Document:

Exhibit 10.1

CLAIMS PURCHASE AGREEMENT

CLAIMS PURCHASE AGREEMENT
(the “Agreement”), dated as of June 28, 2007, by and between Timber Hill
Europe AG, a company organized under the laws of Switzerland (the “Seller”),
and The TP Holdings Limited Partnership (the “Buyer”).

R
E  C  I  T  A  L  S

WHEREAS, Thomas Peterffy is the
majority general partner of the Buyer, the Chairman, Chief Executive Officer
and President of Interactive Brokers Group, Inc., a Delaware corporation (“IBG”),
and the sole managing member of IBG Holdings LLC, a Delaware limited liability
company;

WHEREAS, IBG is the sole
managing member of IBG LLC, a Connecticut limited liability company and parent
of the Seller, and IBG Holdings LLC is the majority owner of IBG LLC;

WHEREAS, the Seller has incurred
losses as a result of the events described on Schedule 1 hereto (the “Events”)
and has a number of claims, choses in action, causes of action, judgments and
remedies relating to the Events which it has the right to pursue against one or
more third parties to recoup such losses (collectively, the “Claims”);
and

WHEREAS, the Seller wishes to
sell to the Buyer, and the Buyer wishes to purchase from the Seller, all of the
Seller’s right, title and interest in and to the Claims on the terms and
subject to the conditions set forth herein.

NOW, THEREFORE,
based upon the foregoing recitals, the mutual promises and agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:

ARTICLE I.

DEFINED TERMS

As used in this Agreement, unless the context requires
a different meaning, the following terms shall have the following meanings:

“Adverse Claim” means any lien, pledge, encumbrance, charge,
assignment, privilege or security interest in or on the Claims not in favor of
the Buyer.

“Business Day” means any day that is not a Saturday, Sunday or
other day on which banks are authorized or required to close in Greenwich,
Connecticut.

ARTICLE II.

SALE,
TRANSFER AND ASSIGNMENT

Section 2.1.   Sale, Transfer and Assignment.  In consideration of the Purchase Price and on
the terms and subject to the conditions set forth in this Agreement, on the
date of this Agreement, the Seller hereby sells, transfers, assigns, sets over
and otherwise conveys to the Buyer, and the Buyer hereby purchases and takes
from the Seller, all right, title and interest (whether now owned or hereafter
acquired or arising and wherever located) of the Seller in, to and under the
Claims.

 

Section 2.2.   Purchase
Price.

 

(b)    The
aggregate purchase price for the Claims (the “Purchase Price”) shall be
US $37 million.  The Purchase Price shall
be paid by check or by wire transfer of immediately available funds to an
account designated in writing by the Seller.

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

Section 3.1.   Representations
and Warranties of the Seller.

 

The Seller hereby represents and warrants to the Buyer
that:

(a)    Power
and Authority; Due Authorization and Approval; Execution and Delivery.  The Seller (i) has all requisite power,
authority and legal right to (a) execute, deliver and perform this Agreement,
(b) carry out the terms of this Agreement and (c) sell and assign the Claims on
the terms and conditions provided herein and (ii) has duly authorized by all
requisite action the execution, delivery and performance of this Agreement and
the sale and assignment of the Claims on the terms and conditions herein
provided.  This Agreement has been duly
executed and delivered by the Seller. 
This Agreement has been unanimously approved by the Audit Committee of
the Board of Directors of IBG, including the independent director serving on
the Audit Committee.

(b)    Authorization;
Contravention.  The execution,
delivery and performance by the Seller of this Agreement require no action by
or in respect of, or filing with, any governmental authority, and do not
contravene, or constitute a default under, any provision of applicable law,
rule or regulation or of the organizational documents of the Seller or of any
agreement or of any judgment, injunction, order, writ, decree or other
instrument binding upon the Seller or result in the creation or imposition of
any Adverse Claim on the assets of the Seller.

(c)    Validity
and Binding Nature.  This Agreement,
when duly executed and delivered by the Seller, will be the legal, valid and
binding obligation of the Seller enforceable against the Seller in accordance
with its respective terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors’ rights generally and by general principles of equity.

(d)    No
Adverse Claims.  Immediately upon the
purchase hereunder, the Buyer shall be the owner of all of the Claims, free and
clear of all Adverse Claims.

(e)    Value
Given.  The Buyer has given
reasonably equivalent value to the Seller in consideration of the transfer to
the Buyer of the Claims, no such transfer shall have been made for or on
account of an antecedent debt owed by the Seller to the Buyer.

Section 3.2.   Representations
and Warranties of the Buyer.

 

The Buyer hereby represents and warrants to the Seller
that:

(a)    Power
and Authority; Due Authorization; Execution and Delivery.  The Buyer (i) has all requisite power,
authority and legal right to (a) execute, deliver and perform this Agreement,
(b) carry out the terms of this Agreement and (c) purchase the Claims on the
terms and conditions provided herein and (ii) has duly authorized by all
requisite action the execution, delivery and performance of this Agreement and
the purchase of the Claims on the terms and conditions herein provided.  This Agreement has been duly executed and
delivered by the Buyer.

(b)    Authorization;
Contravention.  The execution,
delivery and performance by the Buyer of this Agreement require no action by or
in respect of, or filing with, any governmental authority, and do not
contravene, or constitute a default under, any provision of applicable law,
rule or regulation or of any agreement or of any judgment, injunction, order,
writ, decree or other instrument binding upon the Buyer.

(c)    Validity
and Binding Nature.  This Agreement,
when duly executed and delivered by the Buyer will be, the legal, valid and
binding obligation of the Buyer enforceable against the Buyer in accordance
with its respective terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors’ rights generally and by general principles of equity.

ARTICLE IV.

MISCELLANEOUS

Section 4.1.   Further
Assurances.  The
Seller agrees that from time to time, it will promptly execute and deliver all
further instruments and documents, and take any and all further action, that
may be necessary or appropriate, or that the Buyer may reasonably request, in
order to collect upon, perfect, protect or more fully evidence the Claims
purchased hereunder, or otherwise to enable the Buyer to exercise and enforce
any of its rights and remedies related to the Claims.  Without limiting the generality of the foregoing,
the Seller shall: (i) maintain all records relating to the Claims and make such
records available to the Buyer upon three (3) Business Days’ prior notice, and
the Buyer shall be permitted to make and retain copies of all such records,
(ii) upon the request of the Buyer, participate in any proceeding relating to
the Claims, (iii) hold in trust, and remit immediately (but in any event no
later than three (3) Business Days following its receipt thereof) to the Buyer
any amounts received by the Seller in respect of the Claims and (iv) provide
full cooperation in all respects to the Buyer, its agents and representatives,
and governmental and regulatory organizations to enable the Buyer to collect 

upon the Claims.  The parties
hereto further agree that the Buyer may initiate Claims in the name of the
Seller with the consent of the Seller, which consent shall not be unreasonably
withheld or delayed.

 

Section 4.2.   Sharing of
Excess Proceeds From Claims.  In the event the Buyer receives in the
aggregate amounts under the Claims in excess of the sum of (a) the Purchase
Price and (b) the Buyer’s out-of-pocket expenses incurred in collecting the
Claims (such excess amounts, the “Excess Proceeds”), the Buyer shall
promptly, and in any event within three (3) Business Days of receipt therefor,
remit to the Seller one hundred percent (100%) of any and all Excess Proceeds.

 

Section 4.3.   Amendments.  

 

Any provision of this Agreement may be amended,
waived, supplemented or otherwise modified if, but only if, such amendment,
waiver, supplement or other modification is in writing and is signed by the
parties hereto.

 

Section 4.4   Binding Effect.

 

This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted
assigns.

Section 4.5.   Governing
Law; Submission to Jurisdiction; Integration.

 

This Agreement shall be governed by, and construed in
accordance with the laws of the State of Connecticut.  Each of the parties hereto hereby submits to
the nonexclusive jurisdiction of the United States District Court for the
Southern District of New York and of any New York state court sitting in New
York, New York for purposes of all legal proceedings arising out of or relating
to this Agreement or the transactions contemplated hereby.  Each of the parties hereto hereby irrevocably
waives, to the fullest extent it may effectively do so, any objection which it
may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such
a court has been brought in an inconvenient forum.  Each of the parties hereto hereby waives, to
the extent permitted by applicable law, any right to have a jury participate in
resolving any dispute, arising out of, connected with, relating to or
incidental to the relationship between them in connection with this Agreement.

Section 4.6.    Integration;
Counterparts; Severability.

 

This Agreement contains the final and complete
integration of all prior expressions by the parties hereto with respect to the
subject matter hereof and shall constitute the entire agreement among the
parties hereto with respect to the subject matter hereof, superseding all prior
oral or written understandings.  This
Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which when taken together shall constitute
one and the same Agreement.  Any
provisions of this Agreement which are prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition 

or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

Section 4.7   Headings.

 

The headings herein are for purposes of references
only and shall not otherwise affect the meaning or interpretation of any
provision hereof.

IN WITNESS WHEREOF,
the Buyer and the Seller have caused this Agreement to be duly executed by
their respective officers thereunto duly authorized, as of the day and year
first above written.

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TIMBER HILL
  EUROPE AG

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JOSEF KORNMANN

  
	
   

  	
  Name: Josef
  Kornmann

  
	
   

  	
  Title: Managing
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROGER RYFF

  
	
   

  	
  Name: Roger Ryff

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BUYER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE TP HOLDINGS
  LIMITED PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS PETERFFY

  
	
   

  	
  Name: Thomas
  Peterffy

  
	
   

  	
  Title: General
  Partner

  

 

 

SCHEDULE
1

Statement
Regarding the Nature of the Claims

On May 3, 2007, Altana
AG, a stock in which the Seller is a Registered Market Maker, declared a
special cash dividend of EUR 33.00, which amounted to about 74% of the company’s
value.  On the Deutsche Boerse Exchange’s
XETRA trading system, closing stock prices are determined by a day’s end
auction.  At the closing auction, 31
million Altana shares, which amounted to 44% of the true float, traded at an
artificial price that was approximately 25% below the regular trading session’s
final price ex dividend.  The Seller
believes that this artificial price was set by buyers and sellers who
unlawfully colluded to manipulate Altana’s option prices.

The closing auction price
of the Altana shares was used by the EUREX, to calculate a new set of contract
parameters for the outstanding options. 
Since the Altana closing stock price was artificial, its dependent
option strike prices and contract multiplier were also artificial and not
calculated to reflect values corresponding to the change in the value of the
underlying stock.  Accordingly, on May 4,
2007 and thereafter, the Seller’s market making options positions were affected
by the artificial closing price of May 3 and were mispriced.  As a result of this manipulation, the Seller
suffered a position loss over the ensuing trading days amounting to
approximately the amount of the Purchase Price. 
The Seller has been advised that other Altana market makers suffered
substantial losses as a result of this manipulation.

The Seller has reported
this manipulation to, and met with, the German Federal Financial Supervisory
Authority, the Bafin, and the Bafin has undertaken an official investigation of
the matter.  The progress of the
investigation is subject to the German secrecy laws.  On completion of the investigation, the Seller
believes that it will have a number of claims, choses in action, judgments and
remedies against those who participated in the market manipulation.  The Seller has also filed a petition with the
EUREX to change its rules so that a manipulation of this sort will not happen
again.Exhibit 10.1

FOX CHASE BANK

CHANGE IN CONTROL AGREEMENT

THIS  AGREEMENT (“Agreement”) is hereby entered into as of  July 6, 2007,  by and between FOX CHASE
BANK (the “Bank”), a federally chartered savings bank, Roger S.
Deacon  (“Executive”) and FOX CHASE BANCORP, INC.
(the “Company”), a federally-chartered corporation and the holding company of
the Bank, as guarantor.

WHEREAS,
the Bank recognizes the importance of Executive to the Bank’s operations and
wishes to protect his position with the Bank in the event of a change in
control of the Bank or the Bank for the period provided for in this Agreement;
and

WHEREAS, Executive
and the Bank desire to enter into an agreement setting forth the terms and
conditions of payments due to Executive in the event of a change in control and
the related rights and obligations of each of the parties.

NOW, THEREFORE, in
consideration of the promises and mutual covenants herein contained, it is
hereby agreed as follows:

1.                                      TERM
OF AGREEMENT.

(a)           The term of this Agreement shall be
(i) the initial term of this Agreement, consisting of the period commencing on
the date of this Agreement (the “Effective Date”) and ending on the second
anniversary of the Effective Date, plus (ii) any and all extensions of the
initial term made pursuant to this Section 1.

(b)           On
each anniversary date thereafter, the Board of Directors of the Bank (the “Board
of Directors”) may extend the term of this Agreement for an additional one (1)
year period beyond the then effective expiration date: provided that Executive
shall not have given at least sixty (60) days’ written notice of his desire
that the term not be extended.

(c)           Notwithstanding
anything in this Section to the contrary, this Agreement shall terminate if
Executive or the Bank terminates Executive’s employment prior to a Change in
Control.

2.                                      TERMINATION
OF EMPLOYMENT AFTER A CHANGE IN CONTROL.

(a)           Upon the occurrence of a Change in
Control followed at any time during the term of this Agreement by (i) the
termination of Executive’s employment by the Bank, other than for Cause (as
defined in Section 3 below), or (ii) the Executive’s termination of employment
for “Good Reason” (as defined in Section 3 below), Executive shall be entitled
to receive the following:

(A)                              continuation
of Executive’s base salary for a period of twenty-four (24) months.

(B)                                continuation
of health (including medical and dental) and life insurance coverage for a
period of twenty-four (24) months upon terms no less favorable than the terms
upon which such coverage was provided to Executive prior to Executive’s
termination of employment.  In the event
that the Bank is unable to provide such coverage by reason of Executive no
longer being an employee, the Bank shall provide Executive with comparable
coverage on an individual policy basis.

(C)                                For purposes of this Agreement, “base salary”
shall mean:

(i)                                     for salaried employees, the employee’s annual
base salary shall be defined as the current rate in effect on his or her
termination date plus the highest cash bonus or similar cash incentive
compensation paid to or accrued on behalf of the Executive with respect to the
two (2) taxable years preceding his termination of employment or, if greater,
the rate in effect on the date immediately preceding the Change in Control.

(ii)                                  for employees whose compensation is
determined in whole or in part on the basis of commission income, the employee’s
base salary at termination (or, if greater, the base salary on date immediately
preceding the effective date of the Change in Control), if any, plus the
commissions earned by the employee in the twelve (12) full calendar months
preceding his or her termination date (or, if greater, the commissions earned
in the twelve (12) full calendar months immediately preceding the effective
date of the Change in Control).

(iii)                               for hourly employees, the employee’s total
hourly wages for the twelve (12) full calendar months preceding his or her
termination date or, if greater, the twelve (12) full calendar months preceding
the effective date of the Change in Control.

3.             DEFINITIONS;
SPECIAL LIMITATIONS.

(a)                                  For
purposes of this Agreement, the following definitions shall apply:

(A)          “Change
in Control” means the occurrence of one of the following events:

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

ii.                                       Change in Board Composition: 
During any period of two consecutive years, individuals who constitute
the Boards of Directors of the Bank or the Company at the beginning of the
two-year period cease for any reason (other than as required by the Order to
Cease and Desist dated June 6, 2005 entered into by the Bank with the Office of
Thrift Supervision) to constitute at least a majority of the Boards of
Directors of the Bank or the Company; 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 members) 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

iii.                                    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 

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1934, if the schedule discloses that the filing person or persons
acting in concert has or have become the beneficial owner(s) of 20% or more of
a class of the Bank’s or the Company’s voting securities, however this clause
(iii) shall not apply to beneficial ownership of Bank or Company voting shares
held in a fiduciary capacity by an entity of which the Bank or the Company
directly or indirectly beneficially owns 50% or more of its outstanding voting
securities; or

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

v.                                      Proxy Statement Distribution:  An
individual or company (other than current management of the Company) solicits
proxies from stockholders of the Company seeking stockholder approval of a plan
of reorganization, merger or consolidation of the Company or Bank with one or
more corporations as a result of which the outstanding shares of the class of
securities then subject to such plan or transaction are exchanged for or
converted into cash or property or securities not issued by the Bank or the
Company; or

vi.                                   Tender Offer:  A
tender offer is made for 20% or more of the voting securities of the Bank or
Company then outstanding.

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)                              “Good
Reason” means, unless Executive has consented in writing thereto, the
occurrence following a Change in Control, of any of the following:

i.                                          a
material reduction in title, authority or responsibilities;

ii.                                       a
reduction of the Executive’s base salary in effect immediately prior to the
Change in Control;

iii.                                    the
relocation of the Executive’s office to a location more than 30 miles from its
location immediately prior to the Change in Control;

iv.                                   the
taking of any action by the Bank or any of its affiliates or successors that
would materially adversely affect Executive’s overall compensation and benefits
package, unless such changes to the compensation and benefits package are made
on a non-discriminatory basis to all employees; or

v.                                      failure
of any successor institution to assume the obligations under this Agreement in
accordance with Section 16 of this Agreement

(b)           Executive shall not have the right to
receive termination benefits pursuant to Section 3 hereof upon termination for
Cause.  The term “Cause” shall mean
termination of Executive’s employment by the Bank because of Executive’s
personal dishonesty, incompetence, willful misconduct, any breach of fiduciary
duty involving personal profit, intentional failure to perform stated duties,
willful violation of any law, rule, regulation (other than traffic violations
or similar offenses), final cease and desist order, or 

 3
 

any material
breach of any provision of this Agreement. 
Executive shall not have the right to receive compensation or other
benefits for any period after termination for Cause.

(c)           Notwithstanding anything in this
Agreement to the contrary, in no event shall the aggregate payments or benefits
to be made or afforded to Executive under said paragraphs or otherwise (the “Termination
Benefits”) constitute an “excess parachute payment” under Section 280G of the
Internal Revenue Code of 1986, as amended, or any successor thereto, and to
avoid such a result, Termination Benefits will be reduced, if necessary, to an
amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00)
less than an amount equal to three (3) times Executive’s “base amount,” as determined
in accordance with said Section 280G. 
The allocation of the reduction required hereby among the Termination
Benefits provided by this Section 3 shall be determined by Executive.

(d)           Notwithstanding
anything in this Agreement to the contrary, if the Bank in good faith
determines that amounts that, as of the effective date of the Executive’s
termination of employment are or may become payable to the Executive upon
termination of his employment hereunder are required to be suspended or delayed
for six (6) months in order to satisfy the requirements of Section 409A of the
Internal Revenue Code, then the Bank will so advise the Executive, and any such
payments shall be suspended and accrued for six months.

4.             NOTICE OF TERMINATION.

(a)           Any termination by the Bank or by
Executive shall be communicated by Notice of Termination to the other party
hereto.  For purposes of this Agreement,
a “Notice of Termination” shall mean a written notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set
forth in detail the facts and circumstances claimed to provide a basis for
termination of Executive’s employment under the provision so indicated.

(b)           “Date of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a termination for Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given).

5.             NON-COMPETE; NON-SOLICITATION.

(a)           During the period commencing on the
effective date of Executive’s termination of employment (i) on a voluntary
basis at any time but without Good Reason, or (ii) following a Change in
Control, by the Bank without Cause or by Executive with Good Reason, and ending
one(1) year
thereafter  (the “Restricted Period”),
Executive shall not, without express prior written consent of the Bank,
directly or indirectly, own or hold any proprietary interest in, or be employed
by or receive remuneration from, any corporation, partnership, sole
proprietorship or other entity (collectively, an “entity”) “engaged in
competition” (as defined below) with the Bank or any of its affiliates (a “Competitor”).  For purposes of the preceding sentence, the
term “proprietary interest” means direct or indirect ownership of an equity
interest in an entity other than ownership of less than two (2) percent of any
class stock in a publicly-held entity. 
Further, an entity shall be considered to be “engaged in competition” if
such entity is, or is a holding company for or a subsidiary of an entity which
is engaged in the business of providing banking, trust services, asset
management advice, or similar financial services to consumers, businesses
individuals or other entities; and the entity, holding company or
subsidiary maintains physical offices for the transaction of such business or
businesses in any city, town or county in which the Executive’s normal business
office is located or the Bank has an office or has filed an application for
regulatory approval to establish an office, as determined on the date of Executive’s
termination of employment.

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(b)           During the Restricted Period,
Executive shall not, without express prior written consent of the Bank, solicit
or assist any other person in soliciting for the account of any Competitor, any
customer or client of the Bank or any of its subsidiaries.

(c)           During the Restricted Period,
Executive shall not, without the express prior written consent of the Bank,
directly or indirectly, (i) solicit or assist any third party in soliciting for
employment any person employed by the Bank or any of its subsidiaries at the
time of the termination of Executive’s employment (collectively, “Employees”),
(ii) employ, attempt to employ or materially assist any third party in
employing or attempting to employ any Employee, or (iii) otherwise act on
behalf of any Competitor to interfere with the relationship between the Bank or
any of its affiliates and their respective Employees.

(d)           Executive acknowledges that the
restrictions contained in this Section 5 are reasonable and necessary to
protect the legitimate interests of the Bank and that any breach by Executive
of any provision contained in this Section 5 will result in irreparable injury
to the Bank for which a remedy at law would be inadequate.  Accordingly, Executive acknowledges that the
Bank shall be entitled to temporary, preliminary and permanent injunctive
relief against Executive in the event of any breach or threatened breach by
Executive of the provisions of this Section 5, in addition to any other remedy
that may be available to the Bank whether at law or in equity.  With respect to any provision of this Section
5 finally determined by a court of competent jurisdiction to be unenforceable,
such court shall be authorized to reform this Agreement or any provision hereof
so that it is enforceable to the maximum extent permitted by law.  If the covenants of Section 5 are determined
to be wholly or partially unenforceable in any jurisdiction, such determination
shall not be a bar to or in any way diminish the Bank’s right to enforce such
covenants in any other jurisdiction and shall not bar or limit the
enforceability of any other provisions. 
The Bank shall not be required to post any bond or other security in
connection with any proceeding to enforce the provisions of this Section 5.

(e)           The provisions of this Section 5
shall survive the termination of Executive’s employment with the Bank for any
reason whatsoever so long as the termination of employment occurs during the
Term, provided, however, that if the Executive or Bank give notice that the
Agreement shall not be extended beyond the effective expiration date, the
restrictions set forth in this Section 5 shall survive the termination of
Executive’s employment with the Bank for a period of six (6) months.

(f)            Notwithstanding the foregoing,
Executive may elect to waive the payment provided for under Section 2(a)A
of this Agreement in exchange for a release of all restrictions set forth in
Section 5(a)-(e) of this Agreement. 
Executive must make his election under this Section 5(f) in writing
and within 5 business days of receiving his Notice of Termination.

6.             SOURCE OF PAYMENTS.

All
payments provided in this Agreement shall be timely paid in cash or check from
the general funds of the Bank.  The Company, however, unconditionally guarantees
payment and provision of all amounts and benefits due hereunder to Executive
and, if such amounts and benefits due from the Bank are not timely paid or
provided by the Bank, such amounts and benefits shall be paid or provided by
the Company.

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7.             EFFECT
ON PRIOR AGREEMENTS AND EXISTING BENEFIT PLANS.

This Agreement contains the entire understanding
between the parties hereto and supersedes any prior agreement between the Bank
and Executive, except that this Agreement shall not affect or operate to reduce
any benefit or compensation inuring to Executive of a kind elsewhere
provided.  Nothing in this Agreement
shall confer upon Executive the right to continue in the employ of the Bank or
shall impose on the Bank any obligation to employ or retain Executive in its
employ for any period.

8.             NO ATTACHMENT.

(a)           Except as required by law, no right
to receive payments under this Agreement shall be subject to anticipation,
commutation, alienation, sale, assignment, encumbrance, charge, pledge, or
hypothecation or to execution, attachment, levy or similar process or
assignment by operation of law, and any attempt, voluntary or involuntary, to
affect any such action shall be null, void and of no effect.

(b)           This Agreement shall be binding upon,
and inure to the benefit of, Executive, the Bank and their respective
successors and assigns.

9.             MODIFICATION AND WAIVER.

(a)           This Agreement may not be modified or
amended except by an instrument in writing signed by the parties hereto.

(b)           No term or condition of this Agreement
shall be deemed to have been waived, nor shall there be any estoppel against
the enforcement of any provision of this Agreement, except by written
instrument of the party charged with such waiver or estoppel.  No such written waiver shall be deemed a
continuing waiver unless specifically stated therein, and each such waiver
shall operate only as to the specific term or condition waived and shall not
constitute a waiver of such term or condition for the future or as to any act
other than that specifically waived.

10.          SEVERABILITY.

If, for any
reason, any provision of this Agreement, or any part of any provision, is held
invalid, such invalidity shall not affect any other provision of this Agreement
or any part of such provision not held so invalid, and each such other
provision and part thereof shall to the full extent consistent with law
continue in full force and effect.

11.          HEADINGS FOR REFERENCE ONLY.

The headings of sections
and paragraphs herein are included solely for convenience of reference and
shall not control the meaning or interpretation of any of the provisions of
this Agreement.  In addition, references
herein to the masculine shall apply to both the masculine and the feminine.

12.          GOVERNING LAW.

Except to the
extent preempted by federal law, the validity, interpretation, performance, and
enforcement of this Agreement shall be governed by the laws of the Commonwealth
of Pennsylvania, without regard to principles of conflicts of law of
Pennsylvania.

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13.          ARBITRATION.

Any dispute or
controversy arising under, or in connection with, this Agreement shall be
settled exclusively by arbitration, conducted before an arbitrator sitting in a
location selected by Executive within twenty-five (25) miles from the location
of the main office of the Bank, in accordance with the rules of the American
Arbitration Association then in effect relating to employment disputes.  Judgment may be entered on the arbitrator’s
award in any court having jurisdiction.

14.          PAYMENT OF LEGAL FEES.

All reasonable
legal fees paid or incurred by Executive pursuant to any dispute or question of
interpretation relating to this Agreement shall be paid or reimbursed by the
Bank, only if Executive is successful pursuant to a legal judgment, arbitration
or settlement.

15.          INDEMNIFICATION.

The
Bank shall provide Executive (including his heirs, executors and
administrators) with coverage under a standard directors’ and officers’
liability insurance policy at its expense and shall indemnify Executive (and
his heirs, executors and administrators) to the fullest extent permitted under
applicable law against 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 an officer of the Bank (whether or
not he continues to be a director or officer at the time of incurring such
expenses or liabilities), such expenses and liabilities to include, but not be
limited to, judgments, court costs, attorneys’ fees and the cost of reasonable
settlements.

16.          SUCCESSORS TO THE BANK.

The
Bank shall require any successor or assignee, whether direct or indirect, by
purchase, merger, consolidation or otherwise, to all or substantially all of
the business or assets of the Bank, expressly and unconditionally to assume and
agree to perform the Bank’s obligations under this Agreement, in the same
manner and to the same extent that the Bank would be required to perform if no
such succession or assignment had taken place.

17.          REQUIRED PROVISIONS.

In the event any
of the provisions of this Section 17 are in conflict with the other terms of
this Agreement, this Section 17 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 as defined
in Section 2(b) above.

(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 contract 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 their contract
obligations were suspended; and (ii) reinstate (in whole or in part) any of the
obligations which were suspended.

 7
 

(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 contract 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 contract 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 contract 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 designee), at the time the 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 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
employees 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.

*     *     *

SIGNATURES

IN
WITNESS WHEREOF, Fox Chase Bank has caused this Agreement to
be executed and its seal to be affixed hereunto by a duly authorized officer,
and Executive has signed this Agreement, on the day of July 6, 2007.

	
  ATTEST:

  	
   

  	
  FOX CHASE BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Jerry Holbrook

  	
   

  	
   

  	
  By:

  	
  /s/ Thomas M. Petro

  
	
  Corporate Secretary

  	
   

  	
  For the Entire Board of
  Directors

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FOX
  CHASE BANCORP, INC.

  	
   

  	
   

  
	
   

  	
   

  	
  (guarantor)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Thomas M. Petro

  	
   

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Michelle
  Davenport

  	
   

  	
   

  	
  /s/ Roger S. Deacon

  
									

 

 8

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