Document:

exv10w1

 

Exhibit 10.1

SEPARATION AGREEMENT AND GENERAL RELEASE

     WHEREAS, Christopher J. Carroll (referred to in this Agreement as “Employee”) has been
employed by Advanta Corp. and/or any of its subsidiaries and affiliates, including Advanta Bank
Corp. (referred to in this Agreement as “Advanta”); and

     WHEREAS, Employee’s employment terminated as of November 29, 2007, Advanta and Employee desire
to document all aspects of Employee’s separation from employment with Advanta;

     Employee and Advanta agree as follows:

     1. Advanta, in consideration of the promises of Employee set forth in this Agreement and
intending to be legally bound, agrees to provide Employee with:

          (a) one year of separation pay ($305,787) less applicable federal, state and local taxes,
payable in bi-weekly installments in accordance with Advanta’s normal payroll practices commencing with the expiration of the revocation period referenced in Paragraph 12.

          (b) that portion of Employee’s COBRA health insurance premium which is equal to the amount
which the Company contributes for employees of Advanta and the currently covered beneficiaries of
such employees, provided Employee elects continued participation in Advanta’s group medical, dental
or vision plans pursuant to COBRA (subject to COBRA’s eligibility requirements and other terms and
conditions), during the period that Employee is receiving separation pay;

          (c) outplacement services through Career Concepts to consist of the Executive Career
Transition Plan for a period of 6 months (as provided to Employee separately) so long as services
are initiated during the one year term of this separation agreement; and

          (d) no payments or benefits will be provided to Employee under Paragraph 1 until after the
revocation period referenced in Paragraph 12 has expired without Employee having revoked this
Agreement.

     2. Employee, in consideration of Advanta’s undertakings set forth in Paragraph 1 and
intending to be legally bound, hereby:

          (a) releases and forever discharges Advanta and its past, present and future officers,
directors, employees, shareholders and agents, attorneys, insurers, benefit plan fiduciaries and
agents, and all of their respective successors and assigns, jointly and severally, both in this
capacity and as individuals, from all claims, actions or causes of action of any kind, known or
unknown, asserted or unasserted, which Employee, his heirs, agents, successors, and assigns ever
had, now have or hereafter

 

 

may have, to the extent such claims, actions or causes of actions arise out of any matter,
occurrence, omission or event occurring prior to the execution of this Agreement, including, but
not limited to: (i) any and all claims relating to or arising out of Employee’s employment with
and/or termination of employment with Advanta; (ii) any and all claims for unpaid or withheld
wages, vacation, sick and/or personal time pay, paid time off (PTO), un-reimbursed expenses,
severance pay, notice, bonuses, management incentive programs, and/or other compensation or
benefits of any kind; (iii) any and all claims for reimbursement or expenses of any kind; (iv) any
and all claims of discrimination in employment , including, but not limited to claims for
discrimination or harassment on the basis of age, sex, race, religion, color, creed, handicap,
disability, citizenship, national origin, sexual orientation or any other factor protected by Title
VII of the Civil Rights Act of 1964, The Americans with Disabilities Act, The Age Discrimination in
Employment Act 29 USCA §621, et seq., and/or any other similar federal, state and local laws, and
any claims for retaliation thereunder; (v) any and all claims arising under the Employee Retirement
Income Security Act; (vi) any and all other claims arising out of or in any way related to
Employee’s employment or the separation of his employment with Advanta, including, but not limited
to breach of contract, breach of covenant of good faith and fair dealing, defamation, fraud,
promissory or equitable estoppel, misrepresentation, violation of public policy, wrongful
discharge, unfair dismissal, or any other common law claim now or hereafter recognized; (vii) any
and all claims arising under the Sarbanes Oxley Act of 2002, the Bank Secrecy Act, the Federal
Deposit Insurance Act and/or any other similar federal, state or local laws; and (viii) any and all
claims for attorneys’ fees, costs and expenses except in an action to enforce or to defend against
enforcement of this Agreement;

          (b) represents that he is not aware of any violations of the Code of Ethics that he has not
previously reported;

          (c) resigns, effective November 29, 2007 any and all officer and director positions Employee
may hold with Advanta or any of its Affiliates and/or subsidiaries; and

          (d) agrees to cooperate fully with Advanta and its counsel in connection with any
litigation, corporate transactions, general business matters, or agency investigations or audits,
including the timely filing of any paperwork required under Regulation O or Sarbanes Oxley (SOX),
if applicable, and to make himself reasonably available to Advanta to do so at times and locations
as to not interfere with his duties and responsibilities to any future employer, job seeking
opportunities and/or any personal responsibilities. Employee will be reimbursed for reasonable and
customary out-of-pocket expenses incurred in complying with this sub-paragraph according to
Advanta’s then current reimbursement policies.

     3. Employee will comply after the termination with the terms of the Business Ethics Agreement
and the Confidentiality / Privacy section of the Code of Ethics.

 

 

     4. Employee acknowledges and agrees that the money and benefits he will receive under
Paragraph 1 above exceed the money and benefits to which he otherwise would be entitled, are not
required by any policy, plan or prior agreement and that such excess is sufficient consideration to
support the grant of the General Release in Paragraph 2 above and all other obligations herein.

     5. Employee agrees that he will not disparage Advanta or its/their directors, officers,
employees, products or services, in any statements that he makes to any third party, provided that
this restriction will not prevent Employee from testifying truthfully in any legal proceeding or
providing truthful information to any regulatory or governmental bodies. Advanta agrees that it
will not disparage Employee in any statement made by an authorized representative of Advanta to
third parties outside of Advanta, provided that this restriction will not prevent Advanta, or any
employee or representative of Advanta, from testifying truthfully in any legal proceeding or
providing truthful information to any regulatory or governmental bodies, rating agencies, analysts,
credit providers, investors, or shareholders.

     6. If Employee fails to meet any of his obligations under this Agreement, or files any action
alleging any claim described in Paragraph 2, Advanta shall not be obligated to make any payments
under Paragraph 1 and Advanta may seek legal and equitable relief as allowed by law, including
reimbursement of its attorneys’ fees. Nothing in this Paragraph 6 precludes Employee from
challenging the validity of the release in Paragraph 2 under the requirements of the Age
Discrimination in Employment Act (“ADEA”) and from seeking equitable and legal relief and
reasonable attorneys’ fees in connection with such challenge. Employee shall not forfeit the
consideration in Paragraph 1 or be responsible for reimbursing Advanta’s legal fees in connection
with such a challenge. Employee acknowledges, however, that the release in Paragraph 2 applies to
all claims that he has under the ADEA and that, unless the release is held to be invalid, all of
Employee’s claims under the ADEA shall be extinguished by execution of this Agreement.

     7. Employee agrees that he will immediately return any and all documents (including all
copies) and other property he may have which belongs to Advanta. Employee further agrees to return
to Advanta any other of its documents and/or property that he may discover he has at a later time.

     8. If any term, covenant, restriction or provision of this Agreement is determined by any
court to be unenforceable, illegal or invalid, and cannot be modified to be enforceable, the other
terms, covenants, restrictions and provisions shall remain in full force and effect.

     9. This Agreement constitutes the entire agreement between the parties, except for the
Business Ethics Agreement and the Confidentiality / Privacy section of the Code of Ethics. Any
modifications to this Agreement must be in writing and signed by a duly authorized representative
of Advanta.

 

 

     10. This Agreement is made in Pennsylvania and is to be governed by the substantive laws of
Pennsylvania to the extent that state law is applicable.

     11. Employee agrees and represents that:

               (a) he has read carefully the terms of this Agreement, including the General Release
contained in Paragraph 2;

               (b) he is hereby advised to consult with an attorney before executing this Agreement ;

               (c) he understands the meaning and effect of the terms of this Agreement, including the
General Release provision contained in Paragraph 2;

               (d) he was given at least twenty-one (21) days in which to consider this Agreement;

               (e) he entered into this Agreement voluntarily and without compulsion of any kind;

               (f) he has not filed any claims, complaints or suits against Advanta; and

               (g) no promise or inducement not expressed in this Agreement has been made to him.

     12. Employee may revoke this Agreement for a period of seven (7) days following his
execution of it. This Agreement shall not be effective or enforceable until the revocation period
has expired. Any revocation must be in a writing signed by Employee and mailed to the office of
Paul C. Jeffers, Vice President, Advanta Corp. Welsh & McKean Roads, PO Box 844, Spring House, PA
19477 before the revocation period has expired. The date the envelope is post-marked will be
deemed to be the date of mailing. Any revocation should be sent by certified mail.

     13. As noted above, Employee had 21 days to decide whether he wished to execute this
Agreement. If he does not sign this Agreement on or before the expiration of 21 days from the date
this Agreement is delivered to him, then this offer is withdrawn and Employee will not be eligible
for the separation payments and other benefits set forth above.

 

 

     THEREFORE, the parties, intending to be legally bound by this Agreement, execute this document
on the 20th day of December, 2007.

	 	 	 	 	 	 	 
	EMPLOYEE:	 	 	 	ADVANTA:	 	 
	 
	 	 	 	 	 	 
	/s/ Christopher J. Carroll

	 	 
	 	/s/ Paul C. Jeffers
	 	 
	 

	 	 	 	 	 	 
	Christopher J. Carroll

	 	 	 	Paul C. Jeffers	 	 
	 

	 	 
	 	Vice President, Human Resources	 	 
	/s/ Patricia Kelly
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Witnessex10-1.htm

    

    VALLEY
      COMMERCE BANCORP

     

    INCENTIVE
      STOCK OPTION AGREEMENT

     

    This
      Incentive Stock Option Agreement, dated the
      ________________ by and between Valley Commerce Bancorp
      (the "Company"), and _________________ ("Optionee");

     

    WHEREAS,
      pursuant to the Valley Commerce Bancorp 2007 Equity Incentive Plan (the "Plan"),
      a copy of which is hereto attached, the Board of Directors of the Company has
      authorized granting to Optionee an incentive stock option to purchase all or
      any
      part of  __________________ authorized but unissued shares of the
      Company's common stock for cash at the price of _______________Dollars
      ($______) per share, such option to be for the term and upon the terms
      and conditions hereinafter stated;

     

    NOW
      THEREFORE it is hereby agreed:

     

    1.           Grant
      of Option.  Pursuant to said action of the Board of Directors
      and pursuant to authorizations granted by all appropriate regulatory and
      governmental agencies, the Company hereby grants to Optionee the option to
      purchase, upon and subject to the terms and conditions of the Plan, which is
      incorporated in full herein by this reference, all or any part of
      (____________) shares of the Company's common stock
      (hereinafter called "stock") at the price of
      ____________________($_____) per share, which price is not less
      than 100 percent of the fair market value of a share of the stock (or not less
      than the greater of $___ or 110 percent of the fair market value per share
      for
      optionee-shareholders who possess more than 10 percent of the Company's stock)
      as of the date of action of the Board of Directors granting this
      option.

     

    2.           Exercisability.  This
      option shall be exercisable as to 20 percent of the shares
      granted pursuant to this Agreement on each of the first, second, third, fourth
      and fifth anniversaries of the date of this Agreement. This option shall remain
      exercisable as to all of such shares until _________________(but not later
      than
      ten years from the date this option is granted) unless this option has expired
      or terminated earlier in accordance with the provisions
      hereof.  Shares as to which this option becomes exercisable pursuant
      to the foregoing provision may be purchased at any time prior to expiration
      of
      this option.

     

    3.           Exercise
      of Option.  This option shall be exercised by written notice
      delivered to the Company stating the number of shares with respect to which
      this
      option is being exercised.  Payment of the exercise price shall be
      made either (i) in cash (including check, bank draft or money order), or (ii)
      with the consent of the Company's Board of Directors, by delivering shares
      of
      common stock already owned by Optionee valued at fair market value as of the
      closing date, or (iii) by a combination of these forms of payment; provided,
      however, that no common stock already owned by Optionee which is "statutory
      option stock" as defined in Section 424(c)(3) of the Code may be delivered
      in
      payment of the exercise price if the applicable holding period requirements
      for
      such common stock under Section 422(a)(1) or 423(a)(1) of the Code have not
      been
      met at the time of exercise.  Not less than 10 shares may be purchased
      at any one time unless the number purchased is the total number which may be
      purchased under this option and in no event may the option be exercised with
      respect to fractional shares. Upon exercise, Optionee shall make appropriate
      arrangements and shall be responsible for the withholding of any federal and
      state taxes then due.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    4.           Cessation
      of Employment.  Except as provided in Paragraphs 2 and 5
      hereof, if Optionee shall cease to be employed by the Company or a subsidiary
      corporation for any reason other than Optionee's death or disability (as defined
      in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended from time
      to time), this option shall expire 90 days thereafter.  During the 90
      day period this option shall be exercisable only as to those installments,
      if
      any, which had accrued as of the date when the Optionee ceased to be employed
      by
      the Company or the subsidiary corporation.

     

    5.           Termination
      of Employment for Cause.  If Optionee's employment by the
      Company or a subsidiary corporation is terminated for cause, this option shall
      expire immediately, unless reinstated by the Board of Directors within 30 days
      of such termination by giving written notice of such reinstatement to Optionee
      at his or her last known address. In the event of such reinstatement, Optionee
      may exercise this option only to such extent, for such time, and upon such
      terms
      and conditions as if Optionee had ceased to be employed by the Company or a
      subsidiary corporation upon the date of such termination for a reason other
      than
      cause, death, or disability. Termination for cause shall include, but not be
      limited to, termination for malfeasance or gross misfeasance in the performance
      of duties or conviction of illegal activity in connection
      therewith.

     

    6.           Nontransferability:
      Death or Disability of Optionee.  This option shall not be
      transferable except by Will or by the laws of descent and distribution and
      shall
      be exercisable during Optionee's lifetime only by Optionee.  If
      Optionee dies while employed by the Company or a subsidiary corporation, or
      during the 90 day period referred to in Paragraph 4 hereof, this option shall
      expire one year after the date of Optionee's death or on the day specified
      in
      Paragraph 2 hereof, whichever is earlier.  After Optionee's death but
      before such expiration, the persons to whom Optionee's rights under this option
      shall have passed by Will or by the applicable laws of descent and distribution
      or the executor or administrator of Optionee's estate shall have the right
      to
      exercise this option as to those shares for which installments had accrued
      under
      Paragraph 2 hereof as of the date on which Optionee ceased to be employed by
      the
      Company or a subsidiary corporation.

     

    If
      the
      Optionee shall terminate employment because of disability (as defined in Section
      22(e) (3) of the Internal Revenue Code of 1986, as amended from time to time),
      the Optionee may exercise this option to the extent he or she is entitled to
      do
      so at the date of termination, at any time within one year of the date of
      termination, but in no event later than the expiration date in Paragraph 2
      hereof.

     

    7.           Employment.  This
      Agreement shall not obligate the Company or a subsidiary corporation to employ
      Optionee for any period, nor shall it interfere in any way with the right of
      the
      Company or a subsidiary corporation to reduce Optionee's
      compensation.

     

    8.           Privileges
      of Stock Ownership.  Optionee shall have no rights as a
      stockholder with respect to the Company's stock subject to this option until
      the
      date of issuance of stock certificates to Optionee. Except as provided in the
      Plan, no adjustment will be made for dividends or other rights for which the
      record date is prior to the date such stock certificates are
      issued.

     

    9.           Modification
      and Termination by Board of Directors.  The rights of
      Optionee hereunder are subject to modification and termination upon the
      occurrence of certain events as provided in Section 12 of the Plan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    10.           Compliance
      with Laws.  No shares issuable upon the exercise of this
      option shall be issued and delivered unless and until all applicable
      requirements of California and federal law pertaining to the issuance and sale
      of such shares, and all applicable listing requirements of the securities
      exchanges, if any, on which shares of the Company of the same class are then
      listed shall have been complied with.

     

    11.           Notices.  Any
      notice to the Company provided for in this Agreement shall be addressed to
      it in
      care of its President or Chief Financial Officer at its main office and any
      notice to Optionee shall be addressed to Optionee's address on file with the
      Company or a subsidiary corporation, or to such other address as either may
      designate to the other in writing.  Any notice shall be deemed to be
      duly given if and when enclosed in a properly sealed envelope and addressed
      as
      stated above and deposited, postage prepaid, with the United States Postal
      Service. In lieu of giving notice by mail as aforesaid, any written notice
      under
      this Agreement may be given to Optionee in person, and to the Company by
      personal delivery to its President or Chief Financial Officer.

     

    12.           Incentive
      Stock Option.  This Stock Option Agreement is intended to be
      an Incentive Stock Option Agreement as defined in Section 422 of the Internal
      Revenue Code of 1986, as amended from time to time. If for any reason this
      Stock
      Option Agreement does not qualify as an Incentive Stock Option Agreement as
      defined in Internal Revenue Code Section 422, then it shall be deemed to be
      a
      Non-Qualified Stock Option Agreement.

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement.

     

    

     

    
      	
              OPTIONEE:

            	 	
              VALLEY
                COMMERCE BANCORP

            
	 	 	 	 
	 	 	
              By:

            	 
	
              Signature
                of Optionee

            	 	
              Name:

            	 
	 	 	
              Title:

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