Document:

Exhibit 10.1

    
      

    

     

    Exhibit
      10.1

     

    

      Exhibit
        10.1

       

      

       

      FIRST
        AMENDMENT TO

      SUBORDINATED
        REVOLVING LINE OF CREDIT AGREEMENT

      

      THIS
        FIRST AMENDMENT TO SUBORDINATED REVOLVING LINE OF CREDIT
        AGREEMENT
        (this
“Amendment”)
        is
        made and effective as of August 11, 2007, by and between ECHO
        HEALTHCARE ACQUISITION CORP.,
        a
        Delaware corporation (the “Borrower”),
        and
        the individuals and entities set forth on Schedule A (the “Lenders”)
        of the
        Credit Agreement (as defined herein).

      

      RECITALS

      

      A.    The
        Borrower and the Lenders are parties to that certain Subordinated Revolving
        Line
        of Credit Agreement, dated as of March 22, 2006 (the “Credit
        Agreement”).
        

      

      B.    The
        Borrower and the Lenders have agreed to amend the Credit Agreement upon the
        terms and conditions set forth in this Amendment.

      

      STATEMENT
        OF AGREEMENT

      

      NOW,
        THEREFORE,
        for and
        in consideration of the premises, the mutual covenants herein contained,
        and
        other good and valuable consideration, the receipt, adequacy and sufficiency
        of
        which is hereby acknowledged, the Purchaser and the Sellers hereby agree
        as
        follows: 

      

      1.    Section
        1.2.4 of the Credit Agreement is hereby deleted in its entirety and replaced
        with the following:

      

      March
        22,
        2008, provided that Borrower may request advances after that date solely
        to pay
        reasonable costs and expenses in connection with liquidation of Borrower;
        

      

      2.    Agreement
        Ratified.
        Except
        as modified by this Amendment, the Borrower and the Lenders do hereby ratify
        and
        reaffirm each and every provision of the Credit Agreement. The Credit Agreement
        shall remain in full force and effect in accordance with its terms, as modified
        by this Amendment. This Amendment shall bind and inure to the benefit of
        the
        Borrower and the Lenders and their respective successors and permitted assigns
        under the Credit Agreement.

      

      3.     Defined
        Terms.
        All
        defined terms used herein and not separately defined herein shall have the
        meaning set forth in the Credit Agreement.

      

      4.    Governing
        Law.
        This
        Amendment shall be construed and interpreted under the laws of the State
        of
        Delaware. 

      

      5.    Counterparts;
        Facsimile Signatures.
        This
        Amendment may be executed in any number of counterparts, each of which when
        executed shall be deemed to be an original and all of which counterparts
        taken
        together shall constitute but one and the same instrument. The parties agree
        that facsimile signatures shall be sufficient to bind them hereto.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, each of the parties hereto has caused this Amendment to
        be
        executed on this 11th day, of August, 2007.

       

      
 

      
        	 	
                Borrower:

                

                Echo
                  Healthcare Acquisition Corp.

                

                By:
                  /s/
                  Kevin Pendergest 

                Kevin
                  Pendergest, Chief Financial Officer 

                

                

                Lenders:

                

                

                /s/
                  Richard O. Martin

                Richard
                  O. Martin, Ph.D.

                 

                /s/
                  Gene E. Burleson 

                
                  Gene
                    E. Burleson

                  

                  

                  Chicago
                    Investments, Inc.

                  

                  By:
                    /s/
                    Josh S. Kanter

                  Josh
                    S. Kanter, PresidentExhibit 10.1

    
      
        

      

    

    Exhibit
      10.1

     

    
GERARD P. CUDDY
AMENDED AND
      RESTATED
EMPLOYMENT AGREEMENT

     

              THIS
      AMENDED AND RESTATED AGREEMENT (the “Agreement”), made this 13th day of
      July, 2007, by and between BENEFICIAL MUTUAL BANCORP, INC., a
      federally chartered corporation (the “Company”), BENEFICIAL MUTUAL
      SAVINGS BANK, a Pennsylvania chartered savings bank (the “Bank”), and
GERARD P. CUDDY (the “Executive”).

     

              WHEREAS,
      Executive and the Bank entered into an employment letter agreement dated October
      18, 2006 (the “Letter Agreement”); and

     

              WHEREAS,
      the parties have determined that it is necessary and appropriate to amend and
      restate the Letter Agreement in connection with the Company’s initial public
      offering; and

     

              NOW,
      THEREFORE, in consideration of the mutual covenants herein contained,
      and upon the other terms and conditions hereinafter provided, the parties hereby
      agree as follows:

     

    1.
Employment.
      Executive shall be employed as
      President and Chief Executive Officer of the Company and the Bank. Executive
      shall perform all duties and shall have all powers which are commonly incident
      to the offices of President and Chief Executive Officer or which, consistent
      with those offices, are delegated to him by the Boards of Directors. (All
      subsequent references herein to the Board shall be to the Board of the Bank,
      unless otherwise indicated.)

     

    2.
Location
      and Facilities. Executive will be
      furnished with the working facilities and staff customary for executive officers
      with the title and duties set forth in Section 1 and as are necessary for him
      to
      perform his duties. The location of such facilities and staff shall be at the
      principal administrative offices of the Company and the Bank, or at such other
      site or sites customary for such offices.

             \

    3.
Term.

     

              a.
      The term of this Agreement shall be (i) the initial term, consisting of the
      period commencing on the date of this Agreement (the “Effective Date”) and
      ending on the third anniversary of the Effective Date, plus (ii) any and all
      extensions of the initial term made pursuant to this Section 3.

     

              b.
      Commencing on the first year anniversary date of this Agreement, and continuing
      on each anniversary thereafter, the disinterested members of the Boards of
      Directors of the Bank and the Company may extend the Agreement an additional
      year such that the remaining term of the Agreement shall be thirty-six (36)
      months, unless Executive elects not to extend the term of this Agreement by
      giving written notice in accordance with Section 16 of this Agreement. The
      Board
      will review the Agreement and Executive’s performance annually prior to each
      anniversary date for purposes of determining whether to extend the Agreement
      and
      the rationale and results thereof shall

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    be included in the minutes of the Board’s meeting. The Board
      shall give notice to Executive as soon as possible after such review as to
      whether the Agreement is to be extended.

     

    4.
Base
      Compensation.

     

              a.
      The Company and the Bank agree to pay Executive a base salary at the rate of
      $425,000 per year, payable in accordance with customary payroll
      practices.

     

              b.
      The Board shall review annually the rate of Executive’s base salary based upon
      factors they deem relevant. The first such review shall occur no later than
      December 31, 2007.

     

              c.
      In the absence of action by the Board, Executive shall continue to receive
      salary at the annual rate specified on the Effective Date or, if another rate
      has been established under the provisions of this Section 4, the rate last
      properly established by action of the Board under the provisions of this Section
      4.

     

    5.
Bonuses.
      Executive shall be entitled to
      participate in discretionary bonuses or other incentive compensation programs
      that the Company and the Bank may award from time to time to senior management
      employees pursuant to bonus plans or otherwise; provided, however, that
      Executive’s incentive compensation opportunity in each calendar year through
      2009 shall not be less than the following: $75,000 (2007), $100,000 (2008)
      and
      $125,000 (2009). The determination of the amount payable to Executive as
      incentive compensation, if any, shall be determined at the Board’s discretion or
      pursuant to the terms of any incentive compensation plan adopted by the Board
      and such amount, if any, shall be payable not later December 31 of each year
      or
      as specified in the applicable plan.

     

    6.
Benefit
      Plans. Executive shall be entitled to
      participate in such employee welfare benefit plans, pension, profit sharing,
      retirement and stock-based compensation plans and other programs and
      arrangements as may be approved from time to time by the Company and the Bank
      for the benefit of their employees on such terms as the Board of the Company
      or
      the Bank may specify.

     

    7.
Vacation
      and Leave.

     

              a.
      Executive shall be entitled to vacations and other leave in accordance with
      policy for senior executives, or otherwise as approved by the Board, but, in
      any
      event, not less than four (4) weeks of paid vacation leave
      annually.

     

              b.
      In addition to paid vacations and other leave, Executive shall be entitled,
      without loss of pay, to absent himself voluntarily from the performance of
      his
      employment for such additional periods of time and for such valid and legitimate
      reasons as the Board may, in its discretion, determine. Further, the Board
      may
      grant to Executive a leave or leaves of absence, with or without pay, at such
      time or times and upon such terms and conditions as the Board in its discretion
      may determine.

     

     

    
      
        
        

      

      
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    8.
Expenses
      and Reimbursements. Executive shall
      be reimbursed for all reasonable out-of-pocket business expenses that he shall
      incur in connection with his services under this Agreement upon substantiation
      of such expenses in accordance with applicable policies of the Company and
      the
      Bank. 

     

    9.
Perquisites.
      In connection with the
      performance of his duties under this Agreement, the Bank shall provide Executive
      with the following perquisites: (i) use of an automobile and payment of related
      expenses including paid parking, (ii) the cost of Executive’s membership in the
      Union League and initiation fees and other costs related to Executive’s
      membership in the Merion Cricket Club, (iii) to the extent approved by the
      Board, dues for membership in other organizations that support Executive’s
      activities on behalf of the Bank, (iv) a laptop computer, cellphone and other
      wireless devices of Executive’s choosing. To the extent required by applicable
      law, the Bank shall report as income to Executive the value of his personal
      use
      of any perquisites.

     

    10.
Termination
      and Termination Pay. Executive’s
      employment under this Agreement may be terminated in the following
      circumstances:

     

              a.
Death; Disability. Executive’s employment under this Agreement shall
      terminate upon his death or Disability during the term of this Agreement, in
      which event Executive or Executive’s estate shall be entitled to receive the
      compensation due to Executive through the last day of the calendar month in
      which his death or Disability occurred. For purposes of this Agreement,
“Disability” means a physical or mental infirmity that impairs Executive’s
      ability to substantially perform his duties under this Agreement and that
      results in Executive becoming eligible for long-term disability benefits under
      any long-term disability plans of the Company and the Bank (or, if there are
      no
      such plans in effect, that impairs Executive’s ability to substantially perform
      his duties under this Agreement for a period of one hundred eighty (180)
      consecutive days). The Board shall determine whether or not Executive is and
      continues to be permanently disabled for purposes of this Agreement in good
      faith, based upon competent medical advice and other factors that they
      reasonably believe to be relevant. As a condition to any benefits, the Board
      may
      require Executive to submit to such physical or mental evaluations and tests
      as
      it deems reasonably appropriate.

     

              b.
Termination for Cause.

     

    
      	
               

            	
               

            	
               

            	
               

            
	
               

            	
              i.

            	
              The Board may, by written notice to Executive
                in the
                form and manner specified in this paragraph, immediately terminate
                his
                employment at any time, for “Cause.” Executive shall have no right to
                receive compensation or other benefits for any period after termination
                for Cause except for vested benefits. Termination for “Cause” shall mean
                termination because of, in the good faith determination of the Board,
                Executive’s:

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
              (1) 

            	
              Personal dishonesty;

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
              (2) 

            	
              Incompetence;

            

    

     

    
      
        
        

      

      
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              (3)

            	
              Willful misconduct;

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
              (4)

            	
              Breach of fiduciary duty involving personal
                profit;

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
              (5)

            	
              Intentional failure to perform stated duties
                under this
                Agreement;

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
              (6)

            	
              Willful violation of any law, rule or regulation
                (other
                than traffic violations or similar offenses) that reflects adversely
                on
                the reputation of the Company and the Bank, any felony conviction,
                any
                violation of law involving moral turpitude, or any violation of a
                final
                cease-and-desist order; or

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
              (7)

            	
              Material breach by Executive of any provision
                of this
                Agreement.

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
              ii.

            	
              Notwithstanding the foregoing, Executive shall
                not be
                deemed to have been terminated for Cause by the Company and the Bank
                unless there shall have been delivered to Executive a copy of a resolution
                duly adopted by the affirmative vote of a majority of the entire
                membership of the Board at a meeting of such Board called and held
                for the
                purpose (after reasonable notice to Executive and an opportunity
                for
                Executive to be heard before the Board with counsel), of finding
                that, in
                the good faith opinion of the Board, Executive was guilty of the
                conduct
                described above and specifying the particulars
                thereof.

            

    

     

             c.
Voluntary Termination by Executive. In addition to his other rights to
      terminate under this Agreement, Executive may voluntarily terminate employment
      during the term of this Agreement upon at least sixty (60) days prior written
      notice to the Board, in which case Executive shall receive only his
      compensation, vested rights and employee benefits up to the date of his
      termination.

     

              d.
Without Cause or With Good Reason.

     

    
      	
               

            	
               

            	
               

            
	
               

            	
              i.

            	
              In addition to a termination pursuant to Sections
                10(a)
                through 10(c), the Board may, by written notice to Executive, immediately
                terminate his employment at any time for a reason other than Cause
                (a
                termination “Without Cause”) and Executive may, by written notice to the
                Board, immediately terminate this Agreement at any time within ninety
                (90)
                days following an event constituting “Good Reason,” as defined below (a
                termination “With Good Reason”).

            
	
               

            	
               

            	
               

            
	
               

            	
              ii.

            	
              Subject to Section 11, in the event of a termination
                under this Section 10(d), the Bank shall continue Executive’s base salary
                (at the rate in effect on his termination date) for a period of twelve
                (12) months from the effective date of termination. In addition,
                for a
                period of twelve (12) months following your termination date, the
                Bank
                shall (i) provide, at the Bank’s
                expense,

            

    

     

    
      
        
        

      

      
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              health insurance coverage for Executive and his
                dependents and (ii) pay all membership dues and fees relating to
                Executive’s membership in the Union League and the Merion Cricket
                Club.

            
	
               

            	
               

            	
               

            
	
               

            	
              iii.

            	
              “Good Reason” shall exist if, without Executive’s
                express written consent, there occurs, during the term of this Agreement,
                a material reduction in Executive’s responsibilities or authority in
                connection with his employment with the Company or the
                Bank.

            

    

     

    11.
Termination
      in Connection with a Change in
      Control.

     

              a.
      For purposes of this Agreement, a “Change in Control” means any of the following
      events:

     

    
      	
               

            	
               

            	
               

            
	
               

            	
              i.

            	
              Merger: The Company or the Bank merges into
                or
                consolidates with another corporation, or merges another corporation
                into
                the Company or the Bank, and as a result less than a majority of
                the
                combined voting power of the resulting corporation immediately after
                the
                merger or consolidation is held by persons who were stockholders
                of the
                Company or the Bank immediately before the merger or
                consolidation.

            
	
               

            	
               

            	
               

            
	
               

            	
              ii.

            	
              Acquisition of Significant Share Ownership: There
                is filed, or required to be filed, a report on Schedule 13D or another
                form or schedule (other than Schedule 13G) required under Sections
                13(d)
                or 14(d) of the Securities Exchange Act of 1934, if the schedule
                discloses
                that the filing person or persons acting in concert has or have become
                the
                beneficial owner of 25% or more of a class of the Company’s voting
                securities, but this clause (b) shall not apply to beneficial ownership
                of
                Company voting shares held in a fiduciary capacity by an entity of
                which
                the Company directly or indirectly beneficially owns 50% or more
                of its
                outstanding voting securities.

            
	
               

            	
               

            	
               

            
	
               

            	
              iii.

            	
              Change in Board Composition: During any period of
                two consecutive years, individuals who constitute the Company’s or the
                Bank’s Board of Directors at the beginning of the two-year period cease
                for any reason to constitute at least a majority of the Company’s or the
                Bank’s Board of Directors; provided, however, that for purposes of this
                clause (iii), each director who is first elected by the board (or
                first
                nominated by the board for election by the stockholders) by a vote
                of at
                least two-thirds (2/3) of the directors who were directors at the
                beginning of the two-year period shall be deemed to have also been
                a
                director at the beginning of such period; or

            
	
               

            	
               

            	
               

            
	
               

            	
              iv.

            	
              Sale of Assets: The Company or the Bank sells to
                a third party all or substantially all of its assets.
                

            

    

     

    
      
        
        

      

      
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              Notwithstanding anything in this Agreement to
                the
                contrary, in no event shall the reorganization of the Bank from the
                mutual
                holding company form of organization to the full stock holding company
                form of organization (including the elimination of the mutual holding
                company) constitute a “Change in Control” for purposes of this
                Agreement.

            

    

     

              b.
      If, prior to November 13, 2009, (i) there occurs a Change in Control and
      (ii)(A)the Company and the Bank terminate Executive’s employment Without Cause,
      or (B) Executive voluntarily terminates his employment With Good Reason, the
      Bank shall pay Executive an amount equal to his base salary (at the rate in
      effect on his termination date) for the greater of (x) eighteen (18) months
      or
      (y) a period equal to the excess of thirty-six (36) months over the number
      of
      full months Executive was employed by the Bank from November 13, 2006 through
      his termination date. Such payment shall be made in installments in accordance
      with the Bank’s customary payroll practices. In addition, for a period of twelve
      months following Executive’s termination date, the Bank shall (i) provide, at
      the Bank’s expense, health insurance coverage for Executive and his dependents
      and (ii) pay all membership dues and fees relating to Executive’s membership in
      the Union League and the Merion Cricket Club. The benefits payable or provided
      under this Section 11 shall be in lieu of, and not in addition to, any benefit
      otherwise payable or provided under Section 10(d) of this Agreement in
      connection with the Executive’s termination of employment in the circumstances
      set forth therein.

     

    12.
Indemnification
      and Liability
      Insurance.

     

              a.
Indemnification. The Company and the Bank agree to indemnify Executive
      (and his heirs, executors, and administrators), and to advance expenses related
      thereto, to the fullest extent permitted under applicable law and regulations
      against any and all expenses and liabilities reasonably incurred by him in
      connection with or arising out of any action, suit, or proceeding in which
      he
      may be involved by reason of his having been a director or Executive of the
      Company, the Bank or any of their subsidiaries (whether or not he continues
      to
      be a director or Executive at the time of incurring any such expenses or
      liabilities) such expenses and liabilities to include, but not be limited to,
      judgments, court costs, and attorneys’ fees and the costs of reasonable
      settlements, such settlements to be approved by the Board, if such action is
      brought against Executive in his capacity as an Executive or director of the
      Company and the Bank or any of their subsidiaries. Indemnification for expenses
      shall not extend to matters for which Executive has been terminated for Cause.
      Nothing contained herein shall be deemed to provide indemnification prohibited
      by applicable law or regulation. Notwithstanding anything herein to the
      contrary, the obligations of this Section 13 shall survive the term of this
      Agreement by a period of six (6) years.

     

              b.
Insurance. During the period in which indemnification of
      Executive is
      required under this Section, the Company and the Bank shall provide Executive
      (and his heirs, executors, and administrators) with coverage under a directors’
and officers’ liability policy at the expense of the Company and the Bank, at
      least equivalent to such coverage provided to directors and senior executives
      of
      the Company and the Bank.

     

    
      
        
        

      

      
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    13.
Limitation
      of Benefits under Certain
      Circumstances. If the payments and benefits pursuant to Section 11
      of this Agreement, either alone or together with other payments and benefits
      which Executive has the right to receive from the Company and the Bank, would
      constitute a “parachute payment” under Section 280G of the Internal Revenue Code
      of 1986, as amended (the “Code”), the payments and benefits pursuant to Section
      11 shall be reduced or revised, in the manner determined by Executive, by the
      amount, if any, which is the minimum necessary to result in no portion of the
      payments and benefits under Section 11 being non-deductible to the Company
      and
      the Bank pursuant to Section 280G of the Code and subject to the excise tax
      imposed under Section 4999 of the Code. The determination of any reduction
      in
      the payments and benefits to be made pursuant to Section 11 shall be based
      upon
      the opinion of the Company and the Bank’s independent public accountants and
      paid for by the Company and the Bank. In the event that the Company, the Bank
      and/or Executive do not agree with the opinion of such counsel, (i) the Company
      and the Bank shall pay to Executive the maximum amount of payments and benefits
      pursuant to Section 11, as selected by Executive, which such opinion indicates
      there is a high probability do not result in any of such payments and benefits
      being non-deductible to the Company and the Bank and subject to the imposition
      of the excise tax imposed under Section 4999 of the Code and (ii) the Company
      and the Bank may request, and Executive shall have the right to demand that
      they
      request, a ruling from the IRS as to whether the disputed payments and benefits
      pursuant to Section 11 have such consequences. Any such request for a ruling
      from the IRS shall be promptly prepared and filed by the Company and the Bank,
      but in no event later than thirty (30) days from the date of the opinion of
      counsel referred to above, and shall be subject to Executive’s approval prior to
      filing, which shall not be unreasonably withheld. The Company, the Bank and
      Executive agree to be bound by any ruling received from the IRS and to make
      appropriate payments to each other to reflect any such rulings, together with
      interest at the applicable federal rate provided for in Section 7872(f)(2)
      of
      the Code. Nothing contained herein shall result in a reduction of any payments
      or benefits to which Executive may be entitled upon termination of employment
      other than pursuant to Section 11 hereof, or a reduction in the payments and
      benefits specified in Section 11 below zero.

     

    14.
Successors
      and Assigns.

     

              a.
      This Agreement shall inure to the benefit of and be binding upon any corporate
      or other successor to the Company and the Bank which shall acquire, directly
      or
      indirectly, by merger, consolidation, purchase or otherwise, all or
      substantially all of the assets or stock of the Company and the
      Bank.

     

              b.
      Since the Company and the Bank are contracting for the unique and personal
      skills of Executive, Executive shall be precluded from assigning or delegating
      his rights or duties hereunder without first obtaining the written consent
      of
      the Company and the Bank.

     

    
      15.
No
        Mitigation. Executive shall not be
        required to mitigate the amount of any payment provided for in this Agreement
        by
        seeking other employment or otherwise and no such payment shall be offset
        or
        reduced by the amount of any compensation or benefits provided to Executive
        in
        any subsequent employment.

    

     

    
      
        
        

      

      
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    16.
Notices.
      All notices,
      requests, demands and other communications in connection with this Agreement
      shall be made in writing and shall be deemed to have been given when delivered
      by hand or 48 hours after mailing at any general or branch United States Post
      Office, by registered or certified mail, postage prepaid, addressed to the
      Company and/or the Bank at their principal business offices and to Executive
      at
      his home address as maintained in the records of the Company and the
      Bank.

     

    17.
No
      Plan Created by this Agreement. Executive,
      the Company and the Bank expressly declare and agree that this Agreement was
      negotiated among them and that no provision or provisions of this Agreement
      are
      intended to, or shall be deemed to, create any plan for purposes of the Employee
      Retirement Income Security Act or any other law or regulation, and each party
      expressly waives any right to assert the contrary. Any assertion in any judicial
      or administrative filing, hearing, or process that such a plan was so created
      by
      this Agreement shall be deemed a material breach of this Agreement by the party
      making such an assertion.

     

    18.
Amendments.
      No amendments or additions to
      this Agreement shall be binding unless made in writing and signed by all of
      the
      parties, except as herein otherwise specifically provided.

     

    19.
Applicable
      Law. Except to the extent
      preempted by federal law, the laws of the Commonwealth of Pennsylvania shall
      govern this Agreement in all respects, whether as to its validity, construction,
      capacity, performance or otherwise.

     

    20.
Severability.
      The provisions of this
      Agreement shall be deemed severable and the invalidity or unenforceability
      of
      any provision shall not affect the validity or enforceability of the other
      provisions hereof.

     

    21.
Headings.
      Headings contained herein are for
      convenience of reference only.

     

    22.
Entire
      Agreement. This Agreement, together
      with any understanding or modifications thereof as agreed to in writing by
      the
      parties, shall constitute the entire agreement among the parties hereto with
      respect to the subject matter hereof, other than written agreements with respect
      to specific plans, programs or arrangements described in Sections 5 and 6.
      Notwithstanding anything herein to the contrary, Executive’s Confidentiality,
      Non-Competition and Non-Solicitation Agreement with the Bank dated as of October
      18, 2006 shall remain in full force and effect.

     

    23.
Required
      Provisions. In the event any of
      other provisions of this Agreement are in conflict with the provisions of this
      Section 23, this Section 23 shall prevail.

     

    
      	
               

            	
               

            	
               

            
	
               

            	
              a.

            	
              The Bank’s board of directors may terminate Executive’s
                employment at any time, but any termination by the Bank, other than
                termination for Cause, shall not prejudice Executive’s right to
                compensation or other benefits under this Agreement. Executive shall
                not
                have the right to receive compensation or other benefits for any
                period
                after termination for Cause.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
               

            	
               

            
	
               

            	
              b.

            	
              If Executive is suspended from office and/or
                temporarily
                prohibited from participating in the conduct of the Bank’s affairs by a
                notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit
                Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations
                under this Agreement shall be suspended as of the date of service,
                unless
                stayed by appropriate proceedings. If the charges in the notice are
                dismissed, the Bank may in its discretion: (i) pay Executive all
                or part
                of the compensation withheld while its contract obligations were
                suspended; and (ii) reinstate (in whole or in part) any of the obligations
                which were suspended.

            
	
               

            	
               

            	
               

            
	
               

            	
              c.

            	
              If Executive is removed and/or permanently prohibited
                from participating in the conduct of the Bank’s affairs by an order issued
                under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance
                Act, 12
                U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this
                Agreement shall terminate as of the effective date of the order,
                but
                vested rights of the contracting parties shall not be
                affected.

            
	
               

            	
               

            	
               

            
	
               

            	
              d.

            	
              If the Bank is in default as defined in Section
                3(x)(1)
                of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all
                obligations of the Bank under this Agreement shall terminate as of
                the
                date of default, but this paragraph shall not affect any vested rights
                of
                the contracting parties.

            
	
               

            	
               

            	
               

            
	
               

            	
              e.

            	
              All obligations under this Agreement shall be
                terminated, except to the extent determined that continuation of
                the
                contract is necessary for the continued operation of the Bank: (i)
                by the
                Director of the OTS (or his or her designee), at the time the Federal
                Deposit Insurance Corporation (FDIC) enters into an agreement to
                provide
                assistance to or on behalf of the Bank under the authority contained
                in
                Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or
                (ii) by the Director of the OTS (or his or her designee) at the time
                the
                Director (or his designee) approves a supervisory merger to resolve
                problems related to the operations of the Bank or when the Bank is
                determined by the Director to be in an unsafe or unsound condition.
                Any
                rights of the parties that have already vested, however, shall not
                be
                affected by such action.

            
	
               

            	
               

            	
               

            
	
               

            	
              f.

            	
              Any payments made to Executive pursuant to this
                Agreement, or otherwise, are subject to and conditioned upon their
                compliance with 12 U.S.C. §1828(k) and FDIC regulation 12 C.F.R. Part 359,
                Golden Parachute and Indemnification
                Payments.

            

    

     

    24.
      Application of Section 409A. In the event that, as
      of the date of Executive’s termination of employment, the stock of the company
      is publicly traded on an established securities market, the commencement date
      of
      payment of any amount due Executive under Sections 10 or 11 shall be deferred
      for a period of six (6) months to the extent such deferral is required under
      Section 409A of the Code.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto
      have executed this Agreement on the date first set forth above.

     

    
      	
               

            	
               

            	
               

            	
               

            
	
              ATTEST:

            	
               

            	
              BENEFICIAL MUTUAL BANCORP,
                INC.

            
	
               

            	
               

            	
               

            	
               

            
	
              /s/
                Thomas F. Hayes

            	
               

            	
              By:

            	
              /s/
                Edward M. Boehne

            
	  	
               

            	
               

            	  
	
              Corporate Secretary

            	
               

            	
               

            	
              For the Entire Board of Directors

            
	
               

            	
               

            	
               

            	
               

            
	
              ATTEST:

            	
               

            	
              BENEFICIAL MUTUAL SAVINGS
                BANK

            
	
               

            	
               

            	
               

            	
               

            
	
              /s/
                George W. Nise

            	
               

            	
              By:

            	
              
                /s/
                  Edward M. Boehne

              

            
	  	
               

            	
               

            	  
	
              Corporate Secretary

            	
               

            	
               

            	
              For the Entire Board of Directors

            
	
               

            	
               

            	
               

            	
               

            
	
              WITNESS:

            	
               

            	
              EXECUTIVE

            
	 	 	 	 
	
              /s/
                Lisa Smalley

            	
               

            	
              /s/
                Gerard P. Cuddy

            
	  	
               

            	 
              
	
               

            	
               

            	
              Gerard P. Cuddy

            

    

     

    10

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