Document:

EXHIBIT 10.5

<PAGE>

                     Non-Competition and Severance Agreement

         This  Non-Competition and Severance Agreement  ("Agreement") is entered
into  this  23rd day of  February,  2001  ("Effective  Date")  by and  among Sun
Bancorp, Inc. (the "Company") with its principal place of business headquartered
in  Vineland,  New  Jersey,  Sun  National  Bank  ("Bank"),  a national  banking
organization  having its principal  place of business  located in Vineland,  New
Jersey and Philip W. Koebig, III ("Employee").

         WHEREAS, Employee has previously served the Company and the Bank as its
President,  Chief  Executive  Officer and a Director,  and Sun National  Bank of
Delaware ("Delaware Bank") as an officer and director;

         WHEREAS, the Company recognizes the specialized knowledge and expertise
of the  Employee  related  to the  business  affairs of the  Company,  the Bank,
Delaware Bank, and other subsidiaries of the Company; and

         WHEREAS,  Employee  and  the  Company  desire  to  enter  into  such  a
non-competition   and  severance   agreement   upon  the  terms  and  conditions
hereinafter contained;

         NOW,  THEREFORE,  in consideration of the covenants and terms contained
in this  Agreement  as set forth herein and of the mutual  benefits  accruing to
Company,  the Bank,  the Delaware Bank and to Employee from the  non-competition
and  severance  agreement  between the parties as set forth by the terms of this
Agreement, Company, Bank and Employee agree as follows:

         1. Resignation. This Agreement shall constitute written notice from the
Employee and  acceptance  by the Company,  the Bank,  the Delaware  Bank and all
other subsidiaries of such entities that effective as of the Effective Date, the
Employee hereby  irrevocably  resigns as an officer and director of the Company,
the  Bank,  the  Delaware  Bank  and all  other  subsidiaries  of such  entities
(collectively,  the "Companies").  In addition,  this Agreement shall constitute
written  notice from the Employee and acceptance by the Companies that effective
as of November 30, 2001, the Employee hereby irrevocably  resigns as an employee
of the Companies ("Termination Date").

         2. Non-Competition and Confidential Business

            During the period commencing on the Effective  Date and ending as of
November 30, 2001;

         (a)  Employee  will not,  without  the express  written  consent of the
Companies,  directly or indirectly communicate or divulge to, or use for his own
benefit  or  for  the  benefit  of  any  other  person,  firm,  association,  or
corporation,  any of the trade secrets,  proprietary data or other  confidential
information  communicated  to or  otherwise  learned or acquired by the Employee
from the Companies, except that Employee may disclose such matters to the extent
that disclosure is required by a court or other governmental agency of competent
jurisdiction.

         (b) Employee will not contact  (with a view toward  selling any product
or service  competitive  with any product or service sold or proposed to be sold
by the Companies) any person, firm,  association or corporation (A) to which the
Companies sold any product or service,  (B) which Employee solicited,  contacted
or otherwise  dealt with on behalf of the  Companies,  or (C) which

<PAGE>

Employee was otherwise  aware was a client of the  Companies.  Employee will not
directly or indirectly make any such contact,  either for his own benefit or for
the benefit of any other person, firm, association, or corporation.

         (c)  Employee  hereby  agrees  that he shall not  engage  in  providing
professional  services  or  enter  into  employment  as an  employee,  director,
consultant,  representative,  or similar  relationship to any financial services
enterprise (including but not limited to a savings and loan association, bank or
credit union) whereby the Employee will have a work location  within 50 miles of
the home office of the Bank located in Vineland,  New Jersey, or within 15 miles
of any office of the Companies existing as of the Effective Date.

         (d) Employee  hereby  agrees that he shall not, on his own behalf or on
behalf of others,  employ,  solicit, or induce, or attempt to employ, solicit or
induce,  any  employee  of the  Companies,  for  employment  with any  financial
services   enterprise   (including  but  not  limited  to  a  savings  and  loan
association,  bank, credit union, or insurance  company),  nor will the Employee
directly or  indirectly,  on his behalf or for  others,  seek to  influence  any
employee of the Companies to leave the employ of the Companies.

         (e)  Employee  will  not  make  any  public  statements  regarding  the
Companies without the prior consent of the Companies, and the Employee shall not
make any statements  that  disparage the Companies or the business  practices of
the  Companies.  The  Company  shall not  knowingly  or  intentionally  make any
statements that disparage the Employee.

         (f)  The  Employee  and  the  Companies   acknowledge  and  agree  that
irreparable injury will result to the parties in the event of a breach of any of
the  provisions  of this Section 2 (the  "Designated  Provisions")  and that the
Employee  and the  Companies  will have no adequate  remedy at law with  respect
thereto.  Accordingly,  in the  event of a  material  breach  of any  Designated
Provision,  and in addition to any other legal or equitable  remedy the Employee
or the  Companies may have,  the Employee or the Companies  shall be entitled to
the  entry of a  preliminary  and a  permanent  injunction  (including,  without
limitation, specific performance by a court of competent jurisdiction located in
Cumberland  County,  New Jersey,  or  elsewhere),  to restrain the  violation or
breach  thereof by either the Employee or the  Companies,  and the parties shall
submit to the jurisdiction of such court in any such action.

3.       Compensation

          a.   Company agrees to pay Employee for his commitments and agreements
               as contained herein,  including  Section 2 herein,  the aggregate
               compensation  of  $236,250  payable in the form of nine (9) equal
               cash  payments  of  $26,250  per  month  (less   applicable   tax
               withholding)  during the months of March  2001  through  November
               2001. The Company  acknowledges  that  compliance by the Employee
               with  the  conditions  set  forth at  Section  2,  herein,  is an
               essential  component of this Agreement,  and that such compliance
               is  necessary  for the  Company  to obtain  the full value of its
               consideration  paid under this Agreement.  The parties agree that
               Employee  shall not be  entitled  to  participate  in or  receive
               benefits under any Company programs

                                    Page -2-

<PAGE>

               maintained for its employees, except as specifically agreed to by
               the parties.  Further,  as of the Effective Date, Employee hereby
               waives any  rights,  claims and  payments  that may be due at any
               time thereafter, if any, in accordance with the Change in Control
               Severance  Agreements  between the  Employee and the Bank and the
               Employee  and the  Company,  both dated June 22,  2000,  and such
               agreements  shall be deemed  terminated  and of no further  legal
               force and effect as of the Effective Date.

          b.   The Company shall maintain the term life insurance  policy in the
               amount of  $300,000  in the name of the  Employee in effect as of
               the Effective Date for the period ending as of December 31, 2001.
               The  Company  shall  permit the  Employee  to continue to use the
               automobile  (at  Employee's  own  cost,   except  for  lease  and
               insurance  payments which shall be made by the Company) furnished
               for the use of the Employee for a period of thirty days following
               the Effective Date. The Employee shall continue to be eligible to
               participate  (on the same cost  basis as other  employees  of the
               Company)  in  the  medical   insurance   reimbursement   programs
               maintained   by  the   Bank   through   the   Termination   Date.
               Notwithstanding anything herein to the contrary,  thereafter, the
               Employee  shall be eligible to  continue to  participate  in such
               medical  insurance  reimbursement  programs  in  accordance  with
               applicable law.

          c.   In addition to the payments  referenced at Section 3(a),  herein,
               the Employee  shall be paid the sum of $18,173,  less  applicable
               tax withholding,  for calendar year  2001vacation  leave ($24,230
               reduced  by $6,057 for the five (5) days of  vacation  leave (one
               week) paid for the period February 22, 2001 through  February 28,
               2001).  Such payment shall be made not later than the Termination
               Date.

          d.   Nothing  contain in this  Agreement  shall be deemed to modify or
               amend any previously  awarded  options to acquire common stock of
               the Company held by the Employee. For purposes of determining the
               Employee's right to exercise such options,  the Employee shall be
               deemed an employee of the Company through the  Termination  Date,
               except in the event of the prior death of the Employee.

          e.   The  compensation  and benefits  payable in accordance  with this
               Section 2 shall be payable to the estate of the  Employee  in the
               event that such Employee shall die prior to the Termination Date,
               absent a breach of the  Agreement  by the  Employee  prior to his
               death.

4.        Releases

         (a) Employee hereby  knowingly and voluntarily  waives and releases the
Companies, and officers, directors, and employees of the Companies, from any and
all claims or causes of action,  known or unknown,  arising out of or in any way
relating to: 1)any wrongful  discharge from the employ of the Companies,  2) any
rights or claims  arising out of title VII of the Civil  Rights Act of 1964,  as
amended,  3)the Age Discrimination in Employment Act ("ADEA"),  4) the Americans
with  Disabilities  Act, or 5)any other federal,  state or municipal

                                    Page -3-
<PAGE>

          statute or ordinance  relating to  discrimination  in employment  (the
          "Release").  However,  Employee may pursue  claims or institute  legal
          action to enforce the provisions of this Agreement.

         (b) Employee  further  states that he has carefully read the foregoing,
has had  sufficient  opportunity  to review and deliberate the foregoing with or
without counsel of Employee's own choosing,  has been advised of the opportunity
to  consult  with an  attorney,  knows  and  understands  the  contents  of this
Agreement  and  related  Release,  and  signs  the same as  Employee's  free and
independent act. No inducements,  representations,  or agreements have been made
or relied upon to make this Agreement except as stated in this Agreement.

         (c) Employee  understands and acknowledges  that the Release and waiver
of claims  contained  herein is  exchanged  for a  portion  of the  compensation
described at Section 3, herein, which compensation the Employee is not otherwise
entitled to receive.

         (d)  Employee  understands  that he has a period of seven (7) days from
the date of executing this  Agreement  during which time Employee shall have the
right to revoke  this  Agreement.  Any such  revocation  shall be in writing and
delivered to the Chairman of the Board of the Company.

5.       The Complete Agreement

This Agreement, and any attachments or exhibits appended hereto, shall represent
the complete Agreement between the Companies and Employee concerning the subject
matter hereof and supersedes all prior agreements or understandings,  written or
oral. No attempted  modification or waiver of any of the provisions hereof shall
be binding on either  party  unless made in writing and signed by both  Employee
and the Companies.

6.       Notices

Any notice  required or permitted to be given  hereunder shall be in writing and
shall be effective  three  business days after it is properly sent by registered
or  certified  mail,  if to the  Companies  to the  Chairman of the Board at the
administrative  offices of the  Company,  or if to  Employee  to the address set
forth  beneath his  signature  to this  Agreement,  or to such other  address as
either party may from time to time designate by notice.

7.       Assignability

This  Agreement  may not be  assigned  by any party  without  the prior  written
consent  of the other  parties,  except  that no consent  is  necessary  for the
Companies to assign this Agreement to a corporation  succeeding to substantially
all the assets or business of the  Companies  whether by merger,  consolidation,
acquisition  or otherwise.  This Agreement  shall be binding upon Employee,  his
heirs and permitted  assigns and the  Companies,  its  successors  and permitted
assigns.

                                    Page -4-

<PAGE>

8.       Severability

Each  of  the  sections   contained  in  this  Agreement  shall  be  enforceable
independently  of every other section in this  Agreement,  and the invalidity or
nonenforceability  of any section shall not invalidate or render  nonenforceable
any other section  contained herein. If any section or provision in a section is
found invalid or unenforceable,  it is the intent of the parties that a court of
competent  jurisdiction  shall reform the section or  provisions  to produce its
nearest enforceable economic equivalent.

9.       Arbitration

Except as provided at Section 2(f) herein,  any controversy or claim arising out
of or  relating  to this  Agreement  or the breach  thereof  shall be settled by
binding  arbitration in accordance with the Commercial  Arbitration Rules of the
American  Arbitration  Association,  with such arbitration hearing to be held at
the offices of the American Arbitration Association ("AAA") nearest to Vineland,
New Jersey,  and judgment upon the award  rendered by the  arbitrator(s)  may be
entered in any court  having  jurisdiction  thereof.  Either the Employee or the
Company may file a request for such arbitration with the AAA.

10.      Applicable Law

It is the intention of the parties hereto that all questions and interpretations
with respect to the  construction  and  performance  of this  Agreement  and the
rights and  liabilities  of the parties hereto shall be determined in accordance
with the laws of the State of New  Jersey,  with  respect to any matter or thing
arising out of this Agreement or pursuant thereto.EXHIBIT 10.6

<PAGE>

                                SUN NATIONAL BANK

                               SEVERANCE AGREEMENT
                               -------------------

         THIS SEVERANCE  AGREEMENT  ("Agreement")  entered into this 20th day of
February, 2001 ("Effective Date"), by and between Sun National Bank (the "Bank")
and Thomas A. Bracken (the "Executive").

         WHEREAS,  the Executive is experienced in all phases of the business of
the Bank;

         WHEREAS, the Bank wishes to induce the Executive to commence employment
with the Bank as its President and Chief Executive Officer;

         WHEREAS, the parties desire by this writing to set forth the rights and
responsibilities  of the Bank and Executive if the  Executive's  employment with
the Bank should terminate.

         NOW, THEREFORE, it is AGREED as follows:

         1.  Employment.  The Executive is employed by the Bank as its President
and Chief Executive Officer. The Executive's employment shall be for no definite
period  of time and the  Executive  or the Bank may  terminate  such  employment
relationship  at any time for any reason or no reason.  The  employment  at-will
relationship  remains in full force and effect  regardless of any  statements to
the contrary made by company  personnel or set forth in any documents other than
those  signed by the  Chairman  of the Bank.  The  Executive  shall  render such
administrative  and management  services to the Bank and Sun Bancorp,  Inc., the
parent bank holding  company  ("Parent")  as are  currently  rendered and as are
customarily  performed by persons situated in a similar executive capacity.  The
Executive's  other duties  shall be such as the Board of Directors  for the Bank
(the "Board of Directors" or "Board") may from time to time  reasonably  direct,
including normal duties as an officer of the Bank and the Parent.

         2.  Term of  Agreement.  The  term of this  Agreement  shall be for the
period  commencing  on the  Effective  Date and ending  twenty-four  (24) months
thereafter  ("Term") or upon the date of Executive's  termination of employment,
if earlier.  Additionally,  on, or before, each annual anniversary date from the
Effective  Date,  the Term of this  Agreement  may be extended for an additional
period  beyond  the then  effective  expiration  date upon a  determination  and
resolution of the Board of Directors  that the  performance of the Executive has
met the  requirements  and  standards  of the  Board,  and that the Term of such
Agreement shall be extended.

         3.  Termination  of Employment  in  Connection  with or Subsequent to a
Change in Control.

         (a) Notwithstanding any provision herein to the contrary,  in the event
of the  involuntary  termination of Executive's  employment with the Bank during
the term of this  Agreement  following  any  Change  in  Control  of the Bank or
Parent,  or within 18 months  thereafter of such Change in

<PAGE>

Control,  absent  Just  Cause,  Executive  shall be paid an amount  equal to the
product of (2.999) times the Executive's aggregate compensation paid by the Bank
as required to be  reported  on the IRS Form W-2,  box 1, for the most  recently
completed calendar year ending on, or before, the date of such Change in Control
(which amount shall be annualized if such term of employment  during such period
is less than for the full calendar year; and provided that if such Executive was
not an employee  during the prior calendar year, then the  compensation  for the
current  calendar year shall be annualized  and utilized in such  calculations).
Said  sum  shall be paid by the  Bank to the  Executive  in one (1) lump sum not
later than the date of  Executive's  termination  of service.  In addition,  the
Executive and his  dependents  shall be eligible to continue  coverage under the
Bank's (or its  successor's)  medical and dental insurance  reimbursement  plans
similar  to that in  effect  on the date of  termination  of  employment  at the
participants'  election  and  expense  for a period of not less than 18  months.
Notwithstanding  the forgoing,  all sums payable  hereunder  shall be reduced in
such  manner and to such extent so that no such  payments  made  hereunder  when
aggregated with all other  payments,  if any, to be made to the Executive by the
Bank or the Parent shall be deemed an "excess  parachute  payment" in accordance
with Section 280G of the Internal  Revenue Code of 1986, as amended ("Code") and
be subject to the excise tax provided at Section  4999(a) of the Code.  The term
"Change in Control"  shall refer to (i) the sale of all, or a material  portion,
of the assets of the Bank or the Parent;  (ii) the merger or recapitalization of
the Bank or the  Parent  whereby  the Bank or the  Parent  is not the  surviving
entity;  (iii) a change  in  control  of the Bank or the  Parent,  as  otherwise
defined  or  determined  by the Office of the  Comptroller  of the  Currency  or
regulations promulgated by it; or (iv) the acquisition,  directly or indirectly,
of the  beneficial  ownership  (within the meaning of that term as it is used in
Section  13(d)  of the  Securities  Exchange  Act of  1934  and  the  rules  and
regulations  promulgated thereunder) of twenty-five percent (25%) or more of the
outstanding  voting  securities of the Bank or the Parent by any person,  trust,
entity or group. The term "person" means an individual other than the Executive,
or  a  corporation,   partnership,  trust,  association,  joint  venture,  pool,
syndicate, sole proprietorship, unincorporated organization or any other form of
entity not specifically listed herein. The provisions of this Section 3(a) shall
survive the expiration of this Agreement occurring after a Change in Control.

         (b)  Notwithstanding  any  other  provision  of this  Agreement  to the
contrary,  Executive may voluntarily terminate his employment during the term of
this Agreement following a Change in Control of the Bank or Parent, or within 18
months following such Change in Control, and upon the occurrence,  or within six
months thereafter of any of the following events,  which have not been consented
to in advance by the Executive in writing: (i) if Executive would be required to
move his personal  residence or perform his principal  executive  functions more
than  thirty-five  (35)  miles  from the  Executive's  primary  office as of the
signing of this Agreement;  (ii) if in the organizational structure of the Bank,
Executive  would be  required  to report to a person or  persons  other than the
Board of  Directors  of the  Bank;  (iii) if the Bank  should  fail to  maintain
Executive's base  compensation in effect as of the date of the Change in Control
and the existing  Executive  benefits plans,  including material fringe benefit,
stock option and retirement  plans;  (iv) if Executive  would be assigned duties
and  responsibilities  other than those normally associated with his position as
referenced  at Section 1,  herein;  or (v) if  Executive's  responsibilities  or
authority  have in any way been  materially  diminished  or  reduced.  Upon such
voluntary  termination  of employment  by the Executive in accordance  with this
Section  3(b),  Executive  shall

                                    Page -2-

<PAGE>

thereupon be entitled to receive the payments  described in Section 3(a) of this
Agreement.  The  provisions of this Section 3(b) shall survive the expiration of
this Agreement occurring after a Change in Control.

         4.       Other Changes in Employment Status.

         (a) Except as provided for at Section 3, herein, the Board of Directors
may terminate the Executive's  employment at any time with or without Just Cause
within  its sole  discretion.  This  Agreement  shall  not be deemed to give the
Executive any right to be retained in the  employment or service of the Bank, or
to  interfere  with the right of the Bank to  terminate  the  employment  of the
Executive  at any  time  for any  reason.  In the  event  that  the  Executive's
employment  with the  Bank is  terminated  other  than  for  Just  Cause  (or in
accordance  with  Section  3  herein)  within  twenty-four  (24)  months  of the
Effective  Date, the Executive shall be eligible to receive payment equal to his
then current  monthly base salary for a period of twelve (12) months  thereafter
("Severance  Period"),  plus $50,000,  provided that the Executive  shall comply
with the limitations set forth at Section 4(b), herein. The Executive shall have
no  right to  receive  compensation  or  other  benefits  for any  period  after
termination for Just Cause.  Termination for "Just Cause" shall include,  but is
not limited to,  termination  because of the  Executive's  personal  dishonesty,
willful  misconduct,   breach  of  fiduciary  duty  involving  personal  profit,
intentional failure to perform stated duties, willful violation of any law, rule
or  regulation  (other than  traffic  violations  or similar  offenses) or final
cease-and-desist  order issued by a federal banking regulatory having regulatory
authority over the Bank or Parent,  or a material breach of any provision of the
Agreement.

         (b)  During   the  Severance  Period, other  than  in  accordance  with
Section 3:

         (i) Executive will not,  without the express  written  consent of Bank,
directly or indirectly  communicate or divulge to, or use for his own benefit or
for the benefit of any other person, firm, association,  or corporation,  any of
the  trade  secrets,   proprietary  data  or  other   confidential   information
communicated  to or  otherwise  learned or  acquired by the  Executive  from the
Parent, the Bank, or any subsidiary of such entities,  except that Executive may
disclose  such matters to the extent that  disclosure  is required by a court or
other governmental agency of competent jurisdiction.

         (ii) Executive will not contact (with a view toward selling any product
or service  competitive  with any product or service sold or proposed to be sold
by the Parent,  the Bank, or any subsidiary of such entities) any person,  firm,
association or corporation (A) to which the Parent,  the Bank, or any subsidiary
of such entities  sold any product or service,  (B) which  Executive  solicited,
contacted  or  otherwise  dealt with on behalf of the Parent,  the Bank,  or any
subsidiary of such entities,  or (C) which  Executive was otherwise  aware was a
client of the Parent,  the Bank, or any subsidiary of such  entities.  Executive
will not  directly  or  indirectly  make any such  contact,  either  for his own
benefit  or  for  the  benefit  of  any  other  person,  firm,  association,  or
corporation.

         (iii)  Executive  hereby  agrees  that for a period of eight (8) months
following  termination  of employment in accordance  with Section 4(a), he shall
not engage in providing  professional

                                    Page -3-

<PAGE>

services  or  enter  into  employment  as  an  employee,  director,  consultant,
representative,  or similar  relationship to any financial  services  enterprise
(including  but not  limited to a savings  and loan  association,  bank,  credit
union,  or insurance  company)  whereby the Executive  will have a work location
within 50 miles of the home office of the Bank located in Vineland,  New Jersey,
or within 15 miles of any office of the Parent,  the Bank, or any  subsidiary of
such entities existing as of the Effective Date.

         (iv) Executive hereby agrees that he shall not, on his own behalf or on
behalf of others,  employ,  solicit, or induce, or attempt to employ, solicit or
induce,  any  employee  of the  Parent,  the  Bank,  or any  subsidiary  of such
entities, for employment with
 any financial services  enterprise  (including but not limited to a savings and
loan  association,  bank,  credit  union,  or insurance  company),  nor will the
Executive directly or indirectly, on his behalf or for others, seek to influence
any employee of the Parent,  the Bank,  or any  subsidiary  of such  entities to
leave the employ of the Parent, the Bank, or any subsidiary of such entities

         (v) Executive will not make any public statements regarding the Parent,
the Bank, or any  subsidiary  of such entities  without the prior consent of the
Parent  or the  Bank,  and the  Executive  shall  not make any  statements  that
disparage  the  Parent,  the Bank,  or any  subsidiary  of such  entities or the
business practices of the Parent, the Bank, or any subsidiary of such entities.

         (vi) Executive  acknowledges  and agrees that  irreparable  injury will
result  to the Bank in the event of a breach  of any of the  provisions  of this
Section  4(b)  (the  "Designated  Provisions")  and that the Bank  will  have no
adequate  remedy at law with  respect  thereto.  Accordingly,  in the event of a
material breach of any Designated Provision,  and in addition to any other legal
or equitable  remedy the Bank may have,  the Bank shall be entitled to the entry
of a preliminary  and a permanent  injunction  (including,  without  limitation,
specific performance by a court of competent  jurisdiction located in Cumberland
County,  New Jersey, or elsewhere),  to restrain the violation or breach thereof
by Executive,  and Executive  shall submit to the  jurisdiction of such court in
any such action.

         (vii) The  provisions of this Section 4(b) shall survive the expiration
of this Agreement.

         5.  Regulatory  Exclusions.  Notwithstanding  anything  herein  to  the
contrary,  any payments  made to the  Executive  pursuant to the  Agreement,  or
otherwise,  shall  be  subject  to  and  conditioned  upon  compliance  with  12
USCss.1828(k) and any regulations promulgated thereunder.

         6. No Duty to Mitigate. The Executive shall not be required to mitigate
the amount of any payment of severance  benefits by seeking other  employment or
otherwise,  nor shall the amount of any payments  provided for in this Agreement
be reduced by any  compensation  earned by the  Executive  for  employment  with
another entity following termination of employment with the Bank.

                                    Page -4-
<PAGE>

         7.       Successors and Assigns.

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

         (b) The Executive  shall be precluded  from assigning or delegating his
rights or duties  hereunder  without first  obtaining the written consent of the
Bank.

         8.  Amendments.  No amendments or additions to this Agreement  shall be
binding  upon the  parties  hereto  unless  made in  writing  and signed by both
parties, except as herein otherwise specifically provided.

         9.  Applicable  Law. This  agreement  shall be governed by all respects
whether as to validity, construction, capacity, performance or otherwise, by the
laws of the State of New Jersey,  except to the extent that Federal law shall be
deemed to apply.

         10.  Severability.  The  provisions of this  Agreement  shall be deemed
severable and the  invalidity  or  unenforceability  of any provision  shall not
affect the validity or enforceability of the other provisions hereof.

         11.  Arbitration.  Except as  provided  at Section  4(vi)  herein,  any
controversy or claim arising out of or relating to this Agreement, or the breach
thereof,  shall be settled  exclusively by  arbitration  in accordance  with the
rules  then  in  effect  of the  district  office  of the  American  Arbitration
Association  ("AAA")  nearest to the home office of the Bank,  and judgment upon
the award  rendered  may be entered in any court  having  jurisdiction  thereof,
except to the extend that the parties may otherwise reach a mutual settlement of
such issue.  The provisions of this Section shall survive the expiration of this
Agreement.

         12.  Non-Disclosure.  Executive  will not,  during or after the Term of
this Agreement,  directly or indirectly,  disseminate or disclose to any person,
firm or entity,  except to his or her legal  advisor or financial  advisor,  the
terms of this Agreement  without the written consent of the Bank. The provisions
of this Section shall survive the expiration of this Agreement.

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

                                    Page -5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}]]