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EXHIBIT 10.1
 
AMENDMENT NO. 1
to the
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
 
 
This Amendment No. 1 (the “Amendment”) is dated as of May 6, 2008 and amends the
Amended and Restated Employment Agreement (the “Agreement”) dated as of October
23, 2007 between Willow Financial Bancorp, Inc., a Pennsylvania corporation (the
“Corporation”), Willow Financial Bank, a federally chartered savings bank and
wholly owned subsidiary of the Corporation (the “Bank”), and Joseph T. Crowley
(the “Executive”).  The Corporation and the Bank are referred to herein together
as the “Employers.”
 
WHEREAS, the Agreement provides that the Executive shall serve as the Chief
Financial Officer of the Employers;
 
WHEREAS, the Employers desire to retain the Executive as a Senior Vice President
and to appoint a new Chief Financial Officer;
 
WHEREAS, the Executive is willing to remain employed on the terms set forth
herein; and
 
WHEREAS, in accordance with the terms of Section 12 of the Agreement, the
parties wish to amend the Agreement in order to, among other things, reflect
certain changes in the Executive’s title and the duties to be performed by the
Executive.
 
NOW, THEREFORE, in consideration of the mutual covenants herein set forth, the
Employers and the Executive hereby agree to amend the Agreement as follows:
 
1.           Change in Title.  All references to “Chief Financial Officer” in
the Agreement are hereby changed to “Senior Vice President”, including but not
limited to the references in the second Whereas clause and in Section 2(a).
 
2.           Amendment to Section 2(b) of the Agreement.  Section 2(b) of the
Agreement is hereby amended and restated to read in its entirety as follows:
 
     “(b)      During the term of this Agreement, the Executive shall perform
such services for the Employers  as  may  be consistent with his titles and from
time to time assigned to him by either the President and Chief Executive 
Officer  or  by  the Chief Financial Officer of the Employers.  During the term
of this Agreement, the Executive shall devote his  best  efforts  and his full
time effort to the affairs and business of the Employers.”
 
3.           Waiver of Good Reason.  The Executive agrees that he will not use
the above change in title, or the corresponding change in authority, duties and
responsibilities, as a basis to terminate his employment for “Good Reason”, as
defined in Section 1(h) of the Agreement, including but not limited to clauses
(B) and (C) of Section 1(h)(i) of the Agreement.
 

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4.           All other sections and provisions in the Agreement shall continue
in full force and effect and are incorporated by reference into this Amendment
No. 1.  Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Agreement.
 
This Amendment No. 1 to the Agreement shall be deemed effective as of the date
set forth below.
 
IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment No. 1
to the Agreement as of this 6th day of May 2008.
 

     
ATTEST:
WILLOW FINANCIAL BANCORP, INC.
           
/s/Neil Kalani
By:
/s/Donna M. Coughey
Name:
Neil Kalani
 
Donna M. Coughey
Title:
Chief Accounting Officer
 
President and Chief Executive Officer
             
WILLOW FINANCIAL BANK
           
/s/Neil Kalani
By:
/s/Donna M. Coughey
Name:
Neil Kalani
 
Donna M. Coughey
Title:
Chief Accounting Officer
 
President and Chief Executive Officer
             
EXECUTIVE
           
/s/Neil Kalani
By:
/s/Joseph T. Crowley
Name:
Neil Kalani
 
Joseph T. Crowley
Title:
Chief Accounting Officer
   

 
 
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