AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT OF ANTHONY M. BRUNO, JR.
EXHIBIT
10.16
AMENDMENT
NO. 2
TO
EMPLOYMENT AGREEMENT OF
XXXXXXX
X. XXXXX, XX.
THIS
AGREEMENT entered into as of December 20, 2006, by and among GREATER
COMMUNITY BANK,
a New
Jersey commercial banking corporation having its principal place of business
at
00 Xxxxx Xxxxxxxxx, Xxxxxx, Xxx Xxxxxx 00000 (the "Bank"), GREATER
COMMUNITY BANCORP,
a New
Jersey business corporation having its principal place of business at 00 Xxxxx
Xxxxxxxxx, Xxxxxx, Xxx Xxxxxx 00000 ("GCB"), and XXXXXXX
X. XXXXX, XX.,
residing at 00 Xxxxxx Xxxx, Xxxxxxxx, Xxx Xxxxxx 00000 (the
"Employee").
R
E C I T
A L S :
A. The
parties hereto entered into an agreement dated as of March 2, 2005 entitled
"Employment Agreement of Xxxxxxx X. Xxxxx, Xx.," as previously amended on August
15, 2006 (the "Employment Agreement").
B. The
Employment Agreement provides that the Employee shall be entitled to participate
in the employee stock option plans that GCB or the Bank maintains for the
benefit of its executive employees.
C. On
April
18, 2006, the shareholders of GCB approved the Greater Community Bancorp 2006
Long-Term Stock Compensation Plan (the "2006 Plan"), pursuant to which GCB
may
grant awards of stock options and restricted stock to employees participating
in
the plan.
D. The
parties hereto wish to amend the terms of the Employment Agreement to clarify
that Xx. Xxxxx shall be entitled to participate in both the stock option and
restricted stock components of the 2006 Plan and in future equity award
plans.
NOW,
THEREFORE, it is AGREED as follows:
1. Equity
Awards.
The
paragraph of the Employment Agreement entitled "Stock Options" shall be amended
and restated in its entirety to read as follows:
Equity
Awards.
The
Employee shall be entitled to participate in the equity award plans that GCB
and/or the Bank maintains from time to time for the benefit of its executive
employees, including, but not limited to, plans that provide for
the
grant
of
stock options, restricted stock, and other forms of equity. This provision
shall
not preclude GCB and/or the Bank from amending or terminating any equity award
plan; provided, however, that notwithstanding anything to the contrary contained
in said plans or in Employee's separate equity award granting agreements, in
the
event that Employee is terminated without Just Cause pursuant to Paragraph
9.d.
of this Agreement, or terminates voluntarily or involuntarily as a result of
a
change in control pursuant to Paragraph 11 of this Agreement, all equity awards
currently held by Employee on the date of such termination shall become fully
vested and fully exercisable. The Board of Directors of GCB and the Bank, and
any committee of such Boards with authority over the granting of equity awards,
will take all appropriate steps to effectuate this provision, including the
amendment of any existing plan and/or agreement to conform herewith and agree
to
annually evaluate whether an equity award should be made to the Employee.
2. Effect
on Employment Agreement.
Except
as amended hereby, the Employment Agreement, as previously amended, shall remain
in full force and effect.
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day
and year first above written.
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ATTEST:
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GREATER
COMMUNITY BANK
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/s/
Xxxxxxxxx Xxxxxxxxxxx
Xxxxxxxxx
Xxxxxxxxxxx, Secretary
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By:
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/s/
Xxxxxxx X. Xxxxx
Xxxxxxx
X. Xxxxx, Director
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ATTEST:
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/s/
Xxxxxxxxx Xxxxxxxxxxx
Xxxxxxxxx
Xxxxxxxxxxx, Secretary
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By:
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/s/
Xxxxxxx X. Xxxxx
Xxxxxxx
X. Xxxxx, Director
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Chairman,
Compensation Committee
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WITNESS:
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EMPLOYEE
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/s/
Xxxxxxxxx Xxxxxxxxxxx
Xxxxxxxxx
Xxxxxxxxxxx
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/s/
Xxxxxxx X. Xxxxx, Xx.
Xxxxxxx
X. Xxxxx, Xx.,
individually
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