percent (125%) of the aggregate COBRA premium amounts for three (3) years (or, if shorter, for the period of time up to such officer’s attainment of age 65) of health, hospitalization and medical insurance coverage for such officer and his spouse, minus (ii) the aggregate amount of any employee contribution that would have been required of such officer for such three (3) year period (or, if shorter, for the period of time up to such officer’s attainment of age 65). In addition, the amendment to the Amended and Restated Change in Control Agreement of Mr. Eskow also amends his rights to continuation of life and disability insurance coverage for a period of three (3) years (but not beyond the date he reaches age 65) following his termination of employment without cause or resignation for good reason.

                 The above summary is qualified in its entirety by Exhibits 10.8, 10.9, 10.10, 10.11 and 10.12 which are incorporated herein by reference.

                 The amendments to the Change in Control Agreements of Messrs. Garber, Dyke, Horsting, Gould, Farrell, Davey and Mulligan and Ms. DeLaney authorize Valley to delay any scheduled payments to such officers under their respective Change in Control Agreement, the Valley National Bancorp Benefit Equalization Plan, and any other plan, contract or program if Valley determines that such delay is necessary to comply with the requirements of Section 409A of the Code. The scheduled payments may not be delayed more than six months after such officer’s separation from service, and interest is to be paid to such officer on the delayed payment based on the six month Treasury Bill rate in effect on the date when the payment is delayed. Such delayed payments, plus interest for the period of any such delay, shall be paid to the officer at the end of such period of delay.

                 The amendments to the Change in Control Agreements of Messrs. Garber, Dyke, Horsting, Gould, Farrell, Davey and Mulligan and Ms. DeLaney also amend their respective rights to continuation of certain welfare benefit coverages following their respective termination of employment without cause or resignation for good reason. In such an event, Valley will pay such officers, within twenty (20) business days of their termination of employment, a lump sum amount equal to (i) one hundred twenty five percent (125%) of the aggregate COBRA premium amounts for the equivalent period of the lump sum payment (i.e., 1 or 2 years) of the medical and dental insurance coverage for such officer and his spouse, minus (ii) the aggregate amount of any employee contribution that would have been required of such officer for such period.

                 The above summary is qualified in its entirety by Exhibits 10.13, 10.14, 10.15, 10.16, 10.17, 10.18, 10.19 and 10.20 which are incorporated herein by reference.

(C)           On August 15, 2006, Valley entered into a new Severance Letter Agreement (the “Lipkin Severance Agreement”) with Gerald H. Lipkin. Mr. Lipkin’s prior Severance Letter Agreement, dated August 17, 1994 (as amended on November 28, 2000), was terminated as of August 15, 2006.

                 The Lipkin Severance Agreement provides Mr. Lipkin with $600,000 per year in minimum combined benefits from Valley’s defined benefit pension plan and the Benefit Equalization Plan, and, to the extent necessary, from Valley, which represents a $300,000 increase per year in minimum combined benefits from his prior Severance Letter Agreement. If Mr. Lipkin dies before he begins receiving defined benefit pension benefits or if Mr. Lipkin’s spouse survives him, she will be entitled to a minimum survivor benefit of $400,000 per year for the rest of her life.