Document:

exhbt1025.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
10.25

    

    

    

    

    Description
of terms of oral consulting agreement between

    GeoGlobal
Resources Inc. and Amicus Services Inc.

     

    

    GeoGlobal
Resources Inc. (the Registrant) is a party to an oral agreement with Amicus
Services Inc. an Alberta corporation (Amicus), whose outstanding shares are
owned by Vincent Roy, the brother of Jean Paul Roy, the President, chief
executive officer and the principal stockholder of the
Registrant.  Pursuant to the oral agreement, Amicus provides IT and
computer related consulting services to the Registrant and its subsidiaries and
the Registrant compensates Amicus for those services.

    

    The IT
and computer related services provided by Amicus cover such duties as;
organizing, managing and maintaining a geological database in Canada relating to
GeoGlobal’s exploration interests in India and elsewhere; upgrading on a
continuing basis all information systems (both software and hardware) and
network systems (including onsite and offsite backups of data and security
issues) of a corporate nature; and providing ongoing IT and computer related
services as required by the Registrant’s Calgary staff.

    

    The
hourly rate paid to Amicus through December 31, 2007 was
Cdn$40.00.  Commencing January 1, 2008 the hourly rate increased to
Cdn$70.00.

    

    Amicus
will provide these IT and computer related services to the Registrant
approximately three days per week, as requested by the Registrant.

    

    The oral
agreement can be immediately terminated by either party at any time by notice
given to the other party.

    

    Vincent
Roy as the sole stockholder of Amicus, is entitled to participate in the
Registrant’s Stock Incentive Plans on such terms and as and when determined and
in the sole discretion of the Registrant’s Board of Directors in consultation
with Management of the Registrant.ex10-1.htm

    EXHIBIT
10.1

    

    2009
Executive Annual Bonus Plan

    

    Total
executive bonus opportunities will be based on 2009 base salaries as
follows:

    

    
      	 
      	 
      	
              Percentage
      of

            
	 
      	 
      	
              2009
      Base Salary

            
	 
      	 
      	
              Opportunity

            
	
              H.
      Eric Bolton, Jr.

            	 
      	
              200%

            
	
              Simon
      R.C. Wadsworth

            	 
      	
              200%

            
	
              Thomas
      L. Grimes, Jr.

            	 
      	
              100%

            
	
              James
      Andrew Taylor

            	 
      	
              100%

            
	
              Albert
      M. Campbell, III

            	 
      	
              100%

            

    

    

    The bonus
opportunity will be earned by performance in three areas: year-over-year funds
from operations, or FFO, per diluted share/unit growth, same store gross
operating income, or GOI, growth and the achievement of individual goals as
approved by the Compensation Committee. The weight of these performance factors
for each executive officer will be as follows:

    

    
      	 
      	 
      	
              FFO
      per Share

            	 
      	
              Same
      Store

            	 
      	
              Individual

            
	 
      	 
      	
              Growth

            	 
      	
              GOI
      Growth

            	 
      	
              Goals

            
	
              H.
      Eric Bolton, Jr.

            	 
      	
              80%

            	 
      	
              0%

            	 
      	
              20%

            
	
              Simon
      R.C. Wadsworth

            	 
      	
              80%

            	 
      	
              0%

            	 
      	
              20%

            
	
              Thomas
      L. Grimes, Jr.

            	 
      	
              25%

            	 
      	
              50%

            	 
      	
              25%

            
	
              James
      Andrew Taylor

            	 
      	
              25%

            	 
      	
              50%

            	 
      	
              25%

            
	
              Albert
      M. Campbell, III

            	 
      	
              75%

            	 
      	
              0%

            	 
      	
              25%

            

    

    

    The
percentage of bonus opportunity earned from performance growth targets will be
based on a sliding scale as follows:

    

    
      	 
      	 
      	
              Percentage
      of

            
	
              Performance

            	 
      	
              Bonus
      Opportunity

            
	
              Level

            	 
      	
              Earned

            
	
              Minimum
      Threshold

            	 
      	
              0.0%

            
	
              Threshold
      I

            	 
      	
              12.5%

            
	
              Threshold
      II

            	 
      	
              25.0%

            
	
              Threshold
      III

            	 
      	
              37.5%

            
	
              Target

            	 
      	
              50.0%

            
	
              Target
      I

            	 
      	
              62.5%

            
	
              Target
      II

            	 
      	
              75.0%

            
	
              Target
      III

            	 
      	
              87.5%

            
	
              High

            	 
      	
              100.0%

            
	 
      	 
      	 
      

    

    

    In
determining FFO per diluted share/unit growth, the Compensation Committee has
the ability to factor in any material and non-recurring events that may or may
not occur that impact the registrant’s FFO performance, but may or may not
subsequently impact the registrant’s share price, to help ensure that the
potential bonus is in line with actual shareholder performance realized for the
year.

    

    After the
total bonus opportunity is calculated, the Compensation Committee, at its
discretion, may apply a discretionary modifier allowing the bonus opportunity
calculated to be lowered or raised by up to 25% to determine the final bonus
award amount.ex10-1.htm

    Exhibit
10.1

    

    WAIVER
AGREEMENT

    

    WAIVER AGREEMENT (this "Waiver"), made
as of March 25, 2009, by and between Somerset Hills Bancorp, a New Jersey
corporation with an address at 155 Morristown Road Bernardsville, New Jersey
07924 (the “Company”), and Stewart E. McClure, Jr., an individual residing at 90
Spring Hill Road, Mendham, New Jersey 07945 (the "Executive").

    

    WITNESSETH
:

    

    WHEREAS, the Company and the Executive
have entered into that certain Employment Agreement, made as of March 8, 2001
and amended thereafter (and as may hereafter be further amended, modified,
supplemented, extended, renewed, restated or replaced, the "Employment
Agreement"), which governs the terms and conditions of the Executive’s
employment with the Company;

    

    WHEREAS, as part of the Emergency
Economic Stabilization Act of 2008 (“EESA”), the United States Treasury (the
“Treasury”) adopted a program known as the Capital Purchase Program (“CPP”)
pursuant to which the Treasury has invested in United States insured depository
institutions;

    

    WHEREAS, the Company received an
investment of $7,414,000 from the Treasury pursuant to the CPP on January 16,
2009.

    

    WHEREAS, the terms of the CPP were
revised by the American Recovery and Reinvestment Act of 2009 (the “ARRA”),
which, among other things, imposed certain limitations upon the compensation of
executive officers of companies which participated in the CPP;

     

    

    WHEREAS, the Employment Agreement does
not comply with the requirements of ARRA, in that it provides for certain
severance payments and a cash bonus to the Executive; and

    

    WHEREAS,
the Executive is willing to waive such portions of the Employment Agreement
which do not comply with the ARRA subject to the terms and conditions contained
herein

    

    NOW THEREFORE, in
consideration of the foregoing, and the respective agreements and covenants
contained herein, the parties hereto agree as follows:

    

    1.           Waiver

    

    Subject to the terms and conditions
hereof, the Executive hereby agrees to waive all provisions of the Employment
Agreement which would render the Company in violation of the Section 111 of the
EESA, as amended by the ARRA, and the regulations that may be promulgated
thereunder from time to time, including, but not limited to:

    

    a.           Article
3.1 of the Employment Agreement with respect to the right of the Executive to
receive an annual cash bonus in an amount to be determined at the discretion of
the Company’s Board of Directors, not less than twenty five thousand ($25,000)
dollars;

     

    

    b.           Article
4.4(a) of the Employment Agreement with respect to the Executive’s estate’s
right to receive payments upon Executive’s death;

     

    

     

    c.           Any
right to post-employment compensation under Article 7 of the Employment
Agreement, regardless of whether such right arises as a result of a termination
by the Employer, a termination for Good reason by the Employee or a termination
subsequent to a Change in Control by either Employer or Employee;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    provided,  however,  that
the  foregoing  waiver will be of no
further  force or effect,  and the Executive will be
entitled  to  exercise  all of  his
rights
and  remedies  under  the  Employment
Agreement, and applicable  law, automatically upon such time as the
Company is no longer prohibited from making the payments described above under
the EESA and regulations thereunder, whether because the Company’s obligation to
the Treasury arising from the Company’s participation in the CPP shall be
satisfied or excused, the EESA shall be further amended to eliminate the
prohibition on severance or otherwise.

     

    2.           Further Limitations of
Waiver

    

    This Waiver by the Executive of the
benefits conferred to him pursuant to the Employment Agreement shall be
construed only to the minimum extent necessary so that the Company shall be in
compliance with the Section 111 of the EESA, the ARRA and the regulations as may
be promulgated from time to time thereunder (collectively, the “Acts”), and
shall not be construed to grant to the Company additional benefits beyond what
is minimally required to comply with the Acts.

    

    3           Entire
Agreement; Binding Affect; Employment Agreement to Remain in
Effect.  This Waiver constitutes the entire and final agreement
among the parties with respect to the subject matter hereof and there are no
agreements, understandings, warranties or representations among the parties as
to such subject matter except as set forth herein.  This Waiver will
inure to the benefit and bind the parties hereto and the respective heirs,
administrators, executors, representatives, successors and permitted assigns of
the parties hereto. Except as specifically provided for hereunder, the
Employment Agreement shall remain in full force and effect, shall not be
modified or otherwise revised by this Waiver Agreement.

    

    4.           Defined
Terms.  Capitalized terms used herein and not otherwise defined
shall have the meanings ascribed to them in the Employment
Agreement.

    

    5.           Governing
Law.  This Waiver is executed and delivered in the State of New
Jersey and it is the desire and intention of the parties that it be in all
respects interpreted according to the laws of the State of New Jersey, without
giving effect to choice of law provisions thereof.

    

    6.           Counterparts.  This
Waiver may be executed in counterparts, each of which will be deemed an original
document, but all of which will constitute a single document.

    

    IN WITNESS WHEREOF, the
Company, the Bank and the Executive legally bound, have executed this Waiver
Agreement as of the date first noted above.

    

    
      	 
      	
              Somerset
      Hills Bancorp

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/  Edward
      B. Deutsch

            
	 
      	 
      	
              Name:  Edward
      Deutsch

            
	 
      	 
      	
              Title:  Chairman
      of the Board

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Somerset
      Hills Bank

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/  Edward
      B. Deutsch

            
	 
      	 
      	
              Name:  Edward
      Deutsch

            
	 
      	 
      	
              Title:  Chairman
      of the Board

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              /s/
      Stewart E. McClure, Jr.

            
	 
      	
              Stewart
      E. McClure, Jr.

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