Document:

ex10-4.htm

    Exhibit
10.4

    

    AMENDMENT
TO THE DIRECTOR DEFERRED COMPENSATION PLAN

    

    THIS AMENDMENT is made by GREATER
COMMUNITY BANCORP and GREATER COMMUNITY BANK, the successor to BERGEN COMMERCIAL
BANK, Corporations organized under the laws of the State of New Jersey
(collectively hereinafter referred to as the “Company”) to the DIRECTOR DEFERRED
COMPENSATION PLAN (hereinafter referred to as the “Plan”);

    

    WITNESSETH:

    

    WHEREAS, effective February 1, 1999,
the Company established the Director Deferred Compensation Plan (“Plan”),
providing directors the opportunity to defer their compensation;
and

    

    WHEREAS, the Company wishes to amend
the Plan to comply with Internal Revenue Code Section 409A and the applicable
federal regulations thereto; and

    

    WHEREAS, the Plan may be amended by the
Company and the mutual consent of each director;

    

    NOW, THEREFORE, the Plan is hereby
amended as follows, and each director signing below consents to such
amendments:

    

    FIRST:  Section
1.15 “Financial Hardship” is hereby amended by deleting it in its entirety and
substituting the following in its place:

    

    1.15 “Financial Hardship” means an
unforeseeable emergency, which is a severe financial hardship to the Director
resulting from an illness or accident to the Director or the Director’s Spouse,
loss of the Director’s property due to casualty or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control
of the Director.

    

    SECOND, Section 5.2
“Disability Benefit “is hereby amended by deleting it in its entirety and
substituting the following in its place:

    

    5.2 “Disability Benefit” means
notwithstanding any other provision hereof, in the event of a Director’s
Disability, the Director shall be entitled to receive the Disability Benefit
hereunder.  Disability means the inability of the Director to engage
in any substantial gainful activity by reason of a 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.  In the event of Disability, the Director shall begin
receiving the Disability Benefit in lieu of the Deferred Compensation Benefit,
which is not available prior to the Director’s Benefit Eligibility
Date.  The benefit shall begin within thirty (30) days of the date of
Disability.  The amount of the monthly benefit

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    shall be
the annuitized value of the Director’s Elective Contribution Account, measured
as of the date of the Disability determination and payable over the Payout
Period.  The Interest Factor shall be used to annuitize the Elective
Contribution account.  In the event the Director dies while receiving
Disability Benefit payments pursuant to this Subsection, or after becoming
eligible for such payments but before the actual commencement of such payments,
his Beneficiary shall be entitled to receive those benefits provided for in
Subsection 6.1(a) and the Disability Benefits provided for in this Subsection
shall terminate upon the Director’s death.

    

    THIRD, Section 5.4 is
herby amended by deleting it in its entirely and substituting the following in
its place:

    

    5.4 “Removal For Cause” means in the
event the Director is removed for Cause at any time prior to reaching his
Benefit Age, he shall be entitled to receive the balance of his Elective
Contribution Account, measured as of the date of removal.  Such amount
shall be paid on his Benefit Eligibility Date the annuitized value (using the
Interest Factor) of his Elective Contribution Account payable over the Payout
Period.

    

    FOURTH: Section
12.13, “Modification of Benefit Eligibility Date,” is hereby amended by deleting
it in its entirety and substituting the following in its place:

    

    In the event that a Director wishes to
modify his Benefit Eligibility Date, the Director may make a one-time
irrevocable election to defer commencement of his or benefits from the Plan;
provided, however, that any such election must:

    

    
      	
               
      

            	
              (1)

            	
              not
      result in the acceleration of
payments;

            

    

    
      	
               
      

            	
              (2)

            	
              not
      be effective for 12 months after such change is
  made;

            

    

    
      	
               
      

            	
              (3)

            	
              result
      in the deferral of payments for a period of five years;
  and

            

    

    
      	
               
      

            	
              (4)

            	
              not
      be made less than 12 months prior to the current Benefit Eligibility
      Date.

            

    

    

    FIFTH: Section 12.14,
“Early Distribution Following a Change in Control” is hereby amended by deleting
it in its entirety and substituting the following in its place:

    

    "A
Director may elect on or before December 31, 2008 to receive his or her benefits
from the Plan in (a) a lump sum or (b) up to 120 monthly installments,
commencing on a date in 2009 selected by Director."

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the parties hereto
have executed this Amendment as of this 25th day of June, 2008.

    

    

    

    GREATER
COMMUNITY BANCORP

    

    By: /s/
Anthony M. Bruno

    Anthony
M. Bruno

    Chairman,
President, and CEO

    

    

    

    GREATER
COMMUNITY BANK

    

    By: /s/
Anthony M. Bruno

    Anthony
M. Bruno

    Chairman,
President, and CEOex10-5.htm

    Exhibit
10.5

    

    AMENDMENT
TO DIRECTOR SUPPLEMENTAL RETIREMENT INCOME AGREEMENT

    

    This Amendment is made as of June 25,
2008 between Robert Soldoveri (“Director”) and Greater Community Bank (“Bank”),
a state chartered commercial bank having its principal place of business in New
Jersey.

    

    RECITALS

    

    WHEREAS, the Bank has adopted a
Director Supplemental Retirement Income Agreement (“Agreement”) to pay
additional compensation to the Director after retirement or other termination of
employment; and

    

    WHEREAS, the Agreement was effective
March 1, 2004; and

    

    WHEREAS, Greater Community Bancorp
(“GCB”) is a party to the Agreement for the sole purpose of guaranteeing the
Bank’s performance; and

    

    WHEREAS, the Director, Bank, and GCB
desire to amend the Agreement to comply with Internal Revenue Code Section 409A
and the applicable federal regulations thereto; and

    

    WHEREAS, GCB has entered into an
agreement and plan of merger with Valley National Bancorp ("Valley") dated March
19, 2008 pursuant to which GCB will merge into Valley (the "Merger");
and

    

    WHEREAS, GCB and Valley wish to provide
a payment upon Executive's termination of service following the Merger in
satisfaction of Bank's obligations under the Agreement; and

    

    WHEREAS, Section 13.1 of the Agreement
permits the Agreement to be amended with the express written consent of the
parties and pursuant to a resolution of the Board of Directors.

    

    NOW THEREFORE, the Agreement
is amended as follows:

    

    1.           Upon
the earlier of (a) Director's termination of service in connection with the
Merger, or (b) January 5, 2009, the Bank shall pay Director a lump sum payment
of $93,000.

    

    2.           Upon
payment of the amount pursuant to Section 1 above, the parties shall have no
further obligations under the Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.           To
the extent applicable, it is intended that the Agreement and this Amendment
comply with the requirements of Section 409A of the Internal Revenue Code, and
they shall be interpreted in a manner consistent with this intent in order to
avoid the imposition of any additional tax under Section 409A of the Code. The
parties shall cooperate to take such actions and to make such changes as are
necessary to comply with such requirements.

    

    IN WITNESS WHEREOF the Parties
consent to this Amendment.

    

    

    
      	
              DIRECTOR

            	
              GREATER
      COMMUNITY BANCORP

            
	 
      	 
      	 
      
	
              /s/ Robert
      Soldoveri

            	
              By:

            	
              /s/ Anthony M.
      Bruno

            
	
              Robert
      Soldoveri

            	 
      	
              Anthony
      M. Bruno

            
	 
      	 
      	
              Chairman
      and CEO

            
	 
      	 
      	 
      
	 
      	
              GREATER
      COMMUNITY BANK

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Anthony M.
      Bruno

            
	 
      	 
      	
              Anthony
      M. Bruno

            
	 
      	 
      	
              Chairman,
      President, and
CEOex10-6.htm

    Exhibit
10.6

    

    AMENDMENT
TO CHANGE IN CONTROL, CONFIDENTIALITY, AND NON-COMPETE AGREEMENT

    

    This Amendment is made as of June 25,
2008 (the “Effective Date”) between Roger Tully (“Executive”), Greater Community
Bank (the “Bank”), a New Jersey banking corporation, and Greater Community
Bancorp (“GCB”), a New Jersey business corporation (hereinafter collectively
referred to as “the Company”).

    

    RECITALS

    

    WHEREAS, Executive and the Company are
parties to a Change in Control, Confidentiality, and Non-Compete Agreement (the
“Agreement”) dated November 13, 2007; and

    

    WHEREAS, the parties desire to amend
the Agreement in order to comply with Internal Revenue Code Section 409A and the
applicable federal regulations thereto;

    

    WHEREAS, GCB has entered into an
agreement and plan of merger with Valley National Bancorp ("Valley") dated March
19, 2008 pursuant to which GCB will merge into Valley (the "Merger");
and

    

    WHEREAS, GCB and Valley wish to provide
a payment to Employee upon the Merger in satisfaction of Bank's obligations
under the Agreement.

    

    NOW, THEREFORE, it is agreed as
follows:

    

    1.           The
first sentence of Section 2(e) of the Agreement is replaced with the following
sentence:

    

    (e)           Voluntary Termination After
Change in Control.  Notwithstanding any other provision of this
Agreement to the contrary, the Executive may voluntarily terminate his
employment under this Agreement by December 31 of the year in which a Change in
Control of GCB or the Bank occurs if “Good Reason” for such termination exists
that is not corrected within 30 days following written notice thereof to the
Company by the Executive, such notice to state with specificity the basis upon
which Good Reason exists and to be provided to the Company within 30 days from
the date of the change that constitutes Good Reason.

    

    2.           The
following new paragraph is added to the end of Section 2(e) of the
Agreement:

    

    It is intended that (A) each payment or
installment of payments provided under this Section 2 is a separate “payment”
for purposes of Code Section 409A and (B) that the payments satisfy, to the
greatest extent possible, the exemptions from the application

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    of Code
Section 409A, including those provided under Treasury Regulations 1.409A-1(b)(4)
(regarding short-term deferrals) and 1.409A-1(b)(9)(iii) (regarding the
two-times, two year exception).

     

    3.           Upon
the merger of GCB into Valley, GCB shall pay Employee a lump sum payment of
$200,000.

    

    4.           Upon
payment of the amount pursuant to Section 3 above, GCB and Valley shall have no
further obligations to Employee under the Agreement.

    

    IN WITNESS WHEREOF the parties
have executed this Amendment as of the Effective Date.

    
 

    
      	EXECUTIVE  	GREATER
      COMMUNITY BANCORP 
	 	 	 
	
              /s/ Roger
      Tully

            	
              By:

            	
              /s/ Anthony M.
      Bruno

            
	
              Roger
      Tully

            	 
      	
              Anthony
      M. Bruno

            
	
              Executive
      Vice President,

            	 
      	
              Chairman,
      President, and

            
	
              Risk
      and Operations

            	 
      	
              Chief
      Executive Officer

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