UNITED STATES DEPARTMENT OF THE TREASURY Washington, D.C. 20220 August 31, 2010Highlands Bancorp, Inc. • September 7th, 2010
Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement -- Standard Terms dated as of May 8, 2009 and the Securities Purchase Agreement -- Standard Terms dated as of December 22, 2009 (collectively the “Securities Purchase Agreement”) by and among the United States Department of the Treasury (the “Investor”) and Highlands State Bank (the “Company”). Further reference is made to those certain Certificates of Amendment filed by the Company with the New Jersey Department of Banking and Insurance on May 8, 2009 and December 18, 2009 with respect to the Preferred Stock and the Warrant Preferred Stock (the “Company Certificates of Designations”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement and the Company Certificates of Designations. The Investor and the Company desire to set forth herein certain additional agreements regarding a Holding Company Transaction between the
EMPLOYMENT AGREEMENT AMENDMENTEmployment Agreement • September 7th, 2010 • Highlands Bancorp, Inc. • New Jersey
This Employment Agreement Amendment (the “Amendment”) is made as of May 19, 2009, by and between Highlands State Bank, with its principal office located at 310 Route 94, Vernon, NJ 07462 (hereinafter referred to as “Employer”), George E. Irwin, residing at 12 Woodstock Drive, Sussex, NJ 07461 (hereinafter referred to as “Employee”).
