Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
BMTC > SEC Filings for BMTC > Form 8-K on 3-Jul-2013All Recent SEC Filings

Show all filings for BRYN MAWR BANK CORP



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; Compensatory Arrangements of Certain Officers.

On June 28, 2013, Bryn Mawr Bank Corporation (the "Company") adopted the Bryn Mawr Bank Corporation Executive Deferred Compensation Plan (the "Plan"). The Plan will be effective retroactive to January 1, 2013. The Plan is intended to be an "unfunded" plan and will be maintained by the Company primarily for the purpose of providing deferred compensation to a select group of employees, including Alison Gers, Joseph Keefer, Francis Leto, and J. Duncan Smith, each of whom are named executive officers of the Company. The Plan is also intended to be exempt from Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended, and to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended.

Under the Plan, the Company will allocate to the deferred compensation account of each participant the following amounts: (i) on a quarterly basis, 1.5% of the participant's then-current base annual salary, and (ii) on an annual basis, a performance allocation if certain performance goals are met, which will be based on criteria to be determined and set by the Compensation Committee of the Board of Directors at the beginning of each year ("Performance Allocation"). For the year 2013, the Performance Allocations will be based on an assessment of goals set with respect to the Company's 2013 Return on Assets, Return on Equity, and Earnings Per Share, and each participant will be eligible to receive up to 9% of their base salary should the goals be achieved.

The initial participants in the plan, including the named executive officers listed above, will be 100% vested in their deferred compensation accounts retroactive to January 1, 2013. The deferred compensation accounts of later-named participants will be subject to time and occurrence based vesting.

Payment obligations under the Plan are, subject to certain conditions, payable upon specified events such as Separation from Service (as defined by the Plan) and death, and are payable either in a lump sum or in annual installments for up to ten years.

The foregoing description of the Plan is qualified in its entirety by the full text of the Plan, a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit Description

Exhibit 10.1 Bryn Mawr Bank Corporation Executive Deferred Compensation Plan

  Add BMTC to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for BMTC - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.