Document:

ex102.htm

    GENERAL AND MUTUAL RELEASE

    

    This General and Mutual Release (hereafter "Release")
is entered into on this April 24, 2008 by and between Celadon Trucking Services,
Inc., and its affiliates and subsidiaries (hereinafter “Celadon”), and Thomas M.
Glaser, and his successors, assigns, heirs and representatives (hereinafter
“Glaser”).

     

    WHEREAS, the parties entered
into a Separation Agreement, General Release, Consulting Agreement and
Non-Competition, Non-Disclosure and Non-Solicitation Agreement (hereinafter
“Agreement”) on July 25, 2007, as amended on October 17, 2007, whereby the
parties established the terms, conditions and consideration for the retirement
of Glaser from Celadon.

     

    WHEREAS, the parties now
desire to amend and otherwise release one another from said Agreement as
specified herein.

     

    NOW, THEREFORE, in consideration of
the foregoing premises, the mutual agreements and covenants contained herein,
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby agree as follows:

    

    1.           Celadon
hereby releases Glaser from his covenant not to engage in any employment or
business activity in competition with Celadon, and Glaser is free to immediately
seek and accept any employment with any firm or business he desires,
irrespective of whether such firm or business is in competition with
Celadon.

     

    2.           The
parties agree that Celadon shall not make further payment, settlement, benefit
or other compensation of any kind to Glaser, including, but not limited to, the
issuance of any Restricted Stock Grants, whether due now or in the future,
including such Restricted Stock Grants that might be due from
Celadon  in August, 2009.

     

    3.           Glaser
agrees that until after August 3, 2009, he will not, for himself or any other
person, solicit or attempt to hire Leslie Carlson, or to otherwise request or
encourage Leslie Carlson to terminate her employment or business relationship
with Celadon.

     

    4.           
Glaser agrees that he shall not knowingly engage, or encourage others to engage,
in any oral or written communication, or otherwise knowingly release any
non-public information, which is intended to, or reasonably could be foreseen to, damage the business reputation
of, or otherwise in any way be detrimental to, Celadon or its officers,
directors, employees, agents, or shareholders as a group.  Celadon
agrees that it shall not  knowingly engage, or encourage others to
engage, in any oral or written communication, or otherwise knowingly release any
non-public information, which is intended to, or reasonably could be foreseen
to, damage the business reputation of, or otherwise in any way be detrimental to
Glaser.

    
      
        
        

      

      
        
          

        

      

      
        
        

      

    

     

    5.           In consideration of
the promises set forth in this Release, and other good and valuable
consideration, the receipt of sufficiency of which is hereby acknowledged,
Glaser hereby irrevocably and unconditionally releases, acquits, and forever
discharges Celadon, Celadon’s parent, Celadon Group, Inc. (“Celadon Group”), its
subsidiaries, affiliates, and divisions, as well as each of their respective
officers, directors, employees, shareholders, members, and agents (Celadon,
Celadon Group, its subsidiaries, affiliates, and divisions, and their respective
officers, directors, employees, and agents being collectively referred to herein
as the “Releasees”), or any of them, from any and all charges, complaints,
claims, liabilities, obligations, promises, agreements, controversies, damages,
actions, causes of action, suits, rights, demands, costs, losses, debts, and
expenses (including attorney fees and costs actually incurred), of any nature
whatsoever, known or unknown, in law or equity, including but not limited to
those claims arising out of Glaser’s employment with the Company or the
termination of his employment with Celadon, including, without limitation of the
foregoing general terms, any and all claims arising from any alleged violation
by the Releasees of any federal, state, or local statutes, ordinances, or common
law, including but not limited to, the Age Discrimination in Employment Act
(“ADEA”), as amended by the Older Workers Benefit Protection Act (“OWBPA”); the
Americans with Disabilities Act; Title VII of the Civil Rights Act of 1964, as
amended; 42 U.S.C. § 1981, as amended; the Fair Labor Standards Act; the Equal
Pay Act; the Employee Retirement Income Security Act; the Rehabilitation Act of
1973; the Civil Rights Act of 1991; the Family and Medical Leave Act; the Civil
Rights Act of 1866; the Indiana Civil Rights Act; and any other employment
discrimination laws, as well as any other claims based on constitutional,
statutory, common law, or regulatory grounds, as well as any claims based on
theories of breach of contract or implied covenant, deprivation of equity
interest, shareholder rights, conversion, defamation, retaliation, wrongful or
constructive discharge, fraud, misrepresentation, promissory estoppel, or
intentional and/or negligent infliction of emotional distress,
(“Claim”
or “Claims”), which Glaser now has, owns, or holds, or claims to have,
own, or hold, or which Glaser had, owned, or held, or claimed to own at any time
before execution of this Agreement, against any or all of the Releasees.
Notwithstanding the foregoing, Glaser reserves all rights to enforce the terms
of this Agreement and his rights to continue health insurance coverage as
provided under the Consolidated Omnibus Budget Reconciliation Act
(“COBRA”).

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    6.           In
consideration of the promises set forth in this Release, and other good and
valuable consideration, the receipt of sufficiency of which is hereby
acknowledged, Celadon,  Celadon Group, Inc., and each of their
respective subsidiaries, affiliates, and divisions, as well as each of their
respective officers, directors, employees, shareholders, members, agents,
successors and assigns (hereinafter referred to collectively as “Celadon”)
hereby irrevocably and unconditionally releases, acquits, and forever discharges
Glaser and his successors, assigns, heirs and representatives, or any of them,
from any and all charges, complaints, claims, liabilities, obligations,
promises, agreements, controversies, damages, actions, causes of action, suits,
rights, demands, costs, losses, debts, and expenses (including attorney fees and
costs actually incurred), of any nature whatsoever, known or unknown, in law or
equity, including but not limited to those claims arising out of Glaser’s
employment with the Company, the termination of his employment with Celadon,
and/or the Separation Agreement, General Release, Consulting Agreement and
Non-Competition, Non-Disclosure and Non-Solicitation Agreement of July 25, 2007,
as amended on October 17, 2007, including, without limitation of the foregoing
general terms, any and all claims arising from any alleged violation by Glaser
of any federal, state, or local statutes, ordinances, or common law, as well as
any other claims based on constitutional, statutory, common law, or regulatory
grounds, as well as any claims based on theories of breach of contract or
implied covenant, deprivation of equity interest, shareholder rights,
conversion, defamation, retaliation, wrongful or constructive discharge, fraud,
misrepresentation, promissory estoppel, or intentional and/or negligent
infliction of emotional distress, which Celadon now has, owns, or holds, or
claims to have, own, or hold, or which Celadon had, owned, or held, or claimed
to own at any time before execution of this Agreement against
Glaser.

     

    7.           This
Release is the compromise of a disputed claim and is not to be construed as an
admission of liability or wrongdoing of either party.  The terms of
this Agreement and all information herein shall not be disclosed by either party
to any person or persons not a party hereto, except as to the directors,
officers, employees, agents, attorneys, accountants and auditors who are in the
need to know.  Nothing herein shall restrict a party from disclosing
any portion of this Agreement on a restricted basis pursuant to a judicial or
other lawful governmental order.  Failure by either party to insist
upon the other party’s performance under this Agreement or to exercise any
rights or privilege herein shall not be a waiver of any of the rights or
privileges provided for in this Agreement.  This Release shall be
construed and enforced pursuant to the laws of the State of Indiana, excluding
any choice of laws provisions or conflicts of laws principles which would
require reference to the laws of any other jurisdiction and the proper venue of
any cause of action relating to this agreement shall be limited to the state or
federal courts sitting in Indianapolis, Indiana.  If any of the
provisions of this Release are held to be unenforceable or invalid by any
arbitrator or court or tribunal of competent jurisdiction, the validity and
enforceability of the remaining provisions shall not be affected thereby, and
the rights and obligations of the parties under this Release shall be reduced
only so much as necessary to remove the illegality.  Each party hereto
warrants and represents that they have read and understand all of the provisions
contained herein.  Each party does hereby declare and represent that
in making this Release it is understood and agreed that it relies wholly upon
its own judgment, and this Release is signed freely by each
party.  Both parties have either consulted or have been given the
opportunity to consult legal counsel prior to the execution of this
Release.  Any party signing below in a representative capacity for a
party has authority to bind that party.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    8.           Celadon
and Glaser hereby expressly agree that, effective immediately upon Glaser’s
signature hereon, the Separation Agreement, General Release, Consulting
Agreement and Non-Competition, Non-Disclosure and Non-Solicitation Agreement of
July 25, 2007, as amended on October 17, 2007, has terminated in all respects
such that neither Celadon nor Glaser has any continuing obligations to the other
party pursuant to that Agreement, as amended.

    

    This Release contains the ENTIRE
AGREEMENT between the parties hereto, and the terms of this Release are
contractual and not a mere recital.  This Release supersedes and
revokes all prior agreements between the parties, whether oral or
written.

    

    WE HAVE READ THE FOREGOING RELEASE AND
FULLY UNDERSTAND IT.

    

    
      	
              Thomas
      M. Glaser

            	 	
              Celadon
      Trucking Services, Inc.

            
	 
      	 	 
      	 
      
	 
      /s/ Thomas M. Glaser	 	
              By:

            	 
      /s/ Stephen Russell
	 
      	 	 
      	
              Stephen
      Russell, Chief Executive Officer

            
	 
      	 	 
      	 
      

    

    
4exhibit10-1.htm

    
      Exhibit 10.1

      
        
          FPIC INSURANCE GROUP,
INC.

          
            

            2008 SENIOR EXECUTIVE ANNUAL INCENTIVE
PLAN

            (effective January 1, 2008)

            

            1.           Purpose.  The
compensation policies of FPIC Insurance Group, Inc. (the “Company”) are intended
to support the Company's overall objective of enhancing shareholder
value.  In furtherance of this philosophy, the FPIC Insurance Group,
Inc. 2008 Senior Executive Annual Incentive Plan (the “Plan”) is intended to
motivate and reward executive officers of the Company by providing for annual
incentive bonuses if annual pre-established performance goals are
achieved.  The Plan is also intended to qualify as a performance-based
compensation plan under Section 162(m) of the Internal Revenue Code of 1986, as
amended (the “Code”).

            

            2.           Effective
Date.  The Plan
shall be effective as of
January 1, 2008, upon
approval of the Plan by the Company’s shareholders.

            

            3.           Plan
Administration.  The Plan shall be
administered by the Compensation Committee (“Committee”) of the Company’s Board
of Directors (“Board”), which shall consist of members appointed from time to
time by the Board.  Each member of the Committee shall be an “outside
director” within the meaning of Section 162(m) of the Code.  The
Committee shall have full power and authority, subject to the provisions of the
Plan and applicable law, to (a) establish, amend, suspend or waive such rules
and regulations and appoint such agents as it deems necessary or advisable for
the proper administration of the Plan, (b) construe, interpret and administer
the Plan and any instrument or agreement relating to the Plan, and (c) make all
other determinations and take all other actions necessary or advisable for the
administration of the Plan.  Unless otherwise expressly provided in
the Plan, each determination made and each action taken by the Committee
pursuant to the Plan or any instrument or agreement relating to the Plan (x)
shall be within the sole discretion of the Committee, and (y) may be made at any
time.  All decisions of the Committee concerning the Plan shall
be binding on the Company and its subsidiaries and their respective boards of
directors, and on all Participants, their legal representatives and
beneficiaries and other persons claiming rights under the
Plan.

            

            4.           Eligibility.  The Company's Chief Executive Officer and
each other employee of the Company and its subsidiaries that the Committee
determines, in its discretion, is or may be a "covered employee" of the Company
within the meaning of Section 162(m) of the Code and the regulations adopted
thereunder shall be eligible to participate in the Plan for a given period of
twelve months or less (a “Plan Year”).  Participation in the Plan by a
Participant during a given Plan Year does not entitle continued participation by
such Participant in any subsequent Plan Year.

            

            5.           Awards.

            

            (a)           Initial
Designations.  Prior to or within ninety
(90) days after the commencement of each Plan Year, the Committee shall
designate the following:

            

            (i)           The persons who will participate (the
“Participants”) in the Plan for the Plan Year.

            

            (ii)           The Performance Criteria, as defined
herein, which will apply to Awards for the Plan Year.

            
              
                 

              

              
                 

                 

              

              
                 

              

            

            

            (iii)           The Performance Goals, as defined
herein, to be met in order for Participants to earn Awards for the Plan
Year.

            

            (iv)           The payout matrix or formula for such
Performance Criteria and Performance Goals.

            

            (b)           Forms of
Awards.  Awards
under this Plan (“Awards”) will be bonus payments in an amount determined in
accordance with the applicable payout matrix or formula.  Subject to
Section 8(f) hereof, Awards shall be paid to the Participants in
cash.

            

            (c)           Performance
Criteria. The
Committee shall use any one or more of the following performance criteria
(“Performance Criteria”) to establish Performance Goals:

            

            (i)           Awards
intended to qualify as “qualified performance-based compensation” under Section
162(m) of the Code (“Qualified Awards”) shall be based solely upon one or more
of the following:  stock price; premiums (whether written, earned or
otherwise); revenues; earnings, including operating earnings; shareholders’
equity (whether including or excluding intangibles); return on equity; assets;
return on assets; capital; return on capital; economic value added; operating
margins; cash flow; shareholder return; expenses; combined ratio; expense ratio;
loss ratio; underwriting results; debt-to-capital ratio; market share; financial
strength ratings of our insurance subsidiaries; investment results; or insurance
reserves or ratio of insurance reserves to specified measures of capitalization
or liabilities; or effecting specified strategic objectives.  Any of
the Performance Criteria may be on a per share basis.

            

            (ii)           Awards
other than Qualified Awards may be described in any terms that are related to
the performance of the individual Participant or the Company or a subsidiary of
subsidiaries of the Company, a business unit, division, department or other
portion thereof or the function with any of the foregoing performed by the
Participant.

            

            The
Committee may specify any reasonable definition of the financial or other
measures it uses.  Such definitions may provide for reasonable
adjustments and may include or exclude items, including but not limited to the
following: realized investment gains and losses; extraordinary, unusual or
non-recurring items; effects of accounting changes; currency fluctuations;
acquisitions; divestitures; financing activities; recapitalizations, including
stock splits and dividends; expenses for restructuring or productivity
initiatives; and other non-operating items.  Performance Criteria may
be based on the performance of the Company, a subsidiary or subsidiaries of the
Company, a business unit, division, department, or other portion thereof, a
product line or products, or any combination of the foregoing or upon a
comparison of such performance with the performance of a peer group or other
measure selected or defined by the Committee.

            

            (d)           Performance
Goals.  For each Plan Year, the Committee shall
establish levels of performance (the “Performance Goals”), the outcome of which
is substantially uncertain at the time so established, for each of the
Performance Criteria designated by the Committee for the Plan Year against which
actual performance is to be measured to determine the amount of
Awards.

            
              
                 

              

              
                 

                 

              

              
                 

              

            

            6.           Determination and Payment of
Awards.

            

            (a)           Determination of
Awards.  As soon
as practicable after the end of the Plan Year, the Committee will determine the
amount of the Award or Awards earned by each Participant, based upon application
of the matrix or payout formula specified in Section 5 hereof.  The
Committee will make payments promptly after determination of the Awards unless
payment of an Award has been deferred pursuant to Section 8(f)
hereof.  With respect to Qualified Awards such Committee determination
must include a certification in writing that the Performance Goals and any other
material terms of the Award were in fact satisfied; provided, that minutes of
the Committee meeting (or any action by written consent) shall satisfy the
written certification requirement.

            

            (b)           Limitation on
Awards.  Notwithstanding anything herein to the
contrary, the Awards for a Participant with respect to a Plan Year shall
equal no more than the lesser of 200% of the Participant's base salary in effect
on January 1 of the applicable Plan Year or $2,250,000.

            

            (c)           Qualified Awards; Shareholder
Approval.  It is intended that the Plan be administered,
interpreted and construed so that Qualified Awards satisfy the applicable
requirements for the performance-based compensation exception under Section
162(m) of the Code.  Qualified Awards shall be contingent upon
approval of the Plan by the Company’s shareholders in accordance with Section
162(m) of the Code and the regulations thereunder.

            

            (d)           Eligibility for
Payment of Awards.  Subject to Section 8(f) hereof, a
Participant will be eligible to receive his or her Award if he or she is
employed by the Company or one of its subsidiaries as of the date on which the
Award is to be paid.  Subject to the terms of any contractual
arrangements to the contrary, Participants who leave the employment of the
Company and its subsidiaries before, or who otherwise are not employed by the
Company or one of its subsidiaries on, the date the Award is to be paid, whether
involuntarily or voluntarily, are ineligible to receive payment of the Award;
provided, however, that the Committee may, in its sole and complete discretion,
determine to pay an Award in the event termination was the result of death,
disability, retirement, a reduction in workforce, or other
reason.

            

            7.           Termination,
Suspension or Modification of the Plan. The Plan may be amended or
terminated by the Board or Committee.  All amendments to the Plan,
including any amendment to terminate the Plan, shall be in
writing.  An amendment, other than an amendment to terminate the Plan,
shall not be effective without the prior approval of the shareholders of the
Company if such approval is necessary to continue to qualify Qualified Awards as
“qualified performance-based compensation” under Section 162(m) of the Code and
the regulations thereunder, Securities and Exchange Commission regulations, the
rules of The NASDAQ Stock Market or any other applicable exchange, or any other
applicable law or regulations.  Unless otherwise expressly provided by
the Board or Committee, no amendment to the Plan shall apply to Awards made
before the effective date of the amendment.  A
Participant's rights with respect to any Awards made to him or her may not be
abridged by any amendment, modification or termination of the Plan, without his
or her individual consent.

            

            8.           Miscellaneous.

            

            (a)           No
Assignments.  No
Award shall be subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or
levy of any kind, either voluntary or involuntary, including any such liability
that is for alimony or other payments for the support of a spouse or former
spouse, or for any other relative of a Participant prior to actually being
received by the Participant or his or her designated beneficiary, and any
attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber,
charge, or otherwise dispose of any right to an Award shall be
void.

            
              
                 

              

              
                 

                 

              

              
                 

              

            

            

            (b)           No Right of
Employment.  Neither the adoption of the
Plan nor the determination of eligibility to participate in the Plan nor the
granting of an Award shall confer upon any person, including any Participant,
any right to continue in the employ of the Company or any of its subsidiaries or
interfere in any way with the right of the Company or the subsidiary to
terminate such employment at any time.

            

            (c)           Tax
Withholding.  The
Company shall have the right to withhold the amount of any tax attributable to
amounts payable under the Plan.

            

            (d)           Governing
Law.  The Plan
and all determinations under the Plan shall be governed by and construed in
accordance with the laws of the State of Florida.

            

            (e)           Other
Plans.  Nothing
in this Plan shall be construed as limiting the authority of the Committee, the
Board, the Company or any subsidiary of the Company to establish any other
compensation plan or as in any way limiting its or their authority to pay
bonuses or supplemental compensation to any person employed by the Company or
any subsidiary of the Company, whether or not such person is a Participant in
this Plan and regardless of how the amount of such compensation or bonus is
determined.

            

            (f)           Deferrals of Awards.
A Participant may elect to
defer payment of his or her cash Award if deferral of an Award is permitted
pursuant to the terms of a deferred compensation program of the Company (or a
subsidiary) existing at the time the election to defer is made and the
Participant complies with the terms of such program.

            

            (g)           Committee Members Not
Liable.  The Committee shall be entitled to rely upon
certificates of appropriate officers of the Company with respect to financial,
statistical or other data in order to determine whether the Performance Goals
have been met.  The Committee and its members shall not be liable for
any action, inaction or determination made in good faith with respect to the
Plan.

            

            

            

            The
undersigned, Secretary of FPIC Insurance Group, Inc., hereby certifies that the
above 2008 Senior Executive Annual Incentive Plan was adopted by the Board of
Directors of FPIC Insurance Group, Inc. at a meeting held on March 14,
2008.

            

            

             

            
              
                	 	 	 
	 	 	 	 
	
                         

                      	
                         

                      	/s/ T.
      Malcolm Graham	 
	 	 	T.
      Malcolm Graham	 
	 	 	Secretary

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