Document:

Sweep Feature Agreement

 Exhibit 10.1 
  
 Sweep Feature Agreement 
 (Prudential Advisor) 
  
 This Sweep Feature
Agreement (“Agreement”) is entered into as of July 30, 2004 among Wachovia Corporation (“Wachovia”), Prudential Financial, Inc. (“Prudential”), and Prudential Investment Management, Inc. (“Prudential
Advisor”). 
  
 Recitals 
  

	 	A.	Wachovia and Prudential entered into a Retail Brokerage Company Formation Agreement, dated as of February 19, 2003, as amended by Amendment No. 1 thereto dated as of July 1, 2003
and Amendment No. 2 thereto dated as of August 27, 2003, providing for the creation and governance of Wachovia Securities Financial Holdings, LLC (formerly Wachovia/Prudential Financial Advisors LLC) (“WSFH”) and other matters incident
thereto (“Formation Agreement”). 

  

	 	B.	On July 1, 2003, as required by the Formation Agreement, WSFH, Wachovia and Prudential entered into a Product Agreement (“Product Agreement”). 

  

	 	C.	In furtherance of the Product Agreement, (i) Wachovia, WSFH, Wachovia Securities, LLC (including Wachovia Securities Financial Network, LLC, hereinafter collectively referred to as
“WSLLC”), Evergreen Investment Management Company, LLC (“Evergreen Advisor”), Prudential and Prudential Advisor entered into a Bank Deposit Account Sweep Feature Agreement effective as of October 1, 2003 (the “WSLLC Bank
Deposit Agreement”), (ii) Wachovia, WSFH, Evergreen Advisor, First Clearing, LLC (“First Clearing”), Wexford Clearing Services, LLC (“Wexford”), Prudential and Prudential Advisor entered into a Bank Deposit Account Sweep
Feature Agreement (First Clearing/Wexford) effective as of November 25, 2003 (the “Clearing Firms Bank Deposit Agreement”) and (iii) Wachovia, WSFH, WSLLC, Prudential, Prudential Advisor and Pruco Securities, LLC (“Pruco”)
entered into a Bank Deposit Account Sweep Feature Agreement (Pruco Securities Brokerage Accounts) effective as of October 30, 2003 (the “Pruco Bank Deposit Agreement” and, together with the WSLLC Bank Deposit Agreement and the Clearing
Firms Bank Deposit Agreement, the “Bank Deposit Sweep Feature Agreements”). 

  

	 	D.	 WSFH, WSLLC, First Clearing and Wexford have proposed to replace or reduce the use of some of the COMMAND/Dryden Funds (as defined below) as vehicles for the
automatic investment (sometimes referred to as “sweep”) of available cash balances in (i) brokerage accounts of clients of WSLLC (“WSLLC Brokerage Accounts”), (ii) brokerage accounts of clients of firms other than WSLLC and Pruco
(“Introducing Firms”) for which First Clearing or Wexford provides clearing services (“Introducing Firm Brokerage Accounts”) and (iii) brokerage accounts of clients of Pruco (“Pruco Brokerage Accounts”), and to cause
the conversion and/or 

  

	 	 
transfer in bulk or otherwise of funds in the COMMAND/Dryden Funds to bank deposit accounts at Wachovia Bank N.A. (“Bank Deposit Accounts”) or
Evergreen Funds (as defined below). 

  
 Agreements

  
 Wachovia, Prudential and Prudential Advisor in consideration of the
Recitals and the covenants and agreements set out herein, covenant and agree as follows: 
  

	 	1.	Commencing on the Effective Date (as defined below) and continuing until the Termination Date (as defined below), Wachovia will pay each month (or portion thereof) in arrears on or
before the 15th calendar day of the next month to Prudential Advisor the sum of: 

  

	 	(a)	an amount equal to: 

  

	 	•	number of actual days in the month, or portion thereof, divided by 365, times 

  

	 	•	0.25% (25 basis points), times: (A) the Prudential Securities Firm Sweep Vehicles Base Amount, plus (B) 38% of the result (positive or negative) of subtracting the Closing Date
Aggregate Securities Firm Sweep Vehicles Amount from the Current Aggregate Securities Firm Sweep Vehicles Amount, less 

  

	 	•	the Current Prudential Securities Firm Advisory Fee Amount; plus 

  

	 	(b)	an amount equal to: 

  

	 	•	number of actual days in the month, or portion thereof, divided by 365, times 

  

	 	•	0.16% (16 basis points), times: (A) the Prudential Introducing Firm Sweep Vehicles Base Amount, plus (B) 38% of the result (positive or negative) of subtracting the Closing Date
Aggregate Introducing Firm Sweep Vehicles Amount from the Current Aggregate Introducing Firm Sweep Vehicles Amount, less 

  

	 	•	the Current Prudential Introducing Firm Advisory Fee Amount. 

  

	 	2.	Prior to the 15th calendar day of each month,
Wachovia shall provide to Prudential a report with the following information: 

  

	 	(A)	the average balance during the immediately preceding month and the ending balance at the end of the immediately preceding month (calculated as provided in Paragraph 5 below) of all
Bank Deposit Accounts in the aggregate and separately for each of the WSLLC Brokerage Accounts, the Introducing Firm Brokerage Accounts of First Clearing, the Introducing Firm Brokerage Accounts of Wexford and the Pruco Brokerage Accounts;

  

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	 	(B)	the average balance during the immediately preceding month (calculated as provided in Paragraph 5 below) and the ending balance at the end of the immediately preceding month of all
Evergreen Funds in the aggregate and separately for each of the WSLLC Brokerage Accounts, the Introducing Firm Brokerage Accounts of First Clearing, the Introducing Firm Brokerage Accounts of Wexford and the Pruco Brokerage Accounts; and

  

	 	(C)	the average balance during the immediately preceding month (calculated as provided in Paragraph 5 below) and the ending balance at the end of the immediately preceding month of all
COMMAND/Dryden Funds in the aggregate and separately for each of the WSLLC Brokerage Accounts, the Introducing Firm Brokerage Accounts of First Clearing, the Introducing Firm Brokerage Accounts of Wexford and the Pruco Brokerage Accounts.

  

	 	3.	The payments required by Paragraph 1 above are in lieu of any and all payments to Prudential Advisor called for by any of the Bank Deposit Account Sweep Feature Agreements in
respect of any period on or after the Effective Date. 

  

	 	4.	As used herein, the following terms shall have the following respective meanings: 

  

	 	(A)	“Closing Date” means July 1, 2003, the Closing Date under the Formation Agreement. 

  

	 	(B)	“Closing Date Aggregate Introducing Firm Sweep Vehicles Amount” means $3,385.3 million, being the agreed aggregate balance of all Introducing Firm Brokerage Accounts
invested in the COMMAND/Dryden Funds and the Evergreen Funds as of the close of business on the day immediately preceding the Closing Date as a result of the automatic investment or sweep feature of such accounts; 

  

	 	(C)	“Closing Date Aggregate Securities Firm Sweep Vehicles Amount” means $46,067.2 million, being the agreed aggregate balance of all WSLLC Brokerage Accounts and Pruco
Brokerage Accounts invested in the COMMAND/Dryden Funds and the Evergreen Funds as of the close of business on the day immediately preceding the Closing Date as a result of the automatic investment or sweep feature of such accounts;

  

	 	(D)	“COMMAND/Dryden Funds” means the money market mutual funds listed in Attachment 1; 

  

	 	(E)	“Current Aggregate Introducing Firm Sweep Vehicles Amount” for any month means the average aggregate balance during such month (calculated as provided in Paragraph 5
below) of all the Sweep Vehicles attributable to the automatic investment or sweep feature of all Introducing Firm Brokerage Accounts (other than Non-Legacy Introducing Firm Brokerage Accounts); 

  

 3 

	 	(F)	“Current Aggregate Securities Firm Sweep Vehicles Amount” means the average aggregate balance during such month (calculated as provided in Paragraph 5 below) of all the
Sweep Vehicles attributable to the automatic investment or sweep feature of all WSLLC Brokerage Accounts and Pruco Brokerage Accounts; 

  

	 	(G)	“Current Prudential Introducing Firm Advisory Fee Amount” for any month means the portion of the amount of investment advisory fees earned by Prudential Advisor during
that month in its capacity as advisor or subadvisor to any of the Sweep Vehicles that is attributable to Sweep Vehicle balances arising from the automatic investment or sweep of available cash balances in Introducing Firms Brokerage Accounts.

  

	 	(H)	“Current Prudential Securities Firm Advisory Fee Amount” for any month means the portion of the amount of investment advisory fees earned by Prudential Advisor during that
month in its capacity as advisor or subadvisor to any of the Sweep Vehicles that is attributable to Sweep Vehicle balances arising from the automatic investment or sweep of available cash balances in WSLLC Brokerage Accounts or Pruco Brokerage
Accounts. 

  

	 	(I)	“Effective Date” means September 4, 2004, being the date of the planned conversion of the Prudential Securities Incorporated legacy data processing system to WSLLC
platforms; 

  

	 	(J)	“Evergreen Funds” means the money market mutual funds listed in Attachment 2; 

  

	 	(K)	“Legacy First Clearing Introducing Firm” means an Introducing Firm of First Clearing (i) for which First Clearing was providing clearing services as of January 1, 2004 and
(ii) for which the majority of available cash balances in the Introducing Firm Brokerage Accounts of such Introducing Firm were invested in one or more Evergreen Funds as of January 1, 2004. 

  

	 	(L)	“Legacy Wexford Introducing Firm” means an Introducing Firm of Wexford (i) for which Wexford was providing clearing services as of January 1, 2004 and (ii) for which the
majority of available cash balances in the Introducing Firm Brokerage Accounts of such Introducing Firm were invested in one or more Command/Dryden Funds as of January 1, 2004. 

  

	 	(M)	“Non-Legacy First Clearing Introducing Firm” means an Introducing Firm of First Clearing that either (i) fails to meet the definition of Legacy First Clearing Introducing
Firm or (ii) became or becomes an Introducing Firm of First Clearing on or after January 1, 2004. 

  

 4 

	 	(N)	“Non-Legacy Introducing Firm Brokerage Accounts” means Introducing Firm Brokerage Accounts of all Non-Legacy First Clearing Introducing Firms and Non-Legacy Wexford
Introducing Firms. 

  

	 	(O)	“Non-Legacy Wexford Introducing Firm” means an Introducing firm of Wexford that either (i) fails to meet the definition of Legacy Wexford Introducing Firm or (ii) became
or becomes an Introducing Firm of Wexford on or after January 1, 2004. 

  

	 	(P)	“Prudential Introducing Firm Sweep Vehicles Base Amount” means $350 million, being the agreed aggregate balance of all Introducing Firm Brokerage Accounts invested in the
Prudential Funds as of the close of business on the day immediately preceding the Closing Date as a result of the automatic investment or sweep feature of such accounts; 

  

	 	(Q)	“Prudential Securities Firm Sweep Vehicles Base Amount” means $24,489.2 million, being the agreed aggregate balance of all WSLLC Brokerage Accounts and Pruco Brokerage
Accounts invested in the Prudential Funds as of the close of business on the day immediately preceding the Closing Date as a result of the automatic investment or sweep feature of such accounts; 

  

	 	(R)	“Sweep Vehicles” means the Bank Deposit Accounts, the COMMAND/Dryden Funds and the Evergreen Funds; and 

  

	 	(S)	“Termination Date” means the tenth anniversary of the date upon which Prudential ceases to own, directly or indirectly, any equity interest in WSFH.

  

	 	5.	For purposes of Paragraphs 1 and 4, the average balance during any month of any Sweep Vehicle shall be determined by dividing (i) the sum of the balances of such Sweep Vehicle at
the close of business of each calendar day during the month by (ii) the number of calendar days in the month. 

  

	 	6.	This Agreement may be modified or amended only by a writing which expressly refers to this Agreement and is executed by all parties to this Agreement. 

  

	 	7.	 This Agreement is for the sole benefit of the parties hereto and their respective successors and assigns and nothing herein, express or implied, is intended to or
shall confer upon any other person or entity. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal
or incapable of being enforced, the parties hereto shall negotiate in good 

  

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faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the
transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

  

	 	8.	Except as expressly provided herein, the Product Agreement remains in full force and effect. 

  

	 	9.	This Agreement shall be governed by and construed in accordance with the laws of the United States and the State of New York without regard to conflicts of laws principles.

  

	 	10.	This Agreement may be executed in any number of counterparts, delivered by fax or otherwise, each of which shall be deemed to be one and the same instrument.

  
 Entered into and effective as of the date first above written.

  

			
	WACHOVIA CORPORATION
		
	By:	 	 /s/ David A. Hebner

	 Name:
	 	 David A. Hebner

	 Title:
	 	 Senior Vice President

	
	PRUDENTIAL FINANCIAL, INC.
		
	By:	 	 /s/ Kenneth Y.Tanji

	 Name:
	 	 Kenneth Y.Tanji

	 Title:
	 	 Vice President

	
	PRUDENTIAL INVESTMENT MANAGEMENT, INC.
		
	By:	 	 /s/ Steven B. Saperstein

	 Name:
	 	 Steven B. Saperstein

	 Title:
	 	 Vice President

  

 6 

 Attachment 1 
  
 COMMAND/Dryden Funds 
  

	 	•	COMMAND Money Fund 

  

	 	•	MoneyMart Assets, Inc. 

  

	 	•	COMMAND Government Fund 

  

	 	•	Dryden Government Securities Trust/Money Market Series 

  

	 	•	Dryden Government Securities Trust/U.S. Treasury Money Market Series 

  

	 	•	COMMAND Tax Free Fund 

  

	 	•	Dryden Tax-Free Money Fund, Inc. 

  

	 	•	Dryden California Municipal Fund/California Money Market Series 

  

	 	•	Dryden Municipal Series Fund/New Jersey Money Market Series 

  

	 	•	Dryden Municipal Series Fund/New York Money Market Series 

  

	 	•	Reserve Portfolio; U.S. Dollar Liquid Reserve Fund 

  

	 	•	Prumerica International Money Fund 

  

	 	•	Cash Accumulation Trust/National Money Market Fund 

  

 Attachment 2 
  
 Evergreen Funds 
  
 Evergreen Money Market Fund 
  
 Evergreen U.S. Government Money Market Fund 
  
 Evergreen Municipal Money Market Fund 
  
 Evergreen California Municipal Money Market Fund 
  
 Evergreen New Jersey Municipal Money Market Fund 
  
 Evergreen New York Municipal Money Market Fund 
  
 Evergreen Worldwide U.S. Dollar Fund, Ltd. 
  
 Evergreen Florida Municipal Money Market Fund 
  
 Evergreen Pennsylvania Municipal Money Market Fund 
  
 Evergreen Treasury Money Market Fund"Change in Control Agreement" dated June 16, 2004

 EXHIBIT 10 (A) 
  
 CHANGE-IN-CONTROL AGREEMENT 
 Kermit R. Dyke 
 First Senior Vice President 
  
 THIS EMPLOYMENT AGREEMENT (the “Agreement”), is made as of this
16th day of June 2004, among VALLEY NATIONAL BANK (“Bank”), a national banking association with its principal office at 1455 Valley Road, Wayne, New Jersey, VALLEY NATIONAL BANCORP (“Valley”), a New Jersey Corporation which
maintains its principal office at 1455 Valley Road, Wayne, New Jersey (Valley and the Bank collectively are the “Company”) and KERMIT R. DYKE (the “Executive”). 
  
 BACKGROUND 
  
 WHEREAS, the Executive has been continuously employed by the Bank for at least three full years; 
  
 WHEREAS, the Executive throughout his tenure has worked diligently in his
position in the business of the Bank and Valley; 
  
 WHEREAS, the
Board of Directors of the Bank and Valley believe that the future services of the Executive are of great value to the Bank and Valley and that it is important for the growth and development of the Bank that the Executive continue in his position;

  
 WHEREAS, if the Company receives any proposal from a third
person concerning a possible business combination with, or acquisition of equities securities of, the Company, the Board of Directors of the Company (the “Board”) believes it is imperative that the Company and the Board be able to rely
upon the Executive to continue in his position, and that they be able to receive and rely upon his advice, if they request it, as to the best interests of the Company and its shareholders, without concern that the Executive might be distracted by
the personal uncertainties and risks created by such a proposal; 
  
 WHEREAS, to achieve that goal, and to retain the Executive’s services prior to any such activity, the Board of Directors and the Executive have agreed to enter into this Agreement to govern the Executive’s termination benefits in
the event of a Change in Control of the Company, as hereinafter defined. 
  
 NOW, THEREFORE, to assure the Company that it will have the continued dedication of the Executive and the availability of his advice and counsel notwithstanding the possibility, threat or occurrence of a bid to take
over control of the Company, and to induce the Executive to remain in the employ of the Company, and for other good and valuable consideration, the Company and the Executive, each intending to be legally bound hereby agree as follows: 
  
 1. Definitions 
  
 a. Base Salary. “Base Salary”, as used in
Section 9 hereof, means the annual cash base salary (excluding any bonus and the value of any fringe benefits) paid to the Executive at the time of the termination of employment unless such amount has been reduced after a Change in Control, in which
case such amount shall be the highest base salary in effect during the 18 months prior to the Change in Control. 
  
 b.Cause. For purposes of this Agreement “Cause” with respect to the termination by the Company of Executive’s
employment shall mean (i) willful and continued failure by the Executive to perform his duties for the Company under this Agreement after at least one warning in writing from the Company’s Board of Directors identifying specifically any such
failure; (ii) the willful engaging by the Executive in misconduct which causes material injury to the Company as specified in a written notice to the Executive from the Board of Directors; or (iii) conviction of a crime, other than a traffic
violation, habitual drunkenness, drug abuse, or excessive absenteeism other than for illness, after a warning (with respect to drunkenness or absenteeism only) in writing from the Board of Directors to refrain from such behavior. No act or failure
to act on the part of the Executive shall be considered willful unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or omission was in the best interest of the Company. 
  

 c. Change in Control. “Change in Control” means any of the following
events: (i) when Valley or a Subsidiary acquires actual knowledge that any person (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act), other than an affiliate of Valley or a Subsidiary or an employee benefit plan established or
maintained by Valley, a Subsidiary or any of their respective affiliates, is or becomes the beneficial owner (as defined in Rule 13d-3 of the Exchange Act) directly or indirectly, of securities of Valley representing more than twenty-five percent
(25%) of the combined voting power of Valley’s then outstanding securities (a “Control Person”), (ii) upon the first purchase of Valley’s common stock pursuant to a tender or exchange offer (other than a tender or exchange offer
made by Valley, a Subsidiary or an employee benefit plan established or maintained by Valley, a Subsidiary or any of their respective affiliates), (iii) upon the approval by Valley’s stockholders of (A) a merger or consolidation of Valley with
or into another corporation (other than a merger or consolidation which is approved by at least two-thirds of the Continuing Directors (as hereinafter defined) or the definitive agreement for which provides that at least two-thirds of the directors
of the surviving or resulting corporation immediately after the transaction are Continuing Directors (in either case, a “Non-Control Transaction”)), (B) a sale or disposition of all or substantially all of Valley’s assets or (C) a
plan of liquidation or dissolution of Valley, (iv) if during any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board (the “Continuing Directors”) cease for any reason to constitute at
least two-thirds thereof or, following a Non-Control Transaction, two-thirds of the board of directors of the surviving or resulting corporation; provided that any individual whose election or nomination for election as a member of the Board
(or, following a Non-Control Transaction, the board of directors of the surviving or resulting corporation) was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director, or (v)
upon a sale of (A) common stock of the Bank if after such sale any person (as such term is used in Section 13(d) and 14(d)(2) of the Exchange Act) other than Valley, an employee benefit plan established or maintained by Valley or a Subsidiary, or an
affiliate of Valley or a Subsidiary, owns a majority of the Bank’s common stock or (B) all or substantially all of the Bank’s assets (other than in the ordinary course of business). No person shall be considered a Control Person for
purposes of clause (i) above if (A) such person is or becomes the beneficial owner, directly or indirectly, of more than ten percent (10%) but less than twenty-five percent (25%) of the combined voting power of Valley’s then outstanding
securities if the acquisition of all voting securities in excess of ten percent (10%) was approved in advance by a majority of the Continuing Directors then in office or (B) such person acquires in excess of ten percent (10%) of the combined voting
power of Valley’s then outstanding voting securities in violation of law and by order of a court of competent jurisdiction, settlement or otherwise, disposes or is required to dispose of all securities acquired in violation of law. 

 

 d. Continuously Employed. “Continuously employed”, as used in Section 9,
means continuously employed by the Bank but excludes any period of employment by a bank or financial institution acquired by or merged into the Bank and excludes any period of employment by the Bank if such period is separated from the current
employment with the Bank by a break in service (other a break in service resulting solely from illness, disability or family leave). 
  
 e. Contract Period. “Contract Period” shall mean the period commencing the day immediately preceding a Change in Control
and ending on the earlier of (i) the first anniversary of the Change in Control or (ii) the date the Executive would attain age 65 or (iii) the death of the Executive. For the purpose of this Agreement, a Change in Control shall be deemed to have
occurred at the date specified in the definition of Change-in-Control. 
  
 f. Exchange Act. “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 g. Good Reason. When used with reference to a voluntary termination by Executive of his employment with the Company, “Good
Reason” shall mean any of the following, if taken without Executive’s express written consent: 
  
 (1) The assignment to Executive of any duties inconsistent with, or the reduction of powers or functions associated with, Executive’s
position, duties, responsibilities and status with the Company immediately prior to a Change in Control. A change in title or positions resulting merely from a merger of the Company into or with another bank or company which does not downgrade in
any way the Executive’s powers, duties and responsibilities shall not meet the requirements of this paragraph; 
  
 (2) A reduction by the Company in Executive’s annual base compensation as in effect immediately prior to a Change in Control or the
failure to award Executive annual increases in accordance herewith; 
  
 (3) A failure by the Company to continue any bonus plan in which Executive participated immediately prior to the Change in control or a failure by the Company to continue Executive as a participant in such plan on at
least the same basis as Executive participated in such plan prior to the Change in Control; 
  
 (4) The Company’s transfer of Executive to another geographic location more than 35 miles from his present office location, except
for required travel on the Company’s business to an extent substantially consistent with Executive’s business travel obligations immediately prior to such Change in Control; 
  
 (5) The failure by the Company to continue in effect any employee benefit plan, program or arrangement
(including, without limitation the Company’s retirement plan, benefit equalization plan, life insurance plan, health and accident plan, disability plan, deferred compensation plan or long term stock incentive plan) in which Executive is
participating immediately prior to a Change in Control (except that the Company may institute or continue plans, programs or arrangements providing Executive with substantially similar benefits); the taking of any action by the Company which would
adversely affect Executive’s participation in or materially reduce Executive’s benefits under, any of such plans, programs or arrangements; the failure to continue, or the taking of any action which would deprive Executive, of any material
fringe benefit enjoyed by Executive immediately prior to such Change in Control; or the failure by the Company to provide Executive with the number of paid vacation days to which Executive was entitled immediately prior to such Change in Control;

  

 (6) The failure by the Company to obtain an assumption in writing of the obligations of
the Company to perform this Agreement by any successor to the Company and to provide such assumption to the Executive prior to any Change in Control; or 
  
 (7) Any purported termination of Executive’s employment by the Company during the term of this Agreement which is not effected
pursuant to all of the requirements of this Agreement; and, for purposes of this Agreement, no such purported termination shall be effective. 
  
 h. Pro-rata Bonus Amount. “Pro-rata Bonus Amount”, as used in Section 9, means an amount equal to a “portion”
of the highest cash bonus paid to the Executive in the three calendar years immediately prior to the Change in Control. The “portion” of such cash bonus shall be a fraction, the numerator of which is the number of calendar months or part
thereof which the Executive has worked in the calendar year in which the termination occurs and the denominator of which is 12. 
  
 i. Subsidiary. “Subsidiary” means any corporation in an unbroken chain of corporations, beginning with Valley, if each of
the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
  
 2. Employment. The Company hereby agrees to employ the Executive, and
the Executive hereby accepts employment, during the Contract Period upon the terms and conditions set forth herein. 
  
 3. Position. During the Contract Period the Executive shall be employed by the bank as a Senior Officer, or such other corporate or divisional
profit center as shall then be the principal successor to the business, assets and properties of the Company, with substantially the same title and the same duties and responsibilities as before the Change in Control. The Executive shall devote his
full time and attention to the business of the Company, and shall not during the Contract Period be engaged in any other business activity. This paragraph shall not be construed as preventing the Executive from managing any investments of his which
do not require any service on his part in the operation of such investments. 
  
 4. Cash Compensation. The Company shall pay to the Executive compensation for his services during the Contract Period as follows: 
  
 a. Base Salary. A base annual salary equal to the annual salary in effect as of the Change in
Control. The annual salary shall be payable in installments in accordance with the Company’s usual payroll method. 
  
 b. Annual Bonus. An annual cash bonus equal to at least the average of the bonuses paid to the Executive in the three years prior
to the Change in Control. The bonus shall be payable at the time and in the manner which the Company paid such bonuses prior to the Change in Control. 
  
 c. Annual Review. The Board of Directors of the Company during the Contract Period shall review annually, or at more frequent
intervals which the Board determines is appropriate, the Executive’s compensation and shall award him additional compensation to reflect the Executive’s performance, the performance of the Company and competitive compensation levels, all
as determined in the discretion of the Board of Directors. 
  

 5. Expenses and Fringe Benefits. 
  
 a. Expenses. During the Contract Period, the Executive shall be entitled to reimbursement for all
business expenses incurred by him with respect to the business of the Company in the same manner and to the same extent as such expenses were previously reimbursed to him immediately prior to the Change in Control. 
  
 b. Benefit Equalization Plan. During the Contract
Period, if the Executive was entitled to benefits under the Company’s Benefit Equalization Plan (“BEP”) prior to the Change in Control, the Executive shall be entitled to continued benefits under the BEP after the Change in Control
and such BEP may not be modified to reduce or eliminate such benefits during the Contract Period. 
  
 c. Club Membership and Automobile. If prior to the Change in Control, the Executive was entitled to membership in a country club
and/or the use of an automobile, he shall be entitled to the same membership and/or use of an automobile at least comparable to the automobile provided to him prior to the Change in Control. 
  
 d. Other Benefits. The Executive also shall be
entitled to vacations and sick days, in accordance with the practices and procedures of the Company, as such existed immediately prior to the Change in Control. During the Contract Period, the Executive also shall be entitled to hospital, health,
medical and life insurance, and any other benefits enjoyed, from time to time, by senior officers of the Company, all upon terms as favorable as those enjoyed by other senior officers of the Company. Notwithstanding anything in this paragraph 5(d)
to the contrary, if the Company adopts any change in the benefits provided for senior officers of the Company, and such policy is uniformly applied to all officers of the Company (and any successor or acquiror of the Company, if any), then no such
change shall be deemed to be contrary to this paragraph. 
  
 6.
Termination for Cause. The Company shall have the right to terminate the Executive for Cause, upon written notice to him of the termination which notice shall specify the reasons for the termination. In the event of termination for Cause the
Executive shall not be entitled to any further benefits under this Agreement. 
  
 7. Disability. During the Contract Period if the Executive becomes permanently disabled, or is unable to perform his duties hereunder for 4 consecutive months in any 12 month period, the Company may terminate
the employment of the Executive. In such event, the Executive shall not be entitled to any further benefits under this Agreement. 
  
 8. Death Benefits. Upon the Executive’s death during the Contract Period, his estate shall not be entitled to any further benefits under this
Agreement. 
  
 9. Termination Without Cause or Resignation for
Good Reason. The Company may terminate the Executive without Cause during the Contract Period by written notice to the Executive providing four weeks notice. The Executive may resign for Good Reason during the Contract Period upon four
weeks’ written notice to the Company specifying facts and circumstances claimed to support the Good Reason. The Executive shall be entitled to give a Notice of Termination that his or her employment is being terminated for Good Reason at any
time during the Contract Period, not later than twelve months after any occurrence of an event stated to constitute Good Reason. If the Company terminates the Executive’s employment during the Contract Period without Cause or if the Executive
Resigns for Good Reason, the Company shall, subject to section 12 hereof: 
  

 a. Within 20 business days of the termination of employment pay the Executive a lump sum
equal to: (i), if the Executive has been continuously employed by the Bank for 6 full years or more, two (2) years of Base Salary plus a Pro-rata Bonus Amount or (ii), if the Executive has been continuously employed by the Bank for less than 6 full
years but more than three years, then one (1) year of Base Salary plus a Pro-rata Bonus Amount; and 
  
 b. Continue to provide the Executive with medical, dental and life insurance for the period equal to the equivalent lump sum payment (e.g.
1 or 2 years) as were provided at the time of termination of his employment with the Company, at the Company’s cost. Upon expiration of benefit coverages, full COBRA benefits (18 months) will be made available to Executive. 
  
 The Executive shall not have a duty to mitigate the damages suffered by him
in connection with the termination by the Company of his employment without Cause or a resignation for Good Reason during the Contract Period. If the Company fails to pay the Executive the lump sum amount due him hereunder or to provide him with the
health, hospitalization and insurance benefits due under this section, the Executive, after giving 10 days’ written notice to the Company identifying the Company’s failure, shall be entitled to recover from the Company all of his
reasonable legal fees and expenses incurred in connection with his enforcement against the Company of the terms of this Agreement. The Executive shall be denied payment of his legal fees and expenses only if a court finds that the Executive sought
payment of such fees without reasonable cause. 
  
 10.
Resignation Without Good Reason. The Executive shall be entitled to resign from the employment of the Company at any time during the Contact Period without Good Reason, but upon such resignation the Executive shall not be entitled to any
additional compensation for the time after which he ceases to be employed by the Company, and shall not be entitled to any of the other benefits provided hereunder. No such resignation shall be effective unless in writing with four weeks’
notice thereof. 
  
 11. Non-Disclosure of Confidential
Information. 
  
 a. Non-Disclosure of
Confidential Information. Except in the course of his employment with the Company and in the pursuit of the business of the Company or any of its subsidiaries or affiliates, the Executive shall not, at any time during or following the Contract
Period, disclose or use, any confidential information or proprietary data of the Company or any of its subsidiaries or affiliates. The Executive agrees that, among other things, all information concerning the identity of and the Company’s
relations with its customers is confidential information. 
  
 b. Specific Performance. Executive agrees that the Company does not have an adequate remedy at law for the breach of this section and agrees that he shall be subject to injunctive relief and equitable remedies
as a result of the breach of this section. The invalidity or unenforceability of any provision of this Agreement shall not affect the force and effect of the remaining valid portions. 
  
 c. Survival. This section shall survive the termination of the Executive’s employment hereunder
and the expiration of this Agreement. 
  

 12. Certain Reduction of Payments by the Company. 
  
 a. Anything in this Agreement to the contrary
notwithstanding, prior to the payment of any lump sum amount payable hereunder, the certified public accountants of the Company immediately prior to a Change of Control (the “Certified Public Accountants”) shall determine as promptly as
practical and in any event within 20 business days following the termination of employment of Executive whether any payment or distribution by the Company to or for the benefit of the Executive (whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise) (a “Payment”) would more likely than not be nondeductible by the Company for Federal income purposes because of Section 280G of the Internal Revenue Code of 1986, as
amended (the “Code”), and if it is then the aggregate present value of amounts payable or distributable to or for the benefit of Executive pursuant to this Agreement (such payments or distributions pursuant to this Agreement are
thereinafter referred to as “Agreement Payments”) shall be reduced (but not below zero) to the reduced Amount. For purposes of this paragraph, the “Reduced Amount” shall be an amount expressed in present value which maximizes the
aggregate present value of Agreement Payments without causing any Payment to be nondeductible by the Company because of said Section 280G of the Code. 
  
 b. If under paragraph (a) of this section the Certified Public Accountants determine that any Payment would more likely than not be
nondeductible by the Company because of Section 280G of the Code, the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Executive may then elect, in his
sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount), and shall advise the Company in writing of
his election within 20 business days of his receipt of notice. If no such election is made by the Executive within such 20-day period, the Company may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as
after such election the Aggregate present Value of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election. For purposes of this paragraph, present Value shall be determined in accordance with
Section 280G(d)(4) of the Code. All determinations made by the Certified Public Accountants shall be binding upon the Company and Executive shall be made within 20 business days of a termination of employment of Executive. With the consent of the
Executive, the Company may suspend part or all of the lump sum payment due under Section 9 hereof and any other payments due to the Executive hereunder until the Certified Public Accountants finish the determination and the Executive (or the
Company, as the case may be) elect how to reduce the Agreement Payments, if necessary. As promptly as practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of Executive
such amounts as are then due to Executive under this Agreement and shall promptly pay to or distribute for the benefit of Executive in the future such amounts as become due to Executive under this Agreement. 
  
 c. As a result of the uncertainty in the application of
Section 280G of the Code, it is possible that Agreement Payments may have been made by the Company which should not have been made (“Overpayment”) or that additional Agreement Payments which will have not been made by the Company could
have been made (“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Certified Public Accountants, based upon the assertion of a deficiency by the Internal Revenue Service
against the Company or Executive which said Certified Public Accountants believe has a high probability of success, determines that an Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to Executive which
Executive shall repay to the Company together with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code; provided, however, that no amount shall be payable by Executive to the Company in and for the extent such
payment would not reduce the amount which is subject to taxation under Section 4999 of the Code. In the event that the Certified Public Accountants, based upon controlling precedent, determine that an Underpayment has occurred, any such Underpayment
shall be promptly paid by the Company to or for the benefit of the Executive together with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code. 
  

 13. Term and Effect Prior to Change in Control. 
  
 a. Term. Except as otherwise provided for hereunder,
this Agreement shall commence on the date hereof and shall remain in effect for a period of 3 years from the date hereof (the “Initial Term”) or until the end of the Contract Period, whichever is later. The Initial Term shall be
automatically extended for an additional one year period on the anniversary date hereof (so that the Initial Term is always 3 years) unless, prior to a Change in Control, the Personnel and Compensation Committee of the Bank notifies the Executive in
writing at any time that the Contract is not so extended, in which case the Initial Term shall end upon the later of (i) 3 years after the date hereof, or (ii) twenty-four months after the date of such written notice. Notwithstanding anything to the
contrary contained herein, the Initial Term shall cease when the Executive attains age 65. 
  
 b. No Effect Prior to Change in Control. This Agreement shall not effect any rights of the Company to terminate the Executive prior
to a Change in Control or any rights of the Executive granted in any other agreement or contract or plan with the Company. The rights, duties and benefits provided hereunder shall only become effective upon and after a Change in Control. If the
full-time employment of the Executive by the Company is ended for any reason prior to a Change in Control, this Agreement shall thereafter be of no further force and effect. 
  
 14. Severance Compensation and Benefits Not in Derogation of Other Benefits. Anything to the contrary herein
contained notwithstanding, the payment or obligation to pay any monies, or granting of any benefits, rights or privileges to Executive as provided in this Agreement shall not be in lieu or derogation of the rights and privileges that the Executive
now has or will have under any plans or programs of or agreements with the Company, except that if the Executive received any payment hereunder, he shall not be entitled to any payment under the Company’s severance policy for officers and
directors. 
  
 15. Miscellaneous. This Agreement is the
joint and several obligation of the Bank and Valley. The terms of this Agreement shall be governed by, and interpreted and construed in accordance with the provisions of, the laws of New Jersey. This Agreement supersedes all prior agreements and
understandings with respect to the matters covered hereby, including expressly any prior agreement with the Company concerning change in control benefits. The amendment or termination of this Agreement may be made only in a writing executed by the
Company and the Executive, and no amendment or termination of this Agreement shall be effective unless and until made in such a writing. This Agreement shall be binding upon any successor (whether direct or indirect, by purchase, merge,
consolidation, liquidation or otherwise) to all or substantially all of the assets of the Company. This Agreement is personal to the Executive and the Executive may not assign any of his rights or duties hereunder but this Agreement shall be
enforceable by the Executive’s legal representatives, executors or administrators. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this
Agreement to produce or account for more than one such counterpart. 
  

 IN WITNESS WHEREOF, Valley National Bank and Valley National Bancorp each have caused this Agreement to
be signed by their duly authorized representatives pursuant to the authority of their Boards of Directors, and the Executive has personally executed this Agreement, all as of the day and year first written above. 
  

									
	 ATTEST:
	 	 	 	 VALLEY NATIONAL BANCORP

					
	 	 	/s/    ROBERT MEYER        	 	 	 	 By:
	 	/s/    GERALD H. LIPKIN        
	 	 	 Robert Meyer,
 Executive Vice President
	 	 	 	 	 	 Gerald H. Lipkin, Chairman
 and Chief Executive Officer

  

									
	 ATTEST:
	 	 	 	 VALLEY NATIONAL BANK

					
	 	 	/s/    ROBERT MEYER        	 	 	 	 By:
	 	/s/    GERALD H. LIPKIN        
	 	 	 Robert Meyer,
 Executive Vice President
	 	 	 	 	 	 Gerald H. Lipkin, Chairman
 and Chief Executive Officer

  

					
	 WITNESS:
	 	 	 	 
			
	/s/    ROBERT MEYER        	 	 	 	/s/    KERMIT R. DYKE        
	 Robert Meyer,
 Executive Vice President
	 	 	 	Kermit R. Dyke, Executive

  
 April 30, 2001 
 “Executive’s” Valley 
 National Bank Service Date

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