AMENDATORY AGREEMENT TO CHANGE IN CONTROL AGREEMENT
EXHIBIT 10.1
AMENDATORY AGREEMENT
This AMENDATORY
AGREEMENT (the “Amendatory Agreement”) is made and entered into as of the 2nd day of February, 2024 by and among Lakeland Bancorp, Inc. (“Bancorp”), Lakeland Bank (the “Bank” and, collectively with Bancorp, the “Company”) and
Xxxxxx X. Xxxxxxx (the “Executive”).
WITNESSETH:
WHEREAS, the
Company and the Executive entered into a certain Change in Control Agreement, dated as of June 12, 2009, which Agreement has been amended from time to time thereafter (as amended, the “Agreement”); and
WHEREAS, the
Agreement provides for certain terms and conditions of the Executive’s employment in the event of a “Change in Control” (as defined therein); and
WHEREAS, the
Company and the Executive desire to amend the Agreement to clarify certain terms of the severance to be paid thereunder; and
WHEREAS,
Section 16 of the Agreement permits the Agreement to be amended by a writing executed by the parties thereto;
NOW, THEREFORE, the Company and
the Executive hereby agree that, effective as of the date first above written, the following sections are hereby amended:
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1.
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Section 1(c) of the Agreement (definition of the “Contract Period”) is hereby amended by deleting the noted subsection in its entirety and
replacing it with the following:
Contract Period. “Contract Period” shall mean the period commencing the day immediately preceding a Change in Control and ending of the earlier of (i) the second anniversary of the Change in Control, (ii) August 7, 2024, or (iii) the death of the Executive.” |
Except as specifically provided herein to the contrary, the Agreement shall continue in full force and effect.
[Signature Page Follows]
IN WITNESS WHEREOF,
the Company has caused this Amendatory Agreement to be executed and the Executive has hereunto set his hand, all as of the date first above written.
EXECUTIVE:
/s/ Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx
LAKELAND BANCORP, INC.
By: /s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx, President and CEO
LAKELAND BANK
By: /s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx, President and CEO
