EMPLOYMENT AGREEMENT

THIS AGREEMENT is made as of the 12th day of January, 2004, between SUN BANCORP, INC. (Corporation), a Pennsylvania business corporation having a place of business at 155 North 15^th Street, Lewisburg, Pennsylvania 17837, SUNBANK (Bank), a Pennsylvania chartered banking institution having a place of business at 155 North 15^th Street, Lewisburg, Pennsylvania 17837, SUBI SERVICES, LLC (Services Company), a Pennsylvania limited liability company having a place of business at 155 North 15^th Street, Lewisburg, Pennsylvania 17837 and James P. Radick  (Executive), an individual residing at 306 South 17^th Street, Lewisburg, PA 17837 (collectively, the Parties and, individually, sometimes a Party).

WHEREAS, the Corporation is a registered bank holding company;

WHEREAS, the Bank is a subsidiary of the Corporation;

WHEREAS, the Services Company is a subsidiary of the Bank;

WHEREAS, any reference solely to Corporation in this Agreement shall mean Corporation, Bank or Services Company;

WHEREAS, Corporation, Bank and Services Company desire to employ Executive to serve in the capacity of Senior Vice President Finance of Services Company, Bank and Corporation on the terms and conditions set forth in this Agreement; and

WHEREAS, Executive desires to accept employment with Corporation, Bank and Services Company on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

1.                                       Employment.   Corporation, Bank and Services Company hereby employ Executive and Executive hereby accepts employment with Corporation, Bank and Services Company, on the terms and conditions set forth in this Agreement.

2.                                       Duties and Position of Executive.  Executive shall perform and discharge well and faithfully such duties as an executive officer of Corporation as may be assigned to Executive from time to time by the Board of Directors of Corporation and/or Corporations President and CEO.  Executive shall be employed as Senior Vice President Finance of the Services Company, Bank and Corporation, and shall hold such other titles as may be given to him from time to time by the Board of Directors of Corporation.  The Executive may be promoted to other positions within the Corporation and/or Bank and/or Services Company and assigned duties consistent with such a position without the Corporation, Bank or Services Company breaching this Agreement.  Such promotion may occur without amendment of this Agreement; all other provisions of this Agreement will remain in full force and effect.

3.                                       Engagement in Other Employment.  Executive shall devote his full time, attention and energies to the business of  Corporation, Bank and Services Company during the Employment Period (as defined in Section 4(a) of this Agreement); provided, however, that this Section  shall not be construed as preventing Executive from (a) investing Executives personal assets in enterprises that do not compete with Corporation, Bank, Services Company or any of their subsidiaries or affiliates or (b) being involved in any other activity

with the prior approval of the Boards of Directors of Corporation, Bank and Services Company.  The Executive shall not engage in any business or commercial activities, duties or pursuits which compete with the business or commercial activities of Corporation, Bank, Services Company or any of their subsidiaries or affiliates, nor may the Executive serve as a director or officer or in any other capacity in a company which competes with Corporation, Bank, Services Company or any of their subsidiaries or affiliates.

4.             Term of Agreement.

(a)                                  Employment Period.  This Agreement shall be for a two (2) year period (the Employment Period) beginning on the date first mentioned above, and if not previously terminated pursuant to the terms of this Agreement, the Employment Period shall end two (2) years later.  The Employment Period shall be automatically extended on the second anniversary date of the commencement of the Employment Period (the Renewal Date) for a period ending one (1) year from the Renewal Date unless either party shall give written notice of non-renewal to the other party at least sixty (60) days prior to the Renewal Date, in which event this Agreement shall terminate at the end of the Employment Period.  If this Agreement is renewed on the Renewal Date, it will be automatically renewed on the first anniversary date of the Renewal Date and each subsequent year (the Annual Renewal Date) for a period ending one (1) year from each Annual Renewal Date, unless either party gives written notice of non-renewal to the other party at least sixty (60) days prior to the Annual Renewal Date, in which case this Agreement will terminate on the Annual Renewal Date immediately following such notice.

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC