This Employment Agreement (the Agreement”) is made as of this 26 th day of February, 2002, by and
between ANTHONY J. FERARO , an individual residing at (“Executive”), UNITY
BANK , a New Jersey state bank with its principal place of business located at 64 Old Highway 22, Clinton,
New Jersey 08809 (the “Bank) and UNITY BANCORP, INC. a Delaware corporation and holding company
of the Bank with its principal place of business located at 64 Old Highway 22, Clinton, New Jersey 08809
(“Unity”) (Bank and Unity collectively, “Employer”).
WHEREAS , Executive is currently employed as the President of Employer pursuant to an employment
agreement between Executive and the Bank dated as of the 18th day of October, 1999 (the “Original
WHEREAS , Executive and Employer desire for Executive to continue his employment with the
Employer and desire that this Agreement replace the Original Agreement and govern the terms and conditions of
NOW, THEREFORE , in consideration of the premises and covenants contained herein, and with the
intent to be legally bound hereby, the parties hereto hereby agree as follows:
1. Employment. Employer hereby agrees to employ the Executive, and the Executive hereby
accepts such employment, upon the terms and conditions set forth herein.
2. Position and Duties . The Executive shall be employed as President of Employer, to
perform such services in that capacity as are usual and customary for comparable institutions and as shall from
time to time be established the Board of Directors of the Employer. Executive agrees that he will devote his full
business time and efforts to his duties hereunder.
3. Cash Compensation. Employer shall pay to the Executive compensation for his services as
(a) Base Salary . The Executive shall be entitled to receive, commencing upon the date of
this Agreement, an annual base