Exhibit 10.1
AMENDATORY AGREEMENT
TO CHANGE IN CONTROL AGREEMENT
This AMENDATORY AGREEMENT (the “Amendatory Agreement”) is made and entered into as of the 6th day of January, 2022 by and among Lakeland Bancorp, Inc. (“Bancorp”), Lakeland Bank (the “Bank” and, collectively with Bancorp, the “Company”) and Ronald E. Schwarz (the “Executive”).
WITNESSETH:
WHEREAS, the Company and the Executive entered into a certain Change in Control Agreement, dated as of May 29, 2009, which Agreement has been amended from time to time thereafter (as amended, the “Agreement”); and
WHEREAS, the Agreement provides for certain terms and conditions of the Executive’s employment in the event of a “Change in Control” (as defined therein); and
WHEREAS, the Company and the Executive desire to amend the Agreement to clarify certain terms of the severance to be paid thereunder; and
WHEREAS, Section 16 of the Agreement permits the Agreement to be amended by a writing executed by the parties thereto;
NOW, THEREFORE, the Company and the Executive hereby agree that, effective as of the date first above written, the following sections are hereby amended:
| 1. | Section 1(c) of the Agreement (definition of the “Contract Period”) is hereby amended by deleting the noted subsection in its entirety and replacing it with the following: |
Contract Period. “Contract Period” shall mean the period commencing the day immediately preceding a Change in Control and ending of the earlier of (i) the second anniversary of the Change in Control, (ii) February 7, 2023, or (iii) the death of the Executive.”
Except as specifically provided herein to the contrary, the Agreement shall continue in full force and effect.
[Signature Page Follows]
IN WITNESS WHEREOF, the Company has caused this Amendatory Agreement to be executed and the Executive has hereunto set his hand, all as of the date first above written.
| EXECUTIVE: |
| /s/ Ronald E. Schwarz |
| Ronald E. Schwarz |
| 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 | ||