THIRD AMENDMENT AGREEMENTThird Amendment Agreement • March 24th, 2011 • Somerset Hills Bancorp • State commercial banks
This Agreement amends that certain Employment Agreement by and between Somerset Hills Bancorp, a New Jersey corporation having its principal place of business located at 155 Morristown Road, Bernardsville, New Jersey 07924 (“Employer”) and Stewart E. McClure, Jr., an individual residing at 90 Springhill Road, Mendham, New Jersey 07945 (“Employee”) dated March 8, 2001 and amended on May 15, 2003 and September 26, 2007 (the “Employment Agreement”).
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT BETWEEN SOMERSET HILLS BANCORP AND STEWART E. MCCLURE, JR. DATED MARCH 8, 2001 (THE “AGREEMENT”)Employment Agreement • March 24th, 2011 • Somerset Hills Bancorp • State commercial banks
If at a later date it is determined (pursuant to final regulations or published rulings of the Internal Revenue Service, assessment by the Internal Revenue Service or otherwise) that the amount of excise taxes payable by the Employee is greater than the amount initially so determined, then the Employer or any related entity or successor entity shall pay the Executive an amount equal to the sum of (i) such additional excise taxes, plus (ii) any interest, fines and penalties with respect to such additional excise taxes, plus (iii) the amount necessary to reimburse the Executive for any income, excise or other taxes payable by the Executive with respect to the amounts specified in (i) and (ii) above and the reimbursement provided by this clause (iii).”
