Document:

ex101to8k05380_03112013.htm

Exhibit 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

This First Amendment to Credit Agreement (the “Amendment”) is made as of this 11th day of March, 2013, by and among SL INDUSTRIES, INC., a New Jersey corporation (the “Parent Borrower”) and each of the entities listed as a Borrower on the signature pages hereto (together with the Parent Borrower, collectively and individually as the context may require, “Borrower”), each of the entities listed as a GUARANTOR on the signature pages hereto (collectively and individually as the context may require, “Guarantor” and collectively with the Borrower, the “Loan Parties”), the financial institutions which are now or which hereafter become a party hereto as lenders (collectively, the “Lenders” and each is individually referred to as a “Lender”), and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders (hereinafter referred to in such capacity as the “Administrative Agent”) and in its capacity as a Lender.

 

 

BACKGROUND

 

A.           On August 9, 2012, Loan Parties, Lenders and Administrative Agent entered into a Credit Agreement to reflect certain financing arrangements between the parties thereto (as amended, modified, renewed, extended, replaced or substituted from time to time, the “Credit Agreement”).  The Credit Agreement and all other documents executed in connection therewith are collectively referred to herein as the “Existing Financing Agreements.”  All capitalized terms used herein but not otherwise defined herein shall have the meaning given to them in the Credit Agreement.

 

B.           The Loan Parties have requested, and the Administrative Agent and the Lenders have agreed, to amend certain terms and provisions contained in the Credit Agreement, in each case subject to the terms and conditions set forth in this Amendment.

 

NOW THEREFORE, with the foregoing background hereinafter deemed incorporated by reference herein and made part hereof, the parties hereto, intending to be legally bound, promise and agree as follows:

 

1.           Amendments to Credit Agreement.  Upon the Effective Date, the Credit Agreement shall be amended as follows:

 

(a)           Definitions.  The following definitions set forth in Section 1.1 of the Credit Agreement shall be amended and restated in their entirety as follows:

 

“Letter of Credit” shall mean the letters of credit (including any Designated Usage Letter of Credit) issued under Section 2.9.1.1 [Issuance of Letters of Credit] and Section 2.9.1.2 [Issuance of DOJ/EPA Letter of Credit].

 

“Letter of Credit Sublimit” shall mean the lesser of (a) an amount equal to $5,000,000 plus the aggregate amount of Designated Usage Letters of Credit issued and outstanding under the Designated Usage LC Sublimit or (b) $25,000,000.

 

  

  

  

 

(b)           New Definitions.  The following new definitions shall be added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order:

 

“Designated Usage Letter of Credit” shall mean a Letter of Credit (other than a DOJ/EPA Letter of Credit) issued for the account of the Borrower for the sole purpose of covering remediation and other cleanup costs associated with environmental liabilities under the DOJ/EPA Agreements, for which the Administrative Agent has received satisfactory evidence of the Borrower’s proposed usage.

 

 “Designated Usage LC Sublimit” shall mean, with respect to Designated Usage Letters of Credit, an amount not to exceed, in the aggregate at any time, the difference between $25,000,000 and the amount of issued and outstanding Letters of Credit (other than Designated Usage Letters of Credit and DOJ/EPA Letters of Credit).

 

(c)           Letter of Credit Sublimit.  Section 2.9.1.1 of the Credit Agreement shall be amended and restated in its entirety as follows:

 

2.9.1.1                            Borrower may at any time prior to the Expiration Date request the issuance of a standby or trade letter of credit on behalf of itself or another Loan Party, or the amendment or extension of an existing Letter of Credit, by delivering or having such other Loan Party deliver to the Issuing Lender (with a copy to the Administrative Agent) a completed application and agreement for letters of credit, or request for such amendment or extension, as applicable, in such form as the Issuing Lender may specify from time to time by no later than 10:00 a.m. at least five (5) Business Days, or such shorter period as may be agreed to by the Issuing Lender, in advance of the proposed date of issuance.  Promptly after receipt of any letter of credit application, the Issuing Lender shall confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit application and if not, such Issuing Lender will provide Administrative Agent with a copy thereof.  Unless the Issuing Lender has received notice from any Lender, Administrative Agent or any Loan Party, at least one day prior to the requested date of issuance, amendment or extension of the applicable Letter of Credit, that one or more applicable conditions in Section 7 [Conditions of Lending and Issuance of Letters of Credit] is not satisfied, then, subject to the terms and conditions hereof and in reliance on the agreements of the other Lenders set forth in this Section 2.9, the Issuing Lender or any of the Issuing Lender's Affiliates will issue a Letter of Credit or agree to such amendment or extension, provided that each Letter of Credit shall (A) have a maximum maturity of twelve (12) months from the date of issuance, and (B) in no event expire later than the date which is 364 days after the Expiration Date and provided further that; (i) Borrower shall Cash Collateralize such Letter of Credit Obligations if required pursuant to Section 2.9.11, and (ii) in no event shall (a) the Letter of Credit Obligations (other than the DOJ/EPA Letter of Credit Obligations) exceed, at any one time, the Letter of Credit Sublimit or (b) the Revolving Facility Usage exceed, at any one time, the Revolving Credit Commitments.  Each request by the Borrower for the issuance, amendment or extension of a Letter of Credit shall be deemed to be a representation by the Borrower that it shall be in compliance with the preceding sentence and with Section 7 [Conditions of Lending and Issuance of Letters of Credit] after giving effect to the requested issuance, amendment or extension of such Letter of Credit.  Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to the beneficiary thereof, the applicable Issuing Lender will also deliver to Borrower and Administrative Agent a true and complete copy of such Letter of Credit or amendment.

 

  

2

  

 

(b)           Indebtedness.  Clause (v) of Section 8.2.1 of the Credit Agreement shall be amended and restated in its entirety as follows:

(v)           Any (i) Lender Provided Interest Rate Hedge, (ii) other Interest Rate Hedge approved by the Administrative Agent, (iii) Indebtedness under any Other Lender Provided Financial Services Product; provided however, the Loan Parties and their Subsidiaries shall enter into a Lender Provided Interest Rate Hedge or another Interest Rate Hedge only for hedging (rather than speculative) purposes, or (iv) other agreements or arrangements pursuant to which a financial institution provides foreign currency exchange services to the Loan Parties, provided, however that all obligations arising from such agreements or arrangements shall be on an unsecured basis and that such obligations shall not exceed at any time an aggregate amount equal to $3,500,000;

 

  

3

  

 

2.           Representations and Warranties.  Each Loan Party hereby:

 

(a)           reaffirms all representations and warranties made to Administrative Agent and Lenders under the Credit Agreement and all of the other Existing Financing Agreements and confirms that all are true and correct in all material respects as of the date hereof, in each case other than representations and warranties that relate to a specific date;

 

(b)           reaffirms all of the covenants contained in the Credit Agreement and covenants to abide thereby until all Loans, Obligations and other liabilities of Loan Parties to Administrative Agent and Lenders, of whatever nature and whenever incurred, are satisfied and/or released by Administrative Agent and Lenders;

 

(c)           represents and warrants that no Potential Default or Event of Default has occurred and is continuing under any of the Existing Financing Agreements;

 

(d)           represents and warrants that since August 9, 2012, no event or development has occurred which has had or is reasonably likely to have a Material Adverse Change;

 

(e)           represents and warrants that it has the authority and legal right to execute, deliver and carry out the terms of this Amendment and all related agreements, instruments, and documents to which such Loan Party is a party, that such actions were duly authorized by all necessary corporate or company action and that the officers executing this Amendment and any related agreements, instruments or documents on its behalf were similarly authorized and empowered, and that neither this Amendment or any related agreements, instruments, or documents contravenes any provisions of its Articles of Incorporation or Certificate of Formation, as applicable and Bylaws or Operating Agreement, as applicable, or of any contract or agreement to which it is a party or by which any of its properties are bound; and

 

(f)           represents and warrants that this Amendment and all assignments, instruments, documents, and agreements executed and delivered by such Loan Party in connection herewith, are valid, binding and enforceable in accordance with their respective terms.

 

3.           Security Interest.  As security for the payment and performance of the Obligations, and satisfaction by the Loan Parties of all covenants and undertakings contained in the Credit Agreement, the Loan Documents and the Existing Financing Agreements, each of the Loan Parties reconfirms the prior grant of the security interest in and first priority, perfected lien in favor of Administrative Agent, for its benefit and the ratable benefit of each Lender, upon and to, all of its right, title and interest in and to the Collateral, whether now owned or hereafter acquired, created or arising and wherever located.

 

4.           Confirmation of Indebtedness.  Loan Parties confirm and acknowledge that as of the close of business on March 8, 2013, Borrower was indebted to Administrative Agent and Lenders under the Credit Agreement in the aggregate principal amount of $490,119.00, comprised of $0 of outstanding Revolving Credit Loans and $490,119.00 for issued and outstanding Letters of Credit, without any deduction, defense, setoff, claim or counterclaim, plus all fees, costs and expenses incurred to date in connection with the Credit Agreement and the other Loan Documents.

 

  

4

  

 

5.           Acknowledgment of Guarantors. Each Guarantor hereby covenants and agrees that the Continuing Agreement of Guaranty and Suretyship dated August 9, 2012, as amended, restated, supplemented and otherwise modified from time to time, shall remain in full force and effect and shall continue to cover the existing and future Obligations of Borrower and each other Guarantor to Administrative Agent and Lenders under the Credit Agreement and the other Loan Documents.

 

6.           Conditions Precedent/Effectiveness Conditions.  This Amendment shall be effective upon (the “Effective Date”) the satisfaction of each of the following conditions (all documents to be in form and substance reasonably satisfactory to Administrative Agent and Administrative Agent’s counsel):

 

(a)           Administrative Agent shall have received this Amendment duly executed by Lenders and all Loan Parties;

 

(b)           Execution and/or delivery of all other agreements, instruments and documents requested by Administrative Agent to effectuate and implement the terms hereof;

 

(c)           Loan Parties shall have paid an amendment fee to Administrative Agent in the amount of Four Thousand Dollars ($4,000) which Borrowers acknowledge was fully earned and payable upon execution of this Amendment; and

 

(d)           Loan Parties shall have paid or reimbursed Administrative Agent for its reasonable attorneys’ fees and expenses as required under the Credit Agreement, including those in connection with the preparation, negotiation and execution of this Amendment and the documents provided for herein or related hereto, including attorneys’ fees in the amount of Five Thousand Three Hundred and Ninety Four Dollars ($5,394).

 

7.           Reaffirmation of Existing Financing Agreements.  Except as expressly modified by the terms hereof, all of the terms and conditions of the Credit Agreement, as amended, and all other of the Existing Financing Agreements, are hereby reaffirmed and shall continue in full force and effect as therein written.

 

8.           Release.  As further consideration for Administrative Agent’s and Lenders’ agreement to grant the accommodations set forth herein, Borrower and each Guarantor hereby waives and releases and forever discharges Administrative Agent and Lenders and their respective officers, directors, attorneys, agents and employees (the “Released Parties”) from any liability, damage, claim, loss or expense of any kind that Borrower, Guarantors, or any of them, may have against Released Parties, or any of them, arising out of or relating to the Obligations, this Amendment or the Loan Documents.

 

9.           Miscellaneous.

 

(a)           No rights are intended to be created hereunder for the benefit of any third party donee, creditor, or incidental beneficiary.

 

  

5

  

 

(b)           The headings of any paragraph of this Amendment are for convenience only and shall not be used to interpret any provision hereof.

 

(c)           No modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed on behalf of the party against whom enforcement is sought.

 

(d)           The terms and conditions of this Amendment shall be governed by the laws of the State of New York.

 

(e)           This Amendment may be executed in any number of counterparts and by facsimile, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery by facsimile or electronic transmission shall bind the parties hereto.

 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

  

6

  

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered by their duly authorized officers as of the date first above written.

 

	
BORROWERS:

	
SL INDUSTRIES, INC.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
CFO, Secretary and Treasurer

	  	
SL DELAWARE, INC.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

	  	
SL DELAWARE HOLDINGS, INC.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

	  	
TEAL ELECTRONICS CORPORATION

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

	  	
RFL ELECTRONICS INC.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

	  	
SL MONTEVIDEO TECHNOLOGY, INC.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

	  	
SL SURFACE TECHNOLOGIES, INC.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]

 

  

S-1

  

 

	  	
CEDAR CORPORATION

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

	  	
MTE CORPORATION

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

	  	
MEX HOLDINGS LLC

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

	  	
SL POWER ELECTRONICS CORPORATION

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

	  	
SLGC HOLDINGS, INC.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

	
GUARANTORS:

	
SL POWER ELECTRONICS LTD.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary and Director

	  	
INDUSTRIAS SL, S.A. DE C.V.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Treasurer and Director

[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]

 

  

S-2

  

	  	
CONDOR POWER SUPPLIES DE 

MEXICO, S.A. DE C.V.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Treasurer and Director

	  	
SL XIANGHE POWER

ELECTRONICS CORP.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
VP and Director

	  	
SL SHANGHAI POWER

ELECTRONICS CORP.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
VP and Director

	  	
SL SHANGHAI INTERNATIONAL 

TRADING CORP.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
VP and Director

	  	
CEDRO DE MEXICO, S.A. DE C.V.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

	  	
TPE DE MEXICO, S. DE R.L. DE C.V.

	  	  
	  	
By:

	

/s/ Louis J. Belardi

	  	  	
Name:

	
Louis J. Belardi

	  	  	
Title:

	
Secretary, Treasurer and Director

[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]

 

  

S-3

  

 

	  	
PNC BANK, NATIONAL ASSOCIATION,

as a Lender and as Administrative Agent

	  	  
	  	
By:

	

/s/ Kirk M. Mader

	  	  	
Name:

	
Kirk M. Mader

	  	  	
Title:

	
Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]

  

S-4EXHIBIT 10.7

 

 

CHANGE IN
CONTROL AGREEMENT

 

CHANGE
IN CONTROL AGREEMENT (this “Agreement”) made as of this 10th day of January 2013 by and between SOMERSET
HILLS BANK, a New Jersey state bank with its principal place of business located 155 Morristown Rd, Bernardsville, NJ 07924-2606
(the “Bank), SOMERSET HILLS BANCORP, Inc. a New Jersey corporation with its principal place of business located at
155 Morristown Rd., Bernardsville, NJ 07924-2606 (the “Company”) (the Bank and the Company collectively, “Employer”),
and DAVID LIDSTER, an individual residing at 629 North Meadow Drive, Bound Brook, NJ 08805 (“Executive”).

 

W I T N E S
S E T H:

 

WHEREAS,
Executive is a valued employee of the Bank;

 

WHEREAS,
Employer wishes to ensure that it will continue to get Executive’s undivided effort and attention;

 

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

 

1. Change
in Control.

 

(a)
Upon the occurrence of a Change in Control (as herein defined), Executive shall become entitled to receive the payments (the “Payments”)
provided for under paragraph (c) hereof.

 

(b) A
“Change in Control” shall mean:

 

(1)
a reorganization, merger, consolidation or sale of all or substantially all of the assets of the Company, or any similar transaction,
in any case in which the shareholders of the Company prior to such transaction hold less than a majority of the voting power of
the resulting entity; or

 

 

155 Morristown Road • Bernardsville, New Jersey 07924

(908) 221-0100     Fax: (908) 221-1514

www.somersethillsbanks.com

    	 

    	

    

(2)
individuals who constitute the Incumbent Board (as herein defined) of the Company cease for any reason to constitute a
majority thereof.

 

For
these purposes, “Incumbent Board” means the Board of Directors of the Company on the date hereof, provided that any
person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three- quarters of the
directors comprising the Incumbent Board, or whose nomination for election by members or stockholders was approved by the same
nominating committee serving under an Incumbent Board, shall be considered as though he were a member of the Incumbent Board.

 

(c)
In the event the conditions of Section (a) above are satisfied, and Executive remains employed by the Company or the Bank
through the consummation of such Change in Control (the “Consummation Date”), Executive shall be entitled to
receive a payment equal to one-half (0.5) times the sum of (i) the highest annual salary assigned to Executive by the
Bank’s Board or a duly assigned committee thereof during the twenty four months prior to the Consummation Date (as
defined below) plus (ii) the highest annual bonus paid to or accrued for Executive over the twenty four months prior to the
Consummation Date. The payment shall be made to Executive, in a single lump sum payment, within ten (10) days after the
Consummation Date

 

2. No
Guaranty of Employment. Nothing in this Agreement shall be construed as guarantying the employment of the Executive. Executive
shall remain an “employee at will” of Employer at all time during the term of this Agreement.

 

3.
Notices. Any and all notices, demands or requests required or permitted to be given under this Agreement shall be given
in writing and sent, (i) by registered or certified U.S. mail, return receipt requested, (ii) by hand, (iii) by overnight courier
or (iv) by fax addressed to the parties hereto at their addresses set forth above or such other addresses as they may from time-to-time
designate by written notice, given in accordance with the terms of this Section, together with copies thereof as follows:

 

In the
case of Executive, to the address set forth on the first page hereof or to such other address as Executive shall provide in writing
to the Employer for the

    	 

    	

    

provision
of notices hereunder.

 

In
the case of Employer, to the address set forth on the first page hereof with a copy to:

 

Windels
Marx Lane & Mittendorf, LLP

120 Albany Street Plaza, 6th Floor 

New Brunswick, New Jersey 08901 

FAX No. (732) 846-8877

Attention: Robert A. Schwartz

 

Notice
given as provided in this Section shall be deemed effective: (i) on the date hand delivered, (ii) on the first business day following
the sending thereof by overnight courier, (iii) on the seventh calendar day (or, if it is not a business day, then the next succeeding
business day thereafter) after the depositing thereof into the exclusive custody of the U.S. Postal Service or (iv) on the date
faxed.

 

4.
Term. Unless extended by mutual agreement, this Agreement shall have a term of three years from the date hereof; provided,
however, that in the event the term of this Agreement would terminate at any time after the Employer has engaged in substantive
negotiations regarding a transaction which would lead to a Change in Control, this Agreement shall continue to remain in full
force in effect until the earlier to occur of (i) the effectuation of the Change in Control or (ii) the termination of the negotiations
for the proposed transaction which would have resulted in the Change in Control; further provided, however, that unless either
party shall give written notice of its intention not to renew this Agreement at least one hundred and eighty (180) days prior
to the end of the term of this Agreement (as it may be extended), this Agreement shall renew for an additional one (1) year term
upon the conclusion of each term.

 

5. Non-Solicitation.
The Executive agrees that for a period of six (6) months following the Consummation Date, he will not directly or indirectly solicit,
cause any other person to solicit, or assist any other person with soliciting any customer, depositor or borrower of Bank, or
any potential customer, depositor or borrower of Bank contacted by Bank prior to his termination, to become a customer, depositor
or borrower of another

    	 

    	

    

financial institution. Executive further agrees that for a period
of six (6) months following the Consummation Date, he will not directly or indirectly participate in the solicitation or hiring
of any employee, consultant or agent of the Bank or the Company or induce such party to cease their employment with the Bank or
the Company or their successors or to accept employment or a consulting or agency position with any other person or entity.

 

6. Assignability. The services of
the Executive hereunder are personal in nature, and neither this Agreement nor the rights or obligations of Executive hereunder
may be assigned, whether by operation of law or otherwise. This Agreement shall be binding upon, and inure to the benefit of,
Employer and its successors and assigns. This Agreement shall inure to the benefit of the Executive’s heirs, executors,
administrators and other legal representatives.

 

7. Waiver. The waiver by Employer
or the Executive of a breach of any provision of this Agreement by the other shall not operate or be construed as a waiver of
any subsequent or other breach hereof.

 

8. Applicable Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of New Jersey without giving effect to principles
of conflict of laws.

 

9. Entire Agreement. This Agreement
contains the entire agreement of the parties hereto with respect to the subject matter hereof and may not be amended, waived,
changed, modified or discharged, except by an agreement in writing signed by the parties hereto.

 

10. Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original but all of which taken together shall constitute
one and the same instrument.

 

11. Amendment. This Agreement may
be modified or amended only by an amendment in writing signed by both parties.

 

12. Severability. If any provision
of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision,
only to the extent it is invalid or unenforceable, and shall not in any manner affect or render invalid or unenforceable any other
severable provision of this Agreement, and this

    	 

    	

    

Agreement shall be carried out as if any such invalid or unenforceable
provision were not contained herein.

 

13. Section Headings. The headings
contained in this Agreement are solely for convenience of reference and shall be given no effect in the construction or interpretation
of this Agreement.

 

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

 

	ATTEST:	 	SOMERSET HILLS BANK
	 	 	 
		 	By:	
	 	 	 	Stewart E. McClure Jr.
	 	 	 	President, CEO and COO

 

 

	ATTEST:	 	SOMERST HILLS BANCORP, INC.
	 	 	 
		 	By:	
	 	 	 	Stewart E. McClure Jr.
	 	 	 	President, CEO and COO

 

	WITNESS:	 	EXECUTIVE:
	 	 	 
		 	
	 	 	 	David Lidster
	 	 	 	SVP/Chief Technology Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00214-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00214-of-00352.parquet"}]]