ContractGross-Up Agreement • December 6th, 2004 • Hudson United Bancorp • State commercial banks • New Jersey
GROSS-UP AGREEMENT FOR KENNETH T. NEILSON THIS GROSS-UP AGREEMENT (the “Agreement”), is made this 1 day of December, 2004, among Hudson United Bancorp and Hudson United Bank (collectively, the “Company”), New Jersey corporations that maintain principal offices at 1000 MacArthur Boulevard, Mahwah, New Jersey, and Kenneth T. Neilson (the “Executive”). WHEREAS, the Executive is presently an executive officer of the Company; and WHEREAS, the Executive and the Company wish to enter into the Agreement as provided herein; NOW, THEREFORE, for the good and valuable consideration set forth herein, and to induce the Executive to remain in the employ of the Company, the Company and the Executive, each intending to be legally bound hereby, agree as follows: 1. Gross-up. If, for any taxable year, Executive shall be liable for the payment of an excise tax under Section 4999 or other substitute or similar tax assessment (the “Excise Tax”) of the Internal Revenue Code of 1986, as amended (the “Code”)
ContractTermination Agreement • December 6th, 2004 • Hudson United Bancorp • State commercial banks • New Jersey
THIS LETTER AGREEMENT (the “Agreement”), is made this 1 day of December, 2004, among Hudson United Bancorp, a New Jersey corporation, Hudson United Bank, a New Jersey state chartered bank (collectively, the “Company”), that maintain principal offices at 1000 MacArthur Boulevard, Mahwah, New Jersey, and James Mayo (the “Executive”). 1. In consideration of a payment by the Company of $306,800.00, receipt of which is hereby acknowledged by the Executive, the Change in Control, Severance and Employment Agreement entered into between the Company and the Executive, as amended on September 17, 2003, is hereby terminated. The Company and the Executive agree that such payment relieves the Company of all obligations and terminates all rights of the Executive under such Change in Control, Severance and Employment Agreement. 2. The only benefits payable by the Company to the Executive arising from the Company’s termination of employment of the Executive with the Company or its subsidiaries shall b
ContractSeverance Agreement • December 6th, 2004 • Hudson United Bancorp • State commercial banks • New Jersey
THIS LETTER AGREEMENT (the “Agreement”), is made this __ day of __________, 2004, among Hudson United Bancorp, a New Jersey corporation, Hudson United Bank, a New Jersey state chartered bank (collectively, the “Company”), that maintain principal offices at 1000 MacArthur Boulevard, Mahwah, New Jersey, and ____________________ (the “Executive”). 1. In consideration of a payment by the Company of $___________, receipt of which is hereby acknowledged by the Executive, all severance agreements previously entered into between the Company and the Executive, are hereby terminated. The Company and the Executive agree that such payment relieves the Company of all obligations under the arrangements with respect to severance and terminates all rights of the Executive with respect to severance under such severance arrangements. 2. The only benefits payable by the Company to the Executive arising from the Company’s termination of employment of the Executive with the Company or its subsidiaries shal
ContractTermination Agreement • December 6th, 2004 • Hudson United Bancorp • State commercial banks • New Jersey
THIS LETTER AGREEMENT (the “Agreement”), is made this 1 day of December, 2004, among Hudson United Bancorp, a New Jersey corporation, Hudson United Bank, a New Jersey state chartered bank (collectively, the “Company”), that maintain principal offices at 1000 MacArthur Boulevard, Mahwah, New Jersey, and Thomas Shara (the “Executive”). 1. In consideration of a payment by the Company of $899,000.00, receipt of which is hereby acknowledged by the Executive, the Change in Control, Severance and Employment Agreement entered into between the Company and the Executive, as amended on September 17, 2003, is hereby terminated. The Company and the Executive agree that such payment relieves the Company of all obligations and terminates all rights of the Executive under such Change in Control, Severance and Employment Agreement. 2. The only benefits payable by the Company to the Executive arising from the Company’s termination of employment of the Executive with the Company or its subsidiaries shall
ContractTermination Agreement • December 6th, 2004 • Hudson United Bancorp • State commercial banks • New Jersey
THIS LETTER AGREEMENT (the “Agreement”), is made this 1 day of December, 2004, among Hudson United Bancorp, a New Jersey corporation, Hudson United Bank, a New Jersey state chartered bank (collectively, the “Company”), that maintain principal offices at 1000 MacArthur Boulevard, Mahwah, New Jersey, and Thomas R. Nelson (the “Executive”). 1. In consideration of a payment by the Company of $855,500.00, receipt of which is hereby acknowledged by the Executive, the Change in Control, Severance and Employment Agreement entered into between the Company and the Executive, as amended on September 17, 2003, is hereby terminated. The Company and the Executive agree that such payment relieves the Company of all obligations and terminates all rights of the Executive under such Change in Control, Severance and Employment Agreement. 2. The only benefits payable by the Company to the Executive arising from the Company’s termination of employment of the Executive with the Company or its subsidiaries s
ContractTermination Agreement • December 6th, 2004 • Hudson United Bancorp • State commercial banks • New Jersey
THIS LETTER AGREEMENT (the “Agreement”), is made this 1 day of December, 2004, among Hudson United Bancorp, a New Jersey corporation, Hudson United Bank, a New Jersey state chartered bank (collectively, the “Company”), that maintain principal offices at 1000 MacArthur Boulevard, Mahwah, New Jersey, and Kenneth T. Neilson (the “Executive”). 1. In consideration of a payment by the Company of $2,625,000.00, receipt of which is hereby acknowledged by the Executive, the Change in Control, Severance and Employment Agreement entered into between the Company and the Executive, as amended on September 17, 2003, is hereby terminated. The Company and the Executive agree that such payment relieves the Company of all obligations and terminates all rights of the Executive under such Change in Control, Severance and Employment Agreement. 2. The only benefits payable by the Company to the Executive arising from the Company’s termination of employment of the Executive with the Company or its subsidiari
