Document:

EX-10.2

 Exhibit 10.2 

ADMINISTRATION AGREEMENT 

This Administration Agreement (this “Agreement”) made as of January 31, 2020 by and between THL Credit, Inc., a Delaware
corporation (hereinafter referred to as the “Corporation”), and First Eagle Alternative Credit, LLC, formerly known as THL Credit Advisors LLC, a Delaware limited liability company (hereinafter referred to as the
“Administrator”). 
 W I T N E S S E T H: 

WHEREAS, the Corporation is a closed-end management investment company that has elected to be treated
as a business development company under the Investment Company Act of 1940, as amended (hereinafter referred to as the “1940 Act”); 

WHEREAS, the Corporation desires to retain the Administrator to provide administrative services to the Corporation in the manner and on the
terms hereinafter set forth; and 
 WHEREAS, the Administrator is willing to provide administrative services to the Corporation on the terms
and conditions hereafter set forth. 
 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for
other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Corporation and the Administrator hereby agree as follows: 

1. Duties of the Administrator. 

(a) Employment of Administrator. The Corporation hereby employs the Administrator to act as administrator of the Corporation, and to
furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors of the Corporation, for the period and on the terms and
conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the
reimbursement of costs and expenses as provided for below. The Administrator and any such other persons providing services arranged for by the Administrator shall for all purposes herein be deemed to be independent contractors and shall, unless
otherwise expressly provided or authorized herein, have no authority to act for or represent the Corporation in any way or otherwise be deemed agents of the Corporation. 

(b) Services. The Administrator shall perform (or oversee, or arrange for, the performance by third parties of) the administrative
services necessary for the operation of the Corporation. Without limiting the generality of the foregoing, the Administrator shall provide the Corporation with office facilities, equipment, clerical, bookkeeping and record keeping services at such
office facilities and such other services as the Administrator, subject to review by the Board of Directors of the Corporation, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The
Administrator shall also, on behalf of the Corporation, arrange for the services of, and oversee, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters,
brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in 

 
any such other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Corporation’s Board of Directors of its performance of obligations hereunder and
furnish advice and recommendations with respect to such other aspects of the business and affairs of the Corporation as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and
the Administrator shall not, in its capacity as Administrator, provide any advice or recommendation relating to the securities and other assets that the Corporation should purchase, retain or sell or any other investment advisory services to the
Corporation. The Administrator shall be responsible for the financial and other records that the Corporation is required to maintain and shall prepare all reports and other materials required to be filed with the Securities and Exchange Commission
(the “SEC”) or any other regulatory authority, including reports on Forms 8-K, 10-Q and periodic reports to stockholders. At the Corporation’s
request, the Administrator will provide on the Corporation’s behalf significant managerial assistance to those portfolio companies to which the Corporation is required to provide such assistance. In addition, the Administrator will assist the
Corporation in determining and publishing the Corporation’s net asset value, overseeing the preparation and filing of the Corporation’s tax returns, and the printing and dissemination of reports to stockholders of the Corporation, and
generally overseeing the payment of the Corporation’s expenses and the performance of administrative and professional services rendered to the Corporation by others. 

2. Records. The Administrator agrees to maintain and keep all books, accounts and other records of the Corporation that relate
to activities performed by the Administrator hereunder and, if required by any applicable statutes, rules and regulations, including without limitation, the 1940 Act, will maintain and keep such books, accounts and records in accordance with such
statutes, rules and regulations. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records that it maintains for the Corporation shall at all times remain
the property of the Corporation, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of this Agreement or otherwise on written request. The Administrator further agrees that all records
which it maintains for the Corporation pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any
such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations
under this Agreement. The Administrator may engage one or more third parties to perform all or a portion of the foregoing services. 
 3.
Confidentiality. The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto,
including nonpublic personal information of natural persons pursuant to Regulation S-P of the SEC, shall be used by the other party hereto solely for the purpose of rendering services pursuant to this
Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available
when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or
administrative process or otherwise by applicable law or regulation. 

  
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 4. Compensation; Allocation of Costs and Expenses. 

(a) In full consideration of the provision of the services of the Administrator, the Corporation shall reimburse the Administrator for the
costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder. 
 (b) The
Corporation will bear all costs and expenses that are incurred in its operation and transactions and not specifically assumed by the Corporation’s investment adviser (the “Advisor”), pursuant to the Investment Management
Agreement between the Corporation and the Advisor. Costs and expenses to be borne by the Corporation include, but are not limited to, those relating to: organization and offering; valuing the Corporation’s assets and computing its net asset
value per share (including the cost and expenses of any independent valuation firm); expenses incurred by the Advisor or payable to third parties, including agents, consultants or other advisors and travel expense, in monitoring financial and legal
affairs for the Corporation and in monitoring the Corporation’s investments and enforcing the Corporation’s rights in respect of such investment; performing due diligence on the Corporation’s prospective portfolio companies; interest
payable on debt, if any, incurred to finance the Corporation’s investments; distributions on shares; offerings of the Corporation’s common stock and other securities; investment advisory and management fees; administration fees, if any,
payable under this Agreement; transfer agent and custody fees and expenses; the allocated costs of providing managerial assistance to those portfolio companies that require it; fees payable to third parties, including agents, consultants or other
advisors, relating to, or associated with, evaluating and making and disposing of investments; brokerage fees and commissions; the Corporation’s dues, fees and charges of any trade association of which the Corporation is a member; transfer
agent and custodial fees; federal and state registration fees; all costs of registration and listing the Corporation’s shares on any securities exchange; federal, state and local taxes; independent directors’ fees and expenses; costs of
preparing and filing reports, registration statements, prospectuses or other documents required by the SEC, including printing costs; costs of any reports, proxy statements or other notices to stockholders, including printing and mailing costs; the
expenses of holding stockholder meetings; the Corporation’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; direct costs and expenses of administration
and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; litigation and indemnification and other extraordinary or non recurring expenses; and all other
expenses incurred by the Corporation or the Administrator in connection with administering the Corporation’s business, including payments under this Agreement based upon the Corporation’s allocable portion of the Administrator’s
overhead in performing its obligations under this Agreement, including rent and the allocable portion of the cost of the Corporation’s officers and their respective staffs. 

5. Limitation of Liability of the Administrator; Indemnification. The Administrator, its affiliates and their respective
directors, officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any of them (collectively, the “Indemnified Parties”), shall not be liable to the Corporation
for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Corporation, and the Corporation shall indemnify,
defend and protect the Administrator (and its officers, 

  
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managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including without limitation the Indemnified Parties (each
of whom shall be deemed a third party beneficiary hereof) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the
Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Corporation or its security holders) arising out of or otherwise based
upon the performance of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator for the Corporation. Notwithstanding the preceding sentence of this Paragraph 5 to the contrary, nothing contained
herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Corporation or its security holders to which the
Indemnified Parties would otherwise be subject by reason of criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of the Administrator’s duties or by reason of the reckless disregard of the Administrator’s
duties and obligations under this Agreement. 
 6. Activities of the Administrator. The services of the Administrator to the
Corporation are not to be deemed to be exclusive, and the Administrator and each other person providing services as arranged by the Administrator is free to render services to others. It is understood that directors, officers, employees and
stockholders of the Corporation are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator and directors, officers,
members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Corporation as officers, directors, stockholders or otherwise. 

7. Duration and Termination of this Agreement. 

(a) This Agreement shall become effective as of the date hereof, and shall remain in force with respect to the Corporation for two years
thereafter, and thereafter continue from year to year, but only so long as such continuance is specifically approved at least annually by (i) the Board of Directors of the Corporation and (ii) a majority of those members of the
Corporation’s Board of Directors who are not parties to this Agreement or “interested persons” (as defined in the 1940 Act) of any such party. 

(b) This Agreement may be terminated at any time, without the payment of any penalty, by vote of the Corporation’s Board of Directors, or
by the Administrator, upon not less than 60 days’ written notice to the other party (which notice may be waived by such other party). 

8. Amendments of this Agreement. This Agreement may not be amended or modified except by an instrument in writing signed by all
parties hereto. 
 9. Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns. Neither party may assign (as such term is defined in the 1940 Act and the regulations thereunder), delegate or otherwise 

  
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transfer this Agreement or any of its rights or obligations hereunder without the prior written consent of the other party. Any assignment by either party in accordance with the terms of this
Agreement shall be pursuant to a written assignment agreement in which the assignee expressly assumes the assigning party’s rights and obligations hereunder. 

10. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of
Massachusetts and the applicable provisions of the 1940 Act, if any. To the extent that the applicable laws of the Commonwealth of Massachusetts, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, if any, the
latter shall control. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect thereto, for the purpose of any action, suit or proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby. 
 11. No Waiver. The failure of either
party to enforce at any time for any period the provisions of or any rights deriving from this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no
waiver shall be binding unless executed in writing by all parties hereto. 
 12. Severability. If any term or other provision
of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal 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
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. 
 13. Headings. The descriptive headings contained in this Agreement are for convenience of reference only and
shall not affect in any way the meaning or interpretation of this Agreement. 
 14. Counterparts. This Agreement may be
executed in one or more counterparts, each of which when executed shall be deemed to be an original instrument and all of which taken together shall constitute one and the same agreement. 

15. 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 overnight courier service (with signature required), by facsimile, or by registered or certified mail (postage prepaid, return receipt requested) to
the respective parties at their respective principal executive office addresses. 
 16. Entire Agreement. This Agreement
constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, between the parties with respect to such subject matter. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	 THL CREDIT, INC.

		
	By:	 	 /s/ Terrence W. Olson

		 	Name: Terrence W. Olson
		 	Title: Chief Financial Officer

  

			
	 FIRST EAGLE ALTERNATIVE CREDIT, LLC

		
	By:	 	 /s/ Christopher J. Flynn

		 	Name: Christopher J. Flynn
		 	Title: President

  
 [SIGNATURE PAGE TO
ADMINISTRATION AGREEMENT BY AND BETWEEN 
 THL CREDIT, INC. AND FIRST EAGLE ALTERNATIVE CREDIT, LLC]Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement ("Agreement") is made and entered into as of this 29th day of January, 2020 by and between GEORGE
LISTA, an individual residing at 31 High Ridge Lane, Augusta, NJ 07822 (the "Employee"), SB ONE BANK, a New
Jersey state chartered commercial bank with its principal place of business located at 95 State Route 17 North, Paramus, NJ 07652
(the "Bank"), and SB ONE BANCORP, a New Jersey corporation with its principal place of business located at 95
State Route 17 North, Paramus, NJ 07652 (the "Company"). The Bank and the Company are sometimes collectively referred
to herein as "Employer".

 

WITNESSETH

 

WHEREAS,
Employer desires to secure the services of Employee as the President of SB One Insurance Agency, which services Employee is willing
to furnish on the terms and conditions hereinafter set forth;

 

WHEREAS, the Board of Directors of the Bank and
the Board of Directors of the Company have each determined that it is in the best interests of each of the Bank and the Company
to enter into this Agreement with Employee, and each respective Board has authorized the Bank and the Company to enter into this
Agreement;

 

WHEREAS,
Employee understands and agrees that Employee's execution of this Agreement is a prerequisite and condition for employment (or
continued employment as the case may be) with Employer;

 

WHEREAS, this Agreement supersedes any and all
previous agreements, promises or other representations, between Employee and Employer; and

 

WHEREAS,
to induce Employer to employ Employee, Employee has agreed to execute and deliver this Agreement; 

 

     

     

    

 

NOW,
THEREFORE, in consideration of the mutual representations, warranties, covenants and undertakings of the parties hereto, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party hereto, intending
to be legally bound, does hereby agree as follows:

 

		1.	Employment.

 

The
Company and the Bank hereby jointly agree to employ the Employee, and the Employee hereby accepts such employment, upon the terms
and conditions set forth herein.

 

		2.	Term.

 

The
term of this Agreement shall commence on 29th day of January, 2020 and will terminate at the will of either Employer or Employee,
with or without Cause, for any reason or no reason, subject to the terms set forth herein.

 

		3.	Title and Duties.

 

Employee
shall report to the Chief Executive Officer of the Bank. Employee also agrees to perform such other duties which are usual and
customary for persons in similar positions at comparable institutions as shall from time-to-time be requested or assigned to Employee
by the Chief Executive Officer and/or the Boards of Directors of the Company or the Bank in order to promote the business interests
of the Company or the Bank and/or to carry out the purposes of this Agreement. Employee further agrees to adhere to all Company
and/or Bank policies and procedures, including but not limited to those related to business operations, employment practices,
and customer relations. Employee shall devote substantially all of Employee's business time and attention to the performance of
Employee's duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise
which would conflict or interfere with the performance of such services, either directly or indirectly, without the prior written
consent of the Company and the Bank.

  

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		4.	Compensation.

 

(a)  Base
Salary. Employee shall receive an annual base salary of Two hundred and fifty thousand dollars ($250,000), subject to all
withholdings and deductions as required by law, to be paid on a bi-weekly basis consistent with Employer's normal payroll
procedures. Employee's salary may be reviewed annually at the discretion of Employer.

 

(b)  Incentive Plans. Employee shall be eligible to participate in the Bank's annual executive
incentive plan and the Bank's long-term incentive plan.

 

(c)  Health and Other
Insurance Benefits. Employee shall have the option to participate in the Bank's health insurance and other insurance benefit
programs during his employment on the same terms and conditions as other Bank employees. Employee acknowledges that the Bank's
health insurance and other insurance benefit plans are subject to change at any time at the discretion of the Bank.

 

(d)  Retirement Plan. Employee shall be eligible to participate in the Bank's 401(k) retirement plan on the same terms
and conditions as such plan is offered to the Bank's other employees or senior management.

 

(e)  Vacation and Holidays. Employee shall be eligible for annual paid vacation and holidays consistent with Bank policies.

 

(f)  
Perquisites. Employee shall be entitled to such perquisites and other benefits as shall be agreed to by Employer
and Employee in one or more separate writings.

  

		5.	Termination of Employment.

 

(a)  Termination Without Cause. Employee's employment may be terminated by Employer at any time, with or without Cause,
in its sole and absolute discretion, upon thirty (30) days prior written notice to Employer.
In the event Employee' s employment hereunder is terminated by the Employer without Cause and provided that Employee is not in
violation of any term of this Agreement, from and following the date of such termination, the Employer shall continue to
pay Employee his base salary and continue his health and other insurance benefits (the "Termination Payments") for a
period of one (l) year from the date of termination provided that Employee must execute a
General Release in a form acceptable to Employer prior to being eligible to receive the Termination Payments. Employee shall not
be entitled to receive any compensation or benefits other than the Termination Payments beyond thirty (30) days after receiving
notice of his termination.

 

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(b)  Termination For Cause. Employee's employment may
be terminated by Employer for "Cause" upon the occurrence of one or more of the following events: (i) Employee's personal
dishonesty or willful misconduct which causes material injury to Employer; (ii) breach of fiduciary duty involving personal profit;
(iii) intentional failure to perform his duties; (iv) willful violation of any law, rule or regulation (other than traffic violations
or similar offenses) or final cease and desist order; (v) a material breach of any provision of this Agreement; or (vi) failure
to adequately perform Employee's job duties and responsibilities, including failure to comport oneself with Employer's Guiding
Principles (attached hereto as Addendum A). Prior to a termination for Cause pursuant to paragraphs S(b)(iii), (v) or (vi), Employer
shall provide Employee with a written notice of Employee's performance failures and a thirty (30) day opportunity to cure.

  

(c)  Resignation Without Good Reason. Employee may resign his employment at any time by providing thirty (30) days prior
written notice to the Bank. The Employer is under no obligation to compensate Employee beyond the effective date of his voluntary
termination. At its option Employer may accelerate Employee's last day of employment following his resignation.

 

 (d)  Resignation For Good Reason. Employee may resign his employment with "Good Reason" in the event Employee is not in violation of this Agreement and Employer: (i) materially diminishes Employee's duties; (ii) relocates the Employee's principal office location more than twenty-five (25) miles from its present location which also increases Employee's commuting distance by over twenty-five (25) miles; or (iii) reduces the Employee' s compensation or other benefits below the level specified herein. Upon occurrence of any of these events, Employee shall have thirty (30) days to provide Employer with written notice of his intention to resign with "Good Reason". In the event the Employee elects to resign with " Good Reason" and provided that Employee is not in violation of any term of this Agreement, Employee shall be entitled to receive the Termination Payments for a period of one (1) year from the termination date, subject to Employee entering into a release of claims agreement in a form acceptable to Employer.

 

    	 	4	 

     

    

 

(e)  Death or Disability. This Agreement shall automatically terminate upon the death or disability of Employee. Employee
shall be considered "disabled" if Employee is unable to physically or mentally perform his essential job duties for
a total of ninety (90) days within any one hundred eighty (180) day period with or without a reasonable accommodation. Upon such
termination, Employee shall not be entitled to any additional compensation hereunder, provided, however that the foregoing shall
not prejudice Employee's right to be paid all compensation earned through the date of termination of this Agreement and/or to
collect the benefits provided by any applicable insurance policies maintained for the benefit of Employee or Employee's beneficiaries
related to Employee' s death or disability.

 

		6.	Change
                                         in Control.

 

 (a)  Definition. A "Change of Control" shall occur upon any of the following events:

 

(i) 
A reorganization, merger, consolidation or sale of all or substantially all of the assets of the Employer, or a similar transaction,
in any case in which the holders of the voting stock of the Employer prior to such transaction do not hold a majority of the voting
power of the resulting entity; or

 

(ii)  the individuals who constitute the "Incumbent Board" of the Employer cease for
any reason to constitute a majority thereof. ("Incumbent Board" means the Board of Directors of the Employer on the
date hereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a voting
of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by members or stockholders
was approved by the same nominating committee serving under an Incumbent Board, shall be considered as though he or she
were a member of the Incumbent Board); or

 

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(iii)  at such time as (1) any "person" (as the term is used in Section 13(d) and 14(d) of the Exchange Act) other than
the Employer or the trustees or any administration of any employee stock ownership plan and trust, or any other employee benefit
plans, established by Employer from time to time is or becomes a "beneficial owner" (as defined in Rule 13-d under the
Exchange Act) directly or indirectly, of securities of the Employer representing 35% or more of the Employer's outstanding securities
ordinarily having the right to vote at the election of directors; or

 

 (iv)  a tender offer is made for 35% or more of the voting securities of the Employer and the shareholders owning beneficially or of record 35% or more of the outstanding securities of the Employer have tendered or offered to sell their shares pursuant to such tender and such tendered shares have been accepted by the tender offeror.

 

(b)  Termination Upon a Change in Control. Upon the termination of Employee's employment without Cause following the
occurrence of a Change of Control, Employee shall be entitled to receive a lump sum payment in an amount equivalent to two (2)
times Employee's then current base salary plus the sum of the bonuses from the prior two years; provided, however, that in no
event shall any payments or benefits provided for hereunder constitute an "excess parachute payment" under Section 280G
of the Internal Revenue Code of 1986, as amended or any successor thereto, and in order to avoid such a result the benefits provided
for hereunder will be reduced, if necessary, to an amount which is one dollar ($1.00) less than an amount equal to three (3) times
Employee's "base amount" as determined in accordance with such Section 280G. In addition
to the foregoing, Employee shall be entitled to receive from Employer, or its successor, the right to continue participation in
any health insurance or other insurance plans that Employee was participating in prior as of the date of termination for a period
of two (2) years thereafter at no cost to the Employee.

 

(c) 
Changes Following Change in Control. If within eighteen (18) months of the occurrence
of a Change in Control, Employer or its successor should: (i) materially diminish Employee's
duties; (ii) relocate the Employee's principal office location more than twenty-five (25) miles from its location immediately
prior to the Change in Control and also increases Employee' s commuting distance by more than twenty-five (25) miles; or (iii)
reduce the Employee's compensation or benefits below the level in effect immediately prior to the Change in Control, Employee
shall have the right to resign his employment for Good Reason and receive the benefits set forth in paragraph 6(b) herein, subject
to the conditions set forth therein.

 

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		7.	Expenses.

 

Employee
may occasionally incur expenses related to the performance of Employee's duties. The Bank will reimburse Employee for business-related
expenses in accordance with the Bank's expense reimbursement policy applicable to executives.

 

		8.	Employee Representations.

 

Employee
represents and warrants that Employee is under no obligation, restriction or limitation, contractual or otherwise, to any other
person or entity that would prohibit or impede Employee from undertaking and performing the duties, responsibilities and obligations
hereunder or otherwise being employed by the Bank and/or the Company, and Employee is free to enter into and perform the terms
and provisions hereof. To the extent Employee is a party to any agreement with a current or former employer, Employee represents
and warrants that Employee has provided a copy of that agreement to the Bank prior to executing this Agreement.

 

		9.	Non-Disclosure of Confidential
                                         and Proprietary Information.

 

Employee
agrees that in order for Employee to perform his duties properly, Employer must necessarily entrust Employee with certain confidential,
secret and proprietary documents, materials, data and other information, in tangible and intangible form, of and relating to the
Bank and the Company, their business, existing and prospective customers, suppliers, vendors and associated third parties (the
 "Confidential Information"). This Confidential Information includes, without limitation, information related to: business
processes, practices, methods, policies, plans, publications, documents, research, operations, services, strategies, techniques,
agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, pending negotiations, know-how,
trade secrets, computer programs, computer software, applications, operating systems, software design, web design, work-in-progress,
databases , manuals, records, articles, systems, material, sources of material, supplier information, vendor information, financial
information, results, accounting information, accounting records, legal information, marketing information, advertising information,
pricing information, credit information, payroll information, staffing information, personnel information, employee lists, supplier
lists, vendor lists, developments, reports, internal controls, security procedures, graphics, drawings, sketches, market studies,
sales information, revenues, costs, formulae, notes, communications, customer lists and customer information of the Bank and the
Company, their existing and prospective customers and business associates, or of any other person or entity that has entrusted
information to the Bank and/or the Company in confidence. Employee understands that the above list is not exhaustive, and that
Confidential Information also includes other information that is marked or otherwise identified as confidential or proprietary,
or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which
the information is known or used.

 

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Employee
understands and acknowledges that the development or acquisition of such Confidential Information is the result of great effort
and expense by the Employer. Employee further understands and acknowledges that the Employer's ability to reserve this Confidential
Information for its exclusive knowledge and use is of great competitive importance and commercial value to the Employer and that
improper use or disclosure of the Confidential Information by Employee will cause the Employer irreparable harm.

 

Employee
understands and agrees that Confidential Information developed by Employee in the course of his employment by the Employer shall
be subject to the terms and conditions of this Agreement as if the Employer furnished the same Confidential Information to Employee
in the first instance. Confidential Information shall not include information that is generally available to and known
by the public, provided that such disclosure to the public is through no direct or indirect fault of Employee or persons acting
on Employee's behalf.

 

Employee agrees that during the term of his employment
with the Employer and at all times thereafter, he shall not disclose, either directly or indirectly through any other person or
entity, or permit unauthorized access to, the Confidential Information or use it in a way, except on behalf of the Employer, whether
or not such Confidential Information is produced by Employee's own efforts, except as permitted by the Chief Executive Officer
in advance in writing.

 

    	 	8	 

     

    

 

Employee agrees that the Employer has received and
in the future will receive from third parties their confidential or proprietary information subject to a duty on the Employer's
part to maintain the confidentiality of and to use such information only for certain limited purposes agreed to by such third
parties. During its engagement by the Employer, and at all times thereafter, Employee shall hold all such confidential or proprietary
information in the strictest confidence and shall not disclose such information to any person or entity or otherwise utilize it
except as is reasonable and necessary in the course of his work for Employer and in strict accordance with any agreement between
the Bank and/or Company and such third party.

 

During employment with the Employer, Employee will
not improperly use or disclose any confidential or proprietary information or trade secrets of any former or concurrent employer
or other person, and Employee will not bring onto the premises of the Employer any confidential or proprietary information or
trade secrets belonging to any such employer or person unless Employee has obtained their prior written consent.

 

		10.	Non-Solicitation of
                                         Customers and Vendors.

 

Employee
understands and acknowledges that Employer has expended and continues to expend significant time and expense in developing customer
and vendor relationships, customer and vendor information and goodwill, and that because of Employee's experience with and relationship
to Employer, Employee will have access to and learn about much or all of the Bank and/or Company's customer and vendor and prospective
customer and vendor information, including, but not limited to, names, phone numbers, addresses, email addresses, and other information
identifying facts and circumstances specific to the customer or vendor or prospective customer or vendor and relevant to the services
provided by the Bank and/or Company. Employee understands and acknowledges that loss of customer and vendor relationships and/or
goodwill and/or interference with this prospective customer or vendor relationship will cause significant and irreparable harm
to Employer.

 

    	 	9	 

     

    

  

Employee
agrees and covenants that during the term of Employee's employment and for a period of twelve (12) months after the employment
relationship ends, for any reason or no reason and whether employment is terminated at the option of Employee or the Employer,
Employee shall not directly or indirectly through another person or entity: (a) solicit any person or entity who was a customer
of the Bank and/or Company at any time during the term of Employee's employment or from whom the Bank and/or Company discussed
or solicited business within one hundred eighty (180) days of the date Employee's employment with the Employer is terminated;
or (b) induce or attempt to induce any customer or vendor of the Bank and/or Company during or after the term of Employee's employment
to reduce, limit or not commence doing business with the Bank and/or Company.

 

		11.	Non-Solicitation of
                                         Employees.

 

Employee
understands and acknowledges that Employer has expended and continues to expend significant time and expense in recruiting and
training its employees and that the loss of employees would cause significant and irreparable harm to the Employer. Employee agrees
and covenants that during the term of Employee's employment and for a period of twelve (12) months thereafter, Employee shall
not directly or indirectly through another person or entity induce or attempt to induce any existing or future employee
of the Bank and/or Company to leave the employ of the Bank and/or Company, or in any way interfere with the relationship between
the Bank and/or Company and such employee, including, without limitation, inducing or attempting to induce any employee or group
of employees to interfere with the business or operations of the Bank and/or Company or to solicit for hire or hire any person
that is employed by the Bank and/or Company.

 

    	 	10	 

     

    

 

		12.	Non-Competition

 

Because
of the Employer's legitimate business interest as described herein and the good and valuable consideration offered to the Employee,
during the term of Employee's employment and for a period of twelve (12) months, to run consecutively, beginning on the last day
of the Employee's employment with the Employer, for any reason or no reason and whether employment is terminated at the option
of the Employee or the Employer, Employee agrees and covenants not to as an officer, director, shareholder, member, owner, employee,
agent, independent contractor or in any other capacity directly or indirectly consult with, be employed by, provide services to,
promote, freelance for or have any interest in any bank or financial services business, firm, partnership or corporation, which
competes with the Bank and/or Company in the business of providing banking and financial services anywhere within fifty (50) miles
of a branch or office of the Bank. Employee agrees that the restrictions in this paragraph 12 protect legitimate business interests
of the Employer and are reasonable in terms of duration, geographic scope and in all other respects. Nothing herein shall prohibit
Employee from purchasing or owning less than five percent (5%) of the publicly traded securities of any corporation, provided
that such ownership represents a passive investment and that the Employee is not a controlling person of, or a member of a group
that controls, such corporation.

 

		13.	Return
                                         of Company Property.

 

Employee
agrees, upon termination of his employment, promptly to deliver to the Bank all records, reports, manuals, programs, files,
keys, building passes, credit cards, books, documents, computer disks or tapes, disk drives, memory sticks and/or any other
property of the Bank and/or Company, including anything that was prepared by or on behalf of the Bank and/or Company or
purchased with Bank and/or Company funds, and to refrain from making, retaining or distributing copies thereof. To the extent
that Employee has any data belonging to the Bank and/or Company or any non-removable magnetic media owned by Employee (for
example, a computer's hard disk drive), Employee agrees that immediately upon termination he will provide the Bank with a
copy of the data and then purge his computer of the data. Employee shall further furnish to the Bank an affidavit attesting
to the foregoing return and destruction of the information within three days of receiving notice under this paragraph.

 

    	 	11	 

     

    

 

		14.	Compelled Disclosure.

 

Notwithstanding
any other provisions herein, if Employee is requested to disclose any Confidential Information to any governmental, regulatory
or other such authority with proper jurisdiction, Employee will promptly notify the Bank and permit the Bank and/or Company to
seek a protective order or to take other appropriate action. Employee will also exercise his reasonable best efforts (subject
to the advice of Employee's legal counsel) to cooperate in the Bank and/or Company's efforts to obtain a protective order or other
reasonable assurance that confidential treatment will be accorded the Confidential Information. If, in the absence of a protective
order, Employee is, in the opinion of Employee's legal counsel, compelled as a matter of law to disclose the Confidential Information,
Employee may disclose to the party compelling disclosure only the part of the Confidential Information as is required by law to
be disclosed.

 

		15.	Remedies.

 

Employee
acknowledges that monetary damages will not be a sufficient remedy for Employee's breach or threatened breach of paragraphs 9
through 14 of this Agreement and that a breach of these provisions by the Employee will cause irreparable harm to the
Employer. As a result, Employee agrees that the Employer shall be entitled to obtain equitable relief, including injunctive
relief and/or specific performance, for any such breach, without having to show proof of actual harm or posting any bond.
Employee further agrees that should he violate these provisions Employer shall be entitled to cease and/or recover any
payments and benefits otherwise owed or paid to Employee pursuant to paragraphs 5 and 6 of this Agreement and that Employer
shall further be entitled to recover all attorneys' fees and court costs associated with its filing and maintaining any such
action against Employee.

 

    	 	12	 

     

    

 

		16.	At-Will
                                         Employment.

 

Unless
otherwise defined in this agreement, employee acknowledges and agrees that he is an at-will employee of the Employer and that
nothing in this Agreement alters his status as an at-will employee. Employee further acknowledges and understands that either
party may terminate Employee's employment at any time with or without cause and with or without prior notice, except as otherwise
provided herein. Employee further acknowledges, understands and agrees that this Agreement does not constitute a promise or guaranty
of employment in any position or for any period of time.

 

		17.	Assignability.

 

This
Agreement is binding upon and shall become the legal obligation of the successors and assigns of Employer. This Agreement is not
assignable by Employee.

 

		18.	Amendments
                                         and Waiver.

 

No
provision hereof may be amended or waived except by a writing executed by both Employee and the Chief Executive Officer on behalf
of the Employer. Any such waiver shall not constitute a waiver of any subsequent breach, failure or violation of the same or other
provisions hereof.

 

		19.	Construction.

 

The
Parties agree that the rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall
not be employed in the interpretation of this Agreement.

 

    	 	13	 

     

    

 

		20.	Entire Agreement.

 

This
Agreement supersedes any and all prior agreements, either oral or in writing, between the parties hereto with respect to the subject
matter thereof. This Agreement is void ab initio if the Merger Agreement is terminated for any reason.

 

		21.	Headings.

 

The
headings and titles to sections in this Agreement are intended solely for convenience and no provision of this Agreement is to
be construed by reference to the heading or title of any section.

 

		22.	Governing Law and Jurisdiction.

 

This
Agreement and the rights and obligations of the parties shall be interpreted, construed and enforced in accordance with the laws
of the State of New Jersey, without reference to conflict of laws principles. All claims and actions relating to this Agreement
shall be brought only in the state or federal courts of New Jersey, and the parties acknowledge and agree to the exclusive venue
and personal and subject matter jurisdiction of such courts, and waive all objections thereto, including, without limitation,
that of inconvenient forum. The parties further waive their right to a trial by jury to the fullest extent allowed under applicable
law.

 

		23.	Severability.

 

Each
provision of this Agreement constitutes a separate and distinct undertaking, covenant and/or provision hereof. In the event that
any provision of this Agreement shall finally be determined to be unlawful and not subject to reformation, such provision shall
be deemed severed from this Agreement, but every other provision of this Agreement shall remain in full force and effect.

 

    	 	14	 

     

    

 

	 	AGREED AND ACCEPTED:
	 	 	 
	 	/s/ George Lista
	 	George Lista
	 	 	 
	 	 	 
	 	On Behalf of SB One Bancorp
	 	 	 
	 	By:	/s/ Anthony Labozzetta
	 	 	Anthony Labozzetta
	 	 	President and Chief Executive Officer
	 	 	 
	 	On Behalf of SB One Bank
	 	 	 
	 	By:	/s/ Anthony Labozzetta
	 	 	Anthony Labozzetta
	 	 	President and Chief Executive Officer

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