Document:

EX 10.13

Exhibit 10.13

INVESTORS SAVINGS BANK
DEFERRED DIRECTORS FEE PLAN
ORIGINALLY EFFECTIVE MARCH 1, 1998
AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2005
AS FURTHER AMENDED AND RESTATED EFFECTIVE AUGUST 21, 2007

INVESTORS SAVINGS BANK
AMENDED AND RESTATED
DEFERRED DIRECTORS FEE PLAN
WHEREAS, Investors Savings Bank (the “Bank”) maintains the Investors Savings Bank Deferred Directors Fee Plan (“Plan”) for the benefit of its non-employee directors (“Director(s)”); and
WHEREAS, the Directors serve the Bank as members of the Board of Directors; and
WHEREAS, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), requires that certain types of deferred compensation arrangements comply with its terms or subject the recipients of such compensation to current taxes and penalties; and
WHEREAS, the Plan was originally effective March 1, 1998, and was amended and restated effective January 1, 2005, in a manner intended to comply with Code Section 409A; and
WHEREAS, final regulations under Code Section 409A that were published on April 10, 2007, and are generally applicable for taxable years beginning on or after January 1, 2008, provide additional rules and clarification for complying with Code Section 409A; and
WHEREAS, the Bank and the Directors desire to amend and restate the Plan effective August 21, 2007, in order to conform with the requirements set forth in the Final Regulations under Code Section 409A, and for certain other purposes.
NOW, THEREFORE, in consideration of the premises and of the mutual promises herein contained, the Bank and the Directors agree as follows:
ARTICLE I
DEFINITIONS
For the purposes of this Plan, the following terms have the meanings indicated, unless the context clearly indicates otherwise:
1.1    Bank.  “Bank” means Investors Savings Bank or any successor to the business thereof, and any affiliated or subsidiary corporations designated by the Board.
1.2    Beneficiary.  “Beneficiary” means the person or persons (and their heirs) designated as Beneficiary in a Director’s Beneficiary Designation (attached as Exhibit C) to whom the deceased Director’s benefits are payable.  If no Beneficiary is so designated, then the estate of the Director will be deemed the Beneficiary.
1.3    Board.  “Board” means the Board of Directors of the Bank.
1.4    Change in Control.  A “Change in Control” of the Bank shall mean (1) a change in ownership of the Bank under paragraph (i) below, or (2) a change in effective control of the Bank 

under paragraph (ii) below, or (3) a change in the ownership of a substantial portion of the assets of the Bank under paragraph (iii) below:
(i)    Change in the ownership of the Bank.  A change in the ownership of the Bank shall occur on the date that any one person, or more than one person acting as a group (as defined in Treasury Regulation Section 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of such corporation.  
(ii)    Change in the effective control of the Bank.  A change in the effective control of the Bank shall occur on the date that either (A) any one person, or more than one person acting as a group (as defined in Treasury Regulation Section 1.409A-3(i)(5)(v)(B)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Bank possessing 30% or more of the total voting power of the stock of the Bank; or (B) a majority of members of the Bank’s Board of Directors is replaced during any 12-month period by Directors whose appointment or election is not endorsed by a majority of the members of the corporation’s Board of Directors prior to the date of the appointment or election, provided that this sub-section (B) is inapplicable where a majority shareholder of the Bank is another corporation.
(iii)    Change in the ownership of a substantial portion of the Bank’s assets.  A change in the ownership of a substantial portion of the Bank’s assets shall occur on the date that any one person, or more than one person acting as a group (as defined in Treasury Regulation Section 1.409A-3(i)(5)(vii)(C)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Bank that have a total gross fair market value equal to more than 40% of the total gross fair market value of all of the assets of the Bank immediately prior to such acquisition.  For this purpose, gross fair market value means the value of the assets of the corporation, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 
(iv)    For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Treasury Regulation Section 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance.  Notwithstanding anything herein to the contrary, the reorganization of the Company by way of a second step conversion shall not be considered a “Change in Control.”
1.5    Code.  “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder.
1.6    Company.  “Company” means Investors Bancorp, Inc., the holding company of the Bank.
1.7    Director.  “Director” means a member of the Board who is not also an employee of the Bank or the Company.

1.6    Disability.  “Disability” means any case in which a Director: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Director’s employer, or (iii) is determined to be totally disabled by the Social Security Administration.
1.7    Final Regulations.  “Final Regulations” means the final regulations promulgated by the Internal Revenue Service under Code Section 409A, and any other guidance issued thereunder.
1.8    Plan.  “Plan” means this Investors Savings Bank Deferred Directors Fee Plan, as amended and restated effective as of August 21, 2007.
1.9    Separation from Service.  “Separation from Service” means, consistent with Code Section 409A(2)(a)(i), the Director’s death, retirement, or termination of service from the Board of the Bank following a failure to be reappointed or reelected to the Board.  For these purposes, a Director shall not be deemed to have a Separation from Service until the Director no longer serves on the Board of the Bank, the Company, or any member of  a controlled group of corporations with the Bank or Company within the meaning of Treasury Regulation §1.409A-1(a)(3).  A Director will not be deemed to have a Separation from Service if the Bank anticipates the Director becoming an employee of the Association.
ARTICLE II
PARTICIPATION AND DEFERRAL COMMITMENTS
2.1    Eligibility.  Eligibility to participate in the Plan shall be limited to non-employee members of the Board of Directors of the Bank.
2.2    Participation.  Each participating Director of the Bank shall have the right to elect to defer the receipt of all or any part of the compensation to which such Director would otherwise be entitled as director’s fees or committee fees, with such deferred compensation to be payable at the time or times and in the manner herein stated.  Each new Director electing to defer the receipt of compensation shall execute and deliver to the Bank an “Initial Deferral Election Form with Distribution Options,” in the form attached hereto as Exhibit A and incorporated herein by reference.  Such election shall be applicable only to compensation earned for services rendered after the date of such election.  Notwithstanding the foregoing, deferral elections that were in effect on the effective date of this amendment and restatement of the Plan shall be treated as continuing in effect until the Director makes a change to his or her election in the manner indicated below.
2.3    Changes in Participation.  An election to defer compensation shall continue in effect until revoked, provided however, that every election to defer compensation shall be irrevocable as to compensation earned for services performed prior to the date of such revocation.  Partial or complete revocation as to unearned compensation shall be made in writing in the form of Notice of Adjustment of Deferral attached hereto as Exhibit B to be furnished by the Bank and signed by the Director and shall be effective upon the January 1st of the year stated therein providing the form 

is executed and delivered to the Bank by December 15th of the previous calendar year.  Notwithstanding anything in the Plan to the contrary, a Director who previously filed a deferral election with the Bank may elect to change his form of payment to another permissible form of payment (e.g., from a lump sum to installments, or vice versa) by filing with the Bank a Transition Year Election Form, attached hereto as Exhibit D, provided that such election is made by the later of December 31, 2007, or the last day of the transition period under Code Section 409A.
2.4    Determination of Earnings.  Interest on compensation deferred hereunder shall be credited and compounded monthly at a rate equivalent to one and one-half percent (1-1/2%) below the Prime Rate as shown in The Wall Street Journal on the third Wednesday of each month.  Should the third Wednesday be a holiday, the Prime Rate shown on the third Tuesday (less 1-1/2%) shall be the rate used.
ARTICLE III
PLAN BENEFITS
3.1    Plan Benefit.  No compensation so deferred shall be payable to a Director until the Director’s death or Disability, or other Separation from Service from office of such Director, whereupon all such deferred compensation, together with interest thereon as hereinafter provided, shall be payable to such Director or his/her beneficiary in a single cash lump-sum payment, commencing within thirty (30) days from the Director’s date of death, termination due to Disability, or other Separation from Service.  Notwithstanding the foregoing, the Director may designate an optional installment payment method in the Initial Deferral Election Form with Distribution Options (Exhibit A) or the Transition Year Election Form (Exhibit D), as applicable, as herein provided in which event the first such installment shall be paid commencing within thirty (30) days of the date of the event that triggered the distribution and shall be payable in approximately equal monthly installments over a period not to exceed ten (10) years as elected by the Director.
3.2    Grandfathered Deferrals.  As permitted under Section 5 of the Plan as originally amended and restated effective January 1, 2005, with respect to amounts deferred and interest earned on amounts deferred on or before December 31, 2004, the Board of Directors, in its sole discretion, may pay out the undisbursed portion of such deferred compensation, together with interest thereon, in a lump sum at any time, provided, however, that the Board of Directors shall not have the discretion to pay out amounts deferred on or after January 1, 2005, or interest on amounts deferred on or after January 1, 2005, except in accordance with the terms of the Director’s written election entered into at the time of deferral or in accordance with Section 4.1(b) hereof.  
ARTICLE IV
AMENDMENT AND TERMINATION OF THE PLAN
4.1    Amendment and Termination of the Plan.
(a)    Partial Termination.  Notwithstanding anything herein contained to the contrary, the Bank reserves the exclusive right to freeze or to amend the Plan at any time with respect to compensation to be earned in the future, provided that no amendment to the Plan shall be effective to decrease or restrict the amount accrued to the date of such amendment.

(b)    Complete Termination.  Subject to the requirements of Code Section 409A, in the event of complete termination of the Plan, the Plan shall cease to operate and the Bank shall pay out to each Director his benefit as if the Director had terminated service as of the effective date of the complete termination.  Such complete termination of the Plan shall occur only under the following circumstances and conditions:

		
	(i)
	The Board may terminate the Plan within 12 months of a corporate dissolution taxed under Code Section 331, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Director’s gross income in the latest of (i) the calendar year in which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable.

		
	(ii)
	The Board may terminate the Plan by Board action taken within the 30 days preceding a Change in Control (but not following a Change in Control), provided that the Plan shall only be treated as terminated if all substantially similar arrangements sponsored by the Bank are terminated so that the Directors and all participants under substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of the termination of the arrangements.  

		
	(iii)
	The Board may terminate the Plan at any time provided that (i) all arrangements sponsored by the Bank that would be aggregated with this Plan under Treasury Regulations Section 1.409A-1(c) if the Director covered by this Plan was also covered by any of those other arrangements are also terminated; (ii) no payments other than payments that would be payable under the terms of the arrangement if the termination had not occurred are made within 12 months of the termination of the arrangement; (iii) all payments are made within 24 months of the termination of the arrangements; and (iv) the Bank does not adopt a new arrangement that would be aggregated with any terminated arrangement under Treasury Regulations Section 1.409A-1(c) if the Director participated in both arrangements, at any time within three years following the date of termination of the arrangement.

ARTICLE V
BENEFICIARY
Each Director may designate one or more Beneficiaries in the Beneficiary Designation Form attached hereto as Exhibit C to receive all sums due to such Director upon his/her death.  Such Beneficiary designation may be revoked or amended by such Director, from time to time, by delivering to the Bank a new Beneficiary Designation Form.  In the absence of any properly completed Beneficiary Designation Form or in the event that no designated Beneficiary shall be living at the time of the death of the Director, all deferred compensation and interest accrued to the 

date of death of the Director shall be payable to the Director’s surviving spouse, or if none, to the estate of such deceased Director.
ARTICLE VI
MISCELLANEOUS
6.1    In the event that any person to whom compensation is distributable under the terms of this Plan shall be unable to properly manage his or her own affairs by reason of physical or mental disability, in the judgment of the management of the Bank, payment of all sums due may be made to a duly appointed personal representative, conservator or guardian, or to any person, firm or corporation furnishing or providing support and maintenance to such distributee.  The Bank and its officers and Directors shall be fully and completely exonerated from all liability to any distributee upon make payment in accordance with the terms of this paragraph.
6.2    No compensation accrued or payable by virtue of the terms of this Plan shall be assignable or transferable by any Director or any beneficiary, neither of whom shall have any right to anticipate, hypothecate, assign or transfer any rights hereunder except to a trust established by the Director for the benefit of the Director or his/her beneficiary.
6.3    The terms of the Plan hereof cannot be amended, modified or supplemented, except to comply with applicable laws of the State and Federal governments and the rules and regulations of any agency or instrumentality thereof having supervisory or regulatory jurisdiction over the Bank.  This Plan has been amended following the enactment of Code Section 409A and is intended to be construed consistent with the requirements of that Section, the Final Regulations and other guidance issued thereunder.  If any provision of the Plan shall be determined to be inconsistent therewith for any reason, then the Plan shall be construed, to the maximum extent possible, to give effect to such provision in a manner consistent with Code Section 409A, and if such construction is not possible, as if such provision had never been included.  In the event that any of the provisions of the Plan or portion thereof are held to be inoperative or invalid by any court of competent jurisdiction, then (1) insofar as is reasonable, effect will be given to the intent manifested in the provisions held to be inoperative, and (2) the invalidity and enforceability of the remaining provisions will not be affected thereby.  In the event that future guidance requires additional amendments to the Plan, such amendments shall be made and applied retroactively, if necessary.  The terms hereof shall be binding upon and inure to the benefit of the successors and assigns of the Bank and upon each Director so electing to defer compensation pursuant hereto and his/her beneficiary.
6.4    Title to and beneficial ownership of any assets, which the Bank may earmark to pay the deferred compensation hereunder, shall at all times remain in the Bank.  The Director and his/her designated beneficiary shall not have any property interest whatsoever in any specific assets of the Bank.
6.5    The singular number used herein will include the plural number unless the context of the Plan requires otherwise.
6.6    This Plan shall permit the acceleration of the time or schedule of a payment to pay any taxes that may become due at any time that the arrangement fails to meet the requirements of Code Section 409A and the Final Regulations and other guidance promulgated thereunder.  Such 

payments shall not exceed the amount required to be included in income as the result of the failure to comply with the requirements of Code Section 409A.
6.7    Except as specifically permitted herein or in other sections of this Plan, no acceleration of the time or schedule of any payment may be made hereunder.  Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank, in accordance with the provisions of Final Regulations Section 1.409A-3(j)(4) and any subsequent guidance issued by the United States Treasury Department.  Accordingly, payments may be accelerated, in accordance with requirements and conditions of the Final Regulations (or subsequent guidance) in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements with the Federal government; (iii) in compliance with ethics laws or conflicts of interest laws; (iv) in limited cash-outs (but not in excess of the limit under Code Section 402(g)(1)(B)); (v) in the case of certain distributions to avoid a non-allocation year under Code Section 409(p); (vi) to apply certain offsets in satisfaction of a debt of the Director to the Bank; (vii) in satisfaction of certain bona fide disputes between the Director and the Bank; or (viii) for any other purpose set forth in the Final Regulations and subsequent guidance.

EXHIBIT A
INVESTORS SAVINGS BANK
AMENDED AND RESTATED
DEFERRED DIRECTORS FEE PLAN
INITIAL DEFERRAL ELECTION FORM WITH DISTRIBUTION OPTIONS

Instructions:  Use this form to elect to defer receipt of the director or committee fees that are ordinarily payable to you during the year as such fees are earned, and to designate how you wish to receive your benefits from the Investors Savings Bank Amended and Restated Deferred Directors Fee Plan (the “Plan”).

Individuals who first participate in the Plan during a Plan year must complete this form within 30 days after the date that he or she became eligible to participate in the Plan. 

ELECTION TO DEFER
Pursuant to the provisions of the Plan, I understand that I may make an irrevocable election to defer the receipt of board fees due to me during calendar year 200__.  Accordingly, I hereby make an irrevocable election to defer _____ % of my board fees and/or _____% of my committee fees due to me during calendar year 200__.  I understand that once elected, I may not change my election to defer such board fees and/or any retainer due to me during calendar year 200__.  Such deferrals shall renew annually unless changed by me at least fifteen (15) days prior to January 1 of any year under the Plan, such changes to be effective beginning that January 1.  I understand and agree that my deferral election applies only to compensation attributable to services I have not yet performed.
Name of Director (Print Name):                                
Date of Commencement of Deferral of Compensation:                    
I understand that my election to defer receipt of director fees shall continue for subsequent years in accordance with this Initial Deferral Election Form with Distribution Options until such time as I submit a “Notice of Adjustment of Deferral” (Exhibit B hereto) to the administrator at least fifteen (15) days prior to January 1 of any year under the Plan.  Such adjustment will only take effect January 1 of the calendar year following the year in which it is executed.  A Notice of Adjustment of Deferral can be used to adjust the amount of board fees and/or committee fees to be deferred or to discontinue deferrals altogether.
DISTRIBUTION ELECTION OPTIONS

In accordance with the Plan, I understand and agree that all Plan benefits shall be paid in the form I selected below, and that such election, once made by me, shall be irrevocable with respect to such Plan year.

Separation from Service Election

In the event that I am entitled to benefits under the Plan upon my Separation from Service (other than due to Disability), I hereby elect that my benefits will be paid in the following manner (please select only one optional form of benefit):
  Approximately equal monthly installments for a period of ___________ years (not to exceed 10 years).
  Lump Sum Distribution.
Disability Election

In the event that I am entitled to benefits under the Plan upon my termination of employment due to Disability, I hereby elect that my benefits will be paid in the following manner (please select only one optional form of benefit):
  Approximately equal monthly installments for a period of ___________ years (not to exceed 10 years).
  Lump Sum Distribution.
Death Election

In the event of my death prior to my termination of employment due to Disability or other Separation from Service, I hereby elect that my benefits will be paid to my beneficiary(ies) in the following manner (please select only one optional form of benefit):
  Approximately equal monthly installments for a period of ___________ years (not to exceed 10 years).
  Lump Sum Distribution.
The undersigned Director of Investors Savings Bank does hereby elect to defer compensation earned by the undersigned after the date hereof to the extent above indicated, pursuant to the Deferred Directors Fee Plan as amended and restated effective _______________ 2007.  The undersigned acknowledges that this election is irrevocable with respect to compensation earned and deferred prior to the date of any such revocation, but it is revocable with respect to compensation to be earned in any succeeding calendar year, in accordance with Section 2.3 of the Plan.

Dated this ___________ day of ________________, 200_.

ATTEST:
                                                
 
Corporate Secretary                    Director
                                                
 
                            Chairman/President

EXHIBIT B

INVESTORS SAVINGS BANK
AMENDED AND RESTATED
DEFERRED DIRECTORS FEE PLAN
NOTICE OF ADJUSTMENT OF DEFERRAL
The undersigned Director of Investors Savings Bank does hereby elect to adjust the deferral of compensation under the Investors Savings Bank Amended and Restated Deferred Directors Fee Plan as amended and restated as of ________________ 2007.  The undersigned acknowledges that this election is only revocable with respect to compensation earned after the date of this notice of revocation.
Adjust deferral as of:                January 1st, 20__

Previous Deferral Amount             ____________ per month
New Deferral Amount             ____________ per month
(to discontinue deferral, enter $0)

Dated this ___________ day of ________________, 200_.

ATTEST:
                                                
 
Corporate Secretary                    Director
                                                
 
                            Chairman/President

EXHIBIT C

INVESTORS SAVINGS BANK
AMENDED AND RESTATED
DEFERRED DIRECTORS FEE PLAN
BENEFICIARY DESIGNATION

The Director, under the terms of the Investors Savings Bank Deferred Directors Fee Plan, as amended and restated effective ________________ 2007, hereby designates the following Beneficiary to receive any payments or death benefits under such Plan, following his death:

Beneficiary Designation
Beneficiary Designation in the event Director is deceased: Name and Relationship (If more than one, indicate shares for each; otherwise, paid equally.)
                                                
                                                
Contingent or Secondary Beneficiary Designation: Name and Relationship (Applicable if all the designated beneficiaries above are not living at the time of death of the Director.  If more than one, indicate shares for each; otherwise, paid equally.)
                                                
                                                

This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been in effect and this Beneficiary Designation is revocable.

                                            
Date                        Director

EXHIBIT D
INVESTORS SAVINGS BANK
AMENDED AND RESTATED 
DEFERRED DIRECTORS FEE PLAN

TRANSITION YEAR ELECTION FORM

Instructions:  If you are a participant in the Investors Savings Bank Amended and Restated Deferred Directors Fee Plan (the “Plan”), and you previously filed a distribution election form with Investors Savings Bank (the “Bank”) in which you elected the form of benefit (e.g., lump sum, monthly installments) you will receive under the Plan, you have a limited period of time to use this Transition Year Election Form to elect to change your previous distribution options.  For example, if you previously elected to receive your Plan benefits in monthly installments upon your Separation from Service with the Bank, you may use this Transition Year Election Form to change your form of benefit to a lump sum distribution.

Due to IRS rules, individuals who participate in the Plan during 2007 must complete this form no later than December 31, 2007 or, if later, the last day of the transition period under Code Section 409A.  You may not use this form to change your distribution elections with respect to payments that are scheduled to be made to you in 2007, or otherwise to cause payments to be made to you in 2007.

Print Name:                        

I am a participant in the Investors Savings Bank Amended and Restated Deferred Directors Fee Plan, which was originally effective March 1, 1998, and was restated effective ______________ 2007.  The Plan provides that benefits will be paid upon my Separation from Service (as defined in the Plan), death or termination of employment due to Disability (as defined in the Plan).  Internal Revenue Code Section 409A provides that I must affirmatively elect the form of payment of my nonqualified deferred compensation benefits provided under the Plan.  I previously filed an election with the Bank to receive my benefits in one form of payment, and I now wish to change my distribution options by completing this Transition Year Election Form.  I understand that I may not make an election to cause payments to be made in 2007, or to change the form of payment of benefits that are scheduled to begin in 2007.

Note:    If you do not wish to change your form of payment under a previously filed Initial Deferral Election Form with Distribution Options (or other similar election form), then you do not need to complete this Transition Year Election Form.

Separation from Service Election

Accordingly, in the event that I am entitled to benefits under the Plan upon my Separation from Service (other than due to Disability), I hereby elect that my benefits will be paid in the following manner (please select only one optional form of benefit):
  Approximately equal monthly installments for a period of ___________ years (not to exceed 10 years).
  Lump Sum Distribution.

Disability Election

In the event that I am entitled to benefits under the Plan upon my termination of employment due to Disability, I hereby elect that my benefits will be paid in the following manner (please select only one optional form of benefit):
  Approximately equal monthly installments for a period of ___________ years (not to exceed 10 years).
  Lump Sum Distribution.
Death Election

In the event of my death prior to my termination of employment due to Disability or other Separation from Service, I hereby elect that my benefits will be paid to my beneficiary(ies) in the following manner (please select only one optional form of benefit):
  Approximately equal monthly installments for a period of ___________ years (not to exceed 10 years).
  Lump Sum Distribution.

I understand that none of the benefits paid from the Plan are eligible for tax-free rollover and I will be required to pay income tax on the amounts when they are paid to me.

Date:        Director’s Signature:     

INVESTORS SAVINGS BANK
AMENDED AND RESTATED
DEFERRED DIRECTORS FEE PLAN
Adopted August 21, 2007
_______________________

Amendment Number One
_______________________

The Investors Savings Bank Amended and Restated Deferred Directors Fee Plan, adopted August 21, 2007 (the “Plan”) is hereby amended in accordance with the following:

Effective September 19, 2011, the name “Investors Savings Bank” shall be replaced by “Investors Bank” wherever it appears in the Plan.

IN WITNESS WHEREOF, this Amendment Number One has been executed by a duly authorized officer of Investors Bank, on the date set forth below.  

INVESTORS BANK

8/23/2011                    By: /s/ Domenick Cama
DateEX 10.14

Exhibit 10.14

ROMA BANK
SPLIT DOLLAR LIFE INSURANCE AGREEMENT
THIS SPLIT DOLLAR LIFE INSURANCE AGREEMENT (the “Agreement”) is entered into this 19th day of January, 2010, by and between Roma Bank, a savings association located in Robbinsville, New Jersey (the “Bank”), and Robert Albanese (the “Director”).
The purpose of this Agreement is to retain and reward the Director, by dividing the death proceeds of certain life insurance policies which are owned by the Bank on the life of the Director with the designated beneficiary of the Director. The Bank will pay the life insurance premiums from its general assets.
Article 1
Definitions
Whenever used in this Agreement, the following terms shall have the meanings specified:
		
	1.1
	“Bank’s Interest” means the benefit set forth in Section 2.1.

		
	1.2
	“Beneficiary” means each designated person, or the estate of the deceased Director, entitled to benefits, if any, upon the death of the Director.

		
	1.3
	“Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate one or more Beneficiaries.

		
	1.4
	“Board” means the Board of Directors of the Bank as from time to time constituted.

		
	1.5
	“Change in Control” means any of the following:

		
	(A)
	Any person (as such term is used in Sections 13d and 14d-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than the Bank, a subsidiary of the Bank, an employee benefit plan (or related trust) of the Bank or a direct or indirect subsidiary of the Bank, or affiliates of the Bank (as defined in Rule 12b-2 under the Exchange Act), becomes the beneficial owner (as determined pursuant to Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Bank representing more than 50% of the combined voting power of the Bank’s then outstanding securities (other than a person owning 10% or more of the voting power of stock on the date hereof); or

		
	(B)
	The liquidation or dissolution of the Bank or the occurrence of, or execution of an agreement providing for a sale of all or substantially all of the assets of the Bank to an entity which is not a direct or indirect subsidiary of the Bank; or

		
	(C)
	The occurrence of, or execution of an agreement providing for a reorganization, merger, consolidation or other similar transaction or connected series of transactions 

of the Bank as a result of which either (a) the Bank does not survive or (b) pursuant to which shares of the Bank common stock (“Common Stock”) would be converted into cash, securities or other property, unless, in case of either (a) or (b), the holders of the Bank Common Stock immediately prior to such transaction will, following the consummation of the transaction, beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation surviving, continuing or resulting from such transaction 
		
	(D)
	The occurrence of, or execution of an agreement providing for a reorganization, merger, consolidation or similar transaction of the Bank, or before any connected series of such transactions, if upon consummation of such transaction or transactions, the persons who are members of the Board of the Bank immediately before such transaction or transactions cease or, in the case of the execution of an agreement for such transaction or transactions, it is contemplated in such agreement that upon consummation such persons would cease to constitute a majority of the Board of the Bank or, in the case where the Bank does not survive in such transaction, of the corporation surviving, continuing or resulting from such transaction or transactions; or

		
	(E)
	Any other event which is at any time designated as a “Change in Control” for purposes of this Agreement by a resolution adopted by the Board with the affirmative vote of a majority of the non-employee directors in office at the time the resolution is adopted; in the event any such resolution is adopted, the Change in Control event specified thereby shall be deemed incorporated herein by reference and thereafter may not be amended, modified or revoked without the written agreement of the Director; or

		
	(F)
	During any period of two consecutive years during the term of this Agreement, individuals who at the beginning of such period constitute the Board cease for any reason to constitute at least a majority thereof, unless the election of each director who was not a director at the beginning of such period has been approved in advance by directors representing at least two-thirds of the directors then in office who were directors at the beginning of the period, provided however this provision shall not apply in the event two-thirds of the board of directors at the beginning of a period no longer are directors due to death, normal retirement, or other circumstances not related to a change in control.

Notwithstanding anything else to the contrary set forth in this Agreement, if (i) an agreement is executed by the Bank providing for any of the transactions or events constituting a Change in Control as defined herein, and the agreement subsequently expires or is terminated without the transaction or event being consummated, and (ii) Director’s service did not terminate during the period after the agreement and prior to such expiration or termination, for purposes of this Agreement it shall be as though such agreement was never executed and no Change in Control event shall be deemed to have occurred as a result of the execution of such agreement.

		
	1.6
	“Code” means the Internal Revenue Code of 1986, as amended.

		
	1.7
	“Disability” means the Director suffering a sickness, accident or injury which has been determined by the carrier of any individual or group disability insurance policy covering the Director, or by the Social Security Administration, to be a disability rending the Director totally and permanently disabled. The Director must submit proof to the Bank of the carrier’s or Social Security Administration’s determination upon request of the Bank. 

		
	1.8
	“Director’s Interest” means the benefit set forth in Section 2.2.

		
	1.9
	“Insurer” means the insurance company issuing the Policy on the life of the Director.

		
	1.10
	“Net Death Proceeds” means the total death proceeds of the Policy minus the greater of (i) the cash surrender value or (ii) the aggregate premiums paid by the Bank.

		
	1.11
	“Plan Administrator” means the plan administrator described in Article 12.

		
	1.12
	“Policy” or “Policies” means the individual insurance policy or policies adopted by the Bank for purposes of insuring the Director’s life under this Agreement.

		
	1.13
	“Separation from Service” means the Director ceases to be on the Board of the Bank for any reason whatsoever other than by reason of a leave of absence, which is approved by the Bank.

		
	1.14
	“Vested Insurance Benefit” means the Bank will provide the Director with continued insurance coverage from the date of vesting until death, subject to the forfeiture provisions detailed in Section 3.2 and Article 6. Article 3 explains how the Director achieves vested status.

		
	1.15
	“Years of Service” means the number of consecutive twelve (12) month periods of the Director’s continuous service to the Bank, including leaves of absences approved by the Bank.

Article 2
Policy Ownership/Interests
		
	2.1
	Banks Interest. The Bank shall own the Policies and shall have the right to exercise all incidents of ownership and, subject to Article 4, the Bank may terminate a Policy without the consent of the Director. The Bank shall be the beneficiary of the remaining death proceeds of the Policies after the Director’s Interest is determined according to Section 2.2 below.

		
	2.2
	Director’s Interest. The Director, or the Director’s assignee, shall have the right to designate the Beneficiary of an amount of death proceeds as specified in Section 2.2.1 and 2.2.2. The Director shall also have the right to elect and change settlement options with respect to the Director’s Interest by providing written notice to the Bank and the Insurer.

		
	2.2.1
	Death Prior to Separation from Service. If the Director dies prior to Separation from Service, the Beneficiary shall be entitled to a benefit equal to One Hundred Thousand Dollars ($100,000), provided that such benefit shall not exceed the Net Death Proceeds.

		
	2.2.2
	Death After Separation from Service. If, pursuant to Article 3, the Director has a Vested Insurance Benefit at the date of death, the Director’s Beneficiary shall be entitled to a benefit equal to one Hundred Thousand Dollars ($100,000), provided that such amount shall not exceed the Net Death Proceeds. If the Director has not achieved a Vested Insurance Benefit on the date of death, the Beneficiary will not be entitled to a benefit under this Agreement.

Article 3
Vesting
		
	3.1
	Vested Insurance Benefit. The Director shall have a Vested Insurance Benefit equal to the amount specified in Section 2.2 at the earliest of the following events:

		
	3.1.1
	Attainment of age seventy (70) prior to Separation from Service;

		
	3.1.2
	Attainment of age sixty (60) and twenty (20) Years of Service with the Bank;

		
	3.1.3
	Separation from Service due to Disability;

		
	3.1.4
	A Change in Control prior to Separation from Service; or

		
	3.1.5
	Adoption, by the Board at its discretion, of a resolution entitling the Director to the Vested Insurance Benefit in Section 2.2 under circumstances not otherwise addressed in this Section 3.1.

		
	3.2
	Forfeiture of Benefit. Notwithstanding the provisions of Section 3.1, the Director will forfeit his or her Vested Insurance Benefit if (i) the Director violates any of the provisions detailed in Article 6; (ii) in the case of a disabled Director who vested pursuant to Section 3.1.3, if the Director becomes gainfully employed by an entity other than the Bank; or (iii) or the Director provides written notice to the Bank declining further participation in the Agreement.

Article 4
Comparable Coverage
		
	4.1
	Insurance Policies. The Bank may provide the benefits of this Agreement through the Policies purchased at the commencement of this Agreement, or may provide comparable insurance coverage to the Director through whatever means the Bank deems appropriate.  If the Director waives or forfeits his or her right to the interests in Section 2.2, the Bank may choose to cancel the Policy or Policies on the Director, or may continue such coverage and become the direct beneficiary of the entire death proceeds.

		
	4.2
	Offer to Purchase. If the Bank discontinues a Policy at any time when the Director has an interest in the Policy, the Bank shall give the Director at least thirty (30) days to purchase such Policy. The purchase price shall be the fair market value of the Policy, as determined under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority.  Such notification shall be in writing.

Article 5
Premiums and Imputed Income
		
	5.1
	Premium Payment. The Bank shall pay all premiums due on all Policies.

		
	5.2
	Economic Benefit. The Bank shall determine the economic benefit attributable to the Director based on the life insurance premium factor for the Director’s age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg.§ 1.61-22(d)(3)(ii) or any subsequent authority.

		
	5.3
	Imputed Income. The Bank shall impute the economic benefit to the Director on an annual basis, by adding the economic benefit to the Director’s Form 1099, or if applicable, W-2.

Article 6
General Limitations
		
	6.1
	Excess Parachute or Golden Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay any benefit under this Agreement to the extent the benefit would be an “excess parachute payment” under Section 280G of the Code, or would be a prohibited golden parachute payment pursuant to 12 C.F.R. §359.2 and for which the appropriate federal banking agency has not given written consent to pay pursuant to 12 C.F.R. §359.4. All benefits payable under this Agreement shall also be subject to limitations or prohibitions imposed by subsequent changes or amendments to the cited laws and regulations, except to the extent that any benefits payable under this Agreement are grandfathered or otherwise exempt or excluded from the change or amendment.

		
	6.2
	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Director shall forfeit any right to a benefit under this Agreement if the Bank terminates the Director’s service for cause. Termination of the Director’s service for “Cause” shall mean termination because of personal dishonesty, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order or material breach of any provision of the Agreement. For purposes of this paragraph, no act or failure to act on the Director’s part shall be considered “willful” unless done, or omitted to be done, by the Director not in good faith and without reasonable belief that the Director’s action or omission was in the best interest of the Bank.

		
	6.3
	Removal. Notwithstanding any provision of this Agreement to the contrary, the Director’s rights in the Agreement shall terminate if the Director is subject to a final removal or 

prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act. Notwithstanding anything herein to the contrary, any payments made to the Director pursuant to this Agreement, or otherwise, shall be subject to and conditioned upon compliance with 12 U.S.C. 1828 and FDIC regulation 12 CFR Part 359, Golden Parachute Indemnification Payments and any other regulations or guidance promulgated thereunder.
		
	6.4
	Forfeiture Provision. The Director shall forfeit any non-distributed benefits under this Agreement if during the term of this Agreement, the Director, directly or indirectly, either as an individual or as a proprietor, stockholder, partner, officer, director, employee, agent, consultant or independent contractor of any individual, partnership, corporation or other entity (excluding an ownership interest of three percent (3%) or less in the stock of a publicly-traded company):

		
	(i)
	becomes employed by, participates in, or becomes connected in any manner with the ownership, management, operation or control of any bank, savings and loan or other similar financial institution if the Director’s responsibilities will include providing banking or other financial services within twenty-five (25) miles of any office maintained by the Bank as of the date of Separation from Service;

		
	(ii)
	participates in any way in hiring or otherwise engaging, or assisting any other person or entity in hiring or otherwise engaging, on a temporary, part-time or permanent basis, any individual who was employed by the Bank as of the date of Separation from Service; 

		
	(iii)
	assists, advises, or serves in any capacity, representative or otherwise, any third party in any action against the Bank or transaction involving the Bank;

		
	(iv)
	sells, offers to sell, provides banking or other financial services, assists any other person in selling or providing banking or other financial services, or solicits or otherwise competes for, either directly or indirectly, any orders, contract, or accounts for services of a kind or nature like or substantially similar to the financial services performed or financial products sold by the Bank (the preceding hereinafter referred to as “Services”), to or from any person or entity from whom the Director or the Bank, to the knowledge of the Director provided banking or other financial services, sold, offered to sell or solicited orders, contracts or accounts for Services during the three (3) year period immediately prior to Separation from Service;

		
	(v)
	divulges, discloses, or communicates to others in any manner whatsoever, any confidential information of the Bank, to the knowledge of the Director, including, but not limited to, the names and addresses of customers or prospective customers, of the Bank, as they may have existed from time to time, of work performed or services rendered for any customer, any method and/or procedures relating to projects or other work developed for the Bank, earnings or other information concerning the Bank. The restrictions contained in this subparagraph (v) apply to all information regarding the Bank, regardless of the source who provided or compiled such 

information.  Notwithstanding anything to the contrary, all information referred to herein shall not be disclosed unless and until it becomes known to the general public from sources other than the Director.
		
	6.4.1
	Judicial Remedies. In the event of a breach or threatened breach by the Director of any provision of these restrictions, the Director recognizes the substantial and immediate harm that a breach or threatened breach will impose upon the Bank, and further recognizes that in such event monetary damages may be inadequate to fully protect the Bank. Accordingly, in the event of a breach or threatened breach of this Agreement, the Director consents to the Bank’s entitlement to such ex parte, preliminary, interlocutory, temporary or permanent injunctive, or any other equitable relief, protecting and fully enforcing the Bank’s rights hereunder and preventing the Director from further breaching any of his obligations set forth herein. The Director expressly waives any requirement based on any statute, rule of procedure, or other source that the Bank post a bond as a condition of obtaining any of the above-described remedies. Nothing herein shall be construed as prohibiting the Bank from pursuing any other remedies available to the Bank at law or in equity for such breach or threatened breach, including the recovery of damages from the Director. The Director expressly acknowledges and agrees that: (i) the restrictions set forth in Section 6.4 hereof are reasonable in terms of scope, duration, geographic area, or otherwise, (ii) the protections afforded the Bank in Section 6.4 hereof are necessary to protect its legitimate business interest, (iii) the restrictions set forth in Section 6.4 hereof will not be materially adverse to the Director’s service with the Bank, and (iv) his agreement to observe such restrictions forms a material part of the consideration for this Agreement.

		
	6.4.2
	Overbreadth of Restrictive Covenant. It is the intention of the parties that if any restrictive covenant in this Agreement is determined by a court of competent jurisdiction to be overly broad, then the court should enforce such restrictive covenant to the maximum extent permitted under the law as to area, breadth and duration.

		
	6.4.3
	Change in Control. The forfeiture provision detailed in Section 6.4 hereof shall not be enforceable following a Change in Control.

		
	6.5
	Suicide or Misstatement. No benefits shall be payable if the Director commits suicide within two years after the date of this Agreement, or if the insurance company denies coverage (i) for material misstatements of fact made by the Director on any application for life insurance purchased by the Bank, or (ii) for any other reason; provided, however that the Bank shall evaluate the reason for the denial, and upon advice of legal counsel and in its sole discretion, consider judicially challenging any denial.

Article 7
Beneficiaries
		
	7.1
	Beneficiary. The Director shall have the right, at any time, to designate a Beneficiary to receive any benefits payable under the Agreement upon the death of the Director. The 

Beneficiary designated under this Agreement may be the same as or different from the beneficiary designated under any other Agreement of the Bank in which the Director participates.
		
	7.2
	Beneficiary Designation; Change. The Director shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering it to the Bank or its designated agent. The Director’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Director or if the Director names a spouse as Beneficiary and the marriage is subsequently dissolved. The Director shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Bank’s rules and procedures, as in effect from time to time. Upon the acceptance by the Bank of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Bank shall be entitled to rely on the last Beneficiary Designation Form filed by the Director and accepted by the Bank prior to the Director’s death.

		
	7.3
	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Bank or its designated agent.

		
	7.4
	No Beneficiary Designation. If the Director dies without a valid designation of beneficiary, or if all designated Beneficiaries predecease the Director, then the Director’s surviving spouse shall be the designated Beneficiary. If the Director has no surviving spouse, the benefits shall be made payable to the Director’s estate.

		
	7.5
	Facility of Payment. If the Bank determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Bank may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit.  Any payment of a benefit shall be a payment for the account of the Director and the Director’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.

Article 8
Assignment
The Director may irrevocably assign without consideration all of the Director’s Interest in this Agreement to any person, entity, or trust. In the event the Director shall transfer all of the Director’s Interest, then all of the Director’s Interest in this Agreement shall be vested in the Director’s transferee, who shall be substituted as a party hereunder, and the Director shall have no further interest in this Agreement.

Article 9
Insurer
The Insurer shall be bound only by the terms of its given Policy. The Insurer shall not be bound by or deemed to have notice of the provisions of this Agreement. The Insurer shall have the right to rely on the Bank’s representations with regard to any definitions, interpretations or Policy interests as specified under this Agreement.
Article 10
Claims And Review Procedure
		
	10.1
	Claims Procedure. The Director or Beneficiary (“claimant”) who has not received benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows:

		
	10.1.1
	Initiation - Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits. If such a claim relates to the contents of a notice received by the claimant, the claim must be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the claimant.

		
	10.1.2
	Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within ninety (90) days after receiving the claim. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional ninety (90) days by notifying the claimant in writing, prior to the end of the initial ninety (90) day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

		
	10.1.3
	Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

		
	(a) 
	The specific reasons for the denial;

		
	(b)
	A reference to the specific provisions of the Agreement on which the denial is based;

		
	(c)
	A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed;

		
	(d)
	An explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and

		
	(e)
	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review.

		
	10.2
	Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows:

		
	10.2.1
	Initiation- Written Request. To initiate the review, the claimant, within sixty (60) days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review.

		
	10.2.2
	Additional Submissions - Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.

		
	10.2.3
	Considerations on Review. In considering the review, the Plan Administrator shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

		
	10.2.4
	Timing of Plan Administrator’s Response. The Plan Administrator shall respond in writing to such claimant within sixty (60) days after receiving the request for review. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional sixty (60) days by notifying the claimant in writing, prior to the end of the initial sixty (60) day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

		
	10.2.5
	Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

		
	(a)
	The specific reasons for the denial;

		
	(b)
	A reference to the specific provisions of the Agreement on which the denial is based;

		
	(c)
	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other 

information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 
(d) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).
Article 11
Amendments And Termination
		
	11.1
	Non-Vested Insurance Benefit. Unless the Director has a Vested Insurance Benefit pursuant to Section 3 .I, the Bank may amend or terminate the Agreement at any time, or may amend or terminate the Director’s rights under the Agreement at any time prior to the Director’s death, by providing written notice of such to the Director. In the event that the Bank decides to maintain the Policy after termination of the Agreement, the Bank shall be the direct beneficiary of the entire death proceeds of the Policy.

		
	11.2
	Vested Insurance Benefit. If the Director has a Vested Insurance Benefit, the Bank may amend or terminate the Agreement only if: (i) continuation of the Agreement would cause significant financial harm to the Bank, (ii) the Director agrees to such action, or (iii) the Bank’s banking regulator(s) issues a written directive to amend or terminate the Agreement.

Article 12
Administration
		
	12.1
	Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator which shall consist of the Board, or such committee or persons as the Board may choose. The Plan Administrator shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in connection with this Agreement.

		
	12.2
	Agents. In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Bank.

		
	12.3
	Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of this Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Agreement.

		
	12.4
	Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the members of the Plan Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members.

		
	12.5
	Information. To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan Administrator on all matters relating to the Disability, death or Separation from Service of the Director, and such other pertinent information as the Plan Administrator may reasonably require.

Article 13
Miscellaneous
		
	13 .1
	Binding Effect. This Agreement shall bind the Director and the Bank, their beneficiaries, survivors, executors, administrators and transferees and any Beneficiary.

		
	13.2
	No Guarantee of Service. This Agreement is not an employment policy or contract. It does not give the Director the right to remain a director of the Bank, nor does it interfere with the Bank’s right to discharge the Director. It also does not require the Director to remain a director nor interfere with the Director’s right to terminate service at any time.

		
	13.3
	Applicable Law. The Agreement and all rights hereunder shall be governed by and construed according to the laws of the State of New Jersey except to the extent preempted by the laws of the United States of America.

		
	13.4
	Reorganization. The Bank shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its assets to another company, firm or person unless such succeeding or continuing company, firm or person agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence of such event, the term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor company.

		
	13.5
	Notice. Any notice or filing required or permitted to be given to the Bank under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below:

Roma Bank
Attn: Corporate Secretary
2300 Route 33
Robbinsville, NJ 08691-1411
Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or the receipt for registration or certification.
Any notice or filing required or permitted to be given to the Director under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Director.
		
	13.6
	Entire Agreement. This Agreement, along with the Director’s Beneficiary Designation Form, constitutes the entire agreement between the Bank and the Director as to the subject matter 

hereof. No rights are granted to the Director under this Agreement other than those specifically set forth herein.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date indicated above.
DIRECTOR:     BANK:
Roma Bank
/s/ Robert Albanese        By /s/ Emma A. Cartier    
Robert Albanese        Title Asst. Vice President/Asst. Secretary    

ADDENDUM TO THE

SPLIT DOLLAR LIFE INSURANCE AGREEMENT

by and between

ROMA BANK, INVESTORS BANK and Robert C. Albanese

THIS ADDENDUM (this “Addendum”) to the Split Dollar Life Insurance Agreement (the “Agreement”) by and between Robert C. Albanese (the “Director”) and Roma Bank (“Roma”) dated January 19, 2010 (the “Agreement”), is made by and among the Director, Roma and Investors Bank (“Investors”) as of this 6th day of December, 2013.  

WHEREAS, the Board of Directors of Investors and Roma each have, by resolution, adopted and agreed to an Agreement and Plan of Merger (the “Merger Agreement”), dated December 19, 2012, by and among (i) Investors Bancorp, MHC, Investors Bancorp, Inc., Investors, and (ii) Roma Financial Corporation, MHC, Roma Financial Corporation and Roma; and

WHEREAS, the Merger Agreement provides for, among other things, the merger of Roma Financial Corporation, MHC with and into Investors Bancorp, MHC, the merger of Roma Financial Corporation with and into Investors Bancorp, Inc. and the merger of Roma with and into Investors (the “Merger”); and 

WHEREAS, pursuant to Section 13.4 of the Agreement, Roma shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its assets to another company, firm or person unless such succeeding or continuing company, firm or person agrees to assume and discharge the obligations of Roma under the Agreement; and 

WHEREAS, the purposes of this Addendum is for Investors to acknowledge and affirm its requirements under the Agreement and to reaffirm the insurance benefits payable to the Director under the Agreement.   

WHEREAS, any capitalized terms that are used but not specifically defined herein shall have the meaning ascribed to them in the Agreement or the Merger Agreement, as applicable. 

NOW, THEREFORE, in consideration of the premises and covenants contained herein, the parties hereto, do hereby agree that this Addendum by and among the Director, Roma and Investors is hereby made as follows: 

1.    To the extent that the Director’s Insurance Benefit under the Agreement is unvested immediately prior to the Merger, and the Director has not separated from service prior to the effective time of the Merger (the “Effective Time”), it shall become fully vested as of and subject to the occurrence of the Merger in accordance with Section 3.1 of the Agreement.  As of and following the Merger, the Director will have a Vested Insurance Benefit, and in the event of the Director’s death the Director’s Beneficiary shall be entitled to a benefit, equal to $100,000 in accordance with, 

and subject to the limitations of, Section 2.2 and Article 6 of the Agreement, including that such benefit shall not exceed the Net Death Proceeds as defined in the Agreement.  

2.    Investors hereby agrees to assume and discharge the obligations of Roma under the Agreement as of and following the Effective Time, and hereby specifically acknowledges and affirms its continuing obligations under the Agreement with respect to the Director’s Vested Insurance Benefit under the Agreement as of and following the Effective Time, including the obligation to make any payments required in accordance with the terms of such Agreement.  

3.    Investors hereby acknowledges and affirms that it shall continue the Agreement after the Effective Time; provided, however, that Investors reserves the right to, at its sole discretion, modify or terminate the Agreement at any time pursuant to the terms of such Agreement, and provided that the Vested Insurance Benefit of the Director shall nevertheless be honored as of the date of such modification or termination. 

4.    As of and following the Effective Time of the Merger, and in accordance with Section 13.4 of the Agreement, the term “Bank” as used in the Agreement shall be deemed to refer to Investors, and any questions or communication intended for Investors should be directed as follows:
Investors Bank
Human Resources Department
101 JFK Parkway
Short Hills, New Jersey 07078
Attention: Ms. Julie O’Connor, Vice President and Benefits Manager
Email:  joconnor@luselaw.com  

Nothing contained herein shall be held to alter, vary, or affect any of the terms, provisions, or conditions of the Agreement other than as stated above.  In the event of any inconsistency between the terms of this Addendum and the Agreement, the terms of the Agreement shall control.  

[SIGNATURE PAGE TO FOLLOW]

IN WITNESS WHEREOF, the parties hereto have executed this Addendum to the Agreement as of the date first above written.

ROMA BANK

By:    /s/ Peter Inverso            

INVESTORS BANK

By:    /s/ Domenick Cama            

DIRECTOR

/s/ Robert C. Albanese            
Robert C. Albanese

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