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CNBC > SEC Filings for CNBC > Form 8-K on 27-May-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 reported in the Registrant's Current Report on Form 8-K filed with the SEC on April 15, 2013 (the "Prior 8-K"), James W. Sorge (the "Executive") entered into an Employment Agreement with Union Center National Bank (the "Bank"), dated as of April 12, 2013 (the "Employment Agreement"). The Employment Agreement was filed as an exhibit to the Prior 8-K.

On May 20, 2014, the Executive entered into an Amendment to his Employment Agreement (the "Amendment"). The Amendment provides that notwithstanding anything in paragraphs 8 or 9 of the 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 the Executive, such payment shall be calculated on the annual base salary in effect on December 31, 2013. The Amendment also provides that for purposes of clarification, the 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. The Amendment also confirms that in all other respects, the Employment Agreement is ratified and affirmed.

A copy of the 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 Exhibit is filed with this Current Report on Form 8-K:

Exhibit 10.1 Amendment to Employment Agreement, dated May 20, 2014, between Union Center National Bank and James W. Sorge.


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