SEC Contract Filing

Filing Date: 2021-07-30

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>d164917dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U><FONT
STYLE="white-space:nowrap">NON-COMPETITION</FONT> AND <FONT STYLE="white-space:nowrap">NON-SOLICITATION</FONT> AGREEMENT </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS <FONT
STYLE="white-space:nowrap">NON-COMPETITION</FONT> AND <FONT STYLE="white-space:nowrap">NON-SOLICITATION</FONT> AGREEMENT (the &#147;<U>Agreement</U>&#148;), dated as of July&nbsp;28, 2021, by and among Investors Bancorp, Inc. a Delaware corporation
(the &#147;<U>Company</U>&#148;), a Delaware corporation, and Kevin Cummings (&#147;<U>Executive</U>&#148;) is effective as of the Closing (as defined below) (the &#147;<U>Effective Date</U>&#148;). For purposes of this Agreement, Executive and the
Company shall each be a &#147;<U>Party</U>&#148; and shall collectively be the &#147;<U>Parties</U>&#148;. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WITNESSETH </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive is (i)&nbsp;not currently subject to a <FONT STYLE="white-space:nowrap">non-competition</FONT> covenant with respect to the
Company that is applicable following a termination following a Change in Control (as defined in the Employment Agreement (as defined below)) and (ii)&nbsp;currently subject to a post-employment
<FONT STYLE="white-space:nowrap">non-solicitation</FONT> covenant with respect to certain customers and employees of the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the transactions contemplated by the Agreement and Plan of Merger, dated as of July&nbsp;28, 2021, between
Citizens Financial Group, Inc., a Delaware corporation (&#147;<U>Parent</U>&#148;), and (as the same may be amended, restated, supplemented or otherwise modified from time to time, the &#147;<U>Merger Agreement</U>&#148;), and effective as of the
closing of the transactions contemplated by the Merger Agreement (the &#147;<U>Closing</U>&#148;), Executive will cease to be employed by the Company and/or the Company Subsidiaries (as defined in the Merger Agreement); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive and the Company are entering into this Agreement contemporaneously with the Merger Agreement, to be effective from and
after the Closing; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, 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 Agreement embodying the terms of such <FONT STYLE="white-space:nowrap">non-competition</FONT> covenant and
<FONT STYLE="white-space:nowrap">non-solicitation</FONT> covenant, subject to the terms and provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE,
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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.</B> <B>Covenant</B><B> </B><B>Not</B><B> </B><B>to</B><B> </B><B>Compete</B><B> </B><B>and</B><B> </B><B>Covenant</B><B>
</B><B>Not</B><B> </B><B>to</B><B> </B><B>Solicit</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Covenant Not to Compete</U>. In consideration of the compensation to be paid
to Executive under this Agreement, and in addition to the restrictive covenants set forth in any other agreement between the Company or any Company Subsidiary, on the one hand, and Executive, on the other hand, Executive covenants that during the
period of time commencing on the Effective Date and ending on the third anniversary of the Effective Date (such period, the &#147;<U>Restriction</U><U> </U><U>Period</U>&#148;), Executive shall not compete with the Company within twenty-five
(25)&nbsp;miles of any existing branch of Investors Bank (the &#147;<U>Bank</U>&#148;) or any subsidiary of the Company or within twenty-five (25)&nbsp;miles of any office for which the Bank, the Company or a Bank subsidiary of the Company has filed
an application for regulatory approval to establish an office, determined as of the effective date of such termination, except as agreed to pursuant to a resolution duly adopted by the Board. Executive agrees that during the Restriction Period and
within said area, cities, towns and counties, Executive shall not work for or advise, consult or otherwise serve with, directly or indirectly, any entity whose business materially competes with the depository, lending or other business activities of
the Bank, the Company, and/or any business or division of the Company or any Subsidiary (as defined in the Merger Agreement) of the Company (each, a &#147;<U>Related Entity</U>&#148;). The Parties hereto, recognizing that irreparable injury w