-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DxDxL0PwL5XJfa+qF3H2yebmO2JOWyvbNxjHOMmJedBqK2zd7HcpUaGmG3AcQVsD XXZy+2e040BhWnWGZWevjg== 0001026081-09-000027.txt : 20091019 0001026081-09-000027.hdr.sgml : 20091019 20091019130541 ACCESSION NUMBER: 0001026081-09-000027 CONFORMED SUBMISSION TYPE: SC 13D/A CONFIRMING COPY: PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20091019 DATE AS OF CHANGE: 20091019 GROUP MEMBERS: BROAD PARK INVESTORS, LLC GROUP MEMBERS: CBPS, LLC GROUP MEMBERS: CHEWY GOOEY COOKIES, LP GROUP MEMBERS: DENNIS POLLACK GROUP MEMBERS: HAROLD SCHECHTER GROUP MEMBERS: LSBK06-08, LLC GROUP MEMBERS: RAYMOND VANARIA GROUP MEMBERS: SEIDMAN AND ASSOCIATES, LLC GROUP MEMBERS: SEIDMAN INVESTMENT PARTNERSHIP II, LP GROUP MEMBERS: SEIDMAN INVESTMENT PARTNERSHIP, LP SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CENTER BANCORP INC CENTRAL INDEX KEY: 0000712771 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 521273725 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-34440 BUSINESS ADDRESS: STREET 1: 2455 MORRIS AVE CITY: UNION STATE: NJ ZIP: 07083 BUSINESS PHONE: 9086889500 MAIL ADDRESS: STREET 1: 2455 MORRIS AVE CITY: UNION STATE: NJ ZIP: 07083 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SEIDMAN LAWRENCE B CENTRAL INDEX KEY: 0001026081 STATE OF INCORPORATION: NJ FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: LANIDEX CENTER STREET 2: 100 MISTY LANE P O BOX 5430 CITY: PARSIPPANY STATE: NJ ZIP: 07054 SC 13D/A 1 schedule13damendment18cnbc.htm CENTER BANCORP INC. SCHEDULE 13D AMENDMENT NO. 18 schedule13damendment18cnbc.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
 
Under the Securities Exchange Act of 1934
(Amendment No.18)*


Center Bancorp, Inc.

(Name of Issuer)

Common Stock
(Title of Class of Securities)

151408101 
(CUSIP Number)
Lawrence B. Seidman, 100 Misty Lane, Parsippany, NJ  07054
(973) 952-0405

(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
October 14, 2009
(Date of Event which Requires Filling of this Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ·· 240.13d-1(e), 240.13d-1 (f) or 240.13d-1(g), check the following box.   (    )

 
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See · 240.13d-7 for other parties to whom copies are to be sent.
 
* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
 
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 
 

 
 
 
SCHEDULE 13D
CUSIP No. 151408101 

  1. Seidman and Associates, LLC        22-3343079

  2. Check the Appropriate Box if a Member of a Group*
(a.)  (X)       (b.)  (   )

  3. SEC USE ONLY

  4.    
Source of Funds*
                            WC

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to items 2(d) or 2(e)  (    )

  6.
Citizenship or Place of Organization
                            New Jersey

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power    561,969
                       

8. Shared Voting Power

9. Sole Dispositive Power    561,969
                        

10. Shared Dispositive Power

  11. Aggregate Amount Beneficially Owned by Each Reporting Person    561,969
                            

  12. Check if the Aggregate Amount Represented by Amount in Row (11) Excludes Certain Shares
(See Instructions)   (    )

  13.
Percent of Class Represented by Amount in Row (11)    3.86
                                              

  14. Type of Reporting Person                         OO
 
 
2

 
 
SCHEDULE 13D
CUSIP No. 151408101 

  1. Seidman Investment Partnership, LP        22-3360359

  2. Check the Appropriate Box if a Member of a Group*
(a.)  (X)       (b.)  (   )

  3. SEC USE ONLY

  4.    
Source of Funds*
                            WC

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to items 2(d) or 2(e)  (    )

  6.
Citizenship or Place of Organization
                            New Jersey

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power    570,268
                        

8. Shared Voting Power

9. Sole Dispositive Power    570,268
                        

10. Shared Dispositive Power

  11. Aggregate Amount Beneficially Owned by Each Reporting Person    570,268
                            

  12. Check if the Aggregate Amount Represented by Amount in Row (11) Excludes Certain Shares
(See Instructions)   (    )

  13.
Percent of Class Represented by Amount in Row (11)    3.91
                             

  14. Type of Reporting Person                         PN
 
 
3

 
SCHEDULE 13D
CUSIP No. 151408101 

  1. Seidman Investment Partnership II, LP        22-3603662

  2. Check the Appropriate Box if a Member of a Group*
(a.)  (X)       (b.)  (   )

  3. SEC USE ONLY

  4.    
Source of Funds*
                            WC

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to items 2(d) or 2(e)  (    )

  6.
Citizenship or Place of Organization
                            New Jersey

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power    556,044
                 

8. Shared Voting Power

9. Sole Dispositive Power    556,044
                 

10. Shared Dispositive Power

  11. Aggregate Amount Beneficially Owned by Each Reporting Person    556,044
                     

  12. Check if the Aggregate Amount Represented by Amount in Row (11) Excludes Certain Shares
(See Instructions)   (    )

  13.
Percent of Class Represented by Amount in Row (11)    3.82
                            

  14. Type of Reporting Person                         PN
 
 
4

 
SCHEDULE 13D
CUSIP No. 151408101 

  1.  Broad Park Investors, LLC        22-6759307

  2. Check the Appropriate Box if a Member of a Group*
(a.)  (X)       (b.)  (   )

  3. SEC USE ONLY

  4.    
Source of Funds*
                            WC

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to items 2(d) or 2(e)  (    )

  6.
Citizenship or Place of Organization
                            New Jersey

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power    437,527
                 

8. Shared Voting Power

9.
Sole Dispositive Power    437,527
                 

10. Shared Dispositive Power

  11. Aggregate Amount Beneficially Owned by Each Reporting Person    437,527
                     

  12. Check if the Aggregate Amount Represented by Amount in Row (11) Excludes Certain Shares
(See Instructions)   (    )

  13.
Percent of Class Represented by Amount in Row (11)    3.00
                             

  14. Type of Reporting Person                         OO
 
 
5

 
SCHEDULE 13D
CUSIP No. 151408101 

  1.  Chewy Gooey Cookies, LP    20-4605223   

  2. Check the Appropriate Box if a Member of a Group*
(a.)  (X)       (b.)  (   )

  3. SEC USE ONLY

  4.    
Source of Funds*
                            WC

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to items 2(d) or 2(e)  (    )

  6.
Citizenship or Place of Organization
                            Delaware

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power    243,415
                 

8. Shared Voting Power

9. Sole Dispositive Power    243,415
                 

10. Shared Dispositive Power

  11. Aggregate Amount Beneficially Owned by Each Reporting Person    243,415
                     

  12. Check if the Aggregate Amount Represented by Amount in Row (11) Excludes Certain Shares
(See Instructions)   (    )

  13.
Percent of Class Represented by Amount in Row (11)    1.67
                             

  14. Type of Reporting Person                         PN
 
 
 
6

 
SCHEDULE 13D
CUSIP No. 151408101 

  1. LSBK06-08, LLC    20-8067445

  2. Check the Appropriate Box if a Member of a Group*
(a.)  (X)       (b.)  (   )

  3. SEC USE ONLY

  4.    
Source of Funds*
                            WC

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to items 2(d) or 2(e)  (    )

  6.
Citizenship or Place of Organization
                            New Jersey

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power    263,183
                 

8. Shared Voting Power

9. Sole Dispositive Power    263,183
                 

10. Shared Dispositive Power

  11. Aggregate Amount Beneficially Owned by Each Reporting Person    263,183
                     

  12. Check if the Aggregate Amount Represented by Amount in Row (11) Excludes Certain Shares
(See Instructions)   (    )

  13.
Percent of Class Represented by Amount in Row (11)     1.81
                                           

  14. Type of Reporting Person                         OO
 
 
7

 
SCHEDULE 13D
CUSIP No. 151408101 

  1. CBPS, LLC    27-0949811

  2. Check the Appropriate Box if a Member of a Group*
(a.)  (X)       (b.)  (   )

  3. SEC USE ONLY

  4.    
Source of Funds*
                            WC

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to items 2(d) or 2(e)  (    )

  6.
Citizenship or Place of Organization
                            New Jersey

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power    56,774
                 

8. Shared Voting Power

9. Sole Dispositive Power    56,774
                 

10. Shared Dispositive Power

  11. Aggregate Amount Beneficially Owned by Each Reporting Person    56,774
                     

  12. Check if the Aggregate Amount Represented by Amount in Row (11) Excludes Certain Shares
(See Instructions)   (    )

  13.
Percent of Class Represented by Amount in Row (11)     0.39
                                           

  14. Type of Reporting Person                         OO
 
 
8

 
SCHEDULE 13D
CUSIP No. 151408101 

  1. Lawrence B. Seidman        ###-##-####

  2. Check the Appropriate Box if a Member of a Group*
(a.)  (X)       (b.)  (   )

  3. SEC USE ONLY

  4.    
Source of Funds*
                            PF, WC

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to items 2(d) or 2(e)  (    )

  6.
Citizenship or Place of Organization
                            U.S.A.

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power    2,786,686        
                        

8. Shared Voting Power    

9. Sole Dispositive Power    2,786,686        
                        

10. Shared Dispositive Power

  11.
Aggregate Amount Beneficially Owned by Each Reporting Person    2,786,686        
                                                                  

  12. Check if the Aggregate Amount Represented by Amount in Row (11) Excludes Certain Shares
(See Instructions)   (    )

  13.
Percent of Class Represented by Amount in Row (11)    19.12%
                             

  14. Type of Reporting Person                         IN
 
 
9

 
 
SCHEDULE 13D
CUSIP No. 151408101 

  1. Harold Schechter    ###-##-####

  2. Check the Appropriate Box if a Member of a Group*
(a.)  (X)       (b.)  (   )

  3. SEC USE ONLY

  4.    
Source of Funds*
                            PF

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to items 2(d) or 2(e)  (    )

  6.
Citizenship or Place of Organization
                            U.S.A.

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power
                        6,398

8. Shared Voting Power

9. Sole Dispositive Power
                        6,398

10. Shared Dispositive Power

  11. Aggregate Amount Beneficially Owned by Each Reporting Person
                            6,398

  12. Check if the Aggregate Amount Represented by Amount in Row (11) Excludes Certain Shares
(See Instructions)   (    )

  13.
Percent of Class Represented by Amount in Row (11)
                              0.04

  14. Type of Reporting Person                         IN
 
 
10

 
SCHEDULE 13D
CUSIP No. 151408101 

  1. Raymond Vanaria    ###-##-####

  2. Check the Appropriate Box if a Member of a Group*
(a.)  (X)       (b.)  (   )

  3. SEC USE ONLY

  4.    
Source of Funds*
                            PF

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to items 2(d) or 2(e)  (    )

  6.
Citizenship or Place of Organization
                            U.S.A.

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power
                        53,172

8. Shared Voting Power

9. Sole Dispositive Power
                        53,172

10. Shared Dispositive Power

  11. Aggregate Amount Beneficially Owned by Each Reporting Person
                            53,172

  12. Check if the Aggregate Amount Represented by Amount in Row (11) Excludes Certain Shares
(See Instructions)   (    )

  13.
Percent of Class Represented by Amount in Row (11)
                              0.36

  14. Type of Reporting Person                         IN
 
 
11

 
 
SCHEDULE 13D
CUSIP No. 151408101 

  1. Dennis Pollack    ###-##-####

  2. Check the Appropriate Box if a Member of a Group*
(a.)  (X)       (b.)  (   )

  3. SEC USE ONLY

  4.    
Source of Funds*
                            PF

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to items 2(d) or 2(e)  (    )

  6.
Citizenship or Place of Organization
                            U.S.A.

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power
                        18,909

8. Shared Voting Power

9. Sole Dispositive Power
                        18,909

10. Shared Dispositive Power

  11. Aggregate Amount Beneficially Owned by Each Reporting Person
                            
18,909

  12. Check if the Aggregate Amount Represented by Amount in Row (11) Excludes Certain Shares
(See Instructions)   (    )

  13.
Percent of Class Represented by Amount in Row (11)
                              0.13

  14. Type of Reporting Person                         IN
 
 
12

This statement on Schedule 13 D which was filed on June 27, 2006, Amendment No. 1 was was filed on September 27, 2006, Amendment No. 2 was filed on November 1, 2006, Amendment No. 3 was filed on January 3, 2007, Amendment No. 4 was filed on January 30, 2007, Amendment No. 5 was filed on February 1, 2007, Amendment No. 6 was filed on March 22, 2007, Amendment No. 7 was filed on May 2, 2007, Amendment No. 8 was filed on May 8, 2007, Amendment No. 9 was filed on May 8, 2007, Amendment No. 10 was filed on May 30, 2007, Amendment No. 11 was filed on November 26, 2007, Amendment No. 12 was filed on July 18, 2008, Amendment No. 13 was filed on August 22, 2008, Amendment No. 14 was filed on January 30, 2009, Amendment No. 15 was filed on March 5, 2009, Amendment No. 16 was filed on April 29, 2009, and Amendment No. 17 ws filed on July 24, 2009 on behalf of Seidman and Associates, L.L.C. (“SAL”), Seidman Investment Partnership, L.P. (“SIP”), Seidman Investment Partnership II, L.P. (“SIPII”), Broad Park Investors, L.L.C. (“Broad Park”), Chewy Gooey Cookies, L.P. (“Chewy”), Lawrence Seidman (“Seidman”), clients of Lawrence Seidman ("Seidman Clients"), Harold Schechter (“Schechter”), Raymond Vanaria (“Vanaria”), Dennis Pollack (“Pollack”), LSBK06-08, L.L.C. (“LSBK”) and CBPS, L.L.C. ("CBPS"), collectively, the (“Reporting Persons”) with respect to the Reporting Persons’ beneficial ownership of shares of Common stock (“the Shares”) of Center Bancorp, Inc., a New Jersey corporation, (“the Company”) is hereby amended as set forth below: Such statement on Schedule 13D is hereinafter referred to as the “Schedule 13D”. Terms used herein which are defined in the Schedule 13D shall have their respective meanings set forth in the Schedule 13D. 
 
Item 5. Interest in Securities of the Issuer.
 
Effective October 8, 2009, CBPS, is considered a Reporting Person with respect to beneficial ownership of shares of Common Stock of Center Bancorp, Inc.  The Letter Agreement by and between CBPS and Lawrence B. Seidman is attached hereto as Exhibit A.
 
(a)(b)(c)  As of the close of business on October 16, 2009 the Reporting Persons owned beneficially an aggregate of 2,865,165 shares of Common Stock which constituted approximately 19.66% of the 14,572,029 shares of Common Stock outstanding as of October 1, 2009 as disclosed in the Company's  8-K dated October 7, 2009.
 
Schedule A attached below describes transactions, except for previously reported transactions, in the Common Stock effected by the Reporting Persons within the past sixty (60) days.  Except as set forth in this Item 5, none of the Reporting Persons owns beneficially or has a right to acquire beneficial ownership of any Common Stock, and except as set forth in this item 5, none of the Reporting Persons has effected transactions in the Common Stock during the past sixty (60) days, except for previously reported transactions.
 
 
Signature
 
        After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 
 
Date: October 19, 2009
   
  By: /s/  Lawrence B. Seidman
Power of Attorney pursuant to Joint Agreement dated June 27, 2006
       
 
  By: 
/s/ Lawrence B. Seidman
     Investments Manager, LSBK06-08, LLC

  By: 
/s/ Lawrence B. Seidman
     Power of Attorney, CBPS, LLC
 
13

       
Schedule A
 
Entity
Date
Purch
Cost
per
Share
Cost
Shares
SAL
9/2/2009
8.5594
16,262.91
1,900
SAL
10/5/2009
7.0000
618,709.00
88,387
SAL
10/5/2009
7.0000
343,014.00
49,002
SAL
10/5/2009
7.0000
140,196.00
20,028
Total
   
1,118,181.91
159,317
         
SIP
9/2/2009
8.5594
16,262.91
1,900
SIP
10/5/2009
7.0000
627,879.00
89,697
SIP
10/5/2009
7.0000
348,096.00
49,728
SIP
10/5/2009
7.0000
142,275.00
20,325
Total
   
1,134,512.91
161,650
         
SIPII
9/2/2009
8.5594
16,262.91
1,900
SIPII
10/5/2009
7.0000
612,164.00
87,452
SIPII
10/5/2009
7.0000
339,388.00
48,484
SIPII
10/5/2009
7.0000
138,712.00
19,816
Total
   
1,106,526.91
157,652
         
LSBK
9/2/2009
8.5594
16,262.91
1,900
LSBK
10/5/2009
7.0000
288,638.00
41,234
LSBK
10/5/2009
7.0000
160,020.00
22,860
LSBK
10/5/2009
7.0000
65,401.00
9,343
Total
   
530,321.91
75,337
         
Broad Park
9/2/2009
8.5594
16,262.91
1,900
Broad Park
10/5/2009
7.0000
481,236.00
68,748
Broad Park
10/5/2009
7.0000
266,798.00
38,114
Broad Park
10/5/2009
7.0000
109,046.00
15,578
Total
   
873,342.91
124,340
         
Chewy Gooey
10/5/2009
7.0000
268,898.00
38,414
Chewy Gooey
10/5/2009
7.0000
149,079.00
21,297
Chewy Gooey
10/5/2009
7.0000
60,928.00
8,704
Total
   
478,905.00
68,415
         
CBPS
10/8/2009
7.6896
99,964.80
13,000
CBPS
10/9/2009
7.6978
24,632.96
3,200
CBPS
10/13/2009
7.7000
25,410.00
3,300
CBPS
10/14/2009
7.7500
288,873.50
37,274
Total
   
438,881.26
56,774
         
Lawrence Seidman & Family
10/5/2009
7.0000
99,379.00
14,197
Lawrence Seidman & Family
10/5/2009
7.0000
45,920.00
6,560
Lawrence Seidman & Family
10/5/2009
7.0000
18,767.00
2,681
Lawrence Seidman & Family
10/5/2009
7.0000
9,121.00
1,303
Lawrence Seidman & Family
10/5/2009
7.0000
3,724.00
532
Total
   
176,911.00
25,273
         
Seidman Client
10/5/2009
7.0000
1,274.00
182
Seidman Client
10/5/2009
7.0000
518.00
74
Seidman Client
10/5/2009
7.0000
4,256.00
608
Seidman Client
10/5/2009
7.0000
1,736.00
248
Total
   
7,784.00
1,112
         
Harold Schechter & Family
10/5/2009
7.0000
4,690.00
670
Harold Schechter & Family
10/5/2009
7.0000
1,526.00
218
Total
   
6,216.00
888
         
Raymond Vanaria & Family
10/5/2009
7.0000
245.00
35
Raymond Vanaria & Family
10/5/2009
7.0000
48,542.00
8,855
Raymond Vanaria & Family
10/5/2009
7.0000
3,685.00
535
Total
   
52,472.00
9,425
         
Dennis Pollack & Family
10/5/2009
7.0000
13,748.00
1,964
Dennis Pollack & Family
10/5/2009
7.0000
5,607.00
801
Total
   
19,355.00
2,765
 
14

 
Exhibit A
 
LAWRENCE B. SEIDMAN
Ivy Corporate Park
100 Misty Lane, 1st Floor
Parsippany, NJ 07054
(973) 952-0405
Fax: (973) 781-0876
September 25, 2009
 
Mr. Stephen M. Duff
Treasurer
Ninth Floor Corporation
c/o The Clark Estates
One Rockefeller Plaza
New York, New York  10020
Dear Mr. Duff:
 
The following are the terms and conditions in reference to the investment account for the purchase of publicly traded bank and thrift stocks.  This agreement supersedes all prior agreements:
 
1. A brokerage account will be opened at JPMorgan Clearing Corp. Corp. in the name ofCBPS, LLC.
 
2. The account will be a discretionary account with Lawrence Seidman having a revocable Power of Attorney to buy and sell stock (long only, with no leverage) in said account, provided all funds deposited into the account are for CBPS, LLC, and all stock purchased in the account is in the name of CBPS, LLC.
 
3. Only shares of publicly traded bank and thrift stocks may be purchased (long only).
 
4. No derivatives may be purchased or sold in the account.
 
5. CBPS, LLC shall have the right to terminate the relationoship on September 25, 2011 or in the event of a breach by Lawrence Seidman of this agreement.
 
6. Upon such termination, my discretion shall be terminated automatically.
 
7. My compensation shal be 1/4 of 1% of the value of the assets in the account computed as of the last day of each calendar quarter.   I shall have the right to authorize the distribution of said compensation from the account.  An incentive fee will be paid me equal to 20% of the net profits earned in the account as of the termination date whether same shall be the two year and one month anniversary date or later if agreed to between the parties.  One-hundred (100%) of all funds shall go to CBPS, LLC until 100% of the capital is returned, and then the division shall be 80% to CBPS, LLC and 20% to Veteri Place Corporation, a New Jersey Corporation.
 
8.  Net profits shall be defined to be the amount earned in the account includingcapital appreciation, dividends and interest.
 
9. I shall have the sole right to vote the shares in the account until termination of my Power of Attorney.
10. In the event any portion of this agreement is not in compliance with law, then CBPS, LLC shall have the sole right to terminate this letter, and an accountingshall be done based  upon the above quoted administrative fee and profit participationto the date of the termination.
 
11.  This Agreement shall be effective as of September 25, 2009.
 
 
                                                                                       Very truly yours,
                                                                      /ss/  LAWRENCE B. SEIDMAN
 
AGREED AND ACCEPTED:
 
 
/ss/ Stephen M. Duff
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