Document:

Unassociated Document

  
Exhibit 10.9

Name:   ________________________   No. of Options: Five Thousand (5,000)

COMMUNITY PARTNERS BANCORP

NONQUALIFIED STOCK OPTION AGREEMENT

This NONQUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) is made on December __, 2011, to be effective as of the 12th day of December, 2011 (the “Grant Date”) by and between Community Partners Bancorp, a New Jersey corporation (the “Company”) and ___________________ (the “Participant”).  Capitalized terms used in this Agreement but not defined upon their first usage shall have the respective meanings ascribed to them in the Company’s 2007 Equity Incentive Plan, as it may be amended from time to time (the “Plan”).

1.             Grant of Option.  The Company has, as of the Grant Date, granted to the Participant the right and option (the “Option”) to purchase Five Thousand (5,000) shares of the Company’s common stock, no par value (the “Shares”) at a price of Five Dollars and Nineteen Cents ($5.19) per share (the “Option Price”) pursuant to the Plan, subject to the terms and conditions of the Plan and this Agreement.  The Option shall expire on December 11, 2021 (the “Expiration Date”).

2.             Type of Option.  This Option will not be treated by the Company as an “incentive stock option” as defined in Section 422 of the Internal Revenue Code of 1986, as amended.

3.             Incorporation by Reference of the Plan.  The Plan is hereby incorporated by reference into this Agreement.  The Participant hereby acknowledges receipt of a copy of the Plan, and represents and warrants to the Company that the Participant has read and fully understands the terms and conditions of the Plan.  The execution of this Agreement by the Participant constitutes the Participant’s acceptance of and agreement to the terms and conditions of the Plan, and this Agreement. In the event of any inconsistency or conflict between the Plan and this Agreement, the terms of the Plan shall supersede the terms of this Agreement.

4.             Vesting of Option.  Unless the Committee provides for earlier vesting, the Option shall vest in accordance with the following schedule:

 

	
Portion of Option by

	  
	
Number of Underlying Shares

	
Scheduled Vesting Date

	  	  
	1,000	
December 12, 2012

	1,000	
December 12, 2013

	1,000	
December 12, 2014

	1,000	
December 12, 2015

	1,000	
December 12, 2016

 

  

  

  

 

5.             Exercise.  The Participant may exercise all or a portion of the Option by delivering, or causing to be delivered, to the Company a completed notice of exercise in the form attached to this Agreement, together with payment in full of the aggregate Exercise Price.

6.             Form of Payment.   Payment of the aggregate Exercise Price may be made by one of the following methods:

(a)           Cash, certified or bank cashier’s check.

(b)           Shares of the Company’s common stock duly endorsed for transfer to the Company with signature guaranteed, which may, but need not, consist of or include (i) shares which were received by the Participant upon exercise of one or more nonqualified stock options, but only if such shares have been held by the Participant for at least six months; or (ii) shares which were awarded to, and received by, the Participant as restricted stock of the Company, but only if and to the extent that such shares have been held by the Participant for at least six months after vesting.

7.             Effect of Termination of Status as a Director.

(a)           Termination of Status as a Director as a Result of Death, Disability or Age Based Ineligibility.  Upon termination of the Participant’s status as a Director of the Company or its subsidiaries or affiliates prior to the Expiration Date, either by resignation or not standing for re-election, by reason of the Participant’s death, disability (as determined by the Committee), or having attained that age at which, under the then applicable policies of the Board of Directors, the Participant is no longer eligible to serve as a Director of the Company, that portion of the Option which is not then vested shall become fully vested and exercisable, and may be exercised by the Participant, or the Participant’s estate, beneficiary, or representative, as the case may be, at any time through the Expiration Date.

(b)           Termination of Status as a Director for Other Reasons.  Upon termination of the Participant’s status as a Director of the Company or its subsidiaries or affiliates prior to the Expiration Date, either by resignation or not standing for re-election,  other than by reason of the Participant’s death, disability (as determined by the Committee), or having attained that age at which, under the then applicable policies of the Board of Directors, the Participant is no longer eligible to serve as a Director of the Company, that portion of the Option which is not then vested shall expire and terminate ipso facto upon the date of the Participant’s termination of service, and that portion of the Option which is then vested may be exercised by the Participant, or the Participant’s estate, beneficiary, or representative, as the case may be, at any time through the Expiration Date.

 

  

2

  

 

8.             Shareholder Rights.  The Participant shall not have any rights as a shareholder of the Company with respect to any of the Shares which may be purchased by exercise of this Option until, and except to the extent that, such Shares are acquired by the full or partial exercise of this Option.

9.             Limits on Transferability.  The Option shall not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, other than by will or the laws of descent and distribution, or as otherwise permitted by the Committee.

10.           Change in Control.  Upon a Change in Control, all non-forfeited Options shall become fully exercisable and vested, subject to compliance with legal and other requirements.

11.           Trading Black Out Policies.  The Participant agrees to abide by all trading “black out” policies established from time to time by the Company.

12.           Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey, without giving effect to principles of conflicts of law, and applicable provisions of federal law.

IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date and year first above written.

 

	 	
COMMUNITY PARTNERS BANCORP

	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	
William D. Moss

	 
	 	 	   President and Chief Executive Officer	 
	 	 	 	 
	 	
PARTICIPANT:

	 
	 	 	 
	 	 	 
	 	 	 

	 	 	 	 

  

3

  

NOTICE OF EXERCISE OF NONQUALIFIED STOCK OPTION

 

	 	

Date: _____________________

 

Community Partners Bancorp

1250 Highway 35 South

Middletown, NJ 07748

Re:           Community Partners Bancorp (the “Company”) 2007 Equity Incentive Plan

I hereby exercise the option (“Option”) granted pursuant to the attached Nonqualified Stock Option Agreement (the “Agreement”) so as to acquire ____ shares of the Company’s common stock (the “Shares”) at the exercise price of $5.19 per share, for an aggregate exercise price of $_______.

My enclosed form of payment is (check one):    

	
  

	
_____

	cash in the amount of $______

	
  

	
_____

	certified or bank cashier’s check in the amount of $_____

	
  

	
_____

	
by surrender of shares of the Company’s common stock with a value of $_____ represented by certificate number(s) ________, duly endorsed for transfer to the Company with signature guaranteed, which may, but need not, consist of or include (i) shares which were received by me upon exercise of one or more nonqualified stock options, but only if such shares have been held by me for at least six months, or (ii) shares which were awarded to, and received by, me as restricted stock of the Company, but only if and to the extent that such shares have been held by me for at least six months after vesting.

I represent, acknowledge and agree that the common stock in CPB being purchased by me as a result of the full or partial exercise of the Option shall be acquired only for investment and not for distribution, and that the sale or other disposition of such common stock may be restricted by law.

Please make a notation on the Agreement to evidence the exercise of the Option as set forth in this Notice and return the Agreement, if any Options remain thereunder, along with a certificate representing the Shares to me at the address below:

 

	 	
________________________________

Name:

________________________________

________________________________

(PRINT ADDRESS)

 

4ex10_17.htm

  
Two River Community Bank

Supplemental Executive Retirement Agreement

Second Amendment

 Exhibit 10.17

 

SECOND AMENDMENT

TO THE

TWO RIVER COMMUNITY BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT

DATED JANUARY 1, 2005

FOR

ALAN B. TURNER

THIS SECOND AMENDMENT is entered into this 1st day of March, 2010, by and between TWO RIVER COMMUNITY BANK, a state-chartered commercial bank located in Middletown, New Jersey (the “Bank”), and ALAN B. TURNER (the “Executive”).

WHEREAS, the Bank and the Executive executed the Supplemental Executive Retirement Agreement on January 1, 2005 (the “Agreement”);

WHEREAS, the Bank and the Executive amended the Agreement on October 31, 2008;

WHEREAS, Section 8.1 of the Agreement provides that the Agreement may be amended upon mutual consent of the parties thereto; and

WHEREAS, the parties desire to increase the value of the benefits payable to the Executive under the Agreement;

NOW, THEREFORE, it is agreed by and between the Bank and the Executive as follows:

Section 2.1.1 of the Agreement shall be amended and replaced as follows:

	
  

	
2.1.1

	
Amount of Benefit.  The annual benefit under this Section 2.1 is Seventy-One Thousand Dollars ($71,000).

IN WITNESS WHEREOF, the parties have executed this Second Amendment as of the date indicated above.

 

	EXECUTIVE:	 	BANK:
	 	 	 	 
	 	 	TWO RIVER COMMUNITY BANK
	 	 	 	 
	 	 	 	 
	 	 	By	 
	ALAN B. TURNER	 	Title	
 

	
 

	 	 	
 

 

  

  

  

 

	  	
Schedule A Attached to 2nd Amendment Dated March 1, 2010

	
Plan Year Reporting

	  	
Schedule A

	  

 

Alan B. Turner

	      	
Birth Date: 8/29/1963

	 	
Early Termination

	 	
Disability

	 	
Change in Control

	 	
Pre-retire.

	  	
Normal Retirement: 8/29/2028, Age 65

	 	  	 	  	 	  	 	
Death

	  	  	 	  	 	
Annual Benefit2

	 	
Annual Benefit2

	 	
Annual Benefit2

	 	
Benefit

	  	  	 	  	 	
Amount Payable at

	 	
Amount Payable at

	 	
Amount Payable at

	 	
Lump Sum

	  	  	 	  	 	
Separation from Service

	 	
Normal Retirement Age

	 	
Separation from Service

	 	
Benefit

	  	  	 	  	 	
Based On

	 	
Based On

	 	
Based On

	 	
Based On

	  	
Values

	 	
Age

	 	
Accrual

	 	
Accrual

	 	
Benefit

	 	
Accrual

	  	  	 	
(1)

	 	
(2)

	 	
(3)

	 	
(4)

	 	
(5)

	  	
Mar 20101

	 	
46

	 	
5,605

	 	
18,597

	 	
34,367

	 	
330,548

	  	
Dec 2010

	 	
47

	 	
7,172

	 	
22,542

	 	
35,509

	 	
341,530

	  	
Dec 2011

	 	
48

	 	
9,166

	 	
27,002

	 	
36,929

	 	
355,191

	  	
Dec 2012

	 	
49

	 	
11,294

	 	
31,183

	 	
38,406

	 	
369,399

	  	
Dec 2013

	 	
50

	 	
13,565

	 	
35,102

	 	
39,943

	 	
384,175

	  	
Dec 2014

	 	
51

	 	
15,988

	 	
38,774

	 	
41,540

	 	
399,542

	  	
Dec 2015

	 	
52

	 	
18,573

	 	
42,216

	 	
43,202

	 	
415,524

	  	
Dec 2016

	 	
53

	 	
21,331

	 	
45,442

	 	
44,930

	 	
432,145

	  	
Dec 2017

	 	
54

	 	
24,274

	 	
48,466

	 	
46,727

	 	
449,431

	  	
Dec 2018

	 	
55

	 	
27,414

	 	
51,299

	 	
48,596

	 	
467,408

	  	
Dec 2019

	 	
56

	 	
30,764

	 	
53,955

	 	
50,540

	 	
486,104

	  	
Dec 2020

	 	
57

	 	
34,338

	 	
56,444

	 	
52,562

	 	
505,548

	  	
Dec 2021

	 	
58

	 	
38,152

	 	
58,777

	 	
54,664

	 	
525,770

	  	
Dec 2022

	 	
59

	 	
42,222

	 	
60,963

	 	
56,851

	 	
546,801

	  	
Dec 2023

	 	
60

	 	
46,564

	 	
63,013

	 	
59,125

	 	
568,673

	  	
Dec 2024

	 	
61

	 	
51,196

	 	
64,933

	 	
61,490

	 	
591,420

	  	
Dec 2025

	 	
62

	 	
56,139

	 	
66,733

	 	
63,949

	 	
615,077

	  	
Dec 2026

	 	
63

	 	
61,413

	 	
68,420

	 	
66,507

	 	
639,680

	  	
Dec 2027

	 	
64

	 	
67,041

	 	
70,001

	 	
69,168

	 	
665,267

	  	
Aug 2028

	 	
65

	 	
71,000

	 	
71,000

	 	
71,000

	 	
682,891

 

1   The first line reflects just the initial values as of March 1, 2010.

2   The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180 monthly payments.

* IF THERE IS A CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE A AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT.

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