Document:

Exhibit 10.2

                              EMPLOYMENT AGREEMENT

     THIS  AGREEMENT is entered into this 17th day of June,  2008,  but shall be
effective as of January 1, 2008 ("Effective  Date") by and between American Bank
of New Jersey (the "Bank") and Catherine Bringuier (the "Executive").

                              W I T N E S S E T H:

     WHEREAS,  the  Executive  has  heretofore  been employed by the Bank as the
Senior Vice President and Chief Lending Officer and is experienced in all phases
of the business of the Bank; and

     WHEREAS, the Bank wishes to be assured of the Executive's  continued active
participation in the business of the Bank; and

     WHEREAS,  this  Agreement  is intended to replace the  previous  employment
agreement between the Executive and the Bank and to comply with the requirements
of Section 409A of the Internal  Revenue Code of 1986,  as amended (the "Code"),
and to reflect such additional changes as the Bank deems appropriate;

         NOW THEREFORE, in consideration of the covenants and the mutual
agreements herein contained, the parties hereby agree as follows:

     1.  Employment.  The Bank hereby  employs the  Executive in the capacity of
Senior Vice President and Chief Lending  Officer.  The Executive  hereby accepts
said employment and agrees to render such administrative and management services
to the Bank and American Bancorp of New Jersey,  Inc. the parent holding company
of  the  Bank  ("Parent")  as are  currently  rendered  and  as are  customarily
performed by persons  situated in a similar  executive  capacity.  The Executive
shall promote the business of the Bank and Parent.  The Executive's other duties
shall be such as the Board of Directors  for the Bank (the "Board of  Directors"
or "Board") may from time to time reasonably direct,  including normal duties as
an officer of the Bank.

     2.  Term of Agreement.  The term of this  Agreement shall be for the period
commencing  on the  Effective  Date and  ending  December  31,  2008  thereafter
("Term").  Additionally,  on, or before,  each annual  anniversary date from the
Effective  Date, the Term of this Agreement  shall be extended for an additional
year  beyond  the  then  effective  expiration  date  upon a  determination  and
resolution of the Board of Directors  that the  performance of the Executive has
met the requirements and standards of the Board.  References  herein to the Term
of this Agreement shall refer both to the initial term and successive terms.

     3.  Compensation,  Benefits and Expenses.
         -------------------------------------

         (a) Base Salary. The Bank shall compensate and pay the Executive during
the Term of this  Agreement a minimum  base  salary at the rate of $151,630  per
annum  ("Base  Salary"),  payable  in cash not  less  frequently  than  monthly;
provided,  that  the  rate of such  salary  shall be  reviewed  by the  Board of
Directors not less often than annually,  and the Executive  shall be entitled to
receive  increases at such  percentages  or in such amounts as determined by the
Board of Directors.

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         (b) Discretionary Bonus. The Executive shall be entitled to participate
in an equitable manner with all other senior management employees of the Bank in
discretionary  bonuses  that may be  authorized  and  declared  by the  Board of
Directors  to its  senior  management  executives  from  time to time.  No other
compensation provided for in this Agreement shall be deemed a substitute for the
Executive's  right to  participate  in such  discretionary  bonuses  when and as
declared by the Board. Any discretionary bonus shall be paid no later than 2 1/2
months  after  the end of the year in which  the  Executive  obtains  a  legally
binding right to the bonus.  If the  discretionary  bonus cannot be paid by that
date,  then it shall be paid on the next following  April 15, or such other date
during the year as  permitted  by Section  409A of the Code and the  regulations
thereunder (Section 409A).

         (c)  Participation in Benefit and Retirement Plans. The Executive shall
be entitled to  participate  in and receive the benefits of any plan of the Bank
or its  Parent  which  may be or may  become  applicable  to  senior  management
relating to pension or other  retirement  benefit plans,  profit-sharing,  stock
options or incentive  plans,  or other plans,  benefits and privileges  given to
employees and executives of the Bank or its Parent,  to the extent  commensurate
with her then duties and responsibilities, as fixed by the Board of Directors of
the Bank or its Parent.

         (d)  Participation  in  Medical  Plans  and  Insurance  Policies.   The
Executive  shall be entitled to  participate  in and receive the benefits of any
plan or  policy  of the Bank  which may be or may  become  applicable  to senior
management relating to life insurance, short and long term disability,  medical,
dental,   eye-care,   prescription   drugs  or  medical   reimbursement   plans.
Additionally,  Executive's  dependent family shall be eligible to participate in
medical and dental  insurance  plans sponsored by the Bank or Parent with 70% of
the cost of such premiums paid by the Bank.

         (e) Vacations and Sick Leave.  The Executive  shall be entitled to paid
annual vacation leave in accordance  with the policies as established  from time
to time by the Board of Directors.  The  Executive  shall also be entitled to an
annual  sick leave  benefit as  established  by the Board for senior  management
employees  of the Bank.  The  Executive  shall not be  entitled  to receive  any
additional  compensation  from the Bank for  failure to take a vacation  or sick
leave,  nor shall she be able to accumulate  unused  vacation or sick leave from
one year to the next, except to the extent authorized by the Board of Directors.

         (f)  Expenses.  The Bank shall  reimburse  the  Executive  or otherwise
provide for or pay for all  reasonable  expenses  incurred by the  Executive  in
furtherance  of,  or in  connection  with the  business  of the Bank or  Parent,
including, but not by way of limitation,  automobile and traveling expenses, and
all reasonable entertainment expenses,  subject to such reasonable documentation
and other  limitations  as may be  established  by the Board of Directors of the
Bank. If such expenses are paid in the first instance by the Executive, the Bank
shall reimburse the Executive therefor. Expenses incurred by Executive on behalf
of Parent  shall be paid or  advanced by Parent or  reimbursed  by Parent to the
Bank.

         (g)  Changes in  Benefits.  The Bank shall not make any changes in such
plans,  benefits or privileges previously described in Section 3(c), (d) and (e)
which would  adversely  affect the  Executive's  rights or benefits  thereunder,
unless such change  occurs  pursuant to a program  applicable  to all  executive
officers of the Bank and does not result in a  proportionately  greater  adverse
change in the rights of, or benefits  to, the  Executive  as  compared  with any
other executive officer of the Bank. Nothing paid to Executive under any plan or

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arrangement  presently in effect or made available in the future shall be deemed
to be in lieu of the  salary  payable to  Executive  pursuant  to  Section  3(a)
hereof.

     4.  Loyalty;  Non-competition.
         --------------------------

         (a) The  Executive  shall  devote  her full time and  attention  to the
performance  of her  employment  under  this  Agreement.  During the term of the
Executive's  employment under this Agreement,  the Executive shall not engage in
any business or activity  contrary to the  business  affairs or interests of the
Bank or Parent.

         (b) Nothing  contained  in this Section 4 shall be deemed to prevent or
limit the right of Executive to invest in the capital stock or other  securities
of any  business  dissimilar  from that of the Bank or Parent,  or,  solely as a
passive or minority investor, in any business.

     5.  Standards.  During  the  term of this Agreement,  the  Executive  shall
perform her duties in  accordance  with such  reasonable  standards  expected of
executives with comparable  positions in comparable  organizations and as may be
established from time to time by the Board of Directors.

     6.  Termination and Termination  Pay. The Executive's employment under this
Agreement  shall be terminated  upon any of the following  occurrences:

         (a) The death of the Executive  during the term of this  Agreement,  in
which event the Executive's estate shall be entitled to receive the compensation
due  the  Executive  through  the  last  day  of the  calendar  month  in  which
Executive's death shall have occurred.

         (b) The Bank may terminate the Executive's  employment at any time with
or without Just Cause within its sole  discretion.  This Agreement  shall not be
deemed to give  Executive any right to be retained in the  employment or service
of the  Bank,  or to  interfere  with the  right of the  Bank to  terminate  the
employment of the Executive at any time,  but any  termination by the Bank other
than  termination  for Just Cause shall not prejudice the  Executive's  right to
compensation or other benefits under the Agreement.  The Executive shall have no
right to receive compensation or other benefits for any period after termination
for Just Cause. The Bank may, within its sole discretion,  acting in good faith,
terminate  the  Executive  for  Just  Cause  and  shall  notify  such  Executive
accordingly.  Termination  for "Just  Cause"  shall be  defined  as  termination
because  of  the  Executive's   personal   dishonesty,   incompetence,   willful
misconduct,  breach of fiduciary duty  involving  personal  profit,  intentional
failure  to  perform  stated  duties,  willful  violation  of any  law,  rule or
regulation  (other  than  traffic  violations  or  similar  offenses)  or  final
cease-and-desist order, or material breach of any provision of this Agreement.

         (c)  Except as  provided  pursuant  to  Section 9 hereof,  in the event
Executive's  employment  under this  Agreement is terminated by the Bank without
Just Cause during the Term of this Agreement  (including any renewal Term),  the
Bank shall be obligated to continue to pay the Executive: i) the salary provided
pursuant to Section 3(a) herein,  up to the date of termination of the remaining
Term of this Agreement,  but in no event for a period of less than one year from
such date of termination  of  employment;  and ii) for the same minimum one year

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period, the cost of Executive obtaining all health,  life,  disability and other
benefits  which the Executive  would be eligible to  participate  in during such
period of payment,  based upon benefit levels substantially equal to those being
provided  Executive at the date of termination of employment.  The provisions of
this Section 6(c) shall  survive the  expiration of this  Agreement.  No payment
shall be made under this  Section  6(c) unless the  Executive's  termination  of
employment  qualifies as a Separation from Service (as that phrase is defined in
Section 409A taking into account all rules and presumptions  provided for in the
Section 409A regulations).  If the Executive is a Specified Employee (as defined
in Section 409A) at the time of her Separation from Service, then payments under
this Section 6(c) which  constitute  deferred  compensation  under  Section 409A
shall not be paid until the 185th day following the Executive's  Separation from
Service,  or her earlier death (the Delayed  Distribution  Date).  To the extent
permitted by Section  409A,  amounts  payable  under this Section 6(c) which are
considered deferred compensation shall be treated as payable after amounts which
are not considered deferred compensation.

         (d) The voluntary  termination by the Executive during the term of this
Agreement  with the delivery of no less than 60 days written notice to the Board
of  Directors,  other than pursuant to Section 9(b), in which case the Executive
shall be entitled  to receive  only the  compensation,  vested  rights,  and all
employee benefits up to the date of such termination.

     7.  Regulatory Exclusions.
         ----------------------

         (a) If the Executive is suspended  and/or  temporarily  prohibited from
participating  in the  conduct of the Bank's  affairs by a notice  served  under
Section  8(e)(3) or (g)(1) of the FDIA (12 U.S.C.  1818(e)(3)  and (g)(1)),  the
Bank's  obligations  under the  Agreement  shall be  suspended as of the date of
service, unless stayed by appropriate proceedings.  If the charges in the notice
are dismissed,  the Bank may, within its discretion (i) pay the Executive all or
part of the compensation  withheld while its contract obligations were suspended
and (ii) reinstate any of its obligations which were suspended.

         (b) If the  Executive is removed  and/or  permanently  prohibited  from
participating  in the  conduct of the Bank's  affairs by an order  issued  under
Sections  8(e)(4) or 8(g)(1) of the Federal  Deposit  Insurance Act ("FDIA") (12
U.S.C.  1818(e)(4) and (g)(1)), all obligations of the Bank under this Agreement
shall terminate, as of the effective date of the order, but the vested rights of
the parties shall not be affected.

         (c) If the Bank is in default (as  defined in Section  3(x)(1) of FDIA)
all obligations  under this Agreement shall terminate as of the date of default,
but this  paragraph  shall not  affect  any  vested  rights  of the  contracting
parties.

         (d) All obligations under this Agreement shall be terminated, except to
the extent  determined that  continuation of this Agreement is necessary for the
continued  operation  of the Bank:  (i) by the  Director of the Office of Thrift
Supervision  ("Director of OTS"), or his designee,  at the time that the Federal
Deposit  Insurance  Corporation  ("FDIC")  enters into an  agreement  to provide
assistance to or on behalf of the Bank under the authority  contained in Section
13(c) of FDIA; or (ii) by the Director of the OTS, or his designee,  at the time
that the Director of the OTS, or his designee  approves a supervisory  merger to
resolve problems related to operation of the Bank or when the Bank is determined
by the Director of the OTS to be in an unsafe or unsound  condition.  Any rights
of the parties that have already vested,  however, shall not be affected by such
action.

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         (e) Notwithstanding  anything herein to the contrary, any payments made
to the Executive  pursuant to the Agreement,  or otherwise,  shall be subject to
and  conditioned  upon  compliance  with 12 USC ss.1828(k)  and any  regulations
promulgated thereunder.

         (f) Payments under the Agreement that are suspended  under this Section
7,  but are  later  determined  by the  applicable  regulatory  authority  to be
payable,  shall  be  paid  on  the  earliest  date  practicable  thereafter.

     8.  Disability.  If the  Executive shall  become disabled or  incapacitated
to the extent that she is unable to perform her duties  hereunder,  by reason of
medically determinable physical or mental impairment,  as determined by a doctor
engaged by the Board of  Directors,  Executive  shall receive  compensation  and
benefits  in  accordance  with the  terms of any plans or  policies  of the Bank
relating  to short  and long  term  disability,  rather  than  pursuant  to this
Agreement.  Upon returning to active full-time employment,  the Executive's full
compensation  as set forth in this Agreement  shall be reinstated as of the date
of commencement of such activities.  In the event that the Executive  returns to
active employment on other than a full-time basis, then her compensation (as set
forth in Section 3(a) of this  Agreement)  shall be reduced in proportion to the
time  spent  in said  employment,  or as shall  otherwise  be  agreed  to by the
parties.

     9.  Change in Control.
         ------------------

         (a) Notwithstanding any provision herein to the contrary,  in the event
of the involuntary termination of Executive's employment during the term of this
Agreement  following  any Change in  Control  of the Bank or  Parent,  or within
twelve (12)  months  thereafter  of such  Change in Control,  absent Just Cause,
Executive  shall be paid an  amount  equal to the  product  of two (2) times the
Executive's  "base  amount" as defined  in  Section  280G(b)(3)  of the Code and
regulations promulgated  thereunder.  Said sum shall be paid in one (1) lump sum
as of the date of such  termination  of service,  and such payments  shall be in
lieu of any  other  future  payments  which  the  Executive  would be  otherwise
entitled  to receive  under  Section 6 of this  Agreement.  Notwithstanding  the
forgoing, all sums payable hereunder shall be reduced in such manner and to such
extent so that no such payments made  hereunder,  when aggregated with all other
payments to be made to the Executive by the Bank or the Parent,  shall be deemed
an "excess parachute payment" in accordance with Section 280G of the Code and be
subject to the excise tax provided at Section 4999(a) of the Code. Any successor
or assignee of the Bank  following a Change in Control of the Parent or the Bank
shall be required to  maintain  in place any life  insurance  on the life of the
Executive  that was  acquired by the Parent or the Bank in  connection  with the
Executive Life Insurance  Agreement or Endorsement Method Split Dollar Agreement
then in effect between Executive and the Parent or the Bank. The term "Change in
Control"  shall  refer to: (i) the sale of all,  or a material  portion,  of the
assets of the Bank or the  Parent;  (ii) the merger or  recapitalization  of the
Bank or the Parent  whereby the Bank or the Parent is not the surviving  entity;
(iii) a change in control of the Bank or the  Parent,  as  otherwise  defined or
determined by the Office of Thrift Supervision or regulations promulgated by it;
or (iv) the  acquisition,  directly or indirectly,  of the beneficial  ownership
(within  the  meaning  of  that  term  as it is used  in  Section  13(d)  of the
Securities  Exchange  Act of 1934  and the  rules  and  regulations  promulgated
thereunder)  of  twenty-five  percent  (25%) or more of the  outstanding  voting
securities of the Bank or the Parent by any person, trust, entity or group. This
limitation  shall not apply to the  purchase of shares of up to 25% of any class
of  securities  of the  Parent  or the Bank by a  tax-qualified  employee  stock
benefit plan which is exempt from the approval  requirements  set forth under 12
C.F.R.  ss.574.3(c)(1)(vii) as now in effect or as may hereafter be amended. The
term "person" means an individual  other than the  Executive,  or a corporation,

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partnership,   trust,   association,   joint  venture,  pool,  syndicate,   sole
proprietorship,  unincorporated  organization  or any other  form of entity  not
specifically  listed  herein.  The provisions of this Section 9(a) shall survive
the expiration of this Agreement occurring after a Change in Control.

         (b)  Notwithstanding  any  other  provision  of this  Agreement  to the
contrary,  Executive may voluntarily terminate her employment during the term of
this  Agreement  following a Change in Control of the Bank or Parent,  or within
twelve (12) months following such Change in Control, and upon the occurrence, or
within 120 days thereafter,  of any of the following events, which have not been
consented to in advance by the Executive in writing:  (i) if Executive  would be
required  to move her  personal  residence  or perform her  principal  executive
functions more than forty (40) miles from the  Executive's  primary office as of
the  signing of this  Agreement;  or (ii) if the Bank  should  fail to  maintain
Executive's base  compensation in effect as of the date of the Change in Control
and the existing employee benefits plans,  including material fringe benefit and
retirement plans. Upon such voluntary termination of employment by the Executive
in accordance  with this  subsection,  Executive  shall thereupon be entitled to
receive the payments described in Section 9(a) of this Agreement. The provisions
of this Section 9(b) shall survive the  expiration of this  Agreement  occurring
after a Change in Control.

         (c) Notwithstanding  anything in this Section 9 to the contrary: (1) no
payment  shall  be  permitted  under  this  Section  9  unless  the  Executive's
termination of employment  qualifies as a Separation from Service; and (2) if at
the  time  of the  Executive's  Separation  from  Service,  the  Executive  is a
Specified  Employee  as defined in Section  409A,  then the  payment  due to the
Executive under this Section 9 shall be paid to her (or her  beneficiary) on the
Delayed  Distribution  Date.  Defined  terms in this Section 9(c) shall have the
same meaning as in Section 6(c) hereof.

     10. Withholding.  All payments required to be made by the Bank hereunder to
the  Executive  shall be subject to the  withholding  of such  amounts,  if any,
relating  to tax  and  other  payroll  deductions  as the  Bank  may  reasonably
determine should be withheld  pursuant to any applicable law or regulation.

     11. Successors and Assigns.
         -----------------------

         (a) This  Agreement  shall inure to the benefit of and be binding  upon
any  corporate or other  successor  of the Bank or Parent  which shall  acquire,
directly or indirectly, by merger, consolidation,  purchase or otherwise, all or
substantially all of the assets or stock of the Bank or Parent.

         (b) The Bank shall require any successor or assignee, whether direct or
indirect,  by  purchase,   merger,   consolidation  or  otherwise,   to  all  or
substantially   all  the  business  or  assets  of  the  Bank,   expressly   and
unconditionally to assume and agree to perform the Bank's obligations under this
Agreement,  in the same  manner  and to the same  extent  that the Bank would be
required to perform if no such succession or assignment had taken place.

         (c) Since the Bank is contracting for the unique and personal skills of
the Executive, the Executive shall be precluded from assigning or delegating her
rights or duties  hereunder  without first  obtaining the written consent of the
Bank.

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     12. Amendment;  Waiver.  No provisions  of this  Agreement may be modified,
waived or discharged unless such waiver,  modification or discharge is agreed to
in  writing,  signed by the  Executive  and such  officer or  officers as may be
specifically  designated  by the Board of  Directors  of the Bank to sign on its
behalf.  No waiver by any  party  hereto at any time of any  breach by any other
party  hereto  of, or  compliance  with,  any  condition  or  provision  of this
Agreement  to be  performed  by such  other  party  shall be  deemed a waiver of
similar or  dissimilar  provisions  or conditions at the same or at any prior or
subsequent time.

     13. Governing  Law.   The  validity,   interpretation,   construction   and
performance of this Agreement shall be governed by the laws of the United States
where  applicable  and  otherwise  by the  substantive  laws of the State of New
Jersey.

     14. Nature of Obligations. Nothing contained herein shall create or require
the Bank to create a trust of any kind to fund any benefits which may be payable
hereunder,  and to the  extent  that the  Executive  acquires a right to receive
benefits from the Bank hereunder,  such right shall be no greater than the right
of any unsecured general creditor of the Bank.

     15. Headings.  The section  headings  contained in  this  Agreement are for
reference  purposes  only  and  shall  not  affect  in any  way the  meaning  or
interpretation of this Agreement.

     16. Severability.  The   provisions  of  this  Agreement  shall  be  deemed
severable  and the  invalidity  or  unenforceability  of any  provision  of this
Agreement  shall  not  affect  the  validity  or  enforceability  of  the  other
provisions of this Agreement, which shall remain in full force and effect.

     17. Arbitration.  Any  controversy  or claim  arising out of or relating to
this  Agreement,  or  the  breach  thereof,  shall  be  settled  exclusively  by
arbitration in accordance  with the rules then in effect of the district  office
of the American Arbitration  Association nearest to the home office of the Bank,
and  judgment  upon the  award  rendered  may be  entered  in any  court  having
jurisdiction thereof,  except to the extent that the parties may otherwise reach
a mutual  settlement  of such issue.  The  provisions  of this  Section 17 shall
survive the expiration of this Agreement.

     18. Confidential  Information.  The Executive  acknowledges that during her
employment she will learn and have access to confidential  information regarding
the  Bank  and  the  Parent  and its  customers  and  businesses  ("Confidential
Information"). The Executive agrees and covenants not to disclose or use for her
own benefit, or the benefit of any other person or entity, any such Confidential
Information,  unless or until the Bank or the Parent consents to such disclosure
or use or such  information  becomes  common  knowledge  in the  industry  or is
otherwise  legally in the  public  domain.  The  Executive  shall not  knowingly
disclose  or reveal to any  unauthorized  person  any  Confidential  Information
relating to the Bank, the Parent,  or any subsidiaries or affiliates,  or to any
of the  businesses  operated  by them,  and the  Executive  confirms  that  such
information  constitutes the exclusive  property of the Bank and the Parent. The
Executive  shall not  otherwise  knowingly  act or  conduct  herself  (a) to the
material detriment of the Bank or the Parent, or its subsidiaries or affiliates,
or (b) in a manner which is inimical or contrary to the interests of the Bank or
the Parent.  Notwithstanding  anything  herein to the  contrary,  failure by the
Executive  to comply  with the  provisions  of this  Section  may  result in the
immediate  termination of the Agreement  within the sole discretion of the Bank,
disciplinary  action against the Executive taken by the Bank,  including but not
limited to the  termination  of  employment  of the  Executive for breach of the
Agreement and the  provisions of this  Section,  and other  remedies that may be
available in law or in equity.
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     19. Entire  Agreement.  This Agreement,  together with any understanding no
modifications thereof as agreed to in  writing by the  parties, shall constitute
the entire agreement between the parties hereto.

         IN WITNESS  WHEREOF,  the parties have executed  this  Agreement on the
date first hereinabove written.

                                       AMERICAN BANK OF NEW JERSEY

                                            By: /s/ W. George Parker
                                                ------------------------------
                                                W. George Parker
                                                Chairman

ATTEST:

/s/ Richard Bzdek
----------------------------
Secretary

/s/ Kathleen Walsh                              /s/ Catherine Bringuier
----------------------------                    ------------------------------
Witness                                         Catherine Bringuier
                                                Executive

                                       8Exhibit 10.1

                     EXECUTIVE SALARY CONTINUATION AGREEMENT

      THIS AGREEMENT,  made and entered into this 17th day of June, 2008, by and
between American Bank of New Jersey, a savings bank organized and existing under
the laws of the United States (hereinafter  referred to as the "Bank"), and Fred
G. Kowal, an Executive of the Bank (hereinafter referred to as the "Executive").

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

      WHEREAS,  the Executive has been and continues to be a valued Executive of
the Bank, and is now serving the Bank; and

      WHEREAS,  the  Executive  and the Bank  have  previously  entered  into an
Executive Salary Continuation Agreement; and

      WHEREAS, since the execution of the original agreement, certain changes to
Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), have
been enacted; and

      WHEREAS, it is necessary to revise the original agreement to reflect these
changes to the Code;

      ACCORDINGLY,  it is the desire of the Bank and the Executive to enter into
this  agreement  (sometimes  referred to herein as the  "Executive  Plan") under
which  the  Bank  will  agree  to make  certain  payments  to the  Executive  at
retirement or the Executive's  beneficiary(ies)  in the event of the Executive's
death pursuant to this agreement;

      FURTHERMORE,  it is the intent of the parties  hereto that this  Executive
Plan be  considered  an unfunded  arrangement  maintained  primarily  to provide
supplemental  retirement  benefits  for  the  Executive,  and  be  considered  a
non-qualified  benefit plan for purposes of the Employee Retirement Security Act
of 1974,  as amended  ("ERISA").  The  Executive is fully  advised of the Bank's
financial  status and has had  substantial  input in the design and operation of
this benefit plan; and

      NOW, THEREFORE, in consideration of services to be performed in the
future as well as of the mutual  promises and covenants  herein  contained it is
agreed as follows:

I.    EMPLOYMENT

      The Bank agrees to employ the  Executive in such  capacity as the Bank may
      from time to time determine.  The Executive will continue in the employ of
      the Bank in such capacity and with such duties and responsibilities as may
      be assigned to him, and with such  compensation  as may be determined from
      time to time by the Board of Directors of the Bank.

                                       1

<PAGE>

II.   FRINGE BENEFITS

      The salary continuation benefits provided by this agreement are granted by
      the  Bank as a fringe  benefit  to the  Executive  and are not part of any
      salary  reduction  plan or an  arrangement  deferring  a bonus or a salary
      increase. The Executive has no option to take any current payment or bonus
      in  lieu  of  these  salary  continuation  benefits  except  as set  forth
      hereinafter.

III.  NORMAL RETIREMENT AGE

      Normal  Retirement Age shall mean the date on which the Executive  attains
      age sixty-five (65).

IV.   RETIREMENT BENEFIT

      Provided said  retirement  constitutes a Separation  from Service (as that
      phrase is defined under Section 409A of the Code and the  regulations  and
      guidance of general applicability issued thereunder (referred to herein as
      "Section  409A")),  the Bank,  commencing  with the first day of the month
      following the later of the date the Executive actually retires or the date
      the Executive  attains his Normal  Retirement  Age, shall pay Executive an
      annual  benefit  equal to  forty-five  percent  (45%)  of the  Executive's
      average  base  salary  (with each  year's  base  salary  determined  on an
      annualized  basis,   taking  into  account  any  base  salary  adjustments
      occurring  during  the  applicable  year)  based  upon the  average of the
      highest three (3) out of the last five (5) years of employment  (including
      the year in which the Separation from Service occurs).  Said benefit shall
      be paid in equal monthly  installments  (1/12 of the annual benefit) until
      the death of the Executive.

      Notwithstanding the foregoing,  if the Executive is, as of the date of his
      Separation  from  Service,  a "Specified  Employee" (as defined in Section
      409A),  then the  retirement  benefits  described in this Section IV shall
      commence  to be paid on the first day of the month that next  follows  the
      six-month  anniversary of the date the Executive  experiences a Separation
      from Service,  or his death, if earlier,  with the first payment including
      all monthly  retirement  benefits that would have been previously paid but
      for this sentence.

V.    DEATH OF THE EXECUTIVE

      In the event of the death of the Executive, this agreement shall terminate
      and, if applicable, the Executive's beneficiary(ies) shall be paid a death
      benefit under the terms of the Endorsement  Method Split Dollar  Agreement
      between the Executive and the Bank and not this agreement.

VI.   BENEFIT ACCOUNTING

      The Bank shall account for this benefit using GAAP accounting  principles.
      The Bank shall establish an accrued liability  retirement  account for the
      Executive into which appropriate reserves shall be accrued.

                                       2

<PAGE>

VII.  VESTING

      For purposes of Section  VIII.A,  the  Executive's  vested interest in the
      benefits  that are the subject of this  Agreement  shall be  determined by
      multiplying  the number of the  Executive's  "Months of  Service" by 1.667
      percent  (not to  exceed  100  percent).  For  purposes  of the  preceding
      sentence,  the  Executive  shall be credited with a "Month of Service" for
      each  calendar  month  period  (determined  from the month  the  Executive
      commenced  employment with the Bank and ending on the month during which a
      Separation of Service  occurs) during which the Executive is  continuously
      employed by the Bank. For all other purposes under the Plan, the Executive
      shall be 100 percent vested in the benefits provided herein.

VIII. OTHER TERMINATION OF EMPLOYMENT AND DISABILITY

      A. Other Termination of Employment:
         -------------------------------

             Subject to Subsection VIII.A(i) hereinbelow,  in the event that the
         employment of the Executive shall terminate prior to Normal  Retirement
         Age, as provided in Section  III, for reasons  other than  "disability"
         (as  defined in Section  VIII.B)  or Change of Control  (as  defined in
         Section IX), but including by the  Executive's  voluntary  action or by
         the  Executive's   discharge  by  the  Bank  without  cause,  and  such
         termination  of  employment  constitutes  a  Separation  of Service (as
         defined in Section IV), then this  agreement  shall  terminate upon the
         date of such  termination  of employment  and the Bank shall pay to the
         Executive  as  severance  compensation  an amount of money equal to the
         accrued balance of the Executive's liability reserve account multiplied
         by the Executive's  vested  percentage  determined as of his Separation
         From Service (as defined in Section IV).  This  severance  compensation
         shall be paid in a lump sum no later  than 2 1/2 months  following  the
         date of the Executive's termination of employment.  Notwithstanding the
         foregoing,  if the  Executive  is as of the  date  of  Separation  from
         Service a "Specified Employee" (as herein defined),  then payment under
         this  Article  VIII  shall  not be paid  earlier  than  the  183rd  day
         following the date the Executive  incurs a Separation from Service,  or
         his death, if earlier.

          (i)  Discharge  for  Cause:  In  the  event  the  Executive  shall  be
               discharged  for cause at any time, all benefits  provided  herein
               shall be  forfeited.  The term "for cause" shall be as defined in
               the Executive's  Employment  Agreement  between the Executive and
               the Bank in effect at the time of said termination.  If a dispute
               arises  as to  discharge  "for  cause,"  such  dispute  shall  be
               resolved by arbitration as set forth in this Executive Plan.

      B. Disability:
         ----------

             In the event the Executive becomes disabled prior to his Separation
         from Service (as defined in Section IV), and the Executive's Separation
         from Service is on account of such  disability,  the Executive shall be
         entitled  to receive  one  hundred  percent  (100%) of the  Executive's

                                       3
<PAGE>

         accrued  liability  balance at the time of Separation  from Service for
         said  disability.  Except as otherwise  provided  herein,  said accrued
         liability  balance at  termination  shall be paid to the Executive in a
         lump  sum  no  later  than  2 1/2  months  following  the  date  of the
         Executive's Separation from Service.

         Disability shall be defined in the Executive's  Employment Agreement in
         effect at the time of his Separation  from Service or, if no Employment
         Agreement  is then in effect,  then as defined in the Bank's  long term
         disability policy in effect at the time of said disability.  If neither
         definition  exists  at the time of  termination  and there is a dispute
         regarding  whether the  Executive  is disabled,  such dispute  shall be
         resolved by a physician  selected by the Bank, a physician  selected by
         the Executive,  and a third physician selected by each of the other two
         (2) physicians.  Such  resolution  shall be binding upon all parties to
         this agreement.

         Notwithstanding the foregoing, if the disability that gives rise to the
         Executive's  Separation from Service does not cause the Executive to be
         "disabled"  within the meaning of Section 409A,  and if, as of the date
         of  such  Separation  from  Service,  the  Executive  is  a  "Specified
         Employee" (as defined in Section 409A),  then his  disability  benefits
         payable  pursuant to this Section  VIII.B shall  commence to be paid on
         the first day of the month that next follows the six-month  anniversary
         of the date the  Executive  incurs a Separation  from  Service,  or his
         death, if earlier.

IX.   CHANGE OF CONTROL

      Change  of  Control  shall be as  defined  in the  Executive's  Employment
      Agreement between the Executive and the Bank in effect at the time of said
      Change of Control. Upon a Change of Control, if the Executive subsequently
      suffers an involuntary  termination of service, except for cause, and such
      termination of service  constitutes a Separation  from Service (as defined
      in Section IV), or, upon a voluntary  termination of service within twelve
      (12) months after such Change of Control,  if any of the following events,
      which have not been  consented to in advance by the  Executive in writing,
      occur:  (i) if the  Executive  would  be  required  to move  his  personal
      residence or perform his  principal  executive  functions  more than forty
      (40) miles from the  Executive's  primary office as of the signing of this
      agreement,  or (ii) if the Bank should fail to maintain  Executive's  base
      compensation  in effect as of the date of the  Change of  Control  and the
      existing  employee  benefits  plans,   including   material,   fringe  and
      retirement plans, then the Executive shall receive the benefits in Section
      IV herein  upon  attaining  Normal  Retirement  Age (as defined in Section
      III), as if the Executive had been continuously employed by the Bank until
      the Executive's Normal Retirement Age.  Notwithstanding the foregoing, all
      sums payable  hereunder shall be reduced in such manner and to such extent
      so that no such payments made  hereunder,  when  aggregated with all other
      payments  to be made to the  Executive  by the  Bank,  shall be  deemed an
      "excess parachute payment" in accordance with Section 280G of the code and
      be subject to the excise tax provided at Section 4999(a) of the Code.

      Notwithstanding  the  above,  if the  Executive  is as of the  date of his
      Separation from Service a "Specified  Employee" (as herein defined),  then
      payment under this Article IX shall not be paid earlier than the 183rd day

                                       4
<PAGE>

      following the date the Executive incurs a Separation from Service,  or his
      death, if earlier,  with any payments not made on account of this sentence
      being paid with the Executive's first payment.

X.    RESTRICTIONS ON FUNDING

      The Bank shall have no  obligation  to set aside,  earmark or entrust  any
      fund or money with which to pay its obligations under this Executive Plan.
      The Executive, his beneficiary(ies), or any successor in interest shall be
      and remain simply a general creditor of the Bank in the same manner as any
      other creditor having a general claim for matured and unpaid compensation.

      The Bank reserves the absolute  right, at its sole  discretion,  to either
      fund the obligations  undertaken by this Executive Plan or to refrain from
      funding the same and to  determine  the extent,  nature and method of such
      funding. Should the Bank elect to fund this Executive Plan, in whole or in
      part,  through the purchase of life  insurance,  mutual funds,  disability
      policies or annuities,  the Bank reserves the absolute  right, in its sole
      discretion, to terminate such funding at any time, in whole or in part. At
      no time shall the  Executive be deemed to have any lien,  right,  title or
      interest in any  specific  funding  investment  or assets of the Bank.  No
      manner of funding shall be permitted that would violate Section 409A.

      If the Bank elects to invest in a life  insurance,  disability  or annuity
      policy on the life of the Executive,  then the Executive  shall assist the
      Bank by freely submitting to a physical exam and supplying such additional
      information necessary to obtain such insurance or annuities.

XI.   MISCELLANEOUS

      A. Alienability and Assignment Prohibition:
         ---------------------------------------

         Neither the Executive,  nor the Executive's  surviving spouse,  nor any
         other  beneficiary(ies)  under this Executive Plan shall have any power
         or  right  to  transfer,  assign,  anticipate,  hypothecate,  mortgage,
         commute,  modify or  otherwise  encumber in advance any of the benefits
         payable  hereunder nor shall any of said benefits be subject to seizure
         for  the  payment  of  any  debts,   judgments,   alimony  or  separate
         maintenance owed by the Executive or the Executive's  beneficiary(ies),
         nor be  transferable  by operation  of law in the event of  bankruptcy,
         insolvency or otherwise.  In the event the Executive or any beneficiary
         attempts assignment, commutation,  hypothecation,  transfer or disposal
         of the benefits hereunder, the Bank's liabilities shall forthwith cease
         and terminate.

      B. Binding Obligation of the Bank and any Successor in Interest:
         ------------------------------------------------------------

         The Bank shall not merge or  consolidate  into or with  another bank or
         sell  substantially  all of its assets to another bank,  firm or person
         until such bank, firm or person expressly agrees, in writing, to assume
         and  discharge  the  duties  and  obligations  of the Bank  under  this

                                       5
<PAGE>

         Executive  Plan.  This Executive Plan shall be binding upon the parties
         hereto,   their   successors,   beneficiaries,   heirs   and   personal
         representatives.

      C. Amendment or Revocation:
         -----------------------

         It is agreed  by and  between  the  parties  hereto  that,  during  the
         lifetime  of the  Executive,  this  Executive  Plan may be  amended  or
         revoked  at any time or  times,  in whole  or in  part,  by the  mutual
         written  consent of the Executive  and the Bank. No amendment  shall be
         permitted  that would  violate,  or cause this  agreement  to  violate,
         Section 409A.

      D. Gender:
         ------

         Whenever  in this  Executive  Plan words are used in the  masculine  or
         neuter  gender,  they shall be read and construed as in the  masculine,
         feminine or neuter gender, whenever they should so apply.

      E. Effect on Other Bank Benefit Plans:
         ----------------------------------

         Nothing  contained in this Executive Plan shall affect the right of the
         Executive  to  participate  in  or  be  covered  by  any  qualified  or
         non-qualified   pension,   profit-sharing,   group,   bonus   or  other
         supplemental compensation or fringe benefit plan constituting a part of
         the Bank's existing or future compensation structure.

      F. Headings:
         --------

         Headings  and  subheadings  in this  Executive  Plan are  inserted  for
         reference and  convenience  only and shall not be deemed a part of this
         Executive Plan.

      G. Applicable Law:
         --------------

         The validity and  interpretation of this agreement shall be governed by
         the laws of the State of New Jersey.

      H. 12 U.S.C. ss.1828(k):
         --------------------

         Any payments made to the Executive  pursuant to this Executive Plan, or
         otherwise, are subject to and conditioned upon their compliance with 12
         U.S.C. ss.1828(k) or any regulations promulgated thereunder.

      I. Partial Invalidity:
         ------------------

         If any term,  provision,  covenant, or condition of this Executive Plan
         is determined  by an  arbitrator or a court,  as the case may be, to be
         invalid,  void, or unenforceable,  such determination  shall not render
         any other term,  provision,  covenant or condition  invalid,  void,  or
         unenforceable,  and the  Executive  Plan shall remain in full force and
         effect  notwithstanding  such partial invalidity.

                                       6
<PAGE>

      J. Not a Contract of Employment:
         ----------------------------

         This  agreement  shall  not be  deemed  to  constitute  a  contract  of
         employment  between the parties hereto,  nor shall any provision hereof
         restrict the right of the Bank to discharge the Executive,  or restrict
         the right of the Executive to terminate employment.

      K. Effective Date:
         --------------

         The  Effective  Date of this  agreement  shall be the date first  above
         written.

XII.  ERISA PROVISION

      A. Named Fiduciary and Plan Administrator:
         --------------------------------------

         The "Named  Fiduciary and Plan  Administrator"  of this  Executive Plan
         shall be  American  Bank of New  Jersey.  As Named  Fiduciary  and Plan
         Administrator,  the  Bank  shall  be  responsible  for the  management,
         control and  administration  of the Executive Plan. The Named Fiduciary
         may  delegate  to  others   certain   aspects  of  the  management  and
         operational  responsibilities  of  the  Executive  Plan  including  the
         employment  of advisors and the  delegation  of  ministerial  duties to
         qualified individuals.

      B. Claims Procedure and Arbitration:
         --------------------------------

         In the event a dispute  arises over benefits  under this Executive Plan
         and  benefits  are not  paid to the  Executive  (or to the  Executive's
         beneficiary(ies)  in  the  case  of the  Executive's  death)  and  such
         claimants  feel they are  entitled  to receive  such  benefits,  then a
         written   claim  must  be  made  to  the  Named   Fiduciary   and  Plan
         Administrator named above within sixty (60) days from the date payments
         are refused.  The Named Fiduciary and Plan  Administrator  shall review
         the written  claim and if the claim is denied,  in whole or in part, it
         shall  provide  in  writing  within  sixty (60) days of receipt of such
         claim the specific reasons for such denial, reference to the provisions
         of  this  Executive  Plan  upon  which  the  denial  is  based  and any
         additional material or information necessary to perfect the claim. Such
         written notice shall further  indicate the additional steps to be taken
         by  claimants  if a further  review of the claim  denial is desired.  A
         claim  shall  be  deemed  denied  if  the  Named   Fiduciary  and  Plan
         Administrator  fail to take any action within the  aforesaid  sixty-day
         period.

         If  claimants  desire a second  review  they  shall  notify  the  Named
         Fiduciary and Plan  Administrator  in writing within sixty (60) days of
         the first claim denial. Claimants may review this Executive Plan or any
         documents  relating  thereto and submit any written issues and comments
         they  may  feel  appropriate.  In  their  sole  discretion,  the  Named
         Fiduciary and Plan Administrator shall then review the second claim and
         provide a written  decision  within  sixty (60) days of receipt of such
         claim.  This decision shall likewise state the specific reasons for the

                                       7
<PAGE>

         decision and shall  include  reference to specific  provisions  of this
         agreement upon which the decision is based.

         Any  controversy  or claim arising out of or relating to this Executive
         Plan, or breach thereof, shall be settled exclusively by arbitration in
         accordance  with the rules then in effect of the district office of the
         American Arbitration  Association ("AAA") nearest to the home office of
         the Bank,  and judgment  upon the award  rendered may be entered in any
         court  having  jurisdiction  thereof,  except  to the  extent  that the
         parties may  otherwise  reach a mutual  settlement  of such issue.  The
         provisions  of this  Paragraph  shall  survive the  expiration  of this
         Executive Plan.

         Where a dispute arises as to the Bank's discharge of the Executive "for
         cause," such dispute  shall  likewise be  submitted to  arbitration  as
         above  described  and the  parties  hereto  agree  to be  bound  by the
         decision thereunder.

XIII. TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW,
      RULES OR REGULATIONS

      Notwithstanding  anything  herein  above  to the  contrary,  the  Bank  is
      entering  into  this  Executive  Plan  upon the  assumption  that  certain
      existing tax laws,  rules and regulations will continue in effect in their
      current form. If any said assumptions  should change and said change has a
      detrimental  effect on this  Executive  Plan,  then the Bank  reserves the
      right to terminate or modify this Executive Plan accordingly. Furthermore,
      the Board has the right to  terminate  or  modify  future  accruals  if so
      determined  within  the  Board's  business  judgment  whether  or not this
      Executive  Plan  has a  detrimental  effect  on the  Bank.  Upon  any said
      modification or termination of the Executive Plan, any benefits accrued to
      the  Executive's   liability  retirement  account  on  the  date  of  said
      modification or termination  shall be paid to the Executive in a lump sum,
      subject to the provisions  below.  Upon a Change of Control  (Section IX),
      this paragraph shall become null and void effective  immediately upon said
      Change of Control.  Notwithstanding  the foregoing,  no amendment shall be
      made to this Executive Plan that would violate,  or cause the agreement to
      violate,   Section  409A.  Further  notwithstanding  the  foregoing,   the
      agreement may not be terminated  unless all of the requirements of Section
      409A  regarding  plan  terminations  are  satisfied.  Accordingly,  unless
      Section 409A permits  otherwise,  this agreement may be terminated only if
      (a) all  arrangements  sponsored  by the  Bank and any  affiliated  entity
      (within the meaning of Section  414(b) and 414(c)) that are required to be
      aggregated with this agreement  under Section 409A are terminated;  (b) no
      payments  other than payments that would be payable under the terms of the
      Executive Plan or an aggregated  plan if the  termination had not occurred
      are made within 12 months of the termination of the arrangements;  (c) all
      payments  are made within 24 months of the  termination  of the  Executive
      Plan  and  related  arrangements;  and (d) the Bank  does not  adopt a new
      arrangement  that would be required to be aggregated  with this  Executive
      Plan  under   Section  409A  if  the   Executive   participated   in  both
      arrangements, within three years of the termination of the agreement.

                                       8
<PAGE>

XIV.  CONFIDENTIAL INFORMATION

      The Executive acknowledges that during his employment he or she will learn
      and have  access to  confidential  information  regarding  the Bank or any
      affiliate and its customers and businesses  ("Confidential  Information").
      The  Executive  agrees and  covenants  not to  disclose or use for his own
      benefit,  or  the  benefit  of  any  other  person  or  entity,  any  such
      Confidential  Information,  unless  or  until  the  Bank or any  affiliate
      consents to such  disclosure  or use or such  information  becomes  common
      knowledge in the industry or is  otherwise  legally in the public  domain.
      The Executive shall not knowingly  disclose or reveal to any  unauthorized
      person  any  Confidential   Information   relating  to  the  Bank  or  any
      affiliates,  or to  any  of the  businesses  operated  by  them,  and  the
      Executive  confirms  that  such  information   constitutes  the  exclusive
      property of the Bank or any affiliate.  The Executive  shall not otherwise
      knowingly act or conduct himself (a) to the material detriment of the Bank
      or its affiliates, or (b) in a manner which is inimical or contrary to the
      interests of the Bank or any affiliate. Notwithstanding anything herein to
      the contrary,  failure by the  Executive to comply with the  provisions of
      this Section may result in the immediate termination of the Executive Plan
      within the sole  discretion of the Bank,  disciplinary  action against the
      Executive  taken by the Bank and other  remedies  that may be available in
      law or in equity.

In witness whereof, the parties hereto acknowledge that each has carefully read
this Executive Plan and executed the original thereof on the first day set forth
hereinabove, and that, upon execution, each has received a conforming copy.

                            [CONTINUED ON NEXT PAGE]

                                       9
<PAGE>

                                            AMERICAN BANK OF NEW JERSEY
                                            Bloomfield, New Jersey

/s/Kathleen Walsh                           By: /s/ W. George Parker
------------------------------------            --------------------
Witness
                                            Title:   Chairman

/s/Kathleen Walsh                               /s/ Fred G. Kowal
------------------------------------            --------------------
Witness                                         Fred G. Kowal

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