AMENDMENT TO EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT
Exhibit
10.11
AMENDMENT
TO EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT
This Amendment is made as of June 25,
2008 between Xxxxxxx Xxxxx (“Executive”) and Greater Community Bank (“Bank”), a
state chartered commercial bank having its principal place of business in New
Jersey.
WHEREAS, the Bank has adopted an
Executive Supplemental Retirement Income Agreement (“Agreement”) to pay
additional compensation to the Executive after retirement or other termination
of employment; and
WHEREAS, Greater Community Bancorp
(“GCB”) is a party to the Agreement for the sole purpose of guaranteeing the
Bank’s performance; and
NOW THEREFORE, the Agreement
is amended as follows:
1. Upon
the merger of GCB into Valley, GCB shall pay $570,000.00 into a rabbi trust
selected by Executive. Executive shall be permitted to select the
investments of the rabbi trust.
2. The
assets held in the rabbi trust shall be distributed to Executive or his secular
trust, as selected by Executive, on January 5, 2009.
3. Upon
payment of the amount pursuant to Section 2 above, the parties shall have no
further obligations under the Agreement.
4. To
the extent applicable, it is intended that the Agreement and this Amendment
comply with the requirements of Section 409A of the Internal Revenue Code, and
they shall be interpreted in a manner consistent with this intent in order to
avoid the imposition of any additional tax under Section 409A of the Code. The
parties shall cooperate to take such actions and to make such changes as are
necessary to comply with such requirements.
IN WITNESS WHEREOF the Parties
consent to this Amendment.
ATTEST:
|
GREATER
COMMUNITY BANK
|
|
/s/ Xxxxxxxx
Xxxxxxx
|
By:
|
/s/ Xxxxxxx X.
Xxxxxx
|
Xxxxxxxx
Xxxxxxx
|
Xxxxxxx
X. Xxxxxx
|
|
Senior
Vice President, Treasurer
|
||
and
Chief Financial Officer
|
||
ATTEST:
|
||
/s/ Xxxxxxxx
Xxxxxxx
|
By:
|
/s/ Xxxxxxx X.
Xxxxxx
|
Xxxxxxxx
Xxxxxxx
|
Xxxxxxx
X. Xxxxxx
|
|
Senior
Vice President, Treasurer
|
||
and
Chief Financial Officer
|
||
WITNESS:
|
EMPLOYEE
|
|
/s/ Xxxxxxxx
Xxxxxxx
|
/s/ Xxxxxxx
Xxxxx
|
|
Xxxxxxxx
Xxxxxxx
|
Xxxxxxx
Xxxxx
|