SEC Contract Filing

Filing Date: 2015-08-07

Document Content:
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<TYPE>EX-10.3
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<FILENAME>d25864dex103.htm
<DESCRIPTION>EX-10.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </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:12pt; 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"><B></B>This <B>AMENDATORY AGREEMENT </B>(the &#147;Amendatory Agreement&#148;) is made and entered into as of the 7<SUP
STYLE="font-size:85%; vertical-align:top">th </SUP>day of August, 2015 by and among Lakeland Bancorp, Inc. (&#147;Bancorp&#148;), Lakeland Bank (the &#147;Bank&#148; and, collectively with Bancorp, the &#147;Company&#148;) and Robert A. Vandenbergh
(the &#147;Executive&#148;).<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B></B><U><B>WITNESSETH</B></U><B>: </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 March&nbsp;1, 2001, which
Agreement has been amended from time to time thereafter (as amended, the &#147;Agreement&#148;); and<B> </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 Agreement
provides for certain terms and conditions of the Executive&#146;s employment in the event of a &#147;Change in Control&#148; (as defined therein); and<B> </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 desire to amend the Agreement to clarify certain terms of the severance to be paid thereunder;
and<B> </B></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;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>the Company and the Executive hereby agree that, effective as of the date first above written,
Section&nbsp;9 of the Agreement (&#147;Termination Without Cause or Resignation for Good Reason&#148;) is hereby amended by adding the following at the thereof:<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;For purposes of the foregoing, the Executive&#146;s salary and cash bonus shall be determined without regard to any reductions to such
amounts made at the election of the Executive, including without limitation, reductions pursuant to any deferral election under a 401(k) plan or deferred compensation plan or arrangement or contributions made under a &#147;cafeteria plan&#148;
within the meaning of Section&nbsp;125 of the Internal Revenue Code of 1986, as amended.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Except as specifically provided herein to
the contrary, the Agreement shall continue in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Follows] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF, </B>the Company has caused this Amendatory Agreement to be executed and
the Executive has hereunto set his hand, all as of the date first above written.<B> </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">EXECUTIVE:</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Robert A. Vandenbergh</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Robert A. Vandenbergh</TD></TR>
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<TD VALIGN="top">WITNESS:</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:3pt">&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">LAKELAND BANCORP, INC.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HE