Document:

EXHIBIT 10.11

                           CHANGE OF CONTROL AGREEMENT

      THIS CHANGE OF CONTROL AGREEMENT (this "Agreement"), dated as of the 21st
day of February, 2007, is by and between CENTRAL JERSEY BANCORP, a New Jersey
corporation (the "Company" or "Bancorp"), and Lisa A. Borghese (the
"Executive").

      WHEREAS, the Board of Directors of the Company (the "Board") recognizes
that, as is the case with many publicly held companies, the possibility of a
change of control exists and that such possibility, and the uncertainty and
questions which it may raise among management, could result in the departure or
distraction of management personnel to the detriment of the Company;

      WHEREAS, the Board has determined that appropriate steps should be taken
to reinforce and encourage the continued attention and dedication of members of
the Company's management, including the Executive, to their assigned duties
without distraction in the face of the possibility of a change of control; and

      WHEREAS, the Company and the Executive desire to memorialize in this
Agreement the benefits to which the Executive shall be entitled in the event of
a change of control.

      NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants, undertakings and representations contained herein, and for other good
and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Company and the Executive agree as follows:

      1. Term of Agreement. This Agreement shall be effective as of February,
2007 (the "Effective Date"), and shall continue in full force and effect for so
long as the Executive is employed by Bancorp and/or Central Jersey Bank, N.A.,
the bank subsidiary of Bancorp (the "Bank"); provided, however, that this
Agreement shall continue in effect after the termination of Executive's
employment, regardless of the reason, for such period as is necessary to
effectuate the rights of the Executive and Bancorp hereunder and for the
Executive and Bancorp to fulfill and observe their respective obligations set
forth herein; provided, further, that if the Executive's employment is
terminated without Cause (as defined below) by Bancorp prior to a Change of
Control Event (as defined below), the Executive shall be entitled to receive the
full benefits under this Agreement if a Change of Control Event occurs within 12
months after the effective date of termination of Executive's employment. In
other words, in the event the Executive's employment is terminated without
Cause, she will be entitled to receive the Severance provided for in Section
3(a) hereof in connection with a Change of Control Event which occurs within 12
months after such termination. In the event that the Executive is to receive
Severance pursuant to this Section 1, the Severance shall be payable in full by
the Company within 10 business days after the effective date of the Change of
Control Event.

      2. Relationship of the Parties. The Executive shall serve, at the
discretion of the Board, as Senior Vice President of the Bank. This Agreement
shall not constitute an employment agreement between the Company and the
Executive and shall not guarantee the Executive's continued employment with
Bancorp or the Bank.

<PAGE>

      3. Termination as a Result of a Change of Control Event.

            (a) In the event that either (i) the Executive is terminated without
Cause in connection with (A) a merger of Bancorp where Bancorp is not the
surviving entity, (B) the acquisition of greater than 50% of Bancorp's voting
stock by an entity or group of individuals other than the shareholders of
Bancorp as of the Effective Date (or any individual or entity which receives
from a current shareholder of Bancorp an interest in Bancorp through will or the
laws of descent and distribution), (C) the sale or disposition of all or
substantially all of Bancorp's assets, or (D) the determination (which may be
made effective as of a particular date specified by the Board) by the Board that
a change of control has occurred or is about to occur (each a "Change of Control
Event"), or (ii) a Change of Control Event occurs and the Executive is not
employed by the successor entity or group (the "Successor Entity") for a period
of at least 18 months commencing on the effective date of the Change of Control
Event pursuant to a written agreement (the "New Agreement") which provides that
Executive shall have (A) the same or substantially equal position with similar
title and responsibilities and the same or greater salary, benefits (including,
without limitation, health insurance for the Executive and her family, life
insurance for the Executive, matching 401(k) contributions and automobile
allowance, as applicable) and bonuses that the Executive was entitled to receive
from the Company immediately prior to the Change of Control Event, and (B) a
commuting distance that is not greater than 30 miles from the Executive's
current residence, the Executive shall be entitled to Severance from the
Company; provided, however, that the Executive shall only be entitled to such
Severance if she agrees to remain as an employee of the Company and assist in
the transition until the effective date of the Change of Control Event;
provided, further, in no event shall a Change of Control Event be deemed to have
occurred, with respect to the Executive, if the Executive is part of a
purchasing group which consummates the transaction relating to the Change of
Control Event. The Executive shall be deemed "part of the purchasing group" for
purposes of the preceding sentence if the Executive is an equity participant or
has agreed to become an equity participant in the purchasing company or group
(except for (i) passive ownership of less than 5% of the voting securities of
the purchasing company; or (ii) ownership of equity participation in the
purchasing company or group which is otherwise deemed not to be significant, as
determined prior to the Change of Control Event by a majority of the
non-employee members of the Board). Except as otherwise provided herein, in the
event that the Executive is to receive Severance in connection with a Change of
Control Event, the Severance shall be payable in equal bi-weekly installments
for a period of 12 months commencing on the effective date of the Change of
Control Event; provided, however, payments of Severance may cease during the 12
month period as provided in Sections 4(a) and (b) hereof.

      In addition to the forgoing, in the event the Executive's employment is
terminated without Cause in connection with any acquisition by Bancorp of any
bank, bank holding company or other similar institution (the "Acquisition"), and
the Acquisition does not constitute a Change of Control Event, Executive shall
nevertheless be entitled to receive Severance from the Company, which shall be
payable in equal bi-weekly installments for a period of 12 months commencing on
the effective date of the termination of Executive's employment without Cause;
provided, however, payments of Severance may cease during the 12 month period as
provided in Sections 4(a) and (b) hereof.

      For purposes of this Agreement, "Severance" shall mean (i) an amount equal
to the product of the Executive's monthly salary in effect at the time of the
Change of Control Event or the Acquisition multiplied by 12, plus (ii) an amount
equal to the largest annual cash bonus

<PAGE>

payment made to the Executive for services provided in any of the three years
ended on December 31 of the year preceding the year in which the Change of
Control Event or the Acquisition occurs, plus (iii) an amount equal to the
product of the cash equivalent of the monthly benefits provided to the Executive
at the time of the Change of Control Event or the Acquisition, as determined by
the Board in good faith and its sole discretion, multiplied by 12. In addition,
for purposes of this Agreement, "Cause" shall mean as follows: (i) the Executive
willfully, or as a result of gross negligence on her part, fails substantially
to (A) carry out the lawful policies of the Board or (B) discharge her duties
and responsibilities as an executive of Bancorp and the Bank for any reason
other than the Executive's disability, (ii) the Executive is convicted of or
enters a plea of no contest with respect to a felony, (iii) the Executive
engages in conduct which is demonstrably and substantially injurious to the
Company (as determined in good faith by the Board), (iv) the Executive
materially breaches this Agreement, or commits any deliberate and intentional
violation of the provisions of Sections 4 and/or 5 of this Agreement, or (v) the
Executive commits willful or intentional misconduct that has a material adverse
effect on Bancorp or the Bank.

            (b) In addition to the provisions set forth in Section 3(a) of this
Agreement, the New Agreement also will provide that if the Executive accepts
employment with the Successor Entity as of the effective date of the Change of
Control Event and the Executive (i) is terminated by the Successor Entity
without Cause during the 18 month period commencing on the effective date of the
Change of Control Event or (ii) dies, becomes disabled or voluntarily terminates
her employment with the Successor Entity for any other reason or no reason
during the 12 month period commencing on the 6 month anniversary of the
effective date of the Change of Control Event (the "6 Month Anniversary Date"),
the Executive shall be entitled to Severance from the Successor Entity. If the
Executive's employment is terminated as provided in Subsection 3(b)(i), she
shall receive Severance for the number of months equal to the remainder of 12
months less the number of whole months Executive was employed by the Successor
Entity following the 6 Month Anniversary Date; provided, however, that if the
Executive's employment is terminated by the Successor Entity as provided in
Subsection 3(b)(i) prior to the 6 Month Anniversary Date, the Executive shall
receive 12 months Severance. If the Executive dies, becomes disabled or
terminates her employment with the Successor Entity as provided in Subsection
3(b)(ii), she shall receive Severance for the number of months equal to the
remainder of 12 months less the number of whole months the Executive was
employed by the Successor Entity following the 6 Month Anniversary Date. In no
event shall Executive be entitled to receive less than 6 months Severance;
provided, however, the Executive shall not be entitled to any Severance if she
terminates her employment with the Successor Entity as provided in Subsection
3(b)(ii) prior to the 6 Month Anniversary Date for any reason other than death
or disability (as such term is defined in the policies of the Successor Entity
or, if not so defined, as determined by a physician mutually agreeable to the
Executive and the Successor Entity; provided, further, Severance may be for less
than 6 months as provided in Sections 4(a) and (b) hereof.) To calculate the
Severance payable in accordance with this Section 3(b), the number 12 set forth
in the definition of Severance in Section 3(a) of this Agreement shall be
replaced with the number of months of Severance the Executive is entitled to
receive as provided in this Section 3(b). Such Severance shall be payable in
bi-weekly installments for a period of 12 months after the termination of
Executive's employment with the Successor Entity unless the Executive and the
Successor Entity otherwise agree to another payment schedule; provided, however,
payments of Severance may cease during the 12 month period as provided in
Sections 4(a) and (b) hereof. In addition, the New Agreement will contain the
provisions set forth in Sections 4 through 17 of this Agreement; provided,
however, that the provisions of Section 4(a)

<PAGE>

shall not be applicable to the Executive if her employment with the Successor
Entity terminates after the end of the 18 month period which commences on the
effective date of the Change of Control Event and, as a result, she is not
entitled to any Severance in connection with such termination. For purposes of
clarity, the Executive shall not be entitled to any Severance should her
employment with the Successor Entity terminate for any reason after the
expiration of the 18 month period commencing on the effective date of the Change
of Control Event.

      4. Covenant Not to Compete/Solicit. In consideration for the right to
receive the Severance provided for herein, the Executive agrees as follows:

            (a) During her employment with the Company and for a period of 6
months from the effective date of any termination of the Executive's employment
by the Company for (A) Cause, or (B) without Cause, or (ii) by the Executive,
the Executive shall not, directly or indirectly, commence employment with or
render services to any other bank or banking institution within the State of New
Jersey; provided, however, that if the Executive's employment is terminated by
the Company without Cause, or the Executive voluntarily terminates her
employment with the Company, and she is not entitled to any Severance at the
time of any such termination, the provisions of this Section 4(a) shall not
apply to the Executive; provided, further, that, notwithstanding the foregoing,
the Executive may directly or indirectly commence employment with or render
services to any other bank or banking institution within the State of New Jersey
after 3 months from the date of any termination of Executive's employment with
the understanding and agreement that the Company's obligation to pay any
Severance to Executive hereunder shall cease as of the date the Executive is
employed or renders services to any bank or banking institution within the State
of New Jersey if such employment or provision of services occurs after 3 months
but prior to 6 months from the date of any termination of Executive's
employment.

            (b) During her employment with the Company and for a period of 12
months from the effective date of any termination of the Executive's employment
with the Company for any reason whatsoever, the Executive shall not recruit any
employee of the Company or solicit or induce, attempt to solicit or induce, or
assist in the solicitation or inducement of any employee of the Company to
terminate her or her employment, or otherwise cease her or her relationship,
with the Company, or solicit, divert or take away, or attempt to solicit, divert
or take away, the business or patronage of any of the clients, customers or
accounts of the Company that were served by the Company while the Executive was
employed by the Company; provided, however, that, notwithstanding the foregoing,
the Executive may solicit, divert or take away, or attempt to solicit, divert or
take away, the business or patronage of any of the clients, customers or
accounts of the Company that were served by the Company while the Executive was
employed by the Company after 3 months from the date of any termination of
Executive's employment with the understanding and agreement that the Company's
obligation to pay any Severance to Executive hereunder shall cease as of the
date the Executive solicits, diverts or takes away, or attempts to solicit,
divert or take away, the business or patronage of any of the clients, customers
or accounts of the Company that were served by the Company while the Executive
was employed by the Company.

            (c) The Executive acknowledges that the restrictions set forth in
this Section 4 are reasonable and necessary for the protection of the business
and good will of the Company.

<PAGE>

      5. Confidential Information and Materials. The Executive acknowledges that
by reason of the Executive's employment with the Company, the Executive has and
will hereafter, from time to time during her employment with the Company, become
exposed to and/or become knowledgeable about proposals, plans, inventions,
practices, systems, programs, subscriptions, strategies, formulas, processes,
methods, techniques, research, records, suppliers, sources, customer lists,
billing information, any other form of business information and any trade
secrets of every kind and character, whether or not they constitute a trade
secret under applicable law, which are not known to the Company's competitors
and which are kept secret and confidential by the Company (the "Confidential
Information"). The Executive therefore agrees that at no time during or after
her employment will she disclose or use the Confidential Information or
materials to or with any person, firm, business, corporation, association, or
other entity for any reason or purpose except as may be required in the prudent
course of business for the sole benefit of the Company, or as may be required by
a court order or by law.

      6. Company Property. All correspondence, memoranda, notes, records,
reports, plans, price lists, customer lists, financial statements, catalogs,
computer programs, disks, tapes, other papers and other medium on or by which
Confidential Information is stored, received or made by the Executive in
connection with her employment by the Company shall be the property of the
Company and shall be delivered to the Company upon the termination of her
employment or at any other time upon request of the Company.

      7. Equitable Remedies. The Company and the Executive acknowledge and
confirm that the restrictions contained in Sections 4, 5 and 6 hereof are, in
view of the nature of the business of the Company, reasonable and necessary to
protect the legitimate interests of the Company and that any violation of any
provisions of Sections 4, 5 and 6 will result in irreparable injury to the
Company. Therefore, the Executive hereby agrees that in the event of any breach
or threatened breach of the terms or conditions of this Agreement by the
Executive, the Company's remedies at law will be inadequate and, in any such
event, the Company shall be entitled to commence an action for preliminary and
permanent injunctive relief and other equitable and monetary relief in any court
of competent jurisdiction.

      8. Costs. If litigation is brought to enforce or interpret any provision
contained herein, the court shall award reasonable attorneys' fees and
disbursements to the prevailing party as determined by the court.

      9. Severability. If any provision of this Agreement or application thereof
to any person or circumstance is adjudicated to be invalid or unenforceable in a
jurisdiction, such invalidity or unenforceability shall not affect any other
provision or application of this Agreement, which can be given effect without
the invalid or unenforceable provision or application and shall not invalidate
or render unenforceable such provision or application in any other jurisdiction.

      10. Entire Agreement, Amendments. This Agreement contains the entire
agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior and contemporaneous agreements and understandings, oral
or written, with respect to the subject matter hereof. This Agreement may not be
changed, amended or modified orally, but may change only by an agreement in
writing signed by the party against whom any waiver, change, amendment,
modification or discharge may be sought.

<PAGE>

      11. Binding Agreement. This Agreement shall be binding upon and inure to
the benefit of all executors, administrators, heirs, successors and assigns of
the parties; provided, however, that this Agreement shall not be assignable by
the Executive and shall terminate upon the death of the Executive.

      12. Governing Law, Consent to Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the State of New Jersey
without application of its conflict of laws rules. The Executive hereby submits
to the exclusive jurisdiction and venue of the courts of the State of New Jersey
or the United States District Court for the District of New Jersey for purposes
of any legal action.

      13. Counterparts. This Agreement may be executed in one or more
counterparts, all of which taken together shall constitute one and the same
agreement.

      14. Notices. All notices required or permitted hereunder shall be in
writing and shall be sent by overnight courier or certified or registered mail,
return receipt requested, postage prepaid, as follows:

         If to the Company:      Central Jersey Bancorp
                                 627 Second Avenue
                                 Long Branch, New Jersey  07740
                                 Attn.: James S. Vaccaro
                                        President and Chief Executive Officer

         If to the Executive:    Lisa A. Borghese
                                 46 New Monmouth Road
                                 Middletown, New Jersey 07748

Notices may be sent to such other address as either party may designate in a
written notice served upon the other party in the manner provided herein. All
notices required or permitted hereunder shall be deemed duly given and received
on the next business day, if delivery is by overnight courier, or the second day
next succeeding the date of mailing, if delivery is by mail.

      15. Headings. The section headings herein are for convenience only and
shall not affect the interpretation or construction of this Agreement.

      16. Waiver. The failure of either party to enforce any provision of this
Agreement shall not be construed as a waiver or limitation of that party's right
to subsequently enforce and compel strict compliance with every provision of
this Agreement.

      17. Further Assurances. Each party shall cooperate with and take such
action as may be reasonably requested by the other party in order to carry out
the provisions and purposes of this Agreement.

                            [Signature Page Follows.]

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have duly executed this Change of
Control Agreement as of the date first written above.

                                         CENTRAL JERSEY BANCORP

                                     By:     /s/ James S. Vaccaro
                                         ---------------------------------------
                                   Name: James S. Vaccaro
                                  Title: President and Chief Executive Officer

                                         EXECUTIVE

                                              /s/ Lisa A. Borghese
                                         ---------------------------------------
                                         Lisa A. BorgheseEX-10.16

    Exhibit
      10.16

     

    EMPLOYMENT
      AGREEMENT

    

    This
      Employment Agreement (“Agreement”) made as of the 1st
      day of
      January, 2005, between Greater Community Bank, a New Jersey corporation with
      a
      business address of 55 Union Boulevard, Totowa, New Jersey, (the “Company”) and
      Mary Smith (“Executive”).

     

    WHEREAS,
      the Company desires to employ the Executive upon the terms and conditions
      hereinafter set forth; and 

     

    WHEREAS,
      the Executive is willing to enter into this Agreement with respect to her
      employment and services upon the terms and conditions hereinafter set
      forth.

    

    WITNESSETH:

    

    NOW,
      THEREFORE, in consideration of the mutual promises set forth herein, the parties
      hereto, intending to be legally bound, agree as follows:

    

    1. Employment.
      The
      Company hereby employs Executive, and Executive hereby accepts such employment
      and agrees to perform Executive’s duties and responsibilities hereunder, in
      accordance with the terms and conditions hereinafter set forth.

    

    2. Term.
      The
      term of this Agreement (the “Employment Term”) shall commence on the date of the
      execution of this Agreement by both parties and shall continue from that date
      for three (3) years. The Employment Term shall be subject to one (1) year
      extensions at the mutual agreement of the Executive and the Highland Capital
      Corp. Board of Directors. The one (1) year extension must be exercised within
      forty-five (45) days of the expiration of each contract year.

    

    3. Position
      and Duties.
      During
      the Employment Term, Executive shall serve as the President and Chief Executive
      Officer of Highland Capital Corp. (“HCC”), reporting to the President of Greater
      Community Bank (the “President”). Executive shall perform all duties and accept
      all responsibility for the general management and operation of HCC. Executive
      shall at all times be subject to the direction and control of the President.
      Executive shall use her best efforts in the business of HCC, and shall devote
      her full time, attention and energy to the business and affairs of HCC and
      its
      subsidiaries. 

    

    4. Compensation,
      Benefits and Expense Reimbursement

    

    (a) Salary.
      The
      Company shall pay Executive an annual salary of $137,800.00 (“Annual Salary”)
      payable in the manner consistent with the payroll practices for the executive
      officers of the Company. Effective July 1, 2005 the Company shall adjust the
      Annual Salary of Executive to $162,800.00. The Annual Salary shall be subject
      to
      review and increase by the President of Company, in his sole discretion, with
      such review to be conducted at least annually at such time as it reviews the
      salaries of the HCC’s officers.

    

    (b) Bonus.
      The
      Company shall pay Executive a Bonus, if earned in accordance with this
      paragraph in
      addition to Annual Salary. The Bonus shall be based upon the pre-tax profit
      as
      defined in schedule “A”, attached hereto and made a part hereof, for all current
      and subsequent business of HCC. The bonus due Executive will be 6.42% of the
      total annual pre-tax profit of HCC which shall be calculated based upon
      generally accepted accounting principals and will be determined prior to any
      extra ordinary charges and/or disbursements. The Bonus, if any, due Executive
      from HCC shall
      be
      paid on or before March 31 of the calendar year following the year for which
      HCC
      has a pre-tax profit.

    
      
        
        

      

      
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    (c) Fringe
      Benefits.
      The
      Company shall provide to Executive such fringe benefits as are accorded to
      other
      executive officers of the Company.

    

    (d) Expense
      Reimbursement.
      The
      Company shall reimburse Executive for all ordinary and necessary business
      expenses incurred by her in the performance of her duties hereunder, which
      shall
      be accounted for in accordance with the reimbursement policies of the
      Company.

    

    5. Confidentiality
      and Non-compete.

    

    (a) Executive
      recognizes and acknowledges that by reason of her employment by the Company
      and
      service to HCC, she has had and will continue to have (both during the
      Employment Term and at any time thereafter during which she may service HCC,
      access to confidential information of the Company and its affiliates, including,
      without limitation, information and knowledge deemed confidential under New
      Jersey Law pertaining to products and services offered, inventions, innovations,
      designs, ideas, plans, trade secrets, proprietary information, manufacturing,
      packaging, advertising, distribution and sales methods and systems, sales and
      profit figures, customer and client lists, and relationships between the Company
      and its affiliates and dealers, distributors, wholesalers, customers, clients,
      suppliers and others who have business dealings with the Company and its
      affiliates (“Confidential Information”). Executive acknowledges that such
      Confidential Information is a valuable and unique asset and covenants that
      she
      will not, either during or at any time after the Employment Term, disclose
      any
      such Confidential Information to any person for any reason whatsoever (except
      as
      her duties described herein may require) without the prior written authorization
      of the Board, unless such information is in the public domain through no fault
      of Executive or except as may be required by law.

    

    (b) Non-Competition.
      During
      the Employment Term and for the twelve (12) month period following the
      termination of employment of Executive from the Company or any of its affiliates
      has ended (whether or not such employment is pursuant to this Agreement),
      Executive will not, unless acting pursuant hereto or with the prior written
      consent of the Board, directly or indirectly, own, manage, operate, join,
      control, finance or participate in the ownership, management, operation, control
      or financing of, or be connected as an officer, director, Executive, partner,
      principal, agent, representative, consultant, employee or otherwise with or
      use
      or permit her name to be used in connection with, any business or enterprise
      engaged within any portion of the medical market or such other markets in which
      HCC does business in the leasing industry. 

    

    (c) Non-Solicit.
      During
      the Employment Term and for the twelve (12) month period following the
      termination of employment of Executive with the Company, Executive will not,
      hire or cause to be hired as an employee any person who was employed by the
      Company or any of its affiliates on a full or part-time basis at any time during
      the course of Executive’s employment for those services HCC has previously
      provided. 

    

    

    (d) Equitable
      Relief.
      Executive acknowledges that the restrictions contained in this paragraph 5
      hereof are reasonable and necessary to protect the legitimate interests of
      the
      Company and its affiliates, that the Company would not have entered into this
      Agreement in the absence of such restrictions. 

    

    6. Arbitration
      Clause.
      Any
      claim, dispute or other matter in question arising out of or related to this
      Agreement shall be subject to binding arbitration by three (3) neutral
      arbitrators in accordance with the Banking Industry Arbitration rules of the
      American Arbitration Association in effect. The demand for arbitration shall
      be
      filed in writing with the other party to this Agreement and with the American
      Arbitration Association.

    A
      demand
      for arbitration shall be made within a reasonable time after the claim, dispute
      or other matter in question has arisen. In no event shall the demand for
      arbitration be made after the date when institution of legal or equitable
      proceedings based on such claim, dispute or other matter in question would
      be
      barred by the applicable statute of limitations.

    No
      arbitration arising out of or relating to this
      Agreement shall include, by consolidation or joinder or in any other manner,
      an
      additional person or entity not a party to this Agreement, except by written
      consent containing a specific reference to this Agreement and signed by the
      Executive and the Company, and any other person or entity sought to be joined.
      Consent to arbitration involving an additional person or entity shall not
      constitute consent to arbitration of any claim, dispute or other matter in
      question not described in the written consent or with a person or entity not
      named or described therein. The foregoing agreement to arbitrate and other
      agreements to arbitrate with an additional person or entity duly consented
      to by
      parties to this Agreement shall be specifically enforceable in accordance with
      applicable law in any court having jurisdiction thereof. The award rendered
      by
      the arbitrator or arbitrators shall be final, and judgment may be entered upon
      it in accordance with applicable law in any court having jurisdiction

    
      
        
        

      

      
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    7. Termination.

    

    (a) Voluntary.
      In
      the
      event the Executive’s employment with the Company is voluntarily terminated
      within the Employment Term, except in the event of change of control, the
      Company at its sole discretion may elect to pay the executive in accordance
      with
      Paragraph 7
      (b) and
      the
      terms and conditions of Paragraph 5 will apply, in the event the Company does
      not elect to pay the executive the terms and conditions of Paragraph 5 shall
      not
      apply and the Executive shall not be entitled to Bonus or any future Salary.
      The
      executive will be required to provide one hundred eighty (180) days notice
      except in the event of change of control. Executive cannot provide notice or
      terminate employment if James Rickenberg or Mathew Rough have provided notice
      in
      accordance with their employment agreement until such a time that they have
      fulfilled their obligation of notice. 

    

    (b) Involuntary.
      In the
      event the Executive’s employment is terminated by the Company for any reason
      exclusive of Cause (as hereinafter defined), Executive shall receive either
      twice her annual base salary at the time of her termination, or, the sum of
      6.42% of the total annual pre-tax profit, as defined in “Schedule A”, of HCC
      based upon generally accepted accounting principles and determined prior to
      extra ordinary charges and/or disbursements, otherwise due but for Executive’s
      termination for the next five (5) calendar years including the year of
      termination and upon the Portfolio that existed at the termination, whichever
      Executive selects at her exclusive option. In the event Executive is to receive
      twice her annual base salary, HCC shall pay same at the time of her termination.
      In the event Executive is to receive the sum of 6.42% of the total annual
      pre-tax profit of HCC based upon generally accepted accounting principles and
      determined prior to any extra ordinary charges and/or disbursements for the
      next
      five (5) calendar years including the year of Executive’s termination, otherwise
      due but for Executive’s termination, HCC shall pay same in yearly installments
      on or before March 31 of the calendar year following the years for which HCC
      had
      a pre-tax profit based upon generally accepted accounting principles and
      determined prior to extra ordinary charges and/or disbursements.

    

    (c) Notwithstanding
      all preceding paragraph(s) of this agreement, in the event Company transfers
      its
      controlling interest in HCC to any other person, or, the controlling interest
      of
      Company is transferred to any other person(s), Executive shall have within
      ninety (90) days of such transfer of the applicable controlling interest the
      exclusive option to terminate employment and receive compensation and benefits
      in accordance with the terms and conditions of this Agreement. Severance shall
      be selected at the exclusive option of Executive in the amount of either: (1)
      two times Executive’s annual salary at the time Executive exercises her
      exclusive option to terminate employment with the Company; or (2) the 6.42%
      of
      the HCC’s adjusted sale price as defined in “Schedule B”, payable within one
      hundred twenty (120) days after the sale. If the person(s) who purchase the
      controlling interest requests Executive to continue employment and receive
      benefits and compensation in accordance with the terms and conditions of this
      Agreement Executive must provide written notice of same to the Company, HCC
      and
      Purchaser more than 60 days prior to the transfer of the applicable controlling
      interest this Agreement shall remain binding on Executive, HCC, the Company
      and
      their representative affiliates, purchasers, successors and/or assigns.

    (d) In
      the
      event Company and HCC are sold as a combined entity, the determination of the
      “sale price” for HCC will be based on the then current market valuation of HCC.
      HCC’s valuation will be determined by an agreed upon third party investment
      banker who has knowledge of similar sales within HCC’s industry. It is further
      agreed that a calculation of how a valuation will be done and mutually agreed
      to
      by both the Executive and Company within six (6) months of the date of this
      contract. 
      (e) As
        used
        in this Agreement, “Cause” shall be determined by an objective standard and
        mean: (i) Executive’s willful failure to substantially perform her duties for
        HCC; (ii) Executive’s conviction of a felony or crime for fraud, embezzlement or
        willful dishonesty relative to HCC; (iii) Executive’s willful violation of any
        HCC policy of which she has been given prior written notice and which violation
        is demonstrably detrimental to the best interests of HCC.

    

    
      
        
        

      

      
        E-5

        
          

        

      

      
        
        

      

    

    

    7.1 Death
      and Disability.
      If
      Executive dies during the employment term, the Executive’s heirs, executors,
      administrators, assignees will be entitled to the same payout benefits as the
      Executive as if the Executive had been terminated without cause. If Executive
      becomes disabled (as defined below), the Employment Term may be terminated
      by
      the Company and the Company shall pay the Executive the same payout benefits
      as
      if the Executive had been terminated without cause as outlined in paragraph
      7(b)
      of this Agreement. For purposes of this Agreement, “Disability” means a physical
      or mental infirmity which impairs the Executive’s ability to substantially
      perform her duties under this Agreement and which results in the Executive’s
      becoming eligible for long-term disability benefits under Company’s long-term
      disability plan. The executive shall be entitled to such benefits and any other
      benefits provided under the terms of employee benefit plans in effect at such
      time to which the Executive may be entitled under the terms of such plans given
      the Executive’s disabled status.

    

    8. Notices.
      Any
      notices to Executive or Company shall be deemed given if delivered personally
      or
      mailed by certified mail to the address set forth below.

    

    9. Applicable
      Law.
      The
      interpretation, validity and effect of this Agreement shall be governed in
      accordance with the laws of the State of New Jersey.

    

    10. Entire
      Agreement.
      The
      terms of this Agreement set forth the entire agreement and understanding between
      Executive and Company. This Agreement completely supersedes and nullifies all
      prior agreements, discussions, negotiations and agreements between Executive
      and
      Company. No changes in this Agreement shall be valid unless made in writing
      and
      signed by Executive and person authorized by Company to sign on their respective
      behalf. This Agreement supersedes all prior agreements and sets forth the entire
      understanding of the parties with respect to the terms of Executive’s employment
      with the HCC, except that Executive shall further be bound by the terms of
      all
      employee manuals, handbooks and guidelines generally applicable to employees,
      officers, or directors of the HCC.

    

    

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

    

      
        	
                Mary
                  E. Smith

              	
                Greater
                  Community Bank

              
	 	 	 
	
                By:
                  /s/
                  Mary E. Smith

              	
                By:

              	
                 /s/
                  Anthony M. Bruno, Jr.

              
	 	 	
                Anthony
                  M. Bruno, Jr.

              
	 	 	
                Chairman
                  and CEO

              
	 	 	 
	
                Date:
                  June 29, 2005

              	Date:
                June 29, 2005
	 	 	 

      

    

    

      
        
          
          

        

        
          E-6

          
            

          

        

        
          
          

        

      

    

    Schedule
      A

    

    The
      following parameters will be used to calculate the pretax profit of Highland
      Capital Corp. for the purpose of calculating the Sr. Management Bonus
      Pool.

    

    Paid
      in Capital:
      Will be
      adjusted on a monthly basis to reflect a 9 to 1 debit to paid in capital ratio.
      The adjusted debit outstanding will be used to calculate the monthly interest
      expense to be used in preparing the pretax profit or loss. The adjusted pretax
      profit or loss will be used in calculating the Sr. Management bonus pool.

    

    Interest
      Expense:
      Actual
      Interest Expense on the HCC Line of Credit shall be one-half percent over the
      floating three month Federal Funds Index. The actual Interest Expense for each
      Term Loan secured by HCC with GCB shall be fixed ten days prior to the closing
      date for the sixty month term to the Federal Home Loan Bank Amortizing Advance
      Indications Index Rate based upon a five year balance term, or such other rate
      as secured by GCB for like term financing. Should HCC seek funding outside
      Greater Community Bank the actual interest will be based upon costs of funds
      charged to HCC by outside parties. The interest expense for each month will
      be
      adjusted based on the new debit to paid in capital ratio. The recalculated
      interest expense will replace the actual interest expense for the purposes
      of
      calculating HCC monthly pretax profit. The Interest rate utilized will be based
      on the weighted average interest rates as related the total HCC
      portfolio.

    

    Sr.
      Management Pool:
      Each
      month 15% of the calculated Pretax Profit or Loss at HCC will be accrued to
      the
      Sr. Management bonus pool. The bonus pool accrual will be recorded below the
      Pretax Profit or Loss calculation for each month. 

    

    Example:

    
      	 	 	 	 
	
              Pre-Tax
                Earnings 05/31/05

            	 	
              $

            	
              82,727.00

            	 
	
              Less:
                Current interest exp.

            	 	 	
              ($117,920.63

            	
              )

            
	
              Add:
                Adj. Int. Exp. for 9 to 1

            	 	 	
              ($118,387.55

            	
              )

            
	
              Adjusted
                Pre-Tax Earnings

            	 	 	 	 
	
              As
                of 05/31/05

            	 	
              $

            	
              82,259.61

            	 
	 	 	 	 	 
	
              Sr.
                Mgt. Pool Multiplier

            	 	 	
              15

            	
              %

            
	 	 	 	 	 
	
              Total
                Accrual contribution 05/31/05

            	 	
              $

            	
              12,338.95

            	 
	 	 	 	 	 
	
              Current
                Debt to Equity as of 05/31/05

            	 	 	
              8.66
                to 1

            	 

    

    

    Schedule
      B

    

    The
      following will be used to calculate the Adjusted Sale Price of Highland Capital
      Corp. The total Sale Price, Less the Adjustment below will be in used to
      determine the Adjusted Sale Price for the purpose calculating the Sr. Mgt.
      Sale
      Pool. The Sale Pool will be distributed in accordance with the Sr. Management
      contract.

    
 

    
      	
              Paid
                in Capital: 

            	 	
              $

            	
              440,000.00

            	 
	 	 	
              $

            	
              5,000,000.00

            	 
	 	 	 	 	 
	
              Less:
                Losses

            	 	 	 	 
	
              12/31/04
                to 03/31/98 

            	 	 	
              ($2,172,289.00

            	
              )

            
	
              Add:
                Recoveries

            	 	
              $

            	
              137,528.00

            	 
	 	 	 	 	 
	
              Adjustment
                to Sale

            	 	 	 	 
	
              Price

            	 	
              $

            	
              3,405,239.00

            	 

    

     

    E-7

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