Bryn Mawr Bank Corporation (NASDAQ:BMTC) 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 August 11, 2017 and August 9, 2018, the forfeiture provisions applicable to such RSUs will be waived so that such RSUs will continue to be eligible for vesting as if Ms. Eichert remained an employee through the applicable vesting date, provided that the vesting of the performance based portion of the RSUs will also be subject to actual achievement of the applicable performance objectives. In addition, it is expected that for a period of time following her retirement, Ms. Eichert will remain available to provide consulting services to the extent deemed necessary by the Company.
About Bryn Mawr Bank Corporation (NASDAQ:BMTC)
Bryn Mawr Bank Corporation is a holding company for The Bryn Mawr Trust Company (the Bank). The Company offers a range of personal and business banking services, consumer and commercial loans, equipment leasing, mortgages, insurance, and wealth management services, including investment management, trust and estate administration, retirement planning, custody services, and tax planning and preparation. The Company operates through two segments: Wealth Management and Banking. The Company’s Wealth Management segment offers various services, including trust administration, custody, investment management and advisory services, employee benefits, estate settlement, tax services and brokerage. Its Banking segment consists of commercial and retail banking. The Company operates through a network of approximately 30 full-service branches, eight limited-hour retirement community branches, five wealth offices and a full-service insurance agency.
