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EXHIBIT 10.17
GREATER COMMUNITY BANCORP
RESTRICTED STOCK AGREEMENT
THIS RESTRICTED STOCK AGREEMENT, dated as
of _________ (the
"Grant Date"), is made by and between Greater Community Bancorp, a
New Jersey corporation (the "Company"), and
_____________ _ (the
"Executive").
RECITALS
WHEREAS ,
the Company believes it to
be in the best interests of the Company and its shareholders to
provide an incentive for certain of its key employees to work for
and manage the affairs of the Company in such a way that its shares
become more valuable.
NOW, THEREFORE , in
consideration of these premises and the services to be performed by
the Executive, the Company hereby awards shares of restricted stock
to the Executive on the terms and conditions hereinafter set
forth.
1. AWARD GOVERNED BY TERMS
OF AGREEMENT AND PLAN . This award shall be
governed by the terms of this Restricted Stock Agreement. This
award is also subject in all respects to the provisions of Greater
Community Bancorp’s 2006 Long-Term Stock Compensation Plan
(the "Plan"). In the event of any conflict between any provisions
of this award and the provisions of the Plan, the provisions of the
Plan shall control. Terms defined in the Plan where used herein
shall have the meanings as so defined. Executive hereby
acknowledges receipt of a copy of the Plan.
2. GRANT
. The Company hereby grants and issues to the
Executive x,xxx shares of the Company’s common stock, $0.50 par value per
share, subject to the rights, restrictions, obligations and
limitations set forth herein (the "Restricted Stock").
3. VESTING
RESTRICTIONS . The Restricted Stock shall
become vested as follows:
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(a)
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The Restricted Stock grant shall become vested
for xxx shares if
Executive remains continuously employed by the Company through the
date that is one year after the Grant Date.
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(b)
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The Restricted Stock grant shall become vested
for an additional xxx shares if Executive remains continuously employed by the
Company through the date that is two years after the
Grant.
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(c)
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The Restricted Stock grant shall become vested
for an additional xxx shares if Executive remains continuously employed by the
Company through the date that is three years after the Grant
Date.
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(d)
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The Restricted Stock grant shall become vested
for the final xxx shares if Executive remains continuously employed by the
Company through the date that is four years after the Grant
Date.
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Notwithstanding the foregoing, all restrictions
shall lapse in the event of a termination of employment as a result
of Executive's death, Disability or Retirement, or upon the
occurrence of a Change in Control of the Company while the
Executive remains employed. The period of time during which the
Restricted Stock covered by
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