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EXECUTIVE EMPLOYMENT AGREEMENT

Employee Retention Agreement

EXECUTIVE EMPLOYMENT AGREEMENT | Document Parties: FIRST CHESTER COUNTY CORPORATION | FIRST NATIONAL BANK OF CHESTER COUNTY You are currently viewing:
This Employee Retention Agreement involves

FIRST CHESTER COUNTY CORPORATION | FIRST NATIONAL BANK OF CHESTER COUNTY

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Title: EXECUTIVE EMPLOYMENT AGREEMENT
Governing Law: Pennsylvania     Date: 8/11/2008
Industry: Regional Banks     Law Firm: Saul Ewing     Sector: Financial

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EXECUTIVE EMPLOYMENT AGREEMENT

 

FIRST CHESTER COUNTY CORPORATION

 

THE FIRST NATIONAL BANK OF CHESTER COUNTY

 

and

 

KEVIN C. QUINN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

 

Page

 

1.

Employment

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2  

 

 

 

 

2.

Term

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2  

 

 

 

 

3.

Compensation

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2  

 

 

 

 

4.

Position and Responsibilities

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3  

 

 

 

 

5.

Termination

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4  

 

 

 

 

6.

Indemnification

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8  

 

 

 

 

7.

Expenses and Automobile

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8  

 

 

 

 

8.

Restrictive Covenant

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9  

 

 

 

 

9.

Binding Effect

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10  

 

 

 

 

10.

Notice

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11  

 

 

 

 

11.

Waiver of Breach

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11  

 

 

 

 

12.

Vested Benefits

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11  

 

 

 

 

13.

Savings Clause

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11  

 

 

 

 

14.

Governing Law

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12  

 

 

 

 

15.

Entire Agreement; Modification

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12  

 

EXHIBIT “A”

 

14  

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT made this 27th day of June, 2008, by and between FIRST CHESTER COUNTY CORPORATION, a Pennsylvania business corporation, and THE FIRST NATIONAL BANK OF CHESTER COUNTY, a wholly-owned subsidiary of First Chester County Corporation and a national banking association with its principal offices located at 9 North High Street, West Chester, Pennsylvania (hereinafter individually referred to as “Corporation” and “Bank” respectively, and collectively referred to as “FNB”) and KEVIN C. QUINN, of West Chester, Pennsylvania (hereinafter referred to as “Quinn”).

Quinn is the President of the Corporation and the Bank and a member of the Boards of Directors of the Corporation and the Bank and has served as Executive Vice President, Financial Management Services Division of the Corporation continuously since January 1, 1998 and has served as an executive employee of the Bank continuously since November 7, 1983; and Quinn’s leadership skills and services have constituted a major factor in the successful growth and development of FNB.

FNB desires to employ and retain the experience and financial ability and services of Quinn as President from the effective date hereof and to prevent any other business in competition with FNB from securing the benefit of his services, background and expertise in the banking business.

The terms, conditions and undertakings of this Agreement were submitted to and duly approved and authorized by the Boards of Directors of both the Corporation and the Bank at separate meetings.

1

 

 

NOW, THEREFORE, in consideration of the foregoing recitals, which are hereby incorporated by reference, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.

Employment

FNB hereby employs Quinn as the President of the Corporation and the Bank, and Quinn hereby accepts such employment, under and subject to the terms and conditions hereinafter set forth.

 

2.

Term

Subject to the provisions for termination of this Agreement provided in Paragraph 6 hereof, the term of this Agreement shall be for a period of three (3) years, commencing January 1, 2008, and terminating December 31, 2010 (the “Term”). On January 1, 2009 and on each succeeding January 1, the Term shall be extended automatically for one year, unless either of the following two conditions is met: (a) FNB or Quinn give written termination notice pursuant to Section 5 hereof, or (b) FNB or Quinn agree to a mutually acceptable date on which to terminate this Agreement.

 

3.

Compensation

During the Term of this Agreement, FNB shall pay Quinn a salary (hereinafter referred to as “Compensation”) and provide Quinn with life, health and disability insurance coverage, retirement (qualified and nonqualified) benefits, vacations, bonuses, and other benefits (hereinafter collectively referred to as the “Benefits”), the amounts and nature of which shall be fixed by the Boards of Directors of the Corporation and the Bank from time to time and set forth on the attached Exhibit “A”; provided, however, that in no event shall Quinn’s Compensation be less than one hundred percent (100%) of the Compensation set forth on Exhibit “A”, and in no

2

 

 

event shall Quinn’s Benefits be less than or materially different from the Benefits he is to receive as of the date of this Agreement.

 

4.

Position and Responsibilities

(a)        Position and Duties . Quinn shall be employed as the President of the Corporation and the Bank, and, except as set forth in Section 5 hereof, shall continue to serve as the President of the Corporation and the Bank throughout the entire Term. In no event shall Quinn be employed by the Corporation or the Bank during any calendar year subsequent to 2007 at a lower position or rank and any such diminution in position or authority shall be considered a breach of this Agreement. Quinn shall devote his full time and efforts solely to the business of FNB and shall diligently, efficiently and effectively perform such duties as shall be assigned to him, which shall consist of the general and active management of the business of FNB and such other duties of supervision and management as are generally vested in the office of President of a corporation or as are set forth in job descriptions established by the Boards of Directors of the Corporation and/or the Bank for such offices. Quinn shall at all times during the Term of this Agreement refrain from doing any act, disclosing any information or making any statements to any person other than officers of FNB which may result in the disclosure of confidential information or adversely affect the good reputation of FNB in the community or which might adversely affect the professional or business relationship between FNB and any business, depositor, borrower or any other person with whom FNB is doing business or is contemplating doing business.

(b)        Office and Support . FNB shall provide Quinn with an office, secretarial assistance and such other facilities and support services as shall be suitable to Quinn’s position and responsibilities as set forth above and as may be necessary to enable Quinn to

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perform such duties effectively and efficiently.

(c)        Location of Office . In connection with Quinn’s employment by the Corporation and the Bank, Quinn shall maintain his office at the principal executive offices of FNB located at 9 North High Street, West Chester, Pennsylvania, or at such other office as the Board of Directors of the Corporation or the Bank may select within the immediate vicinity of West Chester, Pennsylvania.

 

5.

Termination

(a)        Death . If Quinn dies during his employment hereunder, his Compensation and Benefits hereunder shall terminate, and his bonus (if any) shall be prorated as of the last day of the third month after the month in which he dies.

(b)        Disability . If Quinn shall become disabled (as determined by FNB’s insurance carrier or a physician of its choice) during the Term, then from and after the date upon which it is determined that Quinn became disabled and until such time as Quinn returns to the full time employment at FNB, he shall not receive his Compensation and Benefits, but shall only be entitled to receive disability benefits as are provided under the disability insurance and/or salary continuation policy covering Quinn which is maintained in force by FNB at the time such disability occurs. FNB shall maintain a disability insurance policy or salary continuation policy covering Quinn during the entire Term, and FNB shall not cause or suffer any termination, lapse, suspension or modification of any of such policies or any reductions in the amounts of coverage provided thereunder without first giving Quinn at least thirty (30) days prior written notice thereof.

(c)        For Cause . The Board of Directors of the Corporation or the Bank may terminate this Agreement at any time if Quinn is convicted of a crime which is a felony or

4

 

 

misdemeanor and that involves fraud, dishonesty or moral turpitude, or if he breaches any material provision of this Agreement or substantially fails to provide the services which are required of him under the terms of this Agreement. However, prior to terminating this Agreement by reason of Quinn’s failure to provide services hereunder or his breach of any provision of this Agreement, the Board of Directors of the Corporation or the Bank shall first give Quinn written notice specifically identifying the manner in which Quinn has breached the terms of this Agreement and the approximate date or dates on which such violations have occurred. Quinn shall have thirty (30) days from his receipt of such notice within which to cure or correct the effects of such breach and to report in writing to the Boards of Directors of the Corporation and the Bank all steps which he has taken to cure such breach. If Quinn shall not have corrected or cured such breach or diligently taken all steps which are necessary to do so within the aforesaid thirty (30) day period, the Board of Directors of the Corporation or the Bank may terminate this Agreem


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