
such other address for a party as shall be specified in a notice given in
accordance with this Section 7.02):

            (a) if to Arrow or Newco:

                  408 West 14th Street
                  2nd Floor
                  New York, NY 10014
                  Facsimile:  (212) 243-1620
                  Attention:  Mal Serure

                                      -11-
<PAGE>

            with a copy to:

                  Eisner & Frank
                  9601 Wilshire Boulevard
                  Suite 700
                  Beverly Hills, CA 90210
                  Facsimile: (310) 855-3201
                  Attention: Michael Eisner

            (b) if to SOF or Rivacq:

                  SOF U.S. Hotel Co Invest Holdings, L.L.C.
                  591 West Putnam Avenue
                  Greenwich, CT 06830
                  Facsimile:  (203) 422-7873
                  Attention:  Ellis Rinaldi

            with a copy to:

                  Cadwalader, Wickersham & Taft LLP
                  One World Financial Center
                  New York, NY 10281
                  Facsimile:  (212) 504-6666
                  Attention:  Andrew J. Perel

            Section 7.03 Public Announcements. Neither SOF or Rivacq, on the one
hand, nor Arrow or Newco, on the other hand, shall make, or cause to be made,
any press release or public announcement in respect of this Agreement or the
transactions contemplated hereby or otherwise communicate with any news media
without the prior written consent of the other party unless otherwise required
by law or applicable stock exchange regulation, and the parties shall cooperate
as to the timing and contents of any such press release, public announcement or
communication.

            Section 7.04 Entire Agreement. This Agreement constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and undertakings, both written and oral, among
the parties hereto with respect to the subject matter hereof.

            Section 7.05 Headings. The headings in this Agreement are for
reference purposes only and do not affect in any way the meaning or
interpretation of this Agreement.

            Section 7.06 Assignment. This Agreement may not be assigned by
operation of law or otherwise (a) by Arrow or Newco without the express written
consent of Rivacq and SOF (which consent may be granted or withheld in the sole
discretion of Rivacq and SOF) or (b) by SOF or Rivacq without the express
written consent of Arrow and Newco (which consent may be

                                      -12-
<PAGE>

granted or withheld in the sole discretion of Arrow or Newco); provided,
however, that SOF may assign this Agreement to an Affiliate of SOF without
Arrow's and Newco's consent (but with prior written notice) in connection with
the transfer of all of SOF's interest in Rivacq to such Affiliate; provided
further, however, that Newco may assign this Agreement to an Affiliate of Newco
without SOF's and Rivacq's consent (but with prior written notice).

            Section 7.07 Amendment. This Agreement may not be amended or
modified except (a) by an instrument in writing signed by, or on behalf of, SOF,
Rivacq, Newco, and Arrow or (b) by a written waiver executed by Arrow and Newco,
on the one hand, or by SOF and Rivacq, on the other hand.

            Section 7.08 No Third Party Beneficiaries. Except for the provisions
of Article VIII relating to indemnified parties, this Agreement shall be binding
upon and inure solely to the benefit of the parties hereto and their respective
successors and permitted assigns and nothing herein, express or implied, is
intended to or shall confer upon any other person any legal or equitable right,
benefit or remedy of any nature whatsoever.

            Section 7.09 Specific Performance. Arrow acknowledges and agrees
that SOF and Rivacq would be irreparably damaged if the provisions of Sections
1.06 and 4.01 of this Agreement are not performed in accordance with their
specific terms and that any such breach could not be adequately compensated in
all cases by monetary damages alone. Accordingly, in addition to any other right
or remedy to which SOF and Rivacq may be entitled, at law or in equity, it shall
be entitled to enforce any provision of this Agreement by a decree of specific
performance and to temporary, preliminary and permanent injunctive relief to
prevent breaches or threatened breaches of any of the provisions of this
Agreement.

            Section 7.10 Governing Law. This Agreement shall be governed by, and
construed in accordance with, the Laws of the State of New York applicable to
contracts executed in and to be performed in that state and without regard to
any applicable conflicts of law principles. All Actions arising out of or
relating to this Agreement shall be heard and determined exclusively in any New
York federal court sitting in the Borough of Manhattan of The City of New York,
provided, however, that if such federal court does not have jurisdiction over
such Action, such Action shall be heard and determined exclusively in any New
York state court sitting in the Borough of Manhattan of The City of New York.
Consistent with the preceding sentence, the parties hereto hereby (a) submit to
the exclusive jurisdiction of any federal or state court sitting in the Borough
of Manhattan of The City of New York for the purpose of any Action arising out
of or relating to this Agreement brought by any party hereto and (b) irrevocably
waive, and agree not to assert by way of motion, defense, or otherwise, in any
such Action, any claim that it is not subject personally to the jurisdiction of
the above-named courts, that its property is exempt or immune from attachment or
execution, that the Action is brought in an inconvenient forum, that the venue
of the Action is improper, or that this Agreement or the transactions
contemplated by this Agreement may not be enforced in or by any of the
above-named courts.

            Section 7.11 Waiver of Jury Trial. Each of the parties hereto hereby
waives to the fullest extent permitted by applicable Law any right it may have
to a trial by jury with respect to any litigation directly or indirectly arising
out of, under, or in connection with this Agreement

                                      -13-
<PAGE>

or the transactions contemplated hereby. Each of the parties hereto hereby (a)
certifies that no representative, agent or attorney of the other party has
represented, expressly or otherwise, that such other party would not, in the
event of litigation, seek to enforce the foregoing waiver and (b) acknowledges
that it has been induced to enter into this Agreement and the transactions
contemplated by this Agreement, as applicable, by, among other things, the
mutual waivers and certifications in this Section 7.11.

            Section 7.12 Counterparts. This Agreement may be executed and
delivered (including by facsimile transmission) in one or more counterparts, and
by the different parties hereto in separate counterparts, each of which when
executed shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement.

                                      -14-
<PAGE>

            IN WITNESS WHEREOF, SOF, Rivacq, Newco and Arrow have caused this
Agreement to be executed as of the date first written above.

                                   SOF U.S. HOTEL CO-INVEST HOLDINGS, L.L.C.

                                   By:    /s/ Jerry Silvey
                                         -----------------------------------
                                   Name:  Jerry Silvey
                                   Title: Executive Vice President

                                   RIVACQ LLC

                                   By:    /s/ Jerry Silvey
                                         -----------------------------------
                                   Name:  Jerry Silvey
                                   Title: Executive Vice President

                                      -15-
<PAGE>

                                   ARROW CAPITAL MANAGEMENT LLC

                                      By:   /s/ Mal Serure
                                          -----------------------------
                                      Name:  Mal Serure
                                      Title: Managing Member

                                   ARROW PARTNERS LP

                                      By:   /s/ Mal Serure
                                          -----------------------------
                                      Name:  Mal Serure
                                      Title: General Partner

                                      -16-EXHIBIT 10.10

                           CHANGE OF CONTROL AGREEMENT

         THIS CHANGE OF CONTROL AGREEMENT (this "Agreement"), dated as of the
1st day of August, 2006, is by and between CENTRAL JERSEY BANCORP, a New Jersey
corporation (the "Company" or "Bancorp"), and James S. Vaccaro (the
"Executive").

         WHEREAS, the Board of Directors of the Company (the "Board") recognizes
that, as is the case with many publicly held companies, the possibility of a
change of control exists and that such possibility, and the uncertainty and
questions which it may raise among management, could result in the departure or
distraction of management personnel to the detriment of the Company;

         WHEREAS, the Board has determined that appropriate steps should be
taken to reinforce and encourage the continued attention and dedication of
members of the Company's management, including the Executive, to their assigned
duties without distraction in the face of the possibility of a change of
control; and

         WHEREAS, the Company and the Executive desire to memorialize in this
Agreement the benefits to which the Executive shall be entitled in the event of
a change of control.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants, undertakings and representations contained herein, and for other good
and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Company and the Executive agree as follows:

         1. Term of Agreement. This Agreement shall be effective as of August 1,
            -----------------
2006 (the "Effective Date"), and shall continue in full force and effect for so
long as the Executive is employed by Bancorp and/or Central Jersey Bank, N.A.,
the bank subsidiary of Bancorp (the "Bank"); provided, however, that (a) the
provisions of Sections 4 through 12 shall survive for a period of 6 months from
the effective date of any termination of Executive's employment with the
Company, and (b) if a Change of Control Event (as defined below) shall have
occurred during the term of this Agreement, this Agreement shall continue in
effect for such period as is necessary to effectuate the rights of the Executive
and Bancorp hereunder and for the Executive and Bancorp to fulfill their
respective obligations set forth herein; provided, further, that if the
Executive's employment is terminated without Cause (as defined below) by Bancorp
prior to a Change of Control Event, the Executive shall be entitled to receive
the full benefits under this Agreement if a Change of Control Event occurs
within 12 months after the effective date of termination of Executive's
employment. In other words, in the event the Executive's employment is
terminated without Cause, he will be entitled to receive the Severance provided
for in Section 3(a) hereof in connection with a Change of Control Event which
occurs within 12 months after such termination.

         2. Relationship of the Parties. The Executive shall serve, at the
            ---------------------------
discretion of the Board, as the President and Chief Executive Officer of Bancorp
and the Bank. This Agreement shall not constitute an employment agreement
between the Company and the Executive and shall not guarantee the Executive's
continued employment with Bancorp or the Bank.

<PAGE>

         3. Termination as a Result of a Change of Control Event.
            ----------------------------------------------------

            (a) In the event that either (i) the Executive is terminated without
Cause in connection with (A) a merger of Bancorp where Bancorp is not the
surviving entity, (B) the acquisition of greater than 50% of Bancorp's voting
stock by an entity or group of individuals other than the shareholders of
Bancorp as of the Effective Date (or any individual or entity which receives
from a current shareholder of Bancorp an interest in Bancorp through will or the
laws of descent and distribution), (C) the sale or disposition of all or
substantially all of Bancorp's assets, or (D) the determination (which may be
made effective as of a particular date specified by the Board) by the Board that
a change of control has occurred or is about to occur (each a "Change of Control
Event"), or (ii) a Change of Control Event occurs and the Executive is not
retained by the successor entity or group (the "Successor Entity") for a period
of at least 36 months commencing on the effective date of the Change of Control
Event pursuant to a written agreement (the "New Agreement") which provides that
Executive shall have (A) the same or substantially equal position with similar
title and responsibilities and the same or greater salary, benefits (including,
without limitation, health insurance for the Executive and his family, life
insurance for the Executive, matching 401(k) contributions and automobile
allowance, as applicable) and bonuses that the Executive was entitled to receive
from the Company immediately prior to the Change of Control Event, and (B) a
commuting distance that is not greater than 30 miles from the Executive's
current residence, the Executive shall be entitled to Severance from the
Company; provided, however, that the Executive shall only be entitled to such
Severance if he agrees to remain as an employee of the Company and assist in the
transition until the effective date of the Change of Control Event; provided,
further, in no event shall a Change of Control Event be deemed to have occurred,
with respect to the Executive, if the Executive is part of a purchasing group
which consummates the transaction relating to the Change of Control Event. The
Executive shall be deemed "part of the purchasing group" for purposes of the
preceding sentence if the Executive is an equity participant or has agreed to
become an equity participant in the purchasing company or group (except for (i)
passive ownership of less than 5% of the voting securities of the purchasing
company; or (ii) ownership of equity participation in the purchasing company or
group which is otherwise deemed not to be significant, as determined prior to
the Change of Control Event by a majority of the non-employee members of the
Board). In the event that the Executive is to receive Severance as provided for
herein, the Severance shall be payable in-full by the Company within 10 business
days after the effective date of the Change of Control Event.

         In addition to the forgoing, in the event the Executive's employment is
terminated without Cause in connection with any acquisition by Bancorp of any
bank, bank holding company or other similar institution (the "Acquisition"), and
the Acquisition does not constitute a Change of Control Event, Executive shall
nevertheless be entitled to receive Severance from the Company, which shall be
payable in-full by the Company within 10 business days after the effective date
of the termination of Executive's employment without Cause.

         For purposes of this Agreement, "Severance" shall mean (i) an amount
equal to the product of the Executive's monthly salary in effect at the time of
the Change of Control Event or the Acquisition multiplied by 30, plus (ii) an
amount equal to the product of (A) the quotient of the largest annual cash bonus
payment made to the Executive for services provided in any of the three years
ended on December 31 of the year preceding the year in which the Change of
Control

                                       2
<PAGE>

Event or the Acquisition occurs, divided by 12, multiplied by (B) 30,
plus (iii) an amount equal to the product of the cash equivalent of the monthly
benefits provided to the Executive at the time of the Change of Control Event or
the Acquisition, as determined by the Board in good faith and its sole
discretion, multiplied by 30. In addition, for purposes of this Agreement,
"Cause" shall mean as follows: (i) the Executive willfully, or as a result of
gross negligence on his part, fails substantially to (A) carry out the lawful
policies of the Board or (B) discharge his duties and responsibilities as an
executive of Bancorp and the Bank for any reason other than the Executive's
disability, (ii) the Executive is convicted of or enters a plea of no contest
with respect to a felony, (iii) the Executive engages in conduct which is
demonstrably and substantially injurious to the Company (as determined in good
faith by the Board), (iv) the Executive materially breaches this Agreement, or
commits any deliberate and intentional violation of the provisions of Sections 4
and/or 5 of this Agreement, or (v) the Executive commits willful or intentional
misconduct that has a material adverse effect on Bancorp or the Bank.

            (b) In addition to the provisions set forth in Section 3(a) of this
Agreement, the New Agreement also will provide that if the Executive accepts
employment with the Successor Entity as of the effective date of the Change of
Control Event and the Executive (i) is terminated by the Successor Entity
without Cause during the 36 month period commencing on the effective date of the
Change of Control Event or (ii) dies, becomes disabled or voluntarily terminates
his employment with the Successor Entity for any other reason or no reason
during the 30 month period commencing on the 6 month anniversary of the
effective date of the Change of Control Event (the "Six Month Anniversary
Date"), the Executive shall be entitled to Severance from the Successor Entity.
If the Executive's employment is terminated as provided in Subsection 3(b)(i),
he shall receive Severance for the number of months equal to the remainder of 30
months less the number of whole months Executive was employed by the Successor
Entity following the 6 Month Anniversary Date; provided, however, that if the
Executive's employment is terminated by the Successor Entity as provided in
Subsection 3(b)(i) prior to the 6 Month Anniversary Date, the Executive shall
receive 30 months Severance. If the Executive dies, becomes disabled or
terminates his employment with the Successor Entity as provided in Subsection
3(b)(ii), he shall receive Severance for the number of months equal to the
remainder of 30 months less the number of whole months the Executive was
employed by the Successor Entity following the 6 Month Anniversary Date. In no
event shall Executive be entitled to receive less than 6 months Severance,
provided, however, the Executive shall not be entitled to any Severance if he
terminates his employment with the Successor Entity as provided in Subsection
3(b)(ii) prior to the 6 Month Anniversary Date for any reason other than death
or disability (as such term is defined in the policies of the Successor Entity
or, if not so defined, as determined by a physician mutually agreeable to the
Executive and the Successor Entity. To calculate the Severance payable in
accordance with this Section 3(b), the number 30 set forth in the definition of
Severance in Section 3(a) of this Agreement shall be replaced with the number of
months of Severance the Executive is entitled to receive as provided in this
Section 3(b). Such Severance shall be payable in-full within 10 business days
after the termination of Executive's employment with the Successor Entity unless
the Executive and the Successor Entity otherwise agree to another payment
schedule. In addition, the New Agreement will contain the provisions set forth
in Sections 4 through 17 of this Agreement; provided, however, that the
provisions of Section 4(a) shall not be applicable to the Executive if his
employment with the Successor Entity terminates after the end of the 36 month
period which commences on the

                                       3
<PAGE>

effective date of the Change of Control Event and, as a result, he is not
entitled to any Severance in connection with such termination. For purposes of
clarity, the Executive shall not be entitled to any Severance should his
employment with the Successor Entity terminate for any reason after the
expiration of the 36 month period commencing on the effective date of the Change
of Control Event.

         4. Covenant Not to Compete/Solicit. In consideration for the right to
            -------------------------------
receive the Severance provided for herein, the Executive agrees as follows:

            (a) During his employment with the Company and for a period of 6
months from the effective date of any termination of the Executive's employment
by the Company for (A) Cause, or (B) without Cause, or (ii) by the Executive,
the Executive shall not, directly or indirectly, commence employment with or
render services to any other bank or banking institution within the State of New
Jersey; provided, however, that if the Executive's employment is terminated by
the Company without Cause, or the Executive voluntarily terminates his
employment with the Company, and he is not entitled to any Severance with
respect to any such termination, the provisions of this Section 4(a) shall not
apply to the Executive.

            (b) During his employment with the Company and for a period of 12
months from the effective date of any termination of the Executive's employment
with the Company for any reason whatsoever, the Executive shall not recruit any
employee of the Company or solicit or induce, attempt to solicit or induce, or
assist in the solicitation or inducement of any employee of the Company to
terminate his or her employment, or otherwise cease his or her relationship,
with the Company, or solicit, divert or take away, or attempt to solicit, divert
or take away, the business or patronage of any of the clients, customers or
accounts of the Company that were served by the Company while the Executive was
employed by the Company.

            (c) The Executive acknowledges that the restrictions set forth in
this Section 4 are reasonable and necessary for the protection of the business
and good will of the Company.

         5. Confidential Information and Materials. The Executive acknowledges
            --------------------------------------
that by reason of the Executive's employment with the Company, the Executive has
and will hereafter, from time to time during his employment with the Company,
become exposed to and/or become knowledgeable about proposals, plans,
inventions, practices, systems, programs, subscriptions, strategies, formulas,
processes, methods, techniques, research, records, suppliers, sources, customer
lists, billing information, any other form of business information and any trade
secrets of every kind and character, whether or not they constitute a trade
secret under applicable law, which are not known to the Company's competitors
and which are kept secret and confidential by the Company (the "Confidential
Information"). The Executive therefore agrees that at no time during or after
his employment will he disclose or use the Confidential Information or materials
to or with any person, firm, business, corporation, association, or other entity
for any reason or purpose except as may be required in the prudent course of
business for the sole benefit of the Company, or as may be required by a court
order or by law.

         6. Company Property. All correspondence, memoranda, notes, records,
            ----------------
reports, plans, price lists, customer lists, financial statements, catalogs,
computer programs, disks, tapes,

                                       4
<PAGE>

other papers and other medium on or by which Confidential Information is stored,
received or made by the Executive in connection with his employment by the
Company shall be the property of the Company and shall be delivered to the
Company upon the termination of his employment or at any other time upon request
of the Company.

         7. Equitable Remedies. The Company and the Executive acknowledge and
            ------------------
confirm that the restrictions contained in Sections 4, 5 and 6 hereof are, in
view of the nature of the business of the Company, reasonable and necessary to
protect the legitimate interests of the Company and that any violation of any
provisions of Sections 4, 5 and 6 will result in irreparable injury to the
Company. Therefore, the Executive hereby agrees that in the event of any breach
or threatened breach of the terms or conditions of this Agreement by the
Executive, the Company's remedies at law will be inadequate and, in any such
event, the Company shall be entitled to commence an action for preliminary and
permanent injunctive relief and other equitable and monetary relief in any court
of competent jurisdiction.

         8. Costs. If litigation is brought to enforce or interpret any
            -----
provision contained herein, the court shall award reasonable attorneys' fees and
disbursements to the prevailing party as determined by the court.

         9. Severability. If any provision of this Agreement or application
            ------------
thereof to any person or circumstance is adjudicated to be invalid or
unenforceable in a jurisdiction, such invalidity or unenforceability shall not
affect any other provision or application of this Agreement, which can be given
effect without the invalid or unenforceable provision or application and shall
not invalidate or render unenforceable such provision or application in any
other jurisdiction.

         10. Entire Agreement, Amendments. This Agreement contains the entire
             ----------------------------
agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior and contemporaneous agreements and understandings, oral
or written, with respect to the subject matter hereof. This Agreement may not be
changed, amended or modified orally, but may change only by an agreement in
writing signed by the party against whom any waiver, change, amendment,
modification or discharge may be sought.

         11. Binding Agreement. This Agreement shall be binding upon and inure
             -----------------
to the benefit of all executors, administrators, heirs, successors and assigns
of the parties; provided, however, that this Agreement shall not be assignable
by the Executive and shall terminate upon the death of the Executive.

         12. Governing Law, Consent to Jurisdiction. This Agreement shall be
             --------------------------------------
governed by and construed in accordance with the laws of the State of New Jersey
without application of its conflict of laws rules. The Executive hereby submits
to the exclusive jurisdiction and venue of the courts of the State of New Jersey
or the United States District Court for the District of New Jersey for purposes
of any legal action.

         13. Counterparts. This Agreement may be executed in one or more
             ------------
counterparts, all of which taken together shall constitute one and the same
agreement.

                                       5
<PAGE>

         14. Notices. All notices required or permitted hereunder shall be in
             -------
writing and shall be sent by overnight courier or certified or registered mail,
return receipt requested, postage prepaid, as follows:

         If to the Company:                  Central Jersey Bancorp
                                             627 Second Avenue
                                             Long Branch, New Jersey  07740
                                             Attn.:  Chairman of the Board

         If to the Executive:                James S. Vaccaro
                                             613 North Edgemere Drive
                                             West Allenhurst, New Jersey  07711

Notices may be sent to such other address as either party may designate in a
written notice served upon the other party in the manner provided herein. All
notices required or permitted hereunder shall be deemed duly given and received
on the next business day, if delivery is by overnight courier, or the second day
next succeeding the date of mailing, if delivery is by mail.

         15. Headings. The section headings herein are for convenience only and
             --------
shall not affect the interpretation or construction of this Agreement.

         16. Waiver. The failure of either party to enforce any provision of
             ------
this Agreement shall not be construed as a waiver or limitation of that party's
right to subsequently enforce and compel strict compliance with every provision
of this Agreement.

         17. Further Assurances. Each party shall cooperate with and take such
             ------------------
action as may be reasonably requested by the other party in order to carry out
the provisions and purposes of this Agreement.

                            [Signature Page Follows.]

                                       6
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have duly executed this Change
of Control Agreement as of the date first written above.

                                    CENTRAL JERSEY BANCORP

                                By:      /s/ Robert S. Vuono
                                    --------------------------------------
                              Name: Robert S. Vuono
                             Title: Senior Executive Vice President, Chief
                                    Operating Officer and Secretary

                                    EXECUTIVE

                                        /s/ James S. Vaccaro
                                    --------------------------------------
                                    James S. Vaccaro

                                       7

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