Document:

Exhibit 10.2 

SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN 

        THIS
AGREEMENT, dated as of this 19th day of July, 2007, by and between Somerset Hills Bank, a
banking corporation organized and existing under the laws of the State of New Jersey, the
Service Recipient, hereinafter called the “Plan Sponsor”, and Gerard Riker, the
Service Provider, hereinafter called the Participant.  

WITNESSETH 

        WHEREAS,
the Participant has now and for years past faithfully served the Plan Sponsor. It is the
consensus of the Board of Directors that the Participant’s services have been of
exceptional merit and have constituted an invaluable contribution to the general welfare
of the Plan Sponsor bringing it to its present status of operating efficiency, and its
present position in its field of activity; and,  

        WHEREAS,
the experience of the Participant, his knowledge of the affairs of the Plan Sponsor, his
reputation and contacts in the industry are so valuable that assurance of his continued
services is essential for the future growth and profits of the Plan Sponsor and it is in
the best interests of the Plan Sponsor to arrange terms of continued employment for the
Participant so as to reasonably assure his remaining in the Plan Sponsor’s
employment during his lifetime or until the age of retirement; and,  

        WHEREAS,
it is the desire of the Plan Sponsor and the Participant to enter into this Agreement
under which the Plan Sponsor will agree to make certain payments to Participant upon his
Disability, retirement, termination, or in the event of his premature death while
employed by the Plan Sponsor; and,  

        WHEREAS,
the Plan Sponsor intends that the Plan shall at all times be administered and interpreted
in such a manner as to constitute an unfunded nonqualified deferred compensation plan for
tax purposes and for purposes of Title I of ERISA. This Plan is not intended to qualify
for favorable tax treatment pursuant to IRC Section 401(a) of the Code or any successor
section or statute. This Plan is intended to comply with IRC Section 409A as created
under The American Jobs Creation Act of 2004 (the “Jobs Act of 2004”). It is
both anticipated and expected that the terms and provisions of this Plan may need to be
amended in the future to assure continued compliance. The Plan Sponsor and the
Participant acknowledge that fact and agree to take any and all steps necessary to
operate the plan in “good faith” based on their current understanding of the
regulations;  

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

ARTICLE ONE 

Definitions  

        DEFINITION
OF TERMS. Certain words and phrases are defined when first used in later Sections of this
plan. Whenever any words are used herein in the  

 
	 	
	 

masculine, they shall be construed
as though they were in the feminine in all cases where they would so apply; and whenever
any words are used herein in the singular or in the plural, they shall be construed as
though they were used in the plural or the singular, as the case may be, in all cases
where they would so apply. In addition, the following words and phrases when used herein,
unless the context clearly requires otherwise, shall have the following respective
meanings: 

        1.01
Affiliate. Any corporation, partnership, joint venture, association, or similar
organization or entity, which is a member of a controlled group of companies which
includes, or which is under common control with, the Plan Sponsor under Section 414 of
the Code.  

        1.02
Beneficiary. The Beneficiary designated by the Participant under Section 5, or, if the
Participant has not designated a Beneficiary under Section 5, the person or persons
entitled to receive distributions of benefits under Section 3.  

        1.03
“Cause” shall mean a “termination for just cause”, as such term is
defined in Section 7.1 of the Employment Agreement.  

        1.04
“Change of Control” shall be deemed to occur when any one person, or more than
one person acting as a group as determined under Internal Revenue Code regulation section
1.409A-3(i)(v)(5)(B) (i) acquires ownership of stock of the Parent that constitutes more
than 50 percent of the total fair market value or total voting power of the Parent, (ii)
the date said person or group acquires ownership of stock of the Parent possessing 30
percent or more of the total voting power of the stock of the Parent; (iii) the date a
majority of members of the Parent’s Board of Directors is replaced during any twelve
(12) -month period by directors whose appointment or election is not endorsed by a
majority of the members of the Parent’s board of directors before the date of the
appointment or election; (iv) upon the change in the ownership of a substantial portion
of the Parent, which, for this purpose, shall be deemed to occur on the date that any one
person, or more than one person acting as a group, acquires (or has acquired during the
12-month period ending on the date of the most recent acquisition by such person or
persons) assets from the corporation that have a total gross fair market value equal to
or more than 40 percent of the total gross fair market value of all of the assets of the
Parent immediately before such acquisition or acquisitions or (v) the Parent engages in
any merger, consolidation or similar transaction as a result of which the holders of a
majority of the voting power of the outstanding stock of the Parent do not continue to
hold a majority of the voting power of the outstanding stock of the resulting entity from
the transaction.  

        1.05
“Code” The term “Code” as used in this instrument shall refer to the
Internal Revenue Code of 1986, as amended from time to time and the term “Section” as
used herein shall be deemed to refer to a particular section of the Code. If, at the time
in question, a particular provision of the Code has been renumbered, or the Code has been
superseded by subsequent federal tax law, the reference shall be deemed to be the
renumbered provisions or the corresponding provision of the subsequent law unless to do
so would clearly be contrary to the expressed intention in this instrument.  

        1.06
“Disability” shall mean if the Participant is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or  

 
	 	
	 

mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not
less than 12 months, or the Participant receiving income replacement benefits for a
period of not less than three months under an accident and health plan covering employees
of the Plan Sponsor. A Participant will also be deemed disabled if determined to be
totally disabled by the Social Security Administration or in accordance with a disability
insurance program, provided that the definition of Disability applied under such
disability insurance program complies with the requirements of Treasury regulation
1.409A-3(g)(4). 

        1.07
“Effective Date” shall mean July 19, 2007.  

        1.08
“Employment Agreement” means that certain Employment Agreement by and
between the Plan Sponsor and the Participant dated as of May 15, 1998, as subsequently
amended.  

        1.09
“Plan Administrator” shall be the Board of Directors or their designee. A
Participant in the Plan should not serve as a singular Plan Administrator. If a
Participant is part of a group of participants designated as a committee or Plan
Administrator, then the Participant may not participate in any activity or decision
relating solely to his or her individual benefits under the Plan; matters solely
affecting the applicable Participant will be resolved by the remaining Plan Administrator
members or by the Board.  

        1.10
“Plan Year” means a twelve 12 month period, commencing on January 1st and
ending on December 31st of each year. The initial Plan Year shall commence on the
effective date of this Agreement and end December 31, 2007.  

        1.11
“Retirement Date” shall mean the date the Participant attains seventy two (72)
years of age and terminates employment with the Plan Sponsor. The Board of Directors and
the Participant may, by mutual written consent and in compliance with Section 409A of the
Code, elect to postpone the Retirement Age.  

        1.12
“Spouse” shall mean the person to whom the Participant is legally married as of
the date of any event that triggers benefit payments under this Agreement.  

        1.13
“Specified Employee” shall mean a key employee (as defined by Internal Revenue
Code Section 416(i) without regard to paragraph (5) thereof), and as further defined in
Treasury regulation 1.409A-(1)(i),) of a Plan Sponsor the stock of which is publicly
traded on an established securities market or otherwise within the meaning of Section
409A(2)(B)(i). Notwithstanding other provisions of this Plan to the contrary,
distributions by the Plan Sponsor to Specified Employees (if any) may not be made before
the date which is six (6) months after the date of Separation from Service (or, if
earlier, the date of death of the specified employee) within the meaning of Treasury
regulation 1.409A-(3)(g)(2). If payments to a Specified Employee are to be made in
installments each installment payment to which a Specified Employee is entitled upon a
Separation from Service will be delayed by six (6) months. A Participant meeting the
definition of Specified Employee on December 31 or during a  

 
	 	
	 

12 month period ending December 31
will be treated as a Specified Employee for the 12 month period commencing the following
April 1. 

        1.14
“Termination of Employment” means the Participant’s ceasing to be actively
employed by the Plan Sponsor for any reason, voluntary or involuntary, other than by
reason of an approved leave of absence. Whether a termination of employment has occurred
is determined based on whether the facts and circumstances indicate that the Plan Sponsor
and the Participant reasonably anticipated that no further services would be performed
after a certain date or that the level of bona fide services the Executive would perform
after such date (whether as an employee or as an independent contractor) would
permanently decrease to no more than twenty percent (20%) of the average level of bona
fide services performed (whether as an employee or an independent contractor) over the
immediately preceding thirty-six (36) month period (or the full period of services to the
Plan Sponsor if the Participant has been providing services to the Bank less than
thirty-six (36) months).  

        1.15
“Year of Plan Participation” shall mean, each twelve (12) month period during
which the Participant is employed on a full-time basis by the Plan Sponsor, with a
minimum of 1,000 hours of service, inclusive of any approved leaves of absence, beginning
on the Participant’s date of entry into this Plan.  

        1.16
“Year of Service” shall mean each twelve (12) month period during which the
Participant is employed on a full-time basis by the Plan Sponsor, with a minimum of 1,000
hours of service, inclusive of any approved leaves of absence, beginning on the
Participant’s date of hire.  

        1.17
“Parent” shall mean Somerset Hills Bancorp or any entity becoming its successor
through any transaction which does not constitute a Change of Control.  

ARTICLE TWO 

Employment  

        2.01
Employment. The terms of the Participant’s employment with the Plan Sponsor will
continue to be governed by the Employment Agreement. The supplemental retirement benefits
provided by this Agreement are granted by the Plan Sponsor as a fringe benefit and are
not part of any salary reduction plan or an arrangement deferring a bonus or a salary
increase. The Participant has no option to take any current payment or bonus in lieu of
these salary continuation benefits.  

ARTICLE THREE 

Benefits  

        3.01
Retirement Benefit. If the Participant shall continue in the employment of the Plan
Sponsor until he attains his Retirement Date, the Plan Sponsor agrees that upon such
retirement it will pay to the Participant a retirement benefit of Twenty Four Thousand
dollars ($24,000.00) per year for Fifteen (15) years. Retirement benefits will be paid in
One-Hundred Eighty (180) equal monthly installments of Two-Thousand dollars ($2,000.00)
each and shall commence on or about the first day of the second month following the
Participant’s Retirement Date subject to the conditions and limitations hereinafter
set forth.  

 
	 	
	 

        3.02
Election by the Participant to Defer Time or Form of Distribution. The Participant and
the Plan Sponsor agree that the Participant may alter the time or form of distribution of
benefits to be distributed under the Agreement, provided that (1) the election to alter
does not take effect until at least Twelve (12) months after the date of the election,
(2) in the case of an election related to a distribution for a specified time (Retirement
Date), the first payment payable under the election to alter must be deferred for a
period of at least Five (5) years from the date it would otherwise have been payable, and
(3) any election to alter receipt of a distribution at a specified time must be made at
least Twelve (12) months prior to the date the first scheduled payment would otherwise
have been due.  

        3.03
Death Prior to Retirement. In the event the Participant should die while actively
employed by the Plan Sponsor at any time after the date of this Agreement but prior to
his Retirement Date, the Plan Sponsor will pay the sum of Forty-Eight Thousand dollars
($24,000.00) per year for Fifteen (15) years. Survivor benefits will be paid in
One-Hundred Eighty (180) equal monthly installments of Four-Thousand dollars ($2,000.00)
each and shall commence on or about the first day of the third month following the
Participant’s date of death. Payments shall be made to such individual or
individuals as the Participant may have designated in writing, filed with and been
approved by the Plan Sponsor. In the absence of any effective designation of beneficiary
and such amount becoming due and payable upon the death of the Participant shall be
payable to his duly qualified executor or administrator.  

        3.04
Death After Retirement Date. The Plan Sponsor agrees that if the Participant shall retire
under Section 3.01 above, but shall die before receiving One-Hundred Eighty (180) monthly
installments as provided for, it will continue to make such equal monthly installments to
such individual or individuals as the Participant may have designated in writing, filed
with and been approved by the Plan Sponsor for the balance of the 180 month period. In
the absence of any effective designation of beneficiary any such amounts becoming due and
payable upon the death of the Participant shall be payable to his duly qualified executor
or administrator.  

        3.05
Voluntary Termination Prior to Plan Retirement Date. If the Participant voluntarily
terminates his employment at any time prior to his Plan Retirement Date, then the
Participant shall not be entitled to any benefits under the terms of this Agreement.  

        3.06
Termination for Cause Prior To Plan Retirement Date. If the Plan Sponsor terminates the
Participant’s employment for “Cause”, then the Participant shall not be
entitled to any benefits under the terms of this Agreement.  

        3.07
Termination Without Cause Prior to Plan Retirement Date. The Plan Sponsor reserves the
right to terminate the employment of the Participant at any time prior to retirement
without cause. In the event that the employment of the Participant shall be terminated by
the Plan Sponsor without cause, but including Disability, then this Agreement shall
terminate upon the date of such termination of employment and the Plan Sponsor shall pay
to the Participant as severance compensation his or her Vested Retirement Benefit. The
Vested Retirement Benefit is the Retirement Benefit defined in Article 3.01 multiplied by
the Vested Percentage in the following table:  

 
	 	
	 

	Completed Years of Participation
      

    	Vested Percentage
      

    
	Less than 1	 	 	  20.00	 
	1 but less than 2	 	 	  40.00	 
	2 but less than 3	 	 	  60.00	 
	3 but less than 4	 	 	  80.00	 
	4 or more	 	 	100.00	 

This Vested Retirement Benefit shall
be paid to the Participant in One-Hundred Eighty (180) equal monthly installments and
shall commence on or about the first day of the third month following the Participant’s
date of termination. If the termination is due to Disability, the Participant shall in
all cases be 100% vested. In the event that a terminated Participant dies prior to
receipt of all payments due and payable under this Article, then remaining payments shall
be made to such individual or individuals as the Participant may have designated in
writing, filed with and been approved by the Plan Sponsor. In the absence of any
effective designation of beneficiary and such amount becoming due and payable upon the
death of the Participant shall be payable to his duly qualified executor or administrator. 

        3.08
Benefits When An Participant’s Services Are Terminated Following A Change In
Control. If the termination of a Participant’s service occurs within forty-two (42)
months following a Change In Control, then (i) the Participant will be 100% vested in all
benefits hereunder, with payment commencing as of the Retirement Date and (ii) the Plan
Sponsor or its successor in interest shall purchase a single premium annuity for the
benefit of Participant in such an amount as will provide for payment of the benefits
Participant is entitled to under Sections 3.01, 3.03 or 3.04 hereof.  

ARTICLE FOUR 

General Limitations  

        4.01
Suicide or Misstatement. No benefits shall be payable if the Participant commits suicide
within two (2) years after the date of this Agreement, or if the Participant has made any
material misstatement of fact on any application for life insurance purchased by the Plan
Sponsor.  

        4.02
Noncompete. The Participant agrees that, as a condition for his entitlement to payments
by the Plan Sponsor under this Agreement, the Participant will comply with the provisions
of Article II of the Employment Agreement. If at any time, the Participant violates the
provisions of Article II of the employment Agreement, the Plan Sponsor’s obligation
to make any future payments to the Participant or the Participant’s Beneficiary
pursuant to this Agreement shall terminate immediately upon the occurrence of such
violation.  

        4.03
Acceleration of Payments. Acceleration of payments is permitted only upon certain limited
events. Except as provided for below the Plan may not permit the acceleration of the time
or schedule of any payment under the Plan. A prohibited acceleration is not deemed to
occur if the Participant waives or accelerates the satisfaction of a condition
constituting a substantial risk of forfeiture applicable to such a deferral of
Compensation, provided that the requirements of Section 409A of the Code are otherwise
satisfied with respect to such deferral of Compensation.  

 
	 	
	 

Otherwise, the permitted
acceleration event must be due to certain specific causes including the following: 

	  	        (a)
Domestic Relations Order. The Plan may permit direct payment of a Participant’s
Benefits to an individual other than a Participant as necessary to fulfill a
domestic relations order, as defined in Section 414(p)(1)(B) of the Code. 

	  	        (b)
Conflicts of Interest. The Plan may permit such acceleration of the time or
schedule of payment under the Plan as may be necessary to comply with a
certificate of divesture. 

	  	        (c)
De Minimis and Specified Amounts. The Plan may permit the acceleration of the
time or schedule of payment to a Participant, provided that (i) the payment
accompanies the termination of the entirety of the Participant’s interest
in the Plan; (ii) the payment is made on or before the later of (A) December 31
of the Calendar Year in which occurs the Participant’s Separation from
Service from the Plan Sponsor or (B) the date is 2 1/2 months after the
Participant’s Separation from Service from the Plan Sponsor; and (iii) the
payment is not greater than $10,000. 

        4.04
Excise Tax Limitation: In the event that any payment or benefit (within the meaning of
Section 280G(b)(2) of the Code) to the Participant or for the Participant’s benefit
paid or payable or distributed or distributable (including, but not limited to, the
acceleration of the time for the vesting or payment of such benefit or payment) pursuant
to the terms of this Plan or otherwise in connection with, or arising out of, the
Participant’s employment with the Plan Sponsor or any of its Affiliates or a Change
of Control within the meaning of Section 280G of the Code (a “Payment” or “Payments”),
would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then the Payments shall be reduced (but not below zero) but only to the
extent necessary that no portion thereof shall be subject to the excise tax imposed by
Section 4999 of the Code (the “Section 4999 Limit”). Unless the Participant
shall have given prior written notice specifying a different order to the Plan Sponsor to
effectuate the limitations described in the preceding sentence, the Plan Sponsor shall
reduce or eliminate the Payments by first reducing or eliminating those Payments or
benefits which are not payable in cash and then by reducing or eliminating cash Payments,
in each case in reverse order beginning with payments or benefits which are to be paid
the farthest in time. Any notice given by the Participant pursuant to the preceding
sentence shall take precedence over the provisions of any other plan, arrangement or
agreement governing the Participant’s rights and entitlements to any benefits or
compensation.  

ARTICLE FIVE 

                     Termination, Amendment or Modification 

        5.01
Termination. Although the Plan Sponsor anticipates that it will continue the Plan for an
indefinite period of time, there is no guarantee that the Plan Sponsor will continue the
Plan or will not terminate the Plan at any time in the future.  

 
	 	
	 

Accordingly, the Plan Sponsor
reserves the right to discontinue its sponsorship of the Plan and/or to terminate the
Plan at any time with respect to any or all of its Eligible Employees, by action of its
Board or other similar governing body subject to following restrictions imposed by IRC
Section 409A. 

	  	        (a)
Distributions will be permitted if the Plan is terminated within 12 months of a corporate
dissolution taxed under IRC Section 331, or with the approval of a bankruptcy court
pursuant to 11 U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under the
Plan are included in the Participant’s gross income in the latest of: 

	  	        (1)
The Calendar Year in which the Plan termination occurs; 

	  	        (2)
The Calendar Year in which the amount is no longer subject                   to a
substantial risk of forfeiture; or 

	  	        (3)
The first Calendar Year in which the payment is administratively practicable. 

	  	        (b)
Distributions will be permitted if the Plan Sponsor has discretion under the Plan to
terminate the Plan within 30 days preceding or the 12 months following a Change in
Control event (as defined in IRC Section 1.409A-2(g)(4)(i)), then the plan will be
treated as terminated only if all substantially similar arrangements sponsored by the
Plan Sponsor are terminated so that all participants in all similar arrangements are
required to receive all amounts of compensation deferred under the terminated
arrangements within twelve (12) months of the date of termination of the arrangements. 

	  	        (c)
     The Plan Sponsor may also terminate the Plan and make
                  distributions provided that:  

	  	        (1)
All plans sponsored by the                   Plan Sponsor would be aggregated with any
terminated arrangements      if the same Participant participated in all of the
                  arrangements terminated;  

	  	        (2)
No payments other than payments                   that would be payable under the terms
of the Plan if the termination       had not occurred are made within twelve (12) months
of the                   plan termination; 

	  	       (3)
All payments are made within twenty-four                   (24) months of the Plan
termination; and  

	  	        (4)
The Plan Sponsor                   does not adopt a new plan that would be aggregated
with any                   terminated plan if the same Participant participated in both
arrangements, at any time within five years following the date of termination of the Plan. 

        5.02
Amendment. The Plan Sponsor may, at any time, amend or modify this Plan in whole or in
part by the action of its Plan Administrator; provided, however, that, except to the
extent necessary to bring the Plan into compliance with Section 409A(a)(2),(3), or (4),
no amendment or modification shall be effective to decrease the value or vested
percentage of a Participant’s benefit. The amendment or modification of this Plan
shall not affect any Participant or Beneficiary who has become entitled to the payment of
benefits under this Plan as of the date of the amendment or modification.  

ARTICLE SIX 

                            Beneficiary Designations 

        6.01
Beneficiary Designations. The Participant shall designate a beneficiary by filing a
written designation with the Plan Sponsor. The Participant may revoke or modify the
designation at any time by filing a new designation. However, designations  

 
	 	
	 

will only be effective if signed by
the Participant and accepted by the Plan Sponsor during the Participant’s lifetime.
The Participant’s beneficiary designation shall be deemed automatically revoked if
the beneficiary predeceases the Participant, or if the Participant names a spouse as
beneficiary and the marriage is subsequently dissolved. If the Participant dies without a
valid beneficiary designation, all payments shall be made to the Participant’s duly
qualified executor or administrator. 

        6.02
Facility Payment. If a benefit is payable to a minor, to a person declared incompetent,
or to a person incapable of handling the disposition of his property, the Plan Sponsor
may pay such benefit to the guardian, legal representative or person having the care or
custody of such minor, incompetent person or incapable person. The Plan Sponsor may
require proof of incompetence, minority or guardianship as it may deem appropriate prior
to distribution of the benefit. Such distribution shall completely discharge the Plan
Sponsor from all liability with respect to such benefit.  

ARTICLE SEVEN 

Funding  

        7.01
Funding. Except as otherwise provided under Section 3.08 hereof, the Plan Sponsor
reserves the absolute right at its sole and exclusive discretion either to fund the
obligations of the Plan Sponsor undertaken by this Agreement or to refrain from funding
the same, and to determine the extent, nature, and method of such funding. Should the
Plan Sponsor select to fund this Agreement, in whole or in part, through the medium of
life insurance or annuities, or both, the Plan Sponsor shall be the owner and beneficiary
of the policy. The Plan Sponsor reserves the absolute right, in its sole discretion, to
terminate such life insurance or annuities, as well as any other funding program, at any
time, either in whole or in part. At no time shall the Participant be deemed to have any
right, title, or interest in or to any specified asset or assets of the Plan Sponsor,
including, but not by way of restriction, any insurance or annuity contract or contracts
or the proceeds therefrom. Any such policy shall not in any way be considered to be
security of the performance of the obligations of this Agreement. It shall be, and
remain, a general, unpledged, unrestricted asset of the Plan Sponsor. If the Plan Sponsor
purchases a life insurance or annuity policy on the life of the Participant or the
Participant’s spouse, he agrees to sign any papers that may be required for that
purpose and to undergo any medical examination or tests which may be necessary.  

        7.02
This Section shall not be construed as giving the Participant or his beneficiary any
greater rights than those of any other unsecured Creditor of the Plan Sponsor.  

ARTICLE EIGHT

  Claims and Review Procedures  

        8.01
    Claims Procedure: 

	  	        (a)
Claim. A person who believes that he or she is being denied a benefit to which
he or she is entitled under the Plan (hereinafter referred to as a “Claimant”)
may file a written request for such benefit with the Plan Administrator, setting
forth his or her claim. The request must be addressed to the Plan Administrator
at the Plan Sponsor’s then principal place of business. 

 
	 	
	 

	  	
The
claims procedure of          this Article 10.1 shall be applied in accordance with
Section 503 of          ERISA and Department of Labor Regulation Section 2560.503-1. 

	  	        (b)
Claim Decision. Upon receipt of a claim, the Plan Administrator shall advise the
Claimant that a reply will be forthcoming within 90 days after the receipt of
the benefits claim by the Plan Administrator and that the Plan Administrator
shall, in fact, deliver such reply within such period. The Plan Administrator
may, however, extend the reply period for an additional 90 days, unless the
Plan Administrator determines that special circumstances require an
extension of time for making a determination with respect to the
benefits claim. If the Plan Administrator determines that an extension
of time for making a determination with respect to the benefits claim
is required, the Plan Administrator shall provide the Claimant with
written notice of such extension prior to the end of the initial 90 day
period. The extension notice shall indicate the special circumstances
requiring the extension of time and the date by which the Plan
Administrator expects to render the benefit determination. If the claim
is denied in whole or in part, the Plan Administrator shall adopt a
written opinion, using language calculated to be understood by the
Claimant, setting forth: 

	 	(i)  	  	 The
specific reasons for such denial;  

	 	(ii)  	  	 Specific
reference to pertinent provisions of this Plan                       on which such denial
is based;  

	 	(iii)  	  	 A
description of any additional material or information                       necessary for
the Claimant to perfect his or her claim and                       an explanation why
such material or such information is                       necessary; and  

	 	(iv)  	  	 A
description of the Plan’s appeal procedures and the                       time
limits applicable to such procedures, including a                       statement of the
Claimant’s right to bring a civil action                       under Section 502(a)
of ERISA following a denial of the                       appeal of the denial of the
benefits claim.  

	  	        (c)
Request for Review. Within 60 days after receipt by the Claimant of the written
opinion described above, the Claimant may request in writing that the Review
Plan Administrator (as defined below) review the Plan Administrator’s
determination. Such request must be addressed to the Plan Administrator at the
Plan Sponsor’s then principal place of business. The Claimant shall be
afforded the opportunity to submit written comments, documents, records, and
other information relating to the benefits claim, and the Claimant shall be
provided, upon request and free of charge, reasonable access to all
documents, records and other information relevant to the Claimant’s
benefits claim. A document, record or other information shall be
considered “relevant” to the benefits claim as provided in Department
of Labor Regulation Section 2560-503-1(m)(8). The review on appeal by
the Board of the Plan Sponsor shall take into account all comments,
documents, records and other information submitted by the Claimant,
without regard to whether such information was submitted or considered
in the Plan Administrator’s initial determination with respect to the
benefits claim. If the Claimant does not request a review of the
determination within such 60-day period, he or she shall be barred and
estopped from challenging the determination. 

 
	 	
	 

	  	        (d)
Review of Decision. The Review Plan Administrator shall advise the Claimant in
writing of the Review Plan Administrator’s determination of the appear
within 60 days of the Review Plan Administrator’s receipt of Claimant’s
written request for review, unless special circumstances (such as a hearing)
would make the rendering of a determination within the 60 day period infeasible,
but in no event shall the Review Plan Administrator render a determination
regarding the denial of a claim for benefits later than 120 days after
its receipt of a request for review. If an extension of time for review
is required because of special circumstances, written notice of the
extension shall be furnished to the Claimant prior to the date the
extension period commences. If the Claimant’s appeal of the denial of
the Claimant’s benefits claim is denied in whole or in part, the Review
Plan Administrator shall adopt a written opinion, using language
calculated to be understood by the Claimant, setting forth: 

	 	(i)  	  	 The
specific reasons for such denial of the appeal;  

	 	(ii)  	  	 Specific
reference to pertinent provisions of this Plan on                       which such denial
of the appeal is based;  

	 	(iii)  	  	A
statement that the Claimant is entitled to receive,                         upon request
and free of charge, reasonable access to,                         and copies of, all
documents, records and other                         information relevant to the Claimant’s
benefits claim                         (and a document, record or other information shall
be                         considered “relevant” to the benefits claims as
provided                         in Department of Labor Regulation Section
                        2560.503-1(m)(8); and  

	 	(iv)  	  	 A
statement describing the Claimant’s right to bring an                         action
under ERISA Section 502(a).  

	  	        (e)
Review Plan Administrator. The Plan Administrator may from time to time appoint
a review panel that may consist of two or more individuals who may, but need
not, be employees of the Plan Sponsor (the “Review Plan Administrator”).
If no such Review Plan Administrator is named, the Board of the Plan Sponsor
shall be deemed the Review Plan Administrator for purposes of this Article. The
Review Plan Administrator shall be the named fiduciary that has the authority to
act with respect to any appeal from a denial of benefits or a
determination of benefit rights. 

        8.02
Arbitration of Claims. All claims or controversies arising out of or in connection with
this Plan shall, subject to the initial review provided for in the foregoing provisions
of this Article be resolved through arbitration as provided in this Article. Except as
otherwise provided or by mutual agreement of the parties, any arbitration shall be
administered under and by the Judicial Arbitration & Mediation Services, Inc. (“JAMS”),
in accordance with the JAMS procedure then in effect. The arbitration shall be held in
the JAMS office nearest to where the Claimant is or was last employed by the Plan Sponsor
or at a mutually agreeable location. The prevailing party in the arbitration shall have
the right to recover its reasonable attorney’s fees, disbursements and costs of the
arbitration (including enforcement of the arbitration decision), subject to any contrary
determination by the arbitrator.  

 
	 	
	 

ARTICLE NINE 

Administration  

        9.01
Plan Administrator Duties. The Plan Administrator shall be responsible for the
management, operation and administration of the Plan. The Plan Administrator shall act at
meetings by affirmative vote of a majority its members. Any action permitted to be taken
at a meeting may be taken without a meeting if, prior to such action, a unanimous written
consent to the action is signed by all members and such written consent if filed with the
minutes of the proceedings of the Plan Administrator. A member shall not vote or act upon
any matter which relates solely to himself or herself as a Participant. The Chair or any
other member or members of the Plan Administrator designated by the Chair may execute any
certificate or other written direction on behalf of the Plan Administrator. When making a
determination or calculation, the Plan Administrator shall be entitled to rely on
information furnished by a Participant or the Plan Sponsor. No provision of this Plan
shall be construed as imposing on the Plan Administrator any fiduciary duty under ERISA
or other law, or any duty similar to any fiduciary duty under ERISA or other law.  

        9.02
Plan Administrator Authority. The Plan Administrator shall enforce this Plan in
accordance with its terms, shall be charged with the general administration of this Plan,
and shall have all powers necessary to accomplish it purposes, including, but not by way
of limitation, the following:  

	 	1.  	  	To
construe and interpret the terms and provisions of this                   Plan; 

	 	2.  	  	To
compute and certify the amount and kind of benefits payable                   to
Participants and their Beneficiaries; to determine the time                   and manner
in which such benefits are paid; and to determine                   the amount of any
withholding taxes to be deducted; 

	 	3.  	  	To
maintain all records that may be necessary for the                   administration of
this Plan; 

	 	4.  	  	To
provide for the disclosure of all information and the                   filing or
provision of all reports and statements to                   Participants, Beneficiaries
or governmental agencies as shall                   be required by law; 

	 	5.  	  	To
make and publish such rules for the regulation of this Plan                   and
procedures for the administration of this Plan as are not                   inconsistent
with the terms hereof; 

	 	6.  	  	To
administer this Plan’s claims procedures; 

	 	7.  	  	To
approve election forms and procedures for use under this                   Plan; and 

	 	8.  	  	To
appoint a plan recordkeeper or any other agent, and to                   delegate to them
such powers and duties in connection with the                   administration of this
Plan as the Plan Administrator may from                   time to time prescribe. 

        9.03
Binding Effect of Decision. The decision or action of the Plan Administrator with respect
to any question arising out of or in connection with the administration, interpretation
and application of this Plan and the rules and regulations promulgated hereunder shall be
final and conclusive and binding upon all persons having any interest in this Plan,
subject to decisions made or taken following a Change of Control, to de novo review by an
arbitrator acting pursuant to Section 10.2.  

        9.04
Compensation, Expenses and Indemnity. The members shall serve without compensation for
their services hereunder. The Plan Administrator is  

 
	 	
	 

authorized at the expense of the
Plan Sponsor to employ such legal counsel and/or Plan recordkeeper as it may deem
advisable to assist in the performance of its duties hereunder. Expense and fees in
connection with the administration of this Plan shall be paid by the Plan Sponsor. 

        9.05
Plan Sponsor Information. To enable the Plan Administrator to perform its functions, the
Plan Sponsor shall supply full and timely information to the Plan Administrator, on all
matters relating to the Compensation of its Participants, the date and circumstances of
the Disability, death, or Separation from Service of its Employees or Directors who are
Participants’, and such other pertinent information as the Plan Administrator may
reasonably require.  

        9.06
Periodic Statements. Under procedures established by the Plan Administrator, a
Participant shall be provided a statement of account on an annual basis (or more
frequently as the Plan Administrator shall determine) with respect to such Participant’s
Accounts and vested percentages thereof as of the last day of the preceding calendar
quarter.  

ARTICLE TEN 

Miscellaneous  

        10.01
Alienability. Neither the Participant, his widow, nor any other beneficiary under this
Agreement shall have any power or right to transfer, assign, anticipate, hypothecate,
mortgage, commute, modify, or otherwise encumber in advance any of the benefits payable
under this Agreement, in addition no such benefit shall be subject to seizure for the
payment of any debts, judgments, alimony or separate maintenance, owed by the Participant
or his beneficiary or any of them, or be transferable by operation of law in the event of
bankruptcy, insolvency, or otherwise. In the event the Participant or any beneficiary
attempts assignment, commutation, hypothecation, transfer, or disposal of the benefit
hereunder the Plan Sponsor’s liabilities shall forthwith cease and terminate.  

        10.02
Participation in Other Plans. Nothing contained in this Agreement shall be construed to
alter, abridge, or in any manner affect the rights and privileges of the Participant to
participate in and be covered by any Pension, Profit-Sharing, Group Insurance, Bonus or
similar employee plans which the Plan Sponsor may now or hereafter have.  

        10.03
Reorganization. The Plan Sponsor shall not merge or consolidate into or with another Plan
Sponsor, or reorganize, or sell substantially all of its assets to another Plan Sponsor,
firm, or person unless and until such succeeding or continuing Plan Sponsor, firm, or
person agrees to assume and discharge the obligations of the Plan Sponsor under this
Agreement. Upon the occurrence of such event, the term “Plan Sponsor” as used
in this Agreement shall be deemed to refer to such successor or survivor Plan Sponsor.  

        10.04
Benefits and Burdens. This Agreement shall be binding upon and inure to the benefit of
the Participant and his personal representatives, to the Plan Sponsor, and any successor
organization which shall succeed to substantially all of either the Plan Sponsor’s
assets or its business without regard to the form of such succession.  

 
	 	
	 

        10.05
Notice. Any notice, consent or demand required or permitted to be given under the
provisions of this Plan shall be in writing and shall be signed by the party giving or
making the same. If such notice, consent or demand is mailed, it shall be sent by United
States certified mail, postage prepaid, addressed to the addressee’s last known
address as shown on the records of the Plan Sponsor. The date of such mailing shall be
deemed the date of notice consent or demand. Any person may change the address to which
notice is to be sent by giving notice of the change of address in the manner aforesaid.  

        10.06
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 Plan Sponsor to discharge the Participant, or restrict the right of the
Participant to terminate his employment.  

        10.07
Tax Withholding. The Plan Sponsor shall withhold any taxes that are required to be
withheld from the benefits provided under this Agreement.  

        10.08
Entire Agreement. This Agreement constitutes the entire agreement between the Plan
Sponsor and the Participant as to the subject matter hereof. No rights are granted to the
Participant by virtue of this Agreement other than those specifically set forth herein.  

        10.09
Designated Fiduciary. For purposes of the Employee Retirement Income Security Act of
1974, if applicable, the Plan Sponsor shall be named fiduciary and Plan Administrator
under the Agreement. The named fiduciary may delegate to others certain aspects of the
management and operation responsibilities of the plan, including the employment of
advisors and the delegation of ministerial duties to qualified individuals.  

        10.10
Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of
the State of New Jersey, except to the extent preempted by the laws of the United States
of America.  

        10.11
Compliance Clause. In the event any provision of this Agreement or the application
thereof, is or becomes inconsistent with Code Section 409A and any regulations
promulgated thereunder, such provision shall be void or unenforceable. The other
provisions of this Agreement shall remain in full force and effect.  

 
	 	
	 

        IN
WITNESS WHEREOF, the Plan Sponsor and the Participant has executed this Agreement as of
the day and year first written above.  

	
      WITNESS:
                                                                         

        _______________________________________ 

        

        _______________________________________
                                                              

    	  	 	  	
       Somerset Hills
Bank 

      By:
___________________________________ 

      Title: __________________________________
         ______________________________________

      Gerard Riker
                                                                

      Participant

               

    

Somerset Hills Bank 

                     Supplemental Executive Retirement Plan 

                          Beneficiary Designation Form 

        In
accordance with the rights granted to me in the “Supplemental Executive Retirement
Plan”, I do hereby designate as Beneficiary thereunder to receive payments
thereunder in the event of my death: 

	  	
Primary
Beneficiary:___________________________________ 

Relationship:___________________________________  

	  	
1st
Contingent Beneficiary:___________________________________ 

Relationship:___________________________________  

        I
further reserve the privilege of changing the Beneficiary herein named at any time or
times without the consent of any such beneficiary. 

        This
designation is made upon the following terms and conditions: 

	1.  	  	The
word “Beneficiary” as used herein shall include the plural,
         Beneficiaries, wherever the Agreement permits. 

	2.  	  	For
purposes of this Beneficiary Designation, no person shall be deemed          to have
survived the Participant if that person dies within thirty (30)          days of the
Participant’s death. 

	3.  	  	Beneficiary
shall mean the Primary Beneficiary if such Primary          Beneficiary survives the
Participant by at least thirty (30) days, and          shall mean the 1st Contingent
Beneficiary if the Primary Beneficiary          does not survive the Participant by at
least thirty (30) days. 

	4.
      	
If the Primary Beneficiary shall be deceased on any annual payment date
         provided in said Agreement, any and all remaining annual payments shall
         be payable to the 1st Contingent Beneficiary unless the executors or

 
	 	
	 

	  	
administrators
of said deceased Beneficiary are named as Primary          Beneficiary hereinabove. 

	5.  	  	If
more than one Beneficiary is named within the same class (i.e.,          Primary or 1st
Contingent), then annual payments shall be made equally          to such Beneficiaries
unless otherwise provided hereinabove. If any          such Beneficiary dies while
receiving annual payments under said          Agreement, any and all remaining payments
shall continue to be made to          the surviving Beneficiaries of such class and to
the legal heirs of the          deceased Beneficiary, which legal heirs shall receive the
amount which          was being received by said deceased Beneficiary. If all of the
         Beneficiaries of a class shall die, any and all remaining payments
         shall be made to the next class of Beneficiaries, as provided under
         Paragraph 4 above. 

	6.  	  	If
none of the Beneficiaries named hereinabove are living on any said          annual
payment date, any and all remaining payments shall be made to          the Participant’s
executors or administrators, or upon their written          request, to any person or
persons so designated by them. 

	7.  	  	If
any such annual payments shall be payable to any trust, the Plan          Sponsor shall
not be liable to see to the application by the Trustee of          any payment hereunder
at any time, and may rely upon the sole signature          of the Trustee to any receipt,
release or waiver, or to any transfer or          other instrument to whomsoever made
purporting to affect this          nomination or any right hereunder. 

	8.  	  	A
Participant’s Beneficiary designation shall be deemed automatically          revoked
if the Participant names a spouse as Beneficiary and the          marriage is later
dissolved or the spouse dies. Without limiting the          generality of the foregoing,
the interest in the benefits hereunder of          a spouse of a Participant who has
predeceased the Participant or whose          marriage with the Participant has been
dissolved shall automatically          pass to the Participant and shall not be
transferable by such spouse in          any manner, including but not limited to such
spouse’s will, nor shall          such interest pass under the laws of intestate
succession. 

`

        This
designation cancels and supersedes any Designation of Beneficiary heretofore made by me
with respect to said Agreement and the right to receive payments thereunder.  

Dated: __________________      Participant:___________________________________________ 

	
      Received
this ___ day of ____________, 20__
                       

        	 	  	
      By:_______________________________
                                                                              

                       FOR THE
PLAN SPONSORexv10w04

 

Exhibit
10.04

GENELABS TECHNOLOGIES, INC.

ANNUAL BONUS PLAN

          This Annual Bonus Plan (the “Plan”) was adopted by the Board of Directors of Genelabs
Technologies, Inc. (the “Company”) on August 10, 2007.

Purpose

          The purpose of the Plan is to enable the Company and its wholly-owned subsidiaries to (i)
attract, retain and motivate employees who contribute to the success of the Company, (ii) reward
performance in the achievement of corporate objectives, and (iii) provide an incentive to employees
to increase the profitability and advance the interests of the Company through participation in a
bonus plan in accordance with the provisions of this Plan.

ARTICLE I

ELIGIBILITY AND PARTICIPATION

          1.1      All employees of the Company and its wholly-owned subsidiaries shall be eligible to
participate in the Plan. Participation in the Plan is at the discretion of the Committee.

ARTICLE II

PLAN YEAR, PERFORMANCE PERIODS AND PERFORMANCE OBJECTIVES

          2.1      The fiscal year of the Plan (the “Plan Year”) shall be the calendar year. The performance
period (the “Performance Period”) with respect to which bonuses may be payable under the Plan shall
generally be the Plan Year; provided however, that the Committee shall have the authority to
designate different Performance Periods under the Plan.

          2.2      The Committee shall establish in writing, with respect to each Performance Period, one or
more performance goals, a specific target objective or objectives with respect to such performance
goals and an objective formula or method for computing the amount of bonus compensation payable to
each participant under the Plan if and to the extent that the performance goals are attained.

          2.3      Performance goals shall be based upon one or more of the following objectives for the
Company as a whole or any of its subsidiaries, operating divisions or other operating units set by
the Committee, including, but not limited to: budget and finance, business development and
commercial operations, development, or research objectives. In addition, performance goals may be
based upon a participant’s attainment of specific objectives set for that participant’s performance
by the Company.

1

 

ARTICLE III

DETERMINATION OF BONUS AWARDS

          3.1      As soon as practicable after the end of each Performance Period, the Committee shall
determine to what extent the Company has achieved the performance goal or goals for such
Performance Period, including the specific target objective or objectives and the satisfaction of
any other material terms of the bonus award, and the Committee shall approve the aggregate bonus
pool payable to eligible participants for such Performance Period based upon the performance goals,
objectives and computation formulae or methods for such Performance Period. The Committee shall
have the discretion to increase, decrease or eliminate the amount of any participant’s bonus as so
determined at any time prior to the payment date, if it determines, in its absolute and sole
discretion, that such an increase, reduction or elimination is appropriate in order to reflect the
participant’s performance or unanticipated factors.

ARTICLE IV

PAYMENT OF AWARDS

          4.1      Approved bonus awards shall be payable by the Company in cash to each participant, or to
his estate in the event of his death following the end of the Performance Period, between January 1
and March 15 of the fiscal year immediately following the Performance Period after the Committee
has determined pursuant to Section 3.l that the relevant performance goals were achieved.

          4.2      No participant shall earn any portion of a bonus award made hereunder for any Performance
Period unless the participant is employed by the Company or any of its wholly-owned subsidiaries,
as applicable, as of the last day of the applicable Performance Period.

ARTICLE V

OTHER TERMS AND CONDITIONS

          5.1      No person shall have any legal claim to be granted an award under the Plan, and the
Committee shall have no obligation to treat participants uniformly. Except as may be otherwise
required by law, bonus awards under the Plan shall not be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or
levy of any kind, either voluntary or involuntary. Bonuses awarded under the Plan shall be payable
from the general assets of the Company, and no participant shall have any claim with respect to any
specific assets of the Company.

          5.2      Neither the Plan nor any action taken under the Plan shall be construed as giving any
employee the right to be retained in the employment of the Company or any subsidiary or to maintain
any participant’s compensation at any level.

          5.3      The Company or any of its subsidiaries may deduct from any award any applicable
withholding taxes or any amounts owed by the employee to the Company or any of its subsidiaries.

2

 

ARTICLE VI

ADMINISTRATION

          6.1      The Board and, to the extent the Board has delegated its duties to, the Compensation
Committee shall constitute the Committee hereunder,

          6.2      The Committee shall have full power, authority and discretion to administer and interpret
the provisions of the Plan and to adopt such rules, regulations, agreements, guidelines and
instruments for the administration of the Plan and for the conduct of its business as the Committee
deems necessary or advisable.

          6.3      The Committee shall have full power to delegate to any officer or employee of the Company
the authority to administer and interpret the procedural aspects of the Plan, subject to the Plan’s
terms, including adopting and enforcing rules to decide procedural and administrative issues.

          6.4      The Board reserves the right to amend or terminate the Plan in whole or in part at any
time. Moreover, the Committee reserves the right to amend this Plan as may be necessary or
appropriate to avoid adverse tax consequences under Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”).

          6.5      The place of administration of the Plan shall be in the State of California, and the
validity, construction, interpretation, administration and effect of the Plan and of its rules and
regulations, and rights relating to the Plan, shall be determined solely in accordance with the
laws of the State of California.

3

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