Document:

Exhibit 10.5

 

ALLDIGITAL
AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

 

[Name]

 

THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of June 28, 2013 (the “Effective
Date”), by and between AllDigital, Inc., a California corporation (the “Company”), and [Name] (“Employee”).
In consideration of the mutual covenants set forth below, the Company and Employee hereby agree as follows:

 

1.
Employment Offer Contingencies. Employee will be required, as a condition of employment with the Company, to: (a) successfully
complete a background check; (b) execute the Company’s Confidential, Proprietary Information and Invention Assignment Agreement,
(c) execute the Company’s Security Training Acknowledgement Form, (d) provide, as required by law, legal proof of identity
and authorization to work in the United States, and (e) if applicable, obtain a written consent or release from Employee’s
current employer to join Company in the form of the Company’s Release Agreement. The above documents will be provided in
advance and Employee will have adequate time to review them, but the documents must be completed and submitted to Employer no
later than Employee’s first day of employment with the Company. Upon commencement of employment, Employee will be provided
a copy of the Company’s Employee Handbook which Employee will be required to review and execute and written acknowledgement
thereof within 30 days of beginning employment with the Company.

 

2.
At Will Employment. The Company hereby employs Employee, and Employee hereby accepts employment by the Company. The parties
acknowledge and agree that the Employee’s employment relationship is “at-will”, meaning that either party may
terminate the employment relationship for any reason (or no reason at all) at any time, with or without cause and with or without
or prior notice. Any termination of Employee by the Company shall be by action of the Board of Directors of the “Parent
Company.” “Parent Company” shall mean any entity that wholly-owns the Company and, if that entity is wholly-owned
by another entity, shall include the entity that wholly-owns the entity that owns the Company. The ultimate Parent Company, and
its consolidated direct and indirect subsidiaries, are referred to herein as the “Consolidated Company.”

 

3.
Services. Employee shall serve as [Title] of the Company (or Consolidated Company, as the case may be) and perform such
services for the Company as are customary for such position and as may be assigned to him from time to time by the Board of Directors
of the Parent Company which, generally, shall include the following[job functions].

 

4.
Outside Activities. During the term of this Agreement, or any extensions thereof, Employee agrees to not engage in any
other gainful employment, business or activity that is competitive to, or in conflict (directly, indirectly, actual or potential)
with the Consolidated Company, without the written consent of the Company. While Employee renders services to the Consolidated
Company, Employee will not assist any person or organization in competing with the Consolidated Company, in preparing to compete
with the Consolidated Company, or in hiring any employees of the Consolidated Company.

 

5.
Work and Reside in Orange County. Employee agrees that he will work full time at the Company’s main office in Irvine,
California, and be required to reside (in a primary residence) in the immediate Irvine or greater Orange County, California metropolitan
area for the duration of Employee’s employment. 

 

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6.
Restrictive Covenants During Term. 

 

(a)
During his employment by the Company, Employee shall devote his full time and services exclusively to the Consolidated Company
and will not, without the prior written consent of the Board of Directors of the Parent Company, own, either directly or indirectly,
any interest in any privately-held business or commercial enterprise which is competitive with the business conducted by the Consolidated
Company. Furthermore, Employee shall not, without the prior written consent of the Board of Directors of the Parent Company, serve
as a partner, officer, director, advisor or employee of, or act in any other similar capacity for, any business or commercial
enterprise which is competitive with the business conducted by the Consolidated Company. However, nothing contained in this Section
6 shall be construed to prohibit Employee from purchasing the stock or other securities of any corporation or other business entity
whose stock or securities are traded on any national or regional securities exchange or in the national over-the-counter market.

 

(b)
During his employment by the Company, Employee shall comply with all employee manuals, handbook, policies and procedures adopted
by the Board of Directors of the Company, unless such manual, handbook, policies or procedure expressly provides that it is not
applicable to Employee or a person holding Employee’s position. Without limiting the generality of the foregoing, and whether
included in any manual, handbook, policy or procedure, Employee shall not enter into any agreement (written or verbal) or other
instrument that includes a financial, service or other obligation on the part of any Consolidated Company unless another executive
officer of the Company has reviewed and approved such agreement or instrument.

 

7.
Compensation.

 

a.
Base Salary. As compensation for the services to be performed hereunder, Employee shall receive an annual base salary (“Base
Salary”) of $12,000.00 per month. The Base Salary shall be subject to adjustment upward, but not downward, in the sole and
absolute discretion of the Parent Company’s Board of Directors. All Base Salary hereunder shall be payable in accordance
with the Company’s customary payroll practices and subject to federal and state withholding requirements. Notwithstanding
anything else set forth herein to the contrary, within sixty (60) days of the date the Consolidated Company first achieves a minimum
of Cash and Accounts Receivable (as defined below) of at least Three Million Five Hundred Thousand Dollars ($3,500,000), the Parent
Company’s Board of Directors shall approve an increase in the Employee’s Base Salary by an amount not less than the
amount obtained by multiplying Employee’s then current Base Salary by fifteen percent (15%). For purposes of this Agreement,
“Cash and Accounts Receivable” of the Company means the sum of (i) the consolidated total balance of cash and short-term
investments of the Company, and (ii) the total balance of accounts receivable of the Company excluding the effect of any deferred
revenue offsets. 

 

b.
Bonuses. Employee will have the ability to earn an amount equal to 50% of the annual Base Salary as a “Management
by Objective Bonus” (“MBO Bonus”). The MBO Bonus will be deemed earned by the Employee following the successful
achievement of quarterly objectives approved in writing by the Parent Company’s Board of Directors. The MBO Bonus will be
payable in quarterly payments. The MBO Bonus, if earned, will be paid within 45 days of the end of the fiscal quarter, except
for any bonus due and payable at the Company’s year-end, which will then be due no later than March 15 of the following
year. If Employee’s employment is terminated for any reason during any bonus term, the Employee will receive the payment
of his pro-rated share of the MBO Bonus within 45 days of the end of the fiscal quarter provided that the written objectives for
that quarter were in the process of being achieved (as reasonably determined by the Parent Company’s Board and Directors)
or were actually achieved during that fiscal quarter. 

 

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c.
Payment Upon Termination.

 

(i)
Subject to the following paragraph and the last sentence of this paragraph, upon any termination of Employee’s employment
by the Company (other than a termination for “Cause” as that term is defined below), the Company shall pay to Employee,
in addition to any accrued but unpaid compensation and accrued but unused Paid Time Off pay earned by Employee through the effective
date of the termination of employment, the following “Severance Amount”: (A) an amount equal to one year’s Base
Salary at the annual rate of Base Salary being paid to Employee as of the effective date of the termination of employment, and
(B) an amount equal to 100% of Employee’s group health and dental insurance premiums with the Company (or, at the election
of the Company, 100% of the amount payable under COBRA necessary to maintain Employee’s health and dental insurance) for
a period of one year following Employee’s date of termination. Notwithstanding anything in this Agreement to this contrary,
(Y) any obligation of the Company to pay any portion of the Severance Amount shall immediately and automatically cease, without
notice or opportunity to cure, upon Employee’s breach of Section 9 or 10 during, or following termination of, Employee’s
employment with the Consolidated Company, and (Z) any obligation of the Company to pay any portion of the severance amount shall
be suspended (but not terminated) at the option of the Company (1) during any period that the Parent Company’s independent
public accountants require the Consolidated Company to include a going concern qualification in the financial statements, until
such going concern qualification is removed or eliminated, (2) during any calendar month in which the Consolidated Company’s
current ratio (i.e. ratio of current assets to current liabilities) as of the last day of the prior calendar month was less than
2.5, or (3) during any period in which the Consolidated Company has current assets of less than $650,000; provided, however, none
of (1), (2) or (3) shall apply if the Consolidated Company has cash or cash equivalents in excess of $1 million.

 

Payments
of the cash portion of the Severance Amount shall be made to Employee in six equal monthly installments, less any applicable taxes,
except as set forth below in this paragraph. Notwithstanding anything in this subsection (c) (i) to the contrary: (A) no base
salary continuation or bonus amount otherwise payable to the Employee under this subsection (i) shall be paid unless and until
the Employee incurs a“separation from service” (as defined in Treasury Regulation Section 1.409A-1(h)) from the Company
(a “Separation from Service”) (with any amounts deferred as a result of this subsection (A) being payable promptly
following such Separation from Service and as permitted by subsection (B)); and (B) any base salary and bonus amounts that are
otherwise due or payable under this subsection (c)(i) during the six-month period following the Employee’s Separation from
Service shall instead be deferred and paid to the Employee within five business days after, but in no instance prior to, the six-month
anniversary of Employee’s Separation from Service (or, if earlier, the date of Employee’s death) if and to the extent
that such amounts (1) do not constitute “separation pay due to involuntary separation from service” (as defined in
Treasury Regulation Section 1.409A-1(b)(9)(iii); and (2) are subject to Section 409A of the Internal Revenue of 1986, as amended
(the “Code”). The foregoing restrictions on the payment of continuing base salary and bonus are intended to comply
with the requirements of Section 409A of the Code and shall be interpreted consistently with that intent.

 

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(ii)
Upon any termination of Employee’s employment by the Company for “Cause”, the Company shall pay to Employee
any accrued but unpaid compensation and accrued but unused Paid Time Off earned by Employee through the effective date of the
termination of his employment. As used herein, the term “Cause” shall mean (a) Employee’s conviction of, or
plea of guilty, nolo contendere or the equivalent, in any criminal action involving a felony, (b) Employee’s misappropriation
of any material funds or property of the Company, (c) Employee’s willful misconduct in the performance of his duties for
the Company, (c) Employee’s breach of any of the covenants set forth in Sections 4, 5, 6, 9 or 10, or (d) the continuation
of any breach, or repeat of any breach, by Employee of any covenant not designated in subsection (c) of this paragraph after the
Company has given Employee written notice identifying such breach.

 

(iii)
If Employee elects to terminate his employment with the Company for “Good Reason,” Employee shall be entitled to the
same Severance Amount as set forth in subsection (c)(i) above, including the modifying restrictions set forth in the last sentence
of the first paragraph, and the second paragraph, of subsection (c)(i). “Good Reason” shall mean (A) a material reduction
of Employee’s compensation, responsibilities or duties; (B) a change in the principal place of Employee’s employment
such that it causes Employee to relocate or materially increases Employee’s commute time; or (C) any other event that is
a functional equivalent of an involuntary termination and which falls within the safe-harbor provisions related to termination
for good reason set forth in the regulations implementing Section 409A of the Code.

 

(iv)
The payments described in this Section 7(c) shall constitute the entirety of the compensation payable to Employee by the any Consolidated
Company upon a termination of his employment with the Company.

 

8.
Employee Benefits.

 

a.
Paid Time Off. Employee shall be entitled to Paid Time Off (“PTO”) plus company holidays in accordance with
the PTO and Holiday policies set forth in the Company’s Employee Handbook. Initially, it is understood that Employee shall
be entitled to of a maximum of 24 days per year, accruing at a rate of two days per month, and a maximum accrual of 24 days at
any one point in time, excluding paid holidays, the scheduling of which will be approved in advance (generally at least one month
in advance) by Employee providing notice to the senior human resource contact in the Company and one other executive officer of
the Company.

 

b.
Group Health Insurance Benefits. The Company shall provide for Employee and his dependents, at the Company’s expense,
participation in such health, accident and dental insurance plans as are made available generally to the Company’s senior
executive management level employees (i.e. officers party to substantially similar written employment agreements) from time to
time. 

 

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c.
Business Expenses. Employee shall be entitled to reimbursement by the Company for any ordinary and necessary expenses reasonably
incurred by Employee in the performance of his duties and in acting for the Company, provided that: 

 

i.
Each such expenditure over $1,000.00 is pre-approved in writing by the Employee’s supervisor, or in the case of the Chief
Executive Officer, by another executive officer of the Company, in accordance with Company policy.

 

ii.
Employee furnishes to the Company such documentation regarding such expenses as is required by the rules and policies relating
to expense reimbursements that the Company shall from time to time establish in order to permit such reimbursement payments to
be taken as proper deductions by the Company under applicable state and federal tax laws.

 

Repeated
violations of this provision shall be deemed cause for termination as defined in Section 7(c)(ii)(d).

 

d.
Indemnification. Employee shall have the full benefit of all provisions of the Company’s limits of liability as may
be provided to an employee of the Company in the Company’s articles of incorporation, bylaws, and California Labor Code
Section 2802 providing for indemnification of Employee in the circumstances described therein.

 

9.
Confidential Information.

 

a.
Access to Confidential and Trade Secret Information. Employee acknowledges that during the course of Employee’s retention
by the Consolidated Company, Employee will be exposed to and provided documents and other information regarding the confidential
business and technical affairs of the Consolidated Company, whether reduced to writing, maintained on any form of electronic media
or maintained in the mind or memory and whether compiled by Employee or the Consolidated Company, including, without limitation,
information about the Consolidated Company’s past, present and future financial condition, the markets for its products,
key personnel, past, present or future actual or threatened litigation, trade secrets, current and prospective customer lists,
operational methods, acquisition plans, prospects, plans for future development, pricing information, cost information, sources
of supply, sources of customers, customer lists, identities and purchasing characteristics and histories, business plans, models,
projections or prospects, actual and/or projected expenses, actual and/or projected revenues, actual and/or projected profits,
financial information, data, know-how, formulae, processes, designs, specifications, drawings, contract rights, and other information
concerning the Consolidated Company’s organization, business operations, business affairs, marketing plans, clients, customers,
suppliers, vendors, licensees, or licensors, of a confidential, proprietary, or secret nature not readily available to the public
(the “Confidential Information”). 

 

Employee
expressly acknowledges that this Confidential Information has independent economic value from not being readily known, disclosed
to or ascertainable by proper means by the public and/or others in the industry and business of the Consolidated Company, and
that reasonable efforts have been made by the Consolidated Company to maintain the secrecy of such Confidential Information, and
this Confidential Information shall be considered and deemed the Consolidated Company’s trade secrets and confidential,
proprietary information.

 

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b.
No Disclosure or Use of Confidential Information. At no time during Employee’s employment or thereafter shall Employee
ever divulge, disclose, or otherwise use any Confidential Information for any purpose other than to do and perform the business
and activities of the Consolidated Company, unless and until such information is readily available in the public domain by reason
other than Employee’s disclosure or use thereof in violation of this Section 9, or unless such disclosure is required by
law. Employee specifically acknowledges that the Confidential Information derives independent economic value from not being readily
known, disclosed to or ascertainable by proper means by the public or the industry or business of the Consolidated Company, that
reasonable efforts have been made by the Consolidated Company to maintain the secrecy of such Confidential Information, that such
Confidential Information is the sole property of the Consolidated Company, is considered the Consolidated Company’s trade
secrets, and that any retention, use or disclosure of such Confidential Information by Employee (except in the course of performing
duties hereunder) shall constitute a misappropriation of trade secrets of the Consolidated Company and/or unfair competition.

 

10.
Non-Solicitation. Employee shall not, for a period of 12 months following the termination of his employment with the Consolidated
Company, for any reason whatsoever, directly or indirectly, for himself or for, on behalf of or in conjunction with any other
person or entity, solicit or induce any employee, agent, independent contractor or consultant of or to the Consolidated Company
to terminate his, her or its employment or other relationship with the Consolidated Company for the purpose of associating with
any competitor of the Consolidated Company or otherwise encourage any such person to leave or sever his, her or its employment
or other business relationship with the Consolidated Company. 

 

11.
Damages and Injunction. Because of the difficulty of measuring economic losses to the Consolidated Company as a result
of a breach by Employee of the provisions of Sections 9 and 10 hereof, and because of the immediate and irreparable damage that
could be caused for which it would have no other adequate remedy, Employee agrees that the provisions of Sections 9 and 10 hereof
may be enforced by the Consolidated Company in the event of breach or threatened breach by Employee, by injunctions and restraining
orders without having to post a bond or other security. Such actions may be taken in state or federal court notwithstanding the
inclusion of an arbitration provision in this Agreement. Nothing herein shall be construed as prohibiting the Consolidated Company
from pursuing any other available remedy for such breach or threatened breach, including the recovery of damages as provided for
in this Agreement.

 

12.
Agency and Authority. Employee agrees that his employment by the Company shall deem him an agent for the Company only for
such purposes as are customary for his position. Employee agrees that he will not act or purport to act in any way for the Company,
except as to matters directly related to his employment or as may otherwise be authorized by the Parent Company’s Board
of Directors. 

 

13.
Severability. Nothing contained in this Agreement shall be construed as requiring the commission of any act contrary to
law, and wherever there is any conflict between any provision of this Agreement and any present or future statute, law, ordinance
or regulation contrary to which the parties have no legal right to contract, the latter shall prevail, but in such event, the
provision of this Agreement thus affected shall be curtailed and limited only to the extent necessary to bring it within the requirements
of the law. In the event that any part, article, paragraph, section or clause of this Agreement shall be held to be indefinite
or invalid, the entire Agreement shall not fail on account thereof, and the balance of the Agreement shall continue in full force
and effect. 

 

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14.
Notices. Any notice required to be given under this Agreement shall be in writing and shall be deemed effective upon personal
delivery or three (3) days after deposit in the U.S. mail, postage prepaid and properly addressed to the party entitled to such
notice, at the address indicated beside such party’s signature line on this Agreement or at such other address as such party
may designate by ten (10) days advance written notice under this paragraph to all other parties to this Agreement. 

 

15.
Amendment. Any waiver, alteration or modification of any of the provisions of this Agreement or cancellation or replacement
of this Agreement shall not be valid unless made in writing and signed by the parties hereto.

 

16.
Governing Law. This Agreement shall be construed and governed in accordance with the laws of the State of California applicable
to contracts executed and to be wholly performed within the State of California, with venue and jurisdiction for any dispute in
the County of Orange. 

 

17.
Waiver. Waiver by either party of the breach of any provision of this Agreement shall not operate or be construed as a
waiver of any subsequent breach.

 

18. Arbitration.
In the event of any dispute or any claim arising out of this agreement, the termination of Employee’s employment, or
the employment relationship between the Employee and the Company (including, but not limited to, any claims of wrongful
termination or claims for discrimination based on race, age, sex, disability, creed, color, religion, sexual
orientation, marital status, or any other protected category, under California Fair Employment and Housing Act, Title VII of
the Civil Rights Act, Age Discrimination in Employment Act, or Americans with Disabilities Act), Employee and the Company
agree that all such disputes shall be fully and finally resolved by binding arbitration conducted under the rules of the
California Arbitration Act, Code of Civil Procedure Section 1280 et seq. (the “Arbitration Act”). The
parties shall (1) select a neutral arbitrator from a panel obtained from Orange County Superior Court (or some other source
mutually agreed upon between the parties), (2) be permitted adequate and reasonable discovery necessary to arbitrate or
resolve all issues in dispute in the arbitration, and (3) direct the arbitrator to render a written award setting forth his
findings of fact and conclusions of law which shall be afforded appropriate judicial review as permitted by and provided for
in the Arbitration Act and state laws interpreting the Arbitration Act. Each party shall bear his or its own expenses
incurred in connection with the arbitration, including attorneys’ fees and costs, except that the Company will pay all
the arbitrator’s costs and fees unique to the arbitration. This arbitration provision shall not apply to claims for
unemployment insurance benefits filed with the Employment Development Department or to claims for normal workers compensation
benefits filed with the Workers Compensation Appeals Board. In the event Employee prevails in the resolution of any dispute
arising out of this agreement, Company shall reimburse Employee for all expenses Employee incurred in connection with the
arbitration, including attorneys fees and costs, and any other costs, fees or attorneys fees as may otherwise be provided
under state or federal law.

 

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19.
Entire Agreement. This Agreement, along with the other documents and agreements executed contemporaneously herewith by
the parties, which includes the Confidential, Proprietary Information and Invention Assignment Agreement, the Offer Letter, New
Hire Information Form, and the SBW Security Training Acknowledgement Form, and any Stock Option Agreements (incorporating the
Amended and Restated 2011 Stock Incentive Plan), contains all the terms and conditions agreed upon by the parties hereto and sets
forth the entirety of the consideration to which Employee shall be entitled hereunder. No other agreements, oral or otherwise,
shall be deemed to exist or to bind any of the parties hereto in any manner related to this Agreement. No officer or employee
of the Company has any authorization to make any representation or promise in any manner related to this Agreement not contained
in this Agreement, and Employee agrees that he has not executed this Agreement in reliance upon any such representation or promise.
This Agreement cannot be modified or changed except by written instrument, signed by both parties hereto.

 

20.
Employee Handbook. Employee shall be governed by the personnel rules and regulations set forth in the Company’s employee
handbook and related documents. To the extent there exists a conflict between this Agreement and the personnel rules and regulations
of the Company, this Agreement shall be the controlling document and supersede any conflicting policy.

 

21.
Section Headings. The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect
the meaning hereof. 

 

22.
Counterparts. This Agreement may be executed in a number of counterparts, each of which shall be construed as an original
for all purposes. 

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	ALLDIGITAL,
    INC.
	 	 	 
	 	By:	/s/
	 	Its:
    	 
	 	Date:
    	 
	 	 	 
	Address:                	 
	 	 
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	 
	 	Date:	 
	Address:                	 
	 	 

 

    	920130627 8K Employment Contracts Exhibit 10.1

		

			 

		

		
			Exhibit 10.1
		

		
			NORTHFIELD BANK
		

		
			EMPLOYMENT AGREEMENT
		

		
			This employment agreement (this “Agreement”) is made effective as of the 1st day of July, 2013 (the “Effective Date”), by and between Northfield Bank (the “Bank”), a federally-chartered savings bank with its principal offices at 1731 Victory Boulevard, Staten Island, New York 10314-3598, and Steven M. Klein (“Executive”). 
		

		
			WITNESSETH:
		

		
			WHEREAS, the Bank is a wholly-owned subsidiary of Northfield Bancorp, Inc., a stock holding company chartered in the state of Delaware (the “Company”); and  
		

		
			WHEREAS, Executive and the Bank entered into an employment agreement dated July 1, 2012 and employment agreement addendum dated February 1, 2013 (collectively, the “Prior Agreement”), pursuant to which Executive serves as an President and Chief Operating Officer of the Bank; and
		

		
			WHEREAS, the Bank and Executive believe it is in the best interests of the Bank to renew the Prior Agreement and Executive is willing to continue to serve in the employ of the Bank on a full-time basis on the terms and conditions hereinafter set forth. 
		

		
			NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:
		

			
			
				 1.
			

			
			
			POSITION AND RESPONSIBILITIES. 

		
			 
		

		
			During the term of Executive’s employment hereunder, Executive agrees to serve as President and Chief Operating Officer of the Bank.  Executive shall perform administrative and management services for the Bank which are customarily performed by persons in a similar executive officer capacity. During said period, Executive also agrees to serve as an officer and/or director of any subsidiary of the Bank or the Company, if elected.
		

			
			
				 2.
			

			
			
			TERM OF EMPLOYMENT.

		
			 
		

		
			          (a)   The term of Executive’s employment under this Agreement shall commence as of the Effective Date and shall continue thereafter for a period of three (3) years.  Commencing on the first anniversary date of this Agreement (the “Anniversary Date”) and continuing on each Anniversary Date thereafter, the Board of Directors of the Bank (the “Board”) shall evaluate the services of the Executive and make a determination as to whether the term of this Agreement shall renew for an additional year such that the remaining term of this Agreement is always three (3) years.  The Compensation Committee comprised of independent board members (as defined in applicable listing standards for the trading market on which the Company’s stock is trading) will conduct a performance evaluation and review of Executive annually for purposes of 
		

		 

		

			

		

 

		determining whether to give notice not to extend the term of this Agreement, and the results thereof shall be included in the minutes of the Compensation Committee meeting.  The Compensation Committee will present its findings to the Board and the independent members (as defined above) of the full Board must approve the renewal or nonrenewal.  If a determination is made not to renew this Agreement with the Executive, the Company must provide a Non Renewal Notice at least thirty (30) days and not more than sixty (60) days prior to such Anniversary Date, in which case the term of this Agreement shall become fixed and shall end three (3) years following such Anniversary Date.
		

		
			          (b)   Notwithstanding anything contained in this Agreement to the contrary, either Executive or the Bank may terminate Executive’s employment with the Bank at any time during the term of this Agreement, subject to the terms and conditions of this Agreement.
		

		
			 
		

			
			
				 3.
			

			
			
			COMPENSATION AND REIMBURSEMENT. 

		
			 
		

		
			          (a)   The compensation specified under this Agreement shall constitute consideration paid by the Bank in exchange for duties described in Section 1 of this Agreement.  The Bank shall pay Executive, as compensation, a salary of not less than $405,000 per year (“Base Salary”).  Base Salary shall include any amounts of compensation deferred by Executive under any employee benefit plan or deferred compensation arrangement maintained by the Bank.  Such Base Salary shall be payable bi-weekly or, if different, in accordance with the Bank’s customary payroll practices.  During the term of this Agreement, Executive’s Base Salary shall be reviewed at least annually by the 31st day of each January.  Such review shall be conducted by the Board or by a committee designated by the Board.  The committee or the Board may increase (but not decrease) Executive’s Base Salary at any time.  Any increase in Base Salary shall become the “Base Salary” for purposes of this Agreement.  The Board may engage the services of an independent consultant to determine the appropriate Base Salary.  In addition to the Base Salary provided in this Section 3(a), the Bank shall also provide Executive with all such other benefits as are provided uniformly to full-time employees of the Bank, on the same basis (including cost) that such benefits are provided to other senior officers of the Bank. 
		

		
			          (b)   In addition to the Base Salary provided for in Section 3(a), the Bank will provide Executive with the opportunity to participate in employee benefit plans, arrangements and perquisites substantially equivalent to those in which Executive was participating or otherwise deriving a benefit from immediately prior to the beginning of the term of this Agreement, and any other employee benefit plans, arrangements and perquisites suitable for the Bank’s senior executives adopted by the Bank subsequent to the Effective Date, and the Bank will not, without Executive’s prior written consent, make any changes in such plans, arrangements or perquisites which would adversely affect Executive’s rights or benefits thereunder, without separately providing for an arrangement that ensures Executive receives, or will receive, the economic value that Executive would otherwise lose as a result of such adverse effect, unless such changes apply equally to all other employees or senior officers of the Bank.  Without limiting the generality of the foregoing provisions of this Section 3(b), Executive shall be entitled to participate in or receive benefits under any employee benefit plans, whether tax-qualified or otherwise, including, but not limited to, retirement plans, supplemental retirement plans, deferred compensation plans, pension plans, profit-sharing plans, employee stock ownership plans, stock 
		

		 

		

			2

		

 

		award or stock option plans, health-and-accident plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank in the future to its senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements (including designation by the Board of eligibility to participate, if applicable).  Executive shall also be entitled to incentive compensation and bonuses as provided in any plan or arrangement of the Bank in which Executive is eligible to participate (and he shall be entitled to a pro rata distribution under any incentive compensation or bonus plan as to any year in which a termination of employment occurs, other than Termination for Just Cause).  Nothing paid to Executive under any such plans or arrangements will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement. 
		

		
			          (c)   In addition to the Base Salary provided for by Section 3(a) and other compensation and benefits provided for by Section 3(b), the Bank shall pay or reimburse Executive for all reasonable expenses incurred by Executive in performing his obligations under this Agreement in accordance with the Bank’s reimbursement policies.  Such reimbursements shall be made promptly by the Bank, and in any event, not later than March 15 of the year immediately following the calendar year in which Executive incurred such expense.
		

		
			          (d)   Executive shall be entitled to paid time off in accordance with the standard policies of the Bank for senior executive officers, but in no event less than thirty (30) days paid time off during each year of employment.  Executive shall receive his Base Salary and other benefits during periods of paid time off.  Executive shall also be entitled to paid legal holidays in accordance with the policies of the Bank.  Executive shall also be entitled to sick leave in accordance with the policies of the Bank, but in no event less than the number of days of sick leave per year to which Executive was entitled at the Effective Date of this Agreement.
		

		
			 
		

			
			
				 4.
			

			
			
			OUTSIDE ACTIVITIES.

		
			 
		

		
			          During the term of his employment hereunder, except for periods of absence occasioned by illness, reasonable vacation periods and reasonable leaves of absence approved by the Board, Executive shall devote substantially all his business time, attention, skill, and efforts to the faithful performance of his duties hereunder.  Executive also may serve as a member of the board of directors of business, trade association, community and charitable organizations subject to the annual approval of the Board; provided that in each case such service shall not materially interfere with the performance of his duties under this Agreement or present any conflict of interest. Executive shall provide to the Board annually a list of all organizations for which Executive serves as a director or in a similar capacity for purposes of obtaining the Board’s approval of Executive’s service on the boards of such organizations. Such service to and participation in outside organizations shall be presumed for these purposes to be for the benefit of the Bank, and the Bank shall reimburse Executive his reasonable expenses associated therewith, except for such items that are tax deductible by the Executive as charitable contributions.  
		

		
			 
		

			
			
				 5.
			

			
			
			PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION. 

		
			 
		

		 

		

			3

		

 

		
			          (a)   Upon the occurrence of an Event of Termination (as herein defined) during Executive’s term of employment under this Agreement, the provisions of this Section 5 shall apply.  As used in this Agreement, an “Event of Termination” shall mean and include any of the following: 
		

		
			(i)    the termination by the Bank of Executive’s full-time employment hereunder for any reason other than termination governed by Section 6 (Termination for Just Cause) or termination governed by Section 7 (Termination for Disability or Death); or
		

		
			(ii)    Executive’s resignation from the Bank’s employ for any of the following reasons (each of which shall be deemed a “Good Reason”): 
		

			
			
				 (A)
			

			
			
			the failure to elect or reelect or to appoint or reappoint Executive to the positions set forth under Section 1; 

			
			
				 (B)
			

			
			
			a material change in Executive’s functions, duties, or responsibilities with the Bank, which change would cause Executive’s position to become one of lesser responsibility, importance, or scope from the position and attributes thereof described in Section 1, above;  

			
			
				 (C)
			

			
			
			a relocation of Executive’s principal place of employment by more than 30 miles from the corporate office located at 581 Main Street, Woodbridge, New Jersey;

			
			
				 (D)
			

			
			
			a material reduction in the benefits and perquisites to Executive from those being provided as of the Effective Date of this Agreement, other than a reduction that is part of a Bank-wide reduction in pay or benefits;

			
			
				 (E)
			

			
			
			a liquidation or dissolution of the Company or the Bank, other than a liquidation or dissolution that is caused by a reorganization which does not affect the status of Executive; or 

			
			
				 (F)
			

			
			
			a material breach of this Agreement by the Bank. 

		
			Upon the occurrence of any event described in clauses (A), (B), (C), (D), (E) or (F), above, Executive shall have the right to elect to terminate his employment under this Agreement by resignation upon not less than sixty (60) days prior written Notice of Termination, as defined in Section 9(a), given within six (6) full calendar months after the event giving rise to said right to elect.  Thereafter, the Bank shall have thirty (30) days to cure the Good Reason, which period may be waived by the Bank.  If the Bank cures, the Executive’s right to resign and receive a payment shall be eliminated.  Notwithstanding the preceding in the event of a continuing breach of this Agreement by the Bank, Executive, after giving due notice within the prescribed time frame of an initial event 
		

		 

		

			4

		

 

		specified above, shall not waive any of his rights under this Agreement and this Section solely by virtue of the fact that Executive has submitted his resignation, provided Executive has remained in the employment of the Bank and is engaged in good faith discussions to resolve any occurrence of an event described in clauses (A), (B), (C), (D) or (F) above.
		

		
			 
		

		
			(iii)             Executive’s resignation for Good Reason or Executive’s involuntary termination of employment by the Bank on the effective date of, or at any time following, a Change in Control of the Bank or the Company during the term of this Agreement, provided that in the case of Executive’s resignation for Good Reason, the Executive provides a Notice of Termination and follows the procedures set forth in Section 5(a)(ii) above.  For these purposes, a Change in Control of the Bank or the Company shall mean a change in control of a nature that: (i) would be required to be reported in response to Item 5.01 of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) without limitation such a Change in Control shall be deemed to have occurred at such time as (a) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of Company’s outstanding securities except for any securities purchased by the Bank’s employee stock ownership plan or trust; or (b) individuals who constitute the Board of Directors of the Company on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least a majority of the directors shall be, for purposes of this clause (b), considered as though he were a member of the Incumbent Board; or (c) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Company or similar transaction in which the Bank or Company is not the surviving institution occurs; or (d) a proxy statement is distributed soliciting proxies from stockholders of the Company, by someone other than the current management of the Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Company or similar transaction with one or more corporations or financial institutions, and as a result of such proxy solicitation, a plan of reorganization, merger, consolidation or similar transaction involving the Company is approved by the requisite vote of the Company’s stockholders; or (e) a tender offer is made for 25% or more of the voting securities of the Company and the shareholders owning beneficially or of record 25% or more of the outstanding securities of the Company have tendered or offered to sell their shares pursuant to such tender offer and such tendered shares have been accepted by the tender offeror. 
		

		 

		

			5

		

 

		
			          (b)     Upon the occurrence of an Event of Termination, on the Date of Termination, as defined in Section 9(b), the Bank shall be obligated to pay Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, an amount equal to the sum of: (i) his earned but unpaid salary as of the date of his termination of employment with the Bank; (ii) the benefits, if any, to which he is entitled as a former employee under the employee benefit plans and programs and compensation plans and programs maintained for the benefit of the Bank’s or Company’s officers and employees; (iii) the remaining payments that Executive would have earned, in accordance with Sections 3(a) and 3(b), if he had continued his employment with the Bank for a thirty-six (36) month period following his termination of employment, and had earned a bonus and/or incentive award in each year equal in amount to the average bonus and/or incentive award earned by him over the three calendar years preceding the year in which the termination occurs in the case of a termination pursuant to Section 5(a)(i) or 5(a)(ii), or the highest annual bonus and/or incentive award earned by him in any of the three calendar years preceding the year in which the termination occurs in the case of a termination pursuant to Section 5(a)(iii); and (iv) the annual contributions or payments that would have been made on Executive’s behalf to any employee benefit plans of the Bank or the Company as if Executive had continued his employment with the Bank for a thirty-six (36) month period following his termination of employment, based on contributions or payments made (on an annualized basis) at the Date of Termination.  Any payments hereunder shall be made in a lump sum within thirty (30) days after the Date of Termination, or in the event Executive is a Specified Employee (within the meaning of Treasury Regulations §1.409A-1(i)), and to the extent necessary to avoid penalties under Code Section 409A, no payment shall be made to Executive prior to the first day of the seventh month following Executive’s Date of Termination.  Such payments shall not be reduced in the event Executive obtains other employment following termination of employment.
		

		
			          (c)   Upon the occurrence of an Event of Termination, the Bank will cause to be continued life insurance and non-taxable, medical and dental and disability coverage substantially identical to the coverage maintained by the Bank for Executive and his family prior to Executive’s termination.  Such coverage shall continue at the Bank’s expense for a period of thirty-six (36) months from the Date of Termination.    If the Bank cannot provide one or more of the benefits set forth in this paragraph because Executive is no longer an employee, applicable rules and regulations prohibit such benefits or the payment of such benefits in the manner contemplated, would subject the Bank or Executive to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits.  Such cash lump sum payment shall be made in a lump sum within thirty (30) days after the Date of Termination (or if later, the date on which it is determined that providing such benefits would subject the Bank or Executive to penalties), or in the event Executive is a Specified Employee (with the meaning of Treasury Regulation Section 1.409A-1(i)), and to the extent necessary to avoid penalties under Code Section 409A, no payment shall be made to Executive prior to the first day of the seventh month following Executive's Date of Termination.
		

		
			          (d)   Notwithstanding anything herein to the contrary, in no event shall the aggregate payments or benefits to be made or afforded to Executive under this Agreement, either as a stand-alone benefit or when aggregated with other payments to, or for the benefit of Executive, constitute an “excess parachute payment” under Code Section 280G, or any successor thereto, and in order to avoid such a result, Executive’s benefits hereunder shall be reduced, if necessary, 
		

		 

		

			6

		

 

		to an amount, the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with Code Section 280G.  The allocation of the reduction required hereby shall be determined by Executive, provided, however, that if it is determined that such election by Executive shall be in violation of Code Section 409A, the allocation of the required reduction shall be pro-rata.
		

		
			 
		

		
			         (e)   For purposes of Section 5, an “Event of Termination” as used herein shall mean “Separation from Service” as defined in Code Section 409A and the Treasury Regulations promulgated thereunder, provided, however, that the Bank and Executive reasonably anticipate that the level of bona fide services Executive would perform after termination would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period.  
		

		
			 
		

			
			
				 6.
			

			
			
			TERMINATION FOR JUST CAUSE. 

		
			 
		

		
			          (a)   The term “Termination for Just Cause” shall mean termination because of Executive’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, material breach of the Bank’s Code of Ethics, material violation of the Sarbanes-Oxley requirements for officers of public companies that in the reasonable opinion of the Chief Executive Officer of the Bank or the Board will likely cause substantial financial harm or substantial injury to the reputation of the Bank, willfully engaging in actions that in the reasonable opinion of the Chief Executive Officer of the Bank or the Board will likely cause substantial financial harm or substantial injury to the business reputation of the Bank, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than routine traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of the contract. 
		

		
			          (b)   Notwithstanding Section 6(a), the Bank may not terminate Executive for Just Cause unless and until there shall have been delivered to him a Notice of Termination which shall include a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for that purpose, finding that in the good faith opinion of the Board, Executive was guilty of conduct justifying Termination for Just Cause and specifying the particulars thereof in detail.  Executive shall not have the right to receive compensation or other benefits for any period after Termination for Just Cause.  During the period beginning on the date of the Notice of Termination for Just Cause pursuant to this Section 6(b) through the Date of Termination, any unvested stock options and related limited rights granted to Executive under any stock option plan shall not be exercisable nor shall any unvested awards granted to Executive under any stock benefit plan of the Bank, the Company or any subsidiary or affiliate thereof, vest.  At the Date of Termination, any such unvested stock options and related limited rights and any such unvested awards shall become null and void and shall not be exercisable by or delivered to Executive at any time subsequent to such Termination for Just Cause.  In the Event of Executive’s Termination for Just Cause, Executive shall resign as a director of the Company and the Bank, and as a director and/or officer of any subsidiary or affiliate of the Company and/or the Bank.
		

		
			 
		

		 

		

			7

		

 

			
			
				 7.
			

			
			
			TERMINATION FOR DISABILITY OR DEATH.

		
			 
		

		
			          (a)   The Bank or Executive may terminate Executive’s employment after having established Executive’s Disability.  For purposes of this Agreement, “Disability” shall be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank; or (iii) Executive is determined to be totally disabled by the Social Security Administration.  
		

		
			          (b)   In the event of such Disability, Executive’s obligation to perform services under this Agreement will terminate.  In the event of such termination, Executive shall receive the benefits provided under any disability program sponsored by the Company or the Bank.  To the extent such benefits are less than Executive’s Base Salary, as defined in Section 3(a) on the effective Date of Termination and less than sixty-six and two-thirds percent (66 2/3%) of Executive’s Base Salary after the first year following termination, Executive shall  receive as a supplement to such disability benefit the difference between the benefits provided under any disability program sponsored by the Company or the Bank and (x) his Base Salary, as defined in Section 3(a), at the rate in effect on the Date of Termination for a period of one (1) year following the Date of Termination by reason of Disability, and (y) sixty-six and two-thirds percent (66 2/3%) of Executive’s Base Salary after the first year following termination through the earliest to occur of the date of Executive’s death, recovery from such Disability, or the date Executive attains age 65.  In calculating the payments due Executive under this Section 7(b), if the disability insurance payments are excludable from Executive’s income for federal income tax purposes, such amounts shall be tax adjusted, assuming a combined federal, state and city tax rate of 38%, for purposes of determining the reduction in the payments due under this Agreement to reflect the tax-free nature of the disability insurance payment – by way of illustration, a $100 tax-free disability insurance payment shall reduce the payment due under this Agreement by $161.30).  In addition, in the event of termination due to Executive’s Disability, the Bank will continue to provide to Executive and his dependents for a period of one (1) year, the non-taxable medical, dental and other health benefits that were provided by the Bank to Executive and Executive’s family prior to the occurrence of Executive’s Disability, on the same terms (including cost to Executive) that were being provided to Executive immediately prior to the termination (except to the extent such benefits are changed in their application to all continuing employees of the Bank).
		

		
			          (c)   In the event of Executive’s death during the term of this Agreement, his estate, legal representatives or named beneficiary or beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary, as defined in Section 3(a), at the rate in effect at the time of Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank will continue to provide Executive’s family the same non-taxable medical, dental, and other health benefits that were provided by the Bank to Executive’s family immediately prior to Executive’s death, on the same terms, including cost, as if Executive were actively employed by the Bank, except to the extent the terms (including cost) of such benefits are changed in their 
		

		 

		

			8

		

 

		application to all continuing employees of the Bank, such coverage to continue  for a period of one (1) year after the date of Executive’s death.
		

		
			          (d)   If the Bank cannot provide one or more of the non-taxable medical, dental or other health benefits set forth in Subsection (b) or (c) above because Executive is no longer an employee, applicable rules and regulations prohibit such benefits or the payment of such benefits in the manner contemplated, would subject the Bank or Executive to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits, in the same manner as set forth in Section 5(c) above.
		

		
			 
		

			
			
				 8.
			

			
			
			TERMINATION UPON RETIREMENT.

		
			 
		

		
			Termination of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment on or after age 65 and in accordance with a retirement policy established by the Board with Executive’s consent with respect to him.  Upon termination of Executive based on Retirement, no amounts or benefits shall be due Executive under this Agreement, and Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party.
		

		
			 
		

			
			
				 9.
			

			
			
			NOTICE. 

		
			 
		

		
			          (a)   Any notice required under this Agreement shall be in writing and hand-delivered to the other party.  Any termination by the Bank or by Executive shall be communicated by Notice of Termination to the other party hereto.  For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated.
		

		
			          (b)   “Date of Termination” shall mean (A) if Executive’s employment is terminated for Disability, thirty (30) days after a Notice of Termination is given (provided that he shall not have returned to the performance of his duties on a full-time basis during such thirty (30) day period), and (B) if his employment is terminated for any other reason, the date specified in the Notice of Termination.
		

		
			          (c)   If the party receiving a Notice of Termination desires to dispute or contest the basis or reasons for termination, the party receiving the Notice of Termination must notify the other party within thirty (30) days after receiving the Notice of Termination that such a dispute exists, and shall pursue the resolution of such dispute in good faith and with reasonable diligence pursuant to Section 20 of this Agreement.  During the pendency of any such dispute, neither the Company nor the Bank shall be obligated to pay Executive compensation or other payments beyond the Date of Termination.
		

		
			 
		

			
			
				 10.
			

			
			
			POST-TERMINATION OBLIGATIONS. 

		
			 
		

		
			Executive shall, upon reasonable notice, furnish such information and assistance honestly and in good faith to the Bank or the Company as may reasonably be required by the Bank or the 
		

		 

		

			9

		

 

		Company in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party.  All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 10 for one (1) full year after the earlier of the expiration of this Agreement or termination of Executive’s employment with the Bank.  
		

		
			 
		

			
			
				 11.
			

			
			
			NON-COMPETITION AND NON-DISCLOSURE. 

		
			 
		

		
			          (a)   As a material inducement for the Bank to enter into this Agreement, upon any termination of Executive’s employment hereunder pursuant to the terms of this Agreement, other than a termination of Executive’s employment under Sections 5(a)(iii) or 6 of this Agreement, Executive agrees not to compete with the Bank for a period of two (2) years following such termination in any city, town or county in which Executive’s normal business office is located and the Bank has an office or has filed an application for regulatory approval to establish an office, determined as of the effective date of such termination, except as agreed to pursuant to a resolution duly adopted by the Board.  Executive agrees that during such period and within said cities, towns and counties, Executive shall not work for or advise, consult or otherwise serve with, directly or indirectly, any entity whose business materially competes with the depository, lending or other business activities of the Bank.  Executive further agrees that for a period of two (2) years following any termination of employment, he shall not directly or indirectly, solicit, hire, or entice any of the following to cease, terminate, or reduce any relationship with the Bank or the Company or to divert any business from the Bank or the Company: (i) any person who was an employee of the Bank or the Company during the term of this Agreement; or (ii) any customer or client of the Bank or the Company.  Further, Executive will not directly or indirectly disclose the names, addresses, telephone numbers, compensation, or other arrangements between the Bank or the Company and any individual or entity described in Sections (i) and (ii) of this Section 11(a).  The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the event of Executive’s breach of this Subsection agree that in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive, Executive’s partners, agents, servants, employees and all persons acting for or under the direction of Executive.  Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to the Bank for such breach or threatened breach, including the recovery of damages from Executive. 
		

		
			          (b)   Executive recognizes and acknowledges that the knowledge of the business activities, plans for business activities, and all other proprietary information of the Bank or the Company as it may exist from time to time, are valuable, special and unique assets of the business of the Bank or the Company.  Executive will not, during or after the term of his employment, disclose any knowledge of the past, present, planned or considered business activities or any other similar proprietary information of the Bank or the Company to any person, firm, corporation, or other entity for any reason or purpose whatsoever unless expressly authorized by the Board of Directors or required by law.  Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Bank or the Company.  Further, Executive may disclose information regarding the business activities of the Bank or the Company to any bank regulator having regulatory jurisdiction over the activities of the Bank or the Company, pursuant to a formal regulatory request.  In the event of a breach, or 
		

		 

		

			10

		

 

		threatened breach, by Executive of the provisions of this Section, the Bank or the Company will be entitled to an injunction restraining Executive from disclosing, in whole or in part, the knowledge of the past, present, planned or considered business activities of the Bank or the Company, or any other similar proprietary information, or from rendering any services to any person, firm, corporation, or other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed.  Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to the Bank for such breach or threatened breach, including the recovery of damages from Executive. 
		

		
			 
		

			
			
				 12.
			

			
			
			SOURCE OF PAYMENTS. 

		
			 
		

		
			All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank.  The Company, however, unconditionally guarantees payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Company. 
		

		
			 
		

			
			
				 13.
			

			
			
			EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS. 

		
			 
		

		
			This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or any predecessor of the Bank and Executive, including the Prior Agreement, except that this Agreement shall not affect or operate to reduce any benefit, compensation, tax indemnification or other provision inuring to the benefit of Executive under any agreement between Executive, the Bank or the Company.  No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. 
		

		
			 
		

			
			
				 14.
			

			
			
			NO ATTACHMENT.

		
			 
		

		
			          (a)   Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect. 
		

		
			          (b)   This Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns.
		

		
			 
		

			
			
				 15.
			

			
			
			MODIFICATION AND WAIVER. 

		
			 
		

		
			          (a)   This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 
		

		
			          (b)   No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel.  No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver 
		

		 

		

			11

		

 

		shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived. 
		

		
			 
		

			
			
				 16.
			

			
			
			REQUIRED PROVISIONS. 

		
			 
		

		
			          (a)   The Bank's Board may terminate Executive's employment at any time and for any reason, but any termination by the Bank's Board, other than Termination for Just Cause, shall not prejudice Executive's right to compensation or other benefits under this Agreement.  
		

		
			 
		

		
			          (b)   If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank's affairs by a notice served under Section 8(e)(3) (12 U.S.C. 1818(e)(3)) or 8(g) (12 U.S.C. 1818(g)) of the Federal Deposit Insurance Act, the Bank's obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings.  If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of the obligations which were suspended.
		

		
			 
		

		
			          (c)   If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e) (12 U.S.C. 1818(e)) or 8(g) (12 U.S.C.1818(g)) of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.
		

		
			 
		

		
			          (d)   If the Bank is in default as defined in Section 3(x) (12 U.S.C. 1813(x)(1)) of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties.
		

		
			 
		

		
			          (e)   All obligations of the Bank under this Agreement may be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the institution, by the Federal Deposit Insurance Corporation if it enters into an agreement to provide assistance to or on behalf of the Bank.  Any rights of the parties that have already vested, however, shall not be affected by such action.
		

		
			 
		

		
			          (f)   Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with 12 U.S.C. Section 1828(k) and any rules and regulations promulgated thereunder, including 12 C.F.R. Part 359, and to the extent applicable, 12 C.F.R. §163.39.
		

		
			 
		

			
			
				 17.
			

			
			
			SEVERABILITY.

		
			 
		

		
			If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provisions of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect. 
		

		

		

		 

		

			12

		

 

		 
		

			
			
				 18.
			

			
			
			HEADINGS FOR REFERENCE ONLY.

		
			 
		

		
			The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
		

		
			 
		

			
			
				 19.
			

			
			
			GOVERNING LAW.

		
			 
		

		
			This Agreement shall be governed by the laws of the State of New York, without regard to its conflict of law principles, unless superseded by federal law or otherwise specified herein.
		

		
			 
		

			
			
				 20.
			

			
			
			ARBITRATION.

		
			 
		

		
			Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator selected by mutual agreement of Executive and the Bank, sitting in a location selected by Executive within fifty (50) miles from the main office of the Bank, in accordance with the rules of the American Arbitration Association’s National Rules for the Resolution of Employment Disputes (“National Rules”) then in effect.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
		

		
			 
		

			
			
				 21.
			

			
			
			PAYMENT OF COSTS AND LEGAL FEES AND REINSTATEMENT OF BENEFITS. 

		
			 
		

		
			In the event any dispute or controversy arising under or in connection with Executive’s termination is resolved in favor of Executive, whether by judgment, arbitration or settlement, Executive shall be entitled to the payment of: (1) all legal fees incurred by Executive in resolving such dispute or controversy; (2) any back-pay, including salary, bonuses and any other cash compensation, fringe benefits and any compensation and benefits due Executive under this Agreement; and (3) any other compensation otherwise due Executive as a result of a breach of this Agreement by the Bank. Any payments pursuant to this Section 21 shall occur no later than two and one-half months after the dispute is settled or resolved in Executive’s favor.  
		

		
			 
		

			
			
				 22.
			

			
			
			INDEMNIFICATION. 

		
			 
		

		
			          (a)   The Bank and the Company shall provide Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense.  The Bank shall indemnify Executive (and his heirs, executors and administrators) to the fullest extent permitted under Office of the Comptroller of the Currency (OCC) regulations, or its successors, against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Bank (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, advancement of legal fees and expenses, 
		

		 

		

			13

		

 

		judgments, court costs and attorneys’ fees and the cost of reasonable settlements, provided, however, the Bank or Company shall not be required to indemnify or reimburse Executive for legal expenses or liabilities incurred in connection with an action, suit or proceeding arising from any illegal or fraudulent act committed by Executive.     Any such indemnification shall be made consistent with  OCC regulations, or its successors, and Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359.
		

		
			          (b)   Notwithstanding the foregoing, no indemnification shall be made unless the Bank or Company gives the OCC, or its successors, at least sixty (60) days’ notice of its intention to make such indemnification.  Such notice shall state the facts on which the action arose, the terms of any settlement, and any disposition of the action by a court.  Such notice, a copy thereof, and a certified copy of the resolution containing the required determination by the Board of the Bank or Company, and shall be sent to the regional director of the OCC, or its successors, who shall promptly acknowledge receipt thereof.  The notice period shall run from the date of such receipt.  No such indemnification shall be made if the OCC, or its successors, advises the Bank or Company in writing within such notice period, of its objection thereto. 
		

		
			 
		

			
			
				 23.
			

			
			
			SUCCESSOR TO THE BANK. 

		
			 
		

		
			The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank’s obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place. 
		

		
			 
		

			
			
				 24.
			

			
			
			NON WAIVER.

		
			 
		

		
			The failure of one party to insist upon or enforce strict performance by the others of any provision of this Agreement or to exercise any right, remedy or provision of this Agreement will not be interpreted or construed as a waiver or relinquishment to any extent of such party’s right to enforce or rely upon same in that or any other instance.
		

		

		

		 

		

			14

		

 

		IN WITNESS WHEREOF the Bank and Executive have signed (or caused to be signed) this Agreement on the Effective Date.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Attest:

					
					
						Northfield Bank

				
	
					
						 

					
					
						 

				
	
					
						/s/ M. Eileen Bergin

					
					
						By:   /s/ John W. Alexander

				
	
					
						Secretary

					
					
						Title: John W. Alexander, Chairman & CEO

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Attest:

					
					
						Executive

				
	
					
						 

					
					
						 

				
	
					
						/s/ M. Eileen Bergin

					
					
						            /s/ Steven M. Klein

				
	
					
						Secretary

					
					
						Steven M. Klein, President  & Chief Operating Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						Northfield Bancorp, Inc

				
	
					
						 

					
					
						(The Company is executing this Agreement only for

				
	
					
						 

					
					
						purposes of acknowledging the obligations of the

				
	
					
						 

					
					
						Company hereunder.)

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Attest:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ M. Eileen Bergin

					
					
						By:   /s/ John W. Alexander

				
	
					
						Secretary

					
					
						Title: John W. Alexander, Chairman & CEO

				

		
			 
		

		 

		

			15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]