SEC Contract Filing

Filing Date: 2017-03-10

Document Content:
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>6
<FILENAME>snbc-ex1012_602.htm
<DESCRIPTION>EX-10.12
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snbc-ex1012_602.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:CG Times;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><font style="margin-left:36pt;">Exhibit 10.12</font></p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;text-transform:uppercase;font-size:12pt;font-family:CG Times;font-style:normal;font-variant: normal;">CHANGE in CONTROL Continuity AGREEMENT</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:CG Times;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CHANGE IN CONTROL CONTINUITY AGREEMENT, dated as of the 22nd<font style="font-weight:bold;"> </font>day of&nbsp;&nbsp; September,<font style="font-weight:bold;"> </font>2016<font style="font-weight:bold;"> </font>(this &#8220;<font style="font-weight:bold;">Agreement</font>&#8221;), by and between Sun Bancorp, Inc., a New Jersey<font style="font-weight:bold;"> </font>corporation (the &#8220;<font style="font-weight:bold;">Company</font>&#8221;), and Nicos Katsoulis (the &#8220;<font style="font-weight:bold;">Executive</font>&#8221;). </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:CG Times;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Board of Directors of the Company (the &#8220;<font style="font-weight:bold;">Board</font>&#8221;), has determined that it is in the best interests of the Company and its shareholders<font style="font-weight:bold;"> </font>to assure that the Company and Sun National Bank, a wholly owned subsidiary of the Company (the &#8220;<font style="font-weight:bold;">Bank</font>&#8221;), as applicable, will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change in Control (defined below).&nbsp;&nbsp;The Board believes it is imperative to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change in Control and to encourage the Executive&#8217;s full attention and dedication to the Company and the Bank, as applicable, in the event of any threatened or pending Change in Control, and to provide the Executive with compensation and benefits arrangements upon a Change in Control that ensure that the compensation and benefits expectations of the Executive will be satisfied and that provide the Executive with compensation and benefits arrangements that are competitive with those of other corporations.&nbsp;&nbsp;Therefore, in order to accomplish these objectives, the Board has caused the Company and the Affiliated Entities (defined below) to enter into this Agreement.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:CG Times;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-size:12pt;font-family:CG Times;font-style:normal;text-transform:none;font-variant: normal;">Section 1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Certain Definitions</font>.<font style="font-weight:normal;">&nbsp;&nbsp;</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:CG Times;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:72pt;"></font>&#8220;<font style="font-weight:bold;">Affiliated Entity</font>&#8221; means any entity controlled by, controlling or under common control with the Company.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:CG Times;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:72pt;"></font>&#8220;<font style="font-weight:bold;">Change in Control</font>&#8221; means:</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:15.38%;font-size:12pt;font-family:CG Times;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1)<font style="margin-left:36pt;"></font>An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight:bold;">Exchange Act</font>&#8221;)) (a &#8220;<font style="font-weight:bold;">Person</font>&#8221;) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the then-outstanding shares of common stock of the Company (the &#8220;<font style="font-weight:bold;">Outstanding Company Common Stock</font>&#8221;), or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the &#8220;<font style="font-weight:bold;">Outstanding Company Voting Securities</font>&#8221;); <font style="font-style:italic;">provided</font>, <font style="font-style:italic;">however</font>, that for purposes of this Section 1(b)(1), the following acquisitions shall not constitute a Change in Control:&nbsp;&nbsp;(i)&#160;any acquisition directly from the Company, (ii) any acquisition by the Company, (iii)&#160;any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or an Affiliated Entity, or