Document:

ex10-1.htm

Exhibit 10.1

 

EMPLOYMENT AGREEMENT 

 

This Employment Agreement (the “Agreement”) is made effective as of January 1, 2017 (the “Effective Date”), by and between The First of Long Island Corporation (the “Company”), The First National Bank of Long Island (the “Bank”; and together with the Company, “FLIC”) and Michael N. Vittorio (“Executive”). 

 

WHEREAS, FLIC wishes to assure itself of the continued services of Executive for the period and in accordance with the terms provided in this Agreement; and

 

WHEREAS, in order to induce Executive to remain in the employ of FLIC and to provide further incentive for Executive to achieve the financial and performance objectives of FLIC, the parties desire to enter into this Agreement; and

 

WHEREAS, the parties previously entered into an Employment Agreement dated January 3, 2005, as subsequently amended, effective December 15, 2008 (the “Prior Agreement”) and the parties have agreed that as of the Effective Date the terms and conditions set forth in this Agreement shall supersede any and all provisions of the Prior Agreement, and that such Prior Agreement shall be null and void and of no further force. 

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:

 

1.             Term.

 

(a)     Term. The term of this Agreement and the period of Executive’s employment hereunder shall begin as of the Effective Date and shall continue through December 31, 2019 (the “Employment Period”). Upon notice to Executive on or before January 1, 2019, the Board of Directors of FLIC may extend the Employment Period for an additional year, through December 31, 2020 (the “Extended Period”). During the Extended Period, the positions, responsibilities and duties set forth in Section 2 of this Agreement may be modified by FLIC to reflect the Board’s determinations as to the management succession plan for the position of President and Chief Executive Officer of FLIC, provided that Executive’s Base Salary during the Extended Period shall be no less than the Base Salary in effect as of the last day of the Employment Period and the other compensation and benefits set forth in Section 3 hereof shall remain the same. 

 

(b)     Normal Retirement. The parties hereby acknowledge and understand that the Employment Period and, if applicable the Extended Period, is for a period beyond Executive’s normal retirement age of 65. Upon the expiration of the Employment Period, or if applicable the Extended Period, this Agreement shall terminate, Executive shall retire and Executive’s employment with FLIC shall terminate without further obligation under this Agreement.

 

 

 

 

2.              EMPLOYMENT; Capacity; Duties.

 

(a)     Employment. During the Employment Period Executive shall be employed in the capacity of President and Chief Executive Officer of FLIC (the “Executive Position”) and such other senior executive title or titles of FLIC as may from time to time be determined by the Boards of Directors. Executive shall be proposed for election to the Board of Directors of the Company at each annual meeting of shareholders at which Executive must stand for election in order to continue as a director, and Executive shall be appointed by the Company to serve as a director of the Bank. During the Extended Period, Executive shall have such responsibilities and duties as may be determined by the Board as contemplated in Section 1(a) above.

 

(b)     Responsibilities. As President and Chief Executive Officer, Executive shall be responsible for the overall management of the Company, the Bank and any other direct or indirect subsidiary of the Company. All officers and other employees of the Company, the Bank and any other direct or indirect subsidiary of the Company, shall report or be ultimately responsible to Executive (except for internal audit, which functionally shall report to the Board or to a committee thereof and which may administratively report to another executive officer). Except as contemplated in Section 1(a) as to the Extended Period, FLIC agrees that, without Executive’s express consent, it will not, and will not permit FLIC or any other direct or indirect subsidiary, to appoint anyone to a position with responsibilities and authorities senior to those of Executive.

 

(c)     Service on Other Boards. Executive agrees to devote his full time and attention and best efforts to the faithful and diligent performance of Executive’s duties to FLIC, and Executive shall serve and further the best interests and enhance the reputation of FLIC to the best of Executive’s ability. Nothing herein shall be construed as preventing Executive from serving as a member of the board of directors of any non-profit organization (of which the Board shall be notified prior to the commencement of service) or, with the consent of the Board of Directors, of any for-profit organization, in either case subject to and consistent with applicable laws. Executive’s service on boards of non-profits and for-profit organizations in effect as of the date of this Agreement and as to which the Board has been previously notified, including but not limited to the New York Business Development Corporation, may be continued.

 

3.              COMPENSATION, BENEFITS AND REIMBURSEMENT.

 

(a)     Base Salary. In consideration of Executive’s performance of the responsibilities and duties set forth in this Agreement, Executive shall receive an annual base salary of $575,500 per year (“Base Salary”). Such Base Salary will be payable in accordance with the customary payroll practices of the Bank. During the term of this Agreement, the Board may increase, but not decrease, Executive’s Base Salary. Any increase in Base Salary will become the “Base Salary” for purposes of this Agreement. 

 

(b)     Bonus. Executive shall be entitled to participate in any bonus plan or arrangement of FLIC (including both any short-term and long-term incentive program) in which senior management is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of the other compensation to which Executive is entitled under this Agreement. The terms of FLIC’s short-term and long-term incentive plans or programs shall determine the bonuses payable thereunder, if any, to Executive following Executive’s termination of employment. 

 

2

 

 

(c)     Benefit Plans. Executive will be entitled to participate in all employee benefit plans, arrangements and perquisites offered to employees and officers of FLIC, on the same terms and conditions as such plans are available to other employees and officers of FLIC. Without limiting the generality of the foregoing provisions of this Section 3(c), Executive also will be entitled to participate in any employee benefit plans including but not limited to retirement plans (including the existing The First National Bank of Long Island Supplemental Executive Retirement Program as in effect as of the Effective Date of this Agreement), pension plans, profit-sharing plans, health-and-accident plans, or any other employee benefit plan or arrangement made available by the Bank in the future to management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements as applicable to other management employees. Executive shall also be eligible to participate in a group life insurance policy that provides a death benefit to Executive’s beneficiary in an amount equal to at least two (2) times Executive’s Base Salary. Except as otherwise provided herein, the terms of FLIC’s benefit plans or arrangements shall determine the benefits payable thereunder, if any, to Executive following Executive’s termination of employment or retirement. 

 

(d)     Vacation. Executive will be entitled to a minimum of five weeks of paid vacation time each year during the term of this Agreement measured on a calendar year basis, as well as sick leave, holidays and other paid absences in accordance with the Bank’s policies and procedures for officers. Any unused paid time off during an annual period will be treated in accordance with the Bank’s personnel policies as in effect from time to time. 

 

(e)     Expense Reimbursements. FLIC will reimburse Executive for all reasonable travel, entertainment and other reasonable expenses incurred by Executive during the course of performing Executive’s obligations under this Agreement, including, without limitation, fees for memberships in such organizations as Executive and the Board mutually agree are necessary and appropriate in connection with the performance of Executive’s duties under this Agreement. Furthermore, the Bank shall pay or reimburse Executive for the full cost of the use of an automobile that is mutually agreeable to the Bank and Executive. Executive shall comply with the reasonable reporting and expense limitations on the use of such automobile as the Bank may establish from time to time. The Bank shall also reimburse Executive for country club dues (and any assessments) and for expenses incurred at the country club that are necessary and proper in the conduct of the business of FLIC. All reimbursements shall be made as soon as practicable upon substantiation of such expenses by Executive in accordance with the applicable policies and procedures of the Bank. 

 

3

 

 

	
			4.

				
			TERMINATION AND Compensation Payable FOLLOWING TERMINATION. 

			

 

Subject to Section 5 of this Agreement which governs the occurrence of a Change in Control, Executive’s employment under this Agreement may be terminated in the following circumstances:

 

(a)     Death. This Agreement shall terminate upon Executive’s death, in which event Executive’s estate or beneficiary shall be entitled to receive the compensation and vested benefits due Executive as of the date of Executive’s death, and neither Executive, nor Executive’s estate or beneficiary, shall have a right to receive any compensation or benefits under this Agreement thereafter.

 

(b)     Disability. The Company may terminate Executive’s employment upon his becoming “Totally Disabled,” in which event Executive shall be entitled to receive the compensation and vested benefits due Executive as of the date of Executive’s termination, and Executive shall have no right to receive any other compensation or benefits under this Agreement. For purposes of this Agreement, Executive shall be “Totally Disabled” if Executive is physically or mentally incapacitated so as to render Executive incapable of performing the essential functions of his position under this Agreement even with reasonable accommodation. Executive’s receipt of disability benefits under the Company’s long-term disability plan, if any, or receipt of Social Security disability benefits shall be deemed conclusive evidence of Total Disability for purpose of this Agreement; provided, however, that in the absence of Executive’s receipt of such long-term disability benefits or Social Security benefits, the Board may, in its reasonable discretion but based upon appropriate medical evidence, determine that Executive is Totally Disabled. 

 

(c)     Termination for Cause. The Board may immediately terminate Executive’s employment for “Cause” at any time upon written notice to Executive. Executive shall have no right to receive compensation or other benefits under this Agreement or otherwise from FLIC for any period after termination for Cause, except for compensation or benefits that have already been earned or vested as of the date of termination. For purposes of this Agreement, “Termination for Cause” shall mean termination because of, in the good faith determination of the Board: (i) Executive’s conviction (including conviction on a nolo contendere plea) of a felony or of any lesser criminal offense involving moral turpitude, fraud or dishonesty; (ii) the willful commission by Executive of a criminal or other act that, in the reasonable judgment of the Board will likely cause substantial economic damage to the Company or the Bank or substantial injury to the business reputation of the Company or Bank; (iii) the commission by Executive of an act of fraud in the performance of his duties on behalf of the Company or Bank; (iv) the continuing willful failure of Executive to perform his employment duties to the Company or Bank after thirty (30) days’ written notice thereof (specifying the particulars thereof in reasonable detail) and a reasonable opportunity to be heard and cure such failure are given to Executive by the Board; (v) an order of a federal or state regulatory agency or a court of competent jurisdiction requiring the termination of Executive’s employment by the Company or the Bank; or (vi) a material breach by Executive of any provision of this Agreement.

 

(d)     Voluntary Termination by Executive. Executive may voluntarily terminate employment during the term of this Agreement upon 30 days’ prior written notice to the Board. FLIC may accelerate the date of termination upon receipt of written notice of Executive’s voluntary termination.

 

4

 

 

(e)          Termination Without Cause or With Good Reason.

 

	 	
			(A)

				
			The Board may terminate Executive’s employment at any time for any reason upon no less than 30 days’ written notice (a termination “Without Cause”), and Executive may, by written notice to the Board, terminate his employment at any time within 90 days following an event constituting “Good Reason,” as defined below (a termination “With Good Reason”); provided, however, that FLIC shall have 30 days to cure the “Good Reason” condition, but FLIC may waive its right to cure. 

			

 

	 	
			(B)

				
			“Good Reason” exists if, without Executive’s express written consent, any of the following occurs:

			

 

	 	
			(A)

				
			the failure to: (x) appoint Executive during the Employment Period to the Executive Position; (y) propose Executive for election to the Board of Directors of the Company at an annual meeting of shareholders at which he must stand for election in order to continue as a director; or (z) appoint Executive to serve as a director of the Bank;

			

 

	 	
			(B)

				
			a reduction in Executive’s Base Salary; 

			

 

	 	
			(C)

				
			the failure of the Bank to maintain Executive’s coverage under The First National Bank of Long Island Supplemental Executive Retirement Program as in effect as of the Effective Date of this Agreement;

			

 

	 	
			(D)

				
			the failure of the Bank to maintain Executive’s participation under the Bank’s employee benefit, retirement, or material fringe benefit plans, policies, practices, or arrangements in which Executive participates. For this purpose, the Bank may eliminate and/or modify existing employee benefit, retirement, or fringe benefit plans and coverage levels on a consistent and non-discriminatory basis applicable to all such executives;

			

 

	 	
			(E)

				
			a material reduction in Executive’s authority, duties or responsibilities during the Employment Period, relative to the authority, duties or responsibilities set forth in Section 2; 

			

 

	 	
			(F)

				
			a relocation of Executive’s principal place of employment by more than 50 miles from Executive’s principal place of employment as of the initial Effective Date of this Agreement; or

			

 

	 	
			(G)

				
			a material breach of this Agreement by FLIC.

			

 

(f)       Compensation Payable Following Termination of Employment. Upon termination of Executive’s employment under this Agreement, Executive (or, if applicable, his beneficiary) shall be entitled to receive the following compensation:

 

	 	
			(i)

				
			Earned but Unpaid Compensation. The Company shall pay Executive any accrued but unpaid Base Salary for services rendered to the date of termination, any accrued but unpaid expenses required to be reimbursed under this Agreement, and any vacation accrued to the date of termination in accordance with the Bank’s personnel policies.

			

 

5

 

 

	 	
			(ii)

				
			Other Compensation and Benefits. Except as may be provided under this Agreement,

			

 

	 	
			(A)

				
			any benefits to which Executive may be entitled pursuant to the plans, policies and arrangements referred to in Section 3(b) and (c) above shall be determined and paid in accordance with the terms of such plans, policies and arrangements, and

			

 

	 	
			(B)

				
			Executive shall have no right to receive any other compensation, or to participate in any other plan, arrangement or benefit, with respect to future periods after such termination or resignation.

			

 

(g)          Additional Compensation Payable Following Termination Without Cause or Termination with Good Reason. 

 

	 	
			(i)

				
			In addition to the compensation set forth in Section 4(f) above, Executive will receive the additional compensation and benefits set forth in this paragraph (g), if the following requirements are met:

			

 

	 	
			(A)

				
			Executive’s employment is terminated pursuant to Section 4(e) above (Termination Without Cause or Termination for Good Reason); 

			

 

	 	
			(B)

				
			Executive is not eligible to receive compensation and benefits under Section 5 below in connection with a Change in Control; and

			

 

	 	
			(C)

				
			Executive executes a release of his claims against the Bank, the Company and any affiliate, and their officers, directors, successors and assigns (the “Release”), the form of which release is attached to this Agreement. The Release must be executed and become irrevocable by the 60th day following the date of Executive’s termination of employment; provided that if the 60 day period spans two (2) calendar years, then, to the extent necessary to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the payments and benefits described in this Section 4(g) will be paid, or commence, in the second calendar year.

			

 

	 	
			(ii)

				
			If Executive meets the requirements described in clause (i) above, 

			

 

	 	
			(A)

				
			The Bank shall pay Executive, or in the event of Executive’s subsequent death, Executive’s beneficiary or estate, a cash lump sum payment equal to the sum of:

			

 

	 	
			(i)

				
			three times Base Salary at the rate in effect immediately prior to his date of termination, plus 

			

 

	 	
			(ii)

				
			an amount equal to the product of: (I) the reasonably estimated monthly cost of the medical, dental and vision insurance coverage maintained by the Bank for Executive immediately prior to Executive’s date of termination; multiplied by (II) thirty-six (36). 

			

 

Such amount shall be paid to Executive in a lump sum within ten (10) days following Executive’s date of termination, or if later, following the seventh (7th) day after Executive’s execution of the Release required under Section 4(g)(i)(C) hereof.

 

6

 

 

	 	(B)	In addition, outstanding Restricted Stock Units granted to Executive shall become vested and payable under the same terms and conditions as would apply upon Executive's Retirement as set forth in the applicable Award Agreements between the Company and Executive.

 

(h)      Effect on Status as a Director. In the event of Executive’s termination of employment under this Agreement for any reason (including as a result of Executive’s retirement due to the expiration of the Employment Term or the Extended Period, if applicable), such termination shall also constitute Executive’s resignation from the Board of Directors of the Company and the Bank, as well as the board of directors of any affiliates of FLIC. Notwithstanding the foregoing, in the event that Executive’s termination of employment occurs due to the expiration of the Employment Term or the Extended Term, (i) the effective date of Executive’s resignation from the Board of Directors of the Company and the Bank shall be as of the date of the Annual Meeting of the Company’s stockholders next following such termination, and (ii) during such period as a non-employee director Executive shall be entitled to receive the same fees payable to other non-employee directors. 

 

	
			5.

				
			CHANGE IN CONTROL.

			

 

(a)          Change in Control Defined. For purposes of this Agreement, the term “Change in Control” shall mean the occurrence of any of the following events:

 

	 	
			(A)

				
			Merger: The Bank or the Company merges into or consolidates with another entity whereby the Bank or the Company is not the surviving entity, or the Bank or the Company merges another bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

			

 

	 	
			(B)

				
			Acquisition of Significant Share Ownership: There is filed, or is required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 50% or more of a class of the Company’s or the Bank’s voting securities; provided, however, this clause (ii) shall not apply to beneficial ownership of the Company’s or the Bank’s voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities;

			

 

7

 

 

	 	
			(C)

				
			Change in Board Composition: During any period of two (2) consecutive years, individuals who constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period or who is appointed to the Board as the result of a directive, supervisory agreement or order issued by the primary federal regulator of the Company or the Bank or by the Federal Deposit Insurance Corporation (“FDIC”) shall be deemed to have also been a director at the beginning of such period; or

			

 

	 	
			(D)

				
			Sale of Assets: The Company or the Bank sells to a third party all or substantially all of its assets.

			

 

(b)         Change in Control Benefits. Upon the termination of Executive’s employment by FLIC Without Cause or by Executive With Good Reason on or after the effective time of a Change in Control, the Bank (or any successor) shall pay Executive, or in the event of Executive’s subsequent death, Executive’s beneficiary or estate, the compensation and benefits set forth in Section 4(f) above and the following additional compensation as severance pay:

 

	 	
			(i)

				
			An amount equal to three (3) times the sum of Executive’s highest rate of Base Salary payable during the current calendar year of Executive’s date of termination or either of the two (2) calendar years immediately preceding Executive’s date of termination. Such cash payment shall be made in a lump sum within ten (10) days following Executive’s date of termination. Notwithstanding the foregoing, the payments and benefits provided in this Section 5(b) shall be payable to Executive in lieu of any payments or benefits that are payable under Section 4(e) above. 

			

 

	 	
			(ii)

				
			In addition, the Bank shall pay Executive a cash lump sum equal to thirty-six times the reasonably estimated monthly cost of the medical, dental and vision insurance coverage maintained by the Bank for Executive immediately prior to Executive’s date of termination. Such cash payments shall be made in a lump sum within ten (10) days following Executive’s date of termination.

			

 

(c)         280G Net-Best Benefit.  Notwithstanding the preceding paragraphs of this Section, if the payments and benefits to be afforded to Executive under Section 5 hereof (the “Severance Benefits”) either alone or together with other payments and benefits which Executive has the right to receive from the Company or the Bank (or any affiliate) would constitute a “parachute payment” under Section 280G of the Code, and but for this Section 5(c), would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Severance Benefits shall be reduced (the “Benefit Reduction”) by the minimum amount necessary to result in no portion of the Severance Benefits being subject to the Excise Tax, provided, however, that the Benefit Reduction shall only occur if such reduction would result in Executive’s “Net After-Tax Amount” attributable to the Severance Benefits being greater than it would be if no Benefit Reduction was effected. For this purpose, “Net After-Tax Amount” shall mean the net amount of Severance Benefits Executive is entitled to under this Agreement after giving effect to all federal, state and local taxes which would be applicable to such payments and benefits, including but not limited to, the Excise Tax. Nothing contained herein shall result in the reduction of any payments or benefits to which Executive may be entitled upon termination of employment and/or a change in control other than as specified in this Section 5(c), or a reduction in the Severance Benefits below zero. 

 

8

 

 

(d)        Extension of Employment Period.  In the event the Bank or the Company has entered into an agreement to effect a transaction that would be considered a Change in Control during the Employment Period (or the Extended Period if applicable), the Employment Period (or the Extended Period, if applicable) shall be extended automatically for a period ending on, and including, the 30th day following the effective date of the Change in Control (to the extent the Employment Period or the Extended Period would otherwise expire, without regard to the foregoing, prior to the completion of such period). 

 

6.           COVENANTS OF EXECUTIVE.

 

(a)         Non-Solicitation/Non-Compete. 

 

(i)         Executive hereby covenants and agrees that, during the “Restricted Period” and except as provided in clause (ii) below, Executive shall not, without the written consent of FLIC, either directly or indirectly:

 

	 	
			(A)

				
			solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of FLIC, or any of its respective subsidiaries or affiliates, to terminate his or her employment with FLIC and/or accept employment with another employer; or

			

 

	 	
			(B)

				
			become an officer, employee, consultant, director, independent contractor, agent, joint venturer, partner or trustee of any savings bank, savings and loan association, savings and loan holding company, commercial bank, credit union, bank or bank holding company, any mortgage or loan broker or any other entity (excluding not-for-profit entities other than credit unions) that competes with the business of FLIC or any of their direct or indirect subsidiaries or affiliates, or that has a headquarters, or one or more offices, within New York City or in the Counties of Nassau or Suffolk, New York (the “Restricted Territory”); or

			

 

	 	
			(C)

				
			solicit, provide any information, advice or recommendation or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any customer of FLIC to terminate an existing business or commercial relationship with FLIC. 

			

 

9

 

 

(ii)     The restrictions contained in Section 6(a)(i)(B) above shall not apply in the event of a Termination for Cause, or in the event of a termination of employment following a Change in Control.

 

(iii)     For purposes of this paragraph (a), the “Restricted Period” shall be a period of two (2) years following Executive’s termination of employment with FLIC, except that the Restricted Period shall be one (1) year following the date of the Annual Meeting of the Company’s stockholders following Executive’s termination of employment with respect to Executive’s becoming a director or trustee of any savings bank, savings and loan association, savings and loan holding company, commercial bank, credit union, bank or bank holding company.

 

(b)     Confidentiality. Executive recognizes and acknowledges that the knowledge of the business activities, plans for business activities, and all other proprietary information of FLIC, as it may exist from time to time, is valuable, special and unique assets of the business of FLIC. Executive will not, during or after the term of Executive’s employment, disclose any knowledge of the past, present, planned or considered business activities or any other similar proprietary information of FLIC to any person, firm, corporation, or other entity for any reason or purpose whatsoever unless expressly authorized by the Board or required by law. Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of FLIC. Further, Executive may disclose information regarding the business activities of FLIC to any bank regulator having regulatory jurisdiction over the activities of FLIC pursuant to a formal regulatory request. In the event of a breach or threatened breach by Executive of the provisions of this Section, FLIC will be entitled to an injunction restraining Executive from disclosing, in whole or in part, the knowledge of the past, present, planned or considered business activities of FLIC or any other similar proprietary information, or from rendering any services to any person, firm, corporation, or other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein will be construed as prohibiting FLIC from pursuing any other remedies available to FLIC for such breach or threatened breach, including the recovery of damages from Executive.

 

(c)     Information/Cooperation. Executive shall, upon reasonable notice, furnish such information and assistance to FLIC as may be reasonably required by FLIC, in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party, and he shall be reimbursed for any expenses incurred in providing such information and assistance; provided, however, that Executive shall not be required to provide information or assistance with respect to any litigation between Executive and FLIC or any other subsidiaries or affiliates.

 

(d)     Reliance. Except as otherwise provided, all payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 6, to the extent applicable. 

 

10

 

 

(e)     Sale of Shares. Any sale by Executive of a significant number of shares of Company common stock (more than 3,000 shares in any three month period, which number shall be adjusted for any stock splits, dividends and similar transactions) shall be made pursuant to a 10b5-1 Trading Plan. Executive shall inform the Board of the Trading Plan prior to implementation (this restriction shall not apply to the withholding of shares, or the sale of shares, in connection with the vesting of equity awards granted to Executive under the Company’s equity incentive plan in order to pay applicable state and federal taxes that arise from such vesting).

 

7.         EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

 

This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between FLIC or any predecessor of FLIC and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind expressly provided elsewhere. 

 

8.         NO ATTACHMENT; BINDING ON SUCCESSORS.

 

(a)     Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect.

 

(b)     FLIC shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of FLIC, expressly and unconditionally to assume and agree to perform FLIC’s obligations under this Agreement, in the same manner and to the same extent that FLIC would be required to perform if no such succession or assignment had taken place.

 

9.        MODIFICATION AND WAIVER.

 

(a)     This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 

 

(b)     No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived.

 

10.      MISCELLANEOUS PROVISIONS.

 

Notwithstanding anything herein contained to the contrary, the following provisions shall apply:

 

(a)       FLIC may terminate Executive’s employment at any time, but any termination by the Board other than termination for Cause shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no right to receive compensation or other benefits for any period after Executive’s termination for Cause. 

 

11

 

 

(b)     Notwithstanding anything herein contained to the contrary, any payments to Executive pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

 

(c)      The parties intend that this Agreement and any payments and benefits payable hereunder shall either comply with, or be exempt from, the requirements of Code Section 409A, and this Agreement shall be maintained, administered, and interpreted consistent with that intention. Notwithstanding any provision herein to the contrary, FLIC makes no representations concerning Executive’s tax consequences under this Agreement under Code Section 409A, or any other federal, state, or local tax law.  Executive’s tax consequences will depend, in part, upon the application of relevant tax law, including Code Section 409A, to the relevant facts and circumstances.  Notwithstanding anything else in this Agreement to the contrary (with the exception of Section 4(c)), Executive’s employment shall not be deemed to have been terminated unless and until Executive has a Separation from Service within the meaning of Code Section 409A. For purposes of this Agreement, a “Separation from Service” shall have occurred if FLIC and Executive reasonably anticipate that either no further services will be performed by Executive after the date of termination (whether as an employee or as an independent contractor) or the level of further services performed is less than 50 percent of the average level of bona fide services in the 36 months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). Each payment under this Agreement is intended to be a “separate payment” and not of a series of payments for purposes of Code Section 409A. 

 

(d)     Notwithstanding the foregoing, if Executive is a “specified employee” (i.e., a “key employee” of a publicly traded company within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement is triggered due to Executive’s Separation from Service (other than due to disability or death), then solely to the extent necessary to avoid penalties under Section 409A of the Code, no payment shall be made during the first six (6) months following Executive’s Separation from Service. Rather, any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in a lump sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid in the manner specified in this Agreement. 

 

(e)     Notwithstanding anything in this Agreement to the contrary, Executive understands that nothing contained in this Agreement limits Executive’s ability to file a charge or complaint with the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”) about a possible securities law violation without approval of FLIC. Executive further understands that this Agreement does not limit Executive’s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to FLIC related to the possible securities law violation. This Agreement does not limit Executive’s right to receive any resulting monetary award for information provided to any Government Agency.

 

12

 

 

(f)     Executive will continue to be indemnified with respect to any actions taken or omissions occurring while he was an employee and/or director of FLIC by any indemnity provisions contained in FLIC’s Certificate of Incorporation and By-Laws immediately prior to his last day of employment and by any directors and officers insurance maintained by FLIC.

 

(g)     In the event of Executive’s death, his beneficiary shall be his surviving spouse. Alternatively, Executive may designate other beneficiaries. If Executive’s spouse does not survive him, or if no beneficiary designation is in effect at the time of Participant’s death, then payments due thereafter shall be made to the Participant’s estate.

 

11.      SEVERABILITY.

 

If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.

 

12.      GOVERNING LAW.

 

This Agreement shall be governed by the laws of State of New York, but only to the extent not superseded by federal law.

 

13.      ARBITRATION.

 

(a)     Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator mutually acceptable to FLIC and Executive, sitting in a location selected by the Bank within 50 miles from the main office of the Bank, in accordance with the rules of the American Arbitration Association’s National Rules for the Resolution of Employment Disputes then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The cost of the arbitrator shall be paid by FLIC; all other cost of arbitration shall be borne by the respective parties, except as otherwise provided in Section 14 below.

 

(b)     If Termination For Cause is disputed by Executive, and if it is determined in arbitration that Executive is entitled to compensation and benefits under Section 4(g) of this Agreement, the payment of such compensation and benefits by the Bank shall commence immediately following the date of resolution by arbitration, with interest due Executive on the cash amount that was not paid pending arbitration (at the prime rate as published in The Wall Street Journal from time to time).

 

13

 

 

14.     PAYMENT OF LEGAL FEES.

 

To the extent that such payment(s) may be made without triggering penalty under Code Section 409A, all reasonable legal fees paid or incurred by Executive pursuant to any dispute relating to this Agreement shall be paid or reimbursed by the Bank, provided that the dispute is resolved in Executive’s favor, and such reimbursement shall occur no later than 60 days after the end of the year in which the dispute is settled or resolved in Executive’s favor. Notwithstanding the foregoing, and regardless of whether any dispute is resolved in Executive’s favor, the Bank shall reimburse Executive for up to $25,000, in the aggregate, of legal fees incurred by Executive in connection with disputes relating to this Agreement, which reimbursement shall be made promptly following the submission to FLIC by Executive of documentary support of the expenses incurred .

 

15.     Notice. 

 

For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below:

 

	
			To FLIC:

				
			The First of Long Island Corporation

			10 Glen Head Road

			Glen Head, New York 11545

			Attn: Chairman of the Board

			 

			
	 	 
	
			To Executive:

				
			To the most recent address on file with the Bank.

			
	 	
			 

			 

			 

			

 

[Signature Page Follows]

 

14

 

 

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

	 	
			THE FIRST OF LONG ISLAND 

			
	 	
			CORPORATION 

			
	 	 
	 	
			By: /s/ Walter C. Teagle III 

			
	 	
			Walter C. Teagle III

			
	 	
			Chairman of the Board

			
	 	 
	 	
			THE FIRST NATIONAL BANK OF 

			
	 	
			LONG ISLAND

			
	 	 
	 	
			By: /s/ Walter C. Teagle III 

			
	 	
			Walter C. Teagle III

			
	 	
			Chairman of the Board

			
	 	 
	 	 
	 	
			EXECUTIVE

			
	 	 
	 	
			By: /s/ Michael N. Vittorio 

			
	 	
			Michael N. Vittorio

			
	 	
			 

			

 

15

 

 

RELEASE

 

Pursuant to Section 4(g)(ii) of the Employment Agreement between The First of Long Island Corporation (the “Company”), The First National Bank of Long Island (the “Bank”) and Michael N. Vittorio (“Executive”), effective January 1, 2017 (herein after, the “Agreement”), Executive is entitled to a cash lump sum severance payment (the “Severance Payment”) in connection with his termination of employment. As a condition to receiving the Severance Payment, Executive shall have executed and not timely revoked this release (this “Release”) in accordance with the terms and conditions below by no later than the 60th day following Executive’s termination of employment. 

 

Intending to be legally bound, Executive hereby, on behalf of Executive and Executive’s heirs, executors, administrators, successors and assigns, fully, finally and forever releases and discharges the Company, the Bank, as well as their predecessors, successors and assigns, and all of their respective parent, subsidiary, related and affiliated companies, officers, owners, directors, agents, representatives, attorneys, and employees (all of whom are referred to throughout this Release as the “Parties”), of and from all claims, charges, demands, actions, causes of action, complaints, suits, controversies, proceedings, promises, agreements, liabilities, debts, obligations, judgments, rights, fees, damages, losses, and expenses, of any and every nature whatsoever, in law or in equity, known or unknown, suspected or unsuspected (collectively, “Claims”), as a result of: (i) actions or omissions occurring through the execution date of this Release; or (ii) any agreement, arrangement or promise between Executive and any Party. Specifically included in this waiver and release are, among other things, any and all Claims related to the Agreement, Claims of alleged employment discrimination, either as a result of the separation of Executive’s employment or otherwise, under the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Family and Medical Leave Act, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, as amended by applicable New York law and all of their respective implementing regulations and/or any other federal, state or local statute, rule, ordinance, or regulation, as well as any Claims for compensation of any type whatsoever, alleged wrongful discharge, negligent or intentional infliction of emotional distress, breach of express or implied contract, quasi-contract, promissory estoppel, detrimental reliance, fraud, defamation, or any other unlawful behavior, the existence of which is specifically denied by the Parties. The foregoing list is intended to be illustrative rather than inclusive. Executive waives the rights and Claims to the extent set forth above, and Executive also agrees not to institute, or have instituted, a lawsuit against the Parties based on any such waived Claims or rights. 

 

Nothing in this Release, however, shall be construed to prohibit Executive from filing a charge or participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission or other federal, state or local agency. Notwithstanding the foregoing, Executive waives Executive’s right to recover monetary or other damages as a result of any Claim filed by Executive or by anyone else on Executive’s behalf, including a class or collective action, whether or not Executive is named in such proceeding. 

 

1

 

 

Further, nothing in this Release is intended to waive Executive’s entitlement to: (i) any earned but unpaid compensation or benefits from the Bank or any affiliate of the Bank; (ii) the Severance Payment; (iii) vested or accrued benefits under any tax-qualified or nonqualified employee benefit plan sponsored by the Company or the Bank; (iv) equity awards under the Company’s stock plans, but subject to the treatment thereof set forth in the plans and underlying award agreements; (v) Executive’s right to elect health care continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) at Executive’s expense (if Executive is eligible for COBRA coverage); and (vi) indemnification and directors’ and officers’ insurance coverage applicable to the fullest extent permitted under applicable law and as provided in the Bank’s or the Company’s charter, bylaws and directors’ and officers’ liability insurance policy. Moreover, this Release does not waive claims that Executive could make, if available, for unemployment or workers’ compensation. 

 

Finally, this Release does not limit Executive’s ability to file a charge or complaint with the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”) about a possible securities law violation without approval of the Company or the Bank. Executive further understands that this Agreement does not limit Executive’s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company or the Bank related to the possible securities law violation. This Agreement does not limit the Executive’s right to receive any resulting monetary award for information provided to any Government Agency.

 

Executive affirms that, absent Executive’s execution of this Release, Executive would not be entitled to the Severance Payment and is therefore receiving consideration to which Executive would not otherwise be entitled to receive. Executive also affirms that the only consideration for Executive signing this Release is that set forth in Section 4(g) of the Agreement, that no other promise or agreement of any kind has been made to or with Executive by any person or entity to cause Executive to execute this Release, and that Executive fully understands the meaning and intent of this Release, including but not limited to, its final and binding effect.

 

Executive also affirms that Executive shall be subject to the covenants set forth in Section 6 of the Agreement.

 

Executive acknowledges that Executive has carefully read and reviewed this Release and has been advised to seek the advice of an attorney, and Executive has had an opportunity to consult with and receive counsel from an attorney concerning the terms of this Release. 

 

Executive understands and is satisfied with the terms and contents of this Release and voluntarily has signed Executive’s name to the same as a free act and deed. Executive agrees that this Release shall be binding upon Executive and Executive’s agents, attorneys, personal representatives, heirs, and assigns. Executive acknowledges that Executive has been given a period of at least 45 days from date of receipt within which to consider and sign this Release, which shall not be signed by Executive before Executive’s last day of employment. To the extent Executive has executed this Release less than 45 days after its delivery to Executive, Executive hereby acknowledges that Executive’s decision to execute this Release prior to the expiration of such 45-day period was entirely voluntary. 

 

2

 

 

Executive acknowledges that Executive will be given seven (7) days from the date Executive signs this Release to change Executive’s mind and revoke this Release. If Executive does not revoke this Release within seven (7) days of Executive’s signing, this Release will become final and binding on the day following such seven (7) day period.

 

In the event that any one or more of the provisions of this Release shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remainder of this Release shall not in any way be affected or impaired thereby. This Release shall inure to the benefit of and be binding upon the Company, the Bank, their affiliates, any successor organization which shall succeed the Company or the Bank by merger, acquisition or consolidation or operation of law and their assigns. This Release shall be binding upon the Executive and his assigns, heirs and legal representatives. This Release shall be governed by the law of the State of New York without reference to its choice of law rules.

 

Any notice to revoke this Release will be deemed properly given or made if personally delivered or, if mailed, when mailed by registered or certified mail, postage prepaid to The First of Long Island Corporation at its principal business office, to the attention of ____________. The principal business office of The First of Long Island Corporation is located at 10 Glen Head Road, Glen Head, New York 11545.

 

[Remainder of page is intentionally left blank]

 

3

 

 

 

By executing this Release, Executive acknowledges that Executive has had the opportunity to consult with an attorney of Executive’s choice; that Executive has carefully reviewed and considered this Release; that Executive understands the terms of this Release; and that Executive voluntarily agrees to them.

 

 

EXECUTIVE

 

 

___________________________

 

Date:

(On or after Executive’s last day of employment)

 

 

THE FIRST OF LONG ISLAND CORPORATION 

 

 

___________________________

By:

Title:

Date:

 

THE FIRST national bank of long island

 

 

___________________________

By:

Title:

Date:

 

4Employment Agreement - Jonathan H. Weis Exhibit
    10.1

    

    EXHIBIT
    10.1

    	EMPLOYMENT
                AGREEMENT
	 	 	 	 	 	 
	     THIS EMPLOYMENT
                AGREEMENT, is entered into on
                April 4, 2017 and effective January 1, 2017, by and between
                WEIS MARKETS, INC., a Pennsylvania corporation (the
                "Company"), and Jonathan H. Weis (the
                "Executive").
	 	 	 	 	 	 
	WITNESSETH
                THAT:
	 	 	 	 	 	 
	     WHEREAS, the
                Executive currently serves as Chairman, President
                and Chief Executive Officer, and the Executive
                desires to continue to be employed to serve in such
                capacity or capacities, on the terms and conditions
                herein set forth;
	 	 	 	 	 	 
	     NOW, THEREFORE,
                in consideration of the mutual covenants herein
                contained, the parties hereto, each intending to be
                legally bound hereby, agree as follows:
	 	 	 	 	 	 
	     1.     
            Employment; Prior Agreement. The Company agrees to
            employ the Executive, and the Executive agrees to be
            employed by the Company, for the Term provided in
            Section 3(a) below and upon the other terms and
            conditions hereinafter provided. The Executive hereby
            represents and warrants that he has the legal capacity
            to execute and perform this Agreement, that it is a
            valid and binding agreement, enforceable against him
            according to its terms, and that its execution and
            performance by him do not violate the terms of any
            existing agreement or understanding to which the
            Executive is a party.
	 	 	 	 	 	 
	     2.     
            Position and Responsibilities. During the Term, the
            Executive agrees to serve as Chairman, President and
            Chief Executive Officer ("CEO") of the Company or in
            such other executive capacity or capacities for the
            Company and/or any of its subsidiaries or affiliated
            companies as the Board of Directors of the Company (the
            "Board") or the Chairman of the Board (the "Chairman")
            may from time to time determine. The Executive also
            agrees to serve, if elected and without additional
            compensation, as a member of the Board and/or as an
            officer and director of any other parent, subsidiary or
            affiliate of the Company.
	 	 	 	 	 	 
	     3.     
            Term and Duties.
	 	 	 	 	 	 
	 	(a)	Term of
                Agreement. The term of the Executive's
                employment under this Agreement shall commence on
                January 1, 2017 and shall continue thereafter
                through December 31, 2019 (the "Term").
	 	 	 	 	 	 
	 	(b)	Duties. During
                the Term, and except for illness or incapacity and
                reasonable vacation periods of not less than four
                weeks in any calendar year (or such greater periods
                as shall be consistent with the Company's policies
                for other key executives), the Executive shall
                devote a substantial majority of his business time,
                attention, skill and efforts to the business and
                affairs of the Company and its subsidiaries and
                affiliates, and shall perform and discharge well
                and faithfully the duties which may be assigned to
                him from time to time by the Board; provided,
                however, that nothing in this Agreement shall
                preclude the Executive from devoting time during
                reasonable periods required for:
	 	 	 	 	 	 
	 	 	(i)	Delivering lectures and
                fulfilling speaking engagements;
	 	 	 	 	 	 
	 	 	(ii)	Engaging in charitable
                and community activities; and
	 	 	 	 	 	 
	 	 	(iii)	Investing his personal
                assets in businesses in which his participation is
                solely that of an investor in such form or manner
                as will not violate Section 7 below or require any
                services on the part of the Executive in the
                operation or the affairs of such business,
                provided, however, that such activities do
                not materially affect or interfere with the
                performance of the Executive's duties and
                obligations to the Company.
	 	 	 	 	 	 
	     4.     
            Compensation. For all services rendered by the
            Executive in any capacity required hereunder during the
            Term, including, without limitation, services as an
            executive officer, director, or member of any committee
            of the Company or any subsidiary, affiliate or division
            thereof, the Executive shall be compensated as set
            forth below:
	 	 	 	 	 	 
	 	(a)	Base Salary. The
                Executive shall be paid a fixed salary ("Base
                Salary") of $1,018,457 per annum as of the
                effective date of this Agreement. The Base Salary
                amount is subject to periodic review and adjustment
                by the Board or its Executive Compensation
                Committee but shall not be less than $1,018,457 per
                annum during the Term of this Agreement. Base
                Salary shall be payable in accordance with the
                customary payroll practices of the Company, but in
                no event less frequently than monthly.
	 	 	 	 	 	 
	 	(b)	Bonus. The
                Executive shall be eligible to participate in such
                annual or long-term bonus or incentive plans
                maintained by the Company for its senior
                executives, as determined from time to time by the
                Board or its Executive Compensation Committee. The
                basis for the Executive's participation shall be
                the same as for other similarly situated
                executives, and it is understood that awards under
                any such plan may be discretionary.
	 	 	 	 	 	 
	 	(c)	CEO Supplemental
                Long-Term Cash Incentive. The Executive may
                earn a supplemental long-term cash incentive under
                the Company's Chief Executive Officer Incentive
                Award Plan (the "Plan") effective
                January 1, 2017, as amended from time to
                time by the Board. The supplemental cash incentive
                is contingent upon the Executive's continued
                employment with the Company for the period set
                forth in the Plan.
	 	 	 	 	 	 
	 	(d)	Equity-Based
                Compensation. The Executive shall be eligible
                to participate in, and to be granted stock options,
                stock appreciation rights or other equity-based
                awards under any stock option, stock ownership,
                stock incentive or other equity-based compensations
                plans maintained by the Company for its senior
                executives, as determined from time to time by the
                Board or its Executive Compensation Committee. The
                basis for the Executive's participation shall be
                the same as for other similarly situated
                executives, and it is understood that awards under
                any such plan may be discretionary.
	 	 	 	 	 	 
	 	(e)	Additional
                Benefits. Except as modified by this Agreement,
                as determined from time to time by the Board or its
                Executive Compensation Committee, the Executive
                shall be entitled to participate in all
                compensation or employee benefit plans or programs,
                and to receive all benefits, perquisites and
                emoluments, for which any member of senior
                management at the Company is eligible under any
                plan or program now or hereafter established and
                maintained by the Company for senior officers, to
                the extent permissible under the general terms and
                provisions of such plans or programs and in
                accordance with the provisions thereof, including
                group hospitalization, health, dental care, senior
                executive life or other life insurance, travel or
                accident insurance, disability plans, tax-qualified
                or non-qualified pension, savings, thrift and
                profit-sharing plans, sick-leave plans, and
                executive contingent compensation plans, including,
                without limitation, capital accumulation programs
                and stock purchase plans. Notwithstanding the
                foregoing, the Executive acknowledges and agrees
                that the severance payments provided in certain
                circumstances under this Agreement are in lieu of
                any rights which the Executive might otherwise have
                under any and all other displacement, separation or
                severance plans or programs of the Company, and the
                Executive hereby waives all rights to participate
                in any of such plans or programs in the event of
                the termination of his employment during the
                Term.
	 	 	 	 	 	 
	 	(f)	Life Insurance.
                The Company shall provide a term life insurance
                policy to the Executive insuring the life of the
                Executive with a death benefit of $1,500,000. The
                Executive shall be required to provide any
                reasonable information or testing as may be
                necessary to obtain such policy.
	 	 	 	 	 	 
	 	(g)	Recoupment Policy
                (Clawback). Incentive based awards under this
                Agreement (including under Sections 4 (b), (c), and
                (d)) may be cancelled without payment and/or a
                demand for repayment of any incentive based awards
                may be made upon Executive pursuant to the
                provisions set forth below. If the Board or a
                committee of the Board determines that the
                Executive has been incompetent or negligent in the
                performance of his or her duties or has engaged in
                fraud or willful misconduct, in each case in a
                manner that has caused or otherwise contributed to
                the need for a material restatement of the
                Company's financial results, the Board will review
                all performance-based compensation awarded to or
                earned by the Executive on the basis of performance
                during fiscal periods affected by the restatement.
                If, in the Board's view, the performance-based
                compensation would have been lower if it had been
                based on the restated results, the Board and the
                Company will, to the extent permitted by applicable
                law, seek recoupment from the Executive of any
                portion of such performance-based compensation as
                it deems appropriate after a review of all relevant
                facts and circumstances. Generally, this review
                would include consideration of:
	 	 	 	 	 	 
	 	 	

	
            

	the Board's view of
                what performance-based compensation would have been
                awarded to or earned by the Executive had the
                financial statements been properly
                reported;
	 	 	

	
            

	the nature of the
                events that led to the restatement;
	 	 	

	
            

	the conduct of the
                Executive in connection with the events that led to
                the restatement;
	 	 	

	
            

	whether the assertion
                of a claim against the Executive could prejudice
                the Company's overall interests and whether other
                penalties or punishments are being imposed on the
                Executive, including by third parties such as
                regulators or other authorities; and
	 	 	

	
            

	any other facts and
                circumstances that the Executive deems
                relevant.
	 	 	 	 	 	 
	     5.     
            Business Expenses. The Company shall pay or
            reimburse the Executive for all reasonable travel and
            other expenses incurred by the Executive (and his
            spouse where there is a legitimate business reason for
            his spouse to accompany him) in connection with the
            performance of his duties and obligations under this
            Agreement, subject to the Executive's presentation of
            appropriate vouchers in accordance with such policies
            and procedures as the Company from time to time
            establish for senior officers. All reimbursements
            provided under this Agreement shall be made or provided
            in accordance with the requirements of Internal Revenue
            Code (the "Code") Section 409A, including, where
            applicable, the requirement that (i) any reimbursement
            is for expenses incurred during the Executive's
            lifetime (or during the shorter Term specified in this
            Agreement), (ii) the amount of expenses eligible for
            reimbursement during a calendar year may not affect the
            expenses eligible for reimbursement in any other
            calendar year, (iii) the reimbursement of an eligible
            expense will be made on or before the last day of the
            calendar year following the year in which the expense
            is incurred, and (iv) the right to reimbursement is not
            subject to liquidation or exchange for another
            benefit.
	 	 	 	 	 	 
	     6.     
            Effect of Termination of Employment; Effect of
            Disability.
	 	 	 	 	 	 
	 	(a)	Without Cause
                Termination or Termination of the Executive for
                Good Reason. Subject to the provisions of
                Section 7 below, in the event the Executive's
                employment hereunder terminates due to either a
                Without Cause Termination (as defined in Section
                6(e)(iii) or a termination by the Executive for
                Good Reason (as defined in Section
                6(e)(ii)):
	 	 	 	 	 	 
	 	 	(i)	Earned but unpaid Base
                Salary as of the Date of Termination (as defined in
                Section 13(b)) and any earned but unpaid bonuses
                for prior years under Section 4(b) (but not
                under Section 4(c)) (collectively, the
                "Accrued Obligations"), shall be payable in full on
                their regularly scheduled payment dates, and the
                Company shall, as liquidated damages or severance
                pay, or both:
	 	 	 	 	 	 
	 	 	 	(A)	Continue to pay the
                Executive's Base Salary, as in effect at the Date
                of Termination, from the Date of Termination until
                the end of the Term, at the same time Base Salary
                would otherwise be payable hereunder,
                and
	 	 	 	 	 	 
	 	 	 	(B)	Pay to the Executive
                for the year of termination and for each subsequent
                calendar year or portion thereof during the
                remainder of the Term, an amount (prorated in the
                case of any partial year) equal to the highest
                annual incentive bonus under Section 4(b) (but
                not under Section 4(c)) received by the
                Executive for any year in the two years preceding
                the Date of Termination, such payments to be made
                at the normal times for payment of bonuses under
                the Company's annual incentive bonus plan (as
                described in Section 4(b)) as in effect at the
                Date of Termination (the "Bonus Plan").
	 	 	 	 	 	 
	 	 	Notwithstanding
                anything to the contrary in this Agreement, if
                Executive is a "specified employee" within the
                meaning of Code Section 409A at the time of
                Executive's termination (other than due to death),
                then the continuing payments of deferred
                compensation, if any, that are payable within the
                first six (6) months following Executive's
                separation from service, will become payable on the
                first payroll date that occurs on or after the
                first day of the seventh (7) month following the
                date of Executive's separation from service. All
                subsequent continuing payments, if any, will be
                payable in accordance with the payment schedule
                applicable to each payment or benefit.
                Notwithstanding anything herein to the contrary, if
                Executive dies following Executive's separation
                from service, but before the six (6) month
                anniversary of the separation from service, then
                any payments delayed in accordance with this
                paragraph will be payable in a lump sum as soon as
                administratively practicable after and within 90
                days of the date of Executive's death and all other
                continuing payments will be payable in accordance
                with the payment schedule applicable to each
                payment or benefit. It is
                intended that to the extent possible none of the
                severance payments under this Agreement will
                constitute deferred compensation but rather will be
                exempt from Section 409A as a payment that
                would fall within the "short-term deferral period"
                or under the separation pay plan exception from
                Section 409A.
	 	 	 	 	 	 
	 	(b)	Disability. In
                the event of the Executive's Disability, the
                Company may, by giving a Notice of Disability as
                provided in Section 13(c), remove the Executive
                from active employment and in that event shall
                provide the Executive with the same payments and
                benefits as those provided in Section 6(a), except
                that:
	 	 	 	 	 	 
	 	 	(i)	Base Salary payments
                under Section 6(a)(i)(A) shall be at the rate 50%
                of the Executive's Base Salary as in effect at the
                Date of Disability;
	 	 	 	 	 	 
	 	 	(ii)	In lieu of the bonus
                payments provided in Section 6(a)(i)(B), the
                Executive shall receive, at the same time as bonus
                payments for the year of Disability would otherwise
                be made under the Bonus Plan, a prorated bonus for
                the year of Disability only equal to the amount
                determined by the Company in good faith (which
                determination shall be final and conclusive) to be
                the amount of the bonus award the Executive would
                have received if he had been employed throughout
                the bonus year, prorated on a daily basis as of the
                Date of Disability; and
	 	 	 	 	 	 
	 	 	(iii)	Except for Accrued
                Obligations, Base Salary payments shall be offset
                by any amounts otherwise payable to the Executive
                under the Company's disability program generally
                available to other employees.
	 	 	 	 	 	 
	 	(c)	Death. In the
                event the Executive's employment hereunder
                terminates due to death:
	 	 	 	 	 	 
	 	 	(i)	Accrued Obligations as
                of the date of death shall be payable in
                full;
	 	 	 	 	 	 
	 	 	(ii)	From the date of the
                Executive's death until the end of the Term, the
                Company shall, at the same times Base Salary would
                otherwise be payable hereunder, make payments at
                the rate of 50% of the Executive's Base Salary in
                effect at the date of death to (A) the Executive's
                spouse at the date of his death, should she survive
                him and (B) following the death of the Executive's
                spouse or should she not survive him, to the
                Executive's estate.
	 	 	 	 	 	 
	 	(d)	Other Termination of
                Employment. In the event the Executive's
                employment hereunder terminates due to a
                Termination for Cause or the Executive terminates
                employment with the Company other than for Good
                Reason, Disability, retirement under established
                retirement policies of the Company, or death,
                Accrued Obligations and vested benefits as of the
                Date of Termination shall be payable in full on
                their regularly scheduled payment dates. No other
                payments shall be made, or benefits provided, by
                the Company except for benefits which have already
                become vested under the terms of employee benefit
                programs maintained by the Company or its
                affiliates for its employees generally as provided
                in Section 10. The foregoing is not intended to
                limit the remedies available to the Company under
                this Agreement.
	 	 	 	 	 	 
	 	(e)	Definitions. For
                purposes of this Agreement, the following terms,
                when capitalized, shall have the following meanings
                unless the context otherwise requires:
	 	 	 	 	 	 
	 	 	(i)	"Termination for Cause"
                means, to the maximum extent permitted by
                applicable law, a termination of the Executive's
                employment by the Company by a vote of the majority
                of the Board members then in office, because the
                Executive (a) has been convicted of, or has entered
                a plea of nolo contendere to, a criminal
                offense involving moral turpitude, or (b) has
                willfully continued to fail to substantially
                perform his duties with the Company (other than any
                such failure resulting from the Executive's
                incapacity due to physical or mental illness or any
                such failure subsequent to the Executive being
                delivered a Notice of Termination without Cause by
                the Company or delivering a Notice of Termination
                for Good Reason to the Company) after a written
                demand for substantial performance is delivered to
                the Executive by the Board which specifically
                identifies the manner in which the Board believes
                that the Executive has not substantially performed
                his duties or (c) has committed an improper action
                resulting in personal enrichment at the expense of
                the Company or (d) has engaged in illegal or gross
                misconduct that is materially and demonstrably
                injurious to the Company, or (e) has violated the
                representations made in Section 1 above, or the
                provisions of Section 7 below; provided,
                however that the Board has given the Executive
                advance notice of such Termination for Cause
                including the reasons therefor, together with a
                reasonable opportunity for the Executive to appear
                with counsel before the Board and to reply to such
                notice.
	 	 	 	 	 	 
	 	 	(ii)	a "Termination by the
                Executive for 'Good Reason'" shall mean a
                termination of his employment by the Executive by a
                Notice of Termination given at any time due
                to:
	 	 	 	 	 	 
	 	 	 	(A)	any material reduction
                without the consent of the Executive in the
                Executive's salary below the amount then provided
                for under Section 4(a) hereof; or
	 	 	 	 	 	 
	 	 	 	(B)	failure of the Company
                or its successor to fulfill its obligations under
                this Agreement in any material respect.
	 	 	 	 	 	 
	 	 	 	Executive may not
                resign for Good Reason without first providing the
                Company with written notice within thirty (30) days
                of the first occurrence of the condition that
                Executive believes constitutes Good Reason
                specifically identifying the acts or omissions
                constituting the grounds for Good Reason and
                providing a cure period of not less than ten (10)
                days following the date of such notice. The
                Executive's right to terminate employment for Good
                Reason shall not be affected by the Executive's
                incapacities due to mental or physical illness and
                the Executive's continued employment shall not
                constitute consent to, or a waiver of rights with
                respect to, any event or condition constituting
                Good Reason; provided, however, that the Executive
                must provide notice of termination of employment
                within 180 days following the Executive's knowledge
                of an event constituting Good Reason or such event
                shall not constitute Good Reason under this
                Agreement.
	 	 	 	 	 	 
	 	 	(iii)	"Without Cause
                Termination" means a termination of the Executive's
                employment by the Company other than due to
                Disability or expiration of the Term and other than
                a Termination for Cause.
	 	 	 	 	 	 
	 	 	(iv)	"Disability" for
                purposes of this Agreement shall have the meaning
                set forth in Code Section 409(a)(2)(C) and the
                regulations thereunder.
	 	 	 	 	 	 
	 	 	(v)	The "Date of
                Termination" and "Date of Disability" shall have
                the meanings ascribed to them in Section 13. To the
                fullest extent permitted by applicable law and the
                general terms of the underlying benefit plans, to
                the extent this Agreement requires the payment of
                Base Salary and/or the provision of coverages and
                benefits subsequent to the Date of Termination or
                Date of Disability, the Executive's Date of
                Termination or Date of Disability, as applicable,
                shall not be treated as a termination of employment
                (a "Benefit Plan Termination Date") from the
                Company for purposes of determining the Executive's
                rights, responsibilities and tax treatment under
                any and all employee pension, welfare and fringe
                benefit plans maintained by the Company. Rather,
                the Benefit Plan Termination Date shall be the day
                following the last day for which any Base Salary
                and/or coverages and benefits are required to be
                provided by this Agreement.
	 	 	 	 	 	 
	     7.     
            Other Duties of the Executive During and After
            Term.
	 	 	 	 	 	 
	 	(a)	Confidential
                Information. The Executive recognizes and
                acknowledges that certain information pertaining to
                the affairs, business, suppliers, or customers of
                the Company or any of its subsidiaries of
                affiliates (any or all of such entities hereinafter
                referred to as the "Business"), as such information
                may exist from time to time, is confidential
                information and is a unique and valuable asset of
                the Business, access to and knowledge of which are
                essential to the performance of his duties under
                this Agreement. The Executive shall not, through
                the end of the Term or at any time thereafter,
                except to the extent reasonably necessary in the
                performance of his duties under this Agreement,
                divulge to any person, firm, association,
                corporation or governmental agency, any information
                concerning the affairs, business, suppliers, or
                customers of the Business (except such information
                as is required by law to be divulged to a
                governmental agency or pursuant to lawful process
                or such information which is or shall become part
                of the public realm through no fault of the
                Executive), or make use of any such information for
                his own purposes or for the benefit of any person,
                firm, association or corporation (except the
                Business) and shall use his reasonable best efforts
                to prevent the disclosure of any such information
                by others. All records and documents relating to
                the Business, whether made by the Executive or
                otherwise coming into his possession are, shall be,
                and shall remain the property of the Business. No
                copies thereof shall be made which are not retained
                by the Business, and the Executive agrees, on any
                termination of his employment, or on demand of the
                Company, to deliver the same to the
                Company.
	 	 	 	 	 	 
	 	(b)	Non-Competition.
                During his employment by the Company, whether
                during or after the Term, and for a period of four
                years following the termination of his employment
                for any reason except for a Without Cause
                Termination or termination by the Executive for
                Good Reason, the Executive shall not, without
                express prior written approval by order of the
                Board, directly or indirectly, engage in, whether
                as an officer, director, employee, consultant,
                agent, partner, joint venture, proprietor or
                otherwise, become interested in (other than as a
                shareholder owning not more than 1% of the
                outstanding shares of any class of securities
                registered under Section 12 of the Securities
                Exchange Act of 1934) or assist any business which
                (i) is in competition with the Company or any of
                its affiliates in the retail grocery business or
                (A) during his employment, in any other business in
                which the Company or any of its subsidiaries is
                then engaged or proposes to engage or (B) following
                the termination of his employment, in any other
                business which during the 12 months preceding the
                Executive's Date of Termination accounted for more
                than 2% of the Company's consolidated revenues and
                (ii) engages in any such business in any county in
                which the Company then engages in such business or
                any county contiguous thereto.
	 	 	 	 	 	 
	 	(c)	Non-Interference. During his employment
                with the Company and until four years after the
                termination of the Executive's employment, whether
                during or after the Term and notwithstanding the
                cause of termination, the Executive shall not (i)
                hire or employ, directly or indirectly through any
                enterprise with which he is associated, any
                employee of the Company or any of its affiliates or
                (ii) recruit, solicit or induce (or in any way
                assist another person or enterprise in recruiting,
                soliciting or inducing) any such employee or any
                consultant, vendor or supplier of the Company or
                any of its affiliates to terminate or reduce such
                person's employment, consulting or other
                relationship with the Company or any of its
                affiliates.
	 	 	 	 	 	 
	 	(d)	Remedies. The
                Company's obligation to make payments or provide
                for or increase any benefits under this Agreement
                (except to the extent previously vested) shall
                cease upon any violation of the provisions of this
                Section 7: provided, however, that the
                Executive shall first have the right to appear
                before the Board with counsel and that such
                cessation of payments or benefits shall require a
                vote of a majority of the Board members then in
                office. In addition, in the event of a violation by
                the Executive of the provisions of this Section 7,
                the Company shall be entitled, if it shall so
                elect, to institute legal proceedings to obtain
                damages for any such breach, and/or to enforce the
                specific performance by the Executive of this
                Section 7 and to enjoin the Executive from any
                further violation, and may exercise such remedies
                cumulatively or in conjunction with such other
                remedies as may be available to the Company at law
                or in equity. The Executive acknowledges, however,
                that the remedies at law for any breach by him of
                the provisions of this Section 7 would be
                inadequate and agrees that the Company shall be
                entitled to injunctive relief against him in the
                event of any such breach.
	 	 	 	 	 	 
	 	(e)	Survival;
                Authorization to Modify Restrictions. The
                covenants of the Executive contained in this
                Section 7 shall survive any termination of the
                Executive's employment for the periods stated
                herein, whether during or after the Term and,
                except as otherwise provided in this Section 7,
                regardless of the reason for such termination. The
                Executive represents that his experience and
                capabilities are such that the enforcement of the
                provisions of this Section 7 will not prevent him
                from earning his livelihood, and acknowledges that
                it would cause the Company serious and irreparable
                injury and cost if the Executive were to use his
                ability and knowledge in competition with the
                Company or to otherwise breach the obligations
                contained in this Section 7. Accordingly, it is the
                intention of the parties that the provisions of
                this Section 7 shall be enforceable to the fullest
                extent permissible under applicable law, but that
                the unenforceability (or modification to conform to
                such law) of any provision or provisions hereof
                shall not render unenforceable, or impair, the
                remainder thereof. If any provision or provisions
                hereof shall be deemed invalid or unenforceable,
                either in whole or in part, this Agreement shall be
                deemed amended to delete or modify, as necessary,
                the offending provision or provisions and to alter
                the bounds thereof to the extent required in order
                to render it valid and enforceable.
	 	 	 	 	 	 
	     8.     
            Resolution of Disputes. Except as otherwise
            provided in Section 7(d) hereof, any dispute or
            controversy arising under or in connection with this
            Agreement shall be settled exclusively by arbitration
            in Sunbury, Pennsylvania, by three arbitrators in
            accordance with the rules of the American Arbitration
            Association then in effect. Judgment may be entered on
            the arbitrators' award in any court having
            jurisdiction. In the event of any arbitration,
            litigation or other proceeding between the Company and
            the Executive with respect to the subject matter of
            this Agreement and the enforcement of rights hereunder,
            the Company shall reimburse the Executive for his
            reasonable costs and expenses relating to such
            arbitration, litigation or other proceeding, including
            attorneys' fees and expenses, to the extent that such
            arbitration, litigation or other proceeding results in
            any: (i) settlement requiring the Company to make a
            payment, continue to make payments or provide any other
            benefit to the Executive; or (ii) judgment, order or
            award against the Company in favor of the Executive or
            his spouse, legal representative or heirs, unless such
            judgment, order or award is subsequently reversed on
            appeal or in a collateral proceeding. At the request of
            the Executive, costs and expenses (including attorneys'
            fees) incurred in connection with any arbitration,
            litigation or other proceeding referred to in this
            Section shall be paid by the Company in advance of the
            final disposition of the arbitration, litigation or
            other proceeding upon receipt of an undertaking by or
            on behalf of the Executive to repay the amounts
            advanced if it is ultimately determined that he is not
            entitled to reimbursement of such costs and expenses by
            the Company a set forth in this Section.
	 	 	 	 	 	 
	     9.     
            Full Settlement; No Mitigation; Non-Exclusivity of
            Benefits. The Company's obligation to make any
            payment provided for in this Agreement and otherwise to
            perform its obligations hereunder shall be in lieu and
            in full settlement of all other severance payments to
            the Executive under any other severance plan,
            arrangement or agreement of the Company and its
            affiliates, and in full settlement of any and all
            claims or rights of the Executive for severance,
            separation and/or salary continuation payments
            resulting from the termination of his employment. In no
            event shall the Executive be obligated to seek other
            employment or to take other action by way of mitigation
            of the amounts payable to the Executive under any of
            the provisions of this Agreement, and except as
            specifically provided herein, such amounts shall not be
            reduced whether or not the Executive obtains other
            employment. Except as provided above in this Section 9,
            nothing in this Agreement shall prevent or limit the
            Executive's continuing or future participation in any
            plan, program policy or practice provided by the
            Company or any of its affiliates for which the
            Executive may qualify, nor except as otherwise
            specifically provided in this Agreement, shall anything
            herein limit or otherwise affect such rights as the
            Executive may have under any contract or agreement with
            the Company or any of its affiliates, including without
            limitation any stock option agreement. Amounts or
            benefits which are vested benefits or which the
            Executive is otherwise entitled to receive under any
            such plan, program, policy, practice, contract or
            agreement prior to, at or subsequent to any Date of
            Termination or Date of Disability shall be paid or
            provided in accordance with the terms of such plan,
            program policy, practice, contract or agreement except
            as explicitly modified by this Agreement.
	 	 	 	 	 	 
	     10.     
            Employment and Payments by Affiliates. Except as
            herein otherwise specifically provided, references in
            this Agreement to employment by the Company shall
            include employment by affiliates of the Company, and
            the obligation of the Company to make any payment or
            provide any benefit to the Executive hereunder shall be
            deemed satisfied to the extent that such payment is
            made or such benefit is provided by any affiliate of
            the Company.
	 	 	 	 	 	 
	     11.     
            Withholding Taxes. The Company may directly or
            indirectly withhold from any payments made under this
            Agreement all Federal, state, city or other taxes as
            shall be required pursuant to any law or governmental
            regulation or ruling.
	 	 	 	 	 	 
	     12.     
            Consolidation, Merger, or Sale of Assets. Nothing
            in this Agreement shall preclude the Company from
            consolidating or merging into or with, or transferring
            all or substantially all of its assets to, another
            corporation or entity which assumes this Agreement and
            all obligations and undertakings of the Company
            hereunder. Upon such a consolidation, merger or
            transfer of assets and assumption, the term, "Company"
            as used herein shall mean such other corporation or
            entity, and this Agreement shall continue in full force
            and effect.
	 	 	 	 	 	 
	     13.     
            Notices.
	 	 	 	 	 	 
	 	(a)	General. All
                notices, requests, demands and other communications
                required or permitted hereunder shall be given in
                writing and shall be deemed to have been duly given
                when delivered or 5 days after being deposited in
                the United States mail, certified and return
                receipt requested, postage prepaid, addressed as
                follows:
	 	 	 	 	 	 
	 	 	(i)	To the
                Company:
	 	 	 	 	 	 
	 	 	 	Weis Markets,
                Inc.
	 	 	 	1000 S. Second
                Street
	 	 	 	P.O. Box
                471
	 	 	 	Sunbury, PA
                17801
	 	 	 	 	 	 
	 	 	 	Attention: Corporate
                Secretary
	 	 	 	 	 	 
	 	 	(ii)	To the
                Executive:
	 	 	 	 	 	 
	 	 	 	Jonathan H.
                Weis
	 	 	 	1000 S. Second
                Street
	 	 	 	P.O. Box
                471
	 	 	 	Sunbury, PA
                17801
	 	 	 	 	 	 
	Or to such other
                address as the addressee party shall have
                previously specified in writing to the
                other.
	 	 	 	 	 	 
	 	(b)	Notice of
                Termination. Except in the case of death of the
                Executive, any termination of the Executive's
                employment hereunder, whether by the Executive or
                the Company, shall be effected only by a written
                notice given to the other party in accordance with
                this Section 13 (a "Notice of Termination"). Any
                Notice of Termination shall (i) indicate the
                specific termination provision in Section 6 relied
                upon, (ii) in the case of a termination by the
                Company for Cause or by the Executive for Good
                Reason, set forth in reasonable detail the facts
                and circumstances claimed to provide a basis for
                such termination and (iii) specify the effective
                date of such termination of employment (the "Date
                of Termination"), which shall not be less than 15
                days nor more than 60 days after such notice is
                given. Notwithstanding anything to the contrary in
                this Agreement, no severance pay or benefits to be
                paid or provided to Executive, if any, pursuant to
                this Agreement that, when considered together with
                any other severance payments or separation
                benefits, are considered deferred compensation
                under Section 409A will be paid or otherwise
                provided until Executive has a "separation from
                service" within the meaning of Section 409A. The
                failure of the Executive or the Company to set
                forth in any Notice of Termination any fact or
                circumstance which contributes to a showing of
                Cause or Good Reason shall not waive any right of
                the Executive or the Company hereunder or preclude
                the Executive or the Company from asserting such
                fact or circumstance in enforcing the Executive's
                or the Company's rights hereunder.
	 	 	 	 	 	 
	 	(c)	Notice of
                Disability. Any finding of Disability by the
                Company shall be affected only by a written notice
                given to the Executive in accordance with this
                Section 13 (a "Notice of Disability"). Any Notice
                of Disability shall (i) set forth in reasonable
                detail the facts and circumstances claimed to
                provide a basis for such finding of Disability and
                (ii) specify an effective date (the "Date of
                Disability''), which shall not be less than 10 days
                after such notice is given. The failure of the
                Company to set forth in any Notice of Disability
                any fact or circumstance which contributes to a
                showing of Disability shall not waive any right of
                the Company hereunder or preclude the Company from
                asserting such fact or circumstance in enforcing
                the Company's rights hereunder.
	 	 	 	 	 	 
	     14.     
            Source of Payments. Subject to Section 10 hereof,
            all payments provided for under this Agreement shall be
            paid in cash from the general funds of the Company. The
            Company shall not be required to establish a special or
            separate fund or other segregation of assets to assure
            such payments, and, if the Company shall make any
            investments to aid it in meeting its obligations
            hereunder, the Executive shall have no right, title or
            interest whatever in or to any such investments except
            as may otherwise be expressly provided in a separate
            written instrument relating to such investments.
            Nothing contained in this Agreement, and no action
            taken pursuant to its provisions, shall create or be
            construed to create a trust of any kind, or a fiduciary
            relationship, between the Company and the Executive or
            any other person. To the extent that any person
            acquires a right to receive payments from the Company,
            hereunder, such right shall be no greater than the
            right of an unsecured creditor.
	 	 	 	 	 	 
	     15.     
            Binding Agreement. This Agreement shall be binding
            upon, and shall inure to the benefit of, the Executive
            and the Company and, as permitted by this Agreement,
            their respective successors, assigns, heirs,
            beneficiaries and representatives.
	 	 	 	 	 	 
	     16.     
            Governing Law. The validity, interpretation,
            performance and enforcement of this Agreement shall be
            governed exclusively by the laws of the Commonwealth of
            Pennsylvania, without regard to principles of conflicts
            of laws thereof.
	 	 	 	 	 	 
	     17.     
            Counterparts; Headings. This Agreement may be
            executed in counterparts, each of which, when executed,
            shall be deemed to be an original and all of which
            together shall be deemed to be one and the same
            instrument. The underlined Section headings contained
            in this Agreement are for convenience of reference only
            and shall not affect the interpretation or construction
            of any provision hereof.
	 	 	 	 	 	 
	IN WITNESS THEREOF, The
                Company has caused this Agreement to be executed by
                its Officer thereunto duly authorized, and the
                Executive has signed this Agreement, all of this
                date first above.
	 	 	 	 	 	 
	 	 	 	 	 	WEIS MARKETS,
                INC.
	 	 	 	 	 	 
	 	 	 	 	 	By: /s/ Scott
                Frost
	 	 	 	 	 	Name: Scott
                Frost
	 	 	 	 	 	Title:   Chief Financial
                Officer
	 	 	 	 	 	 
	 	 	 	 	 	/s/ Jonathan H.
                Weis
	 	 	 	 	 	Jonathan H.
                Weis

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]