EXHIBIT 10.10
AMENDED EMPLOYMENT AND WAIVER AGREEMENT
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This Amended Employment and Waiver Agreement (the "Agreement") is entered into
this 20th day of December, 2004 by and among Greater Community Bancorp, a New
Jersey business corporation having its principal place of business at 00 Xxxxx
Xxxxxxxxx, Xxxxxx, XX 00000 ("GCB"), and Xxxxxx X. Xxxxx, residing at 00
Xxxxxxxxx Xxx, Xxxxxxxxx, XX 00000 ("Xxxxx").
RECITALS
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WHEREAS, on August 1, 2003, Xxxxx entered into an Amended Employment Agreement
with GCB; and
WHEREAS, said Amended Employment Agreement contains certain non-competition and
non-solicitation covenants; and
WHEREAS, there is currently being organized a proposed new State chartered
commercial bank to be located in Vernon, NJ, to be known as Highlands State Bank
("Highlands Bank"); and
WHEREAS, the organizers of Highlands Bank are desirous of employing Xxxxx as an
officer and electing him to the Board of Directors; and
WHEREAS, said employment would be contrary to certain of the non-competition
provisions of Xxxxx'x Amended Employment Agreement; and
WHEREAS, as an accommodation to Xxxxx and Highlands Bank, GCB is willing to
waive certain of Xxxxx'x non-competition covenants and amend certain other
provisions of Xxxxx'x Amended Employment Agreement;
NOW, THEREFORE, in consideration of the mutual promises and covenants
hereinafter set forth and for other good and valuable consideration by the
parties, it is agreed as follows:
1. The parties agree that, in the absence of this Agreement, the
acceptance by Xxxxx of the position being offered by Highlands
Bank would be a violation of the Amended Employment Agreement.
2. GCB hereby agrees to and does hereby waive those provisions of
the Amended Employment Agreement that would preclude Xxxxx from
accepting the contemplated employment with Highlands Bank.
3. The parties agree that GCB's responsibility to provide medical
insurance to Xxxxx shall cease on the earlier of the effective
date of full medical insurance covered provided by Highlands
Bank, or ninety (90) days after the date upon which Highlands
Bank commences business.
4. Upon the effective date of the medical insurance coverage
provided for pursuant to Paragraph 3 above or upon the ninety
first (91st) day after Highlands Bank commences business, Xxxxx'x
compensation provided under the Amended Employment Agreement
shall be reduced to Six Thousand Dollars ($6,000) per annum.
5. All other provisions of the Amended Employment Agreement shall
continue in full force and effect, subject to this Agreement, and
until otherwise terminated.
6. Xxxxx agrees to be responsible for all legal fees relating to the
preparation of this agreement.
7. IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.
Attest: Greater Community Bancorp
/s/ Xxxxxxxxx Xxxxxxxxxxx By: /s/ Xxxxxxx X. Xxxxx, Xx.
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Xxxxxxx Xxxxx, Jr. Chairman of the Board
Witness:
/s/ Xxxxxxxxx Xxxxxxxxxxx /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, Individually
