Apr 04, 2019 (Market Exclusive via COMTEX) — Bryn Mawr Bank Corporation BMTC, +1.61% Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 29, 2019, Alison Eichert, Executive Vice President and Chief Administrative Officer of The Bryn Mawr Trust Company (the “Bank”) and Vice President of Bryn Mawr Bank Corporation (the “Corporation” and together with the Bank, the “Company”), informed the Company that she has decided to retire effective October 1, 2019. Ms. Eichert has been with the Company for 21 years and chose to participate in a voluntary Years of Service Incentive Program (the “Program”) that was designed to provide an enhanced benefits package for certain long-standing employees should they choose to exit the Company prior to the end of 2019.
to the Program, at retirement, Ms. Eichert will enter into a Voluntary Separation Agreement to which she will receive the following benefits, subject to applicable withholdings, and also to her execution and non-revocation of a general release of claims and continuing compliance with certain restrictive covenant obligations: (i) $793,056, (ii) a pro-rated Annual Incentive Award under the Corporation’s Annual Incentive Methodology (as described in the Corporation’s 2019 Definitive Proxy Statement on Schedule 14A (“Proxy Statement”)), with such pro-ration determined based on the portion of 2019 during which Ms. Eichert is employed by the Company, (iii) contributions to the Corporation’s Amended and Restated Supplemental Employee Retirement Plan and Executive Deferred Compensation Plan as if Ms. Eichert remained employed through December 31, 2019, (iv) subsidized group health insurance coverage at active employee rates through October 1, 2022 and (v) with respect to the Restricted Stock Units (“RSUs”) granted