Document:

ex10-2.htm

    Exhibit
10.2

    

    AMENDMENT
TO THE DIRECTORS EMERITUS PLAN

    

    THIS AMENDMENT is made by GREATER
COMMUNITY BANCORP and GREATER COMMUNITY BANK, the successor to BERGEN COMMERCIAL
BANK, Corporations organized under the laws of the State of New Jersey
(collectively hereinafter referred to as the “Company”) to the DIRECTORS
EMERITUS PLAN (hereinafter referred to as the “Plan”);

    

    WITNESSETH:

    

    WHEREAS, effective February 1, 1999,
the Company established the Directors Emeritus Plan (“Plan”), providing
directors additional compensation after their retirement or other termination
from the Company; and

    

    WHEREAS, the Company wishes to amend
the Plan to comply with Internal Revenue Code Section 409A and the applicable
federal regulations thereto; and

    

    WHEREAS, the Plan may be amended with
the mutual written consent of the Director and Bergen Commercial
Bank;

    

    NOW, THEREFORE, the Plan is hereby
amended as follows, and each director signing below consents to such
amendments:

    

    FIRST: Section 1.7,
“Change in Control” is hereby amended by deleting it in its entirety and
substituting the following in its place:

    

    “Change in Control” of
the Holding Company or the Bank shall mean any one of the following
events:

     

    (1)         A
change in the ownership of the Holding Company or Bank, which shall occur on the
date that any one person, or more than one person acting as a group, acquires
ownership of stock of the Holding Company or Bank possessing fifty percent (50%)
or more of the total voting power or fair market value of the stock of the
Holding Company or Bank.  However, if any one person or more than one
person acting as a group is considered to own more than fifty percent (50%) of
the total voting power of the stock of the Holding Company or Bank, the
acquisition of additional voting stock by the same person or persons is not
considered to cause a Change in Control.

     

    (2)         A
change in the effective control of the Holding Company or Bank, which shall
occur on the date that any one person, or more than one person acting as a
group, acquires (or has acquired during the twelve (12) month period ending on
the date of the most recent acquisition by such person or persons) ownership of
stock of the Holding Company or Bank possessing thirty percent (30%) or more of
the total voting power of the stock of the Holding

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Company
or Bank.  However, if any one person or more than one person acting as
a group is considered to own more than fifty percent (50%) of the total voting
power of the stock of the Holding Company or Bank, the acquisition of additional
voting stock by the same person or persons is not considered to cause a Change
in Control.

     

    (3)           A
change in the effective control of the Holding Company or Bank, which shall
occur on the date that a majority of the Holding Company’s or the Bank’s Board
of Directors is replaced during any twelve (12) month period by directors whose
appointment or election is not endorsed by a majority of the members of the
Holding Company’s or the Bank’s Board of Directors before the date of the
appointment or election.

     

    (4)           A
change in the ownership of a substantial portion of the Holding Company's or
Bank’s assets, which shall occur on the date that any one person, or more than
one person acting as a group acquires (or has acquired during the twelve (12)
month period ending on the date of the most recent acquisition by such person or
persons) assets from the Holding Company or Bank that have a total gross fair
market value equal to more than forty percent (40%) of the total gross fair
market value of all the assets of the Holding Company or Bank immediately prior
to such acquisition or acquisitions.  For purposes of this subsection,
gross fair market value means the value of the assets of the Holding Company or
Bank, or the value of the assets being disposed of, determined without regard to
any liabilities associated with such assets.

     

    For
purposes of this Section 1.7:

     

    Persons
will not be considered to be acting as a group solely because they purchase or
own stock of the Holding Company or Bank at the same time. However, persons will
be considered to be acting as a group if they are owners of a corporation that
enters into a merger, consolidation, purchase or acquisition of assets, or
similar business transaction with the Holding Company or Bank.

     

    The term
"Change in Control" as defined above shall be construed in accordance with any
guidance, rules or regulations promulgated by the Internal Revenue Service in
construing the rules and regulations applicable to Code Section
409A.

     

    SECOND: Section 3.6
“Disability Benefit” is hereby amended by deleting it in its entirety and
substituting the following in its place:

    

    3.6 Disability
Benefit.

    

    (a) Notwithstanding any other provision
hereof, in the event of a Director’s Disability, the Director shall be entitled
to receive the Disability Benefit hereunder.  Disability means the
inability of the Director to engage in any substantial gainful activity by
reason of a medically determinable physical or mental impairment that can
be

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    expected
to result in death or can be expected to last for a continuous period of not
less than 12 months.  In the event of Disability, the Director shall
begin receiving the Disability Benefit in lieu of any benefit available under
Section 3.3, which is not available prior to the Director’s Emeritus Eligibility
Date.  The Disability Benefit shall equal the Director’s Accrued
Benefit, annuitized (using the Interest Factor) over the Payout
Period.  The Disability Benefit shall be payable in monthly
installments over the Payout Period commencing within 30 days of the date of
disability.  In the event the Director dies while receiving payments
pursuant to this Subsection, but prior to the completion of all payments due and
owing hereunder, the Bank shall pay to the Director’s Beneficiary a continuation
of the monthly installment for the remainder of the Payout Period.

    

    (b) If the Director dies after
incurring a Disability but before the commencement of such payments, the
Director’s Beneficiary shall be entitled to the Director’s Accrued Benefit
annuitized (using the Interest Factor) over the Payout Period.  Such
benefit shall be payable to the Beneficiary in monthly installments over the
Payout Period commencing within thirty (30) days of the Director’s
death.

    

    THIRD: Section 3.4
“Termination of Service Related to a Change in Control” is hereby amended by
adding a new subsection (c) to read as follows:

    

    "A
Director may elect on or before December 31, 2008 to receive his or her benefits
from the Plan in (i) a lump sum or (ii) up to 120 monthly installments (the
"Alternative Form"), commencing on a date in 2009 selected by
Director.  The Alternative Form shall be equal to the annuitized value
(using the Interest Factor) of his Accrued Benefit as of the payment date
selected by Director."

    

    IN WITNESS WHEREOF, the parties hereto
have executed this Amendment as of this 25th day of June, 2008.

    

    

    GREATER
COMMUNITY BANCORP

    

    By: /s/
Anthony M. Bruno

    Anthony
M. Bruno

    Chairman,
President, and CEO

    

    

    

    GREATER
COMMUNITY BANK

    

    By: /s/
Anthony M. Bruno

    Anthony
M. Bruno

    Chairman,
President, and CEOex10-3.htm

    Exhibit
10.3

    

    AMENDMENT
TO THE DIRECTOR DEFERRED COMPENSATION PLAN

    

    THIS AMENDMENT is made by GREATER
COMMUNITY BANCORP and GREATER COMMUNITY BANK, the successor to GREAT FALLS BANK,
corporations organized under the laws of the State of New Jersey (collectively
hereinafter referred to as the “Company”) to the DIRECTOR DEFERRED COMPENSATION
PLAN (hereinafter referred to as the “Plan”);

    

    WITNESSETH:

    

    WHEREAS, effective February 1, 1999,
the Company established the Director Deferred Compensation Plan (“Plan”),
providing directors the opportunity to defer their compensation;
and

    

    WHEREAS, the Company wishes to amend
the Plan to comply with Internal Revenue Code Section 409A and the applicable
federal regulations thereto; and

    

    WHEREAS, the Plan may be amended with
the mutual written consent of the Director and the Company;

    

    NOW, THEREFORE, the Plan is hereby
amended as follows, and each director signing below consents to such
amendments:

    

    FIRST:  Section
1.15 “Financial Hardship” is hereby amended by deleting it in its entirety and
substituting the following in its place:

    

    1.15 “Financial Hardship” means an
unforeseeable emergency, which is a severe financial hardship to the Director
resulting from an illness or accident to the Director or the Director’s Spouse,
loss of the Director’s property due to casualty or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control
of the Director.

    

    SECOND, Section 5.2
“Disability Benefit “is hereby amended by deleting it in its entirety and
substituting the following in its place:

    

    5.2 “Disability Benefit” means
notwithstanding any other provision hereof, in the event of a Director’s
Disability, the Director shall be entitled to receive the Disability Benefit
hereunder.  Disability means the inability of the Director to engage
in any substantial gainful activity by reason of a medically determinable
physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12
months.  In the event of Disability, the Director shall begin
receiving the Disability Benefit in lieu of the Deferred Compensation Benefit,
which is not available prior to the Director’s Benefit Eligibility
Date.  The benefit shall begin within thirty (30) days of the date of
Disability.  The amount of the monthly benefit

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    shall be
the annuitized value of the Director’s Elective Contribution Account, measured
as of the date of the Disability determination and payable over the Payout
Period.  The Interest Factor shall be used to annuitize the Elective
Contribution account.  In the event the Director dies while receiving
Disability Benefit payments pursuant to this Subsection, or after becoming
eligible for such payments but before the actual commencement of such payments,
his Beneficiary shall be entitled to receive those benefits provided for in
Subsection 6.1(a) and the Disability Benefits provided for in this Subsection
shall terminate upon the Director’s death.

    

    THIRD, Section 5.4 is
herby amended by deleting it in its entirely and substituting the following in
its place:

    

    5.4 “Removal For Cause” means in the
event the Director is removed for Cause at any time prior to reaching his
Benefit Age, he shall be entitled to receive the balance of his Elective
Contribution Account, measured as of the date of removal.  Such amount
shall be paid on his Benefit Eligibility Date the annuitized value (using the
Interest Factor) of his Elective Contribution Account payable over the Payout
Period.

    

    FOURTH: Section
12.13, “Modification of Benefit Eligibility Date,” is hereby amended by deleting
it in its entirety and substituting the following in its place:

    

    In the event that a Director wishes to
modify his Benefit Eligibility Date, the Director may make a one-time
irrevocable election to defer commencement of his or benefits from the Plan;
provided, however, that any such election must:

    

    
      	
               
      

            	
              (1)

            	
              not
      result in the acceleration of
payments;

            

    

    
      	
               
      

            	
              (2)

            	
              not
      be effective for 12 months after such change is
  made;

            

    

    
      	
               
      

            	
              (3)

            	
              result
      in the deferral of payments for a period of five years;
  and

            

    

    
      	
               
      

            	
              (4)

            	
              not
      be made less than 12 months prior to the current Benefit Eligibility
      Date.

            

    

    

    FIFTH: Section 12.14,
“Early Distribution Following a Change in Control” is hereby amended by deleting
it in its entirety and substituting the following in its place:

    

    "A
Director may elect on or before December 31, 2008 to receive his or her benefits
from the Plan in (a) a lump sum or (b) up to 120 monthly installments,
commencing on a date in 2009 selected by Director."

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    IN WITNESS WHEREOF, the parties hereto
have executed this Amendment as of this 25th day of June, 2008.

    

    

    GREATER
COMMUNITY BANCORP

    

    By: /s/
Anthony M. Bruno

    Anthony
M. Bruno

    Chairman,
President, and CEO

    

    

    

    GREATER
COMMUNITY BANK

    

    By: /s/
Anthony M. Bruno

    Anthony
M. Bruno

    Chairman,
President, and CEO

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