AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
Exhibit
10.1
AMENDMENT
NO. 2 TO EMPLOYMENT AGREEMENT
This
Amendment is made as of February
14, 2008 (the "Effective Date") between Xxxx Xxxxx ("Executive") and Greater
Community Bank, a New Jersey corporation ("GCB").
RECITALS
WHEREAS,
Executive and GCB are parties
to an Employment Agreement dated January 1, 2005, as amended on August 7, 2007
(the "Agreement").
WHEREAS,
pursuant to the Agreement,
Executive currently serves as the President and Chief Executive Officer of
Highland Capital Corp., a New Jersey corporation ("HCC"), reporting to the
President of GCB.
WHEREAS,
the Agreement provides that
the term of the Agreement may be extended for one year at the mutual agreement
of the Executive and HCC's Board of Directors.
WHEREAS,
the Executive, the Board of
Directors of HCC and GCB desire to extend the term of the Agreement until
December 31, 2008.
NOW
THEREFORE, in
consideration of the mutual promises contained in this Amendment, the parties
intending to be legally bound, agree as follows:
1.
Term. The
first sentence of Section 2 of the Agreement shall be modified to read as
follows: "The term of this Agreement (the "Employment Term") shall
commence on the date of the execution of this Agreement and shall continue
from
that date until December 31, 2008."
2.
No Further
Amendment. Except as expressly provided in this Amendment, the
terms and conditions of the Agreement are and remain in full force and
effect.
IN
WITNESS WHEREOF, the
Parties have executed this Amendment as of the Effective Date.
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EXECUTIVE
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GREATER
COMMUNITY BANK
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/s/ Xxxx
Xxxxx
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By:
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/s/
Xxxxxxx X. Xxxxx, Xx.
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Xxxx
Xxxxx
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Its:
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President
and CEO
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