SEC Contract Filing

Filing Date: 2019-03-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>8
<FILENAME>ssfn20181231_10kex10-13.htm
<DESCRIPTION>EXHIBIT 10.13
<TEXT>
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<div><a name="s0ADA448475D8A7FBF35D398BF523CA43"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exhibit 10.13</font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">Atlantic Stewardship Bank <br> SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT (&#8220;Agreement&#8221;) is made and entered into this day of January 1, 2018, by and between Atlantic Stewardship Bank (&#8220;Bank&#8221;), a state-chartered commercial bank located in Midland Park, NJ and Claire Chadwick (&#8220;Executive&#8221;).</font></div><div style="line-height:120%;text-align:center;padding-left:317px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Article 1 </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Benefits </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Tables</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The following tables describe the benefits available to the Executive, or the Executive&#8217;s Beneficiary, upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Each benefit described is in lieu of any other benefit herein, except as expressly stated otherwise.</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;padding-left:57px;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Table A: Retirement Benefit</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div><div style="line-height:120%;padding-left:17px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:97.29166666666667%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:29%;"></td><td style="width:18%;"></td><td style="width:19%;"></td><td style="width:34%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#ffffff;">Distribution Event</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#ffffff;">Amount of Benefit</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#ffffff;">Form of Benefit</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#ffffff;">Timing of Benefit Distribution</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:8px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Separation from Service following attainment of age 66</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$30,367 per year</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bo