AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT OF ANTHONY M. BRUNO, JR.
EXHIBIT
10.15
AMENDMENT
NO. 1 TO
EMPLOYMENT
AGREEMENT OF XXXXXXX X. XXXXX, XX.
THIS
AGREEMENT entered into as of August 15, 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 ("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
("Employee").
R
E C I T
A L S :
A. Bank
is
engaged in the business of commercial banking.
B. GCB
owns
Bank.
C. Employee
has been employed by both Bank and GCB for many years in an executive
capacity.
D. The
parties hereto entered into an agreement dated as of March 2, 2005 entitled
"Employment Agreement of Xxxxxxx X. Xxxxx, Xx." ("Employment
Agreement").
E. The
parties hereto wish to amend the terms of the Employment Agreement to reflect
certain changes to Employee’s titles with Bank and GCB and to anticipate
possible future changes in his titles, on the terms and subject to the
conditions described in this Agreement.
NOW,
THEREFORE, it is AGREED as follows:
1. Employment
and Duties.
The
parties reaffirm the terms of the Employment Agreement as amended by this
Agreement. Effective August 15, 2006, Employee will commence to serve as Bank's
President and GCB's President, in addition to the offices of Chairman and Chief
Executive Officer of Bank and GCB and directorships of Bank, GCB and other
related entities. Employee furthermore agrees to serve in such other offices
of
Bank, GCB and/or one or more of their direct and indirect subsidiaries, to
which
Employee may be appointed from time to time. The parties anticipate and expect
that the appointments of Employee as President of Bank and as President of
GCB
are for an interim period, and that either or both of such appointments are
subject to change by the respective Boards of Directors of Bank and GCB.
Employee will serve as President of Bank and GCB at the pleasure of their
respective Boards of Directors. Employee agrees to resign as President of Bank
and/or as President of GCB at the request of their respective Boards of
Directors.
2. Compensation.
Employee’s compensation will not be affected by his appointments as President of
Bank, President of GCB or any other office, nor will his compensation be
affected by his resignation or removal from any one or more of such
offices.
3. Effect
on Employment Agreement.
Except
as amended hereby, the Employment Agreement 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
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By:
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/s/
Xxxxxxx X. Xxxxx
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Xxxxxxxxx
Xxxxxxxxxxx, Secretary
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Xxxxxxx
X. Xxxxx
Director
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ATTEST:
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||
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/s/
Xxxxxxxxx Xxxxxxxxxxx
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By:
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/s/
Xxxxxxx X. Xxxxx
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Xxxxxxxxx
Xxxxxxxxxxx, Secretary
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Xxxxxxx
X. Xxxxx
Chairman,
Compensation Committee
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WITNESS:
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EMPLOYEE
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/s/
Xxxxxxxxx Xxxxxxxxxxx
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/s/
Xxxxxxx X. Xxxxx, Xx.
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Xxxxxxxxx
Xxxxxxxxxxx
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Xxxxxxx
X. Xxxxx, Xx., individually
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