Document:

Unassociated Document

    Amendment
      No. 2 to Letter Agreement

    

    THIS
      AMENDMENT
      is made
      this 18th day of April, 2008, by and between Trinad
      Capital Master Fund, Ltd. (“Trinad”) and Driftwood Ventures, Inc. (the
“Company”). 

    

    WHEREAS,
      the
      Company entered into that certain letter agreement with Trinad dated October
      24,
      2007 (the “Loan Agreement”), in connection with a loan from Trinad to the
      Company of up to a principal amount of $100,000 (the “Loan”); 

    

    WHEREAS,
      the
      Company amended the Loan Agreement on November 21, 2007 to (i)
      increase the principal amount of the Loan to up to $250,000
      and (ii)
      increase the entire outstanding principal amount of the Loan and any accrued
      interest thereon, which shall be due and payable by the Company upon, and not
      prior to, a Next Financing, to an amount of not less than $500,000;
      and

    

    WHEREAS,
      the
      Company has requested that Trinad increase the principal amount of the Loan,
      and
      Trinad has agreed to do so, and the parties agree to enter into this
      amendment.

    

    NOW
      THEREFORE,
      for
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereby amend the Loan Agreement as
      follows:

    

      
        	 	
                1.

              	
                Increase
                  in Principal Amount of the Loan.The
                  Loan Agreement is hereby amended to (i) increase the principal
                  amount of
                  the Loan to up to $500,000
                  and (ii) increase the entire outstanding principal amount of the
                  Loan and
                  any accrued interest thereon, which shall be due and payable by
                  the
                  Company upon, and not prior to, a Next Financing, to an amount
                  of not less
                  than $750,000.

              

      

      

      
        	 	
                2.

              	
                Ratification.Except
                  as herein amended, all of the terms and conditions of the Loan
                  Agreement
                  are hereby ratified and confirmed, and shall remain in full force
                  and
                  effect.

              

      

    

    

    Acknowledged
      and agreed to:

    

    Driftwood
      Ventures, Inc.

    
      
        	 	 	 	 	 
	
                By: 

              	
                /s/
                  Charles Bentz

              	 	 	
              
	 	
                

                Name:
                  Charles Bentz

              	 	 	
              
	 	
                Title:
                  Chief Financial Officer 

              	 	 	 

      

       

       

      Trinad
        Capital Master Fund, Ltd.

    

    
      
        
          	 	 	 	 	 
	
                  By: 

                	
                  
                    /s/
                      Jay Wolf

                  

                	 	 	
                
	 	
                  

                  
                    Name:
                      Jay Wolf

                  

                	 	 	
                
	 	
                  
                    Title:
                      DirectorUnassociated Document

    EMPLOYMENT
      AGREEMENT

    

    THIS
      EMPLOYMENT AGREEMENT ("Agreement")
      made this 15th
      day of
      April 2008 by and between UNION CENTER NATIONAL BANK, a bank chartered under
      the
      laws of Congress ("UCNB"), CENTER BANCORP, INC., a New Jersey corporation that
      owns all of the capital stock of UCNB (the "Company"), and ANTHONY C. WEAGLEY
      ("Weagley"),

    

    WITNESSETH

    

    WHEREAS,
      the
      Company, UCNB and Weagley entered into an employment agreement originally dated
      January 1, 1996 and amended as of January 1, 2007 providing for Weagley's
      employment in a subordinate position by the Company and UCNB (the "2007
      agreement"); and 

    

    WHEREAS,
      since
      the
      date of the 2007 agreement Weagley has been promoted to the position of
      President and Chief Executive Officer of UCNB and the Company; and 

    

    WHEREAS,
      the
      parties hereto wish to cancel the 2007 agreement and enter into a new Agreement
      to, among other things, reflect changes in the compensation and benefits
      provided to Weagley as a result of his promotion and increased job duties and
      responsibilities and to reflect changes in the overall management and
      compensation paid to officers of UCNB; and 

    

    WHEREAS,
      UCNB
      and the Company desire to employ Weagley to devote his full time efforts to
      the
      business of UCNB and the Company, and Weagley desires to be so employed;

    

    NOW
      THEREFORE,
      in
      consideration of the terms and conditions set forth hereinafter, the parties
      hereto agree as follows:

    

    1. Employment:
      UCNB
      and
      the Company agree to employ Weagley, and Weagley agrees to be so employed,
      in
      the capacity of the President and Chief Executive Officer of UCNB and the
      Company. 

    

    2. Term
      of Agreement:
      The
      term of this Agreement shall be for two

    (2)
      years
      commencing on January 1, 2008 and ending on December 31, 2009. The term of
      this
      Agreement shall not automatically renew or be automatically extended beyond
      December 31, 2009. Notwithstanding the foregoing, if a "Change in Control Event"
      [as defined in Section 9(f) hereof] occurs at any time prior to December 31,
      2009, then the term of the Agreement shall automatically be extended for a
      period of three (3) years from the date of such Change in Control Event.

    

    3. Time
      and Effort. Weagley
      shall diligently and conscientiously devote his full and exclusive time and
      attention and best efforts in discharging his job duties and responsibilities
      as
      the President and Chief Executive Officer of UCNB and the Company and shall
      perform all duties that may be assigned to him by the Board of UCNB or the
      Company.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    4. Compensation: 

    

    a.) Salary:
      During
      the term of this Agreement, Weagley shall receive an annual salary of TWO
      HUNDRED TWENTY FIVE THOUSAND and 00/100 ($225,000.00) as compensation for his
      services. The salary shall be paid in twenty four (24) semi-monthly installments
      on the 15th
      and
      30th
      day of
      each month, or as near thereto as practicable. Weagley shall receive as
      additional compensation $25,000.00 of stock in the Company, based upon the
      then
      current value of the stock. This stock shall be issued to Weagley on December
      31
      annually. If Weagley is terminated by the Company prior to year end, however,
      he
      shall be entitled to receive a stock in the Company in proportion to the time
      he
      was employed during that year before being terminated. 

    

    b). Bonuses.
      Weagley
      shall be entitled to participate in the Achievement Incentive Plan established
      by UCNB and/or the Company (as it may be amended from time to time, the "AIP")
      and shall receive incentive compensation in accordance with the terms of the
      AIP. In the event that the AIP is terminated, Weagley shall receive such
      incentive compensation as shall be awarded to him by the Executive Compensation
      Committee.

    

    5.. Expenses:
      UCNB
      and the
      Company shall reimburse Weagley for
      all
      reasonable and necessary expenses incurred in carrying out his duties under
      this
Agreement.
      Weagley shall either (i) present to UCNB from time to time an itemized account
      of
      such
      expenses in any form reasonably required by UCNB and the Company for
reimbursement;
      or (ii) post such expenses to a credit card or other payment means issued to
      Weagley
      by UCNB
      and the Company.

    

    6.
       Benefits:
      

    

    a).
      Automobile.
      UCNB and
      the Company shall
      pay
      to Weagley a monthly 

    allowance
      of $900.00 plus $.30 per mile for his use of his personal automobile for
      business purposes. Title to the automobile currently owned by UCNB and being
      driven by and in the possession of Weagley shall be transferred from and sold
      by
      UCNB to him. Weagley shall pay UCNB $0 for the purchase and transfer of title
      from UCNB to him. Weagley shall be responsible, however, for any costs or
      expenses that may be incurred with the applicable state Motor Vehicle
      Commission(s) in connection with the transfer of title from UCNB to him.

     

    b) Miscellaneous
      Benefits.
      UCNB
      and the
      Company may also provide Weagley
      with
      those benefits that are generally provided to officers of UCNB and/or the
Company.
      

    

    7.
       Health
      Insurance; and Other Plans.
      UCNB
      and the
      Company shall provide Weagley with
      health and life insurance and benefits under the Bank's 401(k) Plan to the
      extent that such benefits are provided to him on the date hereof, together
      with
      any benefit enhancements that may be added to such plans in the future. The
      monetary amount of such benefits received by Weagley shall be in accordance
      with
      the terms and conditions of such plans. Weagley shall also be entitled to all
      accrued benefits from the previous pension, senior officer protection plan
      and
      other plans in which he was vested. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    8. Vacation.
      Weagley
      shall
      receive annual vacations in conformity with UCNB
      and
      Company policies on vacations.

     

    9. Termination
      by UCNB Without Cause or by the Employee With and Without Good Reason;
      Death.

     

    (a) UCNB
      and
      the Company may, without "Cause" (as defined in Section 10), terminate this
      Agreement at 'any time by giving 30 days' written notice to Weagley.
      In such
      event, Weagley, if requested by either UCNB or the Company, shall continue
      to
render
      services, and regardless of whether such request is made shall be paid his
      regular compensation
      and shall continue to participate in all benefit plans of UCNB and the Company,
      up
      to the
      date of termination. Weagley's employment shall not be treated as having been
      terminated
      by UNCB or
      the
      Company without Cause merely because UCNB and the Company
      provide notice of non-renewal of the term.

     

    (b) Weagley
      shall have the right to resign (and thereby terminate this Agreement)
      with "Good Reason" (as defined in Section 9(f)) by delivering notice of such
      resignation
      to UCNB and the Company at least 30 days prior to the effective date of such
      resignation.

     

    (c)(I)
      In the
      event that Weagley's employment is terminated pursuant to Section 9(a) or
      Weagley resigns pursuant to Section 9(f) hereof, and subject to Section 9(e)
      below and subject
      to Weagley's execution,
      delivery and non-revocation of the Release, Weagley shall be entitled to: (i)
      a
      lump sum
      payment equal to the product of (x) three (3) and (y) the sum of (1) Weagley's
      annual base salary as in effect immediately prior to the his termination or
      resignation , (2) the largest annual cash bonus ever received by Weagley from
      UCNB and/or the Company (the "Largest Bonus"), (3) the amount recorded
      on Weagley's W-2 (for the calendar year preceding the calendar year in which
      his
      termination or resignation occurs)
      that is attributable to fringe benefits provided to Weagley by UCNB and/or
      the Company, and (4)
      the
      maximum matching contribution that
      could have been made under UCNB's 401(k) plan if Weagley had remained employed
      by UCNB
      and the
      Company for an additional one (1) year following his
      termination under Section 9(a) or his resignation pursuant to Section
      9(f)
      (the
"Severance
      Payment" and together with the "Pension Severance Payment" described in
subparagraph
      (c)(II) below, the "Combined Severance Payments"); and (ii) if Weagley timely
      elects
      COBRA coverage and provided Weagley continues to make contributions for such
      continuation
      coverage equal to Weagley's contribution amount in effect immediately preceding
      the
      date
      of Weagley's termination of employment, UCNB and/or the Company, as applicable,
      shall
      waive the remaining portion of Weagley's healthcare continuation payments under
      COBRA
      for
      an eighteen (18)-month period following his termination under Section 9(a)
      or
      his resignation pursuant to Section 9(f); and (b) all stock options granted
      to
      Weagley by the Company shall be exercisable in full, effective as of the date
      of
      his termination under Section 9(a) or his resignation pursuant to Section
      9(f).
      Notwithstanding the foregoing, in the event that Weagley becomes eligible to
      obtain alternate healthcare coverage from a new employer before the 18-month
      anniversary of his
      termination under Section 9(a) or his resignation pursuant to Section 9(f),
      UCNB's and/or the Company's obligation to waive the remaining portion of
      Weagley's
      healthcare continuation coverage under COBRA shall cease. Weagley understands
      and
      affirms that he is obligated to inform UCNB and the Company if he becomes
      eligible to obtain alternate healthcare coverage from a new employer before
      the
      18-month
      anniversary of his
      termination under Section 9(a) or his resignation pursuant to Section
      9(f).
      In
      addition, for a period of three years following his
      termination under Section 9(a) or his resignation pursuant to Section 9(f),
      UCNB
      and the Company, at their expense, shall continue to provide Weagley
with
      life
      insurance coverage commensurate with the coverage that was being provided to
      Weagley
      immediately prior to the date of his termination under Section 9(a) or his
      resignation pursuant to Section 9(f).

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    (c)(II)  
      Within
      thirty (30) days following the occurrence of his termination under Section
      9(a)
      or his resignation pursuant to Section 9(f), Weagley
      shall,
      subject to his execution, delivery and non-revocation of the Release, also
      be
      entitled to a lump sum payment equal to the excess, if any, of (x) the lump
      sum
      present value
      of
      the benefit that Weagley would have been entitled to under UCNB's
      tax-qualified
      defined benefit pension plan (the "Pension Plan") had he continued to be
      employed by UCNB
      and the
      Company for an additional three (3) year period following his termination under
      Section 9(a) or his resignation pursuant to Section 9(f) (assuming that he
      continued during such period to receive a salary equal to the salary in effect
      on the date of his termination or his resignation and an annual incentive bonus
      equal to the Largest Bonus), over (y) the
      lump
      sum present value of the benefit that Weagley is entitled to under the Pension
      Plan as
      of the
      date of Weagley's termination or resignation from employment. Present value
      calculations, for purposes
      of the foregoing, shall be made in the manner used under the Pension Plan for
      purposes of
      determining lump sum distributions.

     

    (c)(III)
      The
      Severance Payment (less applicable withholdings and deductions) shall
      be
      paid to Weagley in a lump sum on the next regular payroll date following the
      8th
      day
      after
      Weagley's execution and delivery of the Release and the Pension Severance
      Payment shall
      be
      paid in accordance with subparagraph (c)(II) above (but no earlier than the
      8th
      day
      after
      Weagley's
      execution and delivery of the Release); provided, however, that if necessary
      to
comply
      with the restriction in Section 409A(a)(2)(B) of the Internal Revenue Code
      of
      1986, as amended
      (the "Code")
      concerning payments to "specified employees," the Combined Severance
      Payments
      shall be made on the first business day of the seventh month following Weagley's
      termination
      pursuant to Section 9(a) or Weagley resignation pursuant to Section 9(f).

     

    (d) Notwithstanding
      any provisions in this Agreement to the contrary, in the event that either
      UCNB
      or Company's independent public accounts or the Internal Revenue Service
      determines that any payment, coverage or benefit (including the Severance
      Payments, the Pension Severance Payment or the Combined Severance Payments)
      provided to Weagley is subject to the excise tax imposed by Section 4999 (or
      any
      successor provision) of the Code ("Section 4999"), Weagley shall have no right
      under this Agreement or otherwise to receive all or any portion of such
      payments, coverage or benefit that if received would result in the imposition
      of
      the excise tax under Section 4999 ("Excess Benefit"), and neither UCNB nor
      the
      Company shall have any obligation to pay Weagley an Excess Benefit. If
      notwithstanding the foregoing, UCNB or the Company pays Weagley the Excess
      Benefit, Weagley shall promptly repay the Excess Benefit upon notice and demand
      by UCNB or the Company. This Section 9(d) shall survive termination of this
      Agreement. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (e) The
      Employee shall have no obligation to seek substitute employment or otherwise
      mitigate UCNB and the Company's obligation to make the payments and provide
      the
      benefits described
      in Section 9(b) hereof.

     

    (f)
      For
      purposes of this Agreement, the term "Good Reason" shall mean a resignation
      by Weagley within 180 days after (i) a materially adverse change in
      Weagley's
      duties
      as President and Chief Executive Officer of UCNB and the Company or Weagley's
      title as President and Chief Executive Officer
      of UCNB
      and the Company, (ii) a material breach of this Agreement by UCNB or the
Company,
      (iii) the consummation of an acquisition by a third party of a majority of
      the
      voting capital
      stock of the Company or UCNB or substantially all of the assets of the Company
      or UCNB or (iv) a change in the composition of the Board of Directors of the
      Company such that the "Continuing
      Directors" (as defined herein) no longer constitute a majority of the Board
      (the
events
      referred to in clauses "iii" and "iv" being referred to herein as "Change in
      Control Events").
      For purposes of this Agreement, the term "Continuing Director" shall mean (i)
      each current
      member of the Company's Board of Directors and (ii) each person who is
      hereinafter first
      nominated to such Board by unanimous vote of the persons who then constitute
      Continuing Directors.

     

    (g) Weagley
      may, without Good Reason, terminate this Agreement by giving 60 days' written
      notice to UCNB and the Company. In such event Weagley shall continue
      to render his services, shall be paid his regular compensation and shall
      continue to participate
      in all benefit plans of the Company and UCNB up to the date of termination,
      but
      he shall not receive any severance allowance pursuant to this
      Agreement.

     

    (h)  In
      the
      event that Weagley dies during the term of this Agreement as theretofore
      renewed pursuant to Section 1 hereof, this Agreement shall terminate as of
      the
      date of his
      death, subject to the obligations of the Company and UCNB that have accrued
      through the date
      of
      death and subject to the terms of all applicable benefit plans (including
      insurance plans) implemented by UCNB and the Company.

     

    (i)  Notwithstanding
      anything contained herein to the contrary or the reason for
      Weagley's termination of employment, Weagley and his dependents and
      beneficiaries shall
      be
      entitled to any and all benefits accrued through his date of termination, or
      otherwise
      available, under the benefit plans and arrangements referred to in Section
      6
      hereof in accordance with the terms of such benefit plans and
      arrangements.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    10.
      Termination
      with Cause.

     

    (a)
      UCNB and
      Company may terminate this Agreement for "Cause" by giving
      Weagley 30 days' written notice. In such event, UCNB and the Company shall
      pay
      Weagley
      his
      compensation, and Weagley shall continue to participate in all benefit plans
      of
      the Company and UCNB up to the date of termination, but UCNB and the Company
      shall not
      be
      required to provide Weagley with any severance allowance pursuant to this
Agreement.
      For purposes of this Agreement, "Cause" shall consist of the
      following:

     

    
      	 	
              (i)

            	
              disloyal,
                dishonest or felonious conduct of Weagley that materially adversely
                affects UCNB or the Company; or

            

    

     

    
      	 	
              (ii)

            	
              termination
                of UCNB's business due to unprofitability, insolvency, bankruptcy
                or
                directive by governmental
                regulators.

            

    

     

    Termination
      for "Cause" shall not be construed to include the takeover of UCNB or the
Company,
      in either a hostile or voluntary manner, by another person, firm or
      corporation.

     

    (b)
      Notwithstanding the foregoing, in the event that termination is intended as
      a
      result of alleged disloyal or dishonest conduct, the Boards of Directors of
      UCNB
      and the Company
      shall give Weagley written notice of the occurrence of (and the facts and
circumstances
      surrounding) the acts allegedly constituting "Cause" and a fair opportunity
      to
present
      his position to such Boards. Such event shall not constitute "Cause" if, no
      later than ten (10)
      business days following Weagley's receipt of such notice, he establishes that
      either
      the alleged acts did not occur or that such acts did not: constitute dishonest
      or disloyal conduct, that such acts did not materially adversely affect the
      Company and UCNB or that such
      acts
      have been fully corrected and shall not be repeated.

    

    11. Restrictive
      Covenant 

    

     Weagley
      agrees that for a period of six (6) months subsequent to the termination
of
      his
      employment, he will not:

    

    (a)
      directly
      or indirectly become employed by, engage or concern him in
      any
      manner whatsoever, in the carrying on or conducting of personal or commercial
      banking as an owner, agent, servant, representative., or employee or as a member
      of a partnership or as an officer, director or stockholder of any corporation,
      in any manner whatsoever, in the Counties of Bergen, Essex, Hudson, Hunterdon,
      Mercer, Middlesex, Passaic, Somerset, Union, Morris and Warren in the State
      of
      New Jersey;

    

    (b)
      directly
      or indirectly, solicit business from any customer of the UCNB
      where the purpose thereof is to provide or offer to provide personal or
      commercial banking services either for himself or for others; for the purposes
      of this Agreement, customer shall be defined as any customer of the UNCB within
      six (6) months of the date on which Weagley terminated his employment with
      UCNB
      and the Company; 

     

    (c)
      directly
      or indirectly, solicit, influence, contact or encourage any other "employee"
      of UCNB of the Company to terminate his or her employment with UNCB or the
      Company and to work for, to affiliate with or to contract with Weagley or any
      entity with which Weagley is affiliated; and 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    (d)
      disclose
      to any person not employed by UCNB and/or the Company
      any information concerning the business of UCNB or the Company, its methods
      and
      systems, or the names of its customers.

    

    Weagley
      acknowledges that a breach of this provision of the Agreement will
      result in irreparable and continuing damage to UCNB and the Company for which
      there will be no adequate remedy at law; and Weagley further agrees that any
      violation of these restrictive covenants shall subject him to restraint in
      a
      court of competent jurisdiction and to such other relief, including but not
      limited to reasonable attorneys fees incurred by UCNB and the Company, as the
      court may deem proper. Weagley hereby waives any claim or defense that UCNB
      and/or the Company has an adequate remedy at law or for which money could be
      awarded

    

    The
      parties agree UCNB and the Company shall have the right to apply to the
      Superior Court of New Jersey or any other court of competent jurisdiction for
      the issuance of an appropriate restraining order if Weagley violates the
      restrictive covenants contained in this Agreement. Enforcement of this
      restrictive covenant shall be at the option of the Company and/or the Bank.
      If
      the Company and/or the Bank seek to enforce this option, Weagley shall be
      continue to receive his full salary and benefits during the six month
      restrictive covenant. 

     

    12.
      Notices. All
      notices required or permitted to be given under this Agreement
      shall be given by certified mail, return receipt requested, to the parties
      at
      the following
      addresses, or to such other addresses as either may designate in writing to
      the
      other party:

     

    If
      to
      UCNB or the Company:

     

    Union
      Center National Bank

    2455
      Morris Avenue 

    Union,
      New Jersey 

    07083
      Attention: 

    President

     

    If
      to
      Employee:

     

    Anthony
      C. Weagley,

    4748
      Irvin Road

    Washington
      Township, Pennsylvania 18080

     

    13. Indemnification;
      Liability.
      Weagley
      shall be indemnified by UCNB and
      the
      Company to the maximum extent permitted by law (and shall be entitled to receive
      advances
      to the maximum extent permitted by law) with respect to all actions and all
      decisions not to act taken by Weagley during the term of this Agreement. UNCB
      and Company shall be
      jointly and severally liable under this Agreement with respect to all
      obligations of either such party
      hereunder. Any defense available to UCNB that this Agreement is not enforceable
      against
      it shall not constitute a defense for the Company. The obligations of this
      Section 12 shall survive termination of this Agreement with respect to acts
      or
      omissions occurring prior to such termination.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    14. Governing
      Law. This
      Agreement shall be construed and enforced in accordance with the laws of the
      State of New Jersey. The parties hereby consent to and submit to personal
      jurisdiction over each of them in the Superior Court of New Jersey, Law
      Division, Union County in any action or proceeding regarding this
      Agreement.

     

    15.
      Entire
      Contract. This
      Agreement constitutes the entire understanding and
      agreement among UCNB, the Company and Weagley with regard to all matters set
      forth herein. There are no other agreements, conditions or representations,
      oral
      or written, express or implied,
      with regard thereto. This Agreement may be amended only in writing, signed
      by
      all parties.

    

    16. Non-Waiver.
      A
      delay
      or failure by any party to exercise a right under this Agreement, or a partial
      or single exercise of that right, shall not constitute a waiver of that or
      any
      other right.

    

    17. Headings.
      Headings
      in this Agreement are for convenience only and shall not be used to interpret
      or
      construe its provisions.

    

    18.
      Taxes.
      In the
      event that either the Company's independent public accountants or the Internal
      Revenue Service determines that any payment, coverage or benefit provided to
      Weagley is subject to excise tax imposed by Section 4999 (or any successor
      provision) of the Code ("Section 4999"), the Company and the Bank shall pay
      to
      Weagley no later than the 30th day thereafter (or the first business day
      following such 30th day) in addition to any other payment, coverage or benefit
      due and owing hereunder, an amount determined by multiplying the rate of excise
      tax then imposed by Section 4999 by the amount of the "excess parachute payment"
      received by Weagley (determined without regard to any payments made to Weagley
      pursuant to this Section 18) and dividing the product so obtained by the amount
      obtained by subtracting the aggregate local, state and Federal income tax rate
      applicable to the receipt by Weagley of the "excess parachute payment" (taking
      into account the deductibility for Federal income tax purposes of the payment
      of
      state and local income taxes thereon) from the amount obtained by subtracting
      from 1.00 the rate of excise tax them imposed by Section 4999 of the Code,
      it
      being the intention of the parties hereto the Weagley's net after tax position
      be identical to that which would have been obtained had Sections 280G and 4999
      not been part of the Code.

    

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

     

    20. Binding
      Effect. The
      provisions of this Agreement shall be binding upon and
      inure
      to the benefit of both parties and their respective successors and
      assigns.

     

    21. Prior
      Contract.
      This
      Agreement supersedes in all respects all prior employment agreements between
      UCNB, the Company and Weagley. 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

     IN
      WITNESS WHEREOF, UCNB
      and
      the Company each have, by its appropriate
      officers, signed and affixed its seal and Weagley has signed and sealed this
      Agreement.

     

    
      	UNION CENTER NATIONAL
              BANK	 	CENTER BANCORP, INC. 
	 	 	 	 	 
	By:	/s/
              Alexander A.
              Bol	 	By	/s/
              Alexander A.
              Bol
	 	
              
Alexander
              Bol, Chairman 	 	 	
              
Alexander
              Bol, Chairman 

    

        

    
      	 	 	 	 	 
	 	/s/
              Anthony C.
              Weagley	 	 	 
	 	
              
Anthony
              Wealgey	 	 	 

    

     

    
      
        
        

      

      
        9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]