Document:

BEP

	

VALLEY
NATIONAL BANCORP
and

VALLEY NATIONAL BANK 

BENEFIT EQUALIZATION
PLAN 
PARTICIPATION AGREEMENT 

        Valley
National Bancorp and its subsidiary, Valley National Bank (collectively, the
“Employer”), this ___ day of ____________, 1994 hereby designates ____________
_______________________________ (the “Participant”), as a Participant in the
Valley National Bancorp Benefit Equalization Plan as restated by the Board of Directors
effective January 1, 1989 (the “Plan”) on the terms and conditions hereinafter
set forth: 

             1.       
          Incorporation by Reference of Plan. The provisions of the Plan, a copy of
          which is attached to this Participation Agreement, are incorporated by reference
          herein and shall govern as to all matters not expressly provided for in this
          Agreement. Terms not defined herein shall have the meanings set forth in the
          Plan. 

             2.       
          Impact on other Benefits. Nothing contained herein shall be deemed to
          exclude the Participant from any supplemental compensation, bonus, pension,
          insurance, severance pay or other benefit to which otherwise he might be or
          might become entitled to as an employee of the Employer. This Agreement does not
          supersede any previous agreements between the Employer and the Participant
          regarding the terms and conditions of the Participant’s employment. 

             3.       
          Change in Control. Notwithstanding any contrary provisions of the Plan,
          the Participant shall be entitled to payment from the Employer for all legal
          fees and expenses incurred in taking any action to enforce the terms of this
          Agreement if within three years after a “Change in Control”, the
          Participant’s employment is terminated for any reason. The Participant
          shall be entitled to payment of such legal fees and expenses as incurred by him
          and the Employer hereby agrees to pay such amounts directly to the
          Participant’s attorney or reimburse the Participant upon demand. A court
          shall be entitled to deny reimbursement of the legal fees and costs incurred by
          the Participant to enforce the terms of this Agreement only if it determines
          that the Participant’s action was not undertaken in good faith. 

	

        A
“Change in Control” shall occur as a result of any of the following events: (i)
when Valley National Bancorp (“Bancorp”) or a Subsidiary, as hereinafter
defined, 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 Bancorp or a Subsidiary or
an employee benefit plan established or maintained by Bancorp, a 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 Bancorp representing more
than twenty-five (25%) of the combined voting power of Bancorp then outstanding securities
(a “Control Person”), (ii) upon the first purchase of Bancorp’s common
stock pursuant to a tender or exchange offer (other than a tender or exchange offer made
by Bancorp, a Subsidiary or an employee benefit plan established or maintained by Bancorp,
a Subsidiary or any of their respective affiliates), (iii) upon the approval by
Bancorp’s stockholders of (A) a merger or consolidation of Bancorp with or into
another corporation (other than a merger or consolidation which is approved by a least
two-thirds of the Continuing Directors (as hereinafter defined) or the definitive
agreement for which provides that at least two-thirds of the directors of the surviving or
resulting corporation immediately after the transaction are Continuing Directors (in
either case, a “Non-Control Transaction”), (B) a sale or disposition of all or
substantially all of Bancorp’s assets or (C) a plan of liquidation or dissolution of
Bancorp, (iv) if during any period of two (2) consecutive years, individuals who at the
beginning of such period constitute the Board of Directors of Bancorp (the
“Continuing Directors”) cease f or any reason to constitute at least two-thirds
thereof or, following a Non-Control Transaction, two-thirds of the board of directors of
the surviving or resulting corporation; provided that any individual whose election or
nomination f or election as a member of the Board of Directors of Bancorp (or, following a
Non-Control Transaction, the board of directors of the surviving or resulting 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
Valley National Bank, a Subsidiary (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
Bancorp, an employee benefit plan established or maintained by Bancorp or a Subsidiary, or
an affiliate of Bancorp or a 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). No person shall be considered a Control Person for purposes of clause
(i) above if (A) such person is or becomes the beneficial owner, directly or indirectly,
of more than ten percent (10%) but less than twenty-five percent (25%) of the combined
voting power of Bancorp’s then outstanding securities if the acquisition of all
voting securities in excess of ten percent (10%) was approved in advance by a majority of
the Continuing Directors then in office or (B) such person acquires in excess of ten
percent (10%) of the combined voting power of Bancorp’s then outstanding voting
securities in violation of law and by order of a court of competent jurisdiction,
settlement or otherwise, disposes or is required to dispose of all securities acquired in
violation of law. For purposes of this Section, a “Subsidiary” means any
corporation in an unbroken chain of corporations, beginning with Bancorp, 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. 

             4.       
          Acceptance of Provisions. The execution of this Agreement by the
          Participant shall constitute the Participant’s acceptance of and agreement
          to all of the terms and conditions of the Plan and this Agreement. This
          Agreement shall be binding on the heirs, executors and administrators of the
          Participant and on the successors and assigns of the Employer. 

             5.       
          Notices. All notices and other communications required or permitted under
          the Plan and this Agreement shall be in writing and shall be given either by (i)
          personal delivery or regular mail, in each case against receipt, or (ii) first
          call registered or certified mail, return receipt requested. Any such
          communication shall be deemed to have been given (i) on the date of receipt in
          the cases referred to in clause (i) of the preceding sentence and (ii) on the
          second day after the date of mailing in the cases referred to in clause (ii) of
          the preceding sentence. All such communications to the Employer shall be
          addressed to it, to the attention of its Secretary or Treasurer, at its then
          principal office and to the Participant at his last address appearing on the
          records of the Employer or, in each case, to such other persons or address as
          may be designated by like notices hereunder 

	

             6.       
          Miscellaneous. This Agreement and the Plan contain a complete statement
          of all the arrangements between the parties with respect to their subject
          matter, and this Agreement cannot be changed except by a writing executed by
          both parties. This Agreement shall be governed by and construed in accordance
          with the laws of the State of New Jersey applicable to agreements made and to be
          performed exclusively in New Jersey. The headings in this Agreement are solely
          for convenience of reference and shall not affect its meaning or interpretation. 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 

			PARTICIPANT’S NAME

  
——————————————

    
              

			VALLEY NATIONAL BANCORP

By:  
——————————————

    
              

			VALLEY NATIONAL BANK

By:  
——————————————Letter Agreement

	

[LETTERHEAD OF VALLEY
NATIONAL BANK] 

November 18, 2003 

     Mr. Gerald H. Lipkin Chairman, 

President and CEO 

Dear Gerry: 

We are pleased to inform you that
your annual salary has been increased to $650,000 and will appear in your December 26,
2003 pay. In addition, you will receive a Merit Award Bonus of $625,000 on December 5,
2003. 

In addition, at the Board’s
Compensation Committee meeting of November 17th, the Committee set your minimum pension at
$300,000. 

We are counting on your continued
assistance for 2004 so we can all continue to grow and share in the benefits that will
result from better performance. 

We wish you a Happy Holiday Season
and look forward to a healthy and prosperous New Year. 

Sincerely, 

ROBERT E. MCENTEE

Robert E. McEntee

Chairman

Compensation and Human Resource CommitteeEmployment Agreement

	

EMPLOYMENT AGREEMENT 

        
        THIS
EMPLOYMENT AGREEMENT (“Agreement”) is entered into this 25th day of
January, 2000, and sets forth the terms and conditions of employment between James C.
Lawrence (“Executive”) and MERCHANTS NEW YORK BANCORP, a Delaware corporation
(“Bancorp”; collectively with its subsidiary The Merchants Bank of New York
(“Bank” referred to in this Agreement as “Employer”), for whom
Executive shall render services hereunder. 

        
        WHEREAS,
Employer desires to employ Executive on the terms and conditions set faith in this
Agreement, and Executive is willing to render services to Employer and to commit to the
performance of certain obligations, all on the terms and conditions set forth herein; 

        
        NOW,
THEREFORE, the parties agree as follows: 

        1.       
Capacity; Salary; Benefits. 

        
        1.1.       
Term of Employment. Employer hereby employs Executive, and Executive accepts such
employment, on the terms and conditions herein, for the period beginning on the date of
the parties’ execution of this Agreement and ending on March 1, 2008 (such period, or
lesser portion thereof in the event of earlier termination pursuant to paragraph 1.7,
being called the “Employment Period”). Thereafter, the continuation of
Executive’s employment with Employer shall be at the will of Employer and Executive
on terms and conditions agreed to by Employer and Executive, and there shall be no
obligation on the part of Employer or Executive to continue such employment 

        
        1.2.       Position
aid Responsibilities. During the Employment Period, Executive           shall save as
President and Chief Executive Officer of Bancorp and Bank, subject           to the
provisions of this Agreement and Employer’s general policies and           practices
governing employment in force from time to time. Executive will report           to Mr.
Spencer B. Witty or such other person as is serving as the Chairman of           Bancorp’s
Board of Directors. Executive’s duties in that capacity           shall be those set
forth in Bancorp’s and Bank’s By-laws. Executive           agrees to perform
such other duties as are normally incident to Executive’s           position as
provided in Bancorp By-laws or policy manuals, and such other           functions as may
be assigned to Executive by Employer, which other functions           shall be consistent
with Executive’s position. During the Employment           Period, Executive shall
devote substantial time, and his best effort and advice,           to the business and
affairs of Employer.  

        
        1.3.       Board
Membership. Executive will serve as a member of Bancorp’s and           Bank’s
Boards of Directors during the Employment Period.  

        
        1.4.       Salary
and Benefits. Executive shall be compensated at the same level in           effect on
the date of’ execution of this Agreement; provided that the Board           of
Directors] of Bancorp will review Executive’s compensation at annual
          intervals and may in its sole discretion determine to grant Executive one or
          more increases in compensation. All payments to Executive under this Agreement
          are subject to applicable withholding for federal, state, social security and
          similar taxes. Executive will be entitled to vacations (at such time as shall
          not interfere with Employer’s business needs), sick ‘Leaves and
leaves           of absence in accordance with Employers general policies and practices
governing           the saint in force from time to tine, and will be eligible to
participate S such           plaits for the benefit of’ officers or employees
generally that Employer           now has or institutes in the figure during the
Employment Period.  

	

        
        1.5.       Consideration.
Executive acknowledges the consideration for this           Agreement consists of
Executive’s becoming employed by Employer wider the           terms of, with the
responsibilities and benefits provided in, this Agreement.  

        
        1.6.                 Succession.
Executive acknowledges that, under resolutions adopted by the           unanimous vote of
Employer’s Board of Directors, the election of successors           to key executive
offices of Employer is accomplished by the Succession Committee           of the Board.
Executive agrees to support all decisions of the Succession           Committee in
respect of such matters, and to work at all ties in cooperation           with all
successors elected by the Succession Committee to advance the best           interests of
Employer.  

        
        1.7.       Early
Termination of Employment Period. The Employment Period may be           terminated
(s)by Employer, for cause as defined in paragraph Ii, without notice           except as
required in that paragraph (b) by the Executive’s death, without           action by
Employer (c) for incapacity, immediately upon written notice from           Employer, if
an independent physician selected by Employer shall have determined           that
Executive has been unable due to illness, disability or incapacity, to           perform
substantially all of the services required hereunder for a continuous           period of
60 days, or for a period aggregating 180 days in any 12 month period.  

        
        1.8.       Definition
of Termination for Cause. Termination by Employer for           “cause” shall
mean termination (1) by action of the Chairman of           Employer’s Board of
Directors or its Chief Executive Officer (if other than           Executive), or (ii) by
election of a successor to Executive by the Baird of           Directors or the
Succession Committee, in either can by reason of(a)           Executive’s material
breach of this Agreement or material failure to           perform his obligations under
this Agreement (not as a consequence of any           illness, accident or other
disability), (b) Executive’s unjustified           continued, willful failure to
carry out any reasonable lawful order of Employer           (using the same criteria as
would be applied to other executives o(like level of           Employer), (c) diverting
or usurping a corporate opportunity of Employer, (d)           Executive’s actions
which are disloyal or inimical to Employer, (e) gross           negligence or
recklessness by Executive in the performance of his duties           hereunder (using the
same criteria as would be applied to other executives of           like level of
Employer), (1) other serious willful misconduct by Executive which           causes
material injury to Employer or its reputation (using the same criteria as           would
be applied to other executives of like level of Employer), including but           not
limited to willful or gross misconduct toward any of Employer’s           employees,
agents, clients or customers. in either case causing material harm to           Employer,
and (g) the commission by Executive of a felony or a crime involving           moral
turpitude.  

        2.       
Miscellaneous. 

        
        2.1.       Integration;
Assignment. This Agreement expresses the entire agreement           between Executive
and Employer with respect to its subject matter. This           Agreement shall bind and
inure to the benefit of each of the parties hereto and           shall also bind and
inure to the benefit of any successor or successors of           Bancorp by
reorganization, merger or consolidation and any assignee of all or
          substantially all of its business and properties, provided, however, that
except           as to any such successor or assignee of Bancorp, neither this Agreement
nor any           rights or benefits hereunder may be assigned by Bancorp or by
Executive.  

2 

	

        
        2.2.       Notices.
All notices, elections and other communications given or made           pursuant to this
Agreement shall be in writing and shall be delivered           personally, sent by
commercial courier or registered mail (postage prepaid,           return receipt
requested) or transmitted by facsimile with confirming copy           transmitted by
first class prepaid mail, to the parties at the following           addresses and numbers
or such other addresses or numbers as a party shall           designate by notice in
writing to the others in accordance herewith, and shall           be deemed to be given
or made when so delivered personally or by commercial           courier or when
transmitted and received by facsimile, or if mailed, five           business days after
the date of mailing; except that notice of a change of           address shall be deemed
given only when actually received by the other party:  

		
	To Executive at:	To Company at:
	James G. Lawrence	Merchants New York Bancorp
	c/o Merchants New York Bancorp	275 Madison Avenue
	295 Fifth Avenue	New York, New York 10016
	New York, New York 10016	Tel.; (212) 973-6000
	Tel.: (212) 973-4261	Fax,: (212) 973-6663
	Fax.: (212) 213-4870
		Att.: Chairman of the Board of Directors

	

        
        2.3.       Governing
Law. All questions concerning the construction, validity and           interpretation
of this Agreement shall be governed by the internal laws (as           opposed to the
conflict of law provisions) of the Stare of New York.  

        
        2.4.       Severability.
Whenever possible, each provision of this Agreement shall           be interpreted in
such manner as to be effective and valid under applicable law,           but if any
provision of this Agreement shall be held to be prohibited by or           invalid under
applicable law, such provision shall be ineffective only to the           extent of such
prohibitions or invalidity without invalidating the remainder of           such provision
or the remaining provisions of this Agreement.  

        
        2.5.       Interpretation.
To effect the intent of the Agreement, where appropriate           the singular shall be
read as the plural and the conjunctive as the disjunctive,           end in either case,
vice versa.  

        
        2.6.       
Headings. The headings of the sections hereof are inserted for convenience only and
shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 

        
        2.7.       Modification,
Amendment, Waiver. No modification, amendment or waiver of           any provisions
of this Agreement shall be effective unless approved in writing           by the parties.
The failure at any time to enforce any provision of this           Agreement shall in no
way be construed as a waiver of such provision and shall           not affect the right
of either patty thereafter to enforce each and every           provision hereof in
accordance with ii terms.  

3 

	

        
        2.8.       
No Strict Construction. The language used in this Agreement shall be deemed to be
the language chosen by the patties hereto to express their mutual intent and no rule of
strict construction shall be applied against any person. 

        
        IN
WITNESS WHEREOF, this Key Employment Agreement has been duly executed and delivered by or
on behalf of the parties hereto as of the first darn above written. 

	MERCHANTS NEW YORK BANCORP

By:    /s/ Spencer B. Witty
——————————————

Name:     SPENCER B. WITTY
Title:       Chairman of the Board		EXECUTIVE

By:    /s/ James G. Lawrence
——————————————

Name:    James G. Lawrence

	

4

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