Document:

EXHIBIT 10(a)

Dear Mr. ______:

Summit  Bancorp  hereby grants to you a  non-qualified  option (the "Option") to
purchase ___ shares of Summit  Bancorp  Common  Stock,  par value $.80 per share
("Summit  Stock")  subject to the terms and  conditions  set forth in this grant
letter.  This Option grant and the Option are contingent,  and shall take effect
only,  upon your  commencement of employment with Summit Bank in accordance with
your employment agreement with Summit Bank dated September___, 2000 ("Employment
Agreement").  The  exercise  price of your Option is the average of the high and
low sale  prices of a share of Summit  Bancorp  Common  Stock  today on the NYSE
Composite  Transactions  List (as reported in The Wall Street Journal or, in the
absence thereof, as reported by another  authoritative  source), or, if no share
of Summit Stock is traded today, the last day on which one share of Summit Stock
was traded.

Your Option is called  "non-qualified"  because it is not intended to qualify as
an "incentive  stock  option"  within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended ("Code").

When Your Option Can Be Exercised & Expiration Date

Your Option becomes exercisable in accordance with the following  exercisability
schedule  ("Exercisability  Schedule"):  with  respect to ____  shares of Summit
Stock on the first anniversary date of this grant letter and your Option becomes
exercisable  with  respect to the  remaining  ____ shares of Summit Stock on the
second  anniversary  date of this grant letter ("Full Exercise  Date").  As your
Option becomes exercisable in accordance with the Exercisability  Schedule or as
otherwise  as set forth  below,  the  exercisable  portion of your Option can be
exercised  at any time in whole  or in part  until  (and  including)  the  tenth
anniversary date of this grant letter (the "Expiration  Date"). Any part of this
Option  which  is  not  exercised  on  or  before  the   Expiration   Date  will
automatically and without further notice to you immediately terminate.

Notwithstanding the foregoing paragraph:

(i)   Upon the  occurrence of a Change in Control (as defined at Section 6(d) of
      the Employment Agreement), your Option will become immediately exercisable
      in full;

(ii)  If your employment with Summit and its affiliates  terminates prior to the
      Full  Exercise  Date  pursuant  to  Section   3(a)(7)  of  the  Employment
      Agreement, other than following the occurrence of a Change in Control, any
      portion of your Option which has not yet become  exercisable in accordance
      with the  Exercisability  Schedule shall terminate at the earlier to occur
      of your last day of  employment  or the  Termination  Date (as  defined at
      Section 3(a) of the Employment Agreement);

(iii) If your employment with Summit and its affiliates  terminates prior to the
      Full  Exercise  Date  pursuant  to  Sections  3(a)(1),  3(a)(2),  3(a)(3),
      3(a)(5),  3(a)(6) or  3(a)(8) of the  Employment  Agreement,  your  Option
      becomes  exercisable  in  accordance  with Section  3(b)(2)(v)  or Section
      3(b)(3)(i), as applicable, of the Employment Agreement;

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(iv)  If your employment  with Summit and its affiliates  terminates at any time
      pursuant to Section 3(a)(4) of the Employment Agreement, your Option shall
      terminate  at the earlier to occur of your last day of  employment  or the
      Termination Date; and

(v)   The  Compensation  Committee of Summit Bancorp (the  "Committee"),  in its
      discretion,  may determine that upon the occurrence of a Change in Control
      your  Option  shall  terminate,  notwithstanding  the date  upon  which it
      otherwise would terminate, within a specified number of days (but not less
      than five (5) days) after notice of such  termination is given to you, and
      that you shall  receive in respect of such  termination,  with  respect to
      each share of Summit Stock subject to any portion of your Option which has
      not theretofore  been exercised,  cash in an amount equal to the excess of
      (i) the fair market value of such share  immediately  prior to the date of
      termination  over  (ii) the  exercise  price  per  share  of your  Option;
      provided,  however,  that the date of termination of your Option shall not
      be  earlier  than  five (5) days  after  the  public  announcement  of the
      material terms of the Change in Control transaction, as determined in good
      faith by the Committee. The provisions contained in the preceding sentence
      shall be  inapplicable  to your Option if a Change in Control should occur
      within  six (6)  months  of the date of this  grant  letter  and you are a
      director or executive  officer of Summit Bancorp or a beneficial  owner of
      Summit Stock who is described in Section  16(a) of the Exchange Act unless
      an  exemption  under  Section  16(b)  is  otherwise  available;  it  being
      understood, however, that such provisions shall be applicable to the legal
      representative  or permitted  successor of a director or executive officer
      who has died or become  disabled  (as  defined in Section  22(e)(3) of the
      Code) during such six-month period.

Nontransferability of the Option

This Option is not  transferable  other than by will or the laws of inheritance,
descent and  distribution.  This means that during your lifetime this Option may
be  exercised  only by you.  This  Option may also not be  assigned,  pledged or
hypothecated  in any way (whether by operation of law or  otherwise)  and is not
subject  to  execution,   attachment  or  similar   proceeding.   Any  attempted
assignment,  transfer, pledge, hypothecation or other disposition of this Option
contrary to the  provisions of this grant letter,  or the levy of any attachment
or  similar  proceeding  upon the  Option,  shall  be null and void and  without
effect.

How To Exercise

Any  exercise  of this Option must be in a writing  addressed  to the  Corporate
Secretary of Summit Bancorp at its principal place of business  substantially in
the form of  Attachment  A. The notice of  exercise  must  specify the number of
shares to be purchased  and must specify a business  day,  which can be the same
day as the date of the  notice but may not be more than  fifteen  (15) days from
the date of the notice,  for payment of the full purchase price. For purposes of
the  Option,  an  exercise  is  effective  on the date that  both the  notice of
exercise  and full  payment  of the  purchase  price have been  received  by the
Corporate  Secretary of Summit Bancorp and certificates  representing the shares
so purchased (the "Purchased Shares") will bear that date.

Methods of Paying the Purchase Price

Payment for the Purchased Shares may be made by any one or more of the following
methods:

(i)   By  delivering  a certified,  bank  cashier's  or bank  treasurer's  check
      payable to the order of Summit Bancorp ("Cash Exercise  Method").  You are
      not  permitted  to borrow  from  Summit  Bancorp or any direct or indirect
      subsidiary of Summit Bancorp for the purpose of exercising  this Option in
      whole  or  in  part  (except  that  "cashless  exercises"  through  Summit
      Bancorp's  securities broker affiliate,  Summit Financial  Services Group,
      Inc., as described in (iii) below are permitted);

                                       -2-

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(ii)  Subject to certain restrictions and certain conditions discussed below, by
      delivering  shares of Summit Common Stock (in proper form for transfer and
      accompanied  by any required  stock  transfer  stamps or  equivalent  cash
      amount) ("Stock  Exercise  Method").  Summit Stock delivered in payment of
      all or any  portion  of the  purchase  price  will be  valued at its "fair
      market  value." For all purposes  under this Option,  "fair market  value"
      will be  determined  as follows:  If Summit Stock is listed on one or more
      national securities  exchanges in the United States or admitted to trading
      on one or more national securities exchanges in the Unites States pursuant
      to unlisted trading  privileges granted by such exchanges (and approved by
      the U.S. Securities and Exchange  Commission) on the date as of which fair
      market value must be or is to be determined (a "determination date"), fair
      market  value  shall  be  deemed  to be the  average  of the  high and low
      quotations  at  which  Summit  Stock is sold on such  national  securities
      exchanges,  considered on a composite basis, on the determination date. If
      Summit Stock is listed on one or more national securities exchanges in the
      United  States or admitted to trading on one or more  national  securities
      exchanges in the United  States  pursuant to unlisted  trading  privileges
      granted by such  exchanges  (and approved by U.S.  Securities and Exchange
      Commission) on such determination  date, but Summit Stock is not traded on
      any of such  exchanges on such date, or none of such  national  securities
      exchanges  are open for business on such date,  fair market value shall be
      determined as of the closest preceding date on which any of such exchanges
      shall have been open for business and Summit Stock shall have been traded.
      Notwithstanding  any of the  foregoing,  the Committee  shall at all times
      retain the power to establish  fair market value in the event that, in its
      discretion,  it determines that extraordinary  circumstances or conditions
      have affected  trading in Summit Stock on one or more such  exchanges such
      that,  in its  judgement,  the fair market value  determined in accordance
      with the  foregoing  does not reflect the true fair market value of Summit
      Stock on such determination  date. For all purposes under this Option, the
      determination  by  the  Committee  of  the  fair  market  value  shall  be
      conclusive; or

(iii) Subject  to certain  restrictions  discussed  below,  by  arranging  for a
      "cashless  exercise"  of the Option  through a  securities  broker such as
      Summit Bancorp's  securities broker affiliate,  Financial  Services Group,
      Inc., and instructing the securities broker to forward full payment of the
      purchase price to the Corporate Secretary of Summit Bancorp.

Restrictions.  As noted in clauses  (ii) and (iii) above,  certain  restrictions
apply to the use of the Stock Exercise  Method for exercising this Option and to
"cashless exercises" of this Option. In particular,  certain employees of Summit
Bancorp will not be able to use the Stock Exercise Method to pay any part of the
purchase  price of the Option,  or to arrange for a "cashless  exercise"  of the
Option,  during trading  "blackout"  periods imposed by Summit Bancorp to comply
with the Federal securities laws. Additionally,  no employee possessing material
inside information about Summit Bancorp may use the Stock Exercise Method to pay
any part of the  purchase  price of the  Option,  or to arrange  for a "cashless
exercise" of the Option, while in possession of the material inside information.
The Cash Exercise Method of exercising this Option will always be available even
during a "blackout" period when these  restrictions might apply. At the time you
wish to exercise this Option,  the Summit  Corporate  Secretary  Department will
advise you whether any such restrictions apply to you.

Conditions.  As noted in clause (ii) above, certain conditions must be satisfied
before Summit Stock can be used to pay for any part of the purchase price of the
Option. In particular, Summit Stock must be held for six months before it can be
used to pay for any  exercise of the  Option.  "Ownership"  of any Summit  Stock
acquired  through an award of stock  under one of  Summit's  stock  compensation
plans  does  not  begin  until  all  transfer  restrictions  applicable  to  the
particular stock, if any, have lapsed.

Conditions on the Exercise of the Option

Certificate  Legends and Compliance with Securities Laws. Summit Bank has agreed
at Section 4(e) of the

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Employment Agreement to maintain an effective  registration  statement under the
Securities Act of 1933, as amended (the "Act"),  and applicable state securities
laws. Without there occurring a waiver of your rights under that provision:

(i)   If Summit Bancorp in its sole  discretion  determines that it is necessary
      in order to comply with  applicable  securities  laws, the  certificate or
      certificates  representing the Purchased Shares will bear a legend in form
      and substance  determined to be  appropriate  by Summit Bancorp under such
      laws.

(ii)  In addition,  you hereby promise and agree with Summit Bancorp that if, at
      the time of exercise of this Option,  there does not exist a  Registration
      Statement  on an  appropriate  form  under  the  Act,  which  Registration
      Statement shall have become effective and shall include a prospectus which
      is current  with  respect to the shares  being  purchased,  as a condition
      precedent  to your right to  exercise  the Option you will  represent  and
      warrant to Summit  Bancorp (i) that you are purchasing the shares for your
      own account and not with a view to the resale or distribution  thereof and
      (ii) that any  subsequent  offer for sale or sale of any such shares shall
      be made either pursuant to (x) a Registration  Statement on an appropriate
      form  under  the Act,  which  Registration  Statement  shall  have  become
      effective  and shall be current with  respect to the shares being  offered
      and sold, or (y) a specific  exemption from the registration  requirements
      of the Act, but in claiming such exemption,  you shall, prior to any offer
      for sale or sale of such shares,  obtain a favorable  written opinion,  in
      form and  substance  satisfactory  to Summit  Bancorp  from counsel for or
      approved by Summit Bancorp as to the availability of such exemption.

Payment of Taxes.  Certain  federal and state laws require Summit Bancorp or the
subsidiary  corporation by which you are employed, at the time or times that you
may exercise  this  Option,  to collect from you an amount of money which in the
aggregate   satisfies  all  applicable   federal  and  state   withholding   tax
requirements and the federal Social Security tax requirement (unless your earned
income is not  subject to Social  Security  tax at the time of  exercise  or the
federal  Social  Security tax  requirement  is otherwise not  applicable to you)
calculated on basis of the excess of (i) the aggregate  market value on the date
of exercise of the Purchased Shares (the average of the high and low sale prices
on such date  times the  number of  Purchased  Shares)  over (ii) the  aggregate
exercise price of such Purchased Shares. You promise and agree to pay such taxes
to Summit Bancorp. Summit Bancorp is required to collect certain minimum amounts
from employees pursuant to Federal and State requirements  (currently about 38%)
regardless of an employee's personal tax situation.

Withholding  taxes  are due  from  you at the  withholding  rate  you  elect  on
Attachment B. You may pay as follows:

(i)   By  delivering  a certified,  bank  cashier's  or bank  treasurer's  check
      payable  to the order of Summit  Bancorp  using  existing  personal  funds
      ("Cash Tax Method");

(ii)  Subject to certain restrictions discussed below, by arranging for proceeds
      from a full or partial  "cashless  exercise" of the Option to be forwarded
      to the Summit  Bancorp  Corporate  Secretary  Department by the securities
      broker handling the cashless exercise;

(iii) If you elect the minimum  withholding  rate on  Attachment  B,  subject to
      certain  restrictions  discussed  below, by instructing  Summit Bancorp to
      withhold Purchased Shares at this minimum rate; or

(iv)  If you elect a  withholding  rate on Attachment B which is higher than the
      minimum withholding rate, subject to certain restrictions discussed below,
      by:
     (a)  instructing  Summit  to  withhold  Purchased  Shares  at  the  minimum
          withholding rate; and
     (b)  paying for the balance of the tax owed at the higher  withholding rate
          through a method described at clause (i) or clause (ii) above.

                                       -4-
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If you choose to pay the tax  obligation  which  arises upon an exercise of this
Option by the Cash Tax Method  (clause  (i)  above),  you need do nothing at the
time of exercise  other than  properly  complete  Attachments A and B and return
them to the Summit  Bancorp  Corporate  Secretary  Department.  After  receiving
Attachments A and B from you,  Summit Bancorp will calculate the amount of taxes
you owe and notify you by letter of this amount.  You agree that  promptly  upon
receiving  this notice from Summit  Bancorp  you will  forward  full  payment to
Summit Bancorp.  In the event that Summit Bancorp does not promptly receive such
payment,  you agree that Summit Bancorp or the  subsidiary  corporation by which
you are employed shall have the authority to withhold from any cash compensation
payable or paid to you,  or on your  behalf,  enough to pay all tax  liabilities
arising on account of the  exercise.  You agree that Summit  Bancorp may, in its
discretion,  (i) hold the stock  certificate to which you are entitled by virtue
of an  exercise of this  Option as  security  for the payment of the  previously
mentioned tax  liabilities,  until enough cash to pay the  liabilities  has been
collected,  and (ii)  pay your tax  liabilities  by  selling  such  stock if (a)
payment is not promptly received, (b) in Summit Bancorp's judgement, enough cash
cannot  be  withheld  from  future  compensation  to pay such  taxes or (c) both
circumstances (a) and (b) exist.

If you elect to pay your taxes by having Purchased Shares withheld (under either
clause (iii) or (iv) above),  the election  must be made on Attachment B and the
properly  completed  Attachment  B must be received by the  Corporate  Secretary
Department of Summit Bancorp on or before the date the exercise of the Option is
effective.  The Summit Stock used to pay your tax  obligation  will be valued at
its fair market value on the  effective  date of the exercise of the Option.  An
election  to pay your tax  withholding  obligation  by  having  Summit  withhold
Purchased Shares cannot be changed. The election is also subject to the approval
of the Compensation Committee.

Restrictions.   As  noted  in  clauses  (ii),  (iii)  and  (iv)  above,  certain
restrictions  could  apply  to you if you  elect  to pay  your  tax  withholding
obligation  by having  proceeds  of a cashless  exercise  of the Option  paid to
Summit Bancorp or by directing Summit Bancorp to withhold  Purchased  Shares. In
particular,  certain  employees  of  Summit  Bancorp  will  not be  able to have
Purchased  Shares  withheld  to pay their tax  liabilities,  or to arrange for a
"cashless exercise" of the Option,  during trading "blackout" periods imposed by
Summit  Bancorp  to  comply  with  the  Federal  securities  laws  or to  ensure
pooling-of-interest  accounting  treatment  for  certain  of  its  acquisitions.
Additionally,  no employee  possessing  material inside information about Summit
Bancorp  will be able  to  have  Purchased  Shares  withheld  to pay  their  tax
liabilities,  or to arrange for a "cashless  exercise"  of the Option,  while in
possession  of the material  inside  information.  The Cash Tax Method of paying
withholding  tax  liabilities  will always be  available  during any  "blackout"
period when these  restrictions  might  apply.  At the time you wish to exercise
this Option, the Summit Corporate  Secretary  Department will advise you whether
any such restrictions apply to you.

In addition,  you  acknowledge  and agree that Summit Bancorp shall at all times
have the right to modify,  restrict  or end (i) any method for  exercising  this
Option other than the Cash Exercise  Method,  and (ii) any method for paying tax
liabilities  arising in  connection  with the exercise of this Option other than
the Cash Tax Method.

Adjustments of Shares;  Effect of Certain Transactions

In the event of any change in the outstanding shares of Summit Bancorp.  through
merger, consolidation,  reorganization,  recapitalization, stock dividend, stock
split,  split-off,  spin-off,  combination  of shares,  or other like  change in
capital  structure  of  Summit  Bancorp.,  an  adjustment  shall be made to each
outstanding  Option such that each such Option shall  thereafter be  exercisable
for such  securities or other property as would have been received in respect of
the  shares  subject to such  Option  had such  Option  been  exercised  in full
immediately  prior  to  such  change,  and  such  an  adjustment  shall  be made
successively each time any such change shall occur. In addition, in the event of
any such  change,  the  Committee  shall make any further  adjustment  as may be
appropriate  to the number of shares and price per share subject to  outstanding
Options as shall be equitable to

                                       -5-

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prevent   dilution  or   enlargement  of  rights  under  such  Options  and  the
determination  of the  Committee as to these matters  shall be  conclusive.  All
adjustments shall be rounded down to the next lower full share.

Amendment

The Board of  Directors  may,  from time to time,  amend the Options  (including
amendments which accelerate the  exercisability  of Options) in conjunction with
an  amendment  of all  options  outstanding  under  all  option  plans of Summit
Bancorp,  provided  that no  amendment  shall  adversely  affect  the rights and
obligations  under the Options  without the consent of the holder of the Option.
In addition,  interpretations  of administrative  provisions of the stock option
plans of Summit  Bancorp  by the Board of  Directors  of Summit  Bancorp  or the
Committee shall apply to like administrative provisions of this Option.

Governing Law

The Options and related matters shall be governed by, and construed and enforced
in accordance with, the laws of the State of New Jersey.

On Behalf of Summit Bancorp,
                             Please indicate you acceptance of this option grant
                             on the terms provided for herein by signing below:
-------------------------
                                         --------------------------
Executive Vice President                 (Signature)

                                         --------------------------
                                         (Name of Executive)

Attachments:
A - Notice of Option Exercise
B - Tax Election Form

                                       -6-EXHIBIT 10(b)

Dear Mr. _________:

Summit  Bancorp  hereby grants to you a  non-qualified  option (the "Option") to
purchase _______ shares of Summit Bancorp Common Stock, par value $.80 per share
("Summit  Stock")  subject to the terms and  conditions  set forth in this grant
letter.  This Option grant and the Option are contingent,  and shall take effect
only,  upon your  commencement of employment with Summit Bank in accordance with
your employment or retention  agreement,  as applicable,  with Summit Bank dated
September___,  2000  ("Agreement").  The  exercise  price of your  Option is the
average  of the high and low sale  prices  of a share of Summit  Bancorp  Common
Stock today on the NYSE  Composite  Transactions  List (as  reported in The Wall
Street Journal or, in the absence thereof, as reported by another  authoritative
source),  or, if no share of Summit Stock is traded today, the last day on which
one share of Summit Stock was traded.

Your Option is called  "non-qualified"  because it is not intended to qualify as
an "incentive  stock  option"  within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended ("Code").

When Your Option Can Be Exercised & Expiration Date

Your Option becomes exercisable on January 1, 2002 ("First Exercise Date"). Once
your Option has become  exercisable  it can be exercised at any time in whole or
in part until (and  including) the tenth  anniversary  date of this grant letter
(the  "Expiration  Date").  Any part of this Option which is not exercised on or
before the Expiration Date will  automatically and without further notice to you
immediately terminate.

Notwithstanding the foregoing paragraph:

(i)   Upon the occurrence of a Change in Control (as defined at Section  3(c)(4)
      of the  Agreement),  your Option will become  immediately  exercisable  in
      full;

(ii)  If your employment with Summit and its affiliates  terminates prior to the
      First Exercise Date pursuant to Section  3(a)(7) of the  Agreement,  other
      than  following the  occurrence of a Change in Control,  your Option shall
      terminate  at the earlier to occur of your last day of  employment  or the
      Termination Date (as defined at Section 3(a) of the Agreement);

(iii) If your employment with Summit and its affiliates  terminates prior to the
      First Exercise Date pursuant to Sections  3(a)(1)  (employment  agreements
      only),  3(a)(2),  3(a)(3),  3(a)(5),  3(a)(6) or 3(a)(8) of the Agreement,
      your Option becomes  exercisable in accordance with Section 3(b)(2)(iv) of
      the Agreement;

(iv)  If your employment  with Summit and its affiliates  terminates at any time
      pursuant to Section 3(a)(4) of the Agreement,  your Option shall terminate
      at the earlier to occur of your last day of employment or the  Termination
      Date; and

(v)   The  Compensation  Committee of Summit Bancorp (the  "Committee"),  in its
      discretion,  may determine that upon the occurrence of a Change in Control
      your Option shall terminate, notwithstanding the date upon

                                       -1-
<PAGE>

      which it otherwise would terminate, within a specified number of days (but
      not less than five (5) days) after notice of such  termination is given to
      you,  and that you shall  receive  in respect  of such  termination,  with
      respect  to each  share of Summit  Stock  subject  to any  portion of your
      Option which has not theretofore  been exercised,  cash in an amount equal
      to the excess of (i) the fair market value of such share immediately prior
      to the date of termination  over (ii) the exercise price per share of your
      Option;  provided,  however,  that the date of  termination of your Option
      shall not be earlier than five (5) days after the public  announcement  of
      the material terms of the Change in Control transaction,  as determined in
      good faith by the  Committee.  The  provisions  contained in the preceding
      sentence  shall be  inapplicable  to your  Option if a Change  in  Control
      should  occur  within six (6) months of the date of this grant  letter and
      you are a director or executive  officer of Summit Bancorp or a beneficial
      owner of Summit Stock who is  described  in Section  16(a) of the Exchange
      Act unless an exemption  under  Section 16(b) is otherwise  available;  it
      being understood, however, that such provisions shall be applicable to the
      legal  representative  or  permitted  successor of a director or executive
      officer who has died or become disabled (as defined in Section 22(e)(3) of
      the Code) during such six-month period.

Nontransferability of the Option

This Option is not  transferable  other than by will or the laws of inheritance,
descent and  distribution.  This means that during your lifetime this Option may
be  exercised  only by you.  This  Option may also not be  assigned,  pledged or
hypothecated  in any way (whether by operation of law or  otherwise)  and is not
subject  to  execution,   attachment  or  similar   proceeding.   Any  attempted
assignment,  transfer, pledge, hypothecation or other disposition of this Option
contrary to the  provisions of this grant letter,  or the levy of any attachment
or  similar  proceeding  upon the  Option,  shall  be null and void and  without
effect.

How To Exercise

Any  exercise  of this Option must be in a writing  addressed  to the  Corporate
Secretary of Summit Bancorp at its principal place of business  substantially in
the form of  Attachment  A. The notice of  exercise  must  specify the number of
shares to be purchased  and must specify a business  day,  which can be the same
day as the date of the  notice but may not be more than  fifteen  (15) days from
the date of the notice,  for payment of the full purchase price. For purposes of
the  Option,  an  exercise  is  effective  on the date that  both the  notice of
exercise  and full  payment  of the  purchase  price have been  received  by the
Corporate  Secretary of Summit Bancorp and certificates  representing the shares
so purchased (the "Purchased Shares") will bear that date.

Methods of Paying the Purchase Price

Payment for the Purchased Shares may be made by any one or more of the following
methods:

(i)   By  delivering  a certified,  bank  cashier's  or bank  treasurer's  check
      payable to the order of Summit Bancorp ("Cash Exercise  Method").  You are
      not  permitted  to borrow  from  Summit  Bancorp or any direct or indirect
      subsidiary of Summit Bancorp for the purpose of exercising  this Option in
      whole  or  in  part  (except  that  "cashless  exercises"  through  Summit
      Bancorp's  securities broker affiliate,  Summit Financial  Services Group,
      Inc., as described in (iii) below are permitted);

(ii)  Subject to certain restrictions and certain conditions discussed below, by
      delivering  shares of Summit Common Stock (in proper form for transfer and
      accompanied  by any required  stock  transfer  stamps or  equivalent  cash
      amount) ("Stock  Exercise  Method").  Summit Stock delivered in payment of
      all or any  portion  of the  purchase  price  will be  valued at its "fair
      market  value." For all purposes  under this Option,  "fair market  value"
      will be  determined  as follows:  If Summit Stock is listed on one or more
      national

                                       -2-
<PAGE>

      securities exchanges in the United States or admitted to trading on one or
      more  national  securities  exchanges  in the Unites  States  pursuant  to
      unlisted trading privileges granted by such exchanges (and approved by the
      U.S.  Securities  and  Exchange  Commission)  on the date as of which fair
      market value must be or is to be determined (a "determination date"), fair
      market  value  shall  be  deemed  to be the  average  of the  high and low
      quotations  at  which  Summit  Stock is sold on such  national  securities
      exchanges,  considered on a composite basis, on the determination date. If
      Summit Stock is listed on one or more national securities exchanges in the
      United  States or admitted to trading on one or more  national  securities
      exchanges in the United  States  pursuant to unlisted  trading  privileges
      granted by such  exchanges  (and approved by U.S.  Securities and Exchange
      Commission) on such determination  date, but Summit Stock is not traded on
      any of such  exchanges on such date, or none of such  national  securities
      exchanges  are open for business on such date,  fair market value shall be
      determined as of the closest preceding date on which any of such exchanges
      shall have been open for business and Summit Stock shall have been traded.
      Notwithstanding  any of the  foregoing,  the Committee  shall at all times
      retain the power to establish  fair market value in the event that, in its
      discretion,  it determines that extraordinary  circumstances or conditions
      have affected  trading in Summit Stock on one or more such  exchanges such
      that,  in its  judgement,  the fair market value  determined in accordance
      with the  foregoing  does not reflect the true fair market value of Summit
      Stock on such determination  date. For all purposes under this Option, the
      determination  by  the  Committee  of  the  fair  market  value  shall  be
      conclusive; or

(iii) Subject  to certain  restrictions  discussed  below,  by  arranging  for a
      "cashless  exercise"  of the Option  through a  securities  broker such as
      Summit Bancorp's  securities broker affiliate,  Financial  Services Group,
      Inc., and instructing the securities broker to forward full payment of the
      purchase price to the Corporate Secretary of Summit Bancorp.

Restrictions.  As noted in clauses  (ii) and (iii) above,  certain  restrictions
apply to the use of the Stock Exercise  Method for exercising this Option and to
"cashless exercises" of this Option. In particular,  certain employees of Summit
Bancorp will not be able to use the Stock Exercise Method to pay any part of the
purchase  price of the Option,  or to arrange for a "cashless  exercise"  of the
Option,  during trading  "blackout"  periods imposed by Summit Bancorp to comply
with the Federal securities laws. Additionally,  no employee possessing material
inside information about Summit Bancorp may use the Stock Exercise Method to pay
any part of the  purchase  price of the  Option,  or to arrange  for a "cashless
exercise" of the Option, while in possession of the material inside information.
The Cash Exercise Method of exercising this Option will always be available even
during a "blackout" period when these  restrictions might apply. At the time you
wish to exercise this Option,  the Summit  Corporate  Secretary  Department will
advise you whether any such restrictions apply to you.

Conditions.  As noted in clause (ii) above, certain conditions must be satisfied
before Summit Stock can be used to pay for any part of the purchase price of the
Option. In particular, Summit Stock must be held for six months before it can be
used to pay for any  exercise of the  Option.  "Ownership"  of any Summit  Stock
acquired  through an award of stock  under one of  Summit's  stock  compensation
plans  does  not  begin  until  all  transfer  restrictions  applicable  to  the
particular stock, if any, have lapsed.

Conditions on the Exercise of the Option

Certificate  Legends and Compliance with Securities Laws. Summit Bank has agreed
at Section 4(e) of the Agreement to maintain an effective registration statement
under the Securities Act of 1933, as amended (the "Act"),  and applicable  state
securities  laws.  Without  there  occurring a waiver of your rights  under that
provision:

(i)   If Summit Bancorp in its sole  discretion  determines that it is necessary
      in order to comply with  applicable  securities  laws, the  certificate or
      certificates representing the Purchased Shares will bear a legend in form

                                       -3-
<PAGE>

      and substance  determined to be  appropriate  by Summit Bancorp under such
      laws.

(ii)  In addition,  you hereby promise and agree with Summit Bancorp that if, at
      the time of exercise of this Option,  there does not exist a  Registration
      Statement  on an  appropriate  form  under  the  Act,  which  Registration
      Statement shall have become effective and shall include a prospectus which
      is current  with  respect to the shares  being  purchased,  as a condition
      precedent  to your right to  exercise  the Option you will  represent  and
      warrant to Summit  Bancorp (i) that you are purchasing the shares for your
      own account and not with a view to the resale or distribution  thereof and
      (ii) that any  subsequent  offer for sale or sale of any such shares shall
      be made either pursuant to (x) a Registration  Statement on an appropriate
      form  under  the Act,  which  Registration  Statement  shall  have  become
      effective  and shall be current with  respect to the shares being  offered
      and sold, or (y) a specific  exemption from the registration  requirements
      of the Act, but in claiming such exemption,  you shall, prior to any offer
      for sale or sale of such shares,  obtain a favorable  written opinion,  in
      form and  substance  satisfactory  to Summit  Bancorp  from counsel for or
      approved by Summit Bancorp as to the availability of such exemption.

Payment of Taxes.  Certain  federal and state laws require Summit Bancorp or the
subsidiary  corporation by which you are employed, at the time or times that you
may exercise  this  Option,  to collect from you an amount of money which in the
aggregate   satisfies  all  applicable   federal  and  state   withholding   tax
requirements and the federal Social Security tax requirement (unless your earned
income is not  subject to Social  Security  tax at the time of  exercise  or the
federal  Social  Security tax  requirement  is otherwise not  applicable to you)
calculated on basis of the excess of (i) the aggregate  market value on the date
of exercise of the Purchased Shares (the average of the high and low sale prices
on such date  times the  number of  Purchased  Shares)  over (ii) the  aggregate
exercise price of such Purchased Shares. You promise and agree to pay such taxes
to Summit Bancorp. Summit Bancorp is required to collect certain minimum amounts
from employees pursuant to Federal and State requirements  (currently about 38%)
regardless of an employee's personal tax situation.

Withholding  taxes  are due  from  you at the  withholding  rate  you  elect  on
Attachment B. You may pay as follows:

(i)   By  delivering  a certified,  bank  cashier's  or bank  treasurer's  check
      payable  to the order of Summit  Bancorp  using  existing  personal  funds
      ("Cash Tax Method");

(ii)  Subject to certain restrictions discussed below, by arranging for proceeds
      from a full or partial  "cashless  exercise" of the Option to be forwarded
      to the Summit  Bancorp  Corporate  Secretary  Department by the securities
      broker handling the cashless exercise;

(iii) If you elect the minimum  withholding  rate on  Attachment  B,  subject to
      certain  restrictions  discussed  below, by instructing  Summit Bancorp to
      withhold Purchased Shares at this minimum rate; or

(iv)  If you elect a  withholding  rate on Attachment B which is higher than the
      minimum withholding rate, subject to certain restrictions discussed below,
      by: (a)  instructing  Summit to withhold  Purchased  Shares at the minimum
      withholding  rate;  and (b) paying for the  balance of the tax owed at the
      higher withholding rate through a method described at
           clause (i) or clause (ii) above.

If you choose to pay the tax  obligation  which  arises upon an exercise of this
Option by the Cash Tax Method  (clause  (i)  above),  you need do nothing at the
time of exercise  other than  properly  complete  Attachments A and B and return
them to the Summit  Bancorp  Corporate  Secretary  Department.  After  receiving
Attachments A and B from you,  Summit Bancorp will calculate the amount of taxes
you owe and notify you by letter of this amount.  You agree that  promptly  upon
receiving this notice from Summit Bancorp you will forward full payment to

                                       -4-
<PAGE>

Summit Bancorp.  In the event that Summit Bancorp does not promptly receive such
payment,  you agree that Summit Bancorp or the  subsidiary  corporation by which
you are employed shall have the authority to withhold from any cash compensation
payable or paid to you,  or on your  behalf,  enough to pay all tax  liabilities
arising on account of the  exercise.  You agree that Summit  Bancorp may, in its
discretion,  (i) hold the stock  certificate to which you are entitled by virtue
of an  exercise of this  Option as  security  for the payment of the  previously
mentioned tax  liabilities,  until enough cash to pay the  liabilities  has been
collected,  and (ii)  pay your tax  liabilities  by  selling  such  stock if (a)
payment is not promptly received, (b) in Summit Bancorp's judgement, enough cash
cannot  be  withheld  from  future  compensation  to pay such  taxes or (c) both
circumstances (a) and (b) exist.

If you elect to pay your taxes by having Purchased Shares withheld (under either
clause (iii) or (iv) above),  the election  must be made on Attachment B and the
properly  completed  Attachment  B must be received by the  Corporate  Secretary
Department of Summit Bancorp on or before the date the exercise of the Option is
effective.  The Summit Stock used to pay your tax  obligation  will be valued at
its fair market value on the  effective  date of the exercise of the Option.  An
election  to pay your tax  withholding  obligation  by  having  Summit  withhold
Purchased Shares cannot be changed. The election is also subject to the approval
of the Compensation Committee.

Restrictions.   As  noted  in  clauses  (ii),  (iii)  and  (iv)  above,  certain
restrictions  could  apply  to you if you  elect  to pay  your  tax  withholding
obligation  by having  proceeds  of a cashless  exercise  of the Option  paid to
Summit Bancorp or by directing Summit Bancorp to withhold  Purchased  Shares. In
particular,  certain  employees  of  Summit  Bancorp  will  not be  able to have
Purchased  Shares  withheld  to pay their tax  liabilities,  or to arrange for a
"cashless exercise" of the Option,  during trading "blackout" periods imposed by
Summit  Bancorp  to  comply  with  the  Federal  securities  laws  or to  ensure
pooling-of-interest  accounting  treatment  for  certain  of  its  acquisitions.
Additionally,  no employee  possessing  material inside information about Summit
Bancorp  will be able  to  have  Purchased  Shares  withheld  to pay  their  tax
liabilities,  or to arrange for a "cashless  exercise"  of the Option,  while in
possession  of the material  inside  information.  The Cash Tax Method of paying
withholding  tax  liabilities  will always be  available  during any  "blackout"
period when these  restrictions  might  apply.  At the time you wish to exercise
this Option, the Summit Corporate  Secretary  Department will advise you whether
any such restrictions apply to you.

In addition,  you  acknowledge  and agree that Summit Bancorp shall at all times
have the right to modify,  restrict  or end (i) any method for  exercising  this
Option other than the Cash Exercise  Method,  and (ii) any method for paying tax
liabilities  arising in  connection  with the exercise of this Option other than
the Cash Tax Method.

Adjustments of Shares;  Effect of Certain Transactions

In the event of any change in the outstanding shares of Summit Bancorp.  through
merger, consolidation,  reorganization,  recapitalization, stock dividend, stock
split,  split-off,  spin-off,  combination  of shares,  or other like  change in
capital  structure  of  Summit  Bancorp.,  an  adjustment  shall be made to each
outstanding  Option such that each such Option shall  thereafter be  exercisable
for such  securities or other property as would have been received in respect of
the  shares  subject to such  Option  had such  Option  been  exercised  in full
immediately  prior  to  such  change,  and  such  an  adjustment  shall  be made
successively each time any such change shall occur. In addition, in the event of
any such  change,  the  Committee  shall make any further  adjustment  as may be
appropriate  to the number of shares and price per share subject to  outstanding
Options as shall be equitable to prevent dilution or enlargement of rights under
such Options and the determination of the Committee as to these matters shall be
conclusive. All adjustments shall be rounded down to the next lower full share.

                                       -5-
<PAGE>

Amendment

The Board of  Directors  may,  from time to time,  amend the Options  (including
amendments which accelerate the  exercisability  of Options) in conjunction with
an  amendment  of all  options  outstanding  under  all  option  plans of Summit
Bancorp,  provided  that no  amendment  shall  adversely  affect  the rights and
obligations  under the Options  without the consent of the holder of the Option.
In addition,  interpretations  of administrative  provisions of the stock option
plans of Summit  Bancorp  by the Board of  Directors  of Summit  Bancorp  or the
Committee shall apply to like administrative provisions of this Option.

Governing Law

The Options and related matters shall be governed by, and construed and enforced
in accordance with, the laws of the State of New Jersey.

On Behalf of Summit Bancorp,
                             Please indicate you acceptance of this option grant
                             on the terms provided for herein by signing below:
-------------------------
                                         --------------------------
Executive Vice President                 (Signature)

                                         --------------------------
                                         (Name of Executive)

Attachments:
A - Notice of Option Exercise
B - Tax Election Form

                                       -6-

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