SEC Contract Filing

Filing Date: 2022-09-27

Document Content:
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<TYPE>EX-10.2
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<FILENAME>d401782dex102.htm
<DESCRIPTION>EX-10.2
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<TITLE>EX-10.2</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDATORY AGREEMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO
CHANGE IN CONTROL AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This <B>AMENDATORY AGREEMENT</B> (the &#147;Amendatory Agreement&#148;) is made and entered into as of
the 23<SUP STYLE="font-size:75%; vertical-align:top">rd</SUP> day of September, 2022 by and among Lakeland Bancorp, Inc. (&#147;Bancorp&#148;), Lakeland Bank (the &#147;Bank&#148; and, collectively with Bancorp, the &#147;Company&#148;) and John F.
Rath (the &#147;Executive&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>WITNESSETH</U>: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> the Company and the Executive entered into a certain Change in Control Agreement, dated as of January&nbsp;1, 2018 (the
&#147;Agreement&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> this Amendatory Agreement is entered into in connection with the transactions contemplated by
the Agreement and Plan of Merger, dated as of September&nbsp;26, 2022, between Provident Financial Services, Inc., a Delaware corporation (&#147;Parent&#148;), and Bancorp (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the &#147;Merger Agreement&#148;), and effective as of the closing of the transactions contemplated by the Merger Agreement (the &#147;Closing&#148;), pursuant to which the Bancorp will be merged with and into Parent; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> Executive and the Company are entering into this Amendatory Agreement contemporaneously with the Merger Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> in connection with the foregoing and subject to the occurrence of the Closing, the Company has determined that it is in the
best interests of the Company and its stockholders to enter into this Amendatory Agreement in order to induce Executive to continue employment with, and to provide further incentive for Executive to achieve the financial and performance objectives
of, the Company; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> Section&nbsp;16 of the Agreement permits the Agreement to be amended by a writing executed by the
parties thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE,</B> in consideration of the promises and mutual covenants contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the parties hereby agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.
Section&nbsp;1(c) of the Agreement is hereby amended and restated to read as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contract Period</U>. &#147;Contract
Period&#148; shall mean the period commencing the day immediately preceding a Change in Control and ending on the date the Executive attains age sixty-seven (67).&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Continuation of Agreement</U>. Except as expressly set forth herein, this Amendatory Agreement shall not by implication or otherwise
alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect and shall be
otherwise unaffected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Governing Law</U>. This Amendatory Agreement and the rights and obligations hereunder shall be governed by
and construed in accordance with the laws of the State of New Jersey. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Counterparts</U>. This Amendatory Agreement may be executed
in any number of counterparts, each of which shall for all purposes be deemed an original, and all of which together shall constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Subject to Merger Agreement</U>. Notwithstanding anything to the contrary contained herein, this Amendatory Agreement shall be subject
to the consummation of the Merger, and shall become effective as of the Effective Time as defined in the Merger Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature
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