exv10w4



 





Exhibit 10.4




[FEDFIRST FINANCIAL
CORPORATION LETTERHEAD]




______________, 2005




First Federal Savings Bank

Donner at 6th Street

Monessen, PA 15062



Dear Mr.                   :



     This letter confirms FedFirst Financial Corporation’s commitment to fund a
leveraged ESOP in an amount sufficient to purchase 3.92% of the shares issued
in the minority stock offering. The commitment is subject to the following
terms and conditions:




	1.	 	Lender: FedFirst Financial Corporation (the
“Company”).
	 
	2.	 	Borrower: First Federal Savings Bank Employee Stock
Ownership Plan.
	 
	3.	 	Trustee:                    
	 
	4.	 	Security: Unallocated shares of stock of the Company
held in First Federal Savings Bank Employee Stock Ownership Plan
Trust.
	 
	5.	 	Maturity: Up to ___ years from takedown.
	 
	6.	 	Amortization: Annual principal and interest payments.
	 
	7.	 	Pricing:






	a.	 	Lowest “prime rate” as published in the Wall
Street Journal on the date of the loan transaction.




 









 













	8.	 	Interest Payments:






	a.	 	Annual on a 365 day basis.






	9.	 	Prepayment: Voluntary prepayments are permitted at any
time.
	 
	10.	 	Conditions Precedent to Closing: Receipt by the
Company of all supporting loan documents in a form and with terms
and conditions satisfactory to the Company and its counsel.
Consummation of the transaction will also be contingent upon no
material adverse change occurring in the condition of First Federal
Savings Bank or the Company.





     If the terms and conditions are agreeable to you, please indicate your
acceptance by signing the enclosed copy and returning it to my attention.



	 	 	 
	 

	 	Sincerely,
	 
	 	 
	Accepted on Behalf of
	 	 
	First Federal Savings Bank
	 	 







	 	 	 	 	 	 	 
	By:

	 	 	 	Date:
	 	 
	 	 	

	 	 	 	








 









 





PLEDGE AGREEMENT




     THIS
PLEDGE AGREEMENT (“Pledge Agreement”) is made as of the
____ day
of ____, 2005, by and between the FIRST FEDERAL SAVINGS BANK
EMPLOYEE STOCK OWNERSHIP PLAN TRUST (“Pledgor”), and FEDFIRST FINANCIAL
CORPORATION (“Pledgee”).



W I T N E S S E T H




     WHEREAS, this Pledge Agreement is being executed and delivered to the
Pledgee pursuant to the terms of a Loan Agreement (“Loan Agreement”), by and
between the Pledgor and the Pledgee;



     NOW, THEREFORE, in consideration of the mutual agreements contained herein
and in the Loan Agreement, the parties hereto do hereby covenant and agree as
follows:



     Section 1. Definitions. The following definitions shall apply for
purposes of this Pledge Agreement, except to the extent that a different
meaning is plainly indicated by the context; all capitalized terms used but not
defined herein shall have the respective meanings assigned to them in the Loan
Agreement:



     Collateral shall mean the Pledged Shares and, subject to section 5
hereof, and to the extent permitted by applicable law, all rights with respect
thereto, and all proceeds of such Pledged Shares and rights.



     ESOP shall mean the First Federal Savings Bank Employee Stock
Ownership Plan.



     Event of Default shall mean an event so defined in the Loan
Agreement.



     Liabilities shall mean all the obligations of the Pledgor to the
Pledgee, howsoever created, arising or evidenced, whether direct or indirect,
absolute or contingent, now or hereafter existing, or due or to become due,
under the Loan Agreement and the Promissory Note.



     Pledged Shares shall mean all the Shares of Common Stock of the
Pledgee purchased by the Pledgor with the proceeds of the loan made by the
Pledgee to the Pledgor pursuant to the Loan Agreement, but excluding any such
shares previously released pursuant to section 4.



     Section 2. Pledge. To secure the payment of and performance of
all the Liabilities, the Pledgor hereby pledges to the Pledgee, and grants to
the Pledgee, a security interest in, and lien upon, the Collateral.



     Section 3. Representations and Warranties of the Pledgor. The
Pledgor represents, warrants, and covenants to the Pledgee as follows:



     (a) the execution, delivery and performance of this Pledge Agreement and
the pledging of the Collateral hereunder do not and will not conflict with,
result in a violation of, or constitute a default under, any agreement binding
upon the Pledgor;



     (b) the Pledged Shares are and will continue to be owned by the Pledgor
free and clear of any liens or rights of any other person except the lien
hereunder and under the Loan



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Agreement in favor of the Pledgee, and the
security interest of the Pledgee in the Pledged Shares and the proceeds thereof
is and will continue to be prior to and senior to the rights of all others;



     (c) this Pledge Agreement is the legal, valid, binding and enforceable
obligation of the Pledgor in accordance with its terms;



     (d) the Pledgor shall, from time to time, upon request of the Pledgee,
promptly deliver to the Pledgee such stock powers, proxies, and similar
documents, satisfactory in form and substance to the Pledgee, with respect to
the Collateral as the Pledgee may reasonably request; and



     (e) subject to the first sentence of section 4(b), the Pledgor shall not,
so long as any Liabilities are outstanding, sell, assign, exchange, pledge or
otherwise transfer or encumber any of its rights in and to any of the
Collateral.



     Section 4. Eligible Collateral.



     (a) As used herein the term “Eligible Collateral” shall mean the amount of
Collateral which has an aggregate fair market value equal to the amount by
which the Pledgor is in default (without regard to any amounts owing solely as
the result of an acceleration of the Loan Agreement) or such lesser amount of
Collateral as may be required pursuant to section 13 of this Pledge Agreement.



     (b) The Pledged Shares shall be released from this Pledge Agreement in a
manner conforming to the requirements of Treasury Regulations Section
54.4975-7(b)(8), as the same may be from time to time amended or supplemented,
and the applicable provisions of the ESOP. Subject to such Regulations, the
Pledgee may from time to time, after any Default or Event of Default, and
without prior notice to the Pledgor, transfer all or any part of the Eligible
Collateral in the name of the Pledgee or its nominee, without disclosing that
such Eligible Collateral is subject to any rights of the Pledgor and may from
time to time, whether before or after any of the Liabilities shall become due
and payable, without notice to the Pledgor, take all or any of the following
actions: (i) notify the parties obligated on any of the Eligible Collateral to
make payment to the Pledgee of any amounts due or due to become due thereunder,
(ii) release or exchange all or any part of the Eligible Collateral, or
compromise or extend or renew for any period (whether or not longer than the
original period) any obligations of any nature of any party with respect
thereto, and (iii) take control of any proceeds of the Eligible Collateral.



     Section 5. Delivery.



     (a) The Pledgor shall deliver to the Pledgee upon execution of this Pledge
Agreement (i) either (A) certificates for the Pledged Shares, each certificate
duly signed in blank by the Pledgor or accompanied by a stock transfer power
duly signed in blank by the Pledgor and each such certificate accompanied by
all required documentary or stock transfer tax stamps or (B) if the Trustee
does not yet have possession of the Pledged Shares, an assignment by the
Pledgor of all the Pledgor’s rights to and interest in the Pledged Shares and
(ii) an irrevocable proxy, in form and substance satisfactory to the Pledgee,
signed by the Pledgor with respect to the Pledged Shares.



     (b) So long as no Default or Event of Default shall have occurred and be
continuing, (i) the Pledgor shall be entitled to exercise any and all voting
and other rights pertaining to the Collateral or any part thereof for any
purpose not inconsistent with the terms of this Pledge



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Agreement, and (ii) the
Pledgor shall be entitled to receive any and all cash dividends or other
distributions paid in respect of the Collateral.



     Section 6. Events of Default.



     (a) If a Default or Event Default shall be existing, in addition to the
rights it may have under the Loan Agreement, the Promissory Note, and this
Pledge Agreement, or by virtue of any other instrument, (i) the Pledgee may
exercise, with respect to the Eligible Collateral, from time to time, any
rights and remedies available to it under the Uniform Commercial Code as in
effect from time to time in the Commonwealth of Pennsylvania or otherwise
available to it and (ii) the Pledgee shall have the right, for and in the name,
place and stead of the Pledgor, to execute endorsement, assignments, stock
powers and
other instruments of conveyance or transfer with respect to all or any of the
Eligible Collateral. Written notification of intended disposition of any of
the Eligible Collateral shall be given by the Pledgee to the Pledgor at least
three (3) Business Days before such disposition. Subject to section 13 below,
any proceeds of any disposition of Eligible Collateral may be applied by the
Pledgee to the payment of expenses in connection with the Eligible Collateral,
including, without limitation, reasonable attorneys’ fees and legal expenses,
and any balance of such proceeds may be applied by the Pledgee toward the
payment of such of the Liabilities as are in Default, and in such order of
application, as the Pledgee may from time to time elect. No action of the
Pledgee permitted hereunder shall impair or affect its rights in and to the
Eligible Collateral. All rights and remedies of the Pledgee expressed
hereunder are in addition to all other rights and remedies possessed by it,
including, without limitation, those contained in the documents referred to in
the definition of Liabilities in section 1 hereof.



     (b) In any sale of any of the Eligible Collateral after a Default or an
Event of Default shall have occurred, the Pledgee is hereby authorized to
comply with any limitation or restriction in connection with such sale as it
may be advised by counsel if necessary in order to avoid violation of
applicable law (including, without limitation, compliance with such procedures
as may restrict the number of prospective bidders and purchasers or further
restrict such prospective bidders or purchasers to persons who will represent
and agree that they are purchasing for their own account for investment and not
with a view to the distribution or resale of such Eligible Collateral), or in
order to obtain such required approval of the sale or of the purchase by any
governmental regulatory authority or official, and the Pledgor further agrees
that such compliance shall not result in such sale’s being considered or deemed
not to have been made in a commercially reasonable manner, nor shall the
Pledgee be liable or accountable to the Pledgor for any discount allowed by
reason of the fact that such Eligible Collateral is sold in compliance with any
such limitation or restriction.



     Section 7. Payment in Full. Upon the payment in full of all
outstanding Liabilities, this Pledge Agreement shall terminate and the Pledgee
shall forthwith assign, transfer and deliver to the Pledgor, against receipt
and without recourse to the Pledgee, all Collateral then held by the Pledgee
pursuant to the Pledge Agreement.



     Section 8. No Waiver. No failure or delay in the part of the
Pledgee in exercising any right or remedy hereunder or under any other document
which confers or grants any rights to the Pledgee in respect of the Liabilities
shall operate as a waiver thereof nor shall any single or partial exercise of
any such rights or remedy preclude any other or further exercise thereof or the
exercise of any other right or remedy of the Pledgee.



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     Section 9. Binding Effect; No Assignment or Delegation. This
Pledge Agreement shall be binding upon and inure to the benefit of the Pledgor,
the Pledgee and their respective successors and assigns, except that the
Pledgor may not assign or transfer its rights hereunder without the prior
written consent of the Pledgee (which consent shall not unreasonably be
withheld). Each duty or obligation of the Pledgor to the Pledgee pursuant to
the provisions of this Pledge Agreement shall be performed in favor of any
person or entity designated by the Pledgee, and any duty or obligation of the
Pledgee to the Pledgor may be performed by any other person or entity
designated by the Pledgee.



     Section 10. Governing Law. This Pledge Agreement shall be
governed by and construed in accordance with the laws of the Commonwealth of
Pennsylvania applicable to agreements to be performed wholly within the
Commonwealth of Pennsylvania.



     Section 11. Notices. All notices, requests, instructions or
documents hereunder shall be in writing and delivered personally or sent by
United States mail, registered or certified, return receipt requested, with
proper postage prepaid as follows:




	(a)	 	If to the Pledgee:

FedFirst Financial Corporation

Donner at 6th Street

Monessen, PA 15062-0369
	 
	(b)	 	If to the Pledgor:

First Federal Savings Bank

Employee Stock Ownership Plan Trust

c/o

Attn: Trust Department





or at such other address as either of the parties may designate by written
notice to the other party. If delivered personally, the date on which a
notice, request, instruction or document is delivered shall be the date on
which such delivery is made, and, if delivered by mail, the date on which such
notice, request, instruction, or document is deposited in the mail shall be the
date of delivery. Each notice, request, instruction or document shall bear the
date on which it is delivered.



     Section 12. Interpretation. Wherever possible each provision of
this Pledge Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision herein shall be prohibited
by or invalid under such law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions hereof.



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     Section 13. Construction. All provisions hereof shall be
construed so as to maintain (a) the ESOP as a qualified leveraged employee
stock ownership plan under section 401(a) and 4975(e)(7) of the Internal
Revenue Code of 1986 (the “Code”), (b) the Trust as exempt from taxation under
section 501(a) of the Code and (c) the Trust Loan as an exempt loan under
section 54.4975-7(b) of the Treasury Regulations and as described in Department
of Labor Regulation section 2550.408b-3.



     IN WITNESS WHEREOF, this Pledge Agreement has been duly executed by the
parties hereto as of the day and year first above written.



	 	 	 	 	 
	 	 	FIRST FEDERAL SAVINGS BANK
	 	 	EMPLOYEE STOCK OWNERSHIP PLAN TRUST
	 
	 	 	 	 
	 	 	

Authorized Trust Officer for
	 
	 	 	 	 
	 	 	FEDFIRST FINANCIAL CORPORATION
	 
	 	 	 	 
	

	 	By:
	 	 
	

	 	 	 	

Peter D. Griffith







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PROMISSORY NOTE




FOR VALUE RECEIVED, the undersigned, FIRST FEDERAL SAVINGS BANK EMPLOYEE STOCK
OWNERSHIP PLAN TRUST (the “Borrower”), hereby promises to pay to the order of
FEDFIRST FINANCIAL CORPORATION (the “Lender”) up to
$____ payable
in accordance with the Loan Agreement made and entered into between the
Borrower and the Lender of even date herewith (“Loan Agreement”) pursuant to
which this Promissory Note is issued.



     The Principal Amount of this Promissory Note shall be payable in
accordance with the schedule attached hereto (“Schedule I”).



     This Promissory Note shall bear interest at the rate per annum set forth
or established under the Loan Agreement, such interest to be payable in
accordance with Schedule I.



     Anything herein to the contrary notwithstanding, the obligation of the
Borrower to make payments of interest shall be subject to the limitation that
payments of interest shall not be required to be made to the Lender to the
extent that the Lender’s receipt thereof would not be permissible under the law
or laws applicable to the Lender limiting rates on interest which may be
charged or collected by the Lender. Any such payments on interest which are
not made as a result of the limitation referred to in the preceding sentence
shall be made by the Borrower to the Lender on the earliest interest payment
date or dates on which the receipt thereof would be permissible under the laws
applicable to the Lender limiting rates of interest which may be charged or
collected by the Lender. Such deferred interest shall not bear interest.



     Payments of both principal and interest on this Promissory Note are to be
made at the principal office of the Lender or such other place as the holder
hereof shall designate to the Borrower in writing, in lawful money of the
United States of America in immediately available funds.



     Failure to make any payments of principal on this Promissory Note when
due, or failure to make any payment of interest on this Promissory Note not
later than five (5) Business Days after the date when due, shall constitute a
default hereunder, whereupon the principal amount of accrued interest on this
Promissory Note shall immediately become due and payable in accordance with the
terms of the Loan Agreement.



     This Promissory Note is secured by a Pledge Agreement between the Borrower
and the Lender of even date herewith and is entitled to the benefits thereof.



	 	 	 
	

	 	FIRST FEDERAL SAVINGS BANK

EMPLOYEE STOCK OWNERSHIP PLAN TRUST
	 
	 	 
	

	 	

	

	 	Authorized Trust Officer for








 









 






LOAN AGREEMENT




     THIS LOAN AGREEMENT (“Loan Agreement”) is made and entered into as of the
____ day of ____, 2005, by and between the FIRST FEDERAL SAVINGS
BANK EMPLOYEE STOCK OWNERSHIP PLAN TRUST (“Borrower”), a trust forming part of
the First Federal Savings Bank Employee Stock Ownership Plan (“ESOP”); and
FedFirst Financial Corporation (“Lender”), a corporation organized and existing
under the laws of the United States of America.



W I T N E S S E T H




     WHEREAS, the Borrower is authorized to purchase shares of common stock of
FedFirst Financial Corporation (“Common Stock”), either directly from FedFirst
Financial Corporation or in open market purchases in an amount not to exceed
____ shares of Common Stock.



     WHEREAS, the Borrower is authorized to borrow funds from the Lender for
the purpose of financing authorized purchases of Common Stock; and



     WHEREAS, the Lender is willing to make a loan to the Borrower for such
purpose.



     NOW, THEREFORE, the parties agree hereto as follows:



ARTICLE I




DEFINITIONS




     The following definitions shall apply for purposes of this Loan Agreement,
except to the extent that a different meaning is plainly indicated by the
context:



     Business Day  means any day other than a Saturday, Sunday or other
day on which banks are authorized or required to close under federal or local
law or regulation.



     Code  means the Internal Revenue Code of 1986, as amended (including
the corresponding provisions of any succeeding law).



     Default  means an event or condition which would constitute an Event
of Default. The determination as to whether an event or condition would
constitute an Event of Default shall be determined without regard to any
applicable requirements of notice or lapse of time.



     ERISA  means the Employee Retirement Income Security Act of 1974, as
amended (including the corresponding provisions of any succeeding law).



     Event of Default  means an event or condition described in Article
5.



     Loan  means the loan described in section 2.1.



     Loan Documents  means, collectively, the Loan Agreement, the
Promissory Note and the Pledge Agreement and all other documents now or
hereafter executed and delivered in connection with such documents, including
all amendments, modifications and supplements of or to all such documents.



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     Pledge Agreement  means the agreement described in section 2.8(a).



     Principal Amount  means the face amount of the Promissory Note,
determined as set forth in section 2.1(c).



     Promissory Note  means the promissory note described in section 2.3.



     Register  means the register described in section 2.9.



ARTICLE II




THE LOAN; PRINCIPAL AMOUNT;

INTEREST; SECURITY; INDEMNIFICATION




     Section 2.1 The Loan; Principal Amount.



     (a) The Lender hereby agrees to lend to the Borrower such amount, and at
such time, as shall be determined under this Section 2.1; provided, however,
that in no event shall the aggregate amount lent under this Loan Agreement from
time to time exceed the greater of (i) $____ or (ii) the aggregate
amount paid by the Borrower to purchase up to ____ shares of Common
Stock.



     (b) Subject to the limitations of Section 2.1(a), the Borrower shall
determine the amounts borrowed under this Agreement, and the time at which such
borrowings are effected. Each such determination shall be evidenced in a
writing which shall set forth the amount to be borrowed and the date on which
the Lender shall disburse such amount, and such writing shall be furnished to
the Lender by notice from the Borrower. The Lender shall disburse to the
Borrower the amount specified in each such notice on the date specified therein
or, if later, as promptly as practicable following the Lender’s receipt of such
notice; provided, however, that the Lender shall have no obligation to disburse
funds pursuant to this Agreement following the occurrence of a Default or an
Event of Default until such time as such Default or Event of Default shall have
been cured.



     (c) For all purposes of this Loan Agreement, the Principal Amount on any
date shall be equal to the excess, if any, of:




	(i)	 	the aggregate amount disbursed by the
Lender pursuant to section 2.1(b) on or before such
date; over
	 
	(ii)	 	the aggregate amount of any repayments
of such amounts made before such date.





The Lender shall maintain on the Register a record of, and shall record in the
Promissory Note, the Principal Amount, any changes in the Principal Amount and
the effective date of any changes in the Principal Amount.



     Section 2.2 Interest.



     (a) The Borrower shall pay to the Lender interest on the Principal Amount,
for the period commencing with the first disbursement of funds under this Loan
Agreement and continuing until the Principal Amount shall be paid in full, at
the rate of ____ percent (____%) per annum. Interest payable under this
Agreement shall be computed on the basis of a year of



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365 days and actual days
elapsed (including the first day but excluding the last) occurring during the
period to which the computation relates.



     (b) Accrued interest on the Principal Amount shall be payable by the
Borrower on the dates set forth in Schedule I to the Promissory Note. All
interest on the Principal Amount shall be paid by the Borrower in immediately
available funds.



     (c) Anything in the Loan Agreement or the Promissory Note to the contrary
notwithstanding, the obligation of the Borrower to make payments of interest
shall be subject to the limitation that payments of interest shall not be
required to be made to the Lender to the extent that the Lender’s receipt
thereof would not be permissible under the law or laws applicable to the Lender
limiting rates of interest which may be charged or collected by the Lender.
Any such payment referred to in the preceding sentence shall be made by the
Borrower to the Lender on the earliest interest payment date or dates on which
the receipt thereof would be permissible under the laws applicable to the
Lender limiting rates of interest which may be charged or collected by the
Lender. Such deferred interest shall not bear interest.



     Section 2.3 Promissory Note.



     The Loan shall be evidenced by the Promissory Note of the Borrower
attached hereto as an exhibit payable to the order of the lender in the
Principal Amount and otherwise duly completed.



     Section 2.4 Payment of Trust Loan.



     The Principal Amount of the Loan shall be repaid in accordance with
Schedule I to the Promissory Note on the dates specified therein until fully
paid.



     Section 2.5 Prepayment.



     The Borrower shall be entitled to prepay the Loan in whole or in part, at
any time and from time to time; provided, however, that the Borrower shall give
notice to the Lender of any such prepayment; and provided, further, that any
partial prepayment of the Loan shall be in an amount not less than $1,000. Any
such prepayment shall be: (a) permanent and irrevocable; (b) accompanied by all
accrued interest through the date of such prepayment; (c) made without premium
or penalty; and (d) applied on the inverse order of the maturity of the
installment thereof unless the Lender and the Borrower agree to apply such
prepayments in some other order.



     Section 2.6 Method of Payments.



     (a) All payments of principal, interest, other charges (including
indemnities) and other amounts payable by the Borrower hereunder shall be made
in lawful money of the United States, in immediately available funds, to the
Lender at the address specified in or pursuant to this Loan Agreement for
notices to the Lender, on the date on which such payment shall become due. Any
such payment made on such date but after such time shall, if the amount paid
bears interest, and except as expressly provided to the contrary herein, be
deemed to have been made on, and interest shall continue to accrue and be
payable thereon until, the next succeeding Business Day. If any payment of
principal or interest becomes due on a day other than a Business Day, such
payment may be made on the next succeeding Business Day, and when paid, such
payment shall include interest to the day on which payment is in fact made.



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     (b) Notwithstanding anything to the contrary contained in this Loan
Agreement or the Promissory Note, the Borrower shall not be obligated to make
any payment, repayment or prepayment on the Promissory Note if doing so would
cause the ESOP to cease to be an employee stock ownership plan within the
meaning of section 4975(e)(7) of the Code or qualified under section 401(a) of
the Code or cause the Borrower to cease to be a tax exempt trust under section
501(a) of the Code or if such act or failure to act would cause the Borrower to
engage in any “prohibited transaction” as such term is defined in the section
4975(c) of the Code and the regulations promulgated thereunder which is not
exempted by section 4975(c)(2) or (d) of the Code and the regulations
promulgated thereunder or in section 406 of ERISA and the regulations
promulgated thereunder which is not exempted by section 408(b) of ERISA and the
regulations promulgated thereunder; provided, however, that in each case, the
Borrower, may act or refrain from acting pursuant to this section 2.6(b) on the
basis of an opinion of counsel, and any opinion of such counsel. The Borrower
may consult with counsel, and any opinion of such counsel shall be full and
complete authorization and protection in respect of any action taken or
suffered or omitted by it hereunder in good faith and in accordance with such
opinion of counsel. Nothing contained in this section 2.6(b) shall be
construed as imposing a duty on the Borrower to consult with counsel. Any
obligation of the Borrower to make any payment, repayment or prepayment on the
Promissory Note or refrain from taking any other act hereunder or under the
Promissory Note which is excused pursuant to this section 2.6(b) shall be
considered a binding obligation of the Borrower, or both, as the case may be,
for the purposes of determining whether a Default or Event of Default has
occurred hereunder or under the Promissory Note and nothing in this section
2.6(b) shall be construed as providing a defense to any remedies otherwise
available upon a Default or an Event of Default hereunder (other than the
remedy of specific performance).



     Section 2.7 Use of Proceeds of Loan.



     The entire proceeds of the Loan shall be used solely for acquiring shares
of Common Stock, and for no other purpose whatsoever.



     Section 2.8 Security.



     (a) In order to secure the due payment and performance by the Borrower of
all of its obligations under this Loan Agreement, simultaneously with the
execution and delivery of this Loan Agreement by the Borrower, the Borrower
shall:




	(i)	 	pledge to the Lender as Collateral (as
defined in the Pledge Agreement), and grant to the
Lender a first priority lien on and security interest
in, the Common Stock purchased with the Principal
Amount, by the execution and delivery to the lender of
the Pledge Agreement attached hereto as an exhibit;
and
	 
	(ii)	 	execute and deliver, or cause to be
executed and delivered, such other agreement,
instruments and documents as the Lender may reasonably
require in order to effect the purposes of the Pledge
Agreement and this Loan Agreement.





     (b) The Lender shall release from encumbrance under the Pledge Agreement
and transfer to the Borrower, as of the date on which any payment or repayment
of the Principal Amount is made, a number of shares of Common Stock held as
Collateral determined pursuant to the applicable provisions of the ESOP.



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     Section 2.9 Registration of the Promissory Note.



     (a) The Lender shall maintain a Register providing for the registration of
the Principal Amount and any stated interest and of transfer and exchange of
the Promissory Note. Transfer of the Promissory Note may be effected only by
the surrender of the old instrument and either the reissuance by
the Borrower of the old instrument to the new holder or the issuance by the
Borrower of a new instrument to the new holder. The old Promissory Note so
surrendered shall be canceled by the Lender and returned to the Borrower after
such cancellation.



     (b) Any new Promissory Note issued pursuant to section 2.9(a) shall carry
the same rights to interest (unpaid and to accrue) carried by the Promissory
Note so transferred or exchanged so that there will not be any loss or gain of
interest on the note surrender. Such new Promissory Note shall be subject to
all of the provisions and entitled to all of the benefits of this Agreement.
Prior to due presentment for registration or transfer, the Borrower may deem
and treat the registered holder of any Promissory Note as the holder thereof
for purposes of payment and other purposes. A notation shall be made on each
new Promissory Note of the amount of all payments of principal and interest
theretofore paid.



ARTICLE III




REPRESENTATIONS AND WARRANTIES OF THE BORROWER




     The Borrower hereby represents and warrants to the Lender as follows:



     Section 3.1 Power, Authority, Consents.



     The Borrower has the power to execute, deliver and perform this Loan
Agreement, the Promissory Note and Pledge Agreement, all of which have been
duly authorized by all necessary and proper corporate or other action.



     Section 3.2 Due Execution, Validity, Enforceability.



     Each of the Loan Documents, including, without limitation, this Loan
Agreement, the Promissory Note and the Pledge Agreement, has been duly executed
and delivered by the Borrower; and each constitutes the valid and legally
binding obligation of the Borrower, enforceable in accordance with its terms.



     Section 3.3 Properties, Priority of Liens.



     The liens which have been created and granted by the Pledge Agreement
constitute valid, first liens on the properties and assets covered by the
Pledge Agreement, subject to no prior or equal lien.



     Section 3.4 No Defaults, Compliance with Laws.



     The Borrower is not in default in any material respect under any
agreement, ordinance, resolution, decree, bond, note, indenture, order or
judgment to which it is a party or by which it is bound, or any other agreement
or other instrument by which any of the properties or assets owned by it is
materially affected.



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     Section 3.5 Purchase of Common Stock.



     Upon consummation of any purchase of Common Stock by the Borrower with the
proceeds of the Loan, the Borrower shall acquire valid, legal and marketable
title to all of the Common Stock so purchased, free and clear of any liens,
other than a pledge to the Lender of the Common Stock so purchased pursuant to
the Pledge Agreement. Neither the execution and delivery of the Loan Documents
nor the performance of any obligation thereunder violates any provisions of law
or conflicts with or results in a breach of or creates (with or without the
giving of notice of lapse of time, or both) a default under any agreement to
which the Borrower is a party or by which it is bound or any of its properties
is affected. No consent of any federal, state, or local governmental
authority, agency, or other regulatory body, the absence of which could have a
materially adverse effect on the Borrower or the Trustee, is or was required to
be obtained in
connection with the execution, delivery, or performance of the Loan Documents
and the transaction contemplated therein or in connection therewith, including
without limitation, with respect to the transfer of the shares of Common Stock
purchased with the proceeds of the Loan pursuant thereto.



     Section 3.6 ESOP; Contributions.



     As of the effective date of the ESOP sponsor’s conversion, the ESOP and
the Borrower will be duly created, organized and maintained by the ESOP sponsor
in compliance with all applicable laws, regulations and rulings. The ESOP will
qualify as an “employee stock ownership plan” as defined in section 4975(e)(7)
of the Code. The ESOP provides that the ESOP sponsor may make contributions to
the ESOP in an amount necessary to enable the Trustee to amortize the Loan in
accordance with the terms of the Promissory Note; provided, however, that no
such contributions shall be required if they would adversely affect the
qualification of the ESOP under section 401(a) of the Code.



     Section 3.7 Trustee.



     The trustee of the ESOP has been duly appointed by the ESOP sponsor.



     Section 3.8 Compliance with Laws; Actions.



     Neither the execution and delivery by the Borrower of this Loan Agreement
or any instruments required thereby, nor compliance with the terms and
provisions of any such documents by the lender, constitutes a violation of any
provision of any law or any regulation, order, writ, injunction or decree of
any court or governmental instrumentality, or an event of default under any
agreement, to which the Borrower is a party, to which the Borrower is bound or
to which the Borrower is subject, which violation or event of default would
have a material adverse effect on the Borrower. There is no action or
proceeding pending or threatened against either the ESOP or the Borrower before
any court or administrative agency.



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ARTICLE IV




REPRESENTATIONS AND WARRANTIES OF THE LENDER




     The Lender hereby represents and warrants to the Borrower as follows:



     Section 4.1 Power, Authority, Consents.



     The Lender has the power to execute, deliver and perform this Loan
Agreement, the Pledge Agreement and all documents executed by the Lender in
connection with the Loan, all of which have been duly authorized by all
necessary and proper corporate or other action. No consent, authorization or
approval or other action by any governmental authority or regulatory body, and
no notice by the Lender to, or filing by the Lender with, any governmental
authority or regulatory body is required for the due execution, delivery and
performance of this Loan Agreement.



     Section 4.2 Due Execution, Validity, Enforceability.



     This Loan Agreement and the Pledge Agreement have been duly executed and
delivered by the Lender, and each constitutes a valid and legally binding
obligation of the Lender, enforceable in accordance with its terms.



ARTICLE V




EVENTS OF DEFAULT




     Section 5.1
Events of Default under Loan Agreement.



     Each of the following events shall constitute an “Event of Default” hereunder:



     (a) Failure to make any payment or mandatory prepayment of principal of
the Promissory Note when due, or failure to make any payment of interest on the
Promissory Note not later than five (5) Business Days after the date when due.



     (b) Failure by the Borrower to perform or observe any term, condition or
covenant of this Loan Agreement or of any of the other Loan Documents,
including, without limitation, the Promissory Note and the Pledge Agreement.



     (c) Any representation or warranty made in writing to the Lender in any of
the Loan Documents, or any certificate, statement or report made or delivered
in compliance with this Loan Agreement, shall have been false or misleading in
any material respect when made or delivered.



     Section 5.2 Lender’s Rights upon Event of Default.



     If an Event of Default under this Loan Agreement shall occur and be
continuing, the Lender shall have no rights to assets of the Borrower other
than: (a) contributions (other than contributions of Common Stock) that are
made by the ESOP sponsor to enable the Borrower to meet its obligations
pursuant to this Loan Agreement and earnings attributable to the investment of
such contributions and (b) “Eligible Collateral” (as defined in the Pledge
Agreement); provided, however, that: (i) the value of the Borrower’s assets
transferred to the Lender following an Event of Default in satisfaction of the
due and unpaid amount of the Loan shall not exceed the amount in default
(without regard to amounts owing solely as a result of any



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acceleration of the
Loan); (ii) the Borrower’s assets shall be transferred to the Lender following
an Event of Default only to the extent of the failure of the Borrower to meet
the payment schedule of the Loan; and (iii) all rights of the Lender to the
Common Stock purchased with the proceeds of the Loan
covered by the Pledge Agreement following an Event of Default shall be governed
by the terms of the Pledge Agreement.



ARTICLE VI




MISCELLANEOUS PROVISIONS




     Section 6.1 Payments Due to the Lender.



     If any amount is payable by the Borrower to the Lender pursuant to any
indemnity obligation contained herein, then the Borrower shall pay, at the time
or times provided therefor, any such amount and shall indemnify the Lender
against and hold it harmless from any loss or damage resulting from or arising
out of the nonpayment or delay in payment of any such amount. If any amounts
as to which the Borrower has so indemnified the Lender hereunder shall be
assessed or levied against the Lender, the Lender may notify the Borrower and
make immediate payment thereof, together with interest or penalties in
connection therewith, and shall thereupon be entitled to and shall receive
immediate reimbursement therefor from the Borrower, together with interest on
each such amount as provided for in section 2.2(c). Notwithstanding any other
provision contained in this Loan Agreement, the covenants and agreements of the
Borrower contained in this section 6.1 shall survive: (a) payment of the
Promissory Note and (b) termination of this Loan Agreement.



     Section 6.2 Payments.



     All payments hereunder and under the Promissory Note shall be made without
set-off or counterclaim and in such amounts as may be necessary in order that
all such payments shall not be less than the amounts otherwise specified to be
paid under this Loan Agreement and the Promissory Note, subject to any
applicable tax withholding requirements. Upon payment in full of the
Promissory Note, the Lender shall mark such Promissory Note “Paid” and return
it to the Borrower.



     Section 6.3 Survival.



     All agreements, representations and warranties made herein shall survive
the delivery of this Loan Agreement and the Promissory Note.



     Section 6.4 Modifications, Consents and Waivers; Entire Agreement.



     No modification, amendment or waiver of or with respect to any provision
of this Loan Agreement, the Promissory Note, the Pledge Agreement, or any of
the other Loan Documents, nor consent to any departure from any of the terms or
conditions thereof, shall in any event be effective unless it shall be in
writing and signed by the party against whom enforcement thereof is sought.
Any such waiver or consent shall be effective only in the specific instance and
for the purpose for which given. No consent to or demand on a party in any
case shall, of itself, entitle it to any other or further notice or demand in
similar or other circumstances. This Loan Agreement embodies the entire
agreement and understanding between the Lender and the Borrower and supersedes
all prior agreements and understandings relating to the subject matter hereof.



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     Section 6.5 Remedies Cumulative.



     Each and every right granted to the Lender hereunder or under any other
document delivered hereunder or in connection herewith, or allowed it by law or
equity, shall be cumulative and may be exercised from time to time. No failure
on the part of the Lender or the holder of the Promissory Note to exercise, and
no delay in exercising, any right shall operate as a waiver thereof, nor shall
any single or partial exercise of any right preclude any other or future
exercise thereof or the exercise of any other right.
The due payment and performance of the obligations under the Loan Documents
shall be without regard to any counterclaim, right of offset or any other claim
whatsoever which the Borrower may have against the Lender and without regard to
any other obligation of any nature whatsoever which the Lender may have to the
Borrower, and no such counterclaim or offset shall be asserted by the Borrower
in any action, suit or proceeding instituted by the Lender for payment or
performance of such obligations.



     Section 6.6 Further Assurances; Compliance with Covenants.



     At any time and from time to time, upon the request of the Lender, the
Borrower shall execute, deliver and acknowledge or cause to be executed,
delivered and acknowledged, such further documents and instruments and do such
other acts and things as the Lender may reasonably request in order to fully
effect the terms of this Loan Agreement, the Promissory Note, the Pledge
Agreement, the other Loan Documents and any other agreements, instruments and
documents delivered pursuant hereto or in connection with the Loan.



     Section 6.7 Notices.



     Except as otherwise specifically provided for herein, all notice,
requests, reports and other communications pursuant to this Loan Agreement
shall be in writing, either by letter (delivered by hand or commercial
messenger service or sent by registered or certified mail, return receipt
requested, except for routine reports delivered in compliance with Article VI
hereof which may be sent by ordinary first-class mail) or telex or telecopier
addressed as follows:




	(a)	 	If to the Borrower:

First Federal Savings Bank

Employee Stock Ownership Plan Trust

c/o

Attn: Trust Department
	 
	(b)	 	If to the Lender:

FedFirst Financial Corporation

Donner at 6th Street

Monessan, PA 15062-0369

Attn: Peter D. Griffith





Any notice, request or communication hereunder shall be deemed to have been
given on the day on which it is delivered by hand or by commercial messenger
service, or sent by telex or telecopier, to such party at its address specified
above, or, if sent by mail, on the third Business Day after the day deposited
in the mail, postage prepaid, addressed as aforesaid. Any party may change the
person or address to whom or which notices are to be given hereunder, by notice
duly given hereunder; provided, however, that any such notice shall be deemed
to have been given only when actually received by the party to whom it is
addressed.



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     Section 6.8 Counterparts.



     This Loan Agreement may be signed in any number of counterparts which,
when taken together, shall constitute one and the same document.



     Section 6.9 Construction; Governing Law.



     The headings used in the table of contents and in this Loan Agreement are
for convenience only and shall not be deemed to constitute a part hereof. All
uses herein of any gender or of singular or plural terms shall be deemed to
include uses of the other genders or plural or singular terms, as the context
may require. All references in this Loan Agreement of an Article or section
shall be to an Article or section of this Loan Agreement, unless otherwise
specified. This Loan Agreement, the Promissory Note, the Pledge Agreement and
the other Loan Documents shall be governed by, and construed and interpreted in
accordance with, the laws of the State of Pennsylvania.



     Section 6.10 Severability.



     Wherever possible, each provision of this Loan Agreement shall be
interpreted in such manner as to be effective and valid under applicable law;
however, the provisions of this Loan Agreement are severable, and if any clause
or provision hereof shall be held invalid or unenforceable in whole or in part
in any jurisdiction, then such invalidity or unenforceability shall affect only
such clause or provision, or part thereof, in such jurisdiction and shall not
in any manner affect such clause or provision in any other jurisdiction, or any
other clause or provisions in this Loan Agreement in any jurisdiction. Each of
the covenants, agreements and conditions contained in this Loan Agreement are
independent, and compliance by a party with any of them shall not excuse
non-compliance by such party with any other. The Borrower shall not take any
action the effect of which shall constitute a breach or violation of any
provision of this Loan Agreement.



     Section 6.11 Binding Effect: No Assignment or Delegation.



     This Loan Agreement shall be binding upon and inure to the benefit of the
Borrower and its successors and the Lender and its successors and assigns. The
rights and obligations of the Borrower under this Agreement shall not be
assigned or delegated without the prior written consent of the Lender, and any
purported assignment or delegation without such consent shall be void.



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     IN WITNESS WHEREOF, the parties have caused this Loan Agreement to be
executed as of the date first written above.



	 	 	 	 	 
	 	 	FIRST FEDERAL SAVINGS BANK

EMPLOYEE STOCK OWNERSHIP PLAN TRUST
	 
	 	 	 	 
	 	 	

	 	 	Authorized Trust
Officer for 

	 
	 	 	 	 
	 	 	FEDFIRST FINANCIAL CORPORATION
	 
	 	 	 	 
	

	 	By:
	 	 
	

	 	 	 	









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