Document:

EX-10.2

 Exhibit 10.2 
 GUARANTY 
 THIS GUARANTY (as the same may be amended, restated,
supplemented or otherwise modified from time to time, this “Guaranty”) is made as of June 27, 2013, by Stepan Specialty Products, LLC, a Delaware limited liability company (together with any Subsidiaries which become parties to
this Guaranty by executing a Supplement hereto in the form attached hereto as Annex I, the “Guarantors”), for the benefit of the holders from time to time of the Notes (as defined below) (the “Holders”).

 WITNESSETH: 
 WHEREAS, Stepan Company, a Delaware corporation (the “Borrower”), has entered into that certain Note Purchase Agreement, dated as of June 27, 2013 (the “Note Purchase
Agreement”), by and among the Borrower and the purchasers named therein. 
 WHEREAS, the Borrower has authorized the
issuance of and, pursuant to the Note Purchase Agreement, proposes to issue and sell on the date hereof its 3.86% Senior Notes, due June 27, 2025 (the “Notes”) pursuant to the Note Purchase Agreement. 

WHEREAS, pursuant to Section 9.8 of the Note Purchase Agreement, the Borrower has agreed that certain of its Subsidiaries (each a
“Guarantor” and, collectively, the “Guarantors”) will guarantee the Borrower’s obligations under the Notes and the Note Purchase Agreement; 

WHEREAS, the Guarantors hereby execute and deliver this Guaranty, whereby each of the Guarantors, without limitation and with full
recourse, shall guarantee the payment when due of all of the “Guaranteed Obligations” (as defined below); and 

WHEREAS, the Guarantors each acknowledge that they have and will continue to derive substantial benefits from the issuance of the Notes,
and each of the Guarantors is willing to guarantee the Guaranteed Obligations; 
 NOW, THEREFORE, in consideration of the
foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Definitions. Terms defined in the Note Purchase Agreement and not otherwise defined herein have, as used herein, the respective meanings provided for therein. 

SECTION 2. Representations, Warranties and Covenants. Each of the Guarantors represents and warrants to each Holder as of the
date of this Agreement that: 
 (A) It (i) is a corporation, partnership or limited liability company, duly incorporated or
organized, as the case may be, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization, (ii) is duly qualified to do business as a foreign entity and is in good standing under the laws of each
jurisdiction where the business by it makes such qualification necessary, and (iii) has all requisite corporate, partnership or limited liability power and authority, as the case may be, to own, operate and encumber its property and to conduct
its business in each jurisdiction in which its business is conducted except to the extent that the failure to have such authority could not reasonably be expected to have a material adverse effect (a) on the business, financial condition,
operations or properties of a Guarantor taken as a whole or (b) on its ability to perform its obligations hereunder. 

 (B) It has the requisite corporate, limited liability company or partnership, as applicable,
power and authority and legal right to execute and deliver this Guaranty and to perform its obligations hereunder. The execution and delivery by it of this Guaranty and the performance of each of its obligations hereunder have been duly authorized
by proper proceedings, and this Guaranty constitutes a legal, valid and binding obligation of each Guarantor, enforceable against such Guarantor, in accordance with its terms, except as enforceability may be limited by (i) bankruptcy,
insolvency, fraudulent conveyances or transfers, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at
law), and (iii) requirements of reasonableness, good faith and fair dealing. 
 (C) Neither the execution and delivery by
it of this Guaranty, nor the consummation by it of the transactions herein contemplated, nor compliance by it with the terms and provisions hereof, will (i) conflict with the charter or other organizational documents of such Guarantor,
(ii) conflict with, result in a breach of or constitute (with or without notice or lapse of time or both) a default under any law, rule, regulation, order, writ, judgment, injunction, decree or award (including, without limitation, any
environmental property transfer laws or regulations) applicable to such Guarantor or any provisions of any indenture, instrument or agreement to which such Guarantor is party or is subject or which it or its property is bound or affected, or require
termination of any such indenture, instrument or agreement, (iii) result in or require the creation or imposition of any Lien whatsoever upon any of the property or assets of such Guarantor, other than Liens permitted or created by the Note
Purchase Agreement, or (iv) require any approval of such Guarantor’s board of directors or shareholders or unitholders except such as have been obtained. The execution, delivery and performance by the Guarantors of this Guaranty do not and
will not require any registration with, consent or approval of, or notice to, or other action to, with or by any governmental authority, including under any environmental property transfer laws or regulations, except filings, consents or notices
which have been made. 
 In addition to the foregoing, each of the Guarantors covenants that, so long as any amount is payable
under the Note Purchase Agreement or the Notes or any other Guaranteed Obligations shall remain unpaid, it will, and, if necessary, will enable the Borrower to, fully comply with those covenants and agreements of the Borrower applicable to such
Guarantor set forth in the Note Purchase Agreement. 
 SECTION 3. The Guaranty. Each of the Guarantors hereby
unconditionally guarantees, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, to each Holder and its successors, transfers and assigns, the full and punctual payment and performance when due, whether
at stated maturity, upon acceleration or otherwise, of the principal of and Make-Whole Amount and interest on (including, without limitation, interest whether or not an allowable claim, accruing after the date of filing of any petition in
bankruptcy, or the commencement of any bankruptcy, insolvency or similar proceeding relating to the Borrower) the Notes issued from time to time, including Additional Notes issued after the date hereof, and all other amounts under the Note Purchase
Agreement and all other obligations, agreements and covenants of the Borrower now or hereafter existing under the Note Purchase Agreement whether for principal, Make-Whole Amount, interest (including interest accruing both prior to and subsequent to
the commencement of any proceeding against or with respect to the Borrower under any chapter of the Bankruptcy Code), indemnification payments, expenses (including attorneys’ fee and expenses) or otherwise, and all costs and expenses, if any,
incurred by any Holder in connection with enforcing any rights under this Guaranty (all of the foregoing being referred to collectively as the “Guaranteed Obligations” and the holders from time to time of the Guaranteed Obligations
being referred to collectively as the “Holders of Guaranteed Obligations”). Upon (x) the failure by the Borrower to pay punctually any such amount or perform such obligation, and (y) such failure continuing beyond any
applicable grace or notice and cure period, each of the Guarantors agrees that it shall forthwith on demand pay such amount or perform such obligation at the place and in the manner specified in the Note Purchase

  
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Agreement. Each of the Guarantors hereby agrees that this Guaranty is an absolute, irrevocable, unconditional, present and continuing guaranty of payment and is not a guaranty of collection, and
is no way conditioned upon any attempt to collect from the Borrower or any other action, occurrence or circumstance whatsoever. 

Notwithstanding any stay, injunction or other prohibition preventing such action against the Borrower, if for any reason whatsoever the
Borrower shall fail or be unable duly, punctually and fully to perform and (in the case of the payment of the Guaranteed Obligations) pay such amounts as and when the same shall become due and (in the case of the payment of the Guaranteed
Obligations) payable or to perform or comply with any other Guaranteed Obligation, whether or not such failure or inability shall constitute an “Event of Default” under the Note Purchase Agreement or the Notes, each Guarantor will
forthwith (in the case of the payment of Guaranteed Obligations) pay or cause to be paid such amounts to the Holders, in lawful money of the United States of America, at the place specified in the Note Purchase Agreement, or perform or comply with
such Guaranteed Obligations or cause such Guaranteed Obligations to be performed or complied with, (in the case of the payment of Guaranteed Obligations) together with interest (in the amounts and to the extent required under such Notes) on any
amount due and owing. 
 SECTION 4. Guaranty Unconditional. The obligations of each of the Guarantors hereunder
shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 
 (A) any extension, renewal, settlement, indulgence, compromise, waiver or release of or with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto, or with respect to
any obligation of any other guarantor of any of the Guaranteed Obligations, whether (in any such case) by operation of law or otherwise, or any failure or omission to enforce any right, power or remedy with respect to the Guaranteed Obligations or
any part thereof or any agreement relating thereto, or with respect to any obligation of any other guarantor of any of the Guaranteed Obligations; 
 (B) any modification or amendment of or supplement to the Note Purchase Agreement, including, without limitation, any such amendment which may increase the amount of, or the interest rates applicable to,
any of the Guaranteed Obligations guaranteed hereby; 
 (C) any release, surrender, compromise, settlement,
waiver, subordination or modification, with or without consideration, of any collateral securing the Guaranteed Obligations or any part thereof, any other guaranties with respect to the Guaranteed Obligations or any part thereof, or any other
obligation of any person or entity with respect to the Guaranteed Obligations or any part thereof, or any nonperfection or invalidity of any direct or indirect security for the Guaranteed Obligations; 

(D) any change in the corporate, partnership or other existence, structure or ownership of the Borrower or any other
guarantor of any of the Guaranteed Obligations, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Borrower or any other guarantor of the Guaranteed Obligations, or any of their respective assets or any resulting
release or discharge of any obligation of the Borrower or any other guarantor of any of the Guaranteed Obligations; 
 (E) the existence of any claim, setoff or other rights which the Guarantors may have at any time against the Borrower, any other guarantor of any of the Guaranteed Obligations, any Holder of Guaranteed
Obligations or any other Person, whether in connection herewith or in connection with any unrelated transactions; provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;

  
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 (F) the enforceability or validity of the Guaranteed Obligations or any part
thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Guaranteed Obligations or any part thereof, or any other invalidity or unenforceability relating to or against
the Borrower or any other guarantor of any of the Guaranteed Obligations, for any reason related to the Note Purchase Agreement, the Notes or any provision of applicable law, decree, order or regulation of any jurisdiction purporting to prohibit the
payment by the Borrower or any other guarantor of the Guaranteed Obligations, of any of the Guaranteed Obligations or otherwise affecting any term of any of the Guaranteed Obligations; 

(G) the failure of the Holders to take any steps to perfect and maintain any security interest in, or to preserve any
rights to, any security or collateral for the Guaranteed Obligations, if any; 
 (H) the election by, or on
behalf of, any one or more of the Holders of Guaranteed Obligations, in any proceeding instituted under Chapter 11 of Title 11 of the United States Code (11 U.S.C. 101 et seq.) (the “Bankruptcy Code”), of the application of
Section 1111(b)(2) of the Bankruptcy Code; 
 (I) any borrowing or grant of a security interest by the
Borrower, as debtor-in-possession, under Section 364 of the Bankruptcy Code; 
 (J) the disallowance, under
Section 502 of the Bankruptcy Code, of all or any portion of the claims of the Holders of Guaranteed Obligations for repayment of all or any part of the Guaranteed Obligations; 

(K) the failure of any other guarantor to sign or become party to this Guaranty or any amendment, change, or reaffirmation
hereof; or 
 (L) any other act or omission to act or delay of any kind by the Borrower, any other guarantor of
the Guaranteed Obligations, any Holder of Guaranteed Obligations or any other Person or any other circumstance whatsoever which might, but for the provisions of this Section 4, constitute a legal or equitable discharge of any Guarantor’s
obligations hereunder except as provided in Section 5. 
 SECTION 5. Discharge Only Upon Payment In Full: Reinstatement
In Certain Circumstances. 
 (A) Each of the Guarantors’ obligations hereunder shall remain in full
force and effect and shall not be discharged until such time as all of the principal of, Make-Whole Amount and interest on the Notes, the other Guaranteed Obligations and all other independent payment obligations of such Guarantor under the Guaranty
shall have been paid in full in cash and performed in full, and all of the agreements of each of the other Guarantors hereunder shall be duly paid in cash and performed in full. If at any time any payment of the principal of, Make-Whole Amount, or
interest on any Note or any other amount payable by the Borrower or any other party under the Note Purchase Agreement or any Note is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the
Borrower or otherwise, each of the Guarantors’ obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time. 

  
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 (B) A Guarantor shall automatically be released from its obligations
hereunder in the event that all of the capital stock of such Guarantor shall be sold, transferred or otherwise disposed of, or the assets of such Guarantor shall be sold, transferred or otherwise disposed of substantially in their entirety, in each
case to a Person that is not the Borrower in accordance with the terms of the Note Purchase Agreement. 
 (C) In
connection with any termination or release pursuant to paragraph (A) or (B) of this Section 5 the Holders shall execute and deliver to any Guarantor, as the case may be, at such Guarantor’s expense, all documents that such
Guarantor shall reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section 5 shall be without recourse to or warranty by the Holders. 

SECTION 6. General Waivers; Additional Waivers. 

(A) General Waivers. Each of the Guarantors irrevocably waives acceptance hereof, presentment, demand or action on
delinquency, protest, the benefit of any statutes of limitations and, to the fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Borrower, any
other guarantor of the Guaranteed Obligations, or any other Person. 
 (B) Additional Waivers.
Notwithstanding anything herein to the contrary, each of the Guarantors hereby absolutely, unconditionally, knowingly, and expressly waives: 
 (i) any right it may have to revoke this Guaranty as to future indebtedness or notice of acceptance hereof; 
 (ii) (a) notice of acceptance hereof; (b) notice of any financial accommodations made or extended under the Note Purchase Agreement or the creation or existence of any Guaranteed Obligations;
(c) notice of the amount of the Guaranteed Obligations, subject, however, to each Guarantor’s right to make inquiry of the Holders of Guaranteed Obligations to ascertain the amount of the Guaranteed Obligations at any reasonable time;
(d) notice of any adverse change in the financial condition of the Borrower or of any other fact that might increase such Guarantor’s risk hereunder; (e) notice of presentment for payment, demand, protest, and notice thereof as to any
instruments under the Note Purchase Agreement or the Notes; (f) notice of any Default or Event of Default; and (g) all other notices (except if such notice is specifically required to be given to such Guarantor hereunder or under the Note
Purchase Agreement) and demands to which each Guarantor might otherwise be entitled; 
 (iii) its right, if any,
to require the Holders of Guaranteed Obligations to institute suit against, or to exhaust any rights and remedies which the Holders of Guaranteed Obligations have or may have against, the other Guarantors or any third party, or against any
collateral provided by the other Guarantors, or any third party; and each Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and
finally performed and indefeasibly paid) of the other Guarantors or by reason of the cessation from any cause whatsoever of the liability of the other Guarantors in respect thereof; 

(iv) (a) any rights to assert against the Holders of Guaranteed Obligations any defense (legal or equitable),
set-off, counterclaim, or claim which such Guarantor may now or at any time hereafter have against the other Guarantors or any other party liable to the Holders of 

  
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Guaranteed Obligations; (b) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency,
validity, or enforceability of the Guaranteed Obligations or any security therefor; (c) any defense such Guarantor has to performance hereunder, and any right such Guarantor has to be exonerated, arising by reason of: the impairment or
suspension of the Holders of Guaranteed Obligations’ rights or remedies against the other Guarantors; the alteration by the Holders of Guaranteed Obligations of the Guaranteed Obligations; any discharge of the other Guarantors’ obligations
to the Holders of Guaranteed Obligations by operation of law as a result of the Holders of Guaranteed Obligations’ intervention or omission; or the acceptance by the Holders of Guaranteed Obligations of anything in partial satisfaction of the
Guaranteed Obligations; and (d) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations
applicable to the Guaranteed Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to such Guarantor’s liability hereunder; and 

(v) any defense arising by reason of or deriving from (a) any claim or defense based upon an election of remedies by
the Holders of Guaranteed Obligations; or (b) any election by the Holders of Guaranteed Obligations under Section 1111(b) of Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect (or any
successor statute), to limit the amount of, or any collateral securing, its claim against the Guarantors. 
 SECTION 7.
Subordination of Subrogation; Subordination of Intercompany Indebtedness. 
 (A) Subordination of
Subrogation. Until the Guaranteed Obligations have been fully and finally performed and indefeasibly paid in full in cash (other than contingent indemnity obligations), the Guarantors (i) shall have no right of subrogation with respect to
such Guaranteed Obligations and (ii) waive any right to enforce any remedy which the Holders of Guaranteed Obligations now have or may hereafter have against the Borrower, any endorser or any guarantor of all or any part of the Guaranteed
Obligations or any other Person, and the Guarantors waive any benefit of, and any right to participate in, any security or collateral given to the Holders of Guaranteed Obligations to secure the payment or performance of all or any part of the
Guaranteed Obligations or any other liability of the Borrower to the Holders of Guaranteed Obligations. Should any Guarantor have the right, notwithstanding the foregoing, to exercise its subrogation rights, each Guarantor hereby expressly and
irrevocably (a) subordinates any and all rights at law or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or set off that such Guarantor may have to the indefeasible payment in full in cash of the Guaranteed
Obligations (other than contingent indemnity obligations) and (b) waives any and all defenses available to a surety, guarantor or accommodation co-obligor until the Guaranteed Obligations are indefeasibly paid in full in cash and performed in
full. Each Guarantor acknowledges and agrees that this subordination is intended to benefit the Holders of Guaranteed Obligations and shall not limit or otherwise affect such Guarantor’s liability hereunder or the enforceability of this
Guaranty, and that the Holders of Guaranteed Obligations and their successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in this Section 7(A). 

(B) Subordination of Intercompany Indebtedness. Each Guarantor agrees that any and all claims of such Guarantor
against the Borrower or any other Guarantor hereunder (each an “Obligor”) with respect to any “Intercompany Indebtedness” (as hereinafter defined), any endorser, obligor or any other guarantor of all or any part of the
Guaranteed Obligations, or against any of its properties shall be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Guaranteed Obligations; provided that, as long as no Event of

  
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Default has occurred and is continuing, such Guarantor may receive payments of principal and interest from any Obligor with respect to Intercompany Indebtedness. Notwithstanding any right of any
Guarantor to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens and security interests of such Guarantor, whether now or hereafter arising and howsoever existing, in any assets of any other Obligor shall be and are
subordinated to the rights of the Holders of Guaranteed Obligations in those assets. No Guarantor shall have any right to possession of any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until all
of the Guaranteed Obligations shall have been fully paid and satisfied (in cash) and fully performed. If all or any part of the assets of any Obligor, or the proceeds thereof, are subject to any distribution, division or application to the creditors
of such Obligor, whether partial or complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding, or if the business of any
such Obligor is dissolved or if substantially all of the assets of any such Obligor are sold, then, and in any such event (such events being herein referred to as an “Insolvency Event”), any payment or distribution of any kind or
character, either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any indebtedness of any Obligor to any Guarantor (“Intercompany Indebtedness”) shall be paid or delivered
directly to the Holders for application on any of the Guaranteed Obligations, due or to become due, until such Guaranteed Obligations shall have first been fully paid and satisfied (in cash). Should any payment, distribution, security or instrument
or proceeds thereof be received by the applicable Guarantor upon or with respect to the Intercompany Indebtedness after any Insolvency Event and prior to the satisfaction of all of the Guaranteed Obligations, such Guarantor shall receive and hold
the same in trust, as trustee, for the benefit of the Holders of Guaranteed Obligations and shall forthwith deliver the same to the Holders of Guaranteed Obligations, in precisely the form received (except for the endorsement or assignment of the
Guarantor where necessary), for application to any of the Guaranteed Obligations, due or not due, and, until so delivered, the same shall be held in trust by the Guarantor as the property of the Holders of Guaranteed Obligations. If any such
Guarantor fails to make any such endorsement or assignment to the Holders of Guaranteed Obligations, the Holders of Guaranteed Obligations or any of their officers or employees are irrevocably authorized to make the same. Each Guarantor agrees that
until the Guaranteed Obligations (other than the contingent indemnity obligations) have been paid in full (in cash) and satisfied and fully performed, no Guarantor will assign or transfer to any Person any claim any such Guarantor has or may have
against any Obligor. 
 SECTION 8. Contribution with Respect to Guaranteed Obligations. 

(A) To the extent that any Guarantor shall make a payment under this Guaranty (a “Guarantor Payment”)
which, taking into account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Guarantor if each Guarantor had paid the
aggregate Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate
Allocable Amounts of each of the Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following indefeasible payment in full in cash of the Guaranteed Obligations and termination of the Note Purchase Agreement,
such Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior
to such Guarantor Payment. 

  
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 (B) As of any date of determination, the “Allocable Amount” of any
Guarantor shall be equal to the excess of the fair value of the property of such Guarantor over the total liabilities of such Guarantor (including the maximum amount reasonably expected to become due in respect of contingent liabilities, calculated,
without duplication, assuming each other Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other Guarantors as of such date in a manner to maximize the amount of such
contributions. 
 (C) This Section 8 is intended only to define the relative rights of the Guarantors, and
nothing set forth in this Section 8 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty.

 (D) The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall
constitute assets of the Guarantor or Guarantors to which such contribution and indemnification is owing. 
 (E)
The rights of the indemnifying Guarantors against other Guarantors under this Section 8 shall be exercisable upon the full and indefeasible payment of the Guaranteed Obligations in cash, the performance in full of the Guaranteed Obligations and
the termination of the Note Purchase Agreement. 
 (F) In determining the solvency of any Guarantor, it is the
intention of the parties hereto that any rights of subrogation or contribution which such Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account. 

SECTION 9. Limitation of Obligations. Notwithstanding any other provision of this Guaranty, each Guarantor’s obligation to
pay the amount guaranteed by each Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state
Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 
 SECTION 10. Stay of
Acceleration. If acceleration of the time for payment of any amount payable by the Borrower under the Note Purchase Agreement or any Note is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise
subject to acceleration under the terms of the Note Purchase Agreement or any Note shall nonetheless be payable by each of the Guarantors hereunder forthwith on demand by the Holders. 

SECTION 11. Notices. All notices, requests and other communications to any party hereunder shall be given in the manner prescribed
in the Note Purchase Agreement with respect to the Holders at their notice address therein and with respect to any Guarantor, in care of the Borrower at the address of the Borrower set forth in the Note Purchase Agreement or such other address or
telecopy number as such party may hereafter specify for such purpose by notice in accordance with the provisions of the Note Purchase Agreement. 
 SECTION 12. No Waivers. No failure or delay by the Holder of Guaranteed Obligations in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided in this Guaranty, the Note Purchase Agreement, and the Notes shall be cumulative and not
exclusive of any rights or remedies provided by law. 

  
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 SECTION 13. Successors and Assigns. This Guaranty is for the benefit of the Holders
and the Holders of Guaranteed Obligations and their respective successors, transfers and permitted assigns; provided, that no Guarantor shall have any right to assign its rights or obligations hereunder without the consent of all of the
Holders, and any such assignment in violation of this Section 13 shall be null and void; and in the event of an assignment of any amounts payable under the Note Purchase Agreement or the Notes in accordance with the respective terms thereof,
the rights hereunder, to the extent applicable to the indebtedness so assigned, may be transferred with such indebtedness. This Guaranty shall be binding upon each of the Guarantors and their respective successors and assigns. 

SECTION 14. Changes in Writing. Other than in connection with the addition of additional Subsidiaries, which become parties hereto
by executing a supplement hereto in the form attached as Annex I, neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated orally, but only in writing signed by each of the Guarantors and the Holders.

 SECTION 15. GOVERNING LAW. THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK. 
 SECTION 16. CONSENT TO JURISDICTION; SERVICE OF PROCESS; JURY TRIAL. 

(A) CONSENT TO JURISDICTION. EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW
YORK STATE OR FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE NOTE PURCHASE AGREEMENT OR ANY NOTE AND EACH GUARANTOR
HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF ANY HOLDER OF GUARANTEED OBLIGATIONS TO BRING PROCEEDINGS AGAINST ANY GUARANTOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL
PROCEEDING BY ANY GUARANTOR AGAINST ANY HOLDER OF GUARANTEED OBLIGATIONS INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS GUARANTY OR ANY OTHER RELATED DOCUMENT SHALL BE BROUGHT ONLY IN A
COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK. 
 (B) WAIVER OF JURY TRIAL. EACH
GUARANTOR HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS GUARANTY, THE NOTE
PURCHASE AGREEMENT OR ANY NOTE OR THE RELATIONSHIP ESTABLISHED THEREUNDER. 
 SECTION 17. No Strict Construction. The
parties hereto have participated jointly in the negotiation and drafting of this Guaranty. In the event an ambiguity or question of intent or interpretation arises, this Guaranty shall be construed as if drafted jointly by the parties hereto and no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Guaranty. 

  
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 SECTION 18. Taxes, Expenses of Enforcement, etc. 

(A) Taxes. 
 (i) All payments by any Guarantor to or for the account of any Holder of Guaranteed Obligations hereunder or under any promissory note shall be made free and clear of and without deduction for any and all
taxes. If any Guarantor shall be required by law to deduct any taxes from or in respect of any sum payable hereunder to any Holder of Guaranteed Obligations, (a) the sum payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under this Section 18(A)) such Holder or Holder of Guaranteed Obligations (as the case may be) receives an amount equal to the sum it would have received had no such
deductions been made, (b) such Guarantor shall make such deductions, (c) such Guarantor shall pay the full amount deducted to the relevant authority in accordance with applicable law and (d) such Guarantor shall furnish to the Holders
the original copy of a receipt evidencing payment thereof within ten (10) days after such payment is made. 

(ii) In addition, the Guarantors hereby agree to pay any present or future stamp or documentary taxes and any other excise
or property taxes, charges or similar levies which arise from any payment made hereunder or under any promissory note or from the execution or delivery of, or otherwise with respect to, this Guaranty or any promissory note (“Other
Taxes”). 
 (iii) The Guarantors hereby agree to indemnify the Holder of Guaranteed Obligations for the
full amount of taxes or Other Taxes (including, without limitation, any taxes or Other Taxes imposed on amounts payable under this Section 18(A)) paid by any Holder or Holder of Guaranteed Obligations and any liability (including penalties,
interest and expenses) arising therefrom or with respect thereto. Payments due under this indemnification shall be made within thirty (30) days of the date the Holder of Guaranteed Obligations makes demand therefor. 

(B) Expenses of Enforcement, Etc. Subject to the terms of the Note Purchase Agreement, after the occurrence of a
Default under the Note Purchase Agreement, the Holders shall have the right at any time to commence enforcement proceedings with respect to the Guaranteed Obligations. The Guarantors agree to reimburse the Holders and Holders of Guaranteed
Obligations for any costs and out-of-pocket expenses (including reasonable attorneys’ fees and time charges of attorneys for the Holders), paid or incurred by any Holder or Holder of Guaranteed Obligations in connection with the collection and
enforcement of amounts due under the Note Purchase Agreement, the Notes and this Guaranty. 
 SECTION 19. Setoff. At any
time after all or any part of the Guaranteed Obligations have become due and payable (by acceleration or otherwise), each Holder of Guaranteed Obligations may, without notice to any Guarantor and regardless of the acceptance of any security or
collateral for the payment hereof, appropriate and apply in accordance with the terms of the Note Purchase Agreement and the Notes toward the payment of all or any part of the Guaranteed Obligations (i) any indebtedness due or to become due
from such Holder of Guaranteed Obligations to any Guarantor, and (ii) any moneys, credits or other property belonging to any Guarantor, at any time held by or coming into the possession of such Holder of Guaranteed Obligations or any of their
respective affiliates. 
 SECTION 20. Financial Information. Each Guarantor hereby assumes responsibility for keeping
itself informed of the financial condition of the Borrower and any and all endorsers and/or other Guarantors of all or any part of the Guaranteed Obligations, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed
Obligations, or any part thereof, that diligent inquiry would reveal, and each Guarantor hereby agrees that none of the Holders of Guaranteed Obligations shall have 

  
 - 10 -

 
any duty to advise such Guarantor of information known to any of them regarding such condition or any such circumstances. In the event any Holder of Guaranteed Obligations in its sole discretion,
undertakes at any time or from time to time to provide any such information to a Guarantor, such Holder of Guaranteed Obligations shall be under no obligation (i) to undertake any investigation not a part of its regular business routine,
(ii) to disclose any information which such Holder of Guaranteed Obligations, pursuant to accepted or reasonable commercial finance practices, wishes to maintain confidential or (iii) to make any other or future disclosures of such
information or any other information to such Guarantor. 
 SECTION 21. Severability. Wherever possible, each provision of
this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such
prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Guaranty. 

SECTION 22. Merger. This Guaranty represents the final agreement of each of the Guarantors with respect to the matters contained
herein and may not be contradicted by evidence of prior or contemporaneous agreements, or subsequent oral agreements, between the Guarantor and any Holder of Guaranteed Obligations. 

SECTION 23. Headings. Section headings in this Guaranty are for convenience of reference only and shall not govern the
interpretation of any provision of this Guaranty. 
 [SIGNATURE PAGES TO FOLLOW] 

  
 - 11 -

 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed by its
authorized officer as of the day and year first above written. 
  

			
	Stepan Specialty Products, LLC, as a Guarantor
		
	By:	 	  

	Name:	 	James Butterwick
	Title:	 	President

 ANNEX I TO GUARANTY 
 Reference is hereby made to the Guaranty (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), dated as of
October     , 2011, made by Stepan Specialty Products, LLC, a Delaware limited liability company (together with any Subsidiaries which become parties to the Guaranty by executing a Supplement thereto substantially similar in
form and substance hereto, the “Guarantors”), for the benefit of the Holders. Each capitalized term used herein and not defined herein shall have the meaning given to it in the Guaranty. By its execution below, the undersigned,
[NAME OF NEW GUARANTOR], a
[corporation]
[partnership] [limited liability
company] (the “New Guarantor”), agrees to become, and does hereby become, a Guarantor under the Guaranty and agrees to be bound by such Guaranty as if originally
a party thereto. By its execution below, the undersigned represents and warrants as to itself that all of the representations and warranties contained in Section 1 of the Guaranty are true and correct in all respects as of the date hereof.

 IN WITNESS WHEREOF, the New Guarantor has executed and delivered this Annex I counterpart to the Guaranty as of this
     day of             ,     . 
  

			
	[NAME OF NEW
GUARANTOR]
		
	By:	 	  

	Title:EX-10.1

 Exhibit 10.1 
 BRYN MAWR BANK CORPORATION 
 EXECUTIVE DEFERRED COMPENSATION PLAN

 EFFECTIVE AS OF JANUARY 1, 2013 
 ARTICLE I 
 PURPOSE 

The purpose of this Executive Deferred Compensation Plan (hereinafter referred to as the “Plan”) is to serve as a retention
tool for key executives and to better align their interests with the interests of the Corporation and its shareholders by providing for the award of and ultimate realization of certain deferred compensation benefits based in part on the achievement
of certain performance goals as described herein. 
 ARTICLE II 

DEFINITIONS 
 For the purposes of this Plan, the following words and phrases shall have the meanings indicated, unless the context clearly indicates otherwise: 

2.1 “Bank” means Bryn Mawr Trust Company, a Pennsylvania financial institution. 

2.2 “Beneficiary” means the person, persons, or entity designated by the Participant to receive any amounts payable from the
Participant’s Deferred Compensation Account after the Participant’s death. In the absence of any such designation, or if there is no such person or entity surviving as of the date of the Participant’s death, “Beneficiary”
shall mean the Participant’s estate. 
 2.3 “Board” means the Board of Trustees of Bryn Mawr Bank Corporation.

 2.4 “Cause” means a Participant’s conviction of, plea of guilty to, or plea of nolo contendere or no contest
to a felony criminal charge relating to his or her actions or omissions in connection with his or her service or duties to the Corporation or an affiliate of the Corporation. 
 2.5 “Change in Control” means any one or more of the following, with respect to the Corporation or the Bank: (a) any “persons” (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act), other than Corporation or Bank or any “person” who on the date hereof is a director of officer of Corporation or Bank, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of Corporation or Bank representing 25% or more of the combined voting power of Corporation’s or Bank’s then outstanding securities; or (b) during any period of two consecutive calendar quarters,
individuals who at the beginning of such period constitute the Board or the board of directors of the Bank cease for any reason to constitute at least a majority thereof, unless the election of each director who was not a director at the beginning
of such period has been approved in advance by directors representing at least two-thirds of the directors then in office who were directors at the beginning of the period. 

  
 1 

 2.6 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 2.7 “Committee” means the Compensation Committee of the Board. 

2.8 “Corporation” means Bryn Mawr Bank Corporation, a Pennsylvania corporation. 

2.9 “Deferred Compensation Account” means the individual account maintained on the books of the Corporation for each
Participant to which Fixed Allocations and Performance Allocations are credited, and to which interest, dividends, and investment gains are added to the account and the amount of any distributions, investment losses, and expenses are deducted from
the account. 
 2.10 “Disability” means means a medically determinable disability of a permanent nature as a result of
which a Participant is entitled to receive and is receiving disability benefits under the Social Security Act. 
 2.11
“Effective Date” of Plan means January 1, 2013. 
 2.12 “Employee” means an individual employed as a
common law employee of the Corporation or the Bank. 
 2.13 “ERISA” means the Employee Retirement Income Security Act
of 1974, as amended from time to time. 
 2.14 “Exchange Act” means the Securities and Exchange Act of 1934.

 2.15 “Fixed Allocation” means the amount of deferred compensation awarded to a Participant for a Reporting Period
pursuant to Section 3.1 below. 
 2.16 “Good Reason” means, with respect to any Participant, (a) a
significant reduction by the Corporation or the Bank of the authority, duties or responsibilities of the Participant; (b) any removal of the Participant from his or her officer position, except in connection with promotions to higher office;
(c) a reduction in the Participant’s base salary; (d) a transfer of the Participant, without his or her express written consent, to a location which is outside the greater Philadelphia area (or the general area in which his or her
principal place of business may be located, if other than Bryn Mawr, Pennsylvania), or which is otherwise an unreasonable commuting distance from the Participant’s principal residence; or (e) the Participant being required to undertake
business travel to an extent substantially greater than the Employee’s prior business travel obligations. 
 2.17
“Participant” means, as of the Effective Date, each individual identified on Schedule A attached hereto, and thereafter any other Employee who is designated as such by the Committee. The Committee shall revise Schedule A to reflect the
addition of any Employee as a Participant. 
 2.18 “Performance Allocation” means the amount of deferred compensation
awarded to a Participant for a Plan Year pursuant to Section 3.2 below. 

  
 2 

 2.19 “Plan” means this “Executive Deferred Compensation Plan” as set
forth herein and as may be amended from time to time. 
 2.20 “Plan Year” means the calendar year. 

2.21 “Salary” means, with respect to any Plan Year, a Participant’s base rate of cash compensation in effect as of the
first day of the Plan Year. Salary is the fixed amount paid in regular installments during each payroll period. Salary does not include bonuses or other variable compensation. If the Participant was not an Employee as of the first day of the Plan
Year, “Salary” means the Participant’s base rate of cash compensation in effect as of his or her first day of employment. 
 2.22 “Separation from Service” or “Separates from Service” means the severance of a Participant’s employment as determined in accordance with Section 409A of the Code.

 2.23 “Specified Employee” means an Employee who, as of the date of the Employee’s Separation from Service is a
key employee (as defined in Section 416(i) of the Code without regard to paragraph (5) thereof) of the Corporation, but only if any stock of the Corporation is publicly-traded on an established securities market or otherwise. 

2.24 “Year of Service” means each consecutive 12-month period of employment of a Participant by the Corporation or the Bank or
any direct or indirect wholly-owned subsidiary of either, including service prior to the Effective Date. Service as a member of the board of directors of the Corporation or the Bank shall be counted as “employment” for this purpose.

 ARTICLE III 
 ALLOCATIONS AND VESTING 
 3.1 Fixed Allocations. 

(a) Subject to Section 3.3 below, as soon as practicable following the close of each calendar quarter beginning on or after the
Effective Date, the Company shall allocate to the Deferred Compensation Account of each Participant 1.5% of his or her Salary for the Plan Year in which such calendar quarter ends. 

(b) A Participant shall not be entitled to a Fixed Allocation for a calendar quarter if he or she is not employed by the Corporation or
the Bank through the last day of such calendar quarter. 
 3.2 Performance Allocations. 

(a) The criteria for the allocation of Performance Allocations for the 2013 Plan Year are set forth in Schedule B hereto. As soon as
practicable following the start of each subsequent Plan Year, the Committee shall establish and communicate to Participants the criteria for the allocation of Performance Allocations for such Plan Year in a form substantially similar to that set
forth in Schedule B hereto. 

  
 3 

 (b) As soon as practicable following the close of each Plan Year, the Committee shall
determine whether, and the extent to which, the criteria for the allocation of Performance Allocations established for that Plan Year have been met, and shall allocate to the Deferred Compensation Account of each Participant the amount of
Performance Allocations resulting from its determination. 
 (c) Notwithstanding the Committee’s determination pursuant to
Section 3.2(b) above, a Participant shall not be entitled to a Performance Allocation with respect to a Plan Year if he or she is not employed by the Corporation or the Bank through the last day of such Plan Year. 

3.3 Vesting. 
 (a) Each individual who is a Participant as of the Effective Date shall be 100% vested in his or her Deferred Compensation Account as of the Effective Date. Each other Participant shall be 100% vested in
his or her Deferred Compensation Account upon the first to occur of (i) attainment of age 65, (ii) the Participant’s termination of employment on account of Disability, (iii) the Participant’s death while employed by the
Corporation or the Bank, (iv) the Participant’s resignation for Good Reason, or (v) the Participant’s termination of employment without Cause following or in connection with a pending Change in Control. 

(b) Prior to the occurrence of the first of the events listed in Section 3.3(a) above, an individual who is not a Participant as of
the Effective Date shall become vested in his or her Deferred Compensation Account in accordance with the following schedule: 
  

					
	 Years of Service
	  	Vested Percentage	 
	 Less than 6
	  	 	0	% 
	 6
	  	 	20	% 
	 7
	  	 	40	% 
	 8
	  	 	60	% 
	 9
	  	 	80	% 
	 10
	  	 	100	% 

 (c) Notwithstanding Section 3.3(a) and (b) above, however, an otherwise vested Participant
shall forfeit his or her vested interest in his or her Deferred Compensation Account if his or her employment is terminated for Cause. 
 ARTICLE IV 
 DEFERRED COMPENSATION ACCOUNT 

4.1 Interest-Crediting. As of each day following the first allocation of a Fixed Allocation or a Performance Allocation to a
Participant’s Deferred Compensation Account, the balance of the Participant’s Deferred Compensation shall be comprised of the sum of all Fixed Allocations and Performance Allocations so allocated, plus interest credited at the rate of 120%
of the long-term applicable federal rate prescribed by the Internal Revenue Service under Section 1274(d) of the Code from time to time, compounded annually. 

  
 4 

 4.2 Statement of Account. The Committee shall submit to each Participant, within
thirty (30) days after the close of each calendar quarter and at such other time as determined by the Committee, a statement setting forth the balance to the credit of the Deferred Compensation Account maintained for a Participant. 

4.3 Establishment of a Trust. The Corporation may, in its discretion, establish a trust for the purpose of funding its obligations
hereunder, or its obligations under this Agreement and similar agreements or plans which it may enter into or establish for the benefit of other employees of the Company. Such trust shall include such terms, restrictions and limitations as necessary
to ensure that it will be treated as a “grantor trust” within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Code, with respect to the Corporation. Moreover, such trust shall be evidenced by an agreement
substantially in the form of the model trust agreement set forth in Internal Revenue Service Revenue Procedure 92-64, including any modifications to such Revenue Procedure, and include provisions required in such model trust agreement that all
assets of the trust shall be subject to the claims of creditors of the Corporation in the event of its insolvency. Any assets of such trust remaining after the obligations to the beneficiaries thereof have been satisfied shall be paid to the
Corporation. In no event, however, shall any funds be contributed to such trust if such contribution would result in adverse tax consequences to any Participant pursuant to Section 409A of the Code. 

ARTICLE V 

PLAN DISTRIBUTIONS 
 5.1 First Plan Year’s Allocations. Upon his or her Separation from Service, or his or her death while employed by the Corporation or the Bank, the vested portion of the Participant’s
Deferred Compensation Account attributable to the first Plan Year of his or her participation in the Plan shall be paid to the Participant in a single lump sum, or to the Participant’s Beneficiary in the event of the Participant’s death.
Such payment shall be made as soon as practicable following the Participant’s Separation from Service or death, but not later than the last day of the calendar year in which the Participant Separates from Service or dies, as the case may be, or
if later, by the 15th day of the third calendar month
following the Participant’s Separation from Service or death, as the case may be. A Participant shall not be permitted, directly or indirectly, to designate the taxable year of the payment. 

5.2 Subsequent Plan Years’ Allocations. Upon his or her Separation from Service, or his or her death while employed by the
Corporation or the Bank, the vested portion of the Participant’s Deferred Compensation Account attributable to all Plan Years other than the first Plan Year of his or her participation in the Plan shall be paid in a lump sum or in annual
installments over a period not exceeding 10 years, as elected or deemed elected by the Participant pursuant to this Section 5.2. Prior to the commencement of the second Plan Year of his or her participation in the Plan, each Participant shall
be entitled to make a written election, in the form prescribed by the Committee, as to the manner in which such vested portion of the Participant’s Deferred Compensation Account shall be paid to the Participant or his or her Beneficiary. If a
Participant fails to make a timely election the Participant shall be deemed to have elected the lump sum option. Payment of the amount described in this Section 5.2 shall be made or commence as soon as practicable following the
Participant’s Separation from Service or death, but not later than the last day of the calendar year in which the Participant Separates from 

  
 5 

 
Service or dies, as the case may be, or if later, by the
15th day of the third calendar month following the
Participant’s Separation from Service or death, as the case may be. A Participant shall not be permitted, directly or indirectly, to designate the taxable year of the payment. 

5.3 Change in Form of Payment. A Participant may make a written election, in the form prescribed by the Committee, to change the
form of payment described in Section 5.1 above, or the form elected or deemed elected pursuant to Section 5.2 above, or both, provided that such election may not take effect until at least 12 months after the date on which it is made, and
the payment with respect to such election must be deferred for a period of not less than five years from the date such payment would have otherwise been made or (in the case of installment payments) commenced. 

5.4 Distributions to Specified Employees. Notwithstanding any provision of this Article V to the contrary, in the case of a
Participant who is a Specified Employee on the date of his Separation from Service, no distribution shall be made to the Participant before the date which is six months after the date of such Separation from Service. This Section 5.4 does not
apply in the case of a Participant whose death occurs prior to his or her Separation from Service. 
 5.5 Taxes. The
Corporation shall withhold from all amounts paid to Participants under the Plan any taxes required to be withheld by applicable law. 
 5.6 Payment to Guardian. If any amount payable hereunder is payable to a minor or a person declared incompetent or to a person incapable of handling the disposition of property, the Committee may
direct payment of such amount to the guardian, legal representative or person having the care and custody of such minor or incompetent person. The Committee may require proof of incompetency, minority, incapacity or guardianship as it may deem
appropriate prior to distribution of the amount payable hereunder. Such distribution shall completely discharge the Committee and the Corporation from all liability with respect to such payment. 

ARTICLE VI 

ADMINISTRATION 
 6.1 Committee. This Plan shall be administered by the Committee. 
 6.2
Agents. The Committee may appoint an individual to be the Committee’s agent with respect to the day-to-day administration of the Plan. In addition, the Committee may, from time to time, employ other agents and delegate to them such
administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Corporation. 

6.3 Binding Effect of Decisions. The decision or action of the Committee with respect to any question arising out of or in
connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and binding upon all persons having any interest in the Plan. 

  
 6 

 ARTICLE VII 
 CLAIMS PROCEDURE 
 7.1 Claim. Any person claiming entitlement to any
amount pursuant to the Plan shall present the request in writing to the Committee which shall respond in writing as soon as practicable. 
 7.2 Denial of Claim. If the claim is denied, the written notice of denial shall be made within ninety (90) days of the date of receipt of such claim or request by the Committee and shall
state: 
 (a) The reason for denial, with specific reference to the Plan provisions on which the denial is based. 

(b) A description of any additional material or information required and an explanation of why it is necessary. 

(c) An explanation of the Plan’s claim review procedure. 
 7.3 Review of Claim. Any person whose claim or request is denied or who has not received a response within ninety (90) days may request review by notice given in writing to the Committee
within sixty (60) days of receiving a response or one hundred fifty (150) days from the date the claim was received by the Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the
claimant a hearing. On review, the claimant may have representation, examine pertinent documents, and submit issues and comments in writing. 
 7.4 Final Decision. The decision on review shall normally be made within sixty (60) days after the Committee’s receipt of a request for review. If an extension of time is required for a
hearing or other special circumstances, the claimant shall be notified and the time for the extension shall be limited to one hundred twenty (120) days after the Committee’s receipt of a request for review. The decision shall be in writing
and shall state the reasons and relevant Plan provisions. All decisions on review shall be final and bind all parties concerned. 

ARTICLE VIII 

AMENDMENT, MERGER AND TERMINATION OF PLAN 
 8.1 Amendment of Plan. The Board may at any time amend the Plan in whole or in part, provided, however, that no amendment shall be effective to decrease or restrict any Deferred Compensation
Account. 
 8.2 Termination of Plan. The Board may at any time terminate the Plan if in its judgment, the tax,
accounting, or other effects of the continuance of the Plan, or potential payments thereunder would not be in the best interests of the Corporation, provided that the termination and liquidation of the Plan occur in accordance with the requirements
of Treasury Regulation Section 1.409A-3(j)(4)(ix)(A), (B), (C) or (D), as applicable, in which case the value of each Participant’s Deferred Compensation Account shall be paid to him or her (or his or her Beneficiary, if applicable)
in a single lump sum. 

  
 7 

 ARTICLE IX 
 MISCELLANEOUS 
 9.1 Unfunded Plan. This Plan is intended to be an
unfunded plan that is maintained primarily to provide deferred compensation benefits for a select group of management employees or highly compensated employees as described in Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 

9.2 Unsecured General Creditor. The Corporation’s obligation under the Plan shall be merely that of an unfunded and unsecured
promise of Corporation to pay money in the future. Under the provisions of this Plan, Participants’ rights will be those of unsecured general creditors of the Corporation. 

9.3 Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge,
anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are expressly declared to be unassignable and nontransferable. No part of the
amounts payable shall, prior to actual payment, be subject to seizure or separation for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the
event of a Participant’s or an other person’s bankruptcy or insolvency. 
 9.4 Not a Contract of Employment.
The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the Corporation, the Bank or any affiliate of either and any Participant, and no Participant (or a Participant’s Beneficiary) shall have
rights against the Corporation, the Bank or any affiliate of either except as may otherwise be specifically provided herein. Moreover, nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of the
Corporation, the Bank or an affiliate of either or to interfere with the right of the Corporation, the Bank or affiliate to discipline or discharge the Participant at any time. 

9.5 Recovery. Amounts allocated to Deferred Compensation Accounts or paid pursuant to this Plan shall be subject to recovery by
the Corporation under any clawback, recovery, recoupment or similar policy hereafter adopted by the Corporation, whether in connection with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended from time to
time, or otherwise, whether or not required by law. 
 9.6 Participant Cooperation. A Participant will cooperate with the
Corporation by furnishing any and all information requested by the Corporation in order to facilitate the payment of benefits hereunder and such other action as may be requested by the Corporation. 

9.7 Terms. Whenever any words are used herein in the masculine, they shall be construed as though they were used in the feminine
in all cases where they would so apply; and wherever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so
apply. 

  
 8 

 9.8 Captions. The captions of articles, sections and paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of any of its provisions. 
 9.9 Governing
Law. The provisions of this Plan shall be construed and interpreted according to the laws of the Commonwealth of Pennsylvania. 
 9.10 Validity. In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be
construed and enforced as if such illegal and invalid provision had never been inserted herein. 
 9.11 Notice. Any
notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to any member of the Committee or the Chief Executive Officer of the
Corporation. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of three (3) days following the date shown on the postmark or on the receipt for registration or certification. 

9.12 Successors. The provisions of this Plan shall bind and inure to the benefit of the Corporation and its successors and
assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of the Corporation, and
successors of any such corporation or other business entity. 
 9.13 Prohibition on Acceleration of Payments. Except as
provided by Section 409A of the Code and the regulations thereunder, the Plan shall not permit the acceleration of the time or schedule of any payment or amount scheduled to be paid pursuant to the terms fo the Plan, and no accelerated payment
may be made whether or not provided for under the terms of the Plan. 
 IN WITNESS WHEREOF, and pursuant to resolution of the
Board of Trustees of the undersigned corporation, such corporation has caused this amended and restated Plan to be executed by its duly authorized officers, effective as of January 1, 2013, on this 1st day of July, 2013. 

 

							
	ATTEST:	 		 	BRYN MAWR BANK CORPORATION
				
	 /s/ Geoffrey L. Halberstadt
	 		 	By:	 	 /s/ Frederick C. Peters II

  
 9 

 BRYN MAWR BANK CORPORATION 

EXECUTIVE DEFERRED COMPENSATION PLAN 
 SCHEDULE A 
 The following individuals shall be Participants in the Plan as of
January 1, 2013: 
 June M. Falcone 
 Alison E. Gers 
 Geoffrey L. Halberstadt 
 Joseph G. Keefer 
 Francis J. Leto 
 James Duncan Smith 

  
 10 

 BRYN MAWR BANK CORPORATION 

EXECUTIVE DEFERRED COMPENSATION PLAN 
 SCHEDULE B 
 Annual Performance Allocations 

The 2013 performance-based award opportunities available to the Participant under the Executive Deferred Compensation Plan are detailed
below and are based on the Participant’s base salary in effect as of              January 1, 2013 (or, if applicable, his or her first day of employment in 2013). 

Performance Allocations for 2013 are based on an assessment of Return on Assets (“ROA”) during 2013, Return on Equity (“ROE”) during
2013, and the increase in Earnings Per Share (“EPS”) for 2013 as compared to 2012. For this purposes – 

“ROA” means the return on the Corporation’s average assets, computed in the same manner which the Corporation employs in
its reports to shareholders; 
 “ROE” means the return on the Corporation’s shareholders’ equity, computed in
the same manner which the Corporation employs in its reports to shareholders; and 
 “EPS” means the income available
to common shareholders of the Corporation divided by the weighted-average number of common shares outstanding during the year, each as computed in the same manner which the Corporation employs in its reports to shareholders. 

The respective target and maximum levels for ROA, ROE and EPS for 2013 are as follows: 

 

									
	 	  	Target	 	 	Maximum	 
			
	 ROA
	  	 	1	% 	 	 	1.25	% 
			
	 ROE
	  	 	10	% 	 	 	12	% 
			
	 EPS
	  	 	5	% 	 	 	10	% 

 If neither ROA, ROE nor EPS has met its respective target level for 2013, no Performance Allocations shall be made for
any Participant. 
 If one or more of ROA, ROE and EPS has met its respective target level for 2013, the Participant shall receive a Performance
Allocation of 2% of base salary for each target achieved (e.g., 6% if target is met for each of ROA, ROE and EPS). 
 If ROA, ROE and EPS have
met their respective maximum levels for 2013, the Participant shall receive an additional Performance Allocation of 3% of base salary (for a total Performance Allocation of 9% of salary). Note: maximum must be achieved for each of ROA, ROE and EPS
ro receive the additional Performance Allocation. 

  
 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]