Exhibit 10.9
Amended and Restated Employment Agreement Between
Federal Trust Corporation and Xxxxx X. Xxxxxxxxxx
AMENDED AND RESTATED
EMPLOYMENT AGREEMENT
BY AND AMONG
FEDERAL TRUST BANK,
FEDERAL TRUST CORPORATION
AND
XXXXX X. XXXXXXXXXX
THIS EMPLOYMENT AGREEMENT ("Agreement") is being entered into by and
among Federal Trust Bank, a federally chartered stock savings bank which has its
principal office in Winter Park, Florida ("Bank"), Federal Trust Corporation, a
Florida corporation ("Corporation") and Xxxxx X. Xxxxxxxxxx ("Employee").
WITNESSETH:
WHEREAS, the Employee is the President and Chief Executive Officer of
the Bank and has developed an intimate and thorough knowledge of the Bank's
business methods and operations;
WHEREAS, the Corporation's primary subsidiary is the Bank;
WHEREAS, the retention of the Employee's services for and on behalf of
the Bank is of material importance to the preservation and enhancement of the
value of both the Bank's and the Corporation's business; and
WHEREAS, the Employee, the Bank, through its Board of Directors, and
the Corporation, through its Chief Executive Officer and President, have agreed
to enter into this Agreement in order to update and clarify Employee's
relationship with the Bank and to comply with current government regulations;
NOW, THEREFORE, in consideration of the mutual covenants herein set
forth, the Bank, the Corporation and the Employee do hereby agree as follows:
I. TERM OF EMPLOYMENT
Section 1.1 The term of employment is for three years, unless extended
as provided in this Section. The Bank shall employ the Employee as its President
and Chief Executive Officer, as hereinafter provided, and the Employee hereby
accepts said employment and agrees to render such services to the Bank on the
terms and conditions set forth in this Agreement commencing on the Effective
Date as defined in Section 8.5 herein and terminating September 30, 1998, unless
further extended or terminated in accordance with the terms and conditions
hereinafter set forth. During the term of this Agreement, the Employee agrees to
perform such duties as are customarily performed by one holding the position of
President and Chief Executive Officer of a financial institution. The Bank's
Board of Directors shall review this Agreement and the Employee's performance on
or before September 15, 1996, and annually thereafter, in order to determine
whether to extend this Agreement. The decision to extend the term of this
Agreement for an additional year is within the sole discretion of the Board of
Directors. References herein to the term of this Agreement shall refer both to
the initial term and successive terms.
Section 1.2 During the term of this Agreement, the Employee shall
perform such executive services for the Bank as may be consistent with his
titles and from time to time be assigned to him by the Bank's Board of
Directors. The Employee shall devote his best efforts, including such portion of
his time and effort to the affairs and business of the Bank as is customarily
provided by a President and Chief Executive Officer of a financial institution.
Section 1.3 The services of the Employee shall be rendered principally
in Winter Park, Florida, but he shall do such traveling on behalf of the Bank as
may be reasonably required.
II. COMPETITIVE ACTIVITIES
Section 2.1 Employee agrees that during the term of his employment
hereunder, except with the express consent of the Bank's Board of Directors, he
will not, directly or indirectly, engage or participate in, become a director
of, or render advisory or other services for, or in connection with, or become
interested in, or make any financial investment in any firm, corporation,
business entity or business enterprise competitive with or to any business of
the Bank; provided, however, that the Employee shall not thereby be precluded or
prohibited from owning passive investments, including investments in the
securities of other financial institutions, so long as such ownership does not
require him to devote substantial time to management or control of the business
or activities in which he has invested.
Section 2.2 Employee agrees and acknowledges that by virtue of his
employment hereunder, he will maintain an intimate knowledge of the activities
and affairs of the Bank, including trade secrets and other confidential matters.
As a result, also because of the special, unique, and extraordinary services
that the Employee is capable of performing for the Bank or one of their
competitors, the Employee recognizes that the services to be rendered by him
hereunder are of a character giving them a peculiar value, the loss of which
cannot be adequately or reasonably compensated for by damages. Employee,
therefore, agrees that during the term of this Agreement, and for a period of
six (6) months after either a voluntary termination by the Employee (except for
a termination effected pursuant to the provisions of Section 7.10 herein) or due
to a termination resulting from termination of the Employee for cause, the
Employee shall not:
(a) divulge any matter pertaining to the activities and affairs of the
Bank, including without limitation, trade secrets and other confidential matters
except as may be required by law; and
(b) become employed, directly or indirectly, whether as an employee,
independent contractor, consultant, or otherwise, in the financial services
industry with any business enterprise or business entity competitive with or to
any business of the Bank, which either maintains offices or does business in
Orange County, Florida.
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Employee agrees that breach of any of these covenants by the Employee
shall constitute irreparable harm to the Bank for which the Bank does not have
an adequate remedy at law, and that Bank is, therefore, entitled to immediate
injunctive or other equitable relief to restrain the Employee from violating the
provisions of this Agreement. The right to such injunctive and equitable relief
shall survive the termination for cause of the Employee by the Bank or the
voluntary termination of this Agreement by the Employee except if such
termination is affected pursuant to the provisions of Section 7.10 herein.
Employee hereby agrees that the duration of the anticompetitive
covenant set forth herein is reasonable, and its geographic scope not unduly
restrictive.
III. COMPENSATION
Section 3.1 The Bank will compensate and pay the Employee for services
during the term of the Agreement at a minimum base salary of $120,000 per year
for the year ending December 31, 1995, with annual salary increases, if any,
thereafter in an amount determined by the Board of Directors.
Section 3.2 At such time as the Bank meets the "Well-Capitalized"
definition under federal banking regulations, and quarterly after-tax earnings
equal or exceed 0.50 percent of average quarterly assets on an annualized basis,
the Bank shall pay to the Employee a bonus ("Quarterly Bonus") equal to three
percent (3%) of the Bank's quarterly net income before taxes (excluding
extraordinary gains or losses). Quarterly Bonus amounts shall be determined as
of the close of each of the Bank's fiscal quarters and shall be paid to the
Employee within 45 days of each quarter-end. Aggregate Quarterly Bonuses in any
one fiscal year shall not exceed the amount of Employee's annual base salary for
such fiscal year.
Section 3.3 Employee may be granted an annual performance bonus by the
Bank's Board of Directors on a subjective basis which, amongst other criteria,
will consider the Employee's performance and the performance of the Bank. Any
bonuses awarded the Employee by the Bank from time to time shall not be
considered as nor constitute part of the Employee's base compensation for the
purposes of this Agreement.
IV. PARTICIPATING IN RETIREMENT AND MEDICAL PLANS,
LIFE INSURANCE AND DISABILITY
Section 4.1 Except as otherwise stated herein, the Employee shall be
entitled to participate in and receive the benefits of any plans of the Bank
relating to pension, profit-sharing, ESOP, or other retirement benefits.
Except as otherwise stated herein, the Employee shall also be entitled
to participate in and receive the benefits of any plans of Bank relating to
medical coverage or reimbursements that the Bank may adopt for the benefit of
their employees. The Bank shall also provide hospitalization coverage and
expenses for the Employee and his spouse.
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Section 4.2 (a) If the Employee shall become disabled or incapacitated
to the extent that he is unable to perform his duties as President and Chief
Executive Officer of Bank, he shall nevertheless continue to receive the
following percentages of his compensation, exclusive of any benefits which may
be in effect for employees of the Bank, under Section 4.1 of this Agreement for
the following periods of his disability: 100% for the first six (6) months and
75% thereafter for the remaining term of this Agreement. Upon returning to
active duties, the Employee's full compensation as set forth in this Agreement
shall be reinstated. In the event that the Employee returns to active employment
on other than a full-time basis, then his compensation (as set forth in Section
3.1 of this Agreement) shall be reduced in proportion to the time spent in said
employment.
(b) There shall be deducted from the amounts paid to the Employee
hereunder during any period of disability, as described in Section 4.2(a)
herein, any amounts actually paid to the Employee pursuant to any disability
insurance or other similar such program which the Bank has instituted or may
institute on behalf of their employees for the purpose of compensating employees
in the event of disability.
(c) For the purpose of this Agreement, the Employee shall be deemed
disabled or incapacitated if the Employee, due to physical or mental illness,
shall have been absent from his duties with the Bank, on a full-time basis for
three (3) consecutive months; provided that, if the Employee shall not agree
with a determination to terminate him because of disability or incapacity, the
question of the Employee's ability shall be submitted to an impartial and
reputable physician selected by the parties hereto and such physician's
determination on the question of disability or incapacity shall be binding.
V. ADDITIONAL COMPENSATION AND BENEFITS
Section 5.1 During the term of this Agreement, the Employee will be
entitled to participate in and receive the benefits of any stock option, stock
ownership, profit-sharing, or other plans, benefits and privileges given to
employees and executives of the Bank which are currently in effect at the
execution of this Agreement or which may come into existence thereafter to the
extent the Employee is otherwise eligible and qualifies to so participate in and
receive such benefits or privileges. The Bank or the Corporation shall not make
any changes in such plans, benefits or privileges which would adversely affect
the Employee's rights or benefits thereunder, unless such change occurs pursuant
to a program applicable to all executive officers (Vice President or above) of
the Bank and does not result in a proportionately greater adverse change in the
rights of or benefits to the Employee as compared with any other executive
officer of the Bank. Nothing paid to the Employee under any plan or arrangement
presently in effect or made available in the future shall be deemed to be in
lieu of the salary payable to the Employee pursuant to Section 3.1 herein.
Section 5.2 Employee agrees to maintain his minimum capital stock
investment in the Corporation ($50,000 stock purchase made in _________, 1993
for as long as this Agreement remains in effect. Upon voluntary termination for
good reason as defined in Section 7.10(a) involuntary termination (other than
for just cause as defined herein or as provided in Sections 7.5, 7.7 and 7.7)
the Corporation agrees to repurchase from the Employee at book value or the fair
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market value, whichever is greater, any capital stock which he may own in the
Corporation. In the event the Corporation is dissolved, liquidated or
reorganized where the Bank is the surviving entity, and the Employee voluntarily
terminates his employment for good reason or is involuntarily terminated (other
than for just cause), the Bank agrees to repurchase from the Employee at book
value or the fair market value, whichever is greater, any capital stock which he
may then own in the Bank; provided, however, that such repurchase shall not be
required to the extent that, the repurchase would cause the Bank to fail to meet
its minimum capital requirements.
Section 5.3 Employee shall be entitled to four (4) weeks paid vacation.
VI. EXPENSES
Section 6.1 The Bank shall reimburse the Employee or otherwise provide
for or pay for all reasonable expenses incurred by the Employee in furtherance
or in connection with the business of the Bank including, but not by way of
limitation, automobile and traveling expenses, and all reasonable entertainment
expenses (whether incurred at the Employee's residence, while traveling, or
otherwise), subject to such reasonable limitations as may be established by the
Bank's Board of Directors.
Section 6.2 The Bank shall provide the Employee with an automobile for
transportation during the term of employment.
VII. TERMINATION
Section 7.1 The Bank shall have the right, at any time upon prior
written notice of termination satisfying the requirements of Section 7.10(c)
hereunder, to terminate the Employee's employment hereunder, including
termination for just cause. For the purpose of this Agreement, termination for
just cause shall mean termination for personal dishonesty, incompetence, willful
misconduct, material breach of fiduciary duty, intentional failure to perform
the duties stated in this Agreement, willful violation of any law, rule or
regulation (other than traffic violations or similar offenses), willful
violation of a final cease-and-desist order, willful or intentional breach or
negligence or misconduct in the performance of such duties or material breach of
any provision of this Agreement as determined by a court of competent
jurisdiction or in final agency action by a federal or state regulatory agency
having jurisdiction over the Bank. For purposes of this Section, no act, or
failure to act, on the Employee's part shall be considered "willful" unless
done, or omitted to be done, by him not in good faith and without reasonable
belief that his action or omission was in the best interest of the Bank;
provided that any act or omission to act by the Employee in reasonable reliance
upon an opinion of counsel to the Bank shall not be deemed to be willful.
Section 7.2 In the event the Employee is terminated for just cause
pursuant to Section 7.1 herein, the Employee shall have no right to compensation
or other benefits for any period after such date of termination. If the Employee
is terminated by the Bank other than for just cause pursuant to Section 7.1
herein, and other than in connection with a change in control of the Bank, as
defined herein, the Employee's right to compensation and other benefits under
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this Agreement shall be as set forth in Sections 7.10(e) and (f) herein. In the
event the Employee is terminated by the Bank but in connection with a change in
control of the Bank as defined herein, the Employee's right to compensation and
other benefits under this Agreement shall be as set forth in Sections 7.10(d)(e)
and (f) herein.
Section 7.3 Employee shall have the right, upon prior written notice of
termination of not less than thirty (30) days satisfying the requirements of
Section 7.10(c) herein, to terminate his employment hereunder, but in such
event, the Employee shall have no right after the date of termination to
compensation or other benefits as provided in this Agreement, unless such
termination is for "good reason", as defined, in Section 7.10(a) herein. If the
Employee provides a notice of termination for good reason, the date of
termination shall be the date on which the notice of termination is given.
Section 7.4 If the Employee is suspended from office and/or temporarily
prohibited from participating in the conduct of the Bank's affairs pursuant to
notice served under Section 8(e)(3) or Section 8(g)(1) of the Federal Deposit
Insurance Act ("FDIA") (12 U.S.C. Section 1818[e][3] and Section 1818[g][1]),
Bank's obligations under this Agreement shall be suspended as of the date of
service, unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Bank may, in its discretion: (i) pay the Employee all or part
of the compensation withheld while its obligations under this Agreement were
suspended, and (ii) reinstate (in whole or in part) any of its obligations which
were suspended.
Section 7.5 If the Employee is removed from office and/or permanently
prohibited from participating in the conduct of the Bank's affairs by an order
issued under Section 8(e)(4) or Section 8(g)(1) of the FDIA (12 U.S.C. Sections
1818[e](4] and [g][1]), all obligations of the Bank under this Agreement shall
terminate as of the effective date of the order, but vested rights of the
Employee and the Bank as of the date of termination shall not be affected.
Section 7.6 All obligations under this Agreement may be terminated
pursuant to 12 C.F.R. Section 563.39(b)(5) (except to the extent that it is
determined that continuation of the Agreement for the continued operation of
Bank is necessary): (i) by the Director of the Office of Thrift Supervision
("OTS"), or his/her designee, at the time the Federal Deposit Insurance
Corporation ("FDIC") or Resolution Trust Corporation enters into an agreement to
provide assistance to or on behalf of Bank under the authority contained in
Section 13(c) of the FDIA (12 U.S.C. Section 1823[c]); or (ii) by the Director
of the OTS, or his/her designee, at the time the Director or his/her designee
approves a supervisory merger to resolve problems related to operation of Bank
or when Bank is determined by the Director of the OTS in final agency action to
be in an unsafe or unsound condition, but vested rights of the Employee and the
Bank as of the date of termination shall not be affected.
Section 7.7 If Bank is in default, as defined in Section 3(x)(1) of the
FDIA (12 U.S.C. Section 1813[x][1]) to mean an adjudication or other official
determination by any court of competent jurisdiction, the appropriate federal
banking agency or other public authority pursuant to which a conservator,
receiver or other legal custodian is appointed for the Bank, all obligations
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under this Agreement shall terminate as of the date of default, but vested
rights of the Employee and the Bank as of the date of termination shall be not
affected.
Section 7.8 In the event that the Employee is terminated in a manner
which violates any provisions of this Agreement, as determined by a court of
competent jurisdiction, the Employee shall be entitled to reimbursement for all
reasonable costs, including attorneys fees, in challenging such termination.
Further, because of economic disparity between the Bank and the Employee, the
Bank and the Corporation (jointly and severally) agree to pay for the Employee's
reasonable attorneys' fees and costs up to $20,000 to enforce the terms of this
Agreement or recovered damages for breach of this agreement as follows; up to
$10,000 at the commencement of litigation or the mediation proceedings and up to
an additional $10,000 during the course of litigation or the mediation
proceedings. In the event the Employee is unsuccessful in his claim or defense,
the Employee shall reimburse the Bank and/or the Corporation for any attorney'
fees, expenses and costs that have been advanced. If the Employee is successful,
any attorneys' fee award will be reduced by the amount of attorney's fees and
costs that have been advanced. Such reimbursement shall be in addition to all
rights to which the Employee is otherwise entitled under this Agreement.
Section 7.9 This Agreement shall be terminated upon the death of the
Employee during the term of this Agreement; provided that, if the Employee has
heirs, the estate of the Employee shall be entitled to receive payment in an
amount equal to 75% of the Employee's total annual compensation, at the date of
death, as herein defined, for the remainder of the term of this Agreement or
twenty-four (24) months, whichever is longer. For purposes of this ARTICLE VII
annual compensation shall equal the Employee's base salary in effect at the time
of termination plus an amount equal to (i) the previous 4 Quarterly Bonus
payments made to the Employee, or (ii) 4 times the amount of the most recent
Quarterly Bonus payment, whichever is higher. Unless alternative arrangements
are made by the Bank and the legal representative of the Employee's estate, such
payment shall be made in one installment due and payable within thirty (30) days
of the Employee's death.
Section 7.10(a) Employee may terminate his employment hereunder for
good reason. For purposes of this Agreement, "good reason" shall mean (i) a
failure by the Bank to comply with any material provision of this Agreement,
which failure has not been cured within ten (10) days after a notice of such
noncompliance has been given by the Employee to the Bank or the Corporation; or
(ii) subsequent to a change in control as defined in Section 7.10(b) herein and
without the Employee's express written consent, any of the following shall
occur: the assignment to the Employee of any duties inconsistent with the
Employee's positions, duties, responsibilities and status with the Bank
immediately prior to a change in control of the Bank or the Corporation; a
change in the Employee's reporting responsibilities, titles or offices as in
effect immediately prior to a change in control of the Bank or the Corporation;
any removal of the Employee from, or any failure to re-elect the Employee to,
any of such positions, except in connection with a termination of employment for
just cause, disability, death, or removal pursuant to Sections 7.1 or 7.5
herein; a reduction by the Bank in the Employee's annual salary as in effect
immediately prior to a change in control; the failure of the Bank to continue in
effect any bonus, benefit or compensation plan, life insurance plan, health and
accident plan or disability plan in which the Employee is participating at the
time of a change in control of the Bank or the Corporation, or the taking of any
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action by the Bank which would adversely affect the Employee's participation in
or materially reduce the Employee's benefits under any of such plans, or the
transfer of the Employee to any location outside of the Greater Metro Orlando
Area or the assignment of substantial duties to the Employee to be completed
outside the Greater Metro Orlando Area without the prior consent of the
Employee.
(b) For purposes of this Agreement, a "change in control" shall mean
a change in control with respect to either Bank or the Corporation as defined in
12 C.F.R. Section 574.4(a) or (b) of the OTS regulations.
(c) Any termination of the Employee's employment by the Bank or by
the Employee shall be communicated by written notice of termination to the other
party hereto. For purposes of this Agreement, a "notice of termination" shall
mean a dated notice which shall: (i) indicate the specific termination provision
in the Agreement relied upon; (ii) set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Employee's
employment under the provision so indicated; (iii) specify a date of
termination, which shall be not less than thirty (30) days nor more than
forty-five (45) days after such notice of termination is given, except in the
case of Bank's termination of the Employee's employment for just cause pursuant
to Section 7.1 herein, in which case the notice of termination may specify a
date of termination as of the date of such notice of termination is given; and
(iv) be given in the manner specified in Section 8.3 herein.
(d) In the event of a change in control as provided in Section 7.10(b)
above, the Bank and/or the Corporation shall pay the Employee a special
incentive bonus equal to three times the Employee's annual compensation, times
the price/book value ratio at which the Bank or the Corporation is acquired.
(e) If the Employee shall terminate his employment for good reason as
defined in of Section 7.10(a)(i) herein, or if the Employee is terminated by the
Bank for other than just cause pursuant to Section 7.1 herein, then in lieu of
any further salary payments to the Employee for periods subsequent to the date
of termination, the Employee shall be paid, as severance, an amount which would
equal the Employee's total annual compensation for the remainder of the term of
the Agreement. In the event of a change in control of the Bank or the
Corporation within twelve 912) months of Employee's voluntary termination for
good reason or termination by the Bank of Employee's employment for other than
just cause, Employee shall be paid the special incentive bonus as provided in
Section 7.10(d)herein, less any amount previously paid to Employee pursuant to
this Agreement.
(f) Unless the Employee is terminated for just cause pursuant to
Section 7.1 , or Sections 7.4 through 7.7 herein, or pursuant to a termination
of employment by the Employee for other than good reason, the Bank shall
maintain in full force and effect, for the continued benefit of the Employee for
thirty-six (36) months all employee benefit plans and programs in which the
Employee was entitled to participate immediately prior to the date of
termination, provided that the Employee's continued participation is possible
under the general terms and provisions of such plans and programs. Further, the
Bank shall pay for the same or similar benefits if such benefits are available
to the employee on an individual or group basis as a result of contractual or
statutory provisions requiring or permitting such availability including, but
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not limited to, health insurance covered under COBRA. At the Employee's option,
in lieu of continued benefits over future years as provided in this Section
7.10(f), Employee shall be paid a lump sum payment equal to the present value of
each benefits, based upon a discount rate equal to the Federal Funds Rate as
published by the Wall Street Journal on the date of termination.
(g) Employee shall not be required to mitigate the amount of any
payment provided for in Sections 7.10(d) and (e) of this Agreement by seeking
other employment or otherwise.
(h) Notwithstanding the foregoing or anything contained herein to the
contrary, in no event shall the total amount of payments made under this
Agreement on account of termination under Subsection 8(a) (vi) above exceed the
aggregate present value of three times the "base amount" minus one dollar. "Base
amount" means the average annualized compensation income from the Company
includible in the Executive's gross income for Federal income tax purposes over
the five-year period preceding the year in which the Executive's employment is
terminated. This paragraph, and the language therein, shall be interpreted
consistently with Section 280G of the Internal Revenue Code of 1986, as amended,
and any regulations thereunder.
VIII. MISCELLANEOUS
Section 8.1 Notwithstanding anything to the contrary herein contained,
the payment or obligation to pay any monies, or granting of any rights or
privileges to the Employee as provided in this Agreement shall not be in lieu or
derogation of the rights and privileges that the Employee now has under any plan
or benefit presently outstanding.
Section 8.2 This Agreement may not be modified, changed, amended, or
altered except in writing signed by the Employee or by his duly authorized
representative, and by a duly authorized representative of the Bank.
Section 8.3 All notices given or required to be given herein shall be
in writing, sent by United States first-class certified or registered mail,
postage prepaid, by way of overnight carrier or by hand delivery. If to the
Employee (or to the Employee's spouse or estate upon the Employee's death)
notice shall be sent to Employee's last-known address, and if to the Bank and/or
the Corporation, notice shall be sent to the respective corporate headquarters.
All such notices shall be effective when deposited in the mail if sent via
registered mail, or upon delivery if by hand delivery or sent via overnight
carrier. Either party, by notice in writing, may change or designate the place
for receipt of all such notices.
Section 8.4 No course of conduct by the Bank, the Corporation or the
Employee and no delay or omission of the Bank, the Corporation or the Employee
to exercise any right or power given under this Agreement shall: (i) impair the
subsequent exercise of any right or power, or (ii) be construed to be a waiver
of any default or any acquiescence in or consent to the curing of any default
while any other default shall continue to exist, or be construed to be a waiver
of such continuing default or of any other right or power that shall theretofore
have arisen. Any power and/or remedy granted by law and by this Agreement to any
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party hereto may be exercised from time to time, and as often as may be deemed
expedient. All such rights and powers shall be cumulative to the fullest extent
permitted by law.
Section 8.5 The "Effective Date" of this Agreement shall be retroactive
to September 1, 1995.
Section 8.6 All references herein to particular sections of a statute,
rule or regulation or to a particular disclosure item or schedule shall also be
deemed to be a reference to any successor section, statute, rule, regulation,
disclosure item or schedule.
Section 8.7 The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.
Section 8.8 This Agreement supersedes and replaces all previous
employment agreements or amendments thereto among the Bank, the Corporation and
the Employee.
IX. SUCCESSORS, ETC.
Section 9.1 This Agreement shall inure to the benefit of and be binding
upon the Employee, and to the extent applicable, his heirs, assigns, executors,
and personal representatives, and to the Bank and the Corporation, their
successors, and assigns, including, without limitation, any person, partnership,
or corporation which may acquire all or substantially all of the Bank's or the
Corporation's assets and business, or with or into which the Bank or the
Corporation may be consolidated or merged, and this provision shall apply in the
event of any subsequent merger, consolidation, or transfer, unless such merger
or consolidation or subsequent merger or consolidation is a transaction of the
type which would result in termination under Sections 7.6 and 7.7 herein.
Section 9.2 This Agreement is personal to each of the parties and
neither party may assign or delegate any of their rights or obligations under
this Agreement without the prior written consent of the other party.
X. APPLICABLE LAW AND VENUE
Section 10.1 This Agreement shall be governed in all respects and be
interpreted by and under the laws of Florida, except to the extent that such law
may be preempted by applicable federal law, including regulations, opinions or
orders duly issued by the OTS or FDIC ("Federal Law"), in which event this
Agreement shall be governed and be interpreted by and under Federal Law.
Section 10.2 The venue for any litigation concerning the enforcement of
this Agreement or a breach of this Agreement shall be Orange County, Florida.
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IN WITNESS WHEREOF, the parties hereto have duly executed this Amended
and Restated Agreement on this 4th day of September, 1997.
FEDERAL TRUST BANK
__________________________ By:___________________________
Witness Xxxxxx X. Xxxxxx, Director on
behalf of the Board
FEDERAL TRUST CORPORATION
__________________________ By:___________________________
Witness Xxxxxx X. Xxxxxx, Director,
on behalf of the Board
__________________________ ___________________________
Witness Xxxxx X. Xxxxxxxxxx
(Employee)
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