SEC Contract Filing

Filing Date: 2017-06-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exh_103.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">Exhibit 10.3</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EMPLOYMENT
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amended and Restated
Employment Agreement (the &ldquo;Employment Agreement&rdquo;), executed as of this 1st day of June, 2017 (the &ldquo;Effective
Date&rdquo;), by and between <B>ELIZABETH MAGENNIS, </B>an individual residing at 66 Dogwood Terrace, Ramsey, NJ 07446 (the &ldquo;Employee&rdquo;),
<B>CONNECTONE BANK</B>, a New Jersey state chartered commercial bank with its principal place of business located at 301 Sylvan
Avenue, Englewood Cliffs, NJ 07632 (the &ldquo;Bank&rdquo;), and <B>CONNECTONE BANCORP</B>, <B>INC</B>., a New Jersey corporation
with its principal place of business located at 301 Sylvan Avenue, Englewood Cliffs, NJ 07632 (the &ldquo;Company&rdquo;&#894;
the Bank and the Company sometimes collectively are referred to herein as the &ldquo;Employer&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Board of Directors of the Bank and the Board of Directors of the Company have each determined that it is in the best interests
of each of the Bank and the Company to enter into this Agreement with the Employee, and each respective Board has authorized the
Bank and the Company to enter into this Agreement&#894;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Employee agrees to be employed pursuant to the terms and conditions of this Agreement&#894;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the premises and covenants contained herein, and with the intent to be legally bound hereby, the parties hereto
hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><I>Employment</I>. The Company and the Bank hereby jointly agree to employ the Employee, and the Employee hereby
accepts such employment, upon the terms and conditions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><I>Position and Duties</I>. The Employee shall be employed, as Executive Vice President and Chief Lending Officer
of the Company and the Bank, to perform such services in that capacity as are usual and customary for comparable institutions and
shall from time-to-time be established by the Chief Executive Officer and/or the Board of the Directors of the Company and the
Bank. The Employee agrees that she will devote her full business time and efforts to her duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><I>Compensation</I>. The Employer shall pay to the Employee compensation for her services as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Base Salary</U>. The Employee shall be entitled to receive during her service hereunder a minimum annual base
salary (the &ldquo;Base Salary&rdquo;) of Three Hundred Fifty Two Thousand ($352,000), which shall be payable in installments in
accordance with the Employer&rsquo;s usual payroll method. Annually commencing in 2018, the Board of Directors shall review the
Employee&rsquo;s performance, the status of the Employer and such other factors a