AMENDMENT TO CHANGE IN CONTROL, CONFIDENTIALITY, AND NON-COMPETE AGREEMENTConfidentiality Agreement |
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GREATER COMMUNITY BANCORP | Valley National Bancorp. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit
10.7
AMENDMENT
TO CHANGE IN CONTROL, CONFIDENTIALITY, AND NON-COMPETE AGREEMENT
This Amendment is made as of June 25,
2008 (the “Effective Date”) between Patricia Arnold (“Executive”), Greater
Community Bank (the “Bank”), a New Jersey banking corporation, and Greater
Community Bancorp (“GCB”), a New Jersey business corporation (hereinafter
collectively referred to as “the Company”).
RECITALS
WHEREAS, Executive and the Company are
parties to a Change in Control, Confidentiality, and Non-Compete Agreement (the
“Agreement”) dated November 12, 2007; and
WHEREAS, the parties desire to amend
the Agreement in order to comply with Internal Revenue Code Section 409A and the
applicable federal regulations thereto;
WHEREAS, GCB has entered into an
agreement and plan of merger with Valley National Bancorp ("Valley") dated March
19, 2008 pursuant to which GCB will merge into Valley (the "Merger");
and
WHEREAS, GCB and Valley wish to provide
a payment to Employee upon the Merger in satisfaction of Bank's obligations
under the Agreement.
NOW, THEREFORE, it is agreed as
follows:
1. The
first sentence of Section 2(e) of the Agreement is replaced with the following
sentence:
(e) Voluntary Termination After
Change in Control. Notwithstanding any other provision of this
Agreement to the contrary, the Executive may voluntarily terminate her
employment under this Agreement by December 31 of the year in which a Change in
Control of GCB or the Bank occurs if “Good Reason” for such termination exists
that is not corrected within 30 days following written notice thereof to the
Company by the Executive, such notice to state with specificity the basis upon
which Good Reason exists and to be provided to the Company within 30 days from
the date of the change that constitutes Good Reason.
