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CNBC > SEC Filings for CNBC > Form 8-K on 24-Feb-2014All Recent SEC Filings

Show all filings for CENTER BANCORP INC



Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensation Arrangements of Certain Officers.

(e) As report in the Registrant's Current Report on Form 8-K filed with the SEC on April 15, 2013 (the "Prior 8-K"), each of Mark S. Cardone, Arthur M. Wein and Joseph D. Gangemi (each, an "Executive") entered into an Employment Agreement with Union Center National Bank (the "Bank"), dated as of April 12, 2013 (each, an "Employment Agreement" and collectively, the "Employment Agreements"). Each Employment Agreement was filed as an exhibit to the Prior 8-K.

On February 18, 2014, each Executive entered into an Amendment to his respective Employment Agreement (each, an "Amendment" and collectively, the "Amendments"). Each Amendment provides that notwithstanding anything in paragraphs 8 or 9 of the respective Employment Agreement to the contrary, with respect to any payments due to the Executive under those paragraphs which relate to "two (2) times the annual salary" paid to such Executive, such payment shall be calculated on the annual base salary in effect on December 31, 2013. Each Amendment also provides that for purposes of clarification, an Executive may receive a salary increase effective in calendar year 2014, but such increase will not be included for purposes of calculating payments due the Executive under the Employment Agreement. Each Amendment also confirms that in all other respects, each respective Employment Agreement is ratified and affirmed.

A copy of each Amendment described above is filed as an Exhibit to this 8-K and incorporated by reference into this Item 5.02.

Item 9.01 Financial Statements and Exhibits.

The following Exhibits are filed with this Current Report on Form 8-K:

Exhibit 10.1     Amendment to Employment Agreement, dated February 18, 2014,
                 between Union Center National Bank and Mark S. Cardone.
Exhibit 10.2     Amendment to Employment Agreement, dated February 18, 2014,
                 between Union Center National Bank and Arthur M. Wein.
Exhibit 10.3     Amendment to Employment Agreement, dated February 18, 2014,
                 between Union Center National Bank and Joseph D. Gangemi.


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