Document:

Executive Change of Control Severance Agreement

 Exhibit 10.1 
  
 THE BRYN MAWR TRUST COMPANY 
  

EXECUTIVE CHANGE-OF-CONTROL 
  
 SEVERANCE AGREEMENT 
  
 This Agreement made as of April 4, 2005 between The Bryn Mawr Trust Company, a Pennsylvania financial institution, subject to the provisions of the
Pennsylvania Banking Code of 1965, as amended (the “Company”), and James Duncan Smith (the “Employee”). 
  
 WHEREAS, the Employee is presently employed by the Company as its Executive Vice President, Treasurer and Chief Financial Officer; 
  
 WHEREAS, the Company considers it essential to foster the employment of well
qualified key management personnel, and, in this regard, the board of directors of the Company recognizes that, as is the case with many financial institutions, the possibility of a change of control of the Company’s publicly held parent
company, Bryn Mawr Bank Corporation, (“BMBC”) may exist and that such possibility, and the uncertainty and questions which it may raise among the Company’s management, may result in the departure or distraction of key management
personnel to the detriment of the Company and ultimately to the detriment of BMBC and its shareholders; 
  
 WHEREAS, the Boards of directors of the Company and BMBC have determined that appropriate steps should be taken to reinforce and encourage the continued
attention and dedication of key members of the Company’s management to their assigned duties, without distraction in the face of potentially disturbing circumstances arising from the possibility of a change of control of the BMBC, although no
such change is now contemplated; and 
  
 WHEREAS, in order to
induce the Employee, a key member of the Company’s management, to remain in the employ of the Company, the Company agrees that the Employee shall receive the 

 
compensation and benefits set forth in this Agreement in the event his/her employment with the Company is terminated subsequent to a “Change of
Control” (as defined in Section 1 hereof) of BMBC, as a cushion against the financial and career impact on the Employee of any such Change of Control; 
  
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby,
the parties hereto agree as follows: 
  
 1. Definitions.
For all purposes of this Agreement, the following terms shall have the meanings specified in this Section, unless the context clearly otherwise requires: 
  
 (a) “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and
Regulations issued under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 
  
 (b) “AIP” shall mean any Annual Incentive Plan of the Company, as in effect immediately prior to a change of Control, or predecessor or prior
plan, including BMBC’s Thrift and Savings Plan and the Company’s annual bonus plan. 
  
 (c) “Base Salary” shall mean the total cash remuneration earned by the Employee on an annualized basis in all capacities with the Company and its Subsidiaries, including, without limitation, any amounts the
payment of which has been deferred by the Employee, excluding only payments earned by or allocated to the Employee under the AIP. 
  
 (d) A Person shall be deemed the “Beneficial Owner” of any securities: 
  
 (i) that such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the right to
acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any 

 
agreement, arrangement or understanding (whether or not in writing) or upon the exercise of conversion rights, exchange rights, rights, warrants or options,
or otherwise; provided, however, that a Person shall not be deemed the “Beneficial Owner” of securities tendered pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates or Associates
until such tendered securities are accepted for payment, purchase or exchange; 
  
 (ii) that such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the right to vote or dispose of or has “beneficial ownership” of (as determined pursuant to Rule 13d-3
of the General Rules and Regulations issued under the Exchange Act), including without limitation pursuant to any agreement, arrangement or understanding, whether or not in writing; provided, however, that a Person shall not be deemed
the “Beneficial Owner” of any security under this subsection (ii) as a result of an oral or written agreement, arrangement or understanding to vote such security if such agreement, arrangement or understanding (A) arises solely from a
revocable proxy given in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions of the General Rules and Regulations issued under the Exchange Act, and (B) is not then reportable by
such Person on Schedule 13D under the Exchange Act (or any comparable or successor report); or 
  
 (iii) that are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such Person (or any of
such 

 
Person’s Affiliates or Associates) has any agreement, arrangement or understanding (whether or not in writing) for the purpose of acquiring, holding,
voting (except pursuant to a revocable proxy as described in the proviso to subsection (ii) above) or disposing of any voting securities of BMBC; provided, however, that nothing in this Section 1(d) shall cause a Person engaged in
business as an underwriter of securities to be the “Beneficial Owner” of any securities acquired through such Person’s participation in good faith in a firm commitment underwriting until the expiration of forty (40) days after the
date of such acquisition. 
  
 (e) “Board” shall mean the
board of directors of the Company or BMBC as the context of this Agreement indicates. 
  
 (f) “Change of Control” shall be deemed to have taken place if (i) any Person (except BMBC, any Subsidiary of BMBC, any employee benefit plan of BMBC or the Company, any Person or entity organized, appointed
or established by BMBC or any Subsidiary of BMBC for or pursuant to the terms of any such employee benefit plan) together with all Affiliates and Associates of such Person, shall become the Beneficial Owner in the aggregate of 25% or more of the
common stock of BMBC then outstanding, or (ii) during any twenty-four month period, individuals who at the beginning of such period constituted the Board of BMBC or the Company cease, for any reason, to constitute a majority thereof, unless the
election, or the nomination for election by BMBC’s or the Company’s shareholders, as the case may be, of each director who was not a director at the beginning of such period was approved by a vote of at least two-thirds of the directors in
office at the time of such election or nomination, who were directors at the beginning of such period. 
  
 (g) “Common Stock” shall mean the outstanding common stock of BMBC. 

 (h) “Pension Plan” shall mean the BMBC non-contributory pension plan and the amended pension
plan which covers eligible employees of the Company. 
  
 (i)
“Person” shall mean any individual, firm, corporation, partnership or other entity. 
  
 (j) “Stock Plan” shall mean (i) BMBC’s 1986 Stock Option and Stock Appreciation Rights Plan, as amended and restated; (ii) BMBC’s 1998 Stock Option Plan; and (iii) any other stock option plan,
stock option and stock appreciation rights plan, stock bonus plan, stock grant plan, or similar benefit plan established by BMBC and which exists for the benefit of the Employee at the time of a Change in Control. 
  
 (k) “Subsidiary” shall have the meaning ascribed to such term in
Rule 12b-2 of the General Rules and Regulations issued under the Exchange Act. 
  
 (l) “Termination Date” shall mean the date of receipt of the Notice of Termination described in Section 2 hereof or any later date specified therein, as the case may be. 
  
 (m) “Termination of Employment” shall mean the termination of the
Employee’s actual employment relationship with the Company. 
  
 (n) “Termination upon a Change of Control” shall mean a Termination of Employment upon or within two (2) years after a Change of Control either: 
  
 (i) initiated by the Company for any reason other than (x) the Employee’s continuous illness, injury or incapacity for
a period of six consecutive months or (y) for “cause,” which shall mean misappropriation of funds, habitual insobriety, substance abuse, conviction of a crime involving moral turpitude, or gross negligence in the performance of his/her
duties, which gross negligence has had a material adverse effect on the business, operations, assets, properties or financial condition of the Company and its Subsidiaries or BMBC and its Subsidiaries taken as a whole; or 

 (ii) initiated by the Employee following one or more of the following occurrences: 
  
 (A) a significant reduction by the Company or BMBC (if the Employee is an
officer of BMBC) of the authority, duties or responsibilities of the Employee immediately prior to the Change of Control; 
  
 (B) any removal of the Employee from his/her officer position with BMBC, the Company and its Subsidiaries held by him/her immediately prior to the Change
of Control, except in connection with promotions to higher office; 
  
 (C) a reduction by the Company in the Employee’s Base Salary as in effect immediately prior to the Change of Control; 
  
 (D) revocation or any modification of the AIP or Stock Plan, or any action taken pursuant to the terms of either plan, which materially (x) reduces the
opportunity to receive compensation under any or both of such plans of equivalent amounts received by the Employee during the three (3) fiscal years immediately preceding the Change of Control, subject to the right of the Boards of Directors of BMBC
or the Company, as appropriate, to establish in a manner consistent with past practice, prior to the Change of Control, reasonable goals under the AIP or Stock Plan, (y) reduces the compensation payable to the 

 
Employee under either or both of such plans but which does not effect comparable reductions in the compensation payable to the other participants in such
plans, or (z) increases the compensation payable to other participants in either or both of such plans but which does not effect corresponding increases in the amount of compensation payable to the Employee; 
  
 (E) termination or modification of BMBC’s Pension Plan or Supplemental
Employee Retirement Plan, in each case as such plans are in effect immediately prior to the Change of Control, which materially reduces (x) the retirement benefits provided by such plans, or (y) the funding thereof provided by the Pension Plan or by
any trust established by BMBC to fund benefits provided by the Supplemental Employee Retirement Plan; 
  
 (F) a transfer of the Employee, without his/her express written consent, to a location which is outside the Greater Philadelphia area (or the general
area in which his/her principal place of business immediately preceding the Change of Control may be located at such time, if other than Bryn Mawr, Pennsylvania), or which is otherwise an unreasonable commuting distance from the Employee’s
principal residence at the date of the Change of Control; 
  
 (G) the Employee being required to undertake business travel to an extent substantially greater than the Employee’s business travel obligations immediately prior to the Change of Control; or 

 (H) any failure of the Company to comply with and satisfy Section 13 of this Agreement. 
  
 2. Notice of Termination. Any Termination upon a Change of Control
shall be communicated by a Notice of Termination to the other party hereto given in accordance with Section 14 hereof. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) briefly summarizes the facts and circumstances deemed to provide a basis for termination of the Employee’s employment under the provision so indicated, and (iii) if the termination date
is other than the date of receipt of such notice, specifies the termination date (which date shall not be more than 15 days after the giving of such notice). 
  
 3. Severance Compensation upon Termination. Subject to the provisions of Section 10 hereof, in the event of the Employee’s Termination upon a
Change of Control, the Company shall pay to the Employee, within fifteen (15) days after the Termination Date (or as soon as possible thereafter in the event that the procedures set forth in paragraph (b) of Section 11 hereof cannot be completed
within fifteen (15) days) an amount in cash equal to three (3) times the sum of the Employee’s Base Salary in effect either immediately prior to the Termination of Employment or immediately prior to the Change of Control, whichever is higher.

  
 4. Other Payments. Subject to the provisions of Section
10 hereof, in the event of the Employee’s Termination upon a Change of Control, the Company shall: 
  
 (a) pay to the Employee within fifteen (15) days after the Termination date: 
  
 (i) unless the Employee has exercised such options, an amount equal to the excess, if any, of the aggregate fair market
value of the shares of BMBC’s Common Stock subject to all stock options outstanding and unexercised as of 

 
the Termination Date, whether vested or unvested, granted to the Employee under the Stock Plan, over the aggregate exercise price of all such stock options.
For purposes of this paragraph, fair market value shall mean the highest of (x) the closing price of BMBC’s Common Stock on the last business day the Common Stock was traded immediately preceding the Termination Date, if such Common Stock is
publicly traded at such date, (y) if such Common Stock is not publicly traded at the Termination date, the value determined by an independent appraiser, such appraiser to be selected by the Employee and to be reasonably satisfactory to the Company
(the fees and expenses of such appraiser to be borne by the Company), or (z) the highest per share price of BMBC’s Common Stock paid (in connection with the Change of Control or at any time thereafter) by the Person or group whose acquisition
of shares of Common Stock of BMBC has given rise to a Change of Control; 
  
 (ii) to the extent not theretofore paid, the Employee’s Base Salary through the Termination Date and a further amount equal to the Employee’s salary in lieu of his/her unused vacation pay, if any, both
calculated at the salary rate in effect on the Termination Date, or, if higher, at the highest rate in effect at any time within the 90-day period preceding the Termination Date; 
  
 (iii) to the extent not theretofore paid, an amount equal to all awards earned by the Employee under the AIP in respect of
completed plan periods prior to the Termination Date (including all amounts the payment of which was previously deferred under such plans and interest thereon from the date 

 
of each such deferral to the date of payment at the maximum rate provided by such plans or any gain or increase in value obtained on investments in such
plans), in each case without regard to any provisions set forth in such plans to the contrary. In the event that the Company’s financial statements for any fiscal years, included in such plan periods, have not yet been completed at the
Termination Date, the Company’s shall pay to the Employee the amounts due hereunder as soon as possible thereafter; 
  
 (iv) payment in respect of the AIP for the uncompleted fiscal year during which Termination of Employment occurs determined by multiplying the amount
determined in Section 3(a)(ii) by a fraction, the numerator of which shall be the number of days between the Termination Date and the last day of the last full fiscal year prior to the Termination Date and the denominator of which shall be Three
Hundred Sixty Five (365); and 
  
 (b) to the extent permitted by
applicable law, continue or cause to be continued until thirty-six (36) whole months after the Termination Date, on the cost-sharing basis in effect immediately prior to the Change of Control, medical, dental, life and disability insurance benefits
substantially equivalent in all material respects to those furnished by the Company to the Employee immediately prior to the Change of Control; provided, however, that the obligation of the Company to provide such benefits shall cease
at such time as the Employee is employed on a full-time basis by a Person not owned or controlled by the Employee that provides the Employee, on substantially the same cost-sharing basis between the Company and the Employee in effect immediately
prior to the Change of Control, with medical, dental, life and disability insurance benefits substantially equivalent in all material respects to those furnished by the Company and its Subsidiaries to the Employee immediately prior to the Change of
Control; 

 (c) for both vesting and benefit calculation purposes, credit the Employee with three (3) additional
“year of credited service” (as defined in BMBC’s Pension Plan) under BMBC’s Pension Plan and Supplemental Employee Retirement Plan in addition to the years of credited service that would have otherwise been calculated by
reference solely to the Termination Date, it being understood that benefits in respect of the three (3) additional year of credited service shall be paid to the Employee under the Supplemental Employee Retirement Plan, and that BMBC shall, to the
extent necessary to provide the Employee the additional benefits intended hereby, amend the Supplemental Employee Retirement Plan or create such supplemental retirement plans as may be necessary; and 
  
 (d) pay for reasonable career counseling services provided by Manchester
Partners International or any such equivalent agency satisfactory to both the Company and the Employee. 
  
 5. Establishment of Trust. Immediately upon a Change of Control as herein defined, the Company shall establish an irrevocable trust fund pursuant
to a trust agreement to hold assets to satisfy its obligations hereunder. Funding of such trust fund shall be subject to the Company’s discretion, as to be set forth in the agreement pursuant to which the trust fund will be established.

  
 6. Enforcement. 
  
 (a) In the event that the Company shall fail or refuse to make payment of
any amounts due the Employee under Sections 3 and 4 hereof within the respective time periods provided therein, the Company shall pay to the Employee, in addition to the payment of any other sums provided in this Agreement, interest, compounded
daily, on any amount remaining unpaid from the date payment is required under Section 3, 4 or 5, as appropriate, until paid to the Employee, at the prime rate published daily in the Wall Street Journal, each change in such rate to take effect on the
effective date of the change in such prime rate. 

 (b) It is the intent of the parties hereto that the Employee not be required to incur any expenses
associated with the enforcement of his/her rights under this Agreement by arbitration, litigation or other legal action because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Employee
hereunder. Accordingly, the Company shall pay the Employee on demand the amount necessary to reimburse the Employee in full for all expenses (including all attorneys’ fees and legal expenses) incurred by the Employee in enforcing any of the
obligations of the Company under this Agreement. 
  
 7. No
Mitigation. The Employee shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise. 
  
 8. Nonexclusivity of Rights. Nothing in this Agreement shall prevent or limit the Employee’s continuing or
future participation in or rights under any benefit, bonus, incentive or other plan or program provided by BMBC, the Company or any of its Subsidiaries or Affiliates and for which the Employee may qualify; provided, however, that if
the Employee becomes entitled to and receives all of the payments provided for in this Agreement, the Employee agrees to waive his/her right to receive payments under any severance plan or program applicable to all employees of the Company.

  
 9. No Set-Off. The Company’s obligation to make
the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company
may have against the Employee or others and the Company hereby agrees not to exercise any such rights with respect to payment due the Employee pursuant to this Agreement. 

 10. Certain Reduction of Payments. 
  
 (a) Anything in this Agreement to the contrary notwithstanding, in the event that it shall be determined as set forth herein
that any payment or distribution by the Company to or for the benefit of the Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute an
“excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and that it would be economically advantageous to the Employee to reduce the Payment to avoid or reduce
the taxation of excess parachute payments under Section 4999 of the Code, the aggregate present value of amounts payable or distributable to or for the benefit of the Employee pursuant to this Agreement (such payments or distributions pursuant to
this Agreement are hereinafter referred to as “Agreement Payments”) shall be reduced (but not below zero) to the Reduced Amount. The “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate
present value of Agreement Payments without causing any Payment to be subject to the taxation under Section 4999 of the Code. For purposes of this Section 10, present value shall be determined in accordance with Section 280G(d)(4) of the Code.

  
 (b) All determinations to be made under this Section 10 shall
be made, in writing, KPMG LLP, or the Company’s independent certified public accountant immediately prior to the Change of Control, if other than KPMG LLP, (the “Accounting Firm”), which firm shall provide its determinations and any
supporting calculations in writing to both the Company and the Employee within ten (10) days of the Termination Date. Any such determination by the Accounting Firm shall be binding upon the Company and the Employee. The Employee shall in his/her
sole 

 
discretion determine which and how much of the Agreement Payments shall be eliminated or reduced consistent with the requirements of this Section 10. Within
five (5) days after the Employee’s determination, the Company shall pay (or cause to be paid) or distribute (or cause to be distributed) to or for the benefit of the Employee such amounts as are then due to the Employee under this Agreement.

  
 (c) As a result of the uncertainty in the application of
Section 280G of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Agreement Payments, as the case may be, will have been made by the Company which should not have been made
(“Overpayment”) or that additional Agreement Payments which have not been made by the Company could have been made (“Underpayment”), in each case, consistent with the calculations required to be made hereunder. Within two (2)
years after the Termination of Employment, the Accounting Firm shall review the determination made by it pursuant to the preceding paragraph. In the event that the Accounting Firm determines that an Overpayment has been made, any such Overpayment
shall be treated for all purposes as a loan to the Employee which the Employee shall repay to the Company together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code (the “Federal Rate”);
provided, however, that no amount shall be payable by the Employee to the Company if and to the extent such payment would not reduce the amount which is subject to taxation under Section 4999 of the Code. In the event that the
Accounting Firm determines that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Employee together with interest thereon at the Federal Rate. 
  
 (d) All of the fees and expenses of the Accounting Firm in performing the
determinations referred to in paragraphs (b) and (c) above shall be borne solely by the Company. The Company agrees to indemnify and hold harmless the Accounting Firm of and from any and all 

 
claims, damages and expenses of any nature resulting from or relating to its determinations pursuant to paragraphs (b) and (c) above, except for claims,
damages or expenses resulting from the gross negligence or willful misconduct of the Accounting Firm. 
  
 11. Settlement of All Disputes. 
  
 (a) The Employee and the Company acknowledge that the Compensation Committee of the Company’s Board intends to review and approve a schedule
indicating a method of calculating certain payments to be made to the Employee hereunder in the event of a Termination upon a Change of Control. In the event that the compensation plans referred to herein change prior to a Change of Control, the
Compensation Committee of the Company’s Board may, prior to such Change of Control, revise the schedule to reflect such changes. The method of calculation set forth on such schedule, as so revised prior to a Change of Control, shall be followed
by the parties hereto unless manifestly unfair to the Employee. 
  
 (b) In the event of any dispute, controversy or claim arising out of or relating to any provision of this Agreement or the Employee’s Termination upon a Change of Control, the Company shall appoint as the sole and exclusive arbiter of
such dispute, controversy or claim, a committee composed of two persons who were members of the Company’s Board at any time within five (5) years prior to the Change of Control (which persons may, but need not be, directors of the Company at
the time of such dispute, controversy or claim); provided, however, that no person shall be eligible to serve thereon who (i) is at the Termination Date, or shall have been at any time within one year prior thereto, an executive
officer of the Company, or (ii) shall be or have been at any time related in any manner to or otherwise affiliated with, or was first nominated by, the corporation, Person or group whose acquisition of shares of Common Stock of BMBC has given rise
to a Change of Control. The decision of such committee and the award of any monetary judgment or other relief 

 
by such committee shall be final and binding upon the Employee and the Company, and shall not be subject to appeal. Judgment may be entered upon the decision
and award of such committee by the Employee or the Company in any court of competent jurisdiction. The Company shall pay the persons selected pursuant to this subsection a reasonable fee for their services, and shall reimburse such persons for their
expenses incurred in this capacity. In addition, the Company shall, to the maximum extent permitted by law, indemnify and hold harmless such persons of and from any and all claims, damages or expenses of any nature whatsoever relating to or arising
from their activities in this capacity. 
  
 (c) In the event that
the Company shall be unable to appoint the committee referred to in paragraph (b) above after good faith efforts to do so, or in the event that such committee cannot reach a unanimous agreement, any remaining dispute, controversy or claim arising
out of or relating to any provision of this Agreement or the Employee’s Termination upon a Change of Control shall be settled by arbitration in the City of Philadelphia, in accordance with the commercial arbitration rules then in effect of the
American Arbitration Association, before a panel of three (3) arbitrators, two (2) of whom shall be selected by the Company and the Employee, respectively, and the third of whom shall be selected by the other two arbitrators. Each arbitrator
selected as provided herein is required to be or have been a director or an executive officer of a corporation whose shares of common stock were listed during at least one year of such service on the New York Stock Exchange or the American Stock
Exchange or quoted on the National Association of Securities Dealers Automated Quotations System. Any award entered by the arbitrators shall be entered thereon by any party in accordance with applicable law in any court of competent jurisdiction.
This arbitration provision shall be specifically enforceable. The fees of the American Arbitration Association and the arbitrators and any expenses relating to the conduct of the arbitration shall be paid by the Company. 

 (d) The party or parties challenging the right of the Employee to the benefits of this Agreement shall in
all circumstances have the burden of proof. 
  
 12. Term of
Agreement. The term of this Agreement shall be for three (3) years from the date hereof and shall automatically be extended for additional one-year periods unless written notice of termination of this Agreement is provided to the Employee by the
Company at least one year prior to the expiration of the initial three (3) year term or any one-year renewal period; provided, however, that (i) after a Change of Control during the term of this Agreement, this Agreement shall remain
in effect for a period of two (2) years and until all of the obligations of the parties hereunder are satisfied or have expired, and (ii) this Agreement shall terminate if, prior to the Change of Control, the employment of the Employee with the
Company or any of its Subsidiaries shall terminate for any reason whatsoever. 
  
 13. Successor Company. The Company shall require any Person who acquires the majority of the Common Stock of the Company or BMBC or any successor or successors thereof (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company or BMBC, by agreement, in form and substance satisfactory to the Employee, to acknowledge expressly, in writing, that this Agreement is
binding upon and enforceable against the Company or BMBC or any successor or successors thereto in accordance with the terms hereof and the instrument of transfer, and to become jointly and severally obligated with the Company to perform this
Agreement, in the same manner and to the same extent that the Company would be required to perform this Agreement if no such acquisition purchaser, merger consolidation, succession or successions had taken place. Failure of the Company to obtain

 
such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement. As used in this Agreement, the Company shall mean the
Company as hereinbefore defined and any such successor or successors to its business and/or assets, jointly and severally. 
  
 14. Notice. All notices and other communications required or permitted hereunder or necessary or convenient in connection herewith shall be in
writing and shall be delivered personally or mailed by registered or certified mail, return receipt requested, or by overnight express courier service, as follows: 
  
 If to the Company, to: 
  
 Corporate Secretary 
 The Bryn Mawr Trust Company 
 801 Lancaster Avenue 
 Bryn Mawr, PA 19010 
  
 If to the Employee, to: 
  
 202 Kimberwyck Way 
 Newlin Greene Development (Route 842) 
 Kennett Square, PA 19348 
  
 or to such other names or addresses as the Company or the Employee, as the case may be, shall
designate by notice to the other party hereto in the manner specified in this Section. Any such notice shall be deemed delivered and effective when received in the case of personal delivery, five (5) days after deposit, postage prepaid, with the
U.S. Postal Service in the case of registered or certified mail, or on the next business day in the case of overnight express courier service. 
  
 15. Governing Law. This Agreement shall be governed by and interpreted under the laws of the Commonwealth of Pennsylvania without giving effect to
any conflict of laws provisions. 

 16. Contents of Agreement, Amendment and Assignment. 
  
 (a) This Agreement supersedes all prior agreements and sets forth the entire
understanding between the parties hereto with respect to the subject matter hereof and cannot be changed, modified, extended or terminated except upon written amendment executed by the Employee and approved by the Board and executed on the
Company’s behalf by a duly authorized officer. The provisions of this Agreement may provide for payments to the Employee under certain compensation or bonus plans (including without limitation the AIP and Stock Plan) under circumstances where
such plans would not provide for payment thereof. It is the specific intention of the parties that the provisions of this Agreement shall supersede any provisions to the contrary in such plans, and such plans shall be deemed to have been amended to
correspond with this Agreement without further action by the Company or the Boards of BMBC or the Company. 
  
 (b) Nothing in this Agreement shall be construed as giving the Employee any right to be retained in the employ of the Company. 
  
 (c) The Employee acknowledges that from time to time, the Company may
establish, maintain and distribute employee manuals or handbooks or personnel policy manuals, and officers or other representatives of the Company may make written or oral statements relating to personnel policies and procedures. Such manuals,
handbooks and statements are intended only for general guidance. No policies, procedures or statements of any nature by or on behalf of the Company (whether written or oral, and whether or not contained in any employee manual or handbook or
personnel policy manual), and no acts or practices of any nature, shall be construed to modify this Agreement. 
  
 (d) All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs,
representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of the Employee and the Company hereunder shall not be assignable in whole or in part by the Company. 

 17. Severability. If any provision of this Agreement or application thereof to anyone or under any
circumstances shall be determined to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions or applications of this Agreement which can be given effect without the invalid or unenforceable provision or
application. 
  
 18. Remedies Cumulative; No Waiver. No
right conferred upon the Employee by this Agreement is intended to be exclusive of any other right or remedy, and each and every such right or remedy shall be cumulative and shall be in addition to any other right or remedy given hereunder or now or
hereafter existing at law or in equity. No delay or omission by the Employee in exercising any right, remedy or power hereunder or existing at law or in equity shall be construed as a waiver thereof, including without limitation any delay by the
Employee in delivering a Notice of Termination pursuant to Section 2 hereof after an event has occurred which would, if the Employee had resigned, have constituted a Termination upon a Change of Control pursuant to Section 1(n)(ii) of this
Agreement. 
  
 19. Miscellaneous. All section headings in
this Agreement are for convenience only. This Agreement may be executed in several counterparts, each of which is an original. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the
other counterparts. 
  
 IN WITNESS WHEREOF, the undersigned,
intending to be legally bound, have executed this Agreement as of the date first above written. 
  

					
	Attest:	 	THE BRYN MAWR TRUST COMPANY
			
	[Seal]	 	 	 	 
			
	 /s/ Robert C. Ricciardi

	 	By:	 	 /s/ Frederick C. Peters, II

	Secretary	 	 	 	Frederick C. Peters II President
			
	 /s/ Nancy J. Morris

	 	 	 	 /s/ James Duncan Smith

	Witness	 	 	 	EmployeeAmended and Restated Employment Agreement

 Exhibit 10.1 
  
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
  
 This Amended and Restated Employment Agreement (the “Restated Agreement”) by and between IES Management, L.P. (the
“Company”), a Delaware corporation and a wholly owned subsidiary of Integrated Electrical Services, Inc., a Delaware corporation (“IES”), IES and Richard C. Humphrey (“Executive”) is hereby entered into effective as of
this 10th day of September, 2003 (the “Effective Date”). 
  
 RECITALS 
  
 As of the Effective Date, the Company, IES
and other subsidiaries of IES (collectively, the “IES Companies”) are engaged primarily in the providing of electrical and communications contracting services. 
  
 The Company and Executive have previously entered into an Employment Agreement dated effective as of September 10, 1998 (the
“Employment Agreement”) that sets forth certain terms and conditions relating to Executive’s employment with the Company. 
  
 The Company and Executive have determined that the Employment Agreement should be amended and restated. 
  
 Therefore, in consideration of the mutual promises, terms, covenants and
conditions set forth herein and the performance of each, it is hereby agreed that the Employment Agreement is amended and restated in its entirety as follows: 
  

AGREEMENTS 
  
 1. Employment and Duties. The Company hereby employs Executive as Region Operating Officer or in such other position with the Company, IES or
another IES Company as from time to time is determined by the Company or IES. 
  
 2. Term. The term of this Restated Agreement shall commence on the Effective Date and continue until terminated by either the Executive or the Company or IES upon ten (10) days’ prior written notice. In
the event of termination of the Restated Agreement, except as provided in paragraph 9, the provisions of paragraphs 3, 4, 5, 6 and 7 herein shall survive pursuant to their terms. 
  
 3. Non-Competition Agreement. 
  
 (a) Executive recognizes that the Company’s and IES’ willingness to enter into this Restated
Agreement is based in material part on Executive’s agreement to the provisions of this paragraph 3 and that Executive’s breach of the provisions of this paragraph 3 could materially damage the IES Companies. Subject to the further
provisions of this Restated Agreement, Executive will not, during the term of his employment with any IES Company, and for a period of eighteen (18) months immediately following the termination of such for any reason whatsoever, except as may be set
forth herein, directly or indirectly, for himself or on behalf of 

 
or in conjunction with any other person, company, partnership, corporation or business of whatever nature: 
  
 (i) engage, as an officer, director, shareholder, owner,
partner, joint venturer, or in a managerial capacity, whether as an employee, independent contractor, consultant or advisor, or as a sales representative, in any electrical contracting or communications business in direct competition with any IES
Company within 100 miles of where any IES Company conducts business, including any territory serviced by an IES Company during the term of Executive’s employment (the “Territory”); 
  
 (ii) hire, employ (or offer to hire or employ) any IES
Company employee for the purpose or with the intent of enticing such employee away from or out of the employ of the IES Company; 
  
 (iii) call upon any person or entity which is, at that time, or which has been, within one (1) year prior to that time, a customer of an
IES national account or IES Company within the Territory for the purpose of soliciting or selling electrical or communications contracting products or services; 
  
 (iv) call upon any prospective acquisition candidate, on Executive’s own behalf or on behalf of any
competitor, which candidate was, to Executive’s knowledge after due inquiry, either called upon by an IES Company or for which an IES Company made an acquisition analysis, for the purpose of acquiring such entity; or 
  
 (v) disclose customers, whether in existence or proposed, of
an IES Company to any person, firm, partnership, corporation or business for any reason or purpose whatsoever except to the extent that the IES Company has in the past disclosed such information to the public for valid business reasons. 

 
 Notwithstanding the above, the foregoing covenant shall
not be deemed to prohibit Executive from acquiring as an investment not more than one percent (1%) of the capital stock of a competing business, whose stock is traded on a national securities exchange, the NASDAQ Stock Market or on an
over-the-counter or similar market, unless the Board of Directors of the Company consents to such acquisition. 
  
 (b) Because of the difficulty of measuring economic losses to the IES Companies as a result of a breach of the foregoing covenant, and
because of the immediate and irreparable damage that could be caused to the IES Companies for which they would have no other adequate remedy, Executive agrees that foregoing covenant may be enforced by the Company or IES, in the event of breach by
Executive, by injunctions and restraining orders. Executive further agrees to waive any requirement for the securing or posting of any bond in connection with such remedies. 
  
 (c) It is agreed by the parties that the foregoing covenants in this paragraph 3 impose a reasonable
restraint on Executive in light of the activities and business of the IES Companies on the date of the execution of this Agreement and the current plans of the IES Companies; but it is also the intent of the Company and IES and Executive that such
covenants be construed and enforced in accordance with the changing activities, business and locations of the IES Companies throughout the term of this covenant, whether before or after the date of termination 

 
of the employment of Executive, unless the Executive was conducting such new business prior to any IES Company conducting such new business. For example, if,
during the term of this Restated Agreement, an IES Company engages in new and different activities, enters a new business or establishes new locations for its current activities or business in addition to or other than the activities or business
enumerated under the Recitals above or the locations currently established therefore, then Executive will be precluded from soliciting the customers or employees of such new activities or business or from such new location and from directly
competing with such new business within 100 miles of its then-established operating location(s) through the term of this covenant, unless the Executive was conducting such new business prior to any IES Company conducting such new business.

  
 (d) It is further agreed by the parties
hereto that, in the event that Executive shall cease to be employed hereunder and shall enter into a business or pursue other activities not in competition with the electrical contracting activities of the IES Companies or similar activities or
business in locations the operation of which, under such circumstances, does not violate clause (a)(i) of this paragraph 3, and in any event such new business, activities or location are not in violation of this paragraph 3 or of Executive’s
obligations under this paragraph 3, if any, Executive shall not be chargeable with a violation of this paragraph 3 if the IES Companies shall thereafter enter the same, similar or a competitive (i) business, (ii) course of activities or (iii)
location, as applicable. 
  
 (e) The covenants in
this paragraph 3 are severable and separate, and the unenforceability of any specific covenant shall not affect the provisions of any other covenant. Moreover, in the event any court of competent jurisdiction shall determine that the scope, time or
territorial restrictions set forth are unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent that the court deems reasonable, and the Agreement shall thereby be reformed. 
  
 (f) All of the covenants in this paragraph 3 shall be
construed as an agreement independent of any other provision in this Restated Agreement, and the existence of any claim or cause of action of Executive against the IES Companies, whether predicated on this Restated Agreement or otherwise, shall not
constitute a defense to the enforcement by IES or the Company of such covenants. It is specifically agreed that the period of eighteen (18) months (subject to the further provisions of this Restated Agreement) following termination of employment
stated at the beginning of this paragraph 3, during which the agreements and covenants of Executive made in this paragraph 3 shall be effective, shall be computed by excluding from such computation any time during which Executive is in violation of
any provision of this paragraph 3. 
  
 (g) The
Company and IES and Executive hereby agree that this covenant is a material and substantial part of this transaction. 
  
 4. Return of Company Property. All records, designs, patents, business plans, financial statements, manuals, memoranda, lists and other property
delivered to or compiled by Executive by or on behalf of the Company, IES or any IES Companies or their representatives, vendors or customers which pertain to the business of the Company or IES or any IES Companies shall be and remain the property
of the Company or IES or the IES Company, as the case may be, and be subject at all times to their discretion and control. Likewise, all correspondence, reports, records, charts, advertising materials and other similar data pertaining to the
business, activities or future plans of the Company or IES or the IES Company which is collected by Executive shall be delivered promptly to the Company without request by it upon termination of Executive’s employment. 

 5. Inventions. Executive shall disclose promptly to the Company (or to IES or his then-current IES
Company employer if it is other than the Company) any and all significant conceptions and ideas for inventions, improvements and valuable discoveries, whether patentable or not, which are conceived or made by Executive, solely or jointly with
another, during the period of employment or within one year thereafter, if conceived during employment, and which are directly related to the business or activities of the IES Companies and which Executive conceives as a result of his employment by
the IES Companies. Executive hereby assigns and agrees to assign all his interests therein to the Company or its nominee. Whenever requested to do so by the employing IES Company, Executive shall execute any and all applications, assignments or
other instruments that such IES Company shall deem necessary to apply for and obtain Letters Patent of the United States or any foreign country or to otherwise protect the IES Company’s interest therein. 
  
 6. Trade Secrets. Executive agrees that he will not, during or after
the term of this Restated Agreement, disclose the specific terms of the Company’s, IES’ or IES Companies’ relationships or agreements with their respective significant vendors or customers or any other significant and material trade
secret of the Company, IES or IES Companies, whether in existence or proposed, to any person, firm, partnership, corporation or business for any reason or purpose whatsoever. 
  
 7. Confidentiality. 
  
 (a) Executive acknowledges and agrees that all Confidential Information (as defined below) of the IES Companies is confidential and a
valuable, special and unique asset of the IES Companies that gives the IES Companies an advantage over their actual and potential, current and future competitors. Executive further acknowledges and agrees that Executive owes the IES Companies a
fiduciary duty to preserve and protect all Confidential Information from unauthorized disclosure or unauthorized use, that certain Confidential Information constitutes “trade secrets” under applicable laws and, that unauthorized disclosure
or unauthorized use of the IES Companies’ Confidential Information would irreparably injure the IES Companies. 
  
 (b) Both during the term of Executive’s employment and after the termination of Executive’s employment for any reason (including
wrongful termination), Executive shall hold all Confidential Information in strict confidence, and shall not use any Confidential Information except for the benefit of the IES Companies, in accordance with the duties assigned to Executive. Executive
shall not, at any time (either during or after the term of Executive’s employment), disclose any Confidential Information to any person or entity (except other employees of the IES Companies who have a need to know the information in connection
with the performance of their employment duties), or copy, reproduce, modify, decompile or reverse engineer any Confidential Information, or remove any Confidential Information from the IES Companies’ premises, without the prior written consent
of the President of the employing IES Company, or permit any other person to do so. Executive shall take reasonable precautions to protect the physical security of all documents and other material containing Confidential Information (regardless of
the medium on which the Confidential Information is stored). This Restated Agreement applies to all Confidential Information, whether now known or later to become known to Executive. 

 (c) Upon the termination of Executive’s employment with the IES Companies for any
reason, and upon request of the employing IES Company at any other time, Executive shall promptly surrender and deliver to the IES Company all documents and other written material of any nature containing or pertaining to any Confidential
Information and shall not retain any such document or other material. Within five days of any such request, Executive shall certify to the IES Company in writing that all such materials have been returned. 
  
 (d) As used in this Agreement, the term “Confidential
Information” shall mean any information or material known to or used by or for the IES Companies (whether or not owned or developed by the IES Company and whether or not developed by Executive) that is not generally known to persons in the
electrical contracting business. Confidential information includes, but is not limited to, the following: all trade secrets of the IES Companies; all information that the IES Companies have marked as confidential or has otherwise described to
Executive (either in writing or orally) as confidential; all nonpublic information concerning the IES Companies’ products, services, prospective products or services, research, product designs, prices, discounts, costs, marketing plans,
marketing techniques, market studies, test data, customers, customer lists and records, suppliers and contracts; all IES Companies business records and plans; all IES Companies personnel files; all financial information of or concerning the IES
Companies; all information relating to operating system software, application software, software and system methodology, hardware platforms, technical information, inventions, computer programs and listings, source codes, object codes, copyrights
and other intellectual property; all technical specifications; any proprietary information belonging to the IES Companies; all computer hardware or software manual; all training or instruction manuals; and all data and all computer system passwords
and user codes. 
  
 8. Release. Notwithstanding anything in
this Restated Agreement to the contrary, Executive shall not be entitled to receive any payments pursuant to this Restated Agreement unless Executive has executed (and not revoked) a general release of all claims Executive may have against the IES
Companies in a form of such release reasonably acceptable to the employing IES Company. 
  
 9. Termination Payment. In the event the employing IES Company determines to terminate Executive with or without cause during the term of this Restated Agreement, the employing IES Company, at its sole option,
which must be exercised within twenty (20) days of the date of such termination, shall pay Executive one times his then-current annual salary, payable pursuant to normal payroll practice in return for Executive’s continuing to be bound by the
terms of paragraph 3 of this Restated Agreement for a period of eighteen (18) months from the date of termination. In the event the employing IES Company does not exercise the option to make the above-described payment to Executive, the terms of
paragraph 3 of this Restated Agreement shall terminate effective with the termination of employment of Executive. 
  
 In the event Executive voluntarily terminates his employment, no payment shall be due and the terms of paragraph 3 of this Restated Agreement shall
continue for a period of eighteen (18) months from the date of termination. 
  
 10. Complete Agreement. The Employment Agreement dated effective as of September 10, 1998 is hereby amended and restated in its entirety by this Restated Agreement. Executive has no oral representations,
understandings or agreements with the Company, IES or any of their officers, directors or representatives covering the same subject matter as this Restated Agreement. This written Restated Agreement is the final, complete and exclusive statement and
expression of the agreement between the 

 
Company, IES and Executive and of all the terms of this Restated Agreement, and it cannot be varied, contradicted or supplemented by evidence of any prior or
contemporaneous oral or written agreements. This written Restated Agreement may not be later modified except by a further writing signed by a duly authorized officer of the Company, IES and Executive, and no term of this Restated Agreement may be
waived except by writing signed by the party waiving the benefit of such term. Without limiting the generality of the foregoing, either party’s failure to insist on strict compliance with this Restated Agreement shall not be deemed a waiver
thereof. 
  
 11. Notice. Whenever any notice is required
hereunder, it shall be given in writing addressed as follows: 
  

			
	To the Company:	 	IES Management, L.P.
	 	 	Attn: Regional Operating Office
	 	 	500 Woodlake Drive, Suite 105
	 	 	Chesapeake, VA 23320
		
	with a copy to:	 	Law Department
	 	 	Integrated Electrical Services, Inc.
	 	 	1800 West Loop South, Suite 500
	 	 	Houston, Texas 77027
		
	To Executive:	 	Richard C. Humphrey
	 	 	300 Woodward’s Ford Road
	 	 	Chesapeake, VA 23322

  
 Notice shall be deemed given and
effective on the earlier of three (3) days after the deposit in the U.S. mail of a writing addressed as above and sent first class mail, certified, return receipt requested, or when actually received. Either party may change the address for notice
by notifying the other party of such change in accordance with this paragraph 11. 
  
 12. Severability; Headings. If any portion of this Restated Agreement is held invalid or inoperative, the other portions of this Restated Agreement shall be deemed valid and operative and, so far as is
reasonable and possible, effect shall be given to the intent manifested by the portion held invalid or inoperative. The paragraph headings herein are for reference purposes only and are not intended in any way to describe, interpret, define or limit
the extent or intent of the Restated Agreement or of any part hereof. 
  
 13. Governing Law. This Restated Agreement shall in all respects be construed according to the laws of the State of Texas without regard to its conflicts of law provisions. 
  
 14. Counterparts. This Restated Agreement may be executed
simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective for all purposes as of the Effective Date.

  

			
	EXECUTIVE
		
	By:	 	 /s/ Richard C. Humphrey

	Name:	 	Richard C. Humphrey
	Title:	 	Region Operating Officer
	
	IES Management, L.P.
		
	By:	 	 /s/ Mark Older

	Name:	 	Mark Older
	Title:	 	Secretary
	
	INTEGRATED ELECTRICAL SERVICES, INC.
		
	By:	 	 /s/ Margery M. Harris

	Name:	 	Margery M. Harris
	Title:	 	Sr. Vice President, Human Resources

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