THIRD AMENDATORY AGREEMENT TO CHANGE IN CONTROL AGREEMENT
Exhibit 10.1
THIRD AMENDATORY AGREEMENT TO
CHANGE IN CONTROL AGREEMENT
THIS THIRD AMENDATORY AGREEMENT (the Amendatory Agreement) is made and entered into as of the 31st day of October, 2013, by and among Lakeland Bancorp, Inc. (the Holding Company), a New Jersey corporation which maintains its principal office at 250 Oak Ridge Road, Oak Ridge, New Jersey 07438; Lakeland Bank (the Bank), a New Jersey chartered commercial bank, with an office at 250 Oak Ridge Road, Oak Ridge, New Jersey 07438 (the Holding Company and the Bank are collectively referred to herein as the Company); and Jeffrey J. Buonforte (the Executive).
WHEREAS, as of March 7, 2001, the Company and the Executive entered into a Change in Control Agreement (the Agreement) which provides for certain terms and conditions of the Executives employment in the event of a Change in Control (as defined therein); and
WHEREAS, the Agreement was amended in certain respects as of March 10, 2003 and December 31, 2008; and
WHEREAS, the Company and the Executive mutually desire to amend the Agreement further.
NOW, THEREFORE, in consideration of the mutual premises and covenants set forth herein and for other good and value consideration, the receipt, adequacy and legal sufficiency of which are hereby acknowledged, the Company and the Executive mutually agree as follows:
1. The first whereas clause and first sentence of Section 3 of the Agreement, as amended, entitled Position hereby is amended by substituting Senior Government Banking/Business Services Officer for Chief Retail Officer in each instance where the latter appears therein.
2. The second sentence of Section 9 of the Agreement, as amended, entitled Termination Without Cause or Resignation for Good Cause hereby is amended further by substituting one for two where the latter appears therein.
Except as amended herein, the Agreement shall remain in full force and effect and is hereby ratified by the parties thereto.
IN WITNESS WHEREOF, the Company has caused this Amendatory Agreement to be signed by its duly authorized representative pursuant to the authority of the respective Boards of Directors, and the Executive has personally executed this Amendatory Agreement, all as of the date first above written.
LAKELAND BANCORP, INC. | ||
By: | /s/ Thomas J. Shara | |
Thomas J. Shara | ||
President and CEO | ||
LAKELAND BANK | ||
By: | /s/ Thomas J. Shara | |
Thomas J. Shara | ||
President and CEO | ||
/s/ Jeffrey J. Buonforte | ||
JEFFREY J. BUONFORTE |