Document:

Unassociated Document

    Exhibit
      10.6

    

      
        	 	
                3100
                  Route 38

              
	
                

              	
                Mount
                  Laurel, NJ 08054

                
                  (609)
                    273-5900

                  
                    FAX
                      (609) 273-7577

                  

                

              

      

    

     

    

      January
        15, 1998

       

      Mr.
        R.
        Scott Homer

      16
        Elkington Drive

      Mt.
        Laurel, NJ 08054

       

      Dear
        Mr.
        Homer:

       

      Sterling
        Bank (the “Bank”) recognizes that the possibility of a change in control may
        exist in the future which could result in the departure or distraction of
        members of management to the detriment of the Bank and its
        shareholders.

       

      In
        order
        to induce you to remain in the employ of the Bank, the parties hereto, intending
        to be legally bound hereby, agree as follows:

       

      1.  Definitions.
        For
        purposes of this agreement, the following terms shall have the meaning indicated
        below.

       

      (a)  “Change
        in Control” of the Bank shall mean: (i) the consummation of (x) a consolidation
        or merger of the Bank in which the Bank is not the continuing or surviving
        entity or pursuant to which the voting securities of the Bank are converted
        into
        cash or other property other than a consolidation or merger in which the
        holders
        of the voting securities of the Bank immediately prior to the merger or
        consolidation have majority control of the voting securities of the continuing
        or surviving entity immediately after the consolidation or merger or (y)
        any
        sale, lease, exchange or other transfer (in one transaction or a series of
        related transactions) of all or substantially all of the assets of the Bank
        (other than in connection with a corporate or bankruptcy reorganization of
        the
        Bank) ; or (ii) any person (as such term is used in Sections 13(d) and 14(d)(2)
        of the Securities Exchange Act of 1934, as amended) shall become the beneficial
        owner of twenty-five percent (25%) or more of the outstanding voting securities
        of
        the
        Bank,
        but not if such person is a member of the Board of Directors at the date
        of this
        agreement, or if such person is a group the majority of the members of which
        (in
        terms of ownership of
        the
        Bank’s common stock by such group) are members of the Board of Directors at the
        date of this agreement.

       

      (b)  “Good
        Cause” shall mean (i) your conviction of or plea of guilty or nolo contendere to
        a felony (ii) the issuance by any federal or state banking authority of a
        final
        order directing that the Bank terminate your employment, or (iii) the willful
        engagement by you in misconduct, or engagement by you in conduct or lack
        of
        conduct evidencing dishonesty or neglect, which is materially detrimental
        to the
        Bank, monetarily or otherwise.

       

      (c)  “Disability”
        shall mean your inability to perform your regular employment duties for a
        period
        of three (3) consecutive months or three (3) months in any twelve (12)
        consecutive month period, as a result of your incapacity due to physical
        or
        mental illness.

       

      (d)  ’Term
        of
        Employment” shall have the meaning described in Paragraph 2(a)
        below.

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      2.  Employment
        upon a Change in Control.

       

      (a)  If
        a
        Change in Control of the Bank occurs within ten (10) years of the date of
        this
        agreement while you are an employee of the Bank, you will thereupon be deemed
        to
        have been engaged by the Bank, and you will thereupon be deemed to have accepted
        employment with the Bank, In your then current position and corporate office,
        for a term of employment of eighteen (18) months from the date of the Change
        in
        Control (the ‘Term of Employment”). During the Term of Employment, you will
        continue to perform substantially the same duties that you performed prior
        to
        the Change in Control. As compensation for the services to be rendered by
        you
        during the Term of Employment, the Bank will pay to you your base salary
        at the
        rate in effect at the time of the Change in Control, and you will also
        participate in such benefit plans as are generally made available to-senior
        executive employees; provided, however, that such benefits must be at least
        comparable to those benefits received by you immediately prior to the
        commencement of the Term of Employment. Such employment during the Term of
        Employment will sooner terminate, and no further compensation or benefits
        will
        be payable to you, upon your death or upon termination by the Bank or its
        successor for Good Cause or Disability or upon termination by you after the
        first thirty (30) days of the Term of
        Employment.

       

      (b)  By
        prior
        written notice given by you to the Bank you shall have the right to terminate
        your employment with the Bank or its successor for any reason during the
        first
        thirty (30) days of
        the
        Term
        of Employment. Upon any such voluntary termination, you shall be entitled
        to
        receive sixty-six percent (66%) of the same compensation and participate
        in such
        benefit plans for the balance of the Term of Employment in the same manner
        as
        though you had not terminated your employment and such payments shall not
        be
        reduced even if you become employed by another employer. Within thirty (30)
        days
        after your death during the Term of Employment following any such termination
        under this Paragraph 2(b), the Bank shall pay to your executors, administrators
        or personal representatives a lump sum in cash equal to the aggregate amount
        of
        the
        remaining salary payments (with no discount) which would have been payable
        to
        you if you had not died before the end of the Term of Employment,

       

      (c)  Notwithstanding
        anything to the contrary in this agreement: (i) your current employment with
        the
        Bank will continue on an “at will” basis, and may be terminated by the Bank or
        by you, at any time for any reason, with or without Good Cause, until such
        time
        as the Term of Employment commences. However, if there is a public announcement
        by, or with the consent of, the Board of Directors of the Bank, of an expected
        transaction, event or series of events which is or are reasonably expected
        to
        result in a Change in Control of the Bank, your compensation and benefits
        may
        not be reduced and your employment may not be terminated by the Bank without
        the
        compensation provided below, except for Good Cause, Disability, or death,
        between the date thirty (W) days prior to such announcement and the earlier
        to
        occur of the Change in Control of
        the
        Bank,
        or the termination of the transaction, event or series of
        events
        which is or are reasonably expected to result in the Change in Control
of
        the
        Bank.
        If your employment is terminated by the Bank or its successor for any reason
        other than Good Cause, Disability or death during the period beginning thirty
        (30) days prior to the public announcement described above, you shall (i)
        receive the same compensation and participate in such benefit plans until
        the
        Change in Control of the Bank (or the termination of the transaction) and
        such
        payments shall not be reduced even if you become employed by another employer,
        and (ii) be deemed an employee of the Bank on the date of the Change in Control
        of the Bank for purposes of being entitled to the benefits provided in
        Paragraphs 2(a) and 2(b) above.

       

      3.  Miscellaneous.

       

      (a)  The
        Bank
        shall require any successor (whether direct or indirect, by purchase, merger,
        consolidation, or otherwise) to all or substantially all of the business
        or
        assets of the Bank, by agreement in form and substance reasonably satisfactory
        to you, to assume and agree to perform this agreement in the same manner
        and to
        the same extent that the Bank would be required to perform this agreement
        if no
        such succession had taken place. If you must institute legal action against
        the
        Bank or its successor to enforce your employment rights hereunder, and you
        prevail, the Bank or its successor will pay for your reasonable legal fees
        and
        expenses incident to such action.

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (b)  This
        agreement shall be binding upon and inure to the benefit of the parties hereto
        and their respective personal or legal representatives, executors,
        administrators, successors, assigns, heirs, devisees and legatees. If you
        should
        die during your employment, your estate will receive any accrued but unpaid
        salary and/or benefits earned by you through the date of
        your
        death.

       

      (c)  This
        agreement may not be modified, waived, or discharged unless such waiver,
        modification or discharge is agreed to in writing by the parties hereto.
        No
        waiver by either party at any time of any breach by the other party of, or
        compliance with, any provision of this agreement to be performed by such
        other
        party shall he deemed a waiver of similar or dissimilar provisions at the
        same
        or any prior or subsequent time.

       

      (d)  This
        agreement contains the entire understanding of the parties hereto with respect
        to the subject matter hereof, and supersedes all prior written or oral
        discussions and agreements.

       

      (e)  This
        agreement shall be governed by the laws of the State of New Jersey. The validity
        or unenforceability of any provision of this agreement shall not affect the
        validity or enforceability of any other provision of this
        agreement.

       

      (f)  This
        agreement may be executed in one or more counterparts, each of which shall
        be
        deemed to be an original but all of which together shall constitute one and
        the
        same instrument.

       

      (g)  This
        agreement shall vest from your first day of employment with Bank, as
        follows:

       

      Six
        months service in position  66%
        vested

      Twelve
        months service in position  100%
        vested.

       

      If
        this
        letter agreement accurately sets forth our agreement on the subject matter
        set
        forth above, kindly sign and return to the Bank the enclosed copy of this
        letter, which will then constitute our agreement on this subject.

       

      Sincerely,

      
        

        /s/
          A.
          Theodore Eckenhoff

        

        
          	
                  By:

                	
                  A.
                    Theodore Eckenhoff

                
	 	
                  Chairman
                    of the Board of Directors

                

        

        

        Accepted
          and agreed, with the

        Intent
          to
          be legally bound this 15th

        Day
          of
January,
          1998

        

        

        /s/
          R.
          Scott Horner

        

        R.
          Scott
          HornerExhibit 10.7

    EXHIBIT
      10.7

    

      
        	 	
                3100
                  Route 38

              
	
                

              	
                Mount
                  Laurel, NJ 08054

                
                  (609)
                    273-5900

                  
                    FAX
                      (609) 273-7577

                  

                

              

      

    

     

    

      January
        15, 1998

       

      Mr.
        John
        Herninko

      319
        Huckleberry Lane

      Harleysville,
        PA 19438

       

      Dear
        Mr.
        Herninko:

       

      Sterling
        Bank (the “Bank”) recognizes that the possibility of a change in control may
        exist in the future which could result in the departure or distraction of
        members of management to the detriment of the Bank and its
        shareholders.

       

      In
        order
        to induce you to remain in the employ of the Bank, the parties hereto, intending
        to be legally bound hereby, agree as follows:

       

      1.  Definitions.
        For
        purposes of this agreement, the following terms shall have the meaning indicated
        below.

       

      (a)  “Change
        in Control” of the Bank shall mean: (i) the consummation of (x) a consolidation
        or merger of the Bank in which the Bank is not the continuing or surviving
        entity or pursuant to which the voting securities of the Bank are converted
        into
        cash or other property other than a consolidation or merger in which the
        holders
        of the voting securities of the Bank immediately prior to the merger or
        consolidation have majority control of the voting securities of the continuing
        or surviving entity immediately after the consolidation or merger or (y)
        any
        sale, lease, exchange or other transfer (in one transaction or a series of
        related transactions) of all or substantially all of the assets of the Bank
        (other than in connection with a corporate or bankruptcy reorganization of
        the
        Bank) ; or (ii) any person (as such term is used in Sections 13(d) and 14(d)(2)
        of the Securities Exchange Act of 1934, as amended) shall become the beneficial
        owner of twenty-five percent (25%) or more of the outstanding voting securities
        of the Bank, but not if such person is a member of the Board of Directors
        at the
        date of this agreement, or if such person is a group the majority of the
        members
        of which (in terms of ownership of the Bank’s common stock by such group) are
        members of the Board of Directors at the date of this agreement.

       

      (b)  “Good
        Cause” shall mean (i) your conviction of or plea of guilty or nolo contendere to
        a felony (ii) the issuance by any federal or state banking authority of a
        final
        order directing that the Bank terminate your employment, or (iii) the willful
        engagement by you in misconduct, or engagement by you in conduct or lack
        of
        conduct evidencing dishonesty or neglect, which is materially detrimental
        to the
        Bank, monetarily or otherwise.

       

      (c)  “Disability,
        shall mean your inability to perform your regular employment duties for a
        period
        of three (3) consecutive months or three (3) months in any twelve (12)
        consecutive month period, as a result of your incapacity due to physical
        or
        mental illness.

       

      (d)  ’Term
        of
        Employment” shall have the meaning described in Paragraph 2(a)
        below.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2.  Employment
        ul2on a Chance in Control.

       

      (a)  If
        a
        Change in Control of the Bank occurs within ten (10) years of the date of
        this
        agreement while you are an employee of the Bank, you will thereupon be deemed
        to
        have been engaged by the Bank, and you will thereupon be deemed to have accepted
        employment with the Bank, in your then current position and corporate office,
        for a term of employment of eighteen (18) months from the date of the Change
        in
        Control (the ‘Term of Employment”). During the Term of Employment, you will
        continue to perform substantially the same duties that you performed prior
        to
        the Change in Control. As compensation for the services to be rendered by
        you
        during the Term of Employment, the Bank will pay to you your base salary
        at the
        rate in effect at the time of the Change in Control, and you will also
        participate in such benefit plans as are generally made available to-senior
        executive employees; provided, however, that such benefits must be at least
        comparable to those benefits received by you immediately prior to the
        commencement of the Term of Employment. Such employment during the Term of
        Employment will sooner terminate, and no further compensation or benefits
        will
        be payable to you, upon your death or upon termination by the Bank or its
        successor for Good Cause or Disability or upon termination by you after the
        first thirty (30) days of the Term of Employment.

       

      (b)  By
        prior
        written notice given by you to the Bank, you shall have the right to terminate
        your employment with the Bank or its successor for any reason during the
        first
        thirty (30) days of the Term of Employment. Upon any such voluntary termination,
        you shall be entitled to receive sixty-six percent (66%) of the same
        compensation and participate in such benefit plans for the balance of the
        Term
        of Employment in the same manner as though you had not terminated your
        employment and such payments shall not be reduced even if you become employed
        by
        another employer. Within thirty (30) days after your death during the Term
        of
        Employment following any such termination under this Paragraph 2(b), the
        Bank
        shall pay to your executors, administrators or personal representatives a
        lump
        sum in cash equal to the aggregate amount of the remaining salary payments
        (with
        no discount) which would have been payable to you if you had not died before
        the
        end of the Term of Employment,

       

      (c)  Notwithstanding
        anything to the contrary in this agreement: (i) your current employment with
        the
        Bank will continue on an “at will” basis, and may be terminated by the Bank or
        by you, at any time for any reason, with or without Good Cause, until such
        time
        as the Term of Employment commences. However, if there is a public announcement
        by, or with the consent of, the Board of Directors of the Bank, of an expected
        transaction, event or series of events which is or are reasonably expected
        to
        result in a Change in Control of the Bank, your compensation and benefits
        may
        not be reduced and your employment may not be terminated by the Bank without
        the
        compensation provided below, except for Good Cause, Disability, or death,
        between the date thirty (30) days prior to such announcement and the earlier
        to
        occur of the Change in Control of the Bank, or the termination of the
        transaction, event or series of events which is or are reasonably expected
        to
        result in the Change in Control of the Bank. If your employment is terminated
        by
        the Bank or its successor for any reason other than Good Cause, Disability
        or
        death during the period beginning thirty (30) days prior to the public
        announcement described above, you shall (i) receive the same compensation
        and
        participate in such benefit plans until the Change in Control of the Bank
        (or
        the termination of the transaction) and such payments shall not be reduced
        even
        if you become employed by another employer, and (ii) be deemed an employee
        of
        the Bank on the date of the Change in Control of the Bank for purposes
of
        being
        entitled to the benefits provided in Paragraphs 2(a) and 2(b)
        above.

       

      3.  Miscellaneous.

       

      (a)  The
        Bank
        shall require any successor (whether direct or indirect, by purchase, merger,
        consolidation, or otherwise) to all or substantially all of the business
        or
        assets of
        the
        Bank,
        by agreement in form and substance reasonably satisfactory to you, to assume
        and
        agree to perform this agreement in the same manner and to the same extent
        that
        the Bank would be required to perform this agreement if no such succession
        had
        taken place. If you must institute legal action against the Bank or its
        successor to enforce your employment rights hereunder, and you prevail, the
        Bank
        or its successor will pay for your reasonable legal fees and expenses incident
        to such action.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)  This
        agreement shall be binding upon and inure to the benefit of the parties hereto
        and their respective personal or legal representatives, executors,
        administrators, successors, assigns, heirs, devisees and legatees. If you
        should
        die during your employment, your estate will receive any accrued but unpaid
        salary and/or benefits earned by you through the date of your
        death.

       

      (c)  This
        agreement may not be modified, waived, or discharged unless such waiver,
        modification or discharge is agreed to in writing by the parties hereto.
        No
        waiver by either party at any time of any breach by the other party of, or
        compliance with, any provision of this agreement to be performed by such
        other
        party shall he deemed a waiver of similar or dissimilar provisions at the
        same
        or any prior or subsequent time.

       

      (d)  This
        agreement contains the entire understanding of the parties hereto with respect
        to the subject matter hereof, and supersedes all prior written or oral
        discussions and agreements.

       

      (e)  This
        agreement shall be governed by the laws of the State of New Jersey. The validity
        or unenforceability of any provision of this agreement shall not affect the
        validity or enforceability of any other provision of this
        agreement.

       

      (f)  This
        agreement may be executed in one or more counterparts, each of which shall
        be
        deemed to be an original but all of which together shall constitute one and
        the
        same instrument.

       

      (g)  This
        agreement shall vest from your first day of employment with Bank, as
        follows:

       

      Six
        months service in position 66%
        vested

      Twelve
        months service in position  100%
        vested.

       

      If
        this
        letter agreement accurately sets forth our agreement on the subject matter
        set
        forth above, kindly sign and return to the Bank the enclosed copy of this
        letter, which will then constitute our agreement on this subject.

       

      Sincerely,

       

      STERLING
        BANK

       

      /s/
        A.
        Theodore Eckenhoff

       

      By: A.
        Theodore Eckenhoff,

      Chairman
        of the Board of Directors

       

      Accepted
        and agreed, with the intent

       

      to
        be
        legally bound this 15

       

      day
        of  Jan,
        1998

       

      /s/
        John Herninko

      John
        Herninko

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