Document:

Second Amendment dated December 27, 2005 to Severance Agreement

 Exhibit 10.47 
  
 SECOND AMENDMENT TO SEVERANCE AGREEMENT 
 MADE AS OF DECEMBER 4, 2002 
  
 Robert W. Dowens, Sr. (the “Employee”) and Town Bank, formerly known as The Town Bank of Westfield (the “Bank”) have previously entered into a Severance Agreement made as of December 4, 2002, as amended (the
“Agreement”). The parties have agreed that the term of that Agreement should be extended and, accordingly, agree: 
  

	 	(1)	The reference to December 31, 2005 in Paragraph 2 of the Agreement is hereby amended to read March 31, 2006. 

  

	 	(2)	Except for that change, the Agreement shall remain in full force and effect and the parties hereby ratify and affirm all terms of the Agreement. 

  
  
 WITNESS:

  
  

							
				
	 /s/ NICHOLAS A. FRUNGILLO, JR.
	 	 	 	 	 	 /s/ ROBERT W. DOWENS, SR.

	 NICHOLAS A. FRUNGILLO, JR.,
	 	 	 	 	 	 ROBERT W. DOWENS, SR. Employee

  

							
				
	 ATTEST:
	 	 	 	 	 	 TOWN BANK

				
	 /s/ Angela Bellino
	 	 	 	By:	 	 /s/ Joseph F.X. O’Sullivan

	 Angela Bellino, Secretary
	 	 	 	 	 	      Joseph F.X. O’Sullivan, Chairman

	 	 	 	 	 	 	      of the Board of Directors

  
  
 December 27, 2005Second Amendment dated December 27, 2005 to Severance Agreement

 Exhibit 10.48 
  
 SECOND AMENDMENT TO SEVERANCE AGREEMENT 
 MADE AS OF DECEMBER 4, 2002 
  
 Nicholas A. Frungillo, Jr. (the “Employee”) and Town Bank, formerly known as The Town Bank of Westfield (the “Bank”) have previously entered into a Severance Agreement made as of December 4, 2002, as amended (the
“Agreement”). The parties have agreed that the term of that Agreement should be extended and, accordingly, agree: 
  

	 	(1)	The reference to December 31, 2005 in Paragraph 2 of the Agreement is hereby amended to read March 31, 2006. 

  

	 	(2)	Except for that change, the Agreement shall remain in full force and effect and the parties hereby ratify and affirm all terms of the Agreement. 

  
  
 WITNESS:

  
  

							
				
	 /s/ ROBERT W. DOWENS, SR.
	 	 	 	 	 	 /s/ NICHOLAS A. FRUNGILLO, JR.

	 ROBERT W. DOWENS, SR.
	 	 	 	 	 	 NICHOLAS A. FRUNGILLO, JR.,

	 	 	 	 	 	 	 Employee

  

							
				
	 ATTEST:
	 	 	 	 	 	 TOWN BANK

				
	 /s/ Angela Bellino
	 	 	 	By:	 	 /s/ Joseph F.X. O’Sullivan

	 Angela Bellino, Secretary
	 	 	 	 	 	 Joseph F.X. O’Sullivan, Chairman

	 	 	 	 	 	 	 of the Board of Directors

  
  
 December 27, 2005Amendment dated January 4, 2006 to the Town Bank 1999 Employee Stock Option Plan

 Exhibit 10.49 
  
 THE TOWN BANK 
  
 AMENDMENT TO 1999 EMPLOYEE STOCK OPTION PLAN 
  
 This Amendment, dated this 4th day of January 2006 is made by The Town Bank, a commercial bank chartered under the laws of New Jersey (the “Bank”). 
  
 Preliminary Statement 
  
 WHEREAS, the Bank has heretofore adopted the 1999 Employee Stock Option Plan (the “Plan”); and 
  
 WHEREAS, on August 16, 2005, the Board of Directors (the
“Board”) of the Bank approved the Agreement and Plan of Acquisition (the “Acquisition Agreement”) by and among Ten Penny-Rialto Holdings, Inc. (now known as Community Partners Bancorp) (“Parent”), Two River Community
Bank (“Two River”), and the Bank in which Parent is to acquire all of the shares of capital stock of each of the Bank and Two River in exchange for shares of Parent common stock in an “acquisition” under Section 17:9A-355
et seq. of the New Jersey Banking Act of 1948, as amended; and 
  
 WHEREAS, the Board of Directors, in consultation with Parent and Two River, finds it advisable to amend the Plan such that, conditioned upon and concurrently with, the consummation of the acquisition contemplated by the Acquisition
Agreement, the vesting schedule of all outstanding options under the Employee Option Plans shall automatically be accelerated and all such options not then exercisable shall as a result become immediately exercisable. 
  
 NOW THEREFORE, in consideration of the premises, the Bank amends the
Plan as follows: 
  
 1.    The Plan is hereby
be amended to add the following new Section 7, clause (f), reading as follows: 
  
 “(f)    Notwithstanding anything to the contrary in this Section 7, conditioned upon, and concurrently with, the closing of the acquisition contemplated by the Agreement and Plan of
Acquisition dated as of August 16, 2005 (the “Acquisition Agreement”) by and among Ten Penny-Rialto Holdings, Inc. (now known as Community Partners Bancorp) (“Parent”), Two River Community Bank (“Two River”) and
the Bank, all Options heretofore and hereafter granted pursuant to this Plan shall become immediately exercisable for the full amount of Shares covered thereby, to the extent not previously exercised.” 
  
 2.    Except as expressly modified herein, all the terms
and conditions of the Plans deemed to be an original, and all of which taken together constitute one and the same instrument. 
  
 IN WITNESS WHEREOF, the undersigned have executed as of the date written above. 
  

			
	THE TOWN BANK
		
	By:	 	/s/    Robert W. Dowens, Sr.
	 	 	Robert W. Dowens, Sr.
	 	 	President and CEOAmendment dated January 4, 2006 to The Town Bank 2000 Employee Stock Option Plan

 Exhibit 10.50 
  
 THE TOWN BANK 
  
 AMENDMENT TO 2000 EMPLOYEE STOCK OPTION PLAN 
  
 This Amendment, dated this 4th day of January 2006 is made by The Town Bank, a commercial bank chartered under the laws of New Jersey (the “Bank”). 
  
 Preliminary Statement 
  
 WHEREAS, the Bank has heretofore adopted the 2000 Employee Stock Option Plan (the “Plan”); and 
  
 WHEREAS, on August 16, 2005, the Board of Directors (the
“Board”) of the Bank approved the Agreement and Plan of Acquisition (the “Acquisition Agreement”) by and among Ten Penny-Rialto Holdings, Inc. (now known as Community Partners Bancorp) (“Parent”), Two River Community
Bank (“Two River”), and the Bank in which Parent is to acquire all of the shares of capital stock of each of the Bank and Two River in exchange for shares of Parent common stock in an “acquisition” under Section 17:9A-355
et seq. of the New Jersey Banking Act of 1948, as amended; and 
  
 WHEREAS, the Board of Directors, in consultation with Parent and Two River, finds it advisable to amend the Plan such that, conditioned upon and concurrently with, the consummation of the acquisition contemplated by the Acquisition
Agreement, the vesting schedule of all outstanding options under the Employee Option Plans shall automatically be accelerated and all such options not then exercisable shall as a result become immediately exercisable. 
  
 NOW THEREFORE, in consideration of the premises, the Bank amends the
Plan as follows: 
  
 1.    The Plan is hereby
be amended to add the following new Section 7, clause (f), reading as follows: 
  
 “(f)    Notwithstanding anything to the contrary in this Section 7, conditioned upon, and concurrently with, the closing of the acquisition contemplated by the Agreement and Plan of
Acquisition dated as of August 16, 2005 (the “Acquisition Agreement”) by and among Ten Penny-Rialto Holdings, Inc. (now known as Community Partners Bancorp) (“Parent”), Two River Community Bank (“Two River”) and
the Bank, all Options heretofore and hereafter granted pursuant to this Plan shall become immediately exercisable for the full amount of Shares covered thereby, to the extent not previously exercised.” 
  
 2.    Except as expressly modified herein, all the terms
and conditions of the Plans deemed to be an original, and all of which taken together constitute one and the same instrument. 
  
 IN WITNESS WHEREOF, the undersigned have executed as of the date written above. 
  

			
	 THE TOWN BANK

		
	By:	 	/s/    Robert W. Dowens, Sr.
	 	 	Robert W. Dowens, Sr.
	 	 	President and CEOAmendment dated January 4, 2006 to The Town Bank 2001 Employee Stock Option Plan

 Exhibit 10.51 
  
 THE TOWN BANK 
  
 AMENDMENT TO 2001 EMPLOYEE STOCK OPTION PLAN 
  
 This Amendment, dated this 4th day of January 2006 is made by The Town Bank, a commercial bank chartered under the laws of New Jersey (the “Bank”). 
  
 Preliminary Statement 
  
 WHEREAS, the Bank has heretofore adopted the 2001 Employee Stock Option Plan (the “Plan”); and 
  
 WHEREAS, on August 16, 2005, the Board of Directors (the
“Board”) of the Bank approved the Agreement and Plan of Acquisition (the “Acquisition Agreement”) by and among Ten Penny-Rialto Holdings, Inc. (now known as Community Partners Bancorp) (“Parent”), Two River Community
Bank (“Two River”), and the Bank in which Parent is to acquire all of the shares of capital stock of each of the Bank and Two River in exchange for shares of Parent common stock in an “acquisition” under Section 17:9A-355
et seq. of the New Jersey Banking Act of 1948, as amended; and 
  
 WHEREAS, the Board of Directors, in consultation with Parent and Two River, finds it advisable to amend the Plan such that, conditioned upon and concurrently with, the consummation of the acquisition contemplated by the Acquisition
Agreement, the vesting schedule of all outstanding options under the Employee Option Plans shall automatically be accelerated and all such options not then exercisable shall as a result become immediately exercisable. 
  
 NOW THEREFORE, in consideration of the premises, the Bank amends the
Plan as follows: 
  
 1.    The Plan is hereby
be amended to add the following new Section 7, clause (f), reading as follows: 
  
 “(f)    Notwithstanding anything to the contrary in this Section 7, conditioned upon, and concurrently with, the closing of the acquisition contemplated by the Agreement and Plan of
Acquisition dated as of August 16, 2005 (the “Acquisition Agreement”) by and among Ten Penny-Rialto Holdings, Inc. (now known as Community Partners Bancorp) (“Parent”), Two River Community Bank (“Two River”) and
the Bank, all Options heretofore and hereafter granted pursuant to this Plan shall become immediately exercisable for the full amount of Shares covered thereby, to the extent not previously exercised.” 
  
 2.    Except as expressly modified herein, all the terms
and conditions of the Plans deemed to be an original, and all of which taken together constitute one and the same instrument. 
  
 IN WITNESS WHEREOF, the undersigned have executed as of the date written above. 
  

			
	 THE TOWN BANK

		
	By:	 	/s/    Robert W. Dowens, Sr.
	 	 	Robert W. Dowens, Sr.
	 	 	 President and CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}]]