Document:

Exhibit 10.6
                              AMENDED AND RESTATED
                     EXECUTIVE SALARY CONTINUATION AGREEMENT

     THIS AMENDED AND RESTATED AGREEMENT, made and entered into this 17th day of
June, 2008, by and between American Bank of New Jersey, a savings bank organized
and existing under the laws of the United States (hereinafter referred to as the
"Bank"), and Catherine Bringuier, an Executive of the Bank (hereinafter referred
to as the "Executive").

                              W I T N E S S E T H:
                               - - - - - - - - - -

     WHEREAS,  the  Executive  and the  Bank  have  previously  entered  into an
Executive Salary Continuation Agreement; and

     WHEREAS, since the execution of the original agreement,  certain changes to
Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), have
been enacted; and

     WHEREAS,  it is necessary to revise the original agreement to reflect these
changes to the Code;

     ACCORDINGLY,  it is the desire of the Bank and the  Executive to enter into
this  agreement  (sometimes  referred to herein as the  "Executive  Plan") under
which  the  Bank  will  agree  to make  certain  payments  to the  Executive  at
retirement or the Executive's  beneficiary(ies)  in the event of the Executive's
death pursuant to this agreement;

     FURTHERMORE,  it is the intent of the parties  hereto  that this  Executive
Plan be  considered  an unfunded  arrangement  maintained  primarily  to provide
supplemental  retirement  benefits  for  the  Executive,  and  be  considered  a
non-qualified  benefit plan for purposes of the Employee Retirement Security Act
of 1974,  as amended  ("ERISA").  The  Executive is fully  advised of the Bank's
financial  status and has had  substantial  input in the design and operation of
this benefit plan; and

     NOW, THEREFORE,  in consideration of services to be performed in the future
as well as of the mutual promises and covenants herein contained it is agreed as
follows:

I.       EMPLOYMENT

          The Bank agrees to employ the  Executive in such  capacity as the Bank
          may from time to time  determine.  The Executive  will continue in the
          employ  of the  Bank  in  such  capacity  and  with  such  duties  and
          responsibilities as may be assigned to her, and with such compensation
          as may be  determined  from time to time by the Board of  Directors of
          the Bank.

II.      FRINGE BENEFITS

          The  salary  continuation  benefits  provided  by this  agreement  are
          granted by the Bank as a fringe  benefit to the  Executive and are not
          part of any salary reduction plan or an arrangement  deferring a bonus
          or a salary increase.  The Executive has no option to take any current

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          payment or bonus in lieu of these salary continuation  benefits except
          as set forth hereinafter.

III.     NORMAL RETIREMENT AGE

          Normal  Retirement  Age  shall  mean the date on which  the  Executive
          attains age sixty-five (65).

IV.      RETIREMENT BENEFIT

          Provided said  retirement  constitutes  a Separation  from Service (as
          that  phrase  is  defined  under  Section  409A  of the  Code  and the
          regulations and guidance of general  applicability  issued  thereunder
          (referred to herein as "Section 409A")), the Bank, commencing with the
          first day of the month  following  the later of the date the Executive
          actually  retires  or  the  date  the  Executive  attains  her  Normal
          Retirement  Age, shall pay Executive an annual benefit equal to thirty
          percent (30%) of the Executive's average base salary (with each year's
          base salary determined on an annualized basis, taking into account any
          base salary  adjustments  occurring  during the applicable year) based
          upon the  average  of the  highest  three (3) out of the last five (5)
          years of employment  (including the year in which the Separation  from
          Service  occurs).   Said  benefit  shall  be  paid  in  equal  monthly
          installments  (1/12 of the  annual  benefit)  until  the  death of the
          Executive.

          Notwithstanding the foregoing,  if the Executive is, as of the date of
          her  Separation  from Service,  a "Specified  Employee" (as defined in
          Section 409A), then the retirement  benefits described in this Section
          IV shall  commence  to be paid on the first day of the month that next
          follows  the   six-month   anniversary   of  the  date  the  Executive
          experiences a Separation from Service, or her death, if earlier,  with
          the first payment including all monthly retirement benefits that would
          have been previously paid but for this sentence.

V.       DEATH OF THE EXECUTIVE

          In the  event of the  death of the  Executive,  this  agreement  shall
          terminate and, if applicable,  the Executive's  beneficiary(ies) shall
          be paid a death  benefit  under  the terms of the  Endorsement  Method
          Split Dollar Agreement between the Executive and the Bank and not this
          agreement.

VI.      BENEFIT ACCOUNTING

          The  Bank  shall  account  for  this  benefit  using  GAAP  accounting
          principles.  The Bank shall establish an accrued liability  retirement
          account for the Executive  into which  appropriate  reserves  shall be
          accrued.

VII.     VESTING

          The  Executive  shall be one  hundred  percent  (100%)  vested  in the
          benefits provided herein.
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VIII.    OTHER TERMINATION OF EMPLOYMENT AND DISABILITY

         A. Other Termination of Employment:

          Subject to  Subsection  VIII.A(i)  hereinbelow,  in the event that the
          employment of the Executive shall terminate prior to Normal Retirement
          Age, as provided in Section III, for reasons  other than  "disability"
          (as  defined in Section  VIII.B) or Change of Control  (as  defined in
          Section IX), but including by the Executive's  voluntary  action or by
          the  Executive's  discharge  by  the  Bank  without  cause,  and  such
          termination  of  employment  constitutes  a Separation  of Service (as
          defined in Section IV), then this agreement  shall  terminate upon the
          date of such  termination  of employment and the Bank shall pay to the
          Executive  as severance  compensation  an amount of money equal to the
          accrued balance of the Executive's  liability  reserve  account.  This
          severance compensation shall be paid in a lump sum no later than 2 1/2
          months   following  the  date  of  the   Executive's   termination  of
          employment.  Notwithstanding the foregoing,  if the Executive is as of
          the date of Separation from Service a "Specified  Employee" (as herein
          defined),  then  payment  under  this  Article  VIII shall not be paid
          earlier than the 183rd day following  the date the Executive  incurs a
          Separation from Service, or her death, if earlier.

               (i)  Discharge  for Cause:  In the event the  Executive  shall be
               discharged  for cause at any time, all benefits  provided  herein
               shall be  forfeited.  The term "for cause" shall be as defined in
               the Executive's  Employment  Agreement  between the Executive and
               the Bank in effect at the time of said termination (or if no such
               agreement  exists,  the  Employment  Agreement  most  recently in
               effect between the Bank and the  Executive).  If a dispute arises
               as to discharge  "for  cause," such dispute  shall be resolved by
               arbitration as set forth in this Executive Plan.

         B. Disability:

               In  the  event  the  Executive  becomes  disabled  prior  to  her
               Separation  from  Service  (as  defined in Section  IV),  and the
               Executive's  Separation  from  Service  is  on  account  of  such
               disability,  the  Executive  shall be  entitled  to  receive  one
               hundred  percent  (100%)  of the  Executive's  accrued  liability
               balance  at  the  time  of  Separation   from  Service  for  said
               disability.  Except as otherwise  provided  herein,  said accrued
               liability  balance at termination  shall be paid to the Executive
               in a lump sum no later  than 2 1/2 months  following  the date of
               the Executive's Separation from Service.

               Disability  shall  be  defined  in  the  Executive's   Employment
               Agreement  in effect at the time of her  Separation  from Service
               or, if no Employment Agreement is then in effect, then as defined
               in the Bank's long term  disability  policy in effect at the time
               of said disability.  If neither  definition exists at the time of
               termination  and  there  is  a  dispute   regarding  whether  the
               Executive  is  disabled,  such  dispute  shall be  resolved  by a
               physician  selected  by the Bank,  a  physician  selected  by the

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               Executive,  and a third  physician  selected by each of the other
               two (2)  physicians.  Such  resolution  shall be binding upon all
               parties to this agreement.

               Notwithstanding the foregoing,  if the disability that gives rise
               to the  Executive's  Separation  from  Service does not cause the
               Executive to be  "disabled"  within the meaning of Section  409A,
               and if,  as of the  date of such  Separation  from  Service,  the
               Executive is a "Specified Employee" (as defined in Section 409A),
               then her  disability  benefits  payable  pursuant to this Section
               VIII.B  shall  commence  to be paid on the first day of the month
               that  next  follows  the  six-month  anniversary  of the date the
               Executive  incurs a Separation  from  Service,  or her death,  if
               earlier.

IX.      CHANGE OF CONTROL

          Change of Control  shall be as defined in the  Executive's  Employment
          Agreement  between the Executive and the Bank in effect at the time of
          said Change of Control,  or if no such agreement is then in effect, by
          the regulations of the OTS in 12 CFR ss.574. Upon a Change of Control,
          if the Executive  subsequently  suffers an involuntary  termination of
          service, except for cause, and such termination of service constitutes
          a  Separation  from  Service  (as defined in Section  IV),  or, upon a
          voluntary  termination of service within twelve (12) months after such
          Change of Control, if any of the following events, which have not been
          consented to in advance by the Executive in writing, occur: (i) if the
          Executive would be required to move her personal  residence or perform
          her principal  executive functions more than forty (40) miles from the
          Executive's  primary  office as of the signing of this  agreement,  or
          (ii) if the Bank should fail to maintain Executive's base compensation
          in effect as of the date of the  Change of  Control  and the  existing
          employee  benefits  plans,  including  material  fringe and retirement
          plans,  then the  Executive  shall  receive the benefits in Section IV
          herein upon  attaining  Normal  Retirement  Age (as defined in Section
          III), as if the Executive had been  continuously  employed by the Bank
          until the  Executive's  Normal  Retirement  Age.  Notwithstanding  the
          foregoing,  all sums payable hereunder shall be reduced in such manner
          and to such  extent  so that no such  payments  made  hereunder,  when
          aggregated  with all other payments to be made to the Executive by the
          Bank, shall be deemed an "excess parachute payment" in accordance with
          Section  280G of the code and be subject to the excise tax provided at
          Section 4999(a) of the Code.

          Notwithstanding  the above,  if the Executive is as of the date of her
          Separation  from Service a "Specified  Employee" (as herein  defined),
          then payment  under this Article IX shall not be paid earlier than the
          183rd day following the date the  Executive  incurs a Separation  from
          Service,  or her death,  if  earlier,  with any  payments  not made on
          account  of this  sentence  being  paid  with  the  Executive's  first
          payment.

X.       RESTRICTIONS ON FUNDING

          The shall have no obligation to set aside, earmark or entrust any fund
          or money with which to pay its obligations  under this Executive Plan.
          The  Executive,  her  beneficiary(ies),  or any  successor in interest
          shall be and remain simply a general  creditor of the Bank in the same
          manner as any other  creditor  having a general  claim for matured and
          unpaid compensation.

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          The Bank  reserves  the absolute  right,  at its sole  discretion,  to
          either fund the  obligations  undertaken by this  Executive Plan or to
          refrain from funding the same and to determine the extent,  nature and
          method of such funding.  Should the Bank elect to fund this  Executive
          Plan,  in whole or in part,  through the  purchase of life  insurance,
          mutual funds, disability policies or annuities,  the Bank reserves the
          absolute right, in its sole  discretion,  to terminate such funding at
          any  time,  in whole or in part.  At no time  shall the  Executive  be
          deemed to have any lien,  right,  title or  interest  in any  specific
          funding  investment  or assets of the Bank. No manner of funding shall
          be permitted that would violate Section 409A.

          If the Bank  elects  to  invest  in a life  insurance,  disability  or
          annuity policy on the life of the Executive,  then the Executive shall
          assist the Bank by freely  submitting to a physical exam and supplying
          such  additional  information  necessary  to obtain such  insurance or
          annuities.

XI.      MISCELLANEOUS

          A. Alienability and Assignment Prohibition:

          Neither the Executive,  nor the Executive's  surviving spouse, nor any
          other  beneficiary(ies) under this Executive Plan shall have any power
          or right  to  transfer,  assign,  anticipate,  hypothecate,  mortgage,
          commute,  modify or otherwise  encumber in advance any of the benefits
          payable hereunder nor shall any of said benefits be subject to seizure
          for  the  payment  of  any  debts,  judgments,   alimony  or  separate
          maintenance owed by the Executive or the Executive's beneficiary(ies),
          nor be  transferable  by operation of law in the event of  bankruptcy,
          insolvency or otherwise. In the event the Executive or any beneficiary
          attempts assignment, commutation,  hypothecation, transfer or disposal
          of the benefits  hereunder,  the Bank's  liabilities  shall  forthwith
          cease and terminate.

          B. Binding Obligation of the Bank and any Successor in Interest:

          The Bank shall not merge or  consolidate  into or with another bank or
          sell  substantially  all of its assets to another bank, firm or person
          until such bank,  firm or person  expressly  agrees,  in  writing,  to
          assume and discharge the duties and obligations of the Bank under this
          Executive  Plan. This Executive Plan shall be binding upon the parties
          hereto,   their   successors,   beneficiaries,   heirs  and   personal
          representatives.

          C. Amendment or Revocation:

          It is agreed by and  between  the  parties  hereto  that,  during  the
          lifetime  of the  Executive,  this  Executive  Plan may be  amended or
          revoked  at any time or  times,  in whole  or in part,  by the  mutual
          written  consent of the Executive and the Bank. No amendment  shall be
          permitted  that would  violate,  or cause this  agreement  to violate,
          Section 409A.

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          D. Gender:

               Whenever in this  Executive  Plan words are used in the masculine
               or neuter  gender,  they  shall be read and  construed  as in the
               masculine,  feminine or neuter  gender,  whenever  they should so
               apply.

          E. Effect on Other Bank Benefit Plans:

               Nothing  contained in this  Executive Plan shall affect the right
               of the Executive to participate in or be covered by any qualified
               or non-qualified pension,  profit-sharing,  group, bonus or other
               supplemental  compensation or fringe benefit plan  constituting a
               part of the Bank's existing or future compensation structure.

         F. Headings:

               Headings and  subheadings in this Executive Plan are inserted for
               reference and convenience  only and shall not be deemed a part of
               this Executive Plan.

         G. Applicable Law:

               The  validity  and  interpretation  of this  agreement  shall  be
               governed by the laws of the State of New Jersey.

         H. 12 U.S.C. ss.1828(k):

               Any payments  made to the  Executive  pursuant to this  Executive
               Plan, or  otherwise,  are subject to and  conditioned  upon their
               compliance   with  12  U.S.C.   ss.1828(k)  or  any   regulations
               promulgated thereunder.

         I.  Partial Invalidity:

               If any term, provision,  covenant, or condition of this Executive
               Plan is determined  by an arbitrator or a court,  as the case may
               be, to be invalid,  void, or  unenforceable,  such  determination
               shall not render any other term, provision, covenant or condition
               invalid,  void, or  unenforceable,  and the Executive  Plan shall
               remain in full  force and  effect  notwithstanding  such  partial
               invalidity.

          J. Not a Contract of Employment:

               This  agreement  shall not be deemed to  constitute a contract of
               employment  between the parties  hereto,  nor shall any provision
               hereof restrict the right of the Bank to discharge the Executive,
               or restrict the right of the Executive to terminate employment.

          K. Effective Date:

               The  Effective  Date of this  agreement  shall be the date  first
               above written.
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XII.     ERISA PROVISION

          A. Named Fiduciary and Plan Administrator:

               The "Named  Fiduciary and Plan  Administrator"  of this Executive
               Plan shall be American Bank of New Jersey. As Named Fiduciary and
               Plan  Administrator,  the  Bank  shall  be  responsible  for  the
               management, control and administration of the Executive Plan. The
               Named  Fiduciary  may delegate to others  certain  aspects of the
               management and operational responsibilities of the Executive Plan
               including  the  employment  of  advisors  and the  delegation  of
               ministerial duties to qualified individuals.

          B. Claims Procedure and Arbitration:

               In the event a dispute  arises over benefits under this Executive
               Plan  and  benefits  are  not  paid to the  Executive  (or to the
               Executive's  beneficiary(ies)  in the  case  of  the  Executive's
               death) and such  claimants feel they are entitled to receive such
               benefits,  then a  written  claim  must  be  made  to  the  Named
               Fiduciary  and Plan  Administrator  named above within sixty (60)
               days from the date payments are refused.  The Named Fiduciary and
               Plan  Administrator  shall  review the  written  claim and if the
               claim is denied, in whole or in part, it shall provide in writing
               within  sixty (60) days of  receipt  of such  claim the  specific
               reasons for such  denial,  reference  to the  provisions  of this
               Executive  Plan upon which the denial is based and any additional
               material or  information  necessary  to perfect  the claim.  Such
               written notice shall further  indicate the additional steps to be
               taken by  claimants  if a further  review of the claim  denial is
               desired.  A claim shall be deemed  denied if the Named  Fiduciary
               and  Plan  Administrator  fail  to take  any  action  within  the
               aforesaid sixty-day period.

               If claimants  desire a second  review they shall notify the Named
               Fiduciary  and Plan  Administrator  in writing  within sixty (60)
               days  of the  first  claim  denial.  Claimants  may  review  this
               Executive Plan or any documents  relating  thereto and submit any
               written issues and comments they may feel  appropriate.  In their
               sole discretion, the Named Fiduciary and Plan Administrator shall
               then  review  the  second  claim and  provide a written  decision
               within  sixty (60) days of receipt of such claim.  This  decision
               shall  likewise  state the specific  reasons for the decision and
               shall include reference to specific  provisions of this agreement
               upon which the decision is based.

               Any  controversy  or claim  arising  out of or  relating  to this
               Executive Plan, or breach thereof,  shall be settled  exclusively
               by arbitration in accordance with the rules then in effect of the
               district office of the American  Arbitration  Association ("AAA")
               nearest to the home  office of the Bank,  and  judgment  upon the
               award  rendered may be entered in any court  having  jurisdiction
               thereof,  except to the extent  that the  parties  may  otherwise
               reach a mutual  settlement of such issue.  The provisions of this
               Paragraph shall survive the expiration of this Executive Plan.
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               Where  a  dispute  arises  as to  the  Bank's  discharge  of  the
               Executive  "for cause," such dispute shall  likewise be submitted
               to arbitration as above described and the parties hereto agree to
               be bound by the decision thereunder.

XIII.  TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW,
RULES OR REGULATIONS

               Notwithstanding  anything herein above to the contrary,  the Bank
               is entering into this  Executive  Plan upon the  assumption  that
               certain existing tax laws, rules and regulations will continue in
               effect in their  current  form.  If any said  assumptions  should
               change and said change has a detrimental effect on this Executive
               Plan,  then the Bank  reserves  the right to  terminate or modify
               this Executive Plan accordingly.  Furthermore,  the Board has the
               right to terminate  or modify  future  accruals if so  determined
               within  the  Board's  business   judgment  whether  or  not  this
               Executive  Plan has a  detrimental  effect on the Bank.  Upon any
               said  modification  or  termination  of the Executive  Plan,  any
               benefits accrued to the Executive's  liability retirement account
               on the date of said  modification or termination shall be paid to
               the  Executive in a lump sum,  subject to the  provisions  below.
               Upon a Change of  Control  (Section  IX),  this  paragraph  shall
               become null and void  effective  immediately  upon said Change of
               Control.  Notwithstanding  the foregoing,  no amendment  shall be
               made to this  Executive  Plan that  would  violate,  or cause the
               agreement to violate,  Section 409A. Further  notwithstanding the
               foregoing,  the agreement may not be terminated unless all of the
               requirements  of Section 409A  regarding  plan  terminations  are
               satisfied.  Accordingly,  unless Section 409A permits  otherwise,
               this  agreement  may be terminated  only if (a) all  arrangements
               sponsored  by the  Bank and any  affiliated  entity  (within  the
               meaning of Section  414(b) and  414(c))  that are  required to be
               aggregated with this agreement under Section 409A are terminated;
               (b) no payments  other than  payments that would be payable under
               the  terms of the  Executive  Plan or an  aggregated  plan if the
               termination  had not  occurred  are made  within 12 months of the
               termination of the arrangements; (c) all payments are made within
               24 months of the  termination  of the Executive  Plan and related
               arrangements;  and (d) the Bank does not adopt a new  arrangement
               that would be required to be aggregated  with this Executive Plan
               under  Section  409A  if  the  Executive   participated  in  both
               arrangements,  within  three  years  of  the  termination  of the
               agreement.

XIV.     CONFIDENTIAL INFORMATION

               The Executive  acknowledges  that during her  employment she will
               learn and have access to confidential  information  regarding the
               Bank  or  any  affiliate   and  its   customers  and   businesses
               ("Confidential Information").  The Executive agrees and covenants
               not to disclose or use for her own benefit, or the benefit of any
               other person or entity, any such Confidential Information, unless
               or until the Bank or any affiliate consents to such disclosure or
               use or such information  becomes common knowledge in the industry
               or is otherwise legally in the public domain. The Executive shall
               not knowingly  disclose or reveal to any unauthorized  person any
               Confidential  Information relating to the Bank or any affiliates,
               or to any of the  businesses  operated by them, and the Executive
               confirms that such information constitutes the exclusive property
               of the Bank or any affiliate.  The Executive  shall not otherwise
               knowingly act or conduct herself (a) to the material detriment of
               the Bank or its affiliates,  or (b) in a manner which is inimical
               or  contrary  to the  interests  of the  Bank  or any  affiliate.

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               Notwithstanding  anything herein to the contrary,  failure by the
               Executive  to comply  with the  provisions  of this  Section  may
               result in the immediate  termination of the Executive Plan within
               the sole discretion of the Bank,  disciplinary action against the
               Executive  taken  by the  Bank  and  other  remedies  that may be
               available in law or in equity.

In witness whereof,  the parties hereto acknowledge that each has carefully read
this Executive Plan and executed the original thereof on the first day set forth
hereinabove, and that, upon execution, each has received a conforming copy.

                                                    AMERICAN BANK OF NEW JERSEY
                                                    Bloomfield, New Jersey

/s/ Kathleen Walsh                                  By:   /s/ W. George Parker
--------------------------------------------              --------------------
Witness
                                                    Title: Chairman

/s/ Kathleen Walsh                                      /s/ Catherine Bringuier
--------------------------------------------            -----------------------
Witness                                                 Catherine Bringuier

                                       9Exhibit 10.5

                              EMPLOYMENT AGREEMENT
                              --------------------

     THIS  AGREEMENT  is entered  into this 17th day of June 2008,  but shall be
effective  as of  January  1, 2008  (hereinafter  the  "Effective  Date") by and
between  American  Bank of New Jersey,  Bloomfield,  New Jersey (the "Bank") and
Fred G. Kowal (hereinafter the "Executive").

                                   WITNESSETH

     WHEREAS,  the  Executive  has  accepted  employment  with  the  Bank as the
President and Chief  Operating  Officer and is  experienced in all phases of the
business of the Bank; and

     WHEREAS, the Bank desires to be ensured of the Executive's continued active
participation in the business of the Bank; and

     WHEREAS,  this  Agreement  is intended to replace the  previous  employment
agreement between the Executive and the Bank and to comply with the requirements
of Section 409A of the Internal  Revenue Code of 1986,  as amended (the "Code"),
and to reflect such additional changes as the Bank deems appropriate;

     NOW  THEREFORE,  in  consideration  of the mutual  covenants and agreements
between the parties, as herein contained,  the parties,  intending to be legally
bound, do hereby agree as follows:

     1._______Employment.  The Bank hereby employs the Executive in the capacity
of President and Chief  Operating  Officer.  The Executive  hereby  accepts said
employment and agrees to render such  administrative and management  services to

(the  Company") as are currently  rendered and as are  customarily  performed
(the  Company") as are currently  rendered and as are  customarily  performed by
persons situated in a similar  executive  capacity.  The Executive shall promote
the business of the Bank and the Company.  The Executive's other duties shall be
such  as the  Chief  Executive  Officer  ("CEO")  of the  Bank or the  Board  of
Directors  for the Bank (the "Board of  Directors"  or "Board") may from time to
time reasonably direct, including normal duties as an officer of the Bank.

     2. Term of  Employment.  The term of  employment  of  Executive  under this
Agreement  shall be for the period  commencing on the Effective  Date and ending
thirty-six (36) months thereafter (hereinafter the "Term").  Additionally, on or
before  each  annual  anniversary  date  from the  Effective  Date,  the Term of
employment  under this Agreement shall be extended for an additional year beyond
the then effective  expiration date upon a  determination  and resolution of the
Board  of  Directors  that  the   performance  of  the  Executive  has  met  the

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requirements  and standards of the Board,  so that the contract,  when extended,
will be for a new thirty-six (36) month term.  References  herein to the Term of
this Agreement shall refer both to the initial term and successive terms.

     3. Compensation, Benefits and Expenses.

     (a) Base Salary. The Bank shall compensate and pay the Executive during the
Term of this  Agreement a minimum  base salary at the rate of $258,750 per annum
(hereinafter  the  "Base  Salary"),  payable  in cash not less  frequently  than
monthly;  provided,  that the rate of such salary shall be reviewed by the Board
of Directors not less often than annually,  and the Executive  shall be entitled
to receive increases at such percentages or in such amounts as determined by the
Board of Directors. The Base Salary may not be decreased without the Executive's
express written consent.

     (b) Discretionary  Bonus. The Executive shall be entitled to participate in
an equitable  manner with all other senior  management  employees of the Bank in
discretionary  bonuses  that may be  authorized  and  declared  by the  Board of
Directors  to its  senior  management  executives  from  time to  time,  and any
management incentive plan that may be authorized. No other compensation provided
for in this Agreement shall be deemed a substitute for the Executive's  right to
participate in such discretionary bonuses when and as declared by the Board. Any
discretionary  bonus  shall be paid no later than 2 1/2 months  after the end of
the year in which the Executive obtains a legally binding right to the bonus. If
the  discretionary  bonus cannot be paid by that date,  then it shall be paid on
the next following  April 15, or such other date during the year as permitted by
Section 409A of the Code and the regulations thereunder (Section 409A).

     (c)  Participation in Benefit and Retirement  Plans. The Executive shall be
entitled to  participate  in and  receive  the  benefits of any plan of the Bank
which may be or may become applicable to senior  management  relating to pension
or other retirement  benefit plans,  profit-sharing,  stock options or incentive
plans, or other plans, benefits and privileges given to employees and executives
of  the  Bank,   to  the   extent   commensurate   with  his  then   duties  and
responsibilities, as fixed by the Board of Directors of the Bank.

     (d)  Participation in Medical Plans and Insurance  Policies.  The Executive
shall be entitled  to  participate  in and  receive the  benefits of any plan or
policy of the Bank which may be or may become  applicable  to senior  management
relating  to life  insurance,  short-term  and  long-term  disability,  medical,
dental,  vision-care,  prescription drugs or medical reimbursement plans. During
the term of the Executive's  employment with the Bank, the Executive's dependent
family may participate in such programs,  with the cost of premiums paid in part
by the Bank and by the Executive in accordance with policies  established by the
Board of  Directors.

     (e)  Vacations  and Sick  Leave.  The  Executive  shall be entitled to paid
annual vacation leave in accordance  with the policies as established  from time
to time by the Board of Directors, which shall in no event be less than four (4)
weeks per annum.  The  Executive  shall also be entitled to an annual sick leave
benefit as established by the Board for senior management employees of the Bank.

                                       2

<PAGE>

     (f) Expenses.  The Bank shall reimburse the Executive or otherwise  provide
for or pay for all reasonable  expenses incurred by the Executive in furtherance
of, or in connection with the business of the Bank, including, but not by way of
limitation,  use of a Bank leased automobile and related traveling expenses, and
all reasonable entertainment expenses,  subject to such reasonable documentation
and other  limitations  as may be  established  by the Board of Directors of the
Bank. If such expenses are paid, in the first  instance,  by the Executive,  the
Bank shall reimburse the Executive therefor.

     (g) Changes in Benefits. The Bank shall not make any changes in such plans,
benefits or privileges  previously  described in Section 3(c), (d) and (e) which
would adversely  affect the Executive's  rights or benefits  thereunder,  unless
such change occurs pursuant to a program applicable to all executive officers of
the Bank and does not result in a proportionately  greater adverse change in the
rights of, or benefits to, the  Executive as compared  with any other  executive
officer of the Bank.  Nothing  paid to Executive  under any plan or  arrangement
presently  in effect or made  available  in the future  shall be deemed to be in
lieu of the salary payable to Executive pursuant to Section 3(a) hereof.

     4. Loyalty;  Non-competition.

     (a)  The  Executive  shall  devote  his  full  time  and  attention  to the
performance  of his  employment  under  this  Agreement.  During the term of the
Executive's  employment under this Agreement,  the Executive shall not engage in
any business or activity  contrary to the  business  affairs or interests of the
Bank or the Company.

     (b) Nothing contained in this Section 4 shall be deemed to prevent or limit
the right of Executive to invest in the capital stock or other securities of any
business  dissimilar  from  that of the Bank or the  Company  , or,  solely as a
passive or minority investor, in any business.

     5.  Standards.  During  the term of this  Agreement,  the  Executive  shall
perform his duties in  accordance  with such  reasonable  standards  expected of
executives with comparable  positions in comparable  organizations and as may be
established from time to time by the Board of Directors.

     6. Termination and Termination  Pay. The Executive's  employment under this
Agreement  shall be terminated  upon any of the following  occurrences:

     (a) The death of the Executive during the term of this Agreement,  in which
event the Executive's  estate shall be entitled to receive the  compensation due
the Executive for at least one calendar month after the date of the  Executive's
death.

     (b) The Board of Directors may terminate the Executive's  employment at any
time, but any termination by the Board of Directors  other than  termination for
Just Cause,  shall not prejudice the Executive's  right to compensation or other
benefits  under this  Agreement.  The  Executive  shall have no right to receive
compensation  or other  benefits  for any  period  after  termination  for "Just
Cause".  The Board may,  within its sole  discretion  and acting in good  faith,
terminate  the  Executive  for  Just  Cause  and  shall  notify  such  Executive

                                       3

<PAGE>

accordingly.  Termination for Just Cause shall be defined as termination because
of the Executive's personal dishonesty, incompetence, willful misconduct, breach
of fiduciary  duty involving  personal  profit,  intentional  failure to perform
stated  duties,  willful  violation of any law, rule or  regulation  (other than
traffic  violations or similar  offenses) or final  cease-and-desist  order,  or
material breach of any provision of this Agreement.

     (c)  Except  as  provided  pursuant  to  Section  9  hereof,  in the  event
Executive's  employment  under  this  Agreement  is  terminated  by the Board of
Directors without Just Cause, the Bank shall be obligated to continue to pay the
Executive  the salary  provided  pursuant to Section  3(a)  herein,  through the
remaining term of this Agreement,  but in no event for a period of less than one
year,  and the cost of Executive  obtaining all health,  life,  disability,  and
other benefits  which the Executive  would be eligible to participate in through
such date based upon benefit levels  substantially equal to those being provided
Executive at the date of  termination  of  employment.  No payment shall be made
under  this  Section  6(c)  unless the  Executive's  termination  of  employment
qualifies  as a  Separation  from  Service (as that phrase is defined in Section
409A taking into account all rules and presumptions  provided for in the Section
409A  regulations).  If the  Executive  is a Specified  Employee  (as defined in
Section 409A) at the time of his  Separation  from Service,  then payments under
this Section 6(c) which  constitute  deferred  compensation  under  Section 409A
shall not be paid until the 185th day following the Executive's  Separation from
Service,  or his earlier death (the Delayed  Distribution  Date).  To the extent
permitted by Section  409A,  amounts  payable  under this Section 6(c) which are
considered deferred compensation shall be treated as payable after amounts which
are not considered deferred compensation.

     (d) The  voluntary  termination  by the  Executive  during the term of this
Agreement  with the delivery of no less than 60 days written notice to the Board
of  Directors,  other than pursuant to Section 9(b), in which case the Executive
shall be entitled  to receive  only the  compensation,  vested  rights,  and all
employee benefits up to the date of such termination.

     7.  Regulatory  Exclusions.

     (a) If the  Executive  is  suspended  and/or  temporarily  prohibited  from
participating  in the  conduct of the Bank's  affairs by a notice  served  under
Section  8(e)(3)  or (g)(1) of the  Federal  Deposit  Insurance  Act (12  U.S.C.
1818(e)(3)  and (g)(1)),  the Bank's  obligations  under the Agreement  shall be
suspended as of the date of service,  unless stayed by appropriate  proceedings.
If the charges in the notice are  dismissed,  the Bank may in its discretion (i)
pay the Executive all or part of the  compensation  withheld  while its contract
obligations  were  suspended and (ii) reinstate (in whole or in part) any of its
obligations  which  were  suspended.

     (b)  If  the  Executive  is  removed  and/or  permanently  prohibited  from
participating  in the  conduct of the Bank's  affairs by an order  issued  under
Sections  8(e)(4) or 8(g)(1) of the  Federal  Deposit  Insurance  Act (12 U.S.C.
1818(e)(4) and (g)(1)),  all  obligations of the Bank under this Agreement shall
terminate,  as of the effective date of the order,  but the vested rights of the
contracting  parties  shall not be  affected.

                                       4

<PAGE>

     (c) If the Bank is in default  (as  defined  in Section  3(x)(1) of Federal
Deposit  Insurance Act), all obligations under this Agreement shall terminate as
of the date of default, but this paragraph shall not affect any vested rights of
the contracting parties.

     (d) All obligations under this Agreement shall be terminated, except to the
extent  determined  that  continuation  of this  Agreement is necessary  for the
continued  operation  of the Bank:  (i) by the  Director of the Office of Thrift
Supervision  (hereinafter the "Director of OTS"), or his or her designee, at the
time that the Federal Deposit  Insurance  Corporation  (hereinafter  the "FDIC")
enters into an agreement to provide assistance to or on behalf of the Bank under
the authority  contained in Section 13(c) of Federal  Deposit  Insurance Act; or
(ii) by the  Director of the OTS, or his or her  designee,  at the time that the
Director of the OTS, or his or her  designee  approves a  supervisory  merger to
resolve problems related to operation of the Bank or when the Bank is determined
by the Director of the OTS to be in an unsafe or unsound  condition.  Any rights
of the parties that have already vested,  however, shall not be affected by such
action.

     (e) Notwithstanding  anything herein to the contrary,  any payments made to
the Executive pursuant to the Agreement,  or otherwise,  shall be subject to and
conditioned  upon compliance with 12 USC 1828(k) and FDIC Regulation 12 CFR Part
359, Golden  Parachute  Indemnification  Payments  promulgated  thereunder.  (f)
Payments  under the Agreement  that are suspended  under this Section 7, but are
later determined by the applicable regulatory authority to be payable,  shall be
paid on the earliest date practicable thereafter.

     8.  Disability.  If the Executive shall become disabled or incapacitated to
the extent  that he is unable to  perform  his  duties  hereunder,  by reason of
medically  determinable  physical  or  mental  impairment   ("Disability"),   as
determined by a doctor engaged by the Board of Directors,  the Bank will pay the
Executive,  as disability  pay, a weekly  payment  equal to one hundred  percent
(100%) of the  Executive's  weekly rate of Base Salary for a period of up to one
year and a weekly payment equal to sixty-five  percent of the Executive's weekly
rate of Base Salary for the remaining Term of such Agreement.  These  Disability
payments  shall  commence on the  effective  date of the  determination  of such
Disability  and will end on the  earlier  of (i) the date  Executive  returns to
full-time  employment  with the Bank in an executive  capacity;  (ii)  Executive
commences full-time  employment with another employer;  (iii) Executive's death;
or (iv) the expiration of the Term of this Agreement. Such benefits noted herein
shall be reduced by any benefits otherwise provided to the Executive during such
period under the provisions of any disability  insurance coverage of the Bank in
effect for the Executive.  Thereafter,  if such Disability continues,  Executive
shall be eligible to receive  benefits  provided by the Bank, if any,  under the
provisions of disability  insurance coverage in effect for Bank employees.  Upon
returning to active full-time  employment,  the Executive's full compensation as
set forth in this Agreement  shall be reinstated as of the date of  commencement
of such activities. In the event that the Executive returns to active employment
on other than a full-time basis,  then his compensation (as set forth in Section
3(a) of this Agreement) shall be reduced in proportion to the time spent in said
employment, or as shall otherwise be agreed to by the parties.

                                       5

<PAGE>

     9. Change in Control.

     (a) Notwithstanding  any provision herein to the contrary,  in the event of
the involuntary  termination of Executive's  employment  during the term of this
Agreement  following  any  Change in  Control  of the Bank,  or within 24 months
thereafter of such Change in Control,  absent Just Cause, the Executive shall be
paid an amount equal to the product of 2.999 times the Executive's "base amount"
as  defined  in  Section  280G(b)(3)  of the  Code and  regulations  promulgated
thereunder.  Said sum shall be paid in one (1) lump sum not later  than the date
of such termination of service,  and such payments shall be in lieu of any other
future payments that the Executive would be otherwise  entitled to receive under
Section 6 of this  Agreement.  Notwithstanding  the foregoing,  all sums payable
hereunder  shall be  reduced in such  manner and to such  extent so that no such
payments made  hereunder,  when aggregated with all other payments to be made to
the Executive by the Bank or the Company,  shall be deemed an "excess  parachute
payment"  in  accordance  with  Section  280G of the Code and be  subject to the
excise tax provided at Section 4999(a) of the Code.  Further,  the Executive and
his dependents  shall be eligible to continue  participation  in the medical and
dental  reimbursement  programs available to continuing employees of the Bank or
its  successor  entity  with  the cost of such  participation  to be paid by the
Executive.  Any successor or assignee of the Bank  following a Change in Control
of the Bank or the  Company  shall be  required  to  maintain  in place any life
insurance  on the  life  of the  Executive  that  was  acquired  by the  Bank in
connection  with the Executive  Life Insurance  Agreement or Endorsement  Method
Split Dollar  Agreement then in effect between  Executive and the Bank. The term
"Change in Control"  shall refer to (i) the sale of all, or a material  portion,
of the assets of the Bank or the Company; (ii) the merger or recapitalization of
the Bank or the Company  whereby  the Bank or the  Company is not the  surviving
entity;  (iii) a change in  control  of the Bank or the  Company,  as  otherwise
defined or determined by the Office of Thrift Supervision ("OTS") or regulations
promulgated  by it; or (iv) the  acquisition,  directly  or  indirectly,  of the
beneficial  ownership  (within the meaning of that term as it is used in Section
13(d) of the  Securities  Exchange  Act of 1934 and the  rules  and  regulations
promulgated  thereunder) of twenty-five percent (25%) or more of the outstanding
voting  securities  of the Bank or the Company by any person,  trust,  entity or
group. This limitation shall not apply to the purchase of shares of up to 25% of
any class of securities of the Bank or the Company by a  tax-qualified  employee
stock  benefit  plan which is exempt from the  approval  requirements  set forth
under 12 C.F.R.  ss.574.3(c)(1)(vii)  as now in effect  or as may  hereafter  be
amended.   The  term  "person"   refers  to  an  individual  or  a  corporation,
partnership,   trust,   association,   joint  venture,  pool,  syndicate,   sole
proprietorship,  unincorporated  organization  or any other  form of entity  not
specifically  listed  herein.  The provisions of this Section 9(a) shall survive
the expiration of this Agreement occurring after a Change in Control.

     (b)  Notwithstanding any other provision of this Agreement to the contrary,
Executive  may  voluntarily  terminate  his  employment  during the term of this
Agreement  following a Change in Control of the Bank or the  Company,  or within
twenty-four  (24) months  following such Change in Control,  and Executive shall
thereupon  be entitled to receive the payment  described in Section 9(a) of this
Agreement,  upon the occurrence,  or within 120 days  thereafter,  of any of the
following  events,  which have not been consented to in advance by the Executive

                                       6

<PAGE>

in writing: (i) if Executive would be required to move his personal residence or
perform his principal  executive functions more than thirty-five (35) miles from
the Executive's  primary office as of the signing of this Agreement;  (ii) if in
the organizational  structure of the Bank, Executive would be required to report
to a person or persons other than the CEO or the Board of Directors of the Bank;
(iii) if the Bank should  fail to  maintain  Executive's  base  compensation  in
effect as of the date of the Change in Control and the existing employee benefit
plans, including material fringe benefit, stock option, retirement and insurance
plans;  (iv) if Executive  would be assigned duties and  responsibilities  other
than those  normally  associated  with his position as  referenced  at Section 1
herein;  (v) if Executive's  responsibilities  or authority have been materially
diminished or reduced;  or (vi) if Executive would not be reelected to the Board
of Directors of the Bank and the Company.  The  provisions  of this Section 9(b)
shall  survive the  expiration  of this  Agreement  occurring  after a Change in
Control.

     (c)  Notwithstanding  anything in this  Section 9 to the  contrary:  (1) no
payment  shall  be  permitted  under  this  Section  9  unless  the  Executive's
termination of employment  qualifies as a Separation from Service; and (2) if at
the  time  of the  Executive's  Separation  from  Service,  the  Executive  is a
Specified  Employee  as defined in Section  409A,  then the  payment  due to the
Executive under this Section 9 shall be paid to him (or his  beneficiary) on the
Delayed  Distribution  Date.  Defined  terms in this Section 9(c) shall have the
same meaning as in Section 6(c) hereof.

     10. Source of Payments.  All payments  provided in this Agreement  shall be
timely  paid in cash or check  from the  general  funds  of the  Bank.  The Bank
unconditionally guarantees payment and provision of all amounts and benefits due
hereunder to Executive.

     11. Withholding.  All payments required to be made by the Bank hereunder to
the  Executive  shall be subject to the  withholding  of such  amounts,  if any,
relating  to tax  and  other  payroll  deductions  as the  Bank  may  reasonably
determine should be withheld  pursuant to any applicable law or regulation.

     12. Payment of Costs and Legal Fees.  All  reasonable  costs and legal fees
paid  or  incurred  by  Executive   pursuant  to  any  dispute  or  question  of
interpretation  relating to this  Agreement  shall be paid or  reimbursed by the
Bank if Executive is successful  pursuant to a legal  judgment,  arbitration  or
settlement.

     13.  Successors and Assigns.

     (a) This  Agreement  shall inure to the benefit of and be binding  upon any
corporate  or other  successor of the Bank or the Company  which shall  acquire,
directly or indirectly, by merger, consolidation,  purchase or otherwise, all or
substantially  all of the  assets or stock of the Bank or the  Company.

     (b) The Bank shall  require any  successor or assignee,  whether  direct or
indirect,  by  purchase,   merger,   consolidation  or  otherwise,   to  all  or
substantially   all  the  business  or  assets  of  the  Bank,   expressly   and
unconditionally to assume and agree to perform the Bank's obligations under this

                                       7
<PAGE>
Agreement,  in the same  manner  and to the same  extent  that the Bank would be
required to perform if no such  succession  or assignment  had taken place.

     (c) Since the Bank is contracting for the unique and personal skills of the
Executive,  the Executive  shall be precluded  from  assigning or delegating his
rights or duties  hereunder  without first  obtaining the written consent of the
Bank.

     14. Indemnification. The Bank shall provide Executive (including his heirs,
executors and  administrators)  with coverage  under a standard  directors'  and
officers'  liability  insurance  policy  at its  expense,  and  shall  indemnify
Executive  (and his heirs,  executors  and  administrators)  as permitted  under
federal law against all expenses and liabilities  reasonably  incurred by him in
connection with or arising out of any action, suit or proceeding in which he may
be  involved  by reason of his  having  been a  director  or officer of the Bank
(whether  or not he  continues  to be a  director  or  officer  at the  time  of
incurring  such  expenses or  liabilities),  such  expenses and  liabilities  to
include, but not be limited to, judgments,  court costs, and attorneys' fees and
the cost of reasonable settlements.

     15.  Amendment;  Waiver.  No provisions of this  Agreement may be modified,
waived or discharged unless such waiver,  modification or discharge is agreed to
in  writing,  signed by the  Executive  and such  officer or  officers as may be
specifically  designated  by the Board of  Directors  of the Bank to sign on its
behalf.  No waiver by any  party  hereto at any time of any  breach by any other
party  hereto  of, or  compliance  with,  any  condition  or  provision  of this
Agreement  to be  performed  by such  other  party  shall be  deemed a waiver of
similar or  dissimilar  provisions  or conditions at the same or at any prior or
subsequent time.

     16.   Governing  Law.  The  validity,   interpretation,   construction  and
performance of this Agreement shall be governed by the laws of the United States
where  applicable  and  otherwise  by the  substantive  laws of the State of New
Jersey.

     17. Nature of Obligations. Nothing contained herein shall create or require
the Bank to create a trust of any kind to fund any benefits which may be payable
hereunder,  and to the  extent  that the  Executive  acquires a right to receive
benefits from the Bank hereunder,  such right shall be no greater than the right
of any unsecured general creditor of the Bank.

     18.  Headings.  The section  headings  contained in this  Agreement are for
reference  purposes  only  and  shall  not  affect  in any  way the  meaning  or
interpretation of this Agreement.

     19.  Severability.  The  provisions  of  this  Agreement  shall  be  deemed
severable  and the  invalidity  or  unenforceability  of any  provision  of this
Agreement  shall  not  affect  the  validity  or  enforceability  of  the  other
provisions of this Agreement, which shall remain in full force and effect.

                                       8
<PAGE>

     20.  Arbitration.  Any  controversy  or claim arising out of or relating to
this  Agreement,  or the breach  thereof,  shall be settled  by  arbitration  in
accordance  with the rules then in effect of the district office of the American
Arbitration  Association  ("AAA")  nearest to the home  office of the Bank,  and
judgment upon the award rendered may be entered in any court having jurisdiction
thereof,  except to the extent  that the parties  may  otherwise  reach a mutual
settlement of such issue.  Further, the settlement of the dispute to be approved
by the Board of the Bank may include a provision  for the  reimbursement  by the
Bank  to  the  Executive  for  all  reasonable  costs  and  expenses,  including
reasonable  attorneys' fees, arising from such dispute,  proceedings or actions,
or the Board of the Bank may authorize  such  reimbursement  of such  reasonable
costs and expenses by separate action upon a written action and determination of
the Board following settlement of the dispute.  Such reimbursement shall be paid
within ten (10) days of Executive furnishing to the Bank evidence,  which may be
in the form, among other things, of a canceled check or receipt, of any costs or
expenses incurred by Executive.  The provisions of this Section 20 shall survive
the expiration of this Agreement.

     21. Confidential  Information.  The Executive  acknowledges that during his
employment he will learn and have access to confidential  information  regarding
the Bank and the Company and their  customers and  businesses  (hereinafter  the
"Confidential Information").  The Executive agrees and covenants not to disclose
or use for his own benefit,  or the benefit of any other  person or entity,  any
such Confidential Information,  unless or until the Bank or the Company consents
to such disclosure or use or such  information  becomes common  knowledge in the
industry or is otherwise  legally in the public domain.  The Executive shall not
knowingly  disclose  or  reveal  to any  unauthorized  person  any  Confidential
Information   relating  to  the  Bank,  the  Company,  or  any  subsidiaries  or
affiliates,  or to any of the  businesses  operated by them,  and the  Executive
confirms that such  information  constitutes the exclusive  property of the Bank
and the Company.  The  Executive  shall not  otherwise  knowingly act or conduct
himself  (a) to the  material  detriment  of the  Bank  or the  Company,  or any
subsidiaries or affiliates,  or (b) in a manner which is inimical or contrary to
the interests of the Bank or the Company. Notwithstanding anything herein to the
contrary, failure by the Executive to comply with the provisions of this Section
may  result  in the  immediate  termination  of the  Agreement  within  the sole
discretion of the Bank,  disciplinary  action against the Executive taken by the
Bank,  including  but  not  limited  to the  termination  of  employment  of the
Executive  for breach of the  Agreement  and the  provisions of this Section and
other remedies that may be available in law or in equity.

                                       9
<PAGE>

     22. Entire  Agreement.  This Agreement,  together with any understanding or
modifications  thereof as agreed to in writing by the parties,  shall constitute
the entire agreement between the parties hereto.

     IN WITNESS  WHEREOF,  the parties have executed this  Agreement on the date
first hereinabove written.

                                                  American Bank of New Jersey

ATTEST:                                      By:  /s/ W. George Parker
                                                  --------------------
/s/ Kathleen Walsh                                Chairman
---------------------------

ATTEST:
/s/ Kathleen Walsh                                /s/ Fred G. Kowal
                                                  -------------------------
                                                  Fred G. Kowal, Executive

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