Document:

Exhibit 10.7.1

                                 FIRST AMENDMENT
                                       TO
                              EMPLOYMENT AGREEMENT

         THIS FIRST AMENDMENT  (this "FIRST  AMENDMENT") is made as of September
26, 2003, by  and among  TRUSTCOMPANY  BANCORP,  a New Jersey  corporation  (the
"COMPANY"), THE TRUST COMPANY OF NEW JERSEY, a New Jersey bank (the "BANK"), and
ALAN J. WILZIG, an individual residing at 53 N. Moore Street, Apt. 4D, New York,
New York 10013 (the  "EXECUTIVE") to amend certain  provisions of the Employment
Agreement  dated as of September  25, 2002 among the  Company,  the Bank and the
Executive (the  "EMPLOYMENT  AGREEMENT").  Capitalized  terms not defined herein
have the meanings set forth in the Employment Agreement.

                         W I T N E S S E T H   T H A T:

         WHEREAS,  the  Company,  the Bank and the  Executive  entered  into the
Employment Agreement; and

         WHEREAS,  the Board of Directors of the Company and the Bank, and their
respective  Compensation  Committees,   at  meetings  held  in  September  2003,
concluded  that the  Employment  Agreement  should be  amended to (i) change the
manner  of  extending  the  Employment  Period,  (ii)  clarify  the  Executive's
participation in employee  benefit plans and perquisites,  and (iii) clarify the
definition of, and provisions  governing the  termination  upon or following,  a
"change of control"; and

         WHEREAS,  the Executive has agreed to such amendments and is willing to
provide the services under the Employment Agreement as amended hereby.

         NOW,  THEREFORE,  in  consideration  of the  foregoing  and the  mutual
premises  contained  herein,  and other  good and  valuable  consideration,  the
receipt and sufficiency of which are hereby  acknowledged,  the parties agree as
follows:

         1.       Section 2(b)  of  the  Employment  Agreement is deleted in its
entirety and is hereby replaced with the following provision:

                  "(b) The  Employment  Period  shall be subject to extension in
                  the following  manner:  On each  anniversary of the Employment
                  Commencement   Date  (each,   an  "ANNIVERSARY   DATE"),   the
                  Employment Period shall  automatically be extended to continue
                  through  the day before  the third  (3rd)  anniversary  of the
                  relevant  Anniversary Date, unless the Executive,  the Company
                  or  the  Bank  elects  not to so  extend  this  Agreement,  as
                  amended,  by giving  written notice thereof to the other party
                  prior to the  Anniversary  Date. In  determining  whether to a
                  give a notice that this Agreement, as amended, shall not be so
                  extended  or to allow this  Agreement,  as  amended,  to be so
                  extended,  the Boards of Directors

<PAGE>

                  of the  Company  and the  Bank  (or a  compensation  committee
                  thereof)  shall do so on the basis of an annual  review of the
                  Executive's performance on or about fifteen (15) days prior to
                  the Anniversary Date, it being understood that each such Board
                  of Directors (or  compensation  committee  thereof)  shall act
                  independently  in making  such  determination  and  either the
                  Company   or  the  Bank  (or   both)  may  give  a  notice  of
                  non-extension. The review set forth in this Section 2(b) shall
                  not  limit  in  any  manner  any  review  of  the  Executive's
                  performance in the ordinary course of his  employment.  If the
                  Employment  Period is extended by the Company but not the Bank
                  (or  vice-versa),  at the conclusion of the Employment  Period
                  with the  employer  that does not extend  this  Agreement,  as
                  amended (the  "NON-EXTENDING  EMPLOYER"),  the  Executive  (i)
                  shall be discharged  from his position with the  Non-Extending
                  Employer but shall not be entitled to the Standard Termination
                  Entitlements,  the Additional Termination Entitlements, or the
                  other  benefits  or  severance  payments  set  forth  in  this
                  Agreement, as amended, in respect of such discharge;  and (ii)
                  shall remain employed with the extending  employer pursuant to
                  the terms hereof during the remainder of the Employment Period
                  as so  extended,  and  all  obligations  hereunder,  including
                  benefits  and  entitlements  due to the  Executive  hereunder,
                  shall  be  assumed   by  and   provided   by  such   employer,
                  notwithstanding anything herein to the contrary."

         2.       Section  5  of  the  Employment  Agreement  is  deleted in its
entirety and is hereby replaced with the following provisions:

                  "Section 5.  PARTICIPATION IN EMPLOYEE  BENEFIT PLANS.  During
                  the Employment  Period,  the Executive  shall be treated as an
                  employee  of the Company and the Bank and shall be entitled to
                  participate  in  and  receive   benefits  under  any  and  all
                  qualified  or  non-qualified  retirement,   pension,  savings,
                  profit-sharing  or stock bonus plans,  any and all group life,
                  health (including hospitalization, medical and major medical),
                  dental, accident and long-term disability insurance plans, and
                  any other employee benefit and compensation  plans (including,
                  but not  limited  to,  any  incentive  compensation  plans  or
                  programs,  stock  option  and  appreciation  rights  plans and
                  restricted stock plans) as may from time to time be maintained
                  by, or cover executive  officers of, the Company and the Bank,
                  in accordance  with the terms and  conditions of such employee
                  benefit plans and programs and compensation plans and programs
                  and  consistent  with the Company's  and the Bank's  customary
                  practices.  In addition,  the  Executive  shall be entitled to
                  perquisites that are generally available to executive officers
                  of the Company and the Bank.  Notwithstanding  the  foregoing,
                  the  Company and the Bank  reserve

                                      -2-
<PAGE>

                  the right to alter,  amend,  and rescind their  benefits plans
                  and  programs  and  employee   contribution  levels  in  their
                  discretion, provided that they do so with respect to all other
                  executive officers."

         3.       Section  14(a)  of  the Employment Agreement is deleted in its
entirety and is hereby replaced with the following provision:

                  "(a) A "CHANGE OF  CONTROL"  shall be deemed to have  occurred
                  upon the  happening of any of the  following  events:  (i) the
                  consummation of a  reorganization,  merger or consolidation of
                  the  Company  with one or more  other  persons,  other  than a
                  transaction  following  which:  (A) at least 51% of the equity
                  ownership   interests  of  the  entity   resulting  from  such
                  transaction are beneficially owned (within the meaning of Rule
                  13d-3 promulgated  under the Securities  Exchange Act of 1934,
                  as  amended   ("EXCHANGE  ACT"))  in  substantially  the  same
                  relative proportions by persons who, immediately prior to such
                  transaction,  beneficially  owned  (within the meaning of Rule
                  13d-3  promulgated under the Exchange Act) at least 51% of the
                  outstanding equity ownership interests in the Company; and (B)
                  at least 51% of the  securities  entitled to vote generally in
                  the election of directors  of the entity  resulting  from such
                  transaction are beneficially owned (within the meaning of Rule
                  13d-3 promulgated under the Exchange Act) in substantially the
                  same relative proportions by persons who, immediately prior to
                  such  transaction,  beneficially  owned (within the meaning of
                  Rule 13d-3 promulgated under the Exchange Act) at least 51% of
                  the  securities  entitled to vote generally in the election of
                  directors  of the  Company;  (ii)  the  acquisition  of all or
                  substantially  all of the assets of the Company or  beneficial
                  ownership  (within the meaning of Rule 13d-3 promulgated under
                  the Exchange Act) of 50% or more of the outstanding securities
                  of the Company  entitled to vote  generally in the election of
                  directors  by any person or by any persons  acting in concert;
                  (iii) a complete  liquidation  or  dissolution of the Company;
                  (iv) the  occurrence  of any event if,  immediately  following
                  such  event,  at  least  50% of the  members  of the  Board of
                  Directors of the Company do not belong to any of the following
                  groups:  (A)  individuals  who were  members  of the  Board of
                  Directors of the Company on the date of this Agreement  (i.e.,
                  September  25,  2002);  or (B)  individuals  who first  became
                  members of the Board of  Directors  of the  Company  after the
                  date of this Agreement (i.e.,  September 25, 2002) either: (1)
                  upon  election to serve as a member of the Board of  Directors
                  of the  Company  by  affirmative  vote  of  two-thirds  of the
                  members of such board, or of a nominating  committee  thereof,
                  in  office  at the time of such  first  election;  or (2) upon
                  election  by the  shareholders  of

                                      -3-
<PAGE>

                  the  Company to serve as a member of such  board,  but only if
                  nominated  for election by  affirmative  vote of two-thirds of
                  the members of the Board of Directors of the Company,  or of a
                  nominating  committee  thereof,  in office at the time of such
                  first nomination;  PROVIDED,  HOWEVER,  that such individual's
                  election  or  nomination  did not  result  from an  actual  or
                  threatened election contest (within the meaning of Rule l4a-11
                  of Regulation 14A promulgated under the Exchange Act) or other
                  actual or  threatened  solicitation  of  proxies  or  consents
                  (within  the  meaning  of  Rule  14a-11  of   Regulation   14A
                  promulgated under the Exchange Act) other than by or on behalf
                  of the Board of  Directors  of the  Company;  or (v) any event
                  which would be described in Section  14(a)(i),  (ii), (iii) or
                  (iv)  if  the  term  "Bank"  were  substituted  for  the  term
                  "Company"  therein.  In no event,  however,  shall a Change of
                  Control  be  deemed  to  have   occurred  as  a  result  of  a
                  reorganization of the Bank as a wholly owned subsidiary of the
                  Company  as a bank  holding  company  under  the Bank  Holding
                  Company Act, in which transaction the stockholders of the Bank
                  become   stockholders   of  such  bank   holding   company  in
                  substantially  the same  proportions  as their holdings in the
                  Bank,  or of any  acquisition  of  securities or assets of the
                  Company,  the Bank,  or a subsidiary of either of them, by the
                  Company,  the Bank, or any  subsidiary of either of them,  any
                  employee  benefit plan  maintained  by any of them,  or by any
                  person  who owns five  percent  or more of the  Bank's  common
                  stock  on the  date of this  Agreement  (i.e.,  September  25,
                  2002).  For purposes of this Section 14(a),  the term "person"
                  shall have the meaning assigned to it under Sections  13(d)(3)
                  or 14(d)(2) of the Exchange Act."

         4.       Section  14(c)  of  the Employment Agreement is deleted in its
entirety and is hereby replaced with the following provision:

                  "(c) Notwithstanding  anything in this Agreement,  as amended,
                  to the contrary,  if the Executive's  employment with the Bank
                  and the Company  terminates  due to death or disability  after
                  the  occurrence of a Pending Change of Control and if a Change
                  of Control occurs within two (2) years after such  termination
                  of employment,  he (or in the event of his death,  his estate)
                  shall  be  entitled  to  receive  the   Standard   Termination
                  Entitlements and the Additional Termination  Entitlements that
                  would have been payable if a Change of Control had occurred on
                  the date of his  termination of employment and he had resigned
                  for Good Reason immediately thereafter; PROVIDED, that payment
                  shall be deferred without interest until, and shall be payable
                  immediately  upon,  the  actual  occurrence  of  a  Change  of
                  Control."

                                      -4-
<PAGE>

         5.       The following shall be added to the end of  Section  14 of the
Employment Agreement:

                  "(f) In the event  that the  employment  of the  Executive  is
                  terminated  by the  Executive for Good Reason or is terminated
                  by the  Company  and the Bank  without  Cause,  and a  Pending
                  Change of Control  occurs prior to the later of the expiration
                  of the Employment  Period then in effect (without  considering
                  such   termination)  or  six  months  following  the  date  of
                  termination of  employment,  the Company or the Bank shall pay
                  the  Standard  Termination  Entitlements  and  the  Additional
                  Termination  Entitlements  that would  have been  payable if a
                  Change of Control had occurred on the date of his  termination
                  of  employment,  provided,  that  payment  shall  be  deferred
                  without interest until, and shall be payable  immediately upon
                  (and  only  upon),  the  actual  occurrence  of the  Change of
                  Control."

         6.       The Company, the Bank and the Executive affirm the  continuing
validity of the Employment Agreement, as amended by this First Amendment.

         7.       This  First  Amendment  shall be governed by and construed and
enforced in accordance  with  the laws of the State of New Jersey  applicable to
contracts  entered  into  and  to  be performed entirely within the State of New
Jersey.

                             SIGNATURE PAGE FOLLOWS

                                      -5-
<PAGE>

         IN WITNESS  WHEREOF,  the parties  hereto have duly executed this First
Amendment as of the day and year first above written.

                                          THE TRUST COMPANY OF NEW JERSEY

                                          By: /s/ Dr. Jerome Quint
                                              ---------------------------
                                              Name:  Dr. Jerome Quint
                                              Title: Chairman of the
                                                     Compensation Committee

                                          TRUSTCOMPANY BANCORP

                                          By: /s/ Dr. Jerome Quint
                                              ---------------------------
                                              Name:  Dr. Jerome Quint
                                              Title: Chairman of the
                                                     Compensation Committee

                                          EXECUTIVE:

                                          /s/ Alan J. Wilzig
                                          -------------------------------
                                          Alan J. Wilzig

                                      -6-EMPLOYMENT AGREEMENT

      THIS  EMPLOYMENT  AGREEMENT  (this  "AGREEMENT") is made as of October 22,
2003,  by  and  among  TRUSTCOMPANY  BANCORP,  a  New  Jersey  corporation  (the
"COMPANY"), THE TRUST COMPANY OF NEW JERSEY, a New Jersey bank (the "BANK"), and
William S. Burns, an individual residing at 11 Nottingham Road, Short Hills, New
Jersey 07078 (the "EXECUTIVE").

                             INTRODUCTORY STATEMENTS

      A.    The Bank and the Company  anticipate  undertaking  a  reorganization
pursuant to which the Bank will become a wholly owned  subsidiary of the Company
(the "REORGANIZATION").

      B.    The Executive has served the Bank and the Company since  November 4,
2002 as an executive officer and as Chief Financial Officer since January 2003.

      C.    In order to secure the Executive's  employment with the Bank and the
Company,  the Bank and the Company entered into a letter agreement dated January
7, 2003 and a supplemental letter thereto dated February 5, 2003 (together,  the
"PRIOR LETTER AGREEMENT") with the Executive, setting forth certain terms of the
Executive's employment with the Bank and the Company.

      D.    The Boards of Directors  of the Company and the Bank have  concluded
that  the  Executive's  service  to the Bank and the  Company  warrants  certain
modifications to the Prior Letter Agreement, which modifications are believed to
be in the best interests of the Bank, the Company and their  shareholders.  They
also consider it desirable to establish a working  environment for the Executive
which  minimizes  the  personal  distractions  that might  result from  possible
business  combinations  in which the Company or the Bank might be involved.  For
these  reasons,  the Board of Directors of the Company and the Bank have decided
to restate the terms and conditions of the Executive's employment to those forth
set forth in this  Agreement,  which shall in all respects  supercede  the Prior
Letter Agreement.

      E.    The Executive has accepted the Bank's and the Company's  restatement
of the terms and conditions of the Executive's  employment to those set forth in
this Agreement, rather than those of the Prior Letter Agreement.

      NOW, THEREFORE, the parties hereto, in consideration of the foregoing, the
mutual  covenants  and  agreements  hereinafter  set  forth,  and other good and
valuable  consideration,  the  receipt  and  sufficiency  of  which  are  hereby
acknowledged, agree as follows:

      Section 1.   EMPLOYMENT.   The Company and the Bank hereby offer to employ
the  Executive,  and the Executive  hereby accepts such  employment,  during the
period and upon the terms and conditions set forth in this Agreement.

<PAGE>

      Section 2.   EMPLOYMENT PERIOD.

            (a)   The Company and the Bank shall employ the Executive for (i) an
initial  period of two (2) years  beginning on the date of this  Agreement  (the
"EMPLOYMENT  COMMENCEMENT  DATE") and ending on the day before the second  (2nd)
anniversary  of the  Employment  Commencement  Date,  and (ii) the period of any
additional extensions described in Section 2(b) (the "EMPLOYMENT PERIOD").

            (b)   The  Employment  Period  shall be subject to  extension in the
following manner: On each anniversary of the Employment Commencement Date (each,
an "ANNIVERSARY DATE"), the Employment Period shall automatically be extended to
continue  through the day before the second  (2nd)  anniversary  of the relevant
Anniversary Date, unless the Executive, the Company or the Bank elects not to so
extend the Agreement by giving  written  notice thereof to the other party prior
to the  Anniversary  Date.  In  determining  whether to a give a notice that the
Agreement  shall not be so extended or to allow the Agreement to be so extended,
the Boards of Directors of the Company and the Bank (or a compensation committee
thereof)  shall  do so on the  basis  of an  annual  review  of the  Executive's
performance  on or about  fifteen (15) days prior to the  Anniversary  Date,  it
being  understood that each such Board of Directors (or  compensation  committee
thereof) shall act  independently  in making such  determination  and either the
Company or the Bank (or both) may give a notice of non-extension. The review set
forth in this  Section  2(b)  shall not limit in any  manner  any  review of the
Executive's  performance  in  the  ordinary  course  of his  employment.  If the
Employment  Period is extended by the Company but not the Bank (or  vice-versa),
at the  conclusion  of the  Employment  Period with the  employer  that does not
extend this Agreement (the "NON-EXTENDING EMPLOYER"), the Executive (i) shall be
discharged  from his position with the  Non-Extending  Employer but shall not be
entitled  to the  Standard  Termination  Entitlements  or the other  benefits or
severance payments set forth in Section 8 in respect of such discharge; and (ii)
shall remain employed with the extending  employer  pursuant to the terms hereof
during  the  remainder  of  the  Employment  Period  as  so  extended,  and  all
obligations hereunder,  including benefits and entitlements due to the Executive
hereunder,  shall be assumed by and provided by such  employer,  notwithstanding
anything herein to the contrary.

            (c)   Nothing  in this  Agreement  shall be deemed to  prohibit  the
Company or the Bank from terminating the Executive's  employment  before the end
of the Employment  Period with or without notice for any reason.  This Agreement
shall determine the relative rights and obligations of the Bank, the Company and
the Executive in the event of any such termination. In addition, nothing in this
Agreement  shall require the  termination of the  Executive's  employment at the
expiration  of  the  Employment  Period,   PROVIDED  that  any  continuation  of
employment  must be in writing.  Any such  continuation  shall be subject to the
terms of this Agreement.

      Section 3.  DUTIES.  The Executive shall serve as Executive Vice President
and Chief Financial Officer of the Bank and the Company,  reporting  directly to
the  Chief  Executive  Officer  of the  Company  and the Bank.  The  Executive's
responsibilities  shall be those  consistent with the position  described in the
preceding sentence,  including,  financial  management and reporting,  strategic
planning,  treasury, asset/ liability management, and investor relations as well
as working with the Chief  Executive  Officer in managing  capital  planning and
issuance, mergers and acquisitions,  and corporate strategy. The Executive shall
devote his entire business time and

                                      -2-
<PAGE>

attention to the business and affairs of the Company and the Bank,  use his best
efforts to  advance  the  Company's  and the Bank's  best  interests,  and shall
perform his duties to the best of his  abilities.  The terms of the  Executive's
employment  is subject to, and the  Executive  shall be entitled to the benefits
of,  the  policies  of the  Company  and the  Bank in place  from  time to time,
including those regarding termination of employment of executive officers.

      Section 4.  COMPENSATION. In consideration for the services to be rendered
by the  Executive  hereunder,  the Company  and/or the Bank,  as the case may be
(subject  to Section  14),  shall pay to him an  annualized  salary at a minimum
annual rate of Two Hundred Seventy Five Thousand Dollars ($275,000),  payable in
approximately  equal installments in accordance with their respective  customary
payroll practices for executive  officers.  In addition to salary, the Executive
shall  receive from the Company  and/or the Bank,  as the case may be, a minimum
annual cash bonus for each twelve months of the Employment Period of One Hundred
Fifty Thousand  Dollars  ($150,000),  paid in accordance  with their  respective
bonus  policies  for  executive  officers.  The Company and the Bank reserve the
right to  pro-rate  the  annual  cash bonus so that the timing of any cash bonus
payments is consistent  with the timing of the cash bonus  payments to the other
executive  officers of the Bank and the Company.  Any additional  bonus shall be
payable  in  the  sole  discretion  of  the  Chief  Executive  Officer  and  the
Compensation Committee of the Bank.

         Section  5.  PARTICIPATION  IN  EMPLOYEE  BENEFIT  PLANS.   During  the
Employment  Period, the Executive shall be treated as an employee of the Company
and the Bank and shall be entitled to participate in and receive  benefits under
any  and  all  qualified  or   non-qualified   retirement,   pension,   savings,
profit-sharing  or stock bonus plans, any and all group life,  health (including
hospitalization,  medical and major  medical),  dental,  accident and  long-term
disability  insurance  plans,  and any other employee  benefit and  compensation
plans  (including,  but not  limited  to, any  incentive  compensation  plans or
programs, stock option and appreciation rights plans and restricted stock plans)
as may from time to time be maintained by, or cover  executive  officers of, the
Company  and the Bank,  in  accordance  with the terms  and  conditions  of such
employee  benefit  plans and  programs and  compensation  plans and programs and
consistent with the Company's and the Bank's customary  practices.  In addition,
the Executive shall be entitled to perquisites  that are generally  available to
executive officers of the Company and the Bank.  Notwithstanding  the foregoing,
the Company and the Bank reserve the right to alter,  amend,  and rescind  their
benefits  plans  and  programs  and  employee   contribution   levels  in  their
discretion,  PROVIDED  that  they  do so with  respect  to all  other  executive
officers.  The  Executive  shall be  entitled to four weeks  vacation,  plus two
personal days, per annum, for each year during the Employment  Period (pro rated
for any partial year).

      Section 6.  INDEMNIFICATION AND INSURANCE.  During the  Employment  Period
and for a period of six years  thereafter (the "COVERAGE  PERIOD"),  the Bank or
the Company shall cause the Executive to be covered by any policy or contract of
insurance  obtained by them to insure their executive  officers against personal
liability for acts or omissions in connection  with service as an officer of the
Company or the Bank,  or  service  in other  capacities  at their  request.  The
coverage  provided to the  Executive  pursuant to this Section 6 shall be of the
same  scope  and on the same  terms  and  conditions  as the  coverage  (if any)
provided to other  executive  officers  of the  Company or the Bank.  During the
Coverage Period, the Company and the Bank shall indemnify the Executive against,
and hold the Executive harmless from, any costs (including attorney's

                                      -3-
<PAGE>

fees), liabilities, losses and exposures to the extent and on the most favorable
terms and conditions  that similar  indemnification  is offered to any executive
officer of the Company or the Bank.

      Section 7.  WORKING FACILITIES  AND EXPENSES.  The  Executive's  principal
place of employment shall be at the Bank's executive offices, at its location on
the date  hereof  or as  relocated  no more  than  forty  (40)  miles  from such
location,  or at such other  location as the Bank, the Company and the Executive
may mutually agree upon. The Bank and the Company shall provide the Executive at
his principal place of employment with a private  office,  secretarial  services
and other support  services and  facilities  suitable to his positions  with the
Company  and the  Bank and  necessary  or  appropriate  in  connection  with the
performance of his assigned duties under this Agreement.  The Bank shall provide
to the Executive for his exclusive use an automobile owned or leased by the Bank
and  appropriate  to his position,  to be used in the  performance of his duties
hereunder,  including commuting to and from his personal residence.  The Bank or
the Company  shall  reimburse  the  Executive  for his  ordinary  and  necessary
business expenses,  including,  without limitation, his travel and entertainment
expenses  incurred in connection  with the  performance of his duties under this
Agreement,  in each case, upon  presentation to the payer of an itemized account
of such expenses in such form as the Bank may reasonably require.

      Section 8.  TERMINATION  OF  EMPLOYMENT.  The  employment of the Executive
hereunder shall terminate upon the earlier to occur of the following,  and shall
have the consequences set forth below:

            (a)   EXPIRATION OF EMPLOYMENT PERIOD.  Expiration of the Employment
Period and any extension thereof shall not be deemed a termination of employment
entitling the Executive to any termination benefits other than payment of salary
accrued  to  the  effective  date  of  termination  and   reimbursement  of  any
reimbursable expenses (the "STANDARD TERMINATION ENTITLEMENTS").

            (b)   TERMINATION  OF THE  EXECUTIVE  BY THE  COMPANY  FOR  CAUSE OR
VOLUNTARY  RESIGNATION  OF THE  EXECUTIVE FOR OTHER THAN  EMPLOYER  BREACH.  The
Company and the Bank may  terminate  the  Executive's  employment  for Cause (as
defined  below)  without any prior notice,  and the Executive may resign,  other
than for  Employer  Breach  (as  defined  below) or other than after a Change of
Control  (as  defined on Annex A) as set forth in  subsection  (e)  below,  from
employment  under this  Agreement at any time by giving the Company and the Bank
thirty (30) days prior written notice of such termination.  In either such event
the Executive shall be entitled to receive the Standard Termination Entitlements
(but no other severance under this Agreement).  "CAUSE" means: the Executive (A)
has willfully or  intentionally  (i) failed to perform his assigned duties under
this  Agreement  in any  material  respect  or (ii)  breached  the terms of this
Agreement in any material  respect;  (B) engaged in dishonest or illegal conduct
in connection with the  Executive's  performance of services for the Bank or the
Company  or has  been  convicted  of a  felony  or  engaged  in an act of  moral
turpitude;  (C) has violated in any material respect any final  cease-and-desist
order from or written agreement with any judicial or regulatory authority having
jurisdiction  over the Bank or the Company  with respect to his  performance  of
services for the Bank or the Company; or (D) materially violated the policies of
the Bank or the Company in place from time to time during the Employment  Period
of which the Executive had prior notice.

                                      -4-
<PAGE>

With respect to subsections  (A) and (D) above,  the Executive shall be provided
with written notice by the Bank or the Company,  as the case may be,  reasonably
specifying  the  nature of the cause and be given a  reasonable  opportunity  to
cure,  if subject to cure,  which shall be no less than  fifteen  (15)  business
days.  "EMPLOYER  BREACH"  means the  Company or the Bank is in breach of any of
Sections 1 through 7 of this Agreement.

            (c)   DEATH OR DISABILITY. The Executive employment pursuant to this
Agreement shall automatically terminate in the event of, and on the date of, the
Executive's  death or in the event that the  Executive  is unable to perform the
Executive's duties under this Agreement due to Disability (as defined below). In
either such event the Executive (or his estate) shall be entitled to receive the
Standard Termination  Entitlements,  plus a pro-rated bonus to the date of death
or  Disability,  as the case may be.  "DISABILITY"  means a  physical  or mental
disability  which prevents the Executive  from  performing his duties under this
Agreement for a period of at least 90  consecutive  days or 120  non-consecutive
days within any 12-month period.

            (d)   TERMINATION  BY THE COMPANY  WITHOUT CAUSE OR BY THE EXECUTIVE
FOR EMPLOYER BREACH. If the Executive's  employment is terminated by the Company
and the Bank prior to a Change of Control for other than Cause or if there is an
Employer  Breach which the Company  and/or the Bank has not cured after  written
notice from the  Executive  reasonably  specifying  the nature of the breach and
after a  reasonable  opportunity  to cure such breach,  if subject to cure,  the
Company and/or the Bank shall: (i) pay to the Executive the Standard Termination
Entitlements  and, until the later of the expiration of the Employment Period or
six  months  following  the  date  of  termination  (the  "SEVERANCE   PERIOD"),
Executive's  salary and pro-rated bonus;  (ii) cause the accelerated  vesting of
all options for the purchase of stock of the Bank and/or the Company  granted to
the  Executive by the Company or the Bank  pursuant to stock option plans of the
Company or the Bank,  to the  extent  that the  applicable  stock  option  plans
permit,  or give the  administrator  of such plans  discretion  to permit,  such
acceleration;  and (iii) during the Severance  Period  provide the Executive and
his  covered  dependents  continued  life,  health  (including  hospitalization,
medical and major medical),  dental, and long-term disability insurance benefits
on  substantially  the  same  terms  and  conditions   (including  any  required
premium-sharing arrangements, co-payments and deductibles) in effect immediately
prior to the  Executive's  termination,  subject to the  Company  and the Bank's
right to alter,  amend,  and  rescind  their  benefits  plans and  programs  and
employee contribution levels in their discretion,  PROVIDED that they do so with
respect to all  executive  officers.  The  coverage  provided  pursuant  to this
Section 8(d) may, at the  election of the Bank and the Company,  be secondary to
any  employer-paid  coverage  provided  by  a  subsequent  employer  or  through
Medicare,  with the result that benefits  under the other  coverages will offset
the  coverage  required  by  this  Section  8(d).  It is  understood  that  such
requirement  to provide  health  benefits may be satisfied by (i) the Company or
the Bank providing  continued health  insurance  coverage under the Bank's group
health  insurance  plan,  pursuant  to Sections  601 et.  seq.  of the  Employee
Retirement Income Security Act of 1974 ("COBRA COVERAGE"),  on the same basis as
that provided  generally to employees of the Bank,  with the Bank or the Company
bearing the entire cost of such COBRA  Coverage)  and/or (ii) the Company or the
Bank purchasing an individual health insurance policy to cover the Executive. In
the event that the  employment  of the  Executive is terminated by the Executive
for Employer  Breach or is terminated by the Company and the Bank without Cause,
and a Pending  Change of Control (as defined in on Annex A) occurs  prior to the
later  of the  expiration  of the  Employment  Period  then in  effect  (without
considering such termination) or six

                                      -5-
<PAGE>

months following the date of termination of employment,  the Company or the Bank
shall pay the  Payment  (as  defined  below)  that would have been  payable if a
Change of Control had  occurred on the date of his  termination  of  employment,
provided,  that the Payment shall be deferred  without interest until, and shall
be payable immediately upon (and only upon), the actual occurrence of the Change
of Control.

            (e)   TERMINATION  BY THE EXECUTIVE  AFTER A CHANGE OF CONTROL.  The
Executive  shall be entitled,  upon five days' written notice from the Executive
to the Company and the Bank,  to terminate  his  employment  within  ninety days
after a Change of Control  (as  defined on Annex A) and if the  Executive  makes
such election,  a cash payment (the "PAYMENT") shall be made to the Executive by
the  Company or the Bank,  within five  business  days' of such  termination  of
employment (unless the Executive agrees, in his sole discretion,  to receive the
Payment or a portion thereof at a later date),  equal to the greater of (A) Nine
Hundred Fifty Thousand  Dollars  ($950,000) or (B) twice his salary in effect at
such time plus twice the greatest annual cash bonus paid to the Executive by the
Company or the Bank. The Executive agrees to use reasonable efforts to cooperate
with the Company  and the Bank to avoid or minimize an excise tax under  Section
4999 of the  Internal  Revenue  Code of 1986  (the  "CODE"),  PROVIDED  that the
Executive   shall  receive  the  Payment  within  five  business  days  of  such
termination of the Executive's  employment  (unless the Executive agrees, in his
sole  discretion,  to receive the Payment or a portion thereof at a later date).
In such event,  in addition to the making of the Payment (and any other payments
required  hereunder),  at the time of the making of the Payment,  the Bank shall
transfer to the Executive  unencumbered  title to the automobile  then furnished
pursuant  to  Section  7  hereof  by the  Bank for the  Executive's  use.  It is
understood  that the  transfer  of such  title  shall  be  included  within  the
indemnity  described  in Section 9 hereof to the extent  that such  transfer  is
included as part of any excess parachute  payment for which  indemnification  is
required thereunder.

            (f)   TERMS AND CONDITIONS OF PAYMENTS. The termination payments set
forth in Section  8(d) and  Section  8(c) with  respect to  Disability,  and the
making of the Payment  under Section 8(e),  are expressly  conditioned  upon the
Executive's  execution and delivery of a severance and general release agreement
and the expiration of any applicable  revocation periods.  The Company, the Bank
and the  Executive  further  agree  that the  Company  and the Bank may  further
condition  the payment and  delivery of any such  payments on the receipt of the
Executive's resignation from any and all positions which he holds as an officer,
director  or  committee  member  with  respect to the  Company,  the Bank or any
subsidiary or affiliate of either of them.

            (g)   TERMINATION  BY  EITHER  THE  COMPANY  OR  THE  BANK.  If  the
Executive  is  discharged  by the Company or the Bank (but not both)  during the
Employment  Period, the Executive (i) shall be discharged from his position with
the  terminating  employer;  (ii) shall remain  employed with the other employer
that has not  discharged him pursuant to the terms hereof,  and all  obligations
hereunder,  including benefits and entitlements due to the Executive  hereunder,
shall be assumed by and  provided  by such  employer,  notwithstanding  anything
herein  to the  contrary;  and  (iii)  shall  not be  entitled  to the  Standard
Termination  Entitlements or the other benefits or severance  payments set forth
in this Section 8.

                                      -6-
<PAGE>

      Section 9.  TAX INDEMNITY FOR CHANGE OF CONTROL PAYMENT.

            (a)   If the Executive's  employment  terminates under circumstances
entitling  him  (or in the  event  of his  death,  his  estate)  to the  Payment
described  in Section 8(e) above,  the Company  and/or the Bank shall pay to the
Executive (or in the event of his death,  his estate) an additional  amount (the
"TAX INDEMNITY  PAYMENT") intended to indemnify  Executive against the financial
effects of the excise tax imposed on excess  parachute  payments  under  Section
4999 of the  Code.  The Tax  Indemnity  Payment  shall be  determined  under the
following formula:

     X   =                  E  X  P
            -------------------------------------------
                1- [(FI x (1 - SLI)) + SLI + E + M]

     E   =  the percentage rate at which an excise tax is assessed under Section
            4999 of the Code;

     P   =  the  amount  with  respect to which  such  excise  tax is  assessed,
            determined without regard to this Section 9;

     FI  =  the highest  marginal rate of income tax applicable to the Executive
            under the Code for the taxable year in question;

     SLI =  the sum of the highest  marginal  rates of income tax  applicable to
            the  Executive  under all  applicable  state and local  laws for the
            taxable year in question; and

     M   =  the  highest  marginal  rate  of  Medicare  tax  applicable  to  the
            Executive under the Code for the taxable year in question.

Such computation shall be made at the expense of the Company by an attorney or a
firm of independent  certified public accountants  selected by the Executive and
reasonably  satisfactory  to the  Company and the Bank (the "TAX  ADVISOR")  and
shall be based on the following assumptions:

                  (i)   that a  change  in  ownership,  a  change  in  effective
      ownership  or  control,  or a change  in the  ownership  of a  substantial
      portion of the assets,  of the Bank or the Company has occurred within the
      meaning of Section 280G of the Code (a "280G CHANGE OF CONTROL");

                  (ii)  that all direct or indirect payments made to or benefits
      conferred  upon the Executive on account of his  termination of employment
      are "parachute  payments"  within the meaning of Section 280G of the Code;
      and

                  (iii) that  no  portion  of  such   payments   is   reasonable
      compensation for services rendered prior to his termination of employment.

            (b)   With respect to any payment that is presumed to be a parachute
payment for  purposes of Section  280G of the Code,  the Tax  Indemnity  Payment
shall be made to the

                                      -7-
<PAGE>

Executive  on the earlier of the date the Company or the Bank,  or any direct or
indirect subsidiary or affiliate of the Company is required to withhold such tax
or the date the tax is required to be paid by the  Executive,  unless,  prior to
such date, the Company or the Bank delivers to the Executive a written  opinion,
in form and  substance  reasonably  satisfactory  to the  Executive,  of the Tax
Advisor or of an attorney or firm of independent  certified  public  accountants
selected  by  the  Company  or  the  Bank  and  reasonably  satisfactory  to the
Executive,  to the effect that the Executive has a reasonable  basis on which to
conclude that (i) no 280G Change of Control has occurred, or (ii) all or part of
the payments or benefits in question are not parachute  payments for purposes of
Section  280G of the Code,  or (iii) all or a part of such  payments or benefits
constitute  reasonable  compensation for services rendered prior to or following
the 280G Change of  Control,  or (iv) for some other  reason  which shall be set
forth in detail in such letter,  no excise tax is due under  Section 4999 of the
Code with  respect to such  payment or benefit (the  "OPINION  LETTER").  If the
Company or the Bank delivers an Opinion Letter, the Tax Advisor shall recompute,
and the Company or the Bank shall make, the Tax Indemnity Payment in reliance on
the information contained in the Opinion Letter.

            (c)   In the event that the Executive's liability for the excise tax
under Section 4999 of the Code for a taxable year is subsequently  determined to
be different than the amount with respect to which the Tax Indemnity  Payment is
made,  the  Executive or the Company  and/or the Bank, as the case may be, shall
pay to the other party at the time that the amount of such excise tax is finally
determined,  an appropriate  amount,  plus interest,  such that the payment made
under  Section  9(b),  when  increased  by the amount of the payment made to the
Executive  under this Section 9(c), or when reduced by the amount of the payment
made to the Company  and/or the Bank under this Section 9(c),  equals the amount
that should have  properly been paid to the  Executive  under Section 9(a).  The
interest  paid to the Company  and/or the Bank under this  Section 9(c) shall be
determined at the rate provided  under Section  1274(b)(2)(B)  of the Code.  The
payment  made to the  Executive  shall  include  such  amount of  interest as is
necessary  to satisfy  any  interest  assessment  made by the  Internal  Revenue
Service and an additional amount equal to any monetary penalties assessed by the
Internal  Revenue  Service on account of an  underpayment  of the excise tax. To
confirm that the proper  amount,  if any, was paid to the  Executive  under this
Section 9, the  Executive  shall  furnish to the  Company and the Bank a copy of
each tax return which  reflects a liability  for an excise tax, at least 20 days
before the date on which such return is  required to be filed with the  Internal
Revenue Service. The Company and the Bank shall have the right to participate in
and control any action,  suit or proceeding to which the Executive is a party as
a result of positions taken on his federal income tax return with respect to his
liability for excise taxes under Section 4999 of the Code.

      Section 10. RESTRICTIVE COVENANTS.

            (a)   SOLICITATION.  The Executive  hereby covenants and agrees that
during the course of the Executive's  employment and for a period of twelve (12)
months  following the date of the termination of employment with the Company and
the Bank (the "RESTRICTED PERIOD"), the Executive shall not, without the written
consent of the Company and the Bank, either directly or indirectly: (i) solicit,
hire,  offer  employment  to,  or take  any  other  action  intended,  or that a
reasonable person acting in like circumstances  would expect, to have the effect
of causing any officer or employee, or any person who was within the twelve (12)
months prior to the

                                      -8-
<PAGE>

Executive's  termination of employment an officer or employee of the Bank or the
Company or their  respective  subsidiaries or affiliates to terminate his or her
employment and accept  employment or become affiliated with, or provide services
for compensation in any capacity whatsoever to, any bank, trust company, savings
bank,  savings and loan  association,  savings and loan  holding  company,  bank
holding company, insurance company or agency or other institution engaged in the
business  of  accepting  deposits,  making  loans or doing  business  within the
Restricted Area ("RESTRICTED BUSINESS"); (ii) provide any information, advice or
recommendation  with respect to any such  officer or employee of any  Restricted
Business  that  is  intended,  or  that  a  reasonable  person  acting  in  like
circumstances  would  expect,  to have the  effect of  causing  any  officer  or
employee  of the  Bank  or the  Company  or  their  respective  subsidiaries  or
affiliates  to  terminate  his  employment  and  accept   employment  or  become
affiliated with, or provide services for compensation in any capacity whatsoever
to any Restricted Business; or (iii) solicit, provide any information, advice or
recommendation  or take any other action intended,  or that a reasonable  person
acting in like  circumstances  would  expect,  to have the effect of causing any
customer  of the Bank or the  Company  to  terminate  an  existing  business  or
commercial  relationship  with the Bank or the Company (it being understood that
the Executive shall not be in breach of (iii) above if a customer of the Bank or
the Company  terminates its relationship  with the Bank or the Company upon such
customer's own volition  without the  Executive's  solicitation  or other action
specified  above).  For purposes of this Agreement,  "RESTRICTED AREA" means any
city or county in the State of New Jersey,  Rockland  County,  New York,  or any
other county in which the Bank or the Company maintains an office or branch.

            (b)   CONFIDENTIALITY.   Unless  the  Executive  obtains  the  prior
written  consent  of  the  Company  and  the  Bank,  the  Executive  shall  keep
confidential  and shall refrain from using for the benefit of the Executive,  or
any person or entity other than the Company or the Bank or any entity which is a
subsidiary  or  affiliate  of the Company or the Bank or of which the Company or
the Bank is a subsidiary or an affiliate,  any document or information  obtained
from the Company, the Bank and their respective  subsidiaries or affiliates,  in
the  course of the  Executive's  employment  with any of them  concerning  their
properties,  operations,  businesses,  or  customers  (unless  such  document or
information  is readily  ascertainable  from public or published  information or
trade  sources or has  otherwise  been made  available to the public  through no
fault of the  Executive)  until the same  ceases to be  material  (or becomes so
ascertainable or available);  PROVIDED, HOWEVER, that nothing in this Section 10
shall  prevent  the  Executive,  with or  without  the  Company's  or the Bank's
consent,  from  participating  in or  disclosing  documents  or  information  in
connection  with any  judicial,  regulatory,  or  administrative  investigation,
inquiry or  proceeding  to the extent that such  participation  or disclosure is
required under applicable law and the Executive provides reasonable prior notice
of such  disclosure  to the Company to afford same a reasonable  opportunity  to
contest such disclosure.

            (c)   REMEDIES. The Executive acknowledges that, in the event of any
breach of this Section 10 by him, the Company and the Bank and their  affiliates
would be harmed  irreparably  and  immediately  and  could not be made  whole by
monetary damages. Accordingly, the Company, the Bank and each such affiliate, in
addition to any other remedy to which it may be  entitled,  shall be entitled to
equitable  relief,  including  injunctive  relief,  to prevent any breach of the
provisions of Section 10 and to compel  specific  performance  of the provisions
hereof. Each of the covenants of the Executive under Section 10 shall be for the
benefit of the Company,

                                      -9-
<PAGE>

the Bank and each of their affiliates (and their successors and assigns). In the
event any such party obtains  injunctive relief through judicial  enforcement of
the  provisions  contained  in this  Section  10,  the  periods of time for each
restriction  or right  shall  commence  at the  point in time at which  there is
judicial  enforcement of each such  restriction or right. In the event of a stay
of a lower  court  ruling,  the  period of time shall  commence  upon the higher
court's  disposition of any appeal, writ or petition.  None of the Company,  the
Bank, and any affiliate  shall be required to post any bond or other security in
connection with any proceeding to enforce this Section 10.

            (d)   INTERPRETATION  OF  COVENANTS.  Each of the  covenants in this
Section 10 shall be construed  as  independent  of any other  covenants or other
provisions of this Agreement. If any court of competent jurisdiction at any time
deems  the  Restricted  Period  unreasonably  lengthy,  or the  Restricted  Area
unreasonably extensive, or any of the covenants set forth in this Section 10 not
fully  enforceable,  the other provisions of this Section 10, and this Agreement
in general,  will  nevertheless  stand and to the fullest extent consistent with
law  continue in full force and effect.  It is the  intention  and desire of the
parties  that the court treat any  provisions  of this  Agreement  which are not
fully  enforceable as having been modified to the extent deemed necessary by the
court to render them  reasonable and enforceable and that the court enforce them
to such  extent (for  example,  that the  Restricted  Period be deemed to be the
longest period  permissible by law, but not in excess of the length provided for
in this  Section 10, and the  Restricted  Area be deemed to comprise the largest
territory  permissible by law under the  circumstances,  but not larger than the
Restricted  Area set forth in this  Section  10).  In the  event  the  Executive
breaches any of the covenants in this Section 10, the Restricted  Period for any
such covenant shall be extended by that amount of time in which the Executive is
in breach of said covenant.

      Section 11.  COOPERATION.  The Executive agrees, both during and after the
Employment  Period,  to cooperate with any  investigation (x) of the Bank or the
Company or any of their  respective  subsidiaries  or  affiliates  in which such
party cooperates with the investigating  party or (y) by the Bank or the Company
or their  respective  subsidiaries  or  affiliates,  in each case,  of  possible
misconduct  or  noncompliance  involving  the  Bank  or  the  Company  or  their
respective  subsidiaries  or affiliates or any present or former employee of the
Bank or the Company or their  respective  subsidiaries  or affiliates,  PROVIDED
that the Bank and/or the Company shall promptly  reimburse the Executive for any
reasonable out of pocket expense that the Executive shall incur in the course of
such  cooperation  and, if  requested  by the  Executive  and if deemed by legal
counsel  selected by the Bank and/or  Company and  reasonably  acceptable to the
Executive to be appropriate  to avoid a conflict of interest,  shall provide the
Executive  with such legal  counsel  (or other  legal  counsel  selected  by the
Company and/or the Bank and reasonably acceptable to the Executive) to represent
the Executive in connection with such investigation.

      Section 12.   NO  EFFECT  ON  EMPLOYEE  BENEFIT  PLANS  OR  PROGRAMS.  The
termination of the Executive's  employment  during the term of this Agreement or
thereafter,  whether by the Company, by the Bank or by the Executive, shall have
no  effect  on the  rights  and  obligations  of the  parties  hereto  under the
Company's or the Bank's qualified or non-qualified retirement, pension, savings,
thrift,  profit-sharing  or stock bonus  plans,  group life,  health  (including
hospitalization,  medical and major  medical),  dental,  accident  and long term
disability  insurance  plans or such other employee  benefit plans,  programs or
policies, or compensation plans, programs, or policies, as may be maintained by,
or cover  employees  of, the  Company  or the Bank from time to time;  PROVIDED,
HOWEVER, that nothing in this Agreement shall be deemed to

                                      -10-
<PAGE>

duplicate any  compensation  or benefits  provided under any agreement,  plan or
program  covering  the  Executive  to  which  the  Company  is a  party  and any
duplicative  amount payable under any such  agreement,  plan or program shall be
applied as an offset to reduce the amounts otherwise payable hereunder.

      Section 13.  SUCCESSORS  AND  ASSIGNS.  This  Agreement  will inure to the
benefit of and be binding  upon the  Executive,  his legal  representatives  and
testate  or  intestate  distributees,  and the  Company  and the Bank and  their
respective  successors  and  assigns,  including  any  successor  by  merger  or
consolidation or a statutory receiver or any other person or firm or corporation
to which all or substantially  all of the assets and business of the Company and
the Bank may be sold or otherwise transferred. This Agreement is personal to the
Executive  and the Executive may not assign or delegate any of his or its rights
or  obligations  hereunder  without first  obtaining the written  consent of the
Company and the Bank.  Any  assignment  in violation of this Section 13 shall be
null and void.

      Section 14.  NON-DUPLICATION.  This Agreement  provides that the Executive
shall  perform  services for the Company,  the Bank and other direct or indirect
subsidiary or affiliate of the Company or the Bank. Any compensation or benefits
provided to the Executive by each such  employer  shall be applied to offset the
obligations of the Company and the Bank  hereunder,  it being intended that this
Agreement  set forth the  aggregate  compensation  and  benefits  payable to the
Executive for all services to the Company,  the Bank and all of their respective
direct or indirect subsidiaries and affiliates.

      Section  15.  REQUIRED  REGULATORY  PROVISIONS.  Notwithstanding  anything
herein  contained to the contrary,  any payments to the Executive by the Company
or the Bank, whether pursuant to this Agreement or otherwise, are subject to and
conditioned  upon their  compliance  with Section  18(k) of the Federal  Deposit
Insurance  Act,  12 U.S.C.  Section  1828(k),  and any  regulations  promulgated
thereunder.

      Section 16. INDEMNIFICATION FOR ATTORNEY'S FEES.

            (a)   The Company  shall  indemnify,  hold  harmless  and defend the
Executive against reasonable costs, including legal fees and expenses,  incurred
by him in  connection  with or arising  out of any  action,  suit or  proceeding
(including any tax controversy) in which he may be involved,  as a result of his
efforts,  in good  faith,  to defend  or  enforce  the terms of this  Agreement,
provided that Executive shall not be entitled to such  indemnification  if he is
duly  terminated  for Cause  pursuant  to Section  8(b).  For  purposes  of this
Agreement, any settlement agreement which provides for payment of any amounts in
settlement  of the  Company's  or the  Bank's  obligations  hereunder  shall  be
conclusive evidence of the Executive's entitlement to indemnification hereunder,
and any such  indemnification  payments shall be in addition to amounts  payable
pursuant  to  such  settlement  agreement,   unless  such  settlement  agreement
expressly provides otherwise.

            (b)   The Company's  obligation to make the payments provided for in
this Agreement and otherwise to perform its  obligations  hereunder shall not be
affected by any set-off, counterclaim, recoupment, defense or other claim, right
or action  which the Company may

                                      -11-
<PAGE>

have  against  the  Executive  or others.  In no event  shall the  Executive  be
obligated to seek other employment or take any other action by way of mitigation
of the amounts  payable to the  Executive  under any of the  provisions  of this
Agreement  and such amounts  shall not be reduced  whether or not the  Executive
obtains other  employment.  Unless the Executive is duly terminated for Cause or
it is  determined  by a unanimous  vote of the Board of Directors of the Company
that the Executive has acted in bad faith, the Company shall pay as incurred, to
the full  extent  permitted  by law,  all  legal  fees and  expenses  which  the
Executive  may  reasonably  incur  as a  result  of or in  connection  with  his
consultation with legal counsel or arising out of any action, suit,  proceeding,
tax controversy or contest  (regardless of the outcome  thereof) by the Company,
the  Executive  or  others  regarding  the  validity  or  enforceability  of, or
liability under, any provision of this Agreement or any guarantee of performance
thereof  (including as a result of any contest by the Executive about the amount
of any payment  pursuant to this  Agreement),  plus in each case interest on any
delayed  payment  or  required  reimbursement  at the  applicable  Federal  rate
provided for in Section  7872(f)(2)(A)  of the Code.  This  Section  16(b) shall
apply whether such  consultation,  action,  suit,  proceeding or contest  arises
before, on, after or as a result of a Change of Control.

            (c)   Within five (5) business days  following the execution of this
Agreement,  the Bank shall pay the fees and expenses of the Executive's  counsel
actually  incurred in connection  with the  preparation  and negotiation of this
Agreement, up to a maximum of Ten Thousand Dollars ($10,000).

      Section 17. NOTICES.  Any communication  required or permitted to be given
under this Agreement,  including any notice,  direction,  designation,  consent,
instruction,  objection  or waiver,  shall be in writing  and shall be deemed to
have been given at such time as it is delivered  personally,  or five days after
mailing if mailed,  postage  prepaid,  by registered or certified  mail,  return
receipt  requested,  addressed  to such party at the address  listed below or at
such other address as one such party may by written  notice specify to the other
party:

      If to the  Executive  to the  address  set  forth in the  heading  of this
Agreement.

       With a copy to:                  St. John & Wayne, L.L.C.
                                        70 East 55th Street
                                        New York, New York  10022
                                        Attention:  David T. Harmon, Esq.

       If to the Company or the Bank:   The Trust Company of New Jersey
                                        35 Journal Square
                                        Jersey City, New Jersey  07306
                                        Attention: Office of the General Counsel

       with a copy to:                  Lowenstein Sandler PC
                                        65 Livingston Avenue
                                        Roseland, New Jersey 07068
                                        Attention:  Martha L. Lester, Esq.

                                      -12-
<PAGE>

      Section 18. RELATIVE  OBLIGATIONS OF THE BANK AND THE COMPANY. The Company
shall, with respect to the Executive's  services  hereunder and the compensation
therefor and with respect to any termination of the Executive's employment, have
all of the  obligations  imposed on the Bank under  this  Agreement  to the same
extent as though the name of the Company  were  substituted  for the name of the
Bank herein and the Executive shall, with respect to the services  hereunder and
the compensation therefor and with respect to any termination of the Executive's
employment,  have all of the  rights,  privileges  and  duties  relative  to the
Company as though the name of the Company were  substituted  for the name of the
Bank  herein.  If the  Executive  performs  services  for  both the Bank and the
Company,  any entitlement of the Executive to severance  compensation  and other
termination  benefits under this  Agreement  shall be determined on the basis of
the aggregate compensation payable to the Executive by the Bank and the Company,
and liability therefor shall be apportioned  between the Bank and the Company in
the same manner as  compensation  paid to the  Executive for services to each of
them; PROVIDED,  HOWEVER, that the Company shall be jointly and severally liable
with the Bank for all obligations of the Bank under this Agreement,  and, to the
extent not  inconsistent  with  applicable law or regulation,  or the regulatory
policy of any bank regulatory agency having jurisdiction over the Bank, the Bank
shall be jointly and severally  liable with the Company for all  obligations  of
the Company under this  Agreement.  It is the intent and purpose of this Section
18 that the Executive have the same legal and economic rights that he would have
if all of his services were rendered to and all of his compensation were paid by
the Company.  This  Agreement  shall be construed and enforced to give effect to
such intent and purpose.

      Section 19. MISCELLANEOUS.

            (a)   CONSTRUCTION.  This Agreement constitutes the entire agreement
of the parties  with respect to the subject  matter  hereof and  supersedes  any
prior  written or oral  agreements,  including  the Prior Letter  Agreement.  No
amendments or additions to this Agreement shall be binding unless in writing and
signed by the parties  hereto.  The Section  headings used in this Agreement are
included solely for  convenience and shall not affect,  or be used in connection
with, the interpretation of this Agreement.

            (b)   WAIVER.  Failure to insist upon strict  compliance with any of
the terms,  covenants or conditions  hereof shall not be deemed a waiver of such
term, covenant,  or condition.  A waiver of any provision of this Agreement must
be made in writing, designated as a waiver, and signed by the party against whom
its enforcement is sought.  Any waiver or  relinquishment  of any right or power
hereunder   at  any  one  or  more  times  shall  not  be  deemed  a  waiver  or
relinquishment of such right or power at any other time or times.

            (c)   SEVERABILITY. The provisions of this Agreement shall be deemed
severable and the  invalidity  or  unenforceability  of any provision  shall not
affect the validity or enforceability of the other provisions hereof.

            (d)   GOVERNING LAW; JURISDICTION. Except to the extent preempted by
federal law, this  Agreement  shall be governed by and construed and enforced in
accordance  with the laws of the State of New  Jersey  applicable  to  contracts
entered into and to be performed  entirely  within the State of New Jersey.  The
parties hereto irrevocably submit to the exclusive jurisdiction of the courts of
the state of New Jersey and the United States District Court for the

                                      -13-
<PAGE>

District  of New  Jersey  for the  purpose of any suit,  action,  proceeding  or
judgment  relating to or arising out of this Agreement and the  transactions and
performance contemplated hereby. Each of the parties hereto irrevocably consents
to the jurisdiction of any such court in any such suit, action or proceeding and
to the laying of venue in such court. Each party hereto  irrevocably  waives any
objection to the laying of venue of any such suit, action or proceeding  brought
in such courts and  irrevocably  waives any claim that any such suit,  action or
proceeding brought in any such court has been brought in an inconvenient  forum.
EACH PARTY HERETO IRREVOCABLY WAIVES THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY.

            (e)   WITHHOLDING.   The  Bank  and  the  Company  may  directly  or
indirectly  withhold  from any payments  made under this  Agreement all federal,
state,  city or other  taxes  and all  other  deductions  as  shall be  required
pursuant  to any law or  governmental  regulation  or ruling or  pursuant to any
contributory benefit plan maintained by or on behalf of the Company or the Bank.

            (f)   COUNTERPARTS.  This  Agreement  may  be  executed  in  several
counterparts,  for the convenience of the parties,  but shall constitute one and
the same instrument.

            (g)   SURVIVAL. Sections 6, 8 through 18 and this Section 19 of this
Agreement  shall survive the termination of this Agreement to give effect to the
purposes thereof.

                             SIGNATURE PAGE FOLLOWS

                                      -14-
<PAGE>

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

                                 THE TRUST COMPANY OF NEW JERSEY

                                By: /s/ Alan J. Wilzig
                                    --------------------------------------------
                                    Name:  Alan J. Wilzig
                                    Title: President and Chief Executive Officer

                                 TRUSTCOMPANY BANCORP

                                By: /s/ Alan J. Wilzig
                                    --------------------------------------------
                                    Name:  Alan J. Wilzig
                                    Title: President and Chief Executive Officer

                                 EXECUTIVE

                                 /s/ William S. Burns
                                 -----------------------------------------------
                                 William S. Burns

                                      -15-
<PAGE>

                                   APPENDIX A

      (a)   A "CHANGE  OF  CONTROL"  shall be deemed to have  occurred  upon the
happening  of  any  of  the  following   events:   (i)  the  consummation  of  a
reorganization,  merger or  consolidation  of the Company with one or more other
persons,  other  than a  transaction  following  which:  (A) at least 51% of the
equity  ownership  interests of the entity  resulting from such  transaction are
beneficially  owned  (within  the  meaning of Rule 13d-3  promulgated  under the
Securities  Exchange Act of 1934, as amended  ("Exchange Act")) in substantially
the  same  relative  proportions  by  persons  who,  immediately  prior  to such
transaction,  beneficially  owned (within the meaning of Rule 13d-3  promulgated
under  the  Exchange  Act) at  least  51% of the  outstanding  equity  ownership
interests in the  Company;  and (B) at least 51% of the  securities  entitled to
vote  generally in the election of directors of the entity  resulting  from such
transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated
under the  Exchange  Act) in  substantially  the same  relative  proportions  by
persons who,  immediately prior to such transaction,  beneficially owned (within
the meaning of Rule 13d-3  promulgated  under the Exchange  Act) at least 51% of
the  securities  entitled to vote  generally in the election of directors of the
Company;  (ii) the acquisition of all or substantially  all of the assets of the
Company or beneficial  ownership  (within the meaning of Rule 13d-3  promulgated
under the  Exchange  Act) of 50% or more of the  outstanding  securities  of the
Company entitled to vote generally in the election of directors by any person or
by any persons acting in concert; (iii) a complete liquidation or dissolution of
the Company;  (iv) the  occurrence of any event if,  immediately  following such
event,  at least 50% of the members of the Board of  Directors of the Company do
not belong to any of the following  groups:  (A) individuals who were members of
the Board of  Directors  of the  Company on the date of this  Agreement;  or (B)
individuals  who first  became  members of the Board of Directors of the Company
after the date of this Agreement either:  (1) upon election to serve as a member
of the Board of Directors of the Company by  affirmative  vote of  two-thirds of
the members of such board, or of a nominating  committee  thereof,  in office at
the time of such first election; or (2) upon election by the shareholders of the
Company to serve as a member of such board,  but only if nominated  for election
by  affirmative  vote of  two-thirds of the members of the Board of Directors of
the Company, or of a nominating committee thereof, in office at the time of such
first  nomination;   provided,  however,  that  such  individual's  election  or
nomination did not result from an actual or threatened  election contest (within
the meaning of Rule 14a-11 of Regulation 14A promulgated under the Exchange Act)
or other actual or threatened  solicitation  of proxies or consents  (within the
meaning of Rule l4a-11 of  Regulation  14A  promulgated  under the Exchange Act)
other than by or on behalf of the Board of Directors of the Company;  or (v) any
event  which  would  be  described  in  clauses  (a)(i),  (ii),  (iii)  or  (iv)
hereinabove if the term "Bank" were  substituted  for the term "the Company" (as
defined  below)  therein.  In no event,  however,  shall a Change of  Control be
deemed to have occurred as a result of a reorganization  of the Bank as a wholly
owned subsidiary of the Company as a bank holding company under the Bank Holding
Company  Act,  in  which   transaction  the  stockholders  of  the  Bank  become
stockholders of such bank holding company in substantially  the same proportions
as their holdings in the Bank, or of any  acquisition of securities or assets of
the Company,  the Bank, or a subsidiary  of either of them, by the Company,  the
Bank, or any subsidiary of either of them, any employee  benefit plan maintained
by any of them,  or by any  person  who owns five  percent or more of the Bank's
common stock on the date of this  Agreement.  For purposes of this Section,  the
term "person" shall have the meaning  assigned to it under Sections  13(d)(3) or
14(d)(2) of the Exchange Act.

                                      -16-
<PAGE>

      (b)   For purposes of this Agreement,  a "PENDING CHANGE OF CONTROL" shall
mean:  (i) the signing of a definitive  agreement  for a transaction  which,  if
consummated,  would result in a Change of Control;  (ii) the  commencement  of a
tender offer which, if successful, would result in a Change of Control; or (iii)
the circulation of a proxy statement seeking proxies in opposition to management
in an  election  contest  which,  if  successful,  would  result  in a Change of
Control.

      (c)   If  the  Executive's  employment  with  the  Bank  and  the  Company
terminates due to death or Disability,  as defined in the Agreement above, after
the  occurrence of a Pending Change of Control which results in an actual Change
of Control within one (1) year after such  termination of employment,  he (or in
the event of his death,  his  estate)  shall be  entitled to receive the Payment
that would have been  payable if a Change of Control had occurred on the date of
his  termination  of  employment;  provided,  that the Payment shall be deferred
without  interest  until,  and shall be  payable  immediately  upon,  the actual
occurrence of a Change of Control.

                                      -17-

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