Document:

a6821231ex10_1.htm

Exhibit 10.1

 

August 3, 2011

 

ANTs software inc.

Attn: Joseph M. Kozak

1031 Cambridge Square, Suite F

Alpharetta, GA 30009

 

Ladies and Gentlemen:

 

This letter sets forth the agreement of Constantin Zdarsky (the “Investor”) and ANTs software inc. (the “Company”) with respect to the proposed investment by the Investor in the Company.  In particular, the Investor and the Company hereby agree as follows:

 

1.           Initial Investment.  Subject to the fulfillment of the conditions listed in Section 2 of this letter agreement, on August 1, 2011, the Investor will purchase and the Company will issue and sell One Million Six Hundred Thousand (1,600,000) Units for a purchase price of $160,000 ($0.10 per Unit) (where each Unit consists of one (1) share of the Company’s common stock (“Common Stock”) and one (1) warrant for the purchase of one share of Common Stock with an exercise price of $0.12 per share and a duration of 24 months from the date of issue, with such subscription to be as set forth in the Subscription Agreement of even date herewith.

 

2.           Conditions to Initial Investment.  The obligation of the Investor to make the initial investment set forth in Section 1 above is subject to the prior fulfillment of the following conditions:

 

(a)           No court or regulatory agency of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any statue, rule, regulation, judgment, decree, injunction or other order (whether temporary, preliminary or permanent) which prohibits or otherwise makes illegal consummation of the transactions contemplated by this letter agreement.

 

(b)           No investigation, action, suit or proceeding by any regulatory agency, and no action, suit or proceeding by any other person, shall be pending on the closing date which challenges or might reasonably be expected to result in a challenge to, this letter agreement, the transactions contemplated by this letter agreement, or which claims might reasonably be expected to give rise to a claim for, damages in a material amount as a result of the consummation of the transactions contemplated hereby.

 

(c)           The approval of the Company’s Board of Directors of this letter agreement;

 

(d)           The accuracy of the Company’s representations and warranties set forth in the Subscription Agreement and this letter agreement; and

 

(e)           All actions and proceedings to be taken by the Company in connection with the transactions contemplated by this letter agreement and all documents incident thereto shall be satisfactory in form and substance to the Investors and their counsel and the Investors and its counsel shall have received all such counterpart originals or certified or other copies of such documents as they may reasonably request.

 

  

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3.           Second Investment.                                Subject to the fulfillment of the conditions listed in Section 4 of this letter agreement, the Investor shall have the option, at any time prior to September 30, 2011, to purchase from the Company an additional One Million Seven Hundred Thousand (1,700,000) Units, at a price of $0.10 Unit ($170,000 total) and on the same terms as provided in Section 1 above.  The Investor may exercise the option by delivering written notice of exercise to the Company on or before September 30,  2011. The purchase shall be consummated within five (5) business days of the delivery of the investor’s notice.

 

4.           Conditions to Second Investment.  The right of the Investor to make the second investment set forth in Section 3 above is the prior consummation of the transactions described in Section 1.

 

5.           Third Investment.                                Subject to the fulfillment of the conditions listed in Section 6 of this letter agreement, the Investor shall have the option, at any time prior to September 30, 2011,to purchase from Company an additional One Million Seven Hundred Thousand (1,700,000) Units, at a price of $0.10 Unit ($170,000 total) and on the same terms as provided in Section 1 above.  The Investor may exercise the option by delivering written notice of exercise to the Company on or before September 30, 2011. The purchase shall be consummated within five (5) business days of the delivery of the investor’s notice..

 

6.           Conditions to Third Investment.  The right of the Investor to make the third investment set forth in Section 5 above is subject to the prior consummation of the transactions described in Section 3.

 

7.           Closing.

 

(a)           The closing of each investment (each, a “Closing”) shall occur on the date provided in Section 1, 3 and 5 respectively (each, “Closing Date.”)

 

(b)           At each Closing, the Company will deliver to the Investor:

 

(i)          certificates representing the shares of Common Stock to be issued;

 

(ii)          warrants to be issued to the Investor;

 

(c)           At each Closing, the Investor will deliver to the Company the purchase price for the Units.

 

8.           Representations and Warranties of the Company.  The Company hereby represents and warrants to the Investor as of the date hereof and as of the date of each investment as follows:

 

(a)           Organization, Standing and Authority.  The Company is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.  The Company has the power and authority to carry on its business as it is now being conducted and to own or lease all its properties and assets.

 

  

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(b)           Authority.  The Company has full power and authority to execute this letter agreement and to consummate the transactions contemplated by this letter agreement.  This letter agreement has been authorized by all necessary action of the Company and is a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms.

 

(c)           Capitalization.  The authorized capital stock of the Company, the outstanding equity securities of the Company, and all outstanding subscriptions, options, warrants, calls, commitments or agreements of any character calling for the purchase or issuance of, or securities or rights convertible into or exchangeable for, any equity securities of the Company or any securities representing the right to purchase or otherwise receive any shares of capital stock of the Company are accurately described in the Company’s annual report on Form 10-K (as amended) and as subsequently disclosed on the Company’s Form 10-Q for the quarter ended March 31, 2011, or as previously disclosed in a Current Report on Form 8-K and excepting the 1,000,0000 shares of common stock issued to Ironridge Global IV, Ltd. on July 29, 2011 pursuant to that certain Stipulation for Settlement of Claims (the “Stipulation”) filed by the Company and Ironridge in the Superior Court for the State of California, County of Los Angeles (Case No. BC466223) on July 29, 2011 in settlement of claims purchased by Ironridge from certain creditors of the Company in the aggregate amount equal to $254,634 (the “Claim Amount”), plus interest, attorneys fees and costs.  Pursuant to the Stipulation, the Company was required to issue and deliver 5,542,259 shares of Common Stock (the “Initial Issuance”), including 4,542,259 shares of Common Stock held by Ironridge that were delivered on July 1, 2011 and previously reported on the Company’s Current Report on Form 8-K, filed on July 6, 2011.

 

(d)           No Violation.  The execution, delivery and performance of this letter agreement and the consummation by the Company of the transactions contemplated hereby, does not and will not (i) violate or conflict with the organizational documents of the Company, and (ii) (a) violate, conflict with, or result in a breach of any of the provisions of, or constitute a default (or an event which, with notice of lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration, or the creation of any lien upon any of the properties or assets of the Company under the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the Company or by which the Company may be bound, or to which the Company or any of its properties or assets may be subject, or (b) violate any judgment, ruling, order, writ, injunction, decree, statute, rule or regulation applicable to the Company or any of its properties or assets.

 

(e)           Consent and Approvals.  No consent, approval or authorization of, or registration, qualification or filing with any federal, state, local or foreign regulatory agency or any other person is required to be made by the Company in connection with the execution, delivery or performance by the Company of this letter agreement or the consummation by the Company of the transactions contemplated hereby or thereby.

 

  

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(f)           No Undisclosed Liabilities. The Company does not have any liabilities or obligations of any nature (absolute, accrued, contingent or otherwise) other than those listed set forth in its Form 10-Q for the quarter ended March 31, 2011, other than those arising since that date in the ordinary course of business and as previously disclosed in a Current Report on Form 8-K.

 

(g)           Commitments and Contracts.  The Company has filed with the Securities and Exchange Commission all material definitive agreements that the Company is required to file under the requirements of Section 13 or 15 of the Securities Exchange Act of 1934(each, a “Material Contract”).  Each of the Material Contracts is valid and binding on the Company, and in full force and effect; the Company is in all material respects in compliance with and have in all material respects performed all obligations required to be performed by them to date under each Material Contract; and (iii) as of the date hereof, to the Company’s knowledge, the Company has not received notice of any material violation or default (or any condition which with the passage of time or the giving of notice would cause such a violation of or a default) by any party under any Material Contract.

 

(h)           Litigation; Regulatory Action.  (1) No litigation, proceeding or controversy (“Litigation”) before any court, arbitrator, mediator or regulatory agency is pending against Company, and, to the knowledge of Company, no such Litigation has been threatened except for that Litigation and threatened litigation listed in the Company’s Form 10-Q for the quarter ended March 31, 2011 or as previously disclosed in a Current Report on Form 8-K or non-material Litigation; (2) the Company is not a party to or is subject to any order, decree, agreement, memorandum of understanding or similar arrangement with, or a commitment letter or similar submission to, any regulatory agency; and (3) the Company has not received any notice (whether or not in writing) from any regulatory agency (i) that the Company has or may have violated any of the statutes, rule, regulations, or ordinances which such regulatory agency enforces, or has otherwise engaged in any unlawful business practice, or (ii) threatening to revoke any license, franchise, permit, seat on any stock or commodities exchange, or governmental authorization.

 

(i)           Compliance with Laws.  The Company and its officers, employees, representatives, agents and independent contractors: (i) have complied in all material respects with all applicable statutes, laws, regulations, ordinances, rule, judgments, orders or decrees applicable to any of them; (ii) has all permits, licenses, authorizations, orders and approvals of, and have made all filings, applications and registrations with, all regulatory agencies that are required in order to permit them to own and operate their businesses and activities as presently conducted (all such permits, licenses, certificates of authority, orders and approvals are in full force and effect and, to the knowledge of Company, no suspension or cancellation of any of them is threatened or reasonably likely; and all such filings, applications and registrations are current); and (iii) are not aware of any pending or threatened investigation, review or disciplinary proceedings by any regulatory agency against any of them.

 

(j)           No Brokers.  The Company has not has engaged any broker or finder or incurred any liability for any broker's fees, commissions or finder's fees in connection with the transactions contemplated by this letter agreement.

 

  

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(k)           Accuracy of Information.  No representation or warranty of the Company contained in this letter agreement, and none of the statements or information concerning the Company contained in this letter agreement or the exhibits and the schedules hereto, or in any certificate or other document delivered to the Investor in connection with this letter agreement or the Transactions contains or will contain any untrue statement of a material fact nor will such representations, warranties, covenants or statements taken as a whole omit a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

9.           Covenants.

 

(a)           Efforts.  Subject to the terms and conditions of this letter agreement, each party hereto shall use its reasonable best efforts in good faith to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper or desirable, or advisable under applicable laws, so as to permit consummation of the transactions contemplated herein on the Closing and to otherwise enable consummation of the transactions contemplated hereby and shall cooperate fully with the other parties hereto to that end.

 

(b)           Access, Information and Confidentiality.

 

(i)          From the date hereof, until the final closing date, the Company will permit the Investor to visit and inspect, at the Investor’s expense, the properties of the Company, to examine the corporate books and to discuss the affairs, finances and accounts of the Company with the principal officers of the Company, all upon reasonable notice and at such reasonable times and as often as the Investor may reasonably request.

 

(ii)          Any investigation pursuant to this Section 9(b) shall be conducted during normal business hours and in such manner as not to interfere unreasonably with the conduct of the business of the Company, and nothing herein shall require the Company or any Company Subsidiary to disclose any information to the extent (i) prohibited by applicable law or regulation, (ii) that the Company reasonably believes such information to be competitively sensitive proprietary information (except to the extent the Investor provides assurances reasonably acceptable to the Company that such information shall not be used by the Investor or its Affiliates to compete with the Company), or (iii) that such disclosure would reasonably be expected to cause a violation of any agreement to which the Company is a party or would cause a risk of a loss of privilege to the Company (provided that the Company shall use commercially reasonable efforts to make appropriate substitute disclosure arrangements under circumstances where the restrictions in this clause (iii) apply).

 

(iii)          Each party to this letter agreement will hold, and will cause its respective Affiliates and their directors, officers, employees, agents, consultants and advisors to hold, in strict confidence, unless disclosure to a regulatory authority is necessary or appropriate in connection with any necessary regulatory approval or unless disclosure is required by judicial or administrative process or, in the written opinion of its counsel, by other requirement of law or the applicable requirements of any regulatory agency or relevant stock exchange, all non-public records, books, contracts, instruments, computer data and other data and information (collectively, “Information”) concerning the other party hereto furnished to it by such other party or its representatives pursuant to this letter agreement (except to the extent that such information can be shown to have been (1) previously known by such party on a non-confidential basis, (2) in the public domain through no fault of such party or (3) later lawfully acquired from other sources by the party to which it was furnished), and neither party hereto shall release or disclose such Information to any other person, except its auditors, attorneys, financial advisors, other consultants and advisors.

 

  

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(c)           Reservation for Issuance. The Company will reserve that number of shares of Common Stock sufficient for the issuance of shares under this letter agreement.

 

(d)           Registration Rights.  The Company shall be obligated to enter into a registration rights agreement on terms reasonably requested by the Investor, providing for “piggyback” registration rights.  In addition, if the Company’s common stock becomes eligible for registration on Form S-3 the Company will undertake to register the Common Stock purchased by Investor pursuant to this Agreement on Form S-3.  .

 

10.           Termination. This letter agreement may be terminated at any time prior to the closing of any investment upon the occurrence of any of the following events:

 

(a)           by mutual written consent of the Investor and the Company;

 

(b)           by the Investor or the Company, if any court or regulatory agency shall have issued an order, decree or ruling or taken any other action permanently enjoining, restraining or otherwise prohibiting the transactions contemplated by this letter agreement, and such order, decree, ruling or other action shall have become final and nonappealable;

 

(c)           by either the Investor or the Company, if the transactions contemplated by this letter agreement, have not been consummated by August 31, 2011 (other than due to the failure of the party seeking to terminate this letter agreement to perform its obligations under this letter agreement required to be performed at or prior to the applicable closing date);

 

(d)           by the Investor, if there has been any breach of any representation or warranty in this letter agreement by the Company, which breach cannot be or has not been cured within 10 days after the giving of written notice to the breaching party, or if the Company breaches in any material respect any covenant of the Company contained in this letter agreement and such breach cannot be or has not been cured within 10 days of the giving of written notice to the breaching party; and

 

(e)           by the Investor, if there has been any Material Adverse Event affecting the Company. The term “Material Adverse Event” shall mean any effect, change, fact, event, occurrence, development or circumstance that, individually or together with any other effect, change, fact, event, occurrence, development or circumstance: (i) is, or is reasonably likely to result in, a material adverse effect on or change in the condition (financial or otherwise), properties, business, operations, results of operations, assets, liabilities or prospects of the Company and its subsidiaries, taken as a whole, or (ii) does, or is reasonably likely to, prohibit, restrict or materially impede or have a material adverse effect on the ability of the Company to perform its obligations under this letter agreement or to consummate the transactions contemplated by this letter agreement.

 

  

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(f)           Upon the occurrence of any Bankruptcy Event.  The term "Bankruptcy Event" means the occurrence of any of the following events: the Company: (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes unable to pay its debts in the ordinary course of business, its total liabilities exceed its total assets, or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency Law or other similar Law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an Order for relief or the making of an Order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 3 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) except as expressly provided for by this letter agreement, has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 3 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable Laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

 

11.           Survival And Indemnification.

 

(a)           Reliance on and Survival of Representations and Warranties.  All representations and warranties of the parties in this letter agreement, and in any certificates, documents or other agreements delivered in connection with this letter agreement shall be deemed to have been relied upon by the parties, notwithstanding any investigation heretofore or hereafter made by any party. Each of the representations and warranties contained herein shall survive the execution and delivery of this letter agreement and each closing indefinitely.

 

(b)           Indemnification.  The Company shall indemnify the Investor, and to hold him harmless against any loss which he may suffer, sustain or become subject to, as a result of or in connection with) a breach by the Company of any of its representations, warranties or covenants set forth in this letter agreement or any other agreement contemplated hereby or any certificate executed or delivered in connection with each closing of the transactions contemplated hereby.

 

12.           Miscellaneous.

 

  

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(a)           Notices. Any notice or other communication under this letter agreement shall be in writing and shall be delivered personally or sent by registered mail, return receipt requested, postage prepaid, or sent by facsimile or prepaid overnight courier to the parties at the addresses set forth on the signature page to this letter agreement (or at such other addresses as shall be specified by the parties by like notice). Such notices, demands, claims and other communications shall be deemed given when actually received or (a) in the case of delivery by overnight service with guaranteed next day delivery, the next day or the day designated for delivery, (b) in the case of registered U.S. mail, five days after deposit in the U.S. mail, or (c) in the case of facsimile, the date upon which the transmitting party received confirmation of receipt by facsimile, telephone or otherwise.

 

(b)           Entire Agreement.  This letter agreement and the Schedules and Exhibits hereto contain every obligation and understanding between the parties relating to the subject matter hereof and merge all prior discussions, negotiations and agreements, if any, between them, and none of the parties shall be bound by any representations, warranties, covenants, or other understandings, other than as expressly provided or referred to herein.

 

(c)           Assignment.  This letter agreement may not be assigned by any party without the written consent of all of the other parties.  Subject to the preceding sentence, this letter agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs, personal representatives, legal representatives, and permitted assigns.

 

(d)           Waiver and Amendment. Any representation, warranty, covenant, term or condition of this letter agreement which may legally be waived, may be waived, or the time of performance thereof extended, at any time by the party hereto entitled to the benefit thereof, and any term, condition or covenant hereof may be amended by the parties at any time. No waiver by any party hereto, whether express or implied, of its rights under any provision of this letter agreement shall constitute a waiver of such party's rights under such provisions at any other time or a waiver of such party's rights under any other provision of this letter agreement. No failure by any party to take any action against any breach of this letter agreement or default by another party shall constitute a waiver of the former party's right to enforce any provision of this letter agreement or to take action against such breach or default or any subsequent breach or default by such other party.

 

(e)           No Third Party Beneficiary.  Nothing expressed or implied in this letter agreement is intended, or shall be construed, to confer upon or give any person (including, without limitation, any employees of the Company) other than the parties and their respective successors and permitted assigns, any rights or remedies under or by reason of this letter agreement.

 

(f)           Severability.  In the event that any one or more of the provisions contained in this letter agreement shall be declared invalid, void or unenforceable, the remainder of the provisions of this letter agreement shall remain in full force and effect, and such invalid, void or unenforceable provision shall be interpreted as closely as possible to the manner in which it was written.

 

  

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(g)           Costs and Expenses.  The Company shall promptly reimburse the Investor for all expenses that he may incur in connection with this letter agreement and transactions contemplated by this letter agreement.  The Company shall bear its own costs and expenses.

 

(h)           Headings.  The section and other headings contained in this letter agreement are for reference purposes only and shall not affect the meaning or interpretation of any provisions of this letter agreement.

 

(i)           Counterparts.  This letter agreement may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

(j)           Litigation; Prevailing Party.  In the event of any litigation with regard to this letter agreement, the prevailing party shall be entitled to receive from the non-prevailing party and the non-prevailing party shall pay upon demand all reasonable fees and expenses of counsel for the prevailing party.

 

(k)           Severability.  Whenever possible, each provision of this letter agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this letter agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this letter agreement.

 

(l)           Descriptive Headings: Interpretation.  The descriptive headings of this letter agreement are inserted for convenience only and do not constitute a substantive part of this letter agreement. The use of the word "including" in this letter agreement shall be by way of example rather than by limitation.

 

(m)           Governing Law.  This letter agreement has been entered into and shall be construed and enforced in accordance with the laws of the State of Florida without regard to any principles of conflicts of law that would give effect to the laws of another jurisdiction.

 

(n)           WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[Signature Pages Follow]

 

  

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IN WITNESS WHEREOF, the parties have executed this letter agreement as of the date first written above.

 

	  	
/s/ Constantin Zdarsky

	 
	  	
Constantin Zdarsky

	 
	 	 	 	 
	  	  	  	 
	  	
ANTS software inc.

	 
	  	
By:

	
/s/ Joseph Kozak

	 
	  	
Name:

	
Joseph Kozak

	 
	  	
Title:

	
President and Chief Executive Officer

	 

 

 

10Amended and Restated Change in Control Agreement

 EXHIBIT (10.A)
 AMENDED AND RESTATED 
 CHANGE IN CONTROL AGREEMENT 

GERALD H. LIPKIN 
 THIS AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT (this “Agreement”), is made as of this 22nd day of June, 2011, among VALLEY NATIONAL BANK (“Bank”), a national banking association with its
principal office at 1455 Valley Road, Wayne, New Jersey, VALLEY NATIONAL BANCORP (“Valley”), a New Jersey corporation which maintains its principal office at 1455 Valley Road, Wayne, New Jersey (Valley and the Bank collectively are
the “Company”) and GERALD H. LIPKIN (the “Executive”). 
 BACKGROUND 

WHEREAS, the Executive has been employed by Valley and the Bank for many years; 

WHEREAS, the Executive throughout his tenure has worked diligently in his position in the business of the Bank and
Valley; 
 WHEREAS, the Boards of Directors of the Bank and Valley (either one, the “Board of
Directors” and, together, the “Company Boards”) believe that the future services of the Executive are of great value to the Bank and Valley and that it is important for the growth and development of the Bank that the
Executive continue in his position; 
 WHEREAS, if the Company receives any proposal from a third person
concerning a possible business combination with, or acquisition of equities securities of, the Company, the Company Boards believe it is imperative that the Company and the Company Boards be able to rely upon the Executive to continue in his
position, and that they be able to receive and rely upon his advice, if they request it, as to the best interests of the Company and its shareholders, without concern that the Executive might be distracted by the personal uncertainties and risks
created by such a proposal; 
 WHEREAS, to achieve that goal, and to retain the Executive’s services prior
to any such activity, the Board of Directors and the Executive have agreed to enter into this Agreement to govern the Executive’s termination benefits in the event of a Change in Control of the Company, as hereinafter defined; and 

WHEREAS, the Executive and the Company had entered into an Amended and Restated Change in Control Agreement dated
January 22, 2008, and have agreed to further amend and restate that agreement with this Agreement. 

 NOW, THEREFORE, to assure the Company that it will have the continued
dedication of the Executive and the availability of his advice and counsel notwithstanding the possibility, threat or occurrence of an acquisition or a bid to take over control of the Company, and to induce the Executive to remain in the employ of
the Company, and for other good and valuable consideration, the Company and the Executive, each intending to be legally bound hereby, agree as follows: 
 1. Definitions 
 a. Cause. For purposes of this
Agreement “Cause” with respect to the termination by the Company of Executive’s employment shall mean (i) willful and continued failure by the Executive to perform his duties for the Company under this Agreement after at
least one warning in writing from the Board of Directors identifying specifically any such failure; (ii) the willful engaging by the Executive in misconduct which causes material injury to the Company as specified in a written notice to the
Executive from the Board of Directors; or (iii) conviction of a crime (other than a traffic violation), habitual drunkenness, drug abuse, or excessive absenteeism (other than for illness), after a warning (required with respect to drunkenness
or absenteeism only) in writing from the Board of Directors to refrain from such behavior. No act or failure to act on the part of the Executive shall be considered willful unless done, or omitted to be done, by the Executive not in good faith and
without reasonable belief that the action or omission was in the best interests of the Company. 
 b. Change
in Control. “Change in Control” means any of the following events: (i) when Valley or a Valley Subsidiary acquires actual knowledge that any person (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act),
other than an affiliate of Valley or a Valley Subsidiary or an employee benefit plan established or maintained by Valley, a Valley Subsidiary or any of their respective affiliates, is or becomes the beneficial owner (as defined in Rule 13d-3 of the
Exchange Act) directly or indirectly, of securities of Valley representing more than twenty-five percent (25%) of the combined voting power of Valley’s then outstanding securities (a “Control Person”); (ii) upon the
first purchase of Valley’s common stock pursuant to a tender or exchange offer (other than a tender or exchange offer made by Valley, a Valley Subsidiary or an employee benefit plan established or maintained by Valley, a Valley Subsidiary or
any of their respective affiliates); (iii) the consummation of (A) a transaction, other than a Non-Control Transaction, pursuant to which Valley is merged with or into, or is consolidated with, or becomes the subsidiary of another
corporation, (B) a sale or disposition of all or substantially all of Valley’s assets or (C) a plan of liquidation or dissolution of Valley; (iv) if during any period of two (2) consecutive

  
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years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board of Directors of Valley (the “Valley Board”) cease for
any reason to constitute at least 60% thereof or, following a Non-Control Transaction, 60% of the board of directors of the Surviving Corporation; provided that any individual whose election or nomination for election as a member of the
Valley Board (or, following a Non-Control Transaction, the board of directors of the Surviving Corporation) was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director; or
(v) upon a sale of (A) common stock of the Bank if after such sale any person (as such term is used in Section 13(d) and 14(d)(2) of the Exchange Act) other than Valley, an employee benefit plan established or maintained by Valley or
a Valley Subsidiary, or an affiliate of Valley or a Valley Subsidiary, owns a majority of the Bank’s common stock or (B) all or substantially all of the Bank’s assets (other than in the ordinary course of business). For purposes of
this paragraph: (I) Valley will be deemed to have become a subsidiary of another corporation if any other corporation (which term shall include, in addition to a corporation, a limited liability company, partnership, trust, or other
organization) owns, directly or indirectly, 50 percent or more of the total combined outstanding voting power of all classes of stock of Valley or any successor to Valley; (II) “Non-Control Transaction” means a transaction in which
Valley is merged with or into, or is consolidated with, or becomes the subsidiary of another corporation pursuant to a definitive agreement providing that at least 60% of the directors of the Surviving Corporation immediately after the transaction
are persons who were directors of Valley on the day before the first public announcement relating to the transaction; (III) the “Surviving Corporation” in a transaction in which Valley becomes the subsidiary of another corporation
is the ultimate parent entity of Valley or Valley’s successor; (IV) the “Surviving Corporation” in any other transaction pursuant to which Valley is merged with or into another corporation is the surviving or resulting
corporation in the merger or consolidation; and (V) “Valley Subsidiary” means any corporation in an unbroken chain of corporations, beginning with Valley, if each of the corporations other than the last corporation in the
unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 c. Contract Period. “Contract Period” shall mean the period commencing the day immediately preceding a Change in Control and ending on the earlier of (i) the third anniversary
of the Change in Control or (ii) the death of the Executive. For the purpose of this Agreement, a Change in Control shall be deemed to have occurred at the date specified in the definition of Change in Control. 

  
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 d. Exchange Act. “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
 e. Good Reason. When used with reference to a voluntary
termination by Executive of his employment with the Company, “Good Reason” shall mean any of the following, if taken without Executive’s express prior written consent: 

(1) The assignment to Executive of any duties inconsistent with, or the reduction of powers or functions associated
with, Executive’s position, title, duties, responsibilities and status with the Company immediately prior to a Change in Control; any removal of Executive from, or any failure to re-elect Executive to, any position(s) or office(s) Executive
held immediately prior to such Change in Control. 
 (2) A reduction by the Company in Executive’s annual
base compensation as in effect immediately prior to a Change in Control or the failure to award Executive annual increases in accordance herewith; 
 (3) A failure by the Company to continue any bonus plan in which Executive participated immediately prior to the Change in Control (except that the Company may institute plans, programs or arrangements
providing the Executive substantially similar benefits) or a failure by the Company to continue Executive as a participant in such plans on at least the same basis as Executive participated in such plan prior to the Change in Control; or a failure
to pay the Executive the bonus provided for in Section 4.b hereof at the time and in the manner therein specified; 
 (4) The Company’s transfer of Executive to another geographic location outside of New Jersey or more than 25 miles from his present office location, except for required occasional travel on the
Company’s business to an extent consistent with Executive’s business travel obligations immediately prior to such Change in Control; 
 (5) The failure by the Company to continue in effect any employee benefit plan, program or arrangement (including, without limitation the Company’s retirement plan, benefit equalization plan,
split-dollar life insurance agreement for the Executive, health and accident plan, disability plan, deferred compensation plan or long term stock incentive plan) in which Executive is participating immediately prior to a Change in Control (except
that the Company may institute or continue plans, programs or arrangements providing Executive with substantially similar benefits); the taking of any action by the Company which would adversely affect Executive’s participation in or

  
 4 

 
materially reduce Executive’s benefits under, any of such plans, programs or arrangements; the failure to continue, or the taking of any action which would deprive Executive, of any material
fringe benefit enjoyed by Executive immediately prior to such Change in Control; or the failure by the Company to provide Executive with the number of paid vacation days to which Executive was entitled immediately prior to such Change in Control;

 (6) The failure by the Company to obtain an assumption in writing of the obligations of the Company to
perform this Agreement by any successor to the Company and to provide such assumption to the Executive prior to any Change in Control; or 
 (7) Any purported termination of Executive’s employment by the Company during the term of this Agreement which is not effected pursuant to all of the requirements of this Agreement; and, for purposes
of this Agreement, no such purported termination shall be effective. 
 2. Employment. The Company hereby
agrees to employ the Executive, and the Executive hereby accepts employment, during the Contract Period upon the terms and conditions set forth herein. 
 3. Position. During the Contract Period the Executive shall be employed as Chairman and Chief Executive Officer of Valley and the Bank, or such other corporate or divisional profit center as shall
then be the principal successor to the business, assets and properties of the Company, with the same title and with the same duties and responsibilities as before the Change in Control. The Executive shall devote his full time and attention to the
business of the Company, and shall not during the Contract Period be engaged in any other business activity. This paragraph shall not be construed as preventing the Executive from managing any investments of his which do not require any service on
his part in the operation of such investments or from continuing to serve on any boards of directors or trustees which he served prior to the Change in Control or for which consent is provided by the Valley Board after a Change in Control.

 4. Cash Compensation. The Company shall pay to the Executive compensation for his services during the
Contract Period as follows: 
 a. Base Salary. A base annual salary equal to the annual salary in effect
as of the Change in Control. The annual salary shall be payable in installments in accordance with the Company’s usual payroll method. 
 b. Annual Bonus. An annual cash bonus equal to at least the average of the cash bonuses awarded to the Executive in the three years prior to the Change in Control (excluding any year for which cash

  
 5 

 
bonuses were prohibited by law or regulation). Subject to any express regulatory requirements, the bonus shall be paid within 45 days of the end of the calendar year for which the bonus is
awarded. 
 c. Annual Review. The Board of Directors during the Contract Period shall review annually,
or at more frequent intervals which the Board of Directors determines is appropriate, the Executive’s compensation and shall award him additional compensation to reflect the Executive’s performance, the performance of the Company and
competitive compensation levels, all as determined in the discretion of the Board of Directors. 
 5.
Expenses and Fringe Benefits. 
 a. Expenses. During the Contract Period, the Executive shall be
entitled to reimbursement for all business expenses incurred by him with respect to the business of the Company in the same manner and to the same extent as such expenses were previously reimbursed to him immediately prior to the Change in Control.

 b. Benefit Equalization Plan. During the Contract Period, if the Executive was entitled to benefits
under the Company’s Benefit Equalization Plan (“BEP”) prior to the Change in Control, the Executive shall be entitled to continued benefits under the BEP after the Change in Control and such BEP may not be modified or
terminated to reduce or eliminate such benefits during the Contract Period. 
 c. Club Membership and
Automobile. If prior to the Change in Control, the Executive was entitled to membership in a country club and/or the use of an automobile, during the Contract Period he shall be entitled to the same membership and/or use of an automobile at
least comparable to the automobile provided to him prior to the Change in Control. 
 d. Other Benefits.
During the Contract Period, the Executive also shall be entitled to vacations and sick days, in accordance with the practices and procedures of the Company, as such existed immediately prior to the Change in Control. During the Contract Period, the
Executive also shall be entitled to hospital, health, medical and life insurance, and any other benefits enjoyed, from time to time, by senior officers of the Company, all upon terms as favorable as those enjoyed by other senior officers of the
Company. Notwithstanding anything in this paragraph 5(d) to the contrary, if the Company adopts any change in the benefits provided for senior officers of the Company, and such policy is uniformly applied to all officers of the Company (and any
successor or acquiror of the Company, if any), including the chief executive officer of such entities, then no such change shall be deemed to be contrary to this paragraph. 

  
 6 

 6. Termination for Cause. During the Contract Period, the Company
shall have the right to terminate the Executive for Cause, upon written notice to him of the termination which notice shall specify the reasons for the termination. In the event of termination for Cause the Executive shall not be entitled to any
further compensation or benefits under this Agreement. 
 7. Disability. During the Contract Period if
the Executive becomes permanently disabled, or is unable to perform his duties hereunder for 4 consecutive months, the Company may terminate the employment of the Executive. In such event, the Executive shall be paid within 10 days of termination a
lump sum equal to one-twelfth of the highest annual salary (including 401(k) plan deferral) paid to the Executive during any calendar year in each of the three calendar years immediately prior to the Change in Control, but shall not be entitled to
any further compensation or benefits under this Agreement, except as provided in the next sentence and in Section 12. If the Company fails to pay the Executive the lump sum amount due him under this Section 7 or the payments under
Section 12, the Executive, after giving 10 days’ written notice to the Company identifying the Company’s failure, shall be entitled to recover from the Company on a monthly basis as incurred all of his reasonable legal fees and
expenses incurred in connection with his enforcement against the Company of the terms of this Agreement. The Executive shall be denied payment of his legal fees and expenses only if a court finds that the Executive sought payment of such fees
without reasonable cause and not in good faith. 
 8. Death Benefits. During the Contract Period (defined
without regard to his death), upon the Executive’s death his estate shall be paid within 20 business days of his death a lump sum equal to one-twelfth of the highest annual salary (including 401(k) plan deferral) paid to the Executive during
any calendar year in each of the three calendar years immediately prior to the Change in Control, but shall not be entitled to any further compensation or benefits under this Agreement, except as provided in the next sentence and in Section 12.
If the Company fails to pay the Executive’s estate the lump sum amount due it under this Section or the payments under Section 12, the Executive’s estate, after giving 10 days’ written notice to the Company identifying the
Company’s failure, shall be entitled to recover from the Company on a monthly basis as incurred all of its reasonable legal fees and expenses incurred in connection with its enforcement against the Company of the terms of this Agreement. The
Executive’s estate shall be denied payment of its legal fees and expenses only if a court finds that the Executive sought payment of such fees without reasonable cause and not in good faith. 

  
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 9. Termination Without Cause or Resignation for Good Reason. The
Company may terminate the Executive without Cause during the Contract Period by written notice to the Executive providing four weeks notice. The Executive may resign for Good Reason during the Contract Period upon four weeks written notice to the
Company specifying the facts and circumstances claimed to support the Good Reason. The Executive shall be entitled to give a Notice of Termination that his or her employment is being terminated for Good Reason at any time during the Contract Period,
not later than twelve months after any occurrence of an event stated to constitute Good Reason. If during the Contract Period the Company terminates the Executive’s employment without Cause or the Executive Resigns for Good Reason, then the
Executive shall be entitled to the following: (i) the Company shall within 20 business days of the termination of employment pay the Executive a lump sum severance payment in an amount equal to three times the Executive’s highest annual
compensation paid during or for a calendar year in any of the three calendar years immediately prior to the Change in Control, where annual compensation means salary paid during a calendar year (including any 401(k) plan deferral) plus cash bonuses
awarded to the Executive for that calendar year, regardless of when paid; (ii) the Company shall credit Executive under the BEP immediately upon termination with additional years of credited service as if he had continued to work for the
Company for three years after the date of termination, the benefit plans covered thereby had remained the same during such period, and the BEP was not changed or modified after the Change in Control or otherwise during such period; (iii) the
Company shall, within 20 business days of the termination of employment, pay the Executive a lump sum amount equal to one hundred twenty-five percent (125%) of (A) the aggregate COBRA premium amounts (based upon COBRA rates then in effect)
for three (3) years of the health, hospitalization and medical insurance coverage that was being provided to the Executive (and his spouse) at the time of termination of employment, minus (B) the aggregate amount of any employee
contribution that would have been required of the Executive (determined as of the termination of employment) for such three (3) year period; and (iv) the Company shall, within 20 business days of the termination of employment with the
Company, pay the Executive a lump sum amount equal to one hundred percent (125%) of the Company’s share of the premium for three (3) years of the life insurance coverage provided to a similarly situated active employee (based upon the
coverage and rates in effect on the date the Executive terminates employment). 
 The Executive shall not have a
duty to mitigate the damages suffered by him in connection with the termination by the Company of his employment without Cause or a resignation for Good Reason during the Contract Period. If the Company fails to pay the Executive any lump sum
amounts due him hereunder or to provide him with 

  
 8 

 
BEP benefits due under this section or the payments under Section 12, the Executive, after giving 10 days’ written notice to the Company identifying the Company’s failure, shall be
entitled to recover from the Company on a monthly basis as incurred all of his reasonable legal fees and expenses incurred in connection with his enforcement against the Company of the terms of this Agreement. The Executive shall be denied payment
of his legal fees and expenses only if a court finds that the Executive sought payment of such fees without reasonable cause and not in good faith. 
 10. Resignation Without Good Reason. The Executive shall be entitled to resign from the employment of the Company at any time during the Contract Period without Good Reason, but upon such
resignation the Executive shall not be entitled to any additional compensation for the time after which he ceases to be employed by the Company, and shall not be entitled to any of the other benefits provided hereunder. No such resignation shall be
effective unless in writing with four weeks’ notice thereof. 
 11. Non-Disclosure of Confidential
Information. 
 a. Non-Disclosure of Confidential Information. Except in the course of his
employment with the Company and in the pursuit of the business of the Company or any of its subsidiaries or affiliates, the Executive shall not, at any time during or following the Contract Period, disclose or use, any confidential information or
proprietary data of the Company or any of its subsidiaries or affiliates. The Executive agrees that, among other things, all information concerning the identity of and the Company’s relations with its customers is confidential information.

 b. Specific Performance. Executive agrees that the Company does not have an adequate remedy at law
for the breach of this section and agrees that he shall be subject to injunctive relief and equitable remedies as a result of the breach of this section. The invalidity or unenforceability of any provision of this Agreement shall not affect the
force and effect of the remaining valid portions. No alleged breach of this Section 11 shall give the Company the right to withhold or offset against any payments due the Executive under this Agreement. 

c. Survival. This section shall survive the termination of the Executive’s employment hereunder and the
expiration of this Agreement. 
 12. Gross Up for Taxes. 

a. Additional Payments. If, for any taxable year, Executive shall be liable for the payment of an excise tax
under Section 4999 and/or Section 409A or other substitute or similar tax assessment (the “Excise Tax”) of the Internal Revenue Code of 1986, as amended (the “Code”), including the corresponding provisions
of any succeeding law, with respect to any payments or benefits under Section 9 of this Agreement or Sections 7 or 8 or 

  
 9 

 
any other provision of this Agreement, including but not limited to this Section 12 or under any benefit plan of the Company applicable to Executive individually or generally to executives
or employees of the Company, then, notwithstanding any other provisions of this Agreement, the Company shall pay to the Executive an additional amount (the “Gross-Up Payment”) such that the net amount retained by the Executive,
after deduction of the Excise Tax imposed on all such payments and benefits and of the federal, state and local income tax and Excise Tax imposed upon payments provided for in this Section 12, shall be equal to the payments and benefits due to
the Executive hereunder and the payments and/or benefits due to the Executive under any benefit plan of the Company. Each Gross-Up Payment shall be made to Executive or as provided in Section 16 hereof, upon the later of (i) five
(5) days after the date the Executive notifies the Company of its need to make such Gross-Up Payment, or (ii) the date of any payment causing the liability for such Excise Tax. The amount of any Gross-Up Payment under this section shall be
computed by a nationally recognized certified public accounting firm designated jointly by the Company and the Executive. The cost of such services by the accounting firm shall be paid by the Company. If the Company and the Executive are unable to
designate jointly the accounting firm, then the firm shall be the accounting firm used by the Company immediately prior to the Change in Control. 
 b. IRS Disputed Claims. The Executive shall notify the Company in writing of any claim by the Internal Revenue Service (“IRS”) that, if successful, would require the payment by the
Company of a Gross-Up Payment in addition to that payment previously paid by the Company pursuant to this section. Such notification shall be given an soon as practicable but no later than fifteen (15) business days after the Executive is
informed in writing of such claim and shall apprise the Company of the nature of such claim, the date on which such claim is requested to be paid, and attach a copy of the IRS notice. The Executive shall not pay such claim prior to the expiration of
the thirty (30) day period following the date on which the Executive gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive
in writing prior to the expiration of such period that it desires to contest such claim, the Executive shall: 
 (i) Give the Company any information reasonably requested by the Company relating to such claim; 

  
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 (ii) Take such action in connection with contesting such
claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company; 

(iii) Cooperate with the Company in good faith in order effectively to contest such claim; and

 (iv) Permit the Company to participate in any proceedings relating to such claim; provided,
however that the Company shall pay directly all costs and expenses (including legal and accounting fees, as well as other expenses and any additional interest and penalties) incurred by the Executive and the Company in connection with an IRS levy,
contest or claim. 
 c. This Section shall survive the termination of Executive’s employment hereunder and
the expiration of the Contract Period. 
 13. Term and Effect Prior to Change in Control. 

a. Term. This Agreement shall commence on the date hereof and shall remain in effect for a period of 3 years from
the date hereof (the “Initial Term”) or until the end of the Contract Period, whichever is later. The Term shall be automatically extended for an additional one year period on the anniversary date hereof (so that the Initial Term on
any anniversary date is always 3 years) unless the Valley Board, by a majority vote by resolution of a majority of Directors then in office votes not to extend the Initial Term any further. 

b. No Effect Prior to Change in Control. This Agreement shall not affect any rights of the Company or the
Executive prior to a Change in Control or any rights of the Executive granted in any other agreement or contract or plan with the Company. The rights, duties and benefits provided hereunder shall only become effective upon a Change in Control. If
the employment of the Executive by the Company is ended for any reason prior to a Change in Control, this Agreement shall thereafter be of no further force and effect. 

14. Severance Compensation and Benefits Not in Derogation of Other Benefits. Anything to the contrary herein
contained notwithstanding, the payment or obligation to pay any monies, or granting of any benefits, rights or privileges to Executive as provided in this Agreement shall not be in lieu or derogation of the rights and privileges that the Executive
now has or will have under any plans or programs of or agreements with the Company, except that if the Executive receives the lump sum severance payment due under paragraph 9 hereof, the Executive shall not be entitled to the lump sum severance
payment due under paragraph 1 of the Severance Agreement dated as of 

  
 11 

 
February 8, 2011, between the Company and the Executive (the “Severance Agreement”), or to severance payments under any other plan or program of the Company providing for
severance pay, and shall not be entitled to the lump sum payment for the aggregate COBRA premium amounts and the cost of life insurance coverage described under paragraph 2 of the Severance Agreement to the extent that such lump sum payment
duplicates the payments hereunder. The compensation and benefits payable under paragraph 8 (death) of the Severance Agreement shall not be effected by this Agreement, but shall be in addition to the benefits provided hereunder. Paragraph 9 of the
Severance Agreement, regarding minimum retirement benefits, shall continue to apply. 
 15. Notice.
During the Contract Period, any notice of termination of the employment of the Executive by the Company or by the Executive to the Company shall be communicated by written Notice of Termination to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a dated notice which shall (i) indicate the specific termination provision in this Agreement relied upon; (ii) set forth, if necessary, in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the employment of the Executive or from the Company under the provision so indicated; (iii) specify a date of termination, which shall be not less than two weeks nor more than six
weeks after such Notice of Termination is given, except in the case of termination of employment by the Company of the Executive for Cause pursuant to Section 6 hereof, in which case the Notice of Termination may specify a date of termination
as of the date such Notice of Termination is given; and (iv) be given by personal delivery or, if the individual is not personally available, by certified mail to the last known address of the individual. Upon the death of the Executive, no
Notice of Termination need be given. 
 16. Payroll and Withholding Taxes. All payments to be made or
benefits to be provided hereunder by the Company shall be subject to applicable federal and state payroll or withholding taxes. Any Gross-Up Payment to be made by the Company may be made in the form of withholding taxes, but shall be timely directed
to the IRS (or any state division of taxation) on the Executive’s behalf. 
 17. Delay in Payment.
Notwithstanding anything else to the contrary in this Agreement, the BEP, or any other plan, contract, program or otherwise, the Company (and its affiliates) are expressly authorized to delay any scheduled payments under this Agreement, the BEP, and
any other plan, contract, program or otherwise, as such payments relate to the Executive, if the Company (or its affiliate) determines that such delay is necessary in order to comply with the requirements of Section 409A of the Internal Revenue
Code. No such payment may be delayed beyond the date that is six (6) months following the Executive’s separation from service (as defined in 

  
 12 

 
Section 409A). At the end of such period of delay, the Executive will be paid the delayed payment amounts, plus interest for the period of any such delay. For purposes of the preceding
sentence, interest shall be calculated using the six (6) month Treasury Bill rate in effect on the date on which the payment is delayed, and shall be compounded daily. If the conditions of the severance exception under Treasury Regulation
Section 1.409A-1(b)(9)(iii) (or any successor Regulation thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the extent permitted under the severance exception.

 18. Miscellaneous. This Agreement is the joint and several obligation of the Bank and Valley. The
terms of this Agreement shall be governed by, and interpreted and construed in accordance with the provisions of, the laws of New Jersey. Except as set forth herein, this Agreement supersedes all prior agreements and understandings with respect to
the matters covered hereby, including expressly any prior agreement with the Company concerning Change in Control benefits. This Agreement expressly replaces the Amended and Restated Change in Control Agreement dated January 22, 2008, as
amended. Except as expressly specified in Section 14 with regard to the Severance Agreement, this Agreement does not effect or reduce the benefits or obligations of the parties under the Severance Agreement (or any supplement or amendment to or
replacement for that agreement). The amendment or termination of this Agreement may be made only in a writing executed by the Company and the Executive, and no amendment or termination of this Agreement shall be effective unless and until made in
such a writing. This Agreement shall be binding upon any successor (whether direct or indirect, by purchase, merge, consolidation, liquidation or otherwise) to all or substantially all of the assets of the Company. This Agreement is personal to the
Executive and the Executive may not assign any of his rights or duties hereunder but this Agreement shall be enforceable by the Executive’s legal representatives, executors or administrators. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. 

  
 13 

 IN WITNESS WHEREOF, Valley National Bank and Valley National Bancorp each
have caused this Agreement to be signed by their duly authorized representatives pursuant to the authority of their respective Boards of Directors, and the Executive has personally executed this Agreement, all as of the day and year first written
above. 
  

					
	 ATTEST:
	 		 	 VALLEY NATIONAL BANCORP

			
	  
	 		 	 By: 

	, Secretary	 		 	 Gerald Korde, Chairman,

		 		 	 Compensation and Human Resources              Committee

			
	 ATTEST:
	 		 	 VALLEY NATIONAL BANK

			
	  
	 		 	 By: 

	, Secretary	 		 	 Gerald Korde, Chairman,

		 		 	 Compensation and Human Resources              Committee

			
	 WITNESS:
	 		 	
			
	  
	 		 	  

		 		 	 Gerald H. Lipkin, Executive

  
 14

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