AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT
TO EMPLOYMENT AGREEMENT
THIS
AMENDMENT TO EMPLOYMENT AGREEMENT
(hereinafter "Amendment") dated as of December 3, 2007, by and among UNION
CENTER NATIONAL BANK, a bank chartered under the laws of Congress (hereinafter
the "Bank"), CENTER BANCORP, INC., a New Jersey corporation that owns all
of the
capital stock of the Bank (hereinafter "Bancorp") and XXXXX X’XXXXX (hereinafter
"Employee"),
WHEREAS,
Bancorp, the Bank and the Employee entered into an Agreement dated January
1,
2007 that set forth the terms and conditions of Employee's continuing employment
with the Bank and Bancorp (hereinafter the "January 2007 Agreement");
and
WHEREAS,
pursuant to this Amendment the parties wish to amend the January 2007 Agreement;
NOW,
THEREFORE,
in
consideration of the mutual covenants set forth herein and for the additional
consideration more particularly set forth in paragraph 2 herein, the parties
hereby agree as follows:
1. Paragraph
1 of the January 2007 Agreement is hereby modified and shall henceforth
provide:
Employment:
Bank and
Bancorp agree to employ Employee, and Employee agrees
to
be so employed, in the capacity of Vice President and Secretary of Bancorp
and
Senior Vice President and Secretary of the Bank. Except as otherwise provided
in
the next sentence of this Section 1, employment shall be for a term of three
(3)
years, effective as of January 1, 2007 and ending on December 31, 2009. The
term
of this Agreement shall not automatically renew or be automatically extended
beyond December 31, 2009. Notwithstanding the foregoing, if a "Change in
Control
Event" (as defined in Section 8(a) hereof) occurs at any time prior to December
31, 2009, then the term of the Agreement shall automatically be extended
for a
period of three (3) years from the date of such Change in Control Event.
2. Paragraph
5(b) of the January 2007 Agreement is hereby modified and shall
henceforth provide:
Automobile:
Effective January 1, 2008, Bank and Bancorp shall no longer provide Employee
with an automobile. Bank and Bancorp shall, however, pay to Employee an
automobile expense reimbursement of $600.00 per month and thirty cents ($.30)
per mile based upon a daily mileage log for Bank business.
Title
to
the automobile currently being driven by and in the possession of Employee
shall
be transferred from and sold by the Bank to the Employee. The Employee shall
pay
the Bank $0 for the purchase and transfer of title from the Bank to the
Employee. The Employee shall be responsible, however, for any costs or expenses
that may be incurred with the applicable state Motor Vehicle Commission(s)
in
connection with the transfer of title from the Bank to the Employee.
3. Paragraph
6 of the January 2007 Agreement is hereby modified and shall
henceforth provide:
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Health
Insurance, Life Insurance; Disability Insurance; Pension; and Other
Plans.
The
Bank and Bancorp shall provide Employee with life insurance, short
and
long-term disability insurance health insurance, pension benefits
and
benefits under the Bank's 401(k) Plan to the extent that such benefits
are
provided to Employee on the date hereof, together with any benefit
enhancements that may be added to such plans in the future. The
monetary
amount of such benefits received by Employee shall be in accordance
with
the terms and conditions of such plans.
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4. Except
as
amended and modified hereinafter, the parties hereto agree that the terms
and
conditions of the January 2007 Agreement remain in force and effect and binding
on the parties thereto.
IN
WITNESS WHEREOF,
the
Bank and Bancorp each have, by their appropriate officers, signed and affixed
their respective seal and Employee has signed and sealed this
Agreement.
| UNION CENTER NATIONAL BANK | ||
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| By: | /s/ Xxxxxxx X. Xxxxxxx | |
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Xxxxxxx
X. Xxxxxxx
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| CENTER BANCORP, INC. | ||
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| By: | /s/ Xxxxxxx X. Xxxxxxx | |
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Xxxxxxx X. Xxxxxxx
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| By: | /s/ Xxxxx X’Xxxxx | |
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Xxxxx
X’Xxxxx
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