Document:

Severance Agreement

 EXHIBIT 10 (B) 
  
 VALLEY NATIONAL BANK 
 1455 Valley
Road 
 Wayne, NJ 07470 
  
 February 11, 2004 
  
 Mr. Albert L. Engel 
 Executive Vice President 
 Valley National Bancorp 
 Valley National Bank 
 1455 Valley Road 
 Wayne, New Jersey 07470 
  
 Dear Mr. Engel: 
  
 The Board of Directors of Valley National Bancorp (“Bancorp”) and Valley National Bank (the “Bank”)
(collectively, the “Company”) have determined that it is in the best interests of the Bancorp and the Bank for the Company to agree to provide you with certain limited severance rights as provided herein. 
  
 The Board recognizes that your employment by the Company without any
severance agreement creates tensions which may cause you to seek opportunities elsewhere or affect your views of your present compensation. These arrangements are being made to alleviate, in part, those concerns. 
  
 In view of the foregoing, in consideration of your continued employment with
the Company and your consent to this letter, the Company agrees: 
  
 1. If the Company elects to terminate you as Executive Vice President of Valley National Bancorp and/or Valley National Bank, upon the termination of your employment the Company will pay you a lump sum severance benefit equal to 12 months
of your annual base salary plus a portion of your most recent bonus. The bonus amount shall equal your most recent bonus multiplied by a fraction, the numerator of which is the number of months which have elapsed in the current calendar year and the
denominator of which is 12. This severance benefit will not be paid if the Company terminates you for “Cause”. “Cause” means (i) willful and continued failure by the Executive to perform his duties for the Company after at least
one warning in writing from the Company’s Board of Directors identifying specifically any such failure; (ii) the willful engaging by the Executive in misconduct which causes material injury to the Company as specified in a written notice to the
Executive from the Board of Directors; or (iii) conviction of a crime, other than a traffic violation, habitual drunkenness, drug abuse, or excessive absenteeism other than for 

  

 
illness, after a warning (with respect to drunkenness or absenteeism only) in writing from the Board of Directors to refrain from such behavior. No act or
failure to act on the part of the Executive shall be considered willful unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or omission was in the best interest of the Company. No
severance will be paid under this paragraph in the event you are paid a severance benefit pursuant to any change in control agreement with the Company. 
  
 2. If you are terminated other than for Cause, or you die or become disabled, the Company will provide and pay for hospital, health and medical insurance
for you and your spouse and minor children (subject to deductibles, co-pays and premiums which you previously paid), as well as (where applicable) life insurance and disability insurance for a period of three years following your employment
termination or death, unless such benefits are provided to you or your spouse by another party. 
  
 As partial consideration for the Company entering into this Agreement, you agree as follows: 
  
 3. Following the termination of your employment with the Company for any reason, you shall retain in confidence any
confidential information known to you concerning the Company and its business. 
  
 4. While you are employed by the Company and for a period of one year thereafter, you will not, without the prior written approval of the Board of Directors of Bancorp, directly or indirectly, as officer, director,
employee, shareholder, principal or agent, or in any other capacity, own, manage, operate, consult with or be employed by any insured depository institution which transacts business in the State of New Jersey if such insured depository institution
employs or utilizes you in any capacity to solicit the Company’s loan, trust, deposit customers, or other customers of the Company, or employees of the Company. 
  
 5. You agree that the Company has no adequate remedy at law for the violation of paragraphs 3 and 4 and that the Company
shall be entitled to injunctive relief to enforce such provisions. 
  
 Both parties mutually agree as follows: 
  
 6. In the
event the Company fails to pay to you or your spouse any of the benefits provided herein for a period in excess of 10 business days after a written request to do so, you (or your spouse) shall be entitled to be paid or reimbursed by the Company for
the legal fees and expenses incurred by you (or your spouse) in enforcing or interpreting the provisions of this Agreement. The Company hereby agrees to pay or reimburse you for such fees and expenses on a monthly basis, upon your submission of
bills or requests for payment. A court shall be entitled to deny you your legal fees and expenses only if it finds you made a claim for benefits hereunder not in good faith and without reasonable cause. 
  
 7. This Agreement shall commence on the date hereof and expire on the earlier
of (i) your attainment of age 65 or (ii) January 1, 2007 (January 1, 2007 is referred to hereafter as 

  

 -2- 

 
the “Initial Expiration Date”). On January 1 of each year starting January 1, 2005, the Initial Expiration Date shall be automatically extended for
an additional one year period (so it remains a three year contract until you reach age 65) unless you or Bancorp otherwise elect and so notify the other party in writing prior to January 1 of any year starting with January 1, 2005. This Agreement
may be amended, supplemented or changed at any time only by a writing signed by Bancorp and yourself. 
  
 8. This Agreement shall be binding upon and inure to the benefit of you, your estate and the Company, and any successor to the Company by merger,
consolidation or sale. Neither this Agreement nor any rights arising hereunder may be assigned or pledged by you. After your death, your spouse and minor children shall be entitled to enjoy and enforce the benefits of this Agreement. In the event
your services are terminated and you are entitled to payments, you shall not be obligated to mitigate your damages and the Company may not offset amounts due to you hereunder. However, in the event you breach the non-solicitation contained in
paragraph 4 hereof, the Company shall not thereafter be obligated to provide you with any benefits hereunder and you shall not be entitled to be paid your legal fees or expenses as provided in paragraph 6 hereof. 
  
 If you are in agreement with the foregoing, please so indicate by signing and
returning to the Company the enclosed copy of this letter, whereupon this letter shall constitute an agreement between you and the Company. 
  

									
	 	 	 	 	 Very truly yours,

			
	 	 	 	 	 VALLEY NATIONAL BANCORP

					
	 	 	 	 	 	 	By:	 	/s/     ROBERT E. MCENTEE         
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Robert E. McEntee, Chairman, Compensation
 and Human Resources Committee

  

									
			
	 AGREEDAND ACCEPTED:
	 	 	 	 VALLEY NATIONAL BANK

					
	 	 	/s/    ALBERT L. ENGEL        	 	 	 	By:	 	/s/     ROBERT E. MCENTEE         
	
	 	 	 	 	 	

	 	 	Albert L. Engel, Executive	 	 	 	 Robert E. McEntee, Chairman, Compensation
 and Human Resources Committee

				
	 	 	 	 	 	 	 Executive Seniority Date with Valley
 National Bank: 10/01/96

  

 -3-Split Dollar Agreement Revocation

 EXHIBIT 10 (C) 
  
 Agreement 
  
 This Agreement, dated as of April 22, 2004, is entered into by and among Gerald H. Lipkin (the “Executive”), Linda I. Lipkin (“Mrs.
Lipkin”), Valley National Bancorp (the “Company”), Valley National Bank as trustee under the Gerald H. Lipkin and Linda I. Lipkin 1995 Irrevocable Trust Agreement dated July 7, 1995 (the “Trust”), Jeffrey Lipkin
(“Son”) and Pamela Lipkin Sauertig (“Daughter”). 
  
 WHEREAS, the Trust is the owner of a life insurance policy (the “Policy”) issued by The Guardian Life Insurance Company of America, under which the Executive is the insured; and 
  
 WHEREAS, the Executive has been and continues to be an executive officer of
the Company; and 
  
 WHEREAS, the Company has paid all premiums
with respect to the Policy through July 2002; and 
  
 WHEREAS, the
Trust, the Company, the Executive and Mrs. Lipkin have previously entered into a split-dollar Agreement dated as of July 7, 1995 (the “Split-Dollar Agreement”), under which the Company has an unqualified right to recoup its prior premium
payments from any proceeds of the Policy, with all remaining value under the policy to be paid to the Trust or the beneficiaries of the Trust; and 
  
 WHEREAS, the Son and Daughter are beneficiaries of the Trust; and 
  

WHEREAS, as a result of recent changes in the law, it is no longer lawful for the Company to pay the premiums on the Policy and continue the
Split-Dollar Agreement. In addition, due to changes in the tax law, the Trust would be subject to tax on its increased value in the Policy if the Split-Dollar Agreement continued into 2004; and 
  
 WHEREAS, the Company is willing to accept delivery and unrestricted ownership
of the Policy in exchange for the Trust’s agreement to forego all rights it has under the Policy; and 
  
 WHEREAS, the Company is willing to deliver to the Executive 8,000 shares of the Company’s common stock (the “Shares”), which Shares the
Company’s consultants have determined to be equal in value to the value of the Policy to the Trust (net of the premium repayment obligation) together with the Split Dollar Agreement obligation; 
  
 WHEREAS, the Trust is willing to transfer the Policy to the Company and to
release all rights that it has thereunder, in exchange for the Company’s commitment to transfer the Shares to the Executive; and 
  
 WHEREAS, the Executive is willing to transfer some Shares to the Trust as long as he incurs no gift tax on the transfer and retains sufficient funds to
pay income taxes which may be due on the Shares; 
  
 NOW,
THEREFORE, the parties hereto agree to the following: 
  
 1. The
Trust will transfer title and ownership of the Policy to the Employer, and neither it nor the beneficiaries of the Trust will have any further rights thereunder. 
  

 2. The Company will accept the transfer of the Policy in full satisfaction of its rights under the
Split-Dollar Agreement, and will thereafter have unrestricted ownership rights with respect to the Policy. 
  
 3. The Company will award 8,000 Shares to the Executive in return for the Trust’s transfer of the Policy and the Trust’s and the
Executive’s termination of the Split-Dollar Agreement, with such award to be treated, if in accordance with federal tax law, as a noncompensatory, nontaxable award for federal and state income tax purposes. In addition to the 8,000 Shares, an
additional 400 Shares will be issued to the Executive with respect to the 5% stock dividend declared April 7, 2004 if, and only if, the Shares are not registered in the name of the Executive prior to the record date for the stock dividend. The
Restricted Stock Grant Agreement shall expressly specify that the transfer of the Policy to the Company, and the Company’s being relieved of having to make future premium payments with respect to the Policy, are the Executive’s
consideration for the 8,000 Shares. 
  
 4. The Split-Dollar
Agreement is hereby terminated by all parties subject to the above provisions. 
  
 5. The Executive will transfer some of the 8,000 Shares to the Trust, subject to the tax considerations set forth in the Whereas clauses above. 
  
 6. All the above events will be effected as soon as possible, and will be effected as of April 22, 2004. 
  
 IN WITNESS WHEREOF, we hereby agree to the provisions set forth herein, as of
the date first set forth above. 
  

					
			
	/s/    GERALD H. LIPKIN        	 	 	 	/s/    LINDA I. LIPKIN        
	
	 	 	 	

	GERALD H. LIPKIN	 	 	 	LINDA I. LIPKIN

  

			
	 VALLEY NATIONAL BANCORP

		
	by:	 	/s/    ROBERT E. MCENTEE, DIRECTOR        
	 	 	

	 	 	 ROBERT E. MCENTEE
 CHAIRMAN COMPENSATION COMMITTEE

  

	
	
	 /s/ VALLEY NATIONAL BANK as trustee
 Under the Gerald H.
Lipkin and Linda I. Lipkin
 1995 Irrevocable Trust Agreement dated July 7, 1995

  

			
		
	by:	 	/s/    ROBERT E. MCENTEE, DIRECTOR        
	 	 	

	 	 	 ROBERT E. MCENTEE
 CHAIRMAN COMPENSATION COMMITTEE

  

					
			
	/s/    JEFFREY LIPKIN        	 	 	 	/s/    PAMELA LIPKIN SAUERTIG        
	
	 	 	 	

	JEFFREY LIPKIN	 	 	 	PAMELA LIPKIN SAUERTIG

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