Valley National Bank Letter Agreement Regarding Salary, Bonus, and Pension for Gerald H. Lipkin
Valley National Bank, through its Compensation and Human Resource Committee, informs Gerald H. Lipkin, its Chairman, President, and CEO, that his annual salary is increased to $650,000 effective with the December 26, 2003 pay. He will also receive a Merit Award Bonus of $625,000 on December 5, 2003. Additionally, the Board's Compensation Committee has set his minimum pension at $300,000. The letter expresses appreciation for his continued service and outlines these key compensation terms for 2004.
| [LETTERHEAD OF VALLEY NATIONAL BANK] November 18, 2003 Mr. Gerald H. Lipkin Chairman, Dear Gerry: We are pleased to inform you that your annual salary has been increased to $650,000 and will appear in your December 26, 2003 pay. In addition, you will receive a Merit Award Bonus of $625,000 on December 5, 2003. In addition, at the Board’s Compensation Committee meeting of November 17th, the Committee set your minimum pension at $300,000. We are counting on your continued assistance for 2004 so we can all continue to grow and share in the benefits that will result from better performance. We wish you a Happy Holiday Season and look forward to a healthy and prosperous New Year. Sincerely, |
