Document:

EX-10.1

 Exhibit 10.1 

SUN BANCORP, INC. 
 2015 OMNIBUS
STOCK INCENTIVE PLAN 
 SECTION 1. Purpose; Definitions 

The purpose of this Plan is to give the Company a competitive advantage in attracting, retaining and motivating officers, employees, directors
and/or consultants who will contribute toward the growth, profitability and success of the Company by providing stock-based incentives that offer an opportunity to participate in the Company’s future performance and to align the interests of
such officers, employees, directors and/or consultants with those of the shareholders of the Company. 
 For purposes of this Plan, the
following terms are defined as set forth below: 
 (a) “Affiliate” means a company or other entity controlled by,
controlling or under common control with the Company. 
 (b) “Applicable Exchange” means the NASDAQ or such other
securities exchange as may at the applicable time be the principal market for the Common Stock. 
 (c) “Award” means a
Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Unit or Other Stock-Based Award granted pursuant to the terms of this Plan. 

(d) “Award Agreement” means a written or electronic document or agreement setting forth the terms and conditions of a
specific Award. 
 (e) “Board” means the board of directors of the Company. 

(f) “Business Combination” has the meaning set forth in Section 10(e)(iii). 

(g) “Cause” means, unless otherwise provided in an Award Agreement, (1) “Cause” as defined in any Individual
Agreement to which the Participant is a party as of the Grant Date, or (2) if there is no such Individual Agreement or if it does not define Cause: (A) conviction of, or plea of guilty or nolo contendere by, the Participant for
committing a felony under federal law or the law of the state in which such action occurred, (B) willful and deliberate failure or gross neglect on the part of the Participant in the performance of his or her employment duties in any material
respect, (C) conduct by a Participant that is injurious to the Company or an Affiliate, or an act of fraud, embezzlement, misrepresentation or breach of a fiduciary duty against the Company or any of its Subsidiaries, as determined by the
Committee, (D) a material violation of the Company’s ethics and compliance program, (E) a breach by a Participant of any nondisclosure, nonsolicitation or noncompetition obligation owed to the Company or any of its Affiliates, or
(F) prior to a Change in Control, such other events as shall be determined by the Committee. Notwithstanding the general rule of Section 2(c), following a Change in Control, any determination by the Committee as to whether
“Cause” exists shall be subject to de novo review. 
 (h) “Change in Control” has the meaning set
forth in Section 10(e). 
 (i) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and
any successor thereto, the Treasury Regulations thereunder and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference to any specific section of the Code shall be deemed to include such
regulations and guidance, as well as any successor provision of the Code. 
 (j) “Commission” means the Securities and
Exchange Commission or any successor agency. 
 (k) “Committee” means the Committee referred to in Section 2. 

(l) “Common Stock” means common stock, $5.00 par value per share, of the Company. 

(m) “Company” means Sun Bancorp, Inc., a New Jersey corporation, or its successor. 

 (n) “Corporate Transaction” has the meaning set forth in
Section 3(d). 
 (o) “Disability” means, unless otherwise provided in an Award Agreement, (1)
“Disability” as defined in any Individual Agreement to which the Participant is a party, or (2) if there is no such Individual Agreement or it does not define “Disability,” permanent and total disability as determined under
the Company’s Long-Term Disability Plan applicable to the Participant. In the absence of such a plan, the complete and permanent inability by reason of illness or accident to perform the duties of the occupation at which a Participant was
employed or served when such disability commenced or, as determined by the Committee, based upon medical evidence acceptable to it. Notwithstanding the above, with respect to an Incentive Stock Option, Disability shall mean Permanent and Total
Disability as defined in Section 22(e)(3) of the Code, and with respect to each Award that constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code, the foregoing definition shall
apply for purposes of vesting of such Award: provided that such Award shall not be settled until the earliest of: (i) the Participant’s “disability” within the meaning of Section 409A of the Code, (ii) the
Participant’s “separation from service” within the meaning of Section 409A of the Code, and (iii) the date such Award would otherwise be settled pursuant to the terms of the Award Agreement. 

(p) “Disaffiliation” means a Subsidiary’s or Affiliate’s ceasing to be a Subsidiary or Affiliate for any reason
(including as a result of a public offering, or a spinoff or sale by the Company, of the stock of the Subsidiary or Affiliate) or a sale of a division of the Company and its Affiliates. 

(q) “Effective Date” has the meaning set forth in Section 12(a). 

(r) “Eligible Individuals” means directors, officers, employees and consultants of the Company or any of its Subsidiaries
or Affiliates, and prospective directors, officers, employees and consultants who have accepted offers of employment or consultancy from the Company or its Subsidiaries or Affiliates. 

(s) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto.

 (t) “Fair Market Value” means, except as otherwise determined by the Committee, the closing price of a Share on the
Applicable Exchange on the date of measurement or, if Shares were not traded on the Applicable Exchange on such measurement date, then on the next preceding date on which Shares were traded on the Applicable Exchange, as reported by such source as
the Committee may select. If there is no regular public trading market for such Common Stock, the Fair Market Value of the Common Stock shall be determined by the Committee in good faith and, to the extent applicable, such determination shall be
made in a manner that satisfies Sections 409A and Sections 422(c)(1) of the Code. 
 (u) “Free-Standing SAR” has the
meaning set forth in Section 5(b). 
 (v) “Full-Value Award” means any Award other than a Stock Option or Stock
Appreciation Right. 
 (w) “Grant Date” means (i) the date on which the Committee by resolution selects an
Eligible Individual to receive a grant of an Award and determines the number of Shares, or the formula for earning a number of Shares, to be subject to such Award or the cash amount subject to such Award, or (ii) such later date as the
Committee shall provide in such resolution. 
 (x) “Incentive Stock Option” means any Stock Option designated in the
applicable Award Agreement as an “incentive stock option” within the meaning of Section 422 of the Code, and that in fact so qualifies. 

(y) “Incumbent Board” has the meaning set forth in Section 10(e)(ii). 

(z) “Individual Agreement” means an employment, consulting or similar agreement between a Participant and the Company or
one of its Subsidiaries or Affiliates, and, after a Change in Control, a change in control or salary continuation agreement between a Participant and the Company or one of its Subsidiaries or Affiliates. If a Participant is party to both an
employment agreement and a change in control or salary continuation agreement, the employment agreement shall be the relevant “Individual Agreement” prior to a Change in Control, and, the change in control or salary continuation agreement
shall be the relevant “Individual Agreement” after a Change in Control. 
 (aa) “Nonqualified Stock Option”
means any Stock Option that is not an Incentive Stock Option. 
 (bb) “Other Stock-Based Award” means Awards of Common
Stock and other Awards that are valued in whole or in part by reference to, or are otherwise based upon, Common Stock, including unrestricted stock, dividend equivalents, and convertible debentures. 

 (cc) “Outstanding Common Stock” has the meaning set forth in
Section 10(e)(i). 
 (dd) “Outstanding Company Voting Securities” has the meaning set forth in
Section 10(e)(i). 
 (ee) “Participant” means an Eligible Individual to whom an Award is or has been granted. 

(ff) “Performance Goals” means the performance goals established by the Committee in connection with the grant of an
Award. In the case of Qualified Performance-Based Awards that are intended to qualify under Section 162(m)(4)(C) of the Code, (i) such goals shall be based on the attainment of specified levels of one or more of the following measures:
stock price, earnings and earnings per share (based on core, gross, net, pre-tax, post-tax, pre-provision, earnings before
interest and taxes, earnings before interest, taxes, depreciation and amortization), net income and net income per share (based on core, gross, net, pre-tax, post-tax, pre-provision, earnings before interest and taxes, earnings before interest, taxes, depreciation and amortization), profits (net profit, gross profit, operation profit, economic profit, profit margins or other
corporate profit measures, in total or with respect to specific categories or business units), operating or cash earnings and operating or cash earnings per share: cash (cash flow, cash flow per share, cash flow return on investment, cash generation
or other cash measures, before or after dividends): return on equity (based on average and/or tangible), return on assets, risk weighted assets or operating assets (average and/or tangible), asset quality (based on charge-offs, loan loss reserves, non-performing assets or loans and related ratios), net interest margin (on a tax equivalent basis or otherwise), net interest income (on a tax equivalent basis or otherwise), core
non-interest income (on a tax equivalent basis or otherwise), interest-sensitivity gap levels, investments, efficiency ratio, non-interest expense, non-interest expense to average assets, expense targets, cost control, cost-saving levels, loan portfolio growth, deposit portfolio growth, levels of assets, loans (in total or with respect to specific categories of
loans) and/or deposits (in total or with respect to specific categories of deposit accounts, and with respect to number of account relationships or account balance amounts), cost of funds, liquidity, market share, growth in target market
relationships, objective customer service measures or indices, economic value added, shareholder value added, embedded value added, combined ratio, operating income, pre- or
after-tax income, gross margin, risk-based capital, revenues, revenue growth, return on capital (based on return on total capital or return on invested capital), total shareholder return, internal rate of
return, regulatory compliance, satisfactory internal or external audits, book value and book value per share, tangible shareholders’ equity and tangible book value per share, tangible common equity and tangible common equity per share, tangible
common equity to tangible assets, tangible common equity to risk-weighted assets, achievement of balance sheet or income statement objectives, unit volume, sales, marketing spending efficiency or change in working capital, in each case with respect
to the Company or any one or more Subsidiaries, divisions, business units or business segments thereof, either in absolute terms or relative to the performance of one or more other companies (including an index covering multiple companies): and
(ii) such Performance Goals shall be set by the Committee within the time period prescribed by Section 162(m) of the Code. In establishing a Performance Goal, the Committee may determine whether or not to exclude or adjust for specific
items, which may include stock or other compensation expense, impairment charges, indemnification asset amortization or loss-share accounting metrics, provided that such specific items must be objectively determinable and shall be considered
part of the Performance Goal and not subject to Committee discretion. 
 (gg) “Performance Period” means that period
established by the Committee at the time any Performance Unit is granted or at any time thereafter during which any Performance Goals specified by the Committee with respect to such Award are to be measured. 

(hh) “Performance Unit” means any Award granted under Section 8 of a unit valued by reference to a designated amount
of cash or other property other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares, or any combination thereof, upon achievement of such Performance Goals
during the Performance Period as the Committee shall establish at the time of such grant or thereafter. 

(ii) “Person” has the meaning set forth in Section 10(e)(i). 

(jj) “Plan” means the Sun Bancorp, Inc. 2015 Stock Incentive Plan, as set forth herein and as hereinafter amended from
time to time. 
 (kk) “Prior Plans” means the 2010 Stock-Based Incentive Plan (the “2010 Plan”), the 2004
Stock-Based Incentive Plan, as amended in 2009 (the “2004 Plan”), the 2014 Performance Equity Plan and the 2010 Performance Plan. 

(ll) “Qualified Performance-Based Award” means an Award intended to qualify for the Section 162(m) Exemption, as
provided in Section 11. 

 (mm) “Replaced Award” has the meaning set forth in Section 10(b). 

(nn) “Replacement Award” has the meaning set forth in Section 10(b). 

(oo) “Restricted Stock” means an Award granted under Section 6. 

(pp) “Restricted Stock Unit” has the meaning set forth in Section 7(a). 

(qq) “Restriction Period” has the meaning set forth in Section 6(c)(ii). 

(rr) “Retirement” means, except as otherwise provided by the Committee, (i) retirement from active employment with
the Company or any Affiliate pursuant to the early or normal retirement provisions of the applicable retirement plan of such employer or (ii) pursuant to the retirement scheme applicable under local law or the local policies and procedures of
the Company or any Affiliate. 
 (ss) “Section 16(b)” has the meaning set forth in Section 11(d). 

(tt) “Section 162(m) Exemption” means the exemption from the limitation on deductibility imposed by Section 162(m)
of the Code that is set forth in Section 162(m)(4)(C) of the Code. 
 (uu) “Share” means a share of Common Stock.

 (vv) “Stock Appreciation Right” means an Award granted under Section 5(b) or 5(c). 

(ww) “Stock Option” means an Award granted under Section 5(a). 

(xx) “Subsidiary” means any corporation, partnership, joint venture, limited liability company or other entity during any
period in which at least a 50% voting or profits interest is owned, directly or indirectly, by the Company or any successor to the Company. 

(yy) “Tandem SAR” has the meaning set forth in Section 5(b). 

(zz) “Term” means the maximum period during which a Stock Option or Stock Appreciation Right may remain outstanding,
subject to earlier termination upon Termination of Service or otherwise, as specified in the applicable Award Agreement. 

(aaa) “Termination of Service” means the termination of the applicable Participant’s employment with, or performance
of services for, the Company and any of its Subsidiaries or Affiliates. Unless otherwise determined by the Committee, (i) if a Participant’s employment with the Company and its Affiliates terminates but such Participant continues to
provide services to the Company and its Affiliates in a non-employee capacity, such change in status shall not be deemed a Termination of Service and (ii) a Participant employed by, or performing services
for, a Subsidiary or an Affiliate or a division of the Company and its Affiliates shall also be deemed to incur a Termination of Service if, as a result of a Disaffiliation, such Subsidiary, Affiliate or division ceases to be a Subsidiary, Affiliate
or division, as the case may be, and the Participant does not immediately thereafter become an employee of, or service provider for, the Company or another Subsidiary or Affiliate. Temporary absences from employment because of illness, vacation or
leave of absence and transfers among the Company and its Subsidiaries and Affiliates shall not be considered Terminations of Employment. Notwithstanding the foregoing provisions of this definition, with respect to any Award that constitutes a
“nonqualified deferred compensation plan” within the meaning of Section 409A of the Code, a Participant shall not be considered to have experienced a “Termination of Service” unless the Participant has experienced a
“separation from service” within the meaning of Section 409A of the Code (a “Separation from Service”). In addition, certain other terms used herein have definitions given to them in the first place in which they are
used. 
 SECTION 2. Administration 

(a) Committee. This Plan shall be administered by the Board directly, or if the Board elects, by the Compensation Committee or such
other committee of the Board as the Board may from time to time designate, which committee shall be composed of not less than two directors, and shall be appointed by and serve at the pleasure of the Board. All references in this Plan to the
“Committee” refer to the Board as a whole, unless a separate committee has been designated or authorized consistent with the foregoing. 

 Subject to the terms and conditions of this Plan, the Committee shall have absolute authority:

 (i) To select the Eligible Individuals to whom Awards may from time to time be granted; 

(ii) To determine whether and to what extent Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units, Performance Units, Other Stock-Based Awards or any combination thereof are to be granted hereunder; 

(iii) To determine the number of Shares to be covered by each Award granted hereunder; 

(iv) To approve the form of any Award Agreement and determine the terms and conditions of any Award granted hereunder,
including, but not limited to, the exercise price (subject to Section 5(d)), any vesting condition, restriction or limitation (which may be related to the performance of the Participant, the Company or any Subsidiary or Affiliate) and any
vesting acceleration or forfeiture waiver regarding any Award and the Shares relating thereto, based on such factors as the Committee shall determine; 

(v) To modify, amend or adjust the terms and conditions of any Award (subject to Sections 5(d) and 5(e)), at any time or from
time to time, including, but not limited to, Performance Goals; provided, however, that the Committee may not adjust upwards the amount payable with respect to any Qualified Performance-Based Award; 

(vi) To determine to what extent and under what circumstances Common Stock and other amounts payable with respect to an Award
shall be deferred; 
 (vii) To determine under what circumstances an Award may be settled in cash, Shares, other property or
a combination of the foregoing; 
 (viii) To determine whether, to what extent and under what circumstances cash, Shares and
other property and other amounts payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant; 

(ix) To adopt, alter and repeal such administrative rules, guidelines and practices governing this Plan as it shall from time
to time deem advisable; 
 (x) To establish any “blackout” period that the Committee in its sole discretion
deems necessary or advisable; 
 (xi) To interpret the terms and provisions of this Plan and any Award issued under this Plan
(and any Award Agreement relating thereto); 

 (xii) To decide all other matters that must be determined in connection with
an Award; and 
 (xiii) To otherwise administer this Plan. 

(b) Procedures. 

(i) The Committee may act only by a majority of its members then in office, except that the Committee may, except to the extent
prohibited by applicable law or the listing standards of the Applicable Exchange and subject to Section 11, allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its
responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. 

(ii) Subject to Section 11(c), any authority granted to the Committee may be exercised by the full Board. To the extent
that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control. 

(c) Discretion of Committee. Subject to Section 1(g), any determination made by the Committee or pursuant to delegated
authority under the provisions of this Plan with respect to any Award shall be made in the sole discretion of the Committee or such delegate at the time of the grant of the Award or, unless in contravention of any express term of this Plan, at any
time thereafter. All decisions made by the Committee or any appropriately delegated officer pursuant to the provisions of this Plan shall be final, binding and conclusive on all persons, including the Company, Participants and Eligible Individuals.

 (d) Cancellation or Suspension. Subject to Section 5(d), the Committee shall have full power and authority to determine
whether, to what extent and under what circumstances any Award shall be canceled or suspended. 
 (e) Award Agreements. The terms
and conditions of each Award, as determined by the Committee, shall be set forth in a written (or electronic) Award Agreement, which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable
following, the grant of such Award. The effectiveness of an Award shall be subject to the Award Agreement’s being signed by the Company and the Participant receiving the Award unless otherwise provided in the Award Agreement. Award Agreements
may be amended only in accordance with Section 12(d) hereof. 
 (f) Minimum Vesting Period. Except for Awards granted with
respect to a maximum of five percent of the Shares authorized in the first sentence of Section 3(a), Award Agreements shall not provide for vesting prior to the first anniversary of the Grant Date, provided that the Committee may provide for
shorter or earlier vesting in connection with a Corporate Transaction, a qualifying termination of employment or any other event or circumstance that the Committee determines to be appropriate. 

SECTION 3. Common Stock Subject to Plan 

(a) Plan Maximums. The maximum number of Shares that may be granted pursuant to Awards under this Plan shall be 1,400,000 Shares,
plus Shares underlying awards that are outstanding under the 2010 Plan and the 2004 Plan as set forth more fully below in the last sentence of this Section 3(a). The maximum number of Shares that may be granted pursuant to Stock Options
intended to be Incentive Stock Options shall be 1,400,000 Shares. Shares subject to an Award under this Plan may be authorized and unissued Shares. On and after the Effective Date (as defined in Section 12(a)), no new awards may be
granted under the Company’s Prior Plans, it being understood that (i) awards outstanding under any of the Prior Plans as of the Effective Date shall remain in full force and effect under such plans according to their respective terms, and
(ii) to the extent that any award outstanding under the 2010 Plan or 2004 Plan as of the Effective Date is forfeited, terminates, expires or lapses without being exercised (to the extent applicable), or is settled for cash, the Shares subject
to such award not delivered as a result thereof shall again be available for Awards under this Plan; provided, however, that dividend equivalents may continue to be issued under the Company’s Prior Plans in respect of awards
granted under such plans which are outstanding as of the Effective Date. 
 (b) Individual Limits. No Participant may be granted
Qualified Performance-Based Awards (other than Stock Options and Stock Appreciation Rights) covering in excess of 150,000 Shares during any calendar year. No Participant may be granted Stock Options and Stock Appreciation Rights covering in excess
of 150,000 Shares during any calendar year. No Participant who is a non-employee director of the Company may be granted Awards covering Shares with a Grant Date Fair Market Value in excess of $300,000 during
any single calendar year. 

 (c) Rules for Calculating Shares Delivered. To the extent that any Award is
forfeited, terminates, expires or lapses instead of being exercised, or any Award is settled for cash, the Shares subject to such Awards not delivered as a result thereof shall again be available for Awards under this Plan. Subject to adjustment as
set forth in Section 3(d), for purposes of the first sentence of Section 3(a), Stock Options and Stock Appreciation Rights shall count as one Share and full value Awards shall count as 2.0 Shares. If the exercise price of any Stock Option
or Stock Appreciation Right and/or the tax withholding obligations relating to any Award are satisfied by delivering Shares (either actually or through a signed document affirming the Participant’s ownership and delivery of such Shares) or
withholding Shares relating to such Award, the gross number of Shares subject to the Award shall nonetheless be deemed to have been granted for purposes of the first sentence of Section 3(a). 

(d) Adjustment Provisions. 

(i) In the event of a merger, consolidation, acquisition of property or shares, stock rights offering, liquidation, disposition for
consideration of the Company’s direct or indirect ownership of a Subsidiary or Affiliate (including by reason of a Disaffiliation), or similar event affecting the Company or any of its Subsidiaries (each, a “Corporate
Transaction”), the Committee or the Board may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to (A) the aggregate number and kind of Shares or other securities reserved for issuance and
delivery under this Plan, (B) the various maximum limitations set forth in Sections 3(a) and 3(b) upon certain types of Awards and upon the grants to individuals of certain types of Awards, (C) the number and kind of Shares or other
securities subject to outstanding Awards, (D) the number of Shares considered delivered based on the type of Award granted as set forth in Section 3(c), and (E) the exercise price of outstanding Awards. 

(ii) In the event of a stock dividend, stock split, reverse stock split, reorganization, share combination, or recapitalization or similar
event affecting the capital structure of the Company, or a Disaffiliation, separation or spinoff, in each case without consideration, or other extraordinary dividend of cash or other property to the Company’s shareholders, the Committee or the
Board shall make such substitutions or adjustments as it deems appropriate and equitable to (A) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under this Plan, (B) the various maximum
limitations set forth in Sections 3(a) and 3(b) upon certain types of Awards and upon the grants to individuals of certain types of Awards, (C) the number and kind of Shares or other securities subject to outstanding Awards, (D) the number
of Shares considered delivered based on the type of Award granted as set forth in Section 3(c), and (E) the exercise price of outstanding Awards. 

(iii) In the case of Corporate Transactions, such adjustments may include (A) the cancellation of outstanding Awards in exchange for
payments of cash, property or a combination thereof having an aggregate value equal to the value of such Awards, as determined by the Committee or the Board in its sole discretion (it being understood that in the case of a Corporate Transaction with
respect to which shareholders of Common Stock receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Committee that the value of a Stock Option or Stock Appreciation Right
shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Stock Option or Stock Appreciation Right shall
conclusively be deemed valid); (B) the substitution of other property (including cash or other securities of the Company and securities of entities other than the Company) for the Shares subject to outstanding Awards; and (C) in connection with
any Disaffiliation, arranging for the assumption of Awards, or replacement of Awards with new awards based on other property or other securities (including other securities of the Company and securities of entities other than the Company), by the
affected Subsidiary, Affiliate, or division or by the entity that controls such Subsidiary, Affiliate, or division following such Disaffiliation (as well as any corresponding adjustments to Awards that remain based upon Company securities). The
Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations,
and the cumulative effects of accounting or tax changes, each as defined by generally accepted accounting principles or as identified in the Company’s financial statements, notes to the financial statements, management’s discussion and
analysis or other the Company’s filings with the Commission, provided that in the case of Performance Goals applicable to any Qualified Performance-Based Awards, such adjustment does not violate Section 162(m) of the Code. 

(iv) Any adjustments made pursuant to this Section 3(d) to Awards that are considered “deferred compensation” within the
meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code; and any adjustments made pursuant to Section 3(d) to Awards that are not considered “deferred compensation”
subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustments, either (A) the Awards continue not to be subject to Section 409A of the Code or (B) there does not result in the
imposition of any penalty taxes under Section 409A of the Code in respect of such Awards. 
 (v) Any adjustment under this
Section 3(d) need not be the same for all Participants. 

 (e) Character of Shares. Any Shares issued hereunder may consist, in whole or in
part, of authorized and unissued Shares, treasury Shares or Shares purchased in the open market or otherwise. 
 SECTION 4. Eligibility 

Awards may be granted under this Plan to Eligible Individuals; provided, however, that Incentive Stock Options may be granted
only to employees of the Company and its subsidiaries or parent corporation (within the meaning of Section 424(f) of the Code). 
 SECTION
5. Stock Options and Stock Appreciation Rights 
 (a) Types of Stock Options. Stock Options may be granted alone or in
addition to other Awards granted under this Plan and may be of two types: Incentive Stock Options and Nonqualified Stock Options. The Award Agreement for a Stock Option shall indicate whether the Stock Option is intended to be an Incentive Stock
Option or a Nonqualified Stock Option. 
 (b) Types and Nature of Stock Appreciation Rights. Stock Appreciation Rights may be
“Tandem SARs,” which are granted in conjunction with a Stock Option, or “Free-Standing SARs,” which are not granted in conjunction with a Stock Option. Upon the exercise of a Stock Appreciation Right, the Participant shall be
entitled to receive an amount in cash, Shares, or both, in value equal to the product of (i) the excess of the Fair Market Value of one Share over the exercise price of the applicable Stock Appreciation Right, multiplied by (ii) the number
of Shares in respect of which the Stock Appreciation Right has been exercised. The applicable Award Agreement shall specify whether such payment is to be made in cash or Common Stock or both, or shall reserve to the Committee or the Participant the
right to make that determination prior to or upon the exercise of the Stock Appreciation Right. 
 (c) Tandem SARs. A Tandem SAR
may be granted at the Grant Date of the related Stock Option. A Tandem SAR shall be exercisable only at such time or times and to the extent that the related Stock Option is exercisable in accordance with the provisions of this Section 5, and
shall have the same exercise price as the related Stock Option. A Tandem SAR shall terminate or be forfeited upon the exercise or forfeiture of the related Stock Option, and the related Stock Option shall terminate or be forfeited upon the exercise
or forfeiture of the Tandem SAR. 
 (d) Exercise Price. The exercise price per Share subject to a Stock Option or Free-Standing
SAR shall be determined by the Committee and set forth in the applicable Award Agreement, and shall not be less than the Fair Market Value of a Share on the applicable Grant Date. In no event may any Stock Option or Stock Appreciation Right granted
under this Plan be amended, other than pursuant to Section 3(d), to decrease the exercise price thereof, be cancelled in exchange for cash or other Awards or in conjunction with the grant of any new Stock Option or Free-Standing SAR with a
lower exercise price, or otherwise be subject to any action that would be treated, under the Applicable Exchange listing standards or for accounting purposes, as a “repricing” of such Stock Option or Free-Standing SAR, unless such
amendment, cancellation, or action is approved by the Company’s shareholders. 
 (e) Term. The Term of each Stock Option and
each Free-Standing SAR shall be fixed by the Committee, but no Stock Option or Free-Standing SAR shall be exercisable more than 10 years after its Grant Date. 

(f) Exercisability. Except as otherwise provided herein, Stock Options and Free-Standing SARs shall be exercisable at such time or
times and subject to such terms and conditions as shall be determined by the Committee. 
 (g) Method of Exercise. Subject to the
provisions of this Section 5, Stock Options and Free-Standing SARs may be exercised, in whole or in part, at any time during the Term thereof by giving written notice of exercise to the Company specifying the number of Shares subject to the
Stock Option or Free-Standing SAR to be purchased. 
 In the case of the exercise of a Stock Option, such notice shall be accompanied by
payment in full of the aggregate purchase price (which shall equal the product of such number of Shares subject to such Stock Options multiplied by the applicable exercise price) per Share by certified or bank check, wire transfer, or such other
instrument or method as the Company may accept. If provided for in the applicable Award Agreement as approved by the Committee, payment in full or in part may also be made as follows: 

 (i) In the form of unrestricted Common Stock (by delivery of such Shares or by
attestation) already owned by the Participant of the same class as the Common Stock subject to the Stock Option (based on the Fair Market Value of the Common Stock on the date the Stock Option is exercised); provided, however, that, in
the case of an Incentive Stock Option, the Participant shall only have the right to make a payment in the form of already owned Shares of the same class as the Common Stock subject to the Stock Option if such right is set forth in the applicable
Award Agreement. 
 (ii) To the extent permitted by applicable law, by delivering a properly executed exercise notice to the
Company, together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale necessary to pay the purchase price, and, if requested, by the amount of any federal, state, local or foreign withholding
taxes. To facilitate the foregoing, the Company may, to the extent permitted by applicable law, enter into agreements for coordinated procedures with one or more brokerage firms. 

(iii) By instructing the Company to withhold a number of such Shares having a Fair Market Value (based on the Fair Market Value
of the Common Stock on the date the applicable Stock Option is exercised) equal to the product of (A) the exercise price per Share multiplied by (B) the number of Shares in respect of which the Stock Option shall have been exercised. 

(h) Delivery; Rights of Shareholders. A Participant shall not be entitled to delivery of Shares pursuant to the exercise of a Stock
Option or Stock Appreciation Right until the exercise price therefor has been fully paid and applicable taxes have been withheld. Except as otherwise provided in Section 5(l), a Participant shall have all of the rights of a shareholder of the
Company holding the class or series of Common Stock that is subject to such Stock Option or Stock Appreciation Right (including, if applicable, the right to vote the applicable Shares), when the Participant (i) has given written notice of
exercise, (ii) if requested, has given the representation described in Section 14(a) and (iii) in the case of a Stock Option, has paid in full for such Shares. 

(i) Nontransferability of Stock Options and Stock Appreciation Rights. No Stock Option or Free-Standing SAR shall be transferable
by a Participant other than, for no value or consideration, (i) by will or by the laws of descent and distribution; or (ii) in the case of a Nonqualified Stock Option or Free-Standing SAR, as otherwise expressly permitted by the Committee
including, if so permitted, pursuant to a transfer to such Participant’s family members, whether directly or indirectly or by means of a trust or partnership or otherwise (for purposes of this Plan, unless otherwise determined by the Committee,
“family member” shall have the meaning given to such term in General Instructions A.1(a)(5) to Form S-8 under the Securities Act of 1933, as amended, and any successor thereto). A Tandem SAR shall be
transferable only with the related Stock Option as permitted by the preceding sentence. Any Stock Option or Stock Appreciation Right shall be exercisable, subject to the terms of this Plan, only by the Participant, the guardian or legal
representative of the Participant, or any person to whom such stock option is transferred pursuant to this Section 5(i), it being understood that the term “holder” and “Participant” include such guardian, legal
representative and other transferee; provided, however, that the term “Termination of Service” shall continue to refer to the Termination of Service of the original Participant. 

(j) Termination of Service. Unless otherwise determined by the Committee or provided in the applicable Award Agreement, upon a
Participant’s Termination or Employment, his or her Stock Options and Stock Appreciation Rights shall be treated as set forth below: 

(i) Termination by Reason of Death. If a Participant incurs a Termination of Service by reason of death, any Stock
Option or Stock Appreciation Right held by such Participant shall immediately vest in full and may thereafter be exercised until the earlier of (A) the first anniversary of such Participant’s Termination of Service and (B) the
expiration of the stated full Term thereof. In the event of Termination of Service by reason of death, if an Incentive Stock Option is exercised after the expiration of the post-termination exercise periods that apply for purposes of
Section 422 of the Code, such Stock Option will thereafter be treated as a Nonqualified Stock Option. 
 (ii)
Termination by Reason of Disability. If a Participant incurs a Termination of Service by reason of Disability, any Stock Option or Stock Appreciation Right held by such Participant shall immediately vest in full and may thereafter be
exercised until the earlier of (A) the first anniversary of such Participant’s Termination of Service and (B) the expiration of the stated full Term thereof. In the event of Termination of Service by reason of Disability, if an
Incentive Stock Option is exercised after the expiration of the exercise periods that apply for purposes of Section 422 of the Code, such Stock Option will thereafter be treated as a Nonqualified Stock Option. 

 (iii) Termination by Reason of Retirement. If a Participant incurs a
Termination of Service by reason of Retirement, (A) any unvested Stock Option or Stock Appreciation Right held by such Participant shall thereupon terminate and (B) any vested Stock Option or Stock Appreciation Right held by such
Participant may thereafter be exercised until the earlier of (A) the first anniversary of such Participant’s Termination of Service and (B) the expiration of the stated full Term thereof. In the event of Termination of Service by
reason of Retirement, if an Incentive Stock Option is exercised after the expiration of the post-termination exercise periods that apply for purposes of Section 422 of the Code, such Stock Option will thereafter be treated as a Nonqualified
Stock Option. 
 (iv) Termination by the Company for Cause. If a Participant incurs a Termination of Service for
Cause, any Stock Options and Stock Appreciation Rights held by such Participant, whether vested or unvested, shall thereupon terminate. 

(v) Other Termination. If a Participant incurs a Termination of Service for any reason other than death, Disability, or
Retirement, or for Cause, and except as otherwise set forth in this Section 5(j), any Stock Option or Stock Appreciation Right held by such Participant, to the extent it was then exercisable at the time of termination, or on such accelerated
basis as the Committee may determine, may be exercised for the lesser of (A) 90 days following the date of such Termination of Service and (B) the balance of the stated full Term thereof. 

(vi) Notwithstanding the foregoing provisions of Section 5(j), the Committee shall have the power, in its discretion, to
apply different rules concerning the consequences of a Termination of Service, provided that if such rules are less favorable to the Participant than those set forth above, such rules are set forth in the applicable Award Agreement. 

(k) Additional Rules for Incentive Stock Options. Notwithstanding any other provision of this Plan to the contrary, no Stock Option
that is intended to qualify as an Incentive Stock Option may be granted to any Eligible Employee who at the time of such grant owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of any
Subsidiary, unless at the time such Stock Option is granted the exercise price is at least 110% of the Fair Market Value of a Share and such Stock Option by its terms is not exercisable after the expiration of five years from the date such Stock
Option is granted. In addition, the aggregate Fair Market Value of the Common Stock (determined at the time a Stock Option for the Common Stock is granted) for which Incentive Stock Options are exercisable for the first time by an optionee during
any calendar year, under all of the incentive stock option plans of the Company and of any Subsidiary, may not exceed $100,000. To the extent a Stock Option that by its terms was intended to be an Incentive Stock Option exceeds this $100,000 limit,
the portion of the Stock Option in excess of such limit shall be treated as a Nonqualified Stock Option. 
 (l) Dividends and
Dividend Equivalents. Dividends (whether paid in cash or Shares) and dividend equivalents may not be paid or accrued on Stock Options or Stock Appreciation Rights; provided that Stock Options and Stock Appreciation Rights may be adjusted
under certain circumstances in accordance with the terms of Section 3(d). 
 SECTION 6. Restricted Stock 

(a) Administration. Shares of Restricted Stock are actual Shares issued to a Participant and may be awarded either alone or in
addition to other Awards granted under this Plan. The Committee shall determine the Eligible Individuals to whom and the time or times at which grants of Restricted Stock will be awarded, the number of Shares to be awarded to any Eligible
Individual, the conditions for vesting, the time or times within which such Awards may be subject to forfeiture and any other terms and conditions of the Awards, in addition to those contained in Section 6(c). 

(b) Book Entry Registration or Certificated Shares. Shares of Restricted Stock shall be evidenced in such manner as the Committee
may deem appropriate, including book-entry registration or issuance of one or more stock certificates. If any certificate is issued in respect of Shares of Restricted Stock, such certificates shall be registered in the name of the Participant and
shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 

The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including
forfeiture) of the Sun Bancorp, Inc. 2015 Omnibus Incentive Plan and an Award Agreement. Copies of such Plan and Agreement are on file in the office of the Corporate Secretary of Sun Bancorp, Inc., 350 Fellowship Road, Suite 101, Mount Laurel, New
Jersey 08054. The recipient of this stock award shall not sell, transfer, assign, pledge, or otherwise encumber shares subject to the stock award until full vesting of such shares has occurred. 

The Committee may require that the certificates evidencing such Shares be held in custody by the Company until the restrictions thereon shall have lapsed and
that, as a condition of any Award of Restricted Stock, the applicable Participant shall have delivered a stock power, endorsed in blank, relating to the Common Stock covered by such Award. 

 (c) Terms and Conditions. Shares of Restricted Stock shall be subject to the
following terms and conditions and such other terms and conditions as are set forth in the applicable Award Agreement (including the vesting or forfeiture provisions applicable upon a Termination of Service): 

(i) The Committee shall, prior to or at the time of grant, condition (A) the vesting of an Award of Restricted Stock upon
the continued service of the applicable Participant, or (B) the grant or vesting of an Award of Restricted Stock upon the attainment of Performance Goals or the attainment of Performance Goals and the continued service of the applicable
Participant. If the Committee conditions the grant or vesting of an Award of Restricted Stock upon the attainment of Performance Goals or the attainment of Performance Goals and the continued service of the applicable Participant, the Committee may,
prior to or at the time of grant, designate an Award of Restricted Stock as a Qualified Performance-Based Award. The conditions for grant or vesting and the other provisions of Restricted Stock Awards (including any applicable Performance Goals)
need not be the same with respect to each recipient. 
 (ii) Subject to the provisions of this Plan and the applicable Award
Agreement, during the period, if any, set by the Committee, commencing with the date of such Restricted Stock Award for which such vesting restrictions apply (the “Restriction Period”), and until the expiration of the Restriction
Period, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Shares of Restricted Stock. 

(d) Rights of a Shareholder. Except as provided in this Section 6 and the applicable Award Agreement, the applicable
Participant shall have, with respect to the Shares of Restricted Stock, all of the rights of a shareholder of the Company holding the class or series of Common Stock that is the subject of the Restricted Stock, including, if applicable, the right to
vote the Shares and the right to receive any dividends. As determined by the Committee in the applicable Award Agreement and subject to Section 14(e), (A) cash dividends on the class or series of Common Stock that is the subject of the
Restricted Stock Award shall be payable in cash and shall, as determined by the Committee, either be (i) held subject to the vesting of the underlying Restricted Stock, or held subject to meeting Performance Goals applicable only to dividends,
or (ii) distributed in full or in part without regard to the vested status of the underlying Restricted Stock and (B) dividends payable in Common Stock shall be paid in the form of Restricted Stock of the same class as the Common Stock
with which such dividend was paid, and shall, as determined by the Committee, be either (i) held subject to the vesting of the underlying Restricted Stock, or held subject to meeting Performance Goals applicable only to dividends, or
(ii) distributed in full or in part without regard to the vested status of the underlying Restricted Stock. 
 (e) Delivery of
Unlegended Certificates. If and when any applicable Performance Goals are satisfied and the Restriction Period expires without a prior forfeiture of the Shares of Restricted Stock for which legended certificates have been issued, unlegended
certificates for such Shares shall be delivered to the Participant upon surrender of the legended certificates. 
 (f) Termination of
Service. The effect of a Participant’s Termination of Service on any Restricted Stock Award then held by the Participant shall be set forth in the applicable Award Agreement or any other document approved by the Committee and applicable to
such Award. 
 SECTION 7. Restricted Stock Units 

(a) Nature of Awards. Restricted stock units and deferred share rights (together, “Restricted Stock Units”) are
Awards denominated in Shares that will be settled, subject to the terms and conditions of the Restricted Stock Units, in an amount in cash, Shares, or both, based upon the Fair Market Value of a specified number of Shares. 

(b) Terms and Conditions. Restricted Stock Units shall be subject to the following terms and conditions and such other terms and
conditions as are set forth in the applicable Award Agreement (including the vesting or forfeiture provisions applicable upon a Termination of Service): 

(i) The Committee shall, prior to or at the time of grant, condition (A) the vesting of Restricted Stock Units upon the
continued service of the applicable Participant, or (B) the grant or vesting of Restricted Stock Units upon the attainment of Performance Goals or the attainment of Performance Goals and the continued service of the applicable Participant. If
the Committee conditions the grant or vesting of Restricted Stock Units upon the attainment of Performance Goals or the attainment of Performance Goals and the continued service of the applicable Participant, the Committee may, prior to or at the
time of grant, designate the Restricted Stock Units as a Qualified Performance-Based Awards. The conditions for grant or vesting and the other provisions of Restricted Stock Units (including any 

 
applicable Performance Goals) need not be the same with respect to each recipient. An Award of Restricted Stock Units shall be settled as and when the Restricted Stock Units vest, at a later time
specified by the Committee in the applicable Award Agreement, or, if the Committee so permits, in accordance with an election of the Participant. 

(ii) Subject to the provisions of this Plan and the applicable Award Agreement, during the Restriction Period, if any, set by
the Committee, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Restricted Stock Units. 

(iii) The Award Agreement for Restricted Stock Units shall specify whether, to what extent and on what terms and conditions the
applicable Participant shall be entitled to receive payments of cash, Common Stock or other property corresponding to the dividends payable on the Common Stock (subject to Section 14(e) below). 

(c) Rights of a Shareholder. A Participant to whom Restricted Stock Units are awarded shall have no rights as a shareholder with
respect to the Shares represented by the Restricted Stock Units unless and until Shares are actually delivered to the participant in settlement thereof. Unless otherwise determined by the Committee and subject to Section 14(e), an Award of
Restricted Stock Units shall be adjusted to reflect deemed reinvestment in additional Restricted Stock Units of the dividends that would be paid and distributions that would be made with respect to the Award of Restricted Stock Units if it consisted
of actual Shares. Notwithstanding the immediately preceding sentence, if an adjustment to an Award of Restricted Stock Units is made pursuant to Section 3(d) as a result of any dividend or distribution, no increase to such Award (by means of
deemed reinvestment in additional Restricted Stock Units) shall be made under this Section 7(c) as a result of the same dividend or distribution. 

(d) Termination of Service. The effect of a Participant’s Termination of Service on any Restricted Stock Unit then held by the
Participant shall be set forth in the applicable Award Agreement or any other document approved by the Committee and applicable to such Award. 
 SECTION
8. Performance Units. 
 Performance Units may be issued hereunder to Eligible Individuals, for no cash consideration or for such
minimum consideration as may be required by applicable law, either alone or in addition to other Awards granted under this Plan. The Performance Goals to be achieved during any Performance Period and the length of the Performance Period shall be
determined by the Committee upon the grant of each Performance Unit. The Committee may, in connection with the grant of Performance Units, designate them as Qualified Performance-Based Awards. The conditions for grant or vesting and the other
provisions of Performance Units (including any applicable Performance Goals) need not be the same with respect to each recipient. Performance Units may be paid in cash, Shares, other property or any combination thereof, in the sole discretion of the
Committee as set forth in the applicable Award Agreement. The maximum value of the property, including cash, that may be paid or distributed to any Participant pursuant to a grant of Performance Units made in any one calendar year shall be
$3,000,000. 
 SECTION 9. Other Stock-Based Awards 

Other Stock-Based Awards may be granted either alone or in conjunction with other Awards granted under this Plan. 

SECTION 10. Change-in-Control Provisions 

(a) General. The provisions of this Section 10 shall, subject to Section 3(d), apply notwithstanding any other provision
of this Plan to the contrary, except to the extent the Committee specifically provides otherwise in an Award Agreement. 

 (b) Impact of Change in Control. Upon the occurrence of a Change in Control, unless
otherwise provided in the applicable Award Agreement: (i) all then-outstanding Stock Options and Stock Appreciation Rights shall become fully vested and exercisable, and all Full-Value Awards (other than performance-based Awards) shall vest in
full, be free of restrictions, and be deemed to be earned and payable in an amount equal to the full value of such Award, except in each case to the extent that another Award meeting the requirements of Section 10(c) (any award meeting the
requirements of Section 10(c), a “Replacement Award”) is provided to the Participant pursuant to Section 3(d) to replace such Award (any award intended to be replaced by a Replacement Award, a “Replaced
Award”), and (ii) any performance-based Award that is not replaced by a Replacement Award shall be deemed to be earned and payable in an amount equal to the full value of such performance-based Award (with all applicable Performance
Goals deemed achieved at the greater of (x) the applicable target level and (y) the level of achievement of the Performance Goals for the Award as determined by the Committee not later than the date of the Change in Control, taking into
account performance through the latest date preceding the Change in Control as to which performance can, as a practical matter, be determined (but not later than the end of the applicable Performance Period)). 

(c) Replacement Awards. An Award shall meet the conditions of this Section 10(c) (and hence qualify as a Replacement Award)
if: (i) it is of the same type as the Replaced Award; (ii) it has a value equal to the value of the Replaced Award as of the date of the Change in Control, as determined by the Committee in its sole discretion consistent with
Section 3(d); (iii) if the underlying Replaced Award was an equity-based award, it relates to publicly traded equity securities of the Company or the entity surviving the Company following the Change in Control; (iv) it contains terms
relating to vesting (including with respect to a Termination of Service) that are substantially identical to those of the Replaced Award; and (v) its other terms and conditions are not less favorable to the Participant than the terms and
conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent Change in Control) as of the date of the Change in Control. Without limiting the generality of the foregoing, a Replacement Award may take the
form of a continuation of the applicable Replaced Award if the requirements of the preceding sentence are satisfied. If a Replacement Award is granted, the Replaced Award shall not vest upon the Change in Control. The determination whether the
conditions of this Section 10(c) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion. 

(d) Termination of Service. Notwithstanding any other provision of this Plan to the contrary and unless otherwise determined by the
Committee and set forth in the applicable Award Agreement, upon a Termination of Service of a Participant by the Company other than for Cause within 24 months following a Change in Control, (i) all Replacement Awards held by such Participant
shall vest in full, be free of restrictions, and be deemed to be earned in full (with respect to Performance Goals, unless otherwise agreed in connection with the Change in Control, at the greater of (x) the applicable target level and
(y) the level of achievement of the Performance Goals for the Award as determined by the Committee taking into account performance through the latest date preceding the Termination of Service as to which performance can, as a practical matter,
be determined (but not later than the end of the applicable Performance Period)), and (ii) unless otherwise provided in the applicable Award Agreement, notwithstanding any other provision of this Plan to the contrary, any Stock Option or Stock
Appreciation Right held by the Participant as of the date of the Change in Control that remains outstanding as of the date of such Termination of Service may thereafter be exercised until the expiration of the stated full Term of such Nonqualified
Stock Option or Stock Appreciation Right. 
 (e) Definition of Change in Control. For purposes of this Plan, a “Change in
Control” shall mean the happening of any of the following events: 
 (i) An acquisition by any individual, entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of 30% or more of either (1) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (2) the combined voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a
Change of Control: (1) any acquisition directly from the Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled
by the Company, or (4) any acquisition by any entity pursuant to a transaction that complies with clauses (1), (2) and (3) of subsection (iii) of this Section 10(e); or 

(ii) A change in the composition of the Board such that the individuals who, as of the Effective Date, constitute the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that, for purposes of this Section 10(e), any individual who becomes a member of the Board subsequent
to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or
deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; provided further, that any such individual whose initial assumption of office occurs as a result of either an
actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be considered as a member of the
Incumbent Board; or 

 (iii) The consummation of a reorganization, merger, statutory share exchange or
consolidation or similar transaction involving the Company or any of its subsidiaries or sale or other disposition of all or substantially all of the assets of the Company ,or the acquisition of assets or securities of another entity by the Company
or any of its subsidiaries (a “Business Combination”), in each case, unless, following such Business Combination, (1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock (or, for
a noncorporate entity, equivalent securities) and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or, for a noncorporate entity, equivalent securities), as the case may be,
of the entity resulting from such Business Combination (including an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any entity
resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then
outstanding shares of common stock (or, for a noncorporate entity, equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such entity except to the
extent that such ownership existed prior to the Business Combination, and (3) at least a majority of the members of the board of directors (or, for a noncorporate entity, equivalent body or committee) of the entity resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 

(iv) The approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

SECTION 11. Qualified Performance-Based Awards; Section 16(b); Section 409A 

(a) The provisions of this Plan are intended to ensure that all Stock Options and Stock Appreciation Rights granted hereunder to any
Participant who is or may be a “covered employee” (within the meaning of Section 162(m)(3) of the Code) in the tax year in which such Stock Option or Stock Appreciation Right is expected to be deductible to the Company qualify for the
Section 162(m) Exemption, and, unless otherwise determined by the Committee, all such Awards shall therefore be considered Qualified Performance-Based Awards and this Plan shall be interpreted and operated consistent with that intention
(including to require that all such Awards be granted by a committee composed solely of members who satisfy the requirements for being “outside directors” for purposes of the Section 162(m) Exemption (“Outside
Directors”)). When granting any Award other than a Stock Option or Stock Appreciation Right, the Committee may designate such Award as a Qualified Performance-Based Award, based upon a determination that (i) the recipient is or may be
a “covered employee” (within the meaning of Section 162(m)(3) of the Code) with respect to such Award, and (ii) the Committee wishes such Award to qualify for the Section 162(m) Exemption, and the terms of any such Award
(and of the grant thereof) shall be consistent with such designation (including that all such Awards be granted by a committee composed solely of Outside Directors). To the extent required to comply with the Section 162(m) Exemption, no later
than 90 days following the commencement of a Performance Period or, if earlier, by the expiration of 25% of a Performance Period, the Committee will designate one or more Performance Periods, determine the Participants for the Performance Periods
and establish the Performance Goals for the Performance Periods. 
 (b) Each Qualified Performance-Based Award (other than a Stock
Option or Stock Appreciation Right) shall be earned, vested and/or payable (as applicable) upon the achievement of one or more Performance Goals, together with the satisfaction of any other conditions, such as continued employment, as the Committee
may determine to be appropriate. 
 (c) The full Board shall not be permitted to exercise authority granted to the Committee to the
extent that the grant or exercise of such authority would cause an Award designated as a Qualified Performance-Based Award not to qualify for, or to cease to qualify for, the Section 162(m) Exemption. 

(d) The provisions of this Plan are intended to ensure that no transaction under this Plan is subject to (and all such transactions will
be exempt from) the short-swing recovery rules of Section 16(b) of the Exchange Act (“Section 16(b)”). Accordingly, the composition of the Committee shall be subject to such limitations as the Board deems appropriate to permit
transactions pursuant to this Plan to be exempt (pursuant to Rule 16b-3 promulgated under the Exchange Act) from Section 16(b), and no delegation of authority by the Committee shall be permitted if such
delegation would cause any such transaction to be subject to (and not exempt from) Section 16(b). 

 (e) This Plan is intended to comply with the requirements of Section 409A of the Code
or an exemption or exclusion therefrom and, with respect to amounts that are subject to Section 409A of the Code, it is intended that this Plan be administered in all respects in accordance with Section 409A of the Code. Each payment under
any Award that constitutes nonqualified deferred compensation subject to Section 409A of the Code shall be treated as a separate payment for purposes of Section 409A of the Code. In no event may a Participant, directly or indirectly,
designate the calendar year of any payment to be made under any Award that constitutes nonqualified deferred compensation subject to Section 409A of the Code. Notwithstanding any other provision of this Plan or any Award Agreement to the
contrary, if a Participant is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Company), amounts that constitute “nonqualified deferred
compensation” within the meaning of Section 409A of the Code that would otherwise be payable by reason of a Participant’s Separation from Service during the six-month period immediately
following such Separation from Service shall instead be paid or provided on the first business day following the date that is six months following the Participant’s Separation from Service. If the Participant dies following the Separation from
Service and prior to the payment of any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the Participant’s estate within 30 days following the date of the
Participant’s death. 
 SECTION 12. Term, Amendment and Termination 

(a) Effectiveness. This Plan was approved by the Board on March 26, 2015, subject to and contingent upon approval by the
Company’s shareholders. This Plan will be effective as of the date of such approval by the Company’s shareholders (the “Effective Date”). 

(b) Termination. This Plan will terminate on the tenth anniversary of the Effective Date. Awards outstanding as of such date shall
not be affected or impaired by the termination of this Plan. 
 (c) Amendment of Plan. The Board or the Committee may amend,
alter, or discontinue this Plan, but no amendment, alteration or discontinuation shall be made that would materially impair the rights of the Participant with respect to a previously granted Award without such Participant’s consent, except such
an amendment made to comply with applicable law, including Section 409A of the Code, Applicable Exchange listing standards or accounting rules. In addition, no amendment shall be made without the approval of the Company’s shareholders to
the extent such approval is required by applicable law or the listing standards of the Applicable Exchange. 
 (d) Amendment of
Awards. Subject to Section 5(d), the Committee may unilaterally amend the terms of any Award theretofore granted, but no such amendment shall cause a Qualified Performance-Based Award to cease to qualify for the Section 162(m)
Exemption or without the Participant’s consent materially impair the rights of any Participant with respect to an Award, except such an amendment made to cause this Plan or Award to comply with applicable law, Applicable Exchange listing
standards or accounting rules. 
 SECTION 13. Unfunded Status of Plan 

It is intended that this Plan constitute an “unfunded” plan for incentive and deferred compensation. The Committee may authorize the
creation of trusts or other arrangements to meet the obligations created under this Plan to deliver Common Stock or make payments; provided, however, that unless the Committee otherwise determines, the existence of such trusts or other
arrangements is consistent with the “unfunded” status of this Plan. 
 SECTION 14. General Provisions 

(a) Conditions for Issuance. The Committee may require each person purchasing or receiving Shares pursuant to an Award to represent
to and agree with the Company in writing that such person is acquiring the Shares without a view to the distribution thereof. The certificates for such Shares may include any legend that the Committee deems appropriate to reflect any restrictions on
transfer. Notwithstanding any other provision of this Plan or agreements made pursuant thereto, the Company shall not be required to issue or deliver any certificate or certificates for Shares under this Plan prior to fulfillment of all of the
following conditions: (i) listing or approval for listing upon notice of issuance, of such Shares on the Applicable Exchange; (ii) any registration or other qualification of such Shares of the Company under any state or federal law or
regulation, or the maintaining in effect of any such registration or other qualification that the Committee shall, in its absolute discretion upon the advice of counsel, deem necessary or advisable; and (iii) obtaining any other consent,
approval, or permit from any state or federal governmental agency that the Committee shall, in its absolute discretion after receiving the advice of counsel, determine to be necessary or advisable. 

 (b) Additional Compensation Arrangements. Nothing contained in this Plan shall
prevent the Company or any Subsidiary or Affiliate from adopting other or additional compensation arrangements for its employees. 

(c) No Contract of Employment. This Plan shall not constitute a contract of employment, and adoption of this Plan shall not confer
upon any employee any right to continued employment, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment of any employee at any time. 

(d) Required Taxes. No later than the date as of which an amount first becomes includible in the gross income of a Participant for
federal, state, local or foreign income or employment or other tax purposes with respect to any Award under this Plan, such Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal,
state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. Unless otherwise determined by the Company, withholding obligations may be settled with Common Stock, including Common Stock that is part of the
Award that gives rise to the withholding requirement, having a Fair Market Value on the date of withholding equal to the minimum amount required to be withheld for tax purposes, all in accordance with such procedures as the Committee establishes.
The obligations of the Company under this Plan shall be conditional on such payment or arrangements, and the Company and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to
such Participant. The Committee may establish such procedures as it deems appropriate, including making irrevocable elections, for the settlement of withholding obligations with Common Stock. 

(e) Limitation on Dividend Reinvestment and Dividend Equivalents. Reinvestment of dividends in additional Restricted Stock at the
time of any dividend payment, and the payment of Shares with respect to dividends to Participants holding Awards of Restricted Stock Units, shall only be permissible if sufficient Shares are available under Section 3 for such reinvestment or
payment (taking into account then-outstanding Awards). If sufficient Shares are not available for such reinvestment or payment, such reinvestment or payment shall be made in the form of a grant of Restricted Stock Units equal in number to the Shares
that would have been obtained by such payment or reinvestment, the terms of which Restricted Stock Units shall provide for settlement in cash and for dividend equivalent reinvestment in further Restricted Stock Units on the terms contemplated by
this Section 14(e). In no event may any dividends or dividend equivalents with respect to any performance-based Awards be paid until vesting (if any) of such Awards. 

(f) Designation of Death Beneficiary. The Committee shall establish such procedures as it deems appropriate for a Participant to
designate a beneficiary to whom any amounts payable in the event of such Participant’s death are to be paid or by whom any rights of such eligible Individual, after such Participant’s death, may be exercised. 

(g) Subsidiary Employees. In the case of a grant of an Award to any employee of a Subsidiary, the Company may, if the Committee so
directs, issue or transfer the Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Subsidiary will transfer the Shares to the employee in
accordance with the terms of the Award specified by the Committee pursuant to the provisions of this Plan. All Shares underlying Awards that are forfeited or canceled revert to the Company. 

(h) Governing Law and Interpretation. This Plan and all Awards made and actions taken hereunder shall be governed by
and construed in accordance with the laws of the State of New Jersey, without reference to principles of conflict of laws. The captions of this Plan are not part of the provisions hereof and shall have no force or effect. Whenever the words
“include,” “includes” or “including” are used in this Plan, they shall be deemed to be followed by the words “but not limited to” and the word “or” shall be understood to mean “and/or.”

 (i) Non-Transferability. Except as otherwise provided in Sections 5(i), 6(c)(ii) and
7(b)(ii) or as determined by the Committee, Awards under this Plan are not transferable except by will or by laws of descent and distribution. 

(j) Clawback Policy. Any Awards or amounts paid in respect thereof that were granted or paid based on financial statements or
performance metrics that are subsequently restated or revised, as determined by the Committee in its discretion, shall be subject to recovery by the Company. The determination whether to seek recovery of Awards or amounts paid in respect thereof
from a Participant shall be made by the Committee in its discretion, provided that, except in the case of fraud or intentional misconduct, such demand shall be limited to Awards granted or amounts paid in respect thereof within the three-year period
preceding the date on which the Company is required to prepare the restatement (or, if not required to prepare the restatement, the date of the restatement). The Participant shall comply with the Company’s demand within 60 days of
Participant’s notice thereof. The Company, upon prior notice to the Participant, may also, in its discretion, reduce amounts that would otherwise be payable to the Participant under other compensation or benefit plans or arrangements of the
Company or its 

 
Affiliates or withhold future incentive awards that would otherwise be payable to the Participant in order to facilitate such repayment by the Participant. The provisions of this section shall
survive the termination or expiration of the Plan and the applicable Award Agreement and Participant’s termination of employment. For the avoidance of doubt, nothing contained herein shall prohibit the Company or its Affiliates from adopting
additional compensation recovery policies with respect to Awards granted hereunder or other compensation and benefits. 
 (k) Holding
Period. Until the second anniversary of the (i) vesting of a Restricted Stock Award, Restricted Stock Unit Award, Performance Unit Award or Other Stock-Based Award or (ii) exercise of a Stock Option Award, Stock Appreciation Right
Award or Tandem SAR Award, in each case, granted to an executive officer or director of the Company, the Shares underlying such Award shall remain subject to restriction on sale and transfer, provided that such restriction period shall lapse
in the event of the Participant’s death or Disability or a Change in Control. The foregoing restrictions shall not apply to any Shares withheld by the Company or surrendered by the Participant in payment of applicable income tax withholdings or
to pay the exercise price of a Stock Option Award or Stock Appreciation Right Award. Further, such restriction on transfer shall not preclude the transfer of such Shares to family members, trusts for the benefit of the executive officer or director
or his or her family members or other transfers for estate planning purposes, provided that such two-year restriction on sale shall remain applicable to such transferred Shares.EX-10.2

 Exhibit 10.2 

2014 PERFORMANCE EQUITY PLAN 

1. Purpose of the Plan. The Plan shall be known as the Sun Bancorp, Inc. 2014 Performance Equity Plan (the “Plan”). The purpose of the
Plan is to establish an effective link between incentive compensation and performance for the officers and employees of Sun Bancorp, Inc. (the “Company”) and its subsidiaries, and to further align the economic interests of such officers
and employees with the Company’s stockholders by rewarding actions that result in building long-term shareholder value. The Plan provides for the granting of equity awards to selected officers and employees, and the earning of such awards will
be contingent upon the Company achieving targeted financial performance metrics and subsequently, the continued service of the award recipient. Awards under the Plan may be in the form of “Incentive Stock Options,” within the meaning of
Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), “Non-Qualified Stock Options,” options that do not so qualify, and “Restricted Stock Awards.” The
provisions of the Plan relating to Incentive Stock Options shall be interpreted to conform to the requirements of Section 422 of the Code. 
 2.
Definitions. The following words and phrases when used in this Plan with an initial capital letter, unless the context clearly indicates otherwise, shall have the meaning as set forth below. Wherever appropriate, the masculine pronoun shall
include the feminine pronoun and the singular shall include the plural. 
 “Affiliate” means any “parent corporation” or
“subsidiary corporation” of the Company, as such terms are defined in Sections 424(e) and 424(f) of the Code, respectively. The term Affiliate shall include the Bank. 

“Award” means the grant by the Committee of an Incentive Stock Option, a Non-Qualified Stock
Option and/or a Restricted Stock Award, or any combination thereof, and the related terms and conditions determined by the Committee and as provided in the Plan. 

“Bank” shall mean Sun National Bank, Vineland, New Jersey, or any successor corporation thereto. 

“Beneficiary” shall mean the person or persons designated by the Participant to receive any benefits payable under the Plan in the event of such
Participant’s death. Such person or persons shall be designated in writing by the Participant and addressed to the Company or the Committee on forms provided for this purpose by the Committee, and delivered to the Company or the Committee. Such
Beneficiary designation may be changed from time to time by similar written notice to the Committee. A Participant’s last will and testament or any codicil thereto shall not constitute written designation of a Beneficiary. In the absence of
such written designation, the Beneficiary shall be the Participant’s surviving spouse, if any, or if none, the Participant’s estate. 

“Board” or “Board of Directors” shall mean the Board of Directors of the Company, or any successor or Parent corporation thereto. 

“Change in Control” shall mean: (i) the sale of all, or substantially all, of the assets of the Company; (ii) the merger or
recapitalization of the Company whereby the Company is not the surviving entity; (iii) a change in control of the Company, as otherwise defined or determined by the Company’s 

  
 1 

 
  

 applicable banking regulatory agency 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 Exchange Act and the rules and regulations promulgated thereunder) of twenty-five percent (25%) or more of the outstanding voting
securities of the Company by any person, trust, entity or group (provided, however, this limitation shall not apply to any person, or persons acting in concert, that have previously been a party to the Securities Purchase Agreement between the
Company and WLR SBI AcquisitionCo, LLC dated July 7, 2010 or the Securities Purchase Agreement among the Company and Bernard A. Brown, Sidney R. Brown, Jeffrey S. Brown, Anne E. Koons, The Four B’s, Interactive Logistics, LLC, National
Distribution Centers, L.P. and National Freight, Inc. dated July 7, 2010, each as set forth in the Company’s proxy statement dated September 28, 2010). This limitation shall not apply to the purchase of shares by underwriters in
connection with a public offering of Company stock. 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. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended, and regulations promulgated
thereunder. 
 “Committee” shall mean the Board or the administrative committee appointed by the Board in accordance with Section 5(a) of the
Plan. 
 “Common Stock” shall mean common stock of the Company, or any successor or Parent corporation thereto. 

“Company” shall mean Sun Bancorp, Inc., the parent corporation of the Bank, or any successor or Parent thereof. 

“Continuous Employment” or “Continuous Status as an Employee” shall mean the absence of any interruption or termination of employment with
the Company or any present or future Parent or Subsidiary of the Company. Employment shall not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Company or in the case of transfers
between payroll locations, of the Company or between the Company, its Parent, its Subsidiaries or a successor. 
 “Date of Grant” shall mean the
date that an Award is made to a Participant or such later date as authorized in accordance with the Plan or by the Committee. 
 “Director” shall
mean a member of the Board of the Company or the Bank, or any successor or Parent thereto. 
 “Disability” shall mean (a) with respect to
Incentive Stock Options, the “permanent and total disability” of the Employee as such term is defined at Section 22(e)(3) of the Code; and (b) with respect to Non-Qualified Stock Options
and Restricted Stock Awards, a condition of incapacity of a Participant which renders that person unable to engage in the performance of his or her duties by reason of any medically determinable physical or mental impairment which can be expected to
result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. 
 “Effective
Date” shall mean the date of approval of the Plan by the shareholders of the Company. 
 “Employee” shall mean any person employed by the
Company or an Affiliate. 
 “Exercise Price” shall mean the price at which a Participant may purchase a Share pursuant to the terms of an Option.

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

  
 2 

 
  

 “Fair Market Value” shall mean: (i) if the Common Stock is listed on a national securities
exchange (including the NASDAQ Global Select Market), then the Fair Market Value per Share shall be the closing sale price of a Share on the date in question (or, if such day is not a trading day in the U.S. markets, on the nearest preceding trading
day), as reported with respect to the principal market (or the composite of the markets, if more than one) or national quotation system in which such shares are then traded, or if no such closing prices are reported, the mean between the high bid
and low asked prices that day on the principal market or national quotation system then in use; and (ii) if the Common Stock is not readily tradable on an established securities market for purposes of Section 409A of the Code, then the
Fair Market Value shall be determined by means of a reasonable valuation method that takes into consideration all available information material to the value of the Company and that otherwise satisfies the requirements applicable under
Section 409A of the Code and the regulations thereunder. The Committee shall determine the Fair Market Value in accordance with the above in good faith. 

“Incentive Stock Option” shall mean an Option to purchase Shares granted by the Committee pursuant to, and subject to the limitations and
restrictions of Section 8 hereof, and that is intended to qualify as an “incentive stock option” under Section 422 of the Code. 
 “Non-Qualified Stock Option” shall mean an option to purchase Shares granted pursuant to Section 9 hereof, which Option is not intended to be and is not identified as an Incentive Stock Option, or an
Option granted under the Plan that is intended to be and is identified as an Incentive Stock Option, but that does not meet the requirements of Section 422 of the Code. 

“Option” or “Stock Option” shall mean an Incentive Stock Option or Non-Qualified Stock Option, as
applicable, granted pursuant to this Plan providing the holder of such Option with the right to purchase Common Stock. 
 “Optioned Stock” shall
mean Common Stock subject to an Option granted pursuant to the Plan. 
 “Optionee” shall mean any person who receives an Option pursuant to the
Plan. 
 “Parent” shall mean any present or future corporation which would be a “parent corporation” of the Bank or the Company as
defined in Sections 424(e) and (g) of the Code. 
 “Participant” means any Employee of the Company or any Affiliate who is selected by the
Committee to receive an Award. Upon the death of a Participant, the term “Participant” shall also refer to a Beneficiary designated in accordance with the Plan. 

“Plan” shall mean this Sun Bancorp, Inc. 2014 Performance Equity Plan. 

“Restricted Stock Award” shall mean an Award of Shares of restricted stock granted to a Participant pursuant to Section 12 of the Plan. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Share” shall mean one share of Common Stock. 

“Subsidiary” shall mean any present or future corporation which constitutes a “subsidiary corporation” as defined in Sections 424(f) and
(g) of the Code. 
 3. Shares Subject to the Plan. Except as otherwise required by the provisions of Section 14 hereof, the
aggregate number of Shares with respect to which Awards may be made pursuant to the Plan shall not exceed 5,000,000 Shares; provided, however, that the aggregate number of Shares issuable pursuant to Restricted Stock Awards under the Plan shall not
exceed 1,666,650. Such Shares may either 

  
 3 

 
  

 be from authorized but unissued shares, treasury shares or shares purchased in the market for Plan purposes. If
an Award shall expire, become unexercisable, or be forfeited for any reason prior to its exercise, new Awards may be granted under the Plan with respect to the number of Shares as to which such expiration or forfeiture has occurred. To the extent
that an Award is settled in cash or a form other than Common Stock, or if Shares are withheld from an Award for tax purposes, then the Shares that would have been delivered had there been no such cash or other settlement shall be counted against the
shares available for issuance under the Plan. 
 4. Twelve Month Holding Period. 

Subject to vesting requirements, if applicable, except in the event of death or Disability of the Participant or a Change in Control of the Company, a minimum
of twelve months must elapse between the Date of Grant of an Award and the date of the sale of the Common Stock received through such award. Notwithstanding the foregoing, such twelve-month holding period may be waived to facilitate the sale or
exchange of Shares only to the extent necessary for the satisfaction of tax withholding requirements upon the vesting of such Shares. 
 5.
Administration of the Plan. 
 (a) Composition of the Committee. The Plan shall be administered by the “Committee,” which shall be the
Board of Directors of the Company or the Compensation Committee of the Board, or such other administrative committee appointed by the Board which shall consist of not less than two Directors of the Company appointed by the Board and serving at the
pleasure of the Board. All persons designated as members of the Committee shall meet the requirements of: (i) a “Non-Employee Director” within the meaning of Rule
16b-3 under the Exchange Act (or any successor provision), and (ii) to the extent deemed appropriate by the Board of Directors or the Committee, such requirements as the Internal Revenue Service may
establish for “outside directors” acting under plans intended to qualify for exemption under Section 162(m)(4)(C) of the Code; provided, however, a failure to comply with the requirements of subparagraphs (i) and/or
(ii) shall not disqualify any actions taken by the Committee. A majority of the entire Committee shall constitute a quorum and the action of a majority of the members present at any meeting at which a quorum is present shall be deemed the
action of the Committee. Prior to the granting of Awards in accordance with the Plan, the Committee will review the composition of the Committee, and in the event that it is determined that any member of such Committee does not satisfy the
requirements set forth above as an “outside director,” then such individual shall recuse himself or herself from such actions to be taken by the Committee at such meeting. 

(b) Powers of the Committee. The Committee is authorized (but only to the extent not contrary to the express provisions of the Plan or to resolutions
adopted by the Board) to interpret the Plan and Award Agreements (as defined below), to prescribe, amend and rescind rules and regulations relating to the Plan, to select individuals who are to receive Awards under the Plan, to determine the type,
number, form, vesting requirements, acceleration of vesting and content of Awards to be issued under the Plan, including establishing or modifying performance measures and other criteria that will determine if such Awards are earned and determining
whether such performance measures have been attained, and to make other determinations necessary or advisable for the administration of the Plan, and shall have and may exercise such other power and authority as may be delegated to it by the Board
from time to time. Notwithstanding the foregoing, the Committee shall have the authority to adjust or modify performance measures with respect to Awards, including the authority to determine that Awards shall be earned without regard to whether such
performance measures previously established have been satisfied and/or to authorize the implementation of a new performance period and performance measures and the re-issuance of previously forfeited awards
under the new program. In no event may the Committee revoke outstanding Awards without the consent of the Participant, except as otherwise provided herein. 

  
 4 

 
  

 The Chairman of the Committee, the President of the Company and such other officers as shall be designated by the
Committee are hereby authorized to execute written agreements evidencing Awards (“Award Agreements”) on behalf of the Company and to cause them to be delivered to the Participants. Each Award Agreement shall constitute a binding contract
between the Company and the Participant, and every Participant, upon acceptance of an Award Agreement, shall be bound by the terms and restrictions of the Plan and such Award Agreement. Each Award Agreement shall set forth the type of Award granted,
the Option Exercise Price, if applicable, the number of shares of Common Stock subject to such Award, the expiration date of such Award, the manner, time and rate (cumulative or otherwise) of exercise or vesting of the Award, and such other terms
and restrictions applicable to such Award as are determined in accordance with the Plan or the actions of the Committee. 
 (c) Effect of Committee’s
Decision. All decisions, determinations and interpretations of the Committee shall be final and conclusive on all persons affected thereby. 
 6.
Eligibility for Awards and Limitations. 
 (a) The Committee shall from time to time determine the Participants who shall be granted Awards under the
Plan, the number of Awards to be granted to each such Participant, and whether Awards granted to each such Participant under the Plan shall be Incentive Stock Options, Non-Qualified Stock Options and/or
Restricted Stock Awards. In selecting Participants and in determining the Awards to be granted to each such Participant, the Committee may consider the nature of the prior and anticipated future services rendered by each such Participant, each such
Participant’s current and potential contribution to the Company and such other factors as the Committee may, in its sole discretion, deem relevant. Participants who have been granted an Award may, if otherwise eligible, be granted additional
Awards. 
 (b) The aggregate Fair Market Value (determined as of the Date of Grant of the Option) of the Shares with respect to which Incentive Stock Options
are exercisable for the first time by each Employee during any calendar year (under all Incentive Stock Option plans, as defined in Section 422 of the Code, of the Company or any present or future Parent or Subsidiary of the Company) shall not
exceed $100,000. Notwithstanding any provisions of this Section 6 to the contrary, the Committee may grant Options in excess of the foregoing limitations, provided said Options shall be clearly and specifically designated as Non-Qualified Stock Options. 
 (c) During the period that Awards may be made under the Plan, in no event shall Shares
subject to Awards granted to any individual Participant exceed more than 25% of the total number of Shares authorized for delivery under the Plan with respect to Options or Restricted Stock Awards, as applicable. 

7. Term of the Plan. The Plan shall continue in effect for a term of ten (10) years from the Effective Date, unless sooner terminated
pursuant to Section 19 hereof. No Award shall be granted under the Plan after ten (10) years from the Effective Date. 
 8. Terms and
Conditions of Incentive Stock Options. Incentive Stock Options may be granted only to Employees. Each Incentive Stock Option granted pursuant to the Plan shall be evidenced by an Award Agreement in such form as the Committee shall from time to
time approve. Each Incentive Stock Option granted pursuant to the Plan shall comply with, and be subject to, the following terms and conditions: 
 (a)
Option Price. The Exercise Price per Share for each Incentive Stock Option granted by the Committee under the Plan shall not, as to any particular Incentive Stock Option, be less than one hundred percent (100%) of the Fair Market Value of the
Common Stock on the Date of Grant of such Incentive Stock Option; provided, however, in the case of an Employee who owns Common Stock 
 representing more
than ten percent (10%) of the outstanding Common Stock at the time the Incentive Stock Option is granted, the Exercise Price shall not be less than one hundred and ten percent (110%) of the Fair Market Value of the Common Stock on the date that the
Incentive Stock Option is granted. 

  
 5 

 
  

 (b) Payment. Full payment for each Share of Common Stock purchased upon the exercise of any Incentive
Stock Option granted under the Plan shall be made at the time of exercise of each such Incentive Stock Option and shall be paid in cash (in United States Dollars), Common Stock or a combination of cash and Common Stock. Common Stock utilized in full
or partial payment of the Exercise Price must have been owned by the party exercising such Option for not less than twelve months prior to the date of exercise of such Option, with the exception of any Shares used for the satisfaction of tax
withholding requirements, and such Common Stock shall be valued at the Fair Market Value at the date of exercise. The Company shall accept full or partial payment in Common Stock only to the extent permitted by applicable law. No Shares of Common
Stock shall be issued until full payment has been received by the Company, and no Optionee shall have any of the rights of a shareholder of the Company until Shares of Common Stock are issued to the Optionee. Unless expressly provided otherwise in
the applicable Award Agreement, the Committee may at any time within its sole discretion eliminate or limit a Participant’s ability to pay the Exercise Price of any Award by any method other than a cash payment to the Company. 

(c) Term of Incentive Stock Option. The term of exercisability of each Incentive Stock Option granted pursuant to the Plan shall be not more than ten
(10) years from the Date of Grant of each such Incentive Stock Option, provided that in the case of an Employee who owns stock representing more than ten percent (10%) of the Common Stock outstanding at the time the Incentive Stock Option is
granted, the term of exercisability of the Incentive Stock Option shall not exceed five (5) years from the applicable Date of Grant. 
 (d) Exercise
Generally. Except as otherwise provided in Section 10 hereof, no Incentive Stock Option may be exercised unless the Optionee shall have been in Continuous Employment with the Company at all times during the period beginning with the Date of
Grant of any such Incentive Stock Option and ending on the date three (3) months prior to the date of exercise of such Incentive Stock Option. The Committee may impose additional conditions upon the right of an Optionee to exercise any
Incentive Stock Option granted hereunder which are not inconsistent with the terms of the Plan or the requirements for qualification as an Incentive Stock Option. 

(e) Cashless Exercise. Subject to vesting requirements, if applicable, an Optionee who has held an Incentive Stock Option for at least twelve months,
with the exception of any Shares used for the satisfaction of tax withholding requirements, may engage in the “cashless exercise” of the Option. Upon a cashless exercise, an Optionee gives the Company written notice of the exercise of the
Option together with an order to a registered broker-dealer or equivalent third party, to sell part or all of the Optioned Stock and to deliver enough of the proceeds to the Company to pay the Option Exercise Price and any applicable withholding
taxes. If the Optionee does not sell the Optioned Stock through a registered broker-dealer or equivalent third party, the Optionee can give the Company written notice of the exercise of the Option and the third party purchaser of the Optioned Stock
shall pay the Option Exercise Price plus any applicable withholding taxes to the Company. Such Options shall not be deemed exercised until the Company has received full payment of the Exercise Price of such Options. 

(f) Transferability. An Incentive Stock Option granted pursuant to the Plan shall be exercised during an Optionee’s lifetime only by the Optionee
to whom it was granted and shall not be assignable or transferable otherwise than by will or by the laws of descent and distribution. All Options granted under the Plan and any Common Stock purchased thereby, shall remain subject to a restriction on
sale and transfer for a period of one year following the date on which such Option, or portion thereof, becomes fully vested and exercisable; provided that such restrictions shall lapse upon the death or Disability of the Participant or in the event
of a Change in Control. In the event that any such Option, or portion thereof, is exercised and Shares are issued during such one-year period, each stock certificate issued in connection with such exercise
shall bear a legend setting forth such restrictions. 

  
 6 

 
  

 9. Terms and Conditions of Non-Qualified Stock Options.
Each Non-Qualified Stock Option granted pursuant to the Plan shall be evidenced by an Award Agreement in such form as the Committee shall from time to time approve. Each
Non-Qualified Stock Option granted pursuant to the Plan shall comply with and be subject to the following terms and conditions: 

(a) Option Price. The Exercise Price per Share of Common Stock for each Non-Qualified Stock Option granted
pursuant to the Plan shall be at such price as the Committee may determine in its sole discretion, but in no event less than one hundred percent (100%) of the Fair Market Value of such Common Stock on the Date of Grant. 

(b) Payment. Full payment for each Share of Common Stock purchased upon the exercise of any Non-Qualified Stock
Option granted under the Plan shall be made at the time of exercise of each such Non-Qualified Stock Option and shall be paid in cash (in United States Dollars), Common Stock or a combination of cash and
Common Stock. Common Stock utilized in full or partial payment of the Exercise Price must have been owned by the party exercising such Option for not less than twelve months prior to the date of exercise of such Option, with the exception of any
Shares used for the satisfaction of tax withholding requirements, and such Common Stock shall be valued at the Fair Market Value at the date of exercise. The Company shall accept full or partial payment in Common Stock only to the extent permitted
by applicable law. No Shares of Common Stock shall be issued until full payment has been received by the Company and no Optionee shall have any of the rights of a shareholder of the Company until the Shares of Common Stock are issued to the
Optionee. Unless expressly provided otherwise in the applicable Award Agreement, the Committee may at any time within its sole discretion eliminate or limit a Participant’s ability to pay the Exercise Price of any Award by any method other than
a cash payment to the Company. 
 (c) Term. The term of exercisability of each Non-Qualified Stock Option
granted pursuant to the Plan shall be not more than ten (10) years from the Date of Grant of each such Non-Qualified Stock Option. 

(d) Exercise Generally. The Committee may impose additional conditions upon the right of any Participant to exercise any
Non-Qualified Stock Option granted hereunder which is not inconsistent with the terms of the Plan. 
 (e) Cashless
Exercise. Subject to vesting requirements, if applicable, an Optionee who has held a Non-Qualified Stock Option for at least twelve months, with the exception of any Shares used for the satisfaction of tax
withholding requirements, may engage in the “cashless exercise” of the Option. Upon a cashless exercise, an Optionee gives the Company written notice of the exercise of the Option together with an order to a registered broker-dealer or
equivalent third party, to sell part or all of the Optioned Stock and to deliver enough of the proceeds to the Company to pay the Option Exercise Price and any applicable withholding taxes. If the Optionee does not sell the Optioned Stock through a
registered broker-dealer or equivalent third party, the Optionee can give the Company written notice of the exercise of the Option and the third party purchaser of the Optioned Stock shall pay the Option Exercise Price plus any applicable
withholding taxes to the Company. Such Options shall not be deemed exercised until the Company has received full payment of the Exercise Price of such Options. 

(f) Transferability. All Options granted under the Plan and any Common Stock purchased thereby, shall remain subject to a restriction on sale and
transfer for a period of one year following the date on which such Option, or portion thereof, becomes fully vested and exercisable; provided that such restrictions shall lapse upon the death or Disability of the Participant or in the event of a
Change in Control. In the event that any such Option, or portion thereof, is exercised and Shares are issued during 

  
 7 

 
  

 such one-year period, each stock certificate issued in connection with
such exercise shall bear a legend setting forth such restrictions. Notwithstanding any provisions of the Plan to the contrary, the Committee may, in its sole discretion, permit transferability or assignment of a
Non-Qualified Stock Option by a Participant if such transfer or assignment is, in the Committee’s sole determination, for valid estate planning purposes and such transfer or assignment is permitted under
the Code. For purposes of this Section 9(f), a transfer for valid estate planning purposes includes, but is not limited to: (i) a transfer to a revocable inter vivos trust as to which the Participant is both the settlor and trustee, or
(ii) a transfer for no consideration to: (1) any member of the Participant’s Immediate Family, (2) any trust solely for the benefit of members of the Participant’s Immediate Family, (3) any partnership whose only
partners are members of the Participant’s Immediate Family, and (4) any limited liability corporation or corporate entity whose only members or equity owners are members of the Participant’s Immediate Family. For purposes of this
Section, “Immediate Family” includes, but is not necessarily limited to, a Participant’s parents, grandparents, spouse, children, grandchildren, siblings (including half brothers and sisters), and individuals who are family members by
adoption. Nothing contained in this Section shall be construed to require the Committee to give its approval to any transfer or assignment of any Non-Qualified Stock Option or portion thereof, and approval to
transfer or assign any Non-Qualified Stock Option or portion thereof does not mean that such approval will be given with respect to any other Non-Qualified Stock Option
or portion thereof. The transferee or assignee of any Non-Qualified Stock Option shall be subject to all of the terms and conditions applicable to such Non-Qualified
Stock Option immediately prior to the transfer or assignment and shall be subject to any other conditions prescribed by the Committee with respect to such Non-Qualified Stock Option. 

10. Effect of Termination of Employment, Disability or Death on Incentive Stock Options. 

(a) Termination of Employment. In the event that any Optionee’s employment with the Company shall terminate for any reason, other than Disability
or death, all of any such Optionee’s Incentive Stock Options, and all of any such Optionee’s rights to purchase or receive Shares of Common Stock pursuant thereto, shall automatically terminate on (A) the earlier of (i) or (ii):
(i) the respective expiration dates of any such Incentive Stock Options, or (ii) the expiration of not more than three (3) months after the date of such termination of employment; or (B) such later date as is determined by the
Committee, in which case such Award shall be deemed a Non-Qualified Stock Option after such three-month period has elapsed. In the event that an Affiliate ceases to be an Affiliate of the Company, the
employment of all of its employees who are not immediately thereafter employees of the Company or an Affiliate shall be deemed to terminate upon the date such Affiliate so ceases to be an Affiliate of the Company. 

(b) Disability. Except as may be specified by the Committee at the time of grant of an Option, in the event that any Optionee’s employment with the
Company shall terminate as the result of the Disability of such Optionee, such Optionee may exercise any Incentive Stock Options which are then exercisable at any time prior to the earlier of (i) the respective expiration dates of any such
Incentive Stock Options or (ii) the date which is one (1) year after the date of such termination of employment as a result of such Disability, but only if, and to the extent that, the Optionee was entitled to exercise such Incentive Stock
Options at the date of such termination of employment. 
 (c) Death. Except as may be specified by the Committee at the time of grant of an Option, in
the event of the death of an Optionee, any Incentive Stock Options granted to such Optionee which are then exercisable may be exercised by the Beneficiary at any time prior to the earlier of (i) the respective expiration dates of any such
Incentive Stock Options or (ii) the date which is one (1) year after the date of death. At the discretion of the Committee, upon exercise of such Options the Optionee may receive Shares or cash or a combination thereof. If cash shall be paid in
lieu of Shares, such cash shall be equal to the difference between the Fair Market Value of such Shares on the exercise date and the Exercise Price of such Options. 

  
 8 

 
  

 (d) Incentive Stock Options Deemed Exercisable. For purposes of Sections 10(a), 10(b) and 10(c) above, any
Incentive Stock Option held by any Optionee shall be considered exercisable at the date of termination of employment if any such Incentive Stock Option would have been exercisable at such date of termination of employment without regard to the
Disability or death of the Participant. 
 (e) Termination of Incentive Stock Options. Except as may be specified by the Committee, to the extent that
any Incentive Stock Option granted under the Plan to any Optionee whose employment with the Company terminates shall not have been exercised within the applicable period set forth in this Section 10, any such Incentive Stock Option, and all
rights to purchase or receive Shares of Common Stock pursuant thereto, as the case may be, shall terminate on the last day of the applicable exercise period. 

11. Effect of Termination of Employment, Disability or Death on Non-Qualified Stock Options. The terms
and conditions of Non-Qualified Stock Options relating to the effect of the termination of an Optionee’s employment or service, Disability of an Optionee or his death shall be such terms and conditions as
the Committee shall, in its sole discretion, determine at the time of termination of service, or as provided for by the terms of the applicable Award Agreement on the Date of Grant of the Award. 

12. Terms and Conditions of Restricted Stock Awards. 

Each Restricted Stock Award granted pursuant to the Plan shall be evidenced by an Award Agreement in such form as the Committee shall from time to time
approve. Each Restricted Stock Award granted pursuant to the Plan shall comply with and be subject to the following terms and conditions: 
 (a) Grants of
Restricted Stock Awards. Restricted Stock Awards may only be made in whole shares of Common Stock and may only be granted from Shares reserved under the Plan. 

(b) Terms of Restricted Stock Awards. The Committee shall determine the terms or conditions, including any performance conditions, which must be
satisfied prior to any Restricted Stock Award or portion thereof becoming earned and non-forfeitable. No Restricted Stock Award or portion thereof that is subject to the satisfaction of any condition shall be
considered earned or vested until the Committee certifies in writing that the conditions to which the vesting of such Restricted Stock Award is subject have been achieved. 

(c) Termination of Employment. Unless otherwise determined by the Committee, upon the termination of a Participant’s employment for any reason
other than Disability or death, termination for “cause,” or following a Change in Control, any Restricted Stock Awards in which the Participant has not become vested or which are not yet earned and
non-forfeitable as of the date of such termination shall be forfeited and any rights the Participant had to such Restricted Stock Awards shall become null and void. 

(d) Disability or Death. Unless otherwise determined by the Committee, in the event of a termination of the Participant’s employment due to
Disability or death, all unvested Restricted Stock Awards held by such Participant shall be forfeited and any rights the Participant had to such unvested Restricted Stock Awards shall become null and void. 

(e) Issuance of Certificates. Certificates representing Shares of Restricted Stock Awards shall be distributed prior to the date that such Restricted
Stock Awards are deemed earned and non-forfeitable, subject to satisfaction of applicable tax withholding requirements. In the event that a Participant shall make an election in accordance with
Section 83(b) of the Code, then a Certificate representing such Restricted Stock Award shall be issued by the Company reasonably promptly with respect to the Shares for which such Section 83(b) election is being made; provided that the
Company shall not cause such a stock certificate to be issued prior to the date that such Shares are deemed earned and non-forfeitable, unless it has received a stock power duly endorsed in blank with respect
to such Shares and each such stock certificate shall bear the following legend: 

  
 9 

 
  

 “The transferability of this certificate and the shares of stock represented hereby are
subject to the restrictions, terms and conditions (including forfeiture provisions and restrictions against transfer) contained in the Sun Bancorp, Inc. 2014 Performance Equity Plan and related Award Agreement entered into between the registered
owner of such shares and Sun Bancorp, Inc. A copy of the 2014 Performance Equity Plan and Award Agreement are on file in the office of the Corporate Secretary of Sun Bancorp, Inc., 350 Fellowship Road, Suite 101, Mount Laurel, New Jersey 08054. The
recipient of this stock award shall not sell, transfer, assign, pledge, or otherwise encumber shares subject to the stock award until full vesting of such shares has occurred, and shall not sell or transfer such shares prior to the date that is one
year following such full vesting, except in the event of death, disability or a change in control in accordance with the 2014 Performance Equity Plan. For purposes of this restriction, the separation of beneficial ownership and legal title through
the use of any “swap” transaction is deemed to be a prohibited encumbrance.” 
 Such legend shall not be removed until one year following the
date on which the Participant becomes vested in such Shares pursuant to the terms of the Plan and the applicable Award Agreement, except in the event of death, Disability or a Change in Control. 

(f) Non-transferability; Holding Period. Unless determined otherwise by the Committee and except in the event of
the Participant’s death or pursuant to a qualified domestic relations order, a Restricted Stock Award is not transferable and may be earned in the Participant’s lifetime only by the Participant to whom it is granted. Upon the death of a
Participant, a Restricted Stock Award is transferable by will or the laws of descent and distribution. The designation of a Beneficiary shall not constitute a transfer. Once a Restricted Stock Award is deemed earned and non-forfeitable, except in the event of a Change in Control, or the death or Disability of the Participant, the Shares underlying such Restricted Stock Award shall remain subject to restriction on sale and transfer
for a period of one (1) year following the date that such Restricted Stock Award is deemed earned and non-forfeitable. 

(g) Dividend Rights. A Participant shall be entitled to receive from the Company all dividends and other distributions declared and paid on the Shares
represented by a Restricted Stock Award from the Date of Grant of such Restricted Stock Award through the date that the relevant Restricted Stock Award or installment thereof is issued. Such dividends and other distributions shall be distributed to
the Participant by the Company within thirty days of the respective dividend payment date, subject to applicable tax withholding; provided that in the event of the forfeiture of such Restricted Stock Award, all future dividend rights shall cease.

 (h) Voting of Restricted Stock Awards. Voting rights associated with any Shares subject to a Restricted Stock Award shall not be exercised by the
Participant until certificates of Common Stock representing such Award have been issued to such Participant and the Restricted Stock Award shall be deemed earned and non-forfeitable. Any shares of Common Stock
held by the Company after a Restricted Stock Award has been made, but prior to such time that such Award has become earned and non-forfeitable, shall be voted by the Committee in accordance with the stock
power held by the Company applicable to such Award. 
 (i) Payment. Payment due to a Participant upon the Restricted Stock Award becoming earned and non-forfeitable shall be made in the form of shares of Common Stock, unless determined otherwise in the sole discretion of the Committee. 

  
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 13. Performance Conditions Applicable to Awards. 

(a) Upon the grant of an Award, the Committee shall establish the performance targets which must be met before such Awards may begin to become first earned and
non-forfeitable or exercisable. Such performance targets will be expressed as a minimum threshold level and an optimum level, and each level of performance attainment will yield a specified number of Options
and/or Restricted Stock Awards. The terms and conditions of any Award for each Participant shall be detailed in an Award Agreement. Except as otherwise provided herein, if such performance targets are not attained by the ending date of the
performance period as specified in the applicable Award Agreement, then such Award shall be forfeited. Once such performance targets are attained, as certified by the Committee, 50% of the Award shall then be first earned and non-forfeitable, and 50% of such Award shall be first earned and non-forfeitable on the one-year anniversary thereof, subject to the
Participant’s Continuous Status as an Employee. Such performance targets shall consist of Company financial metrics, peer group rankings based upon financial metrics, or such other criteria that may be established by the Committee as of the
Date of Grant, except as otherwise modified thereafter by the Committee as permitted herein. Notwithstanding the foregoing, the Committee shall have the authority to adjust or modify performance measures with respect to Awards, including the
authority to determine that Awards shall be earned without regard to whether such performance measures previously established have been satisfied and/or to authorize the implementation of a new performance period and performance measures and the re-issuance of previously forfeited awards under the new program. Notwithstanding the foregoing, performance targets with respect to an Award shall not be deemed to have been first attained until such time that the
Company and the Bank shall no longer be subject to a written agreement with the Office of the Comptroller of the Currency or the Board of Governors of the Federal Reserve System that is subject to public disclosure under 12 U.S.C. §
1818(u)(i)(A). 
 (b) The Committee shall have sole discretion in determining how performance measures are calculated. In establishing any
performance measures, the Committee may provide for the exclusion of the effects of the following items, to the extent identified in the audited financial statements of the Company, including footnotes, or in the Management’s Discussion and
Analysis of Financial Condition and Results of Operations section of the Company’s annual report or in the Compensation Discussion and Analysis section, if any, of the Company’s annual proxy statement: (i) extraordinary, unusual,
and/or nonrecurring items of gain or loss; (ii) gains or losses on the disposition of a business; (iii) changes in tax or accounting principles, regulations or laws; or (iv) mergers or acquisitions. To the extent not specifically
excluded, such effects shall be included in any applicable performance measure. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company or the manner in which the Company or its
Affiliates conducts its business or other events or circumstances render current performance measures to be unsuitable, the Committee may modify such performance measures, in whole or in part, as the Committee deems appropriate. The Committee shall
certify in writing that any performance goals or other material terms applicable to an Award were in fact satisfied prior to such Award first becoming earned and non-forfeitable. 

14. Recapitalization, Merger, Consolidation, Change in Control and Other Transactions. 

(a) Adjustment. Subject to any required action by the shareholders of the Company, the aggregate number of Shares of Common Stock for which Awards may
be granted hereunder, the number of Shares of Common Stock covered by each outstanding Award, and the Exercise Price per Share of each such Option, shall all be proportionately adjusted for any increase or decrease in the number of issued and
outstanding Shares of Common Stock resulting from a subdivision or consolidation of Shares (whether by reason of merger, consolidation, recapitalization, reclassification, split-up, combination of shares, or
otherwise) or the payment of a stock dividend (but only on Common Stock) or any other increase or decrease in the number of such Shares of Common Stock effected without the receipt or payment of consideration by the Company (other than Shares held
by dissenting shareholders). 

  
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 (b) Change in Control. All outstanding Awards shall become immediately and fully earned and nonforfeitable
and, as applicable, exercisable in the event of a Change in Control of the Company. In the event of a Change in Control, the Committee and the Board of Directors will take one or more of the following actions to be effective as of the date of such
Change in Control: 
 (i) provide that such Options and Restricted Stock Awards shall be assumed, or equivalent Awards shall be
substituted (“Substitute Awards”) by the acquiring or succeeding corporation (or an affiliate thereof), provided that: (A) any such Substitute Awards exchanged for Incentive Stock Options shall meet the requirements of
Section 424(a) of the Code, and (B) the shares of stock issuable upon the vesting or exercise of such Substitute Awards shall constitute securities registered in accordance with the Securities Act or such securities shall be exempt from
such registration in accordance with Sections 3(a)(2) or 3(a)(5) of the Securities Act, (collectively, “Registered Securities”), or in the alternative, if the securities issuable upon the vesting or exercise of such Substitute Awards shall
not constitute Registered Securities, then the Participant will receive upon the lapse of restrictions on, or exercise of the Substitute Awards a cash payment for each Award surrendered equal to the difference between (1) the Fair Market Value
of the consideration to be received for each share of Common Stock in the Change in Control transaction times the number of shares of Common Stock subject to such surrendered Award, and (2) the aggregate Exercise Price, if any, or purchase
price of all such surrendered Awards, or 
 (ii) in the event of a transaction under the terms of which the holders of the Common Stock
of the Company will receive upon consummation thereof a cash payment (the “Merger Price”) for each share of Common Stock exchanged in the Change in Control transaction, to make an appropriate cash payment to Participants equal to the
Merger Price for any Restricted Stock Awards and to make or to provide for a cash payment to the Optionees equal to the difference between (A) the Merger Price times the number of shares of Common Stock subject to such Options held by each
Optionee (to the extent then exercisable at prices not in excess of the Merger Price) and (B) the aggregate Exercise Price of all such surrendered Options in exchange for such surrendered Options. 

(c) Extraordinary Corporate Action. Notwithstanding any provisions of the Plan to the contrary, subject to any required action by the shareholders of
the Company, in the event of any Change in Control, recapitalization, merger, consolidation, exchange of Shares, spin-off, reorganization, tender offer, partial or complete liquidation or other extraordinary
corporate action or event, the Committee shall, prior or subsequent to such action or event: 
 (i) appropriately adjust the number of
Shares of Common Stock subject to each Award, the Option Exercise Price per Share of Common Stock, if applicable, and the consideration to be given or received by the Company upon the vesting or exercise of any outstanding Award; and/or 

(ii) cancel any or all previously granted Awards, provided that appropriate consideration is paid to the Participant in connection
therewith; 
 provided, however, that no action shall be taken by the Committee which would cause Incentive Stock Options granted pursuant to the Plan to
fail to meet the requirements of Section 422 of the Code without the consent of the Optionee. 
 (d) Acceleration. The Committee shall at all
times have the power to accelerate the vesting or exercise date of an Award previously granted under the Plan and based upon its discretion to determine that Awards shall be earned without regard to whether any previously established performance
measures or other criteria have been satisfied. 

  
 12 

 
  

 (e) Excluded Transaction. To the extent that the Company undertakes a transaction or series of
transactions with investors (“Investors”) whereby the Company will raise additional capital through the issuance of various equity instruments, including, but not limited to voting common stock,
non-voting common stock, warrants, and convertible preferred stock (“SNBC Stock”) to such Investors and current stockholders (the “Transaction”), and the Company, following approval of such
Transaction by the Board of Directors, will seek the approval of its shareholders for the Transaction and related stock issuances before the total shares of voting Common Stock issued in the Transaction equals or exceeds 25% of the total shares of
voting Common Stock outstanding before such issuance, then such Transaction shall not be deemed an event or occurrence that is considered a Change in Control in accordance with the Plan. Further, notwithstanding anything in the Plan to the contrary,
such issuance of the SNBC Stock by the Company contemplated by such Transaction shall not be deemed to constitute a Change in Control with respect to any outstanding Awards and any applicable Award Agreements representing such Awards. Further, the
Participants will not be accorded any rights or benefits in the administration and interpretation of the Plan or any Award Agreements with respect to the Awards resulting from the SNBC Stock to be issued in the Transaction. 

Except as expressly provided in Sections 14(a) and 14(b), no Participant shall have any rights by reason of the occurrence of any of the events described in
this Section 14. 
 15. Time of Granting Awards. The Date of Grant of an Award under the Plan shall, for all purposes, be the date on
which the Committee makes the determination of such action or such later date as determined by the Committee at the time of such action. Notice of the grant of an Award shall be given to each Participant to whom an Award is so made within a
reasonable time after such grant in a form determined by the Committee. Awards under the Plan may be made by the Committee only after the Plan is approved by shareholders. 

16. Effective Date. The Plan shall become effective as of the date of approval of the Plan by the shareholders of the Company. 

17. Shareholder Approval. The Plan shall be approved by a majority of the votes cast in person or by proxy with respect to approval of the Plan
at a meeting of the shareholders of the Company held within twelve (12) months of the date the Plan is approved by the Board. 
 18.
Modification of Awards. At any time and from time to time, the Board may authorize the Committee to direct the execution of an instrument providing for the modification of any outstanding Award, provided no such modification, extension or
renewal shall confer on the holder of said Award any right or benefit which could not be conferred on the Participant by the grant of a new Award at such time, or shall not materially decrease the Participant’s benefits under the Award without
the consent of such Participant, except as permitted under Section 19 hereof; provided, however, that no such amendment may have the effect of re-pricing the Exercise Price of Options without shareholder
approval of such action. 
 19. Amendment and Termination of the Plan. 

(a) Action by the Board. The Board may alter, suspend or discontinue the Plan, except that no action of the Board may increase (other than as provided
in Section 14 hereof) the maximum number of Shares permitted to be issued under the Plan, materially increase the benefits accruing to Participants under the Plan or materially modify the requirements for eligibility for participation in the
Plan unless such action of the Board shall be subject to approval by the shareholders of the Company. Notwithstanding anything herein to the contrary, in no event shall the Board or the Committee amend the Plan or amend an Award under the Plan which
allows the Exercise Price of any Option granted under the Plan to be reduced after the Date of Grant, except as otherwise permitted in accordance with Section 14 of the Plan, without shareholder approval of such action. 

  
 13 

 
  

 (b) Change in Applicable Law. Notwithstanding any other provision contained in the Plan, in the event of a
change in any federal or state law, rule, regulation or policy which would make the exercise or vesting of all or part of any previously granted Award unlawful or subject the Company to any penalty, the Committee may restrict any such exercise or
vesting without the consent of the Participant or other holder thereof in order to comply with any such law, rule or regulation or to avoid any such penalty. 

20. Conditions Upon Issuance of Shares; Limitations on Option Exercise; Cancellation of Award Rights. 

(a) Shares shall not be issued with respect to any Award granted under the Plan unless the issuance and delivery of such Shares shall comply with all relevant
provisions of applicable law, including, without limitation, the Securities Act, the rules and regulations promulgated thereunder, any applicable state securities laws and the requirements of any stock exchange upon which the Shares may then be
listed. 
 (b) The inability of the Company to obtain any necessary authorizations, approvals or letters of
non-objection from any regulatory body or authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares issuable hereunder shall relieve the Company of any
liability with respect to the non-issuance or sale of such Shares. 
 (c) As a condition to the exercise of an Option
or the delivery of Shares, the Company may require the Participant who is to receive such Shares to make such representations and warranties as may be necessary to assure the availability of an exemption from the registration requirements of federal
or state securities law. 
 (d) In addition to any forfeiture or reimbursement conditions the Committee may impose upon an Award, a Participant may be
required to forfeit an Award, or reimburse the company for the value of a prior Award, by virtue of the requirement of Section 304 of the Sarbanes-Oxley Act of 2002 (or by virtue of any other applicable statutory or regulatory requirement), but
only to the extent that such forfeiture or reimbursement is required by such statutory or regulatory provision. Unless otherwise determined by the Committee, in the event of a forfeiture of an Award with respect to which a Participant paid cash
consideration, the Participant shall be repaid the amount of such cash consideration. 
 (e) Notwithstanding anything herein to the contrary, upon the
termination of employment of a Participant by the Company or an Affiliate for “cause” as determined by the Board of Directors or the Committee, all Awards held by such Participant shall cease to be exercisable as of the date of such
termination of employment and any Shares that have not yet been delivered to the Participant shall be forfeited. 
 (f) Awards may be paid out in the form of
cash, Common Stock, or combinations thereof as the Committee shall determine in its sole discretion and with such restrictions as it may impose. Upon the vesting of a Restricted Stock Award, the Committee, in its sole and absolute discretion, may
make a cash payment to the Participant, in whole or in part, in lieu of the delivery of shares of Common Stock. Upon the exercise of an Option by an Optionee (or the Optionee’s personal representative), the Committee, in its sole and absolute
discretion, may make a cash payment to the Optionee, in whole or in part, in lieu of the delivery of shares of Common Stock. Such cash payment to be paid in lieu of delivery of Common Stock shall be equal to the difference between the Fair Market
Value of the Common Stock on the date of the Option exercise and the Exercise Price per share of the Option. Such cash payment shall be in exchange for the cancellation of such Option. Such cash payment shall not be made in the event that such
transaction would result in liability to the Optionee or the Company under Section 16(b) of the Securities Exchange Act of 1934, as amended, and regulations promulgated thereunder. 

  
 14 

 
  

 21. Reservation of Shares; No Fractional Shares. During the term of the Plan, the Company will
reserve and keep available a number of Shares sufficient to satisfy the requirements of the Plan. No fractional Shares shall be delivered under the Plan, and the Committee may pay cash in lieu of any fractional Shares in settlement of Awards under
the Plan. 
 22. Unsecured Obligation. Awards payable under the Plan shall be payable in Shares or from the general assets of the Company. No
Participant or Beneficiary under the Plan shall have any right, title or interest in any fund or special asset of the Company by reason of the Plan or the grant of any Award under the Plan. No trust fund shall be created in connection with the Plan
or any grant of any Award hereunder and there shall be no required funding of amounts which may become payable to any Participant. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended. 

23. No Employment Rights. No Employee shall have a right to be selected as a Participant under the Plan. Neither the Plan nor any action taken
by the Committee in administration of the Plan shall be construed as giving any person any rights of employment or retention as an Employee or in any other capacity with the Company, the Bank or other Affiliates. 

24. Withholding; Tax Matters. 
 (a) Withholding.
The Company shall have the right to deduct from all amounts to be paid in cash with respect to any Awards any taxes required by law to be withheld with respect to such cash payments. Where a Participant or other person is entitled to receive Shares
pursuant to the exercise of an Option or vesting of a Restricted Stock Award, the Company shall have the right to require the Participant or such other person to pay the Company the amount of any taxes which the Company is required to withhold with
respect to such Shares, or, in lieu thereof, to retain, or to sell without notice, a number of such Shares sufficient to cover the amount required to be withheld. 

(b) Notice of Section 83(b) Election. In the event a Participant makes an election under Section 83(b) of the Code in connection
with an Award, the Participant shall notify the company of such election within ten (10) days of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification
required pursuant to regulations issued under Section 83(b) of the Code or other applicable provision. 
 (c) Notice of Disqualifying
Disposition. If any Participant shall make a disposition of Shares delivered pursuant to the exercise of Incentive Stock Options under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying
dispositions), such Participant shall notify the Company of such disposition within ten (10) days thereof. 
 25. Governing Law. The Plan
shall be governed by and construed in accordance with the laws of the State of New Jersey, except to the extent that federal law shall be deemed to apply. 

26. No Deferral of Compensation Under Section 409A of the Code. All Awards granted under the Plan are designed to not
constitute a deferral of compensation for purposes of Section 409A of the Code. Notwithstanding any other provision in this Plan to the contrary, all of the terms and conditions of any Award granted under this Plan shall be designed to satisfy
the exemption for stock awards set forth in the regulations issued under Section 409A of the Code. Both this Plan and the terms of all Awards granted hereunder shall be interpreted in a manner that requires compliance with all of the
requirements of the exemption for stock awards set forth in the regulations issued under Section 409A of the Code. No Participant shall be permitted to defer the recognition of income beyond the exercise date of a
Non-Qualified Stock Option or beyond the date that the Common Stock received upon the exercise of an Incentive Stock Option is sold, and no Participant shall be permitted to defer the recognition of income
beyond the date that a Restricted Stock Award shall be deemed earned in accordance with the Plan. 

  
 15 

 
  

 27. Successors. Any obligations of the Company or an Affiliate under the Plan with respect to
Awards granted hereunder shall be binding on any successor to the Company or Affiliate, respectively, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Company or Affiliate, as applicable. 

  
 16

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