Document:

Exhibit
10.1

 

Amendment No. 1 to the

Greater Delaware Valley Savings d/b/a Alliance
Bank

Supplemental Executive Retirement Plan

Participation Agreement

 

THIS AMENDMENT NO. 1 (the “Amendment”)
is made and entered into by Greater Delaware Valley Savings d/b/a Alliance Bank (hereinafter referred to as the “Employer”)
and Dennis D. Cirucci (hereinafter referred to as the “Participant”), an executive of the Employer, effective as of
September 24, 2014, and amends the 409A Restatement Greater Delaware Valley d/b/a Alliance Bank Supplemental Executive Retirement
Plan Participation Agreement previously entered into by the Employer and the Participant effective as of December 17, 2008 (the
“Participation Agreement”).

 

WHEREAS, the Employer previously adopted
and implemented the Greater Delaware Valley Savings d/b/a Alliance Bank Supplemental Executive Retirement Plan effective as of
January 11, 2002, which was subsequently amended and restated effective as of December 17, 2008 (as amended and restated, hereinafter
referred to as the “Plan”); and

 

WHEREAS, the Employer currently maintains
the Plan for the benefit of a select group of management and highly compensated executives; and

 

WHEREAS, pursuant to Section 9 Provisions
Related to SERP Benefit, Subsection (i), Change in Control of the Participation Agreement, the Participant shall receive
a lump sum SERP Benefit in an amount equal to the present value of his vested Accrued SERP Benefit, as that term is defined within
the Plan, in the event of the Participant’s Separation from Service concurrently with or within twelve (12) months following
the effective date of a Change in Control, as that term is defined within the Plan; and

 

WHEREAS, the Employer now wishes to amend
Section 9 Provisions Related to SERP Benefit, Subsection (i), Change in Control of the Participation Agreement to
provide for substantive clarity related to the present value calculation methodology in the event of a Change in Control and the
Participant’s Separation from Service concurrently with or within twelve (12) months following such Change in Control; and

 

WHEREAS, Section 12 General Provisions,
Subsection (o) Amendments  of the Participation Agreement provides for the amendment of the Participation Agreement through
the execution of an amendment signed by the Employer and the Participant; and

 

WHEREAS, pursuant to the aforementioned
authority to amend the Participation Agreement, the Employer and the Participant do herby amend the Participation Agreement with
an effective date as stated above.

 

NOW THEREFORE, in consideration of the foregoing
premises, desires and promises contained in the Plan and the Participation Agreement, the Employer and the Participant hereby agree
as follows:

 

		1.	Section 9 Provisions Related to SERP Benefit, Subsection (i) Change in Control of the Participation Agreement
is hereby amended to read in its entirety as follows:

 

		“(i)	Change in Control. In the event the Participant has a Separation from Service from the Employer
concurrently or within twelve (12) months following a Change in Control, as defined in Section 2.7 of the Plan, the Participant
shall be entitled to a SERP Benefit equal to the present value of his vested Accrued SERP Benefit, as provided for herein, in a
lump sum distribution as soon as administratively possible subject to those distribution restrictions as provided for in Plan Section
4.3 Distributions to Specified Employees. For purposes of calculating the present value lump sum distribution amount of the Participant’s
SERP Benefit pursuant to this subsection (i), such calculation shall be made in a manner consistent with Internal Revenue Code
Sections 7520(a) and 1274(d). As such, the discount rate shall be the mid-term applicable federal rate in effect under Code Section
1274(d) for the month in which the valuation date falls. For purposes of this subsection, the term “valuation date”
shall mean the date as of which the valuation is made.”

 

    	 

    	 

    

 

		2.	Entire Agreement. This Amendment No. 1, together with the Participation Agreement and the
Plan, constitutes the entire agreement between the Employer and the Participant concerning the subject matter of such documents.

 

		3.	Participation Agreement and Plan Remain in Effect. All provisions of the Participation Agreement
and the Plan not specifically modified by this Amendment No. 1 shall remain in full force and effect.

 

IN WITNESS WHEREOF, the Employer and the
Participant have executed this Amendment No. 1 effective as of the 24th day of September 2014.

 

	Greater Delaware Valley Savings d/b/a Alliance Bank	 	Attested:	 
	 	 	 	 	 
	By:	/s/Peter J. Meier	    	By:	/s/Kathleen P. Lynch
	Name:	Peter J. Meier	 	Name:	Kathleen P. Lynch
	
        Title: 
	Executive Vice President and Chief Financial
    Officer	 	Title:	Corporate Secretary
	 	 	 	 
	Participant 	 	 	 
	 	 	 	 	 
	By:	/s/ Dennis D. Cirucci	 	 	 
	Name:	
        Dennis D. CirucciExhibit
10.2

 

Amendment No. 1 to the

Greater Delaware Valley Savings d/b/a Alliance
Bank

Supplemental Executive Retirement Plan

Participation Agreement

 

THIS AMENDMENT NO. 1 (the “Amendment”)
is made and entered into by Greater Delaware Valley Savings d/b/a Alliance Bank (hereinafter referred to as the “Employer”)
and Peter Meier (hereinafter referred to as the “Participant”), an executive of the Employer, effective as of September
24, 2014, and amends the 409A Restatement Greater Delaware Valley d/b/a Alliance Bank Supplemental Executive Retirement Plan Participation
Agreement previously entered into by the Employer and the Participant effective as of December 17, 2008 (the “Participation
Agreement”).

 

WHEREAS, the Employer previously adopted
and implemented the Greater Delaware Valley Savings d/b/a Alliance Bank Supplemental Executive Retirement Plan effective as of
January 11, 2002, which was subsequently amended and restated effective as of December 17, 2008 (as amended and restated, hereinafter
referred to as the “Plan”); and

 

WHEREAS, the Employer currently maintains
the Plan for the benefit of a select group of management and highly compensated executives; and

 

WHEREAS, pursuant to Section 9 Provisions
Related to SERP Benefit, Subsection (i), Change in Control of the Participation Agreement, the Participant shall receive
a lump sum SERP Benefit in an amount equal to the present value of his vested Accrued SERP Benefit, as that term is defined within
the Plan, in the event of the Participant’s Separation from Service concurrently with or within twelve (12) months following
the effective date of a Change in Control, as that term is defined within the Plan; and

 

WHEREAS, the Employer now wishes to amend
Section 9 Provisions Related to SERP Benefit, Subsection (i), Change in Control of the Participation Agreement to
provide for substantive clarity related to the present value calculation methodology in the event of a Change in Control and the
Participant’s Separation from Service concurrently with or within twelve (12) months following such Change in Control; and

 

WHEREAS, Section 12 General Provisions,
Subsection (o) Amendments  of the Participation Agreement provides for the amendment of the Participation Agreement through
the execution of an amendment signed by the Employer and the Participant; and

 

WHEREAS, pursuant to the aforementioned
authority to amend the Participation Agreement, the Employer and the Participant do herby amend the Participation Agreement with
an effective date as stated above.

 

NOW THEREFORE, in consideration of the foregoing
premises, desires and promises contained in the Plan and the Participation Agreement, the Employer and the Participant hereby agree
as follows:

 

		1.	Section 9 Provisions Related to SERP Benefit, Subsection (i) Change in Control of the Participation Agreement
is hereby amended to read in its entirety as follows:

 

		“(i)	Change in Control. In the event the Participant has a Separation from Service from the Employer
concurrently or within twelve (12) months following a Change in Control, as defined in Section 2.7 of the Plan, the Participant
shall be entitled to a SERP Benefit equal to the present value of his vested Accrued SERP Benefit, as provided for herein, in a
lump sum distribution as soon as administratively possible subject to those distribution restrictions as provided for in Plan Section
4.3 Distributions to Specified Employees. For purposes of calculating the present value lump sum distribution amount of the Participant’s
SERP Benefit pursuant to this subsection (i), such calculation shall be made in a manner consistent with Internal Revenue Code
Sections 7520(a) and 1274(d). As such, the discount rate shall be the mid-term applicable federal rate in effect under Code Section
1274(d) for the month in which the valuation date falls. For purposes of this subsection, the term “valuation date”
shall mean the date as of which the valuation is made.”

 

    	 

    	 

    

 

		2.	Entire Agreement. This Amendment No. 1, together with the Participation Agreement and the
Plan, constitutes the entire agreement between the Employer and the Participant concerning the subject matter of such documents.

 

		3.	Participation Agreement and Plan Remain in Effect. All provisions of the Participation Agreement
and the Plan not specifically modified by this Amendment No. 1 shall remain in full force and effect.

 

IN WITNESS WHEREOF, the Employer and the
Participant have executed this Amendment No. 1 effective as of the 24th day of September 2014.

  

	Greater Delaware Valley Savings d/b/a Alliance Bank	 	Attested:	 
	 	 	 	 	 
	By:	/s/Dennis D. Cirucci	    	By:	/s/ Kathleen P. Lynch
	Name:	Dennis D. Cirucci	 	Name:	Kathleen P. Lynch
	Title:	President and Chief Executive Officer	 	Title:	Corporate Secretary
	 	 	 	 
	Participant 	 	 	 
	 	 	 	 	 
	By:	/s/Peter Meier	 	 	 
	Name:	Peter Meier

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