AMENDED AND RESTATED CHANGE-IN-CONTROL AGREEMENT Kermit R. Dyke First Senior Vice President THIS EMPLOYMENT AGREEMENT (the “Agreement”), is made as of this 25th day of October 2004, among VALLEY NATIONAL BANK (“Bank”), a national banking association...Employment Agreement • October 26th, 2004 • Valley National Bancorp • National commercial banks • New Jersey
WHEREAS, to achieve that goal, and to retain the Executive’s services prior to any such activity, the Board of Directors and the Executive have agreed to enter into this Agreement to govern the Executive’s termination benefits in the event of a Change in Control of the Company, as hereinafter defined. WHEREAS, the Executive and the Company had entered into a Change in Control Agreement, dated as of June 16, 2004, and have agreed to amend and restate that agreement with this Agreement. NOW, THEREFORE, to assure the Company that it will have the continued dedication of the Executive and the availability of his advice and counsel notwithstanding the possibility, threat or occurrence of a bid to take over control of the Company, and to induce the Executive to remain in the employ of the Company, and for other good and valuable consideration, the Company and the Executive, each intending to be legally bound hereby agree as follows:
