Exhibit 10.29
AGREEMENT AND GENERAL RELEASE
THIS SEVERANCE AGREEMENT AND GENERAL RELEASE ("Agreement") is made and entered
into this 19th day of November 2008 by and between First National Bank of
Chester County (the "Bank") and Deborah R. Pierce ("Employee").
WHEREAS, the Bank has restructured its operations and as a result thereof, the
Employee's position has been eliminated; and
WHEREAS, the Bank and Employee desire to resolve and settle all issues, existing
as of the date of execution of this Agreement, whether arising from any aspect
of Employee's employment or separation from employment with the Bank, or
otherwise;
NOW, THEREFORE, in consideration of the covenants and mutual promises and
agreements contained herein, and other valuable consideration, the receipt of
which hereby is acknowledged, it is agreed as follows:
1.
TERMINATION DATE.
EMPLOYEE SHALL BE
SEPARATED FROM EMPLOYMENT EFFECTIVE OCTOBER 29, 2008, WHICH SHALL BE CONSIDERED
THE TERMINATION DATE ("TERMINATION DATE").
2.
SEVERANCE.
EMPLOYEE WILL RECEIVE TOTAL
SEVERANCE PAY EQUIVALENT TO TWELVE (12) MONTHS OF BASE SALARY, (WHICH SHALL
INCLUDE AUTO ALLOWANCE) AS REDUCED BY APPLICABLE TAXES COMMENCING ON OCTOBER 30,
2008 AND TERMINATING OCTOBER 29, 2009.
PAYMENT OF THE SEVERANCE SHALL BE MADE
AT NORMAL PAYROLL PERIODS.
3.
BENEFITS.
IN THE EVENT THE EMPLOYEE
ELECTS TO CONTINUE MEDICAL COVERAGE UNDER COBRA, THE BANK WILL PAY THE
EMPLOYEE'S SHARE OF THE COBRA PREMIUMS FOR A PERIOD NOT TO EXCEED TWELVE (12)
MONTHS FROM THE TERMINATION DATE FOR THE EMPLOYEE AND HER SPOUSE, PROVIDED THAT
EMPLOYEE PAYS APPLICABLE EMPLOYEE CO-PAYS AND HAS NOT OBTAINED COMPARABLE
MEDICAL COVERAGE ELSEWHERE.
MEDICAL CARE COVERAGE SHALL CEASE IN THE EVENT
EMPLOYEE OBTAINS OTHER COVERAGE.
4.
BY DECEMBER 31, 2008, THE EMPLOYEE
SHALL BE PAID THE SUM OF $9,317.28 AS CASH EQUIVALENT PAYMENT FOR 2008
401(K) PROFIT SHARING PLAN.
5.
OUTPLACEMENT.
THE BANK WILL PAY FOR
OUTPLACEMENT SERVICES FOR THE EMPLOYEE, DIRECTLY TO A FIRM SELECTED BY THE
EMPLOYEE IN AN AMOUNT NOT TO EXCEED FOURTEEN THOUSAND DOLLARS ($14,000).
6.
PTO.
EMPLOYEE WILL ALSO RECEIVE PAY
FOR ACCRUED AND UNUSED PTO ("PAID TIME OFF").
7.
BONUS.
ALTHOUGH THE BANK DOES NOT
INTEND TO PAY A 2008 EXECUTIVE ANNUAL BONUS, IN THE EVENT IT DOES, IT WILL PAY
EMPLOYEE A PRO RATA SHARE OF THAT BONUS FOR 2008 UP TO AND INCLUDING THE DATE OF
HER TERMINATION OCTOBER 29, 2008.
8.
THE BANK WILL PAY EMPLOYEE THE AMOUNT
OF $12,650 AS REDUCED BY APPLICABLE TAXES, REPRESENTING THE 2007 LTIP BY
DECEMBER 31, 2008
9.
EXCEPT AS SPECIFICALLY SET FORTH
HEREIN, THE EMPLOYEE IS NOT ENTITLED TO ANY FURTHER COMPENSATION OR BENEFITS
FROM THE BANK EXCEPT FOR THOSE BENEFITS GOVERNED BY OTHER DOCUMENTS OR PLANS
SUCH AS THE SBRP AND CONTINUATION OF CERTAIN LIFE INSURANCE POLICIES AND OTHER
BENEFITS TO THE EXTENT THOSE PLANS MAY ALLOW BUT IN NO EVENT SHALL THE BANK BE
RESPONSIBLE FOR ANY FURTHER CONTRIBUTIONS OR PAYMENT OF PREMIUMS.
THE BANK WILL
NOT OPPOSE EMPLOYEE'S APPLICATION FOR PENNSYLVANIA UNEMPLOYMENT COMPENSATION
BENEFITS.
10.
NON-DISPARAGEMENT.
THE EMPLOYEE AGREES THAT
SHE WILL NOT MAKE OR CAUSE TO