Document:

Exhibit 10.7

 

*Effective January
1, 2009

Including 2013 Amendment

Including 2017 Amendment*

 

William Penn Bank

Levittown, Pennsylvania

 

DIRECTORS CONSULTATION AND RETIREMENT
PLAN

As Amended and Restated

 

WHEREAS, William Penn
Bank, Levittown, Pennsylvania (the "Bank") has previously implemented the William Penn Bank Directors Consultation and
Retirement Plan (the "Plan"), as amended and restated effective January 1, 2009, and

 

WHEREAS, the Bank
wishes to make certain clarifications and revisions to the Plan with respect to retirement benefits to be provided thereunder.

 

NOW THEREFORE, BE
IT RESOLVED that the Plan shall be revised, amended and restated, effective January 1, 2009, as follows:

 

ARTICLE I

 

DEFINITIONS

 

The following words
and phrases as used herein shall, for the purpose of the Plan and any subsequent amendment thereof, have the following meanings
unless a different meaning is plainly required by the content:

 

"Bank" means William Penn
Bank, Levittown, Pennsylvania, or any successor thereto.

 

"Beneficiary"
shall mean the Participant's surviving spouse, if any, or a designated beneficiary, or the Participant's estate, in descending
order of priority.

 

"Board"
means the Board of Directors of the Bank, as constituted from time to time, and successors thereto.

  

"Change in
Control" shall mean: (i) a change in ownership of the Bank or the Company under paragraph (a) below, or (ii) a change
in effective control of the Bank or the Company under paragraph (b) below, or (iii) a change in the ownership of a substantial
portion of the assets of the Bank or the Company under paragraph (c) below:

 

(a)       CHANGE IN THE
OWNERSHIP OF THE BANK OR THE COMPANY. A change in the ownership of the Bank or the Company shall occur on the date that any
one person, or more than one person acting as a group (as defined in paragraph (b)), acquires ownership of stock of

 

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the
corporation that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market
value or total voting power of the stock of such corporation. However, if any one person or more than one person acting as a
group, is considered to own more than 50 percent of the total fair market value or total voting power of the stock of a
corporation, the acquisition of additional stock by the same person or persons is not considered to cause a change in the
ownership of the corporation (or to cause a change in the effective control of the corporation (within the meaning of
paragraph (b) below). An increase in the percentage of stock owned by any one person, or persons acting as a group, as a
result of a transaction in which the corporation acquires its stock in exchange for property will be treated as an
acquisition of stock for purposes of this section. This paragraph (a) applies only when there is a transfer of stock of a
corporation (or issuance of stock of a corporation) and stock in such corporation remains outstanding after the
transaction.

 

(b)            
CHANGE IN THE EFFECTIVE CONTROL OF THE BANK OR THE COMPANY. A change in the effective control of the Bank or the Company
shall occur on the date that either (i) any one person, or more than one person acting as a group (as determined below), acquires
(or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership
of stock of the corporation possessing 30 percent or more of the total voting power of the stock of such corporation; or (ii) a
majority of members of the corporation's board of directors is replaced during any 12-month period by directors whose appointment
or election is not endorsed by a majority of the members of the corporation's board of directors prior to the date of the appointment
or election, provided that for purposes of this paragraph (b)(ii), the term corporation refers solely to a corporation for which
no other corporation is a majority shareholder. In the absence of an event described in paragraph (i) or (ii), a change in the
effective control of a corporation will not have occurred. If any one person, or more than one person acting as a group, is considered
to effectively control a corporation (within the meaning of this paragraph (b)), the acquisition of additional control of the corporation
by the same person or persons is not considered to cause a change in the effective control of the corporation (or to cause a change
in the ownership of the corporation within the meaning of paragraph (a)). Persons will not be considered to be acting as a group
solely because they purchase or own stock of the same corporation at the same time, or as a result of the same public offering.

 

(c)             
CHANGE IN THE OWNERSHIP OF A SUBSTANTIAL PORTION OF THE BANK'S OR THE COMPANY'S ASSETS. A change in the ownership of a substantial
portion of the Bank's assets shall occur on the date that any one person, or more than one person acting as a group (as determined
below), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or
persons) assets from the corporation that have a total gross fair market value equal to or more than 40% of the total gross fair
market value of all of the assets of the corporation immediately prior to such acquisition or acquisitions. For this purpose, gross
fair market value means the value of the assets of the corporation, or the value of the assets being disposed of, determined without
regard to any liabilities associated with such assets. There is no Change in Control event under this paragraph (c) when there
is a transfer to an entity that is controlled by the shareholders of the transferring corporation immediately after the transfer.

 

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(d)       Each
of the sub-paragraphs (a) through (c) above shall be construed and interpreted consistent with the requirements of Section
409A of the Code and any Treasury regulations or other guidance issued thereunder. However, a change in control shall not be
deemed to have occurred as a result of a holding company reorganization of the Bank and simultaneous acquisition of more than
50% of the Bank's stock (following the Bank's conversion to stock form) by a parent savings and loan holding company or bank
holding company.

 

"Code"
means the Internal Revenue Code of 1986, as amended, and regulations and guidance promulgated thereunder.

 

"Committee"
means the Board or the administrative committee as appointed by the Board pursuant to Section 6.11 herein.

 

"Company" means William Penn Bancorp,
Inc.

 

"Director"
means a member of the Board of Directors of the Bank, including service as an Advisory Director.

 

"Disability"
means total and permanent disability within the meaning of the Social Security Act.

 

"Effective
Date" means March 18, 1998 with respect to the initial effective date of the Plan and January 1, 2009 with respect to
the effective date of this amendment and restatement of the Plan.

 

"Participant"
means a Director serving on or after the Effective Date and electing to participate in the Plan. A Director's participation in
the Plan shall continue as long as he or she fulfills all the requirements for participation subject to the right of termination,
amendment, and modification of the Plan set forth herein.

 

"Plan"
means the William Penn Bank Directors Consultation and Retirement Plan as set forth herein, and as may be amended from time to
time by the Board.

 

"Retirement
Benefit Amount" means the benefit payable under the Plan in accordance Section 2.4 herein.

 

"Retirement
Date" means the date of termination of service as a Director following a Participant's completion of not less than ten
(10) years of service as a Director. Upon death or Disability, a Director shall be deemed to have terminated service as of such
date.

 

"Service"
means all years of service as a Director of the Bank, including William Penn Bank, William Penn Bank, FSB and William Penn Savings
and Loan Association. Years of service as a Director need not be continuous. All years of service prior to the Effective Date shall
be recognized for benefits determination. Years of service while a full-time employee of the Bank but not while simultaneously
serving as a Director of the Bank shall not be recognized for purposes of the Plan.

 

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"Trust"
shall mean any trust agreement entered into on behalf of the Plan by the Bank for the purpose of holding assets of the Bank in
order to promote the efficient administration of the Plan.

 

ARTICLE II

 

BENEFITS

 

2.1        Retirement. Upon a
Participant's termination from service as a Director on or after his or her Retirement Date, the Bank shall pay to the
Participant the Retirement Benefit Amount, as described and in the amount set forth at Article II, Section 2.4. Payment of
such Retirement Benefit Amount shall begin on the first business day of the calendar month immediately following a
Participant's Retirement Date, or such later date as specified in the agreement contained at Schedule A hereto and approved
by the Committee; provided that any such later date requested shall be requested in writing not less than one year prior to
the Retirement Date and such commencement date shall be not earlier than five years from the Retirement Date. The payments
will continue to be paid on the first business day of each subsequent calendar month until all scheduled payments are made to
the Participant. Except as provided at Article II, Sections 2.2, 2.3, and 2.5 herein, upon a Participant's termination from
service as a Director of the Bank prior to his or her Retirement Date, the Bank shall have no financial obligations to the
Participant under the Plan.

 

2.2        Change in Control.

 

		a.	Benefits payable to a Participant that has terminated from service as a Director prior to the date
of a Change in Control of the Bank shall nevertheless remain payable thereafter without regard to such Change in Control. However,
upon a Change in Control, all future benefits payable pursuant to Sections 2.1, 2.2, 2.3, and 2.5 of the Plan, shall be payable
immediately in a lump sum payment equal to the present value of all future benefits payable to such Participant. The interest rate
in effect for a one (1) year U.S. Treasury Note on the date of the lump sum payment shall be used for purposes of calculating the
present value of amounts payable in accordance with Section 2.4.

 

		b.	A Participant that has not terminated from service as a Director prior to the date of Change
                                                               in Control of the Bank shall, as of the date of a Change in Control, be presumed to have completed not less than fifteen (15)
                                                               years of service as of such date of the Change in Control, and such Participant shall be eligible to receive the Retirement
                                                               Benefit Amount set forth herein at Article II, Section 2.4 immediately upon termination of service as a Director following
                                                               the date of a Change in Control without regard to the actual years of service of such Participant, if less than that provided
                                                               herein. Such Retirement Benefit Amount shall be paid in the form of a lump sum payment equal to the present value of the
                                                               Retirement Benefit 

  

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Amount payable under Section
2.4 discounted as provided at Section 2.2(a). Payment of the lump sum amount shall be made to the Participant as of the date of
the Participant's Termination of Service occurring on or after a Change in Control.

 

2.3        Total and
Permanent Disability. In the event of the Disability of a Participant, such Participant will be paid the Retirement
Benefit Amount specified at Article II, Section 2.4; commencing as soon as administratively feasible following certification
of such Disability, provided that such Participant shall have attained the Retirement Date. For purposes of benefits accrual,
such Participant's years of service shall be determined based upon the date of certification of his or her Disability;
provided that no benefits shall be payable hereunder if such Participant shall have completed less than ten (10) years of
service as of the date of such Disability. Payment of such benefits shall begin on the first business day of the calendar
month immediately following the Bank's receipt of a certification of such Participant's Disability.

 

2.4        Level of Benefit
Payments. A Participant who retires as a Director on or after his or her Retirement Date and who enters into an agreement
with the Bank to be a consulting director of the Bank (in a form similar to that contained at Schedule A hereto) shall receive
the Retirement Benefit Amount for a period of up to sixty (60) monthly payments as follows:

 

		a.	The Retirement Benefit Amount shall be equal to the product of: (i) the Retirement
Benefit Percentage specified at Section 2.4(b), and (ii) the Monthly Retirement Benefit specified at Section 2.4(c) herein.
	 	 	 

		b.	The Retirement Benefit Percentage for a Participant shall be determined as
follows:

 

	 	Years of Service as of the Retirement Date	 	Retirement Benefit Percentage

 

	 	less than 10 years	 	0%
	 	10 but less than 15 years	 	50%
	 	15 or more years	 	100%

 

		c.	The Monthly Retirement Benefit shall be calculated as the greater of:
	 	 	 

		(i)	$900 per month , or
	 	 	 

		(ii)	the aggregate compensation paid to the Participant for service as a Director
of the Bank during the 60 calendar months prior to the Retirement Date divided by 60, exclusive of committee meeting fees. For
a Director who is also serving as an employee of the Bank, aggregate compensation paid will be computed based upon the regular
Board meeting fees in effect at the time of Service whether or not such compensation is actually paid to such employee.

 

Notwithstanding the foregoing, a Participant
who retires as a Director on or after July 1, 2008, shall receive the Retirement Benefit Amount for a period of 120 monthly payments.

 

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2.5        Payment Upon Death of Participant. Upon
the death of a Participant who is receiving benefit payments under the Plan prior to his or her death, the remaining number
of benefit payments to be made under the Plan (if any) shall be paid to the Beneficiary after the Participant's death without
any reduction in benefits payable to such Beneficiary. Upon the death of a Participant who is not receiving benefit payments
under the Plan prior to his or her death who as such date of death otherwise meets the requirements set forth at Section 2.1,
the Bank shall pay to the Beneficiary a benefit equal to the Retirement Benefit Amount determined in accordance with Section
2.4. If a Beneficiary dies after the Participant but prior to receiving all payments under the Plan, then the remaining
payments will continue to be paid to the Beneficiary's estate in the form of a lump-sum payment, discounted using the
interest rate in effect for a one (1) year U.S. Treasury Note on the date of the lump sum payments payable within 60 days of
the date of death of the Participant.

 

2.6        Notice of Retirement. For
purposes of administrative efficiency, a Participant intending to terminate from service as a Director in accordance with
Article II, Section 2.1 of the Plan is requested to deliver written notice ("Notice") to the Board not less than
thirty (30) days prior to the actual Retirement Date that such Director intends to retire. Such Notice, in a form similar to
that contained at Schedule A hereto, shall specify the date of such retirement from the Board as a Director and the
Participant's availability as a Consulting Director. Failure to provide such Notice shall not affect the time or form of
payment as set forth in Article II, Section 2.1. A Participant who terminates from service as a Director upon death,
Disability, or a Change in Control is not hereby requested to deliver such Notice.

 

2.7        Section 409A Compliance.

 

		a.	Notwithstanding anything herein to the contrary, the Committee shall make
reasonable efforts to administer the Plan and make benefit payments hereunder in a manner that is not deemed to be contrary to
the requirements set forth at Section 409A of the Code and regulations and notices promulgated thereunder such that any payments
made would result in the requirement for the recipient of such payments to pay additional interest and taxes to be imposed in accordance
with Section 409A(a)(1)(B) of the Code; provided, however, neither the Bank, nor the Committee shall have any responsibility to
a Participant or Beneficiary with respect to any tax liabilities that may be applicable to any payments made by the Plan.
	 	 	 

		b.	If any provision of the Plan shall be determined to be inconsistent with
the requirements of Section 409A of the Code, then, the Plan shall be construed, to the maximum extent possible, to give effect
to such provision in a manner consistent with Section 409A of the Code, and if such construction is not possible, as if such provision
had never been included.
	 	 	 
	 	c.	Delay of Payment Commencement to Specified Employees. Notwithstanding
any provision in the Plan to the contrary, if a Participant

 

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		 	is a Specified
Employee, such Participant's benefit payments shall become first payable to him or her as of the first day of the seventh month
next following his or her Retirement Date, or other termination of service, if and only if such payments, if made earlier, would
result in the recipient of such payments to pay additional interest and taxes to be imposed in accordance with Section 409A(a)(1)(B)
of the Code; provide that such payment delay shall not be required in the event of the death of a Participant. "Specified
Employee" shall mean a key employee who, at any time during the plan year, is (i) an officer of the Bank having an annual
compensation greater than $150,000 (as indexed), (ii) a 5-percent owner of Company, or (iii) a 1-percent owner of the Company
having an annual compensation from the Bank greater than $150,000; provided, however, that this subparagraph shall only be effective
if the stock of the Company or a parent corporation is publicly traded as set forth at Section 409A(a)(2)(B)(i).

 

		d.	"Termination of Service" means that the Participation ceases
service with the Bank for any reason whatsoever other than by reason of death, Disability, or a leave of absence, which is approved
by the Bank. "Termination of Service" shall have the same meaning as "separation from service", as that phrase
is defined in Section 409A of the Code (taking into account all rules and presumptions provided for in the Section 409A regulations).
	 	 	 

		e.	De Minimus Lump Sum Payment.
Notwithstanding the foregoing, the Bank may, in its sole discretion, commence pay-out of a Participant's Retirement Benefit
Amount at any time, provided that such pay-out amount shall be in an amount equal to not less than the lump sum value of such
Retirement Benefit Amount determined on the date of such pay-out; provided that such pay-out (1) accompanies the termination of
the Participant's entire interest under the Plan and all similar arrangements that constitute a nonaccount balance plan under
Regulations at Section 1.409A-1(c)(2) applicable to Section 409A of the Code; and (2) the payment is not greater than the applicable
dollar amount under Code Section 402(g)(1)(B).

 

2.8       No
280G Payments. Notwithstanding the forgoing, all sums payable hereunder shall be reduced in such manner and to such extent
so that no such payments made hereunder when aggregated with all other payments to be made to the Participant by the Bank or the
Company shall be deemed an "excess parachute payment" in accordance with Code 280G and regulations, promulgated thereunder
and subject the Participant to the excise tax provided at Section 4999(a) of the Code.

 

ARTICLE III

 

TRUST/NON-FUNDED STATUS OF PLAN

 

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3.1        Trust/Non-Funded Status of
Plan. Except as may be specifically provided, nothing contained in this Plan and no action taken pursuant to the
provisions of this Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship between the
Bank and the Participant or any other person. Any funds which may be invested under the provisions of this Plan shall
continue for all purposes to be a part of the general funds of the Bank. No person other than the Bank shall by virtue of the
provisions of this Plan have any interest in such funds. The Bank shall not be under any obligation to use such funds solely
to provide benefits hereunder, and no representations have been made to any Participant that such funds can or will be used
only to provide benefits hereunder. To the extent that any person acquires a right to receive payments from the Bank under
the Plan, such rights shall be no greater than the right of any unsecured general creditor of the Bank.

 

In order to facilitate
the accumulation of funds necessary to meet the costs of the Bank under this Plan (including the provision of funds necessary to
pay premiums with respect to any life insurance policies purchased pursuant to Article III, and to pay benefits to the extent that
the cash value and/or proceeds of any insurance policies are not adequate to make payments to a Participant when such payments
shall become due under the Plan), the Bank may enter into a Trust Agreement. The Bank, in its discretion, may elect to place any
life insurance policies purchased pursuant to Article III into a Trust. In addition, the Board may (in its sole discretion) place
in said Trust such additional amounts as it deems appropriate from time to time. To the extent that the assets of said Trust and/or
the proceeds of any life insurance policy purchased pursuant to Article III are not sufficient to pay benefits accrued under this
Plan, such payments shall be made from the general assets of the Bank.

 

ARTICLE IV

 

VESTING

 

4.1        Vesting. All benefits under
this Plan are deemed non-vested and forfeitable prior to a Participant meeting the requirements set forth at Sections 2.1,
2.2, 2.3 and 2.5 herein. All benefits payable hereunder shall be deemed 100% vested and non-forfeitable by the Participant
upon his or her meeting the requirements set forth at Sections 2.1, 2.2, 2.3 or 2.5 herein. No benefits shall be deemed
payable hereunder for any period prior to the time that such benefits shall be deemed 100% vested and non-forfeitable.

 

ARTICLE V

 

TERMINATION OF BENEFITS

 

5.1        Termination
of Benefits Rights. All the rights of a Participant shall terminate immediately upon the Participant ceasing to be in the
active service of the Bank prior to the time that benefits payable under the Plan shall be deemed to be 100% vested and non-forfeitable
in accordance with Article V. A leave of absence approved by the Board shall not constitute a cessation of service within the
meaning of this Section 4.1.

 

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ARTICLE VI

 

GENERAL PROVISIONS

 

6.1        Other
Benefits. Nothing in this Plan shall diminish or impair a Participant's eligibility, participation or benefit entitlement
under any other benefit, insurance or compensation plan or agreement of the Bank now or hereinafter in effect.

 

6.2        No
Effect on Employment or Service. This Plan shall not be deemed to give any Participant or other person in the employ or service
of the Bank any right to be retained in the employment or service of the Bank, or to interfere with the right of the Bank to terminate
any Participant or such other person at any time and to treat him or her without regard to the effect which such treatment might
have upon him or her as a Participant in this Plan.

 

6.3        Legally
Binding. The rights, privileges, benefits and obligations under this Plan are intended to be legal obligations of the Bank
and binding upon the Bank, its successors and assigns.

 

6.4        Modification. The Bank, by
action of the Board of Directors, reserves the exclusive right to amend, modify, or terminate this Plan. Any such
termination, modification or amendment shall not terminate or diminish any rights or benefits accrued by any Participant
prior thereto without regard to whether such rights or benefits shall be deemed vested as of such date. The Bank shall give
thirty (30) days notice in writing to any Participant prior to the effective date of any amendment, modification or
termination of this Plan.

 

Upon a
termination of the Plan, the Participant may receive a lump sum payment immediately paid to the Participant (without regard
to any actual Termination of Service) or designated beneficiary, provided, however, any such distributions to be made in
accordance with this Section 6.4 shall comply with the requirements and limitation under Section 409A of the Code, including
that such lump-sum distribution shall only be made: (1) within thirty (30) days before, or twelve (12) months after a change
in the ownership or effective control of the Bank or the Company, or change in the ownership of a substantial portion of the
assets of the Bank or the Company as described in Section 409A(2)(A)(v) of the Code, provided that all distributions are made
no later than twelve (12) months following such termination of the Plan and further provided that all of the Bank's
arrangements which are substantially similar to the Plan are terminated so the Participant and all participants under similar
arrangements shall receive all amounts of deferred compensation under such terminated agreements within twelve (12) months of
the termination of the arrangements; (2) Upon the Bank's dissolution or with the approval of a bankruptcy court provided that
the amounts deferred under the Plan are included in the Participant's gross income in the latest of (i) the calendar year in
which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of
forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (3) Upon the Bank's
termination of this and all other non-account balance plans (as referenced in Section 409A of the Code or the regulations
thereunder), provided that all distributions are made no earlier than twelve (12) months and no later than twenty-four (24)
months following such 

 

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termination, and the Bank does not adopt any new non-account balance plans for a minimum of three (3)
years following the date of such termination.

 

6.5       Arbitration.
Any controversy or claim arising out of or relating to the Plan or the breach thereof shall be settled by arbitration in accordance
with the Commercial Arbitration Rules of the American Arbitration Association, with such arbitration hearing to be held at the
offices of the American Arbitration Association ("AAA") nearest to the home office of the Bank, unless otherwise mutually
agreed to by the Participant and the Bank, and judgment upon the award rendered by the arbitrator(s) may be entered in any court
having jurisdiction thereof.

 

6.6       Limitation.
No rights of any Participant are assignable by any Participant, in whole or in part, either by voluntary or involuntary act
or by operation of law. The rights of a Participant hereunder are not subject to anticipation, alienation, sale, transfer, assignment,
pledge, hypothecation, encumbrance or garnishment by creditors of the Participant. Further, a Participant's rights under the Plan
are not subject to the debts, contracts, liabilities, engagements, or torts of any Participant. No Participant shall have any
right under this Plan or right against any assets held or acquired pursuant thereto other than the rights of a general, unsecured
creditor of the Bank pursuant to the unsecured promise of the Bank to pay the benefits accrued hereunder in accordance with the
terms of this Plan. The Bank has no obligation under this Plan to fund or otherwise secure its obligations to render payments
hereunder to a Participant. No Participant shall have any discretion in the use, disposition, or investment of any asset acquired
or set aside by the Bank to provide benefits under this Plan.

 

6.7       ERISA and IRC
Disclaimer. It is intended that the Plan be neither an "employee welfare benefit plan" nor an "employee pension
benefit plan" for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Further,
it is intended that the Plan will not cause the interest of a Participant under the Plan to be includable in the gross income
of such Participant prior to the actual receipt of a payment under the Plan for purposes of the Internal Revenue Code of 1986,
as amended ("IRC").

 

6.8       Regulatory Matters.

 

		a.	The Participant shall have no right to receive compensation or other benefits
in accordance with the Plan for any period after termination of service for Just Cause. Termination for "Just Cause"
shall include termination because of the Participant's personal dishonesty, incompetence, willful misconduct, breach of fiduciary
duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation
(other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of the
Plan.

 

		b.	Notwithstanding anything herein to the contrary, any payments made to a Participant
pursuant to the Plan shall be subject to and conditioned upon compliance with 12 USC '1828(k) and any regulations promulgated thereunder.

 

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6.9       Incompetency. If
the Bank shall find that any person to whom any payment is payable under the Plan is deemed unable to care for his or her
personal affairs because of illness or accident, any payment due (unless a prior claim therefor shall have been made by a
duly appointed guardian, committee or other legal representative) may be paid to the spouse, a child, a parent, or a brother
or sister, or to any person deemed by the Bank to have incurred expense for such person otherwise entitled to payment, in
such manner and proportions as the Board may determine in its sole discretion. Any such payments shall constitute a complete
discharge of the liabilities of the Bank under the Plan.

 

6.10     Construction.
The Committee shall have full power and authority to interpret, construe and administer this Plan and the Committee's interpretations
and construction thereof, and actions thereunder, shall be binding and conclusive on all persons for all purposes. Directors of
the Bank shall not be liable to any person for any action taken or omitted in connection with the interpretation and administration
of this Plan unless attributable to his or her own willful, gross misconduct or lack of good faith.

 

6.11     Plan Administration.
The Board shall administer the Plan; provided, however, that the Board may appoint an administrative committee (i.e., the
Committee) to provide administrative services or perform duties required by this Plan. The Committee shall have only the authority
granted to it by the Board.

 

6.12     Governing
Law. This Plan shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania, except to
the extent that federal law shall be deemed to apply.

 

6.13     Successors
and Assigns. The Plan shall be binding upon any successor or successors of the Bank, and unless clearly inapplicable, reference
herein to the Bank shall be deemed to include any successor or successors of the Bank.

 

6.14      Sole Agreement.
The Plan expresses, embodies, and supersedes all previous agreements, understandings, and commitments, whether written or oral,
between the Bank and any Participants hereto with respect to the subject matter hereof.

 

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SCHEDULE A

 

William Penn Bank

Levittown, Pennsylvania

 

DIRECTORS' CONSULTATION AND RETIREMENT
PLAN

 

NOTICE OF RETIREMENT AND PARTICIPATION

 

WHEREAS, the Board
of Directors of William Penn Bank Levittown, Pennsylvania ("Bank") has previously adopted the William Penn Bank Directors'
Consultation and Retirement Plan ("Plan"); and

 

WHEREAS,
upon retirement as a Director, I am eligible to elect to participate in the Plan.

 

My signature below
hereby evidences my request to the Bank of my election to participate in the Plan, as follows:

 

		1.	This election to participate in the Plan is being delivered
                                         to the Bank effective                                                       
                                         ;

 

		2.	I hereby resign as a director of the Bank as of _____________________________("Retirement Date");

 

		3.	Upon retirement from the Board as of the Retirement Date, I shall be appointed
as a Consulting Director to the Bank and shall be available to advise the Bank from time to time on business and community relations
matters as may be requested;

 

		4.	As a Consulting Director, I will not have any specific duties or responsibilities,
except as may be specifically requested from time to time by the Board;

 

		5.	Compensation as a Consulting Director shall be as specified at Article II
of the Plan as a consulting retainer and retirement benefit;

 

		6.	Any benefits payable in accordance with the Plan shall upon my death be payable
to my Beneficiary without any reduction in the benefit amount remaining to be paid.

 

		7.	I hereby acknowledge that benefit payments shall commence as of the first
business day of the calendar month immediately following my Retirement Date.

 

		8.	I understand that the above listed items constitute the only benefits that
shall be delivered to me as a Participant in the Plan as further detailed in the Plan.

 

    

     

    

  

Entered into on such date as noted below:

 

	Accepted:	 	 	 	 
	 	Retiring Director	 	 	Date
	 	 	 	 
	Accepted:	 	 	 	 
	 	For the Bank	 	 	DateExhibit 10.8

 

AGREEMENT

 

THIS AGREEMENT (the
 “Agreement”), dated this 4th day of August 2020, is by and among William Penn Bancorp, Inc. (the “Company”),
William Penn, MHC (the “MHC”), WPH Holding Company, a newly formed Maryland corporation (“WPH”), and William
Penn Bank (the “Bank” and, together with the Company, WPH and the MHC, “William Penn”), on the one hand,
and Tyndall Capital Partners LP (“Tyndall”) and Jeffrey S. Halis, an individual (collectively, the “Tyndall Group”
and individually, a “Tyndall Group Member”), on the other hand.

 

RECITALS

 

WHEREAS, William Penn
and the Tyndall Group have agreed that it is in their mutual interests to enter into this Agreement.

 

NOW, THEREFORE,
in consideration of the recitals and the representations, warranties, covenants and agreements contained herein and other good
and valuable consideration, and intending to be legally bound hereby, the parties agree as follows:

 

1.            Representations
and Warranties of the Tyndall Group. The Tyndall Group Members hereby represent and warrant to William Penn as follows:

 

(a)            The
Tyndall Group has fully disclosed in Exhibit A to this Agreement the total number of shares of common stock of the
Company, par value $0.01 per share (the “Company Common Stock”), to which it is the beneficial owner, and neither the
Tyndall Group nor any Tyndall Group Member nor any of their affiliates has (i) a right to acquire any interest in any capital
stock of the Company, or (ii) a right to vote any shares of capital stock of the Company other than as set forth in Exhibit A;

 

(b)            The
Tyndall Group and the Tyndall Group Members have full power and authority to enter into and perform their obligations under this
Agreement, and the execution and delivery of this Agreement by the Tyndall Group and the Tyndall Group Members has been duly authorized
by the Tyndall Group and the Tyndall Group Members. This Agreement constitutes a valid and binding obligation of the Tyndall Group
and the Tyndall Group Members and the performance of its terms will not constitute a violation of any limited partnership agreement,
articles of incorporation, bylaws, operating agreement or any agreement or instrument to which the Tyndall Group or any Tyndall
Group Member is a party;

 

(c)            There
are no other persons who, by reason of their personal, business, professional or other arrangement with the Tyndall Group or any
Tyndall Group Member, have agreed, in writing or orally, explicitly or implicitly, to take any action on behalf of or in lieu of
the Tyndall Group or any Tyndall Group Member that would be prohibited by this Agreement; and

 

(d)            There
are no arrangements, agreements or understandings concerning the subject matter of this Agreement between the Tyndall Group and
any Tyndall Group Member and William Penn other than as set forth in this Agreement. 

 

     

     

    

 

2.            Representations
and Warranties of William Penn. The Company, the MHC, WPH and the Bank hereby represent and warrant to the Tyndall Group Members
as follows:

 

(a)            The
Company, the MHC, WPH and the Bank have full power and authority to enter into and perform their respective obligations under this
Agreement, and the execution and delivery of this Agreement by the Company, the MHC, WPH and the Bank has been duly authorized
by the Board of Directors of the Company, the MHC, WPH and the Bank. This Agreement constitutes a valid and binding obligation
of the Company, the MHC, WPH and the Bank and the performance of its terms will not constitute a violation of their respective
articles of incorporation or bylaws or any agreement or instrument to which the Company, the MHC, WPH or the Bank is a party;

 

(b)            Upon
the completion of the fully public conversion of William Penn from the mutual holding company form of organization to the stock
holding form of organization (the “Second Step Conversion”), WPH will change its legal name and become the stock holding
company of the Bank; and

 

(c)            The
Company, the MHC, WPH and the Bank hereby represent and warrant to the Tyndall Group that there are no arrangements, agreements
or understandings concerning the subject matter of this Agreement between the Tyndall Group or any Tyndall Group Member and William
Penn other than as set forth in this Agreement.

 

3.            Covenants.
The Tyndall Group and the Tyndall Group Members, on the one hand, and William Penn, on the other hand, covenant and agree as follows:

 

(a)            Voting
of Company Common Stock. During the term of this Agreement, at any meeting of the shareholders of the Company, the Tyndall
Group and each Tyndall Group Member covenant and agree, and shall require each of their affiliates, to cause the shares of Company
Common Stock, or any other securities of the Company, of which they are the beneficial owner, to be present for quorum purposes
and to be voted on all proposals at any meeting of the shareholders of the Company, or any adjournment or postponement thereof,
in accordance with the recommendations of the Company’s Board of Directors, including, but not limited to, with the respect
to a proposal to effect the Second Step Conversion. Notwithstanding the foregoing, with respect to any such proposal that requires
only a majority of votes cast by Company shareholders to be approved (as opposed to a proposal requiring a majority or higher percentage
of total shares of Company Common Stock outstanding, or a majority or higher percentage of the total shares of outstanding Company
Common Stock held by shareholders other than the MHC, which shall both be subject to the voting requirement set forth in the first
sentence of this Section 3(a)), the Tyndall Group and each Tyndall Group Member may abstain from voting their shares of Company
Common Stock, or any other securities of the Company beneficially owned by them, on the proposal in lieu of voting their shares
of Company Common Stock, or any other securities of the Company beneficially owned by them, in accordance with the recommendations
of the Company’s Board of Directors with respect to the proposal.

 

    	 	2	 

     

    

 

(b)            Voting
of WPH Common Stock. During the term of this Agreement, at any meeting of the shareholders of WPH, the Tyndall Group and each
Tyndall Group Member covenant and agree, and shall require each of their affiliates, to cause the shares of common stock of WPH
(the “WPH Common Stock”), or any other securities of WPH, of which they are the beneficial owner, to be present for
quorum purposes and to be voted on all proposals at any meeting of the shareholders of the WPH, or any adjournment or postponement
thereof, in accordance with the recommendations of WPH’s Board of Directors. Notwithstanding the foregoing, with respect
to any such proposal that requires only a majority of votes cast by WPH shareholders to be approved (as opposed to a proposal requiring
a majority or higher percentage of total shares of WPH Common Stock outstanding, which shall be subject to the voting requirement
set forth in the first sentence of this Section 3(b)), the Tyndall Group and each Tyndall Group Member may abstain from voting
their shares of WPH Common Stock, or any other securities of WPH beneficially owned by them, on the proposal in lieu of voting
their shares of WPH Common Stock, or any other securities of WPH beneficially owned by them, in accordance with the recommendations
of WPH’s Board of Directors with respect to the proposal.

 

(c)            Voting
on WPH Stock Benefit Plan. Notwithstanding the requirements of Section 3(b) of this Agreement but subject to the
requirements set forth in Section 3(d) of this Agreement, with respect to any proposal submitted to the shareholders
of WPH requesting that WPH shareholders approve the adoption or implementation of an omnibus stock incentive plan (“Stock
Benefit Plan”), the Tyndall Group and each Tyndall Group Member may only either (i) abstain from voting their shares
of WPH Common Stock, or any other securities of WPH beneficially owned by them, on the proposal to approve the Stock Benefit Plan
in lieu of voting their shares of WPH Common Stock, or any other securities of WPH beneficially owned by them, or (ii) vote
such shares of WPH Common Stock, or any other securities of WPH beneficially owned by them, in accordance with the recommendations
of WPH’s Board of Directors in favor of the Stock Benefit Plan.

 

(d)            Additional
Tyndall Group Covenants and Forbearances. During the term of this Agreement, the Tyndall Group and each Tyndall Group Member
covenant and agree not to do the following, directly or indirectly, alone or in concert with any affiliate, other group or other
person:

 

(i)            acquire,
offer or propose to acquire or agree to acquire, whether by purchase, tender or exchange offer, or through the acquisition of control
of another person or entity (including by way of merger or consolidation) any additional shares of the outstanding Company Common
Stock or WPH Common Stock, any rights to vote or direct the voting of any additional shares of Company Common Stock or WPH Common
Stock, or any securities convertible into Company Common Stock or WPH Common Stock (except by way of stock splits, stock dividends,
stock reclassifications or other distributions or offerings made available and, if applicable, exercised on a pro rata basis, to
holders of the Company Common Stock or WPH Common Stock generally); provided, however, that if the Tyndall Group or any
Tyndall Group Member beneficially owns any shares of Company Common Stock at the effective time of the Second Step Conversion,
such shares shall be converted into shares of WPH Common Stock in accordance with the final exchange ratio for the conversion of
Company Common Stock applicable to all shareholders of the Company at the effective time of the Second Step Conversion;

 

    	 	3	 

     

    

 

(ii)           without
the Company’s prior written consent, directly or indirectly, sell, transfer or otherwise dispose of any interest in the Tyndall
Group’s shares of Company Common Stock prior to William Penn’s public announcement of its adoption of a plan of conversion
with respect to the Second Step Conversion; provided, however, that if William Penn has not made a public announcement regarding
its adoption of a plan of conversion with respect to the Second Step Conversion by September 30, 2020, William Penn will promptly
either (a) make a public announcement regarding its intent to proceed with the Second Step Conversion or (b) notify the
Tyndall Group in writing that it has determined not to proceed with the Second Step Conversion at such time and, upon such public
announcement or the Tyndall Group’s receipt of such written notification, the Tyndall Group and each Tyndall Group Member
may, subject to the provisions of this Agreement, sell, transfer or otherwise dispose of any interest in the Tyndall Group’s
shares of Company Common Stock.

 

(iii)          without
the Company’s prior written consent, knowingly directly or indirectly, sell, transfer or otherwise dispose of any block of
shares of Company Common Stock that constitute, in the aggregate, 5.0% or more of the outstanding shares of Company Common Stock
held by stockholders other than the MHC, unless the purchaser or transferee of such shares of Company Common Stock agrees in writing
for the benefit of William Penn, prior to such sale or transfer, to be bound by the terms of this Agreement and to be subject to
all obligations of a Tyndall Group Member to William Penn under this Agreement for the remaining term of the Agreement;

 

(iv)          without
WPH’s prior written consent, knowingly directly or indirectly, sell, transfer or otherwise dispose of any block of shares
of WPH Common Stock that constitute, in the aggregate, an amount of WPH Common Stock equal to 5.0% or more of the outstanding shares
of Company Common Stock held by stockholders other than the MHC (after giving effect to the final exchange ratio for the Second
Step Conversion) immediately prior to the effective time of the Second Step Conversion, unless the purchaser or transferee of such
shares of WPH Common Stock agrees in writing for the benefit of William Penn, prior to such sale or transfer, to be bound by the
terms of this Agreement and to be subject to all obligations of a Tyndall Group Member to William Penn under this Agreement for
the remaining term of the Agreement;

 

(v)           seek
to exercise any control or influence over the management of the Company, WPH or the Bank or the Boards of Directors of the Company,
WPH or the Bank or any of the businesses, operations or policies of the Company, WPH or the Bank,

 

(vi)          except
in connection with the enforcement of this Agreement, initiate or participate, by encouragement or otherwise, in any litigation
against the Company, the MHC, WPH or the Bank or their respective officers and directors, or in any derivative litigation on behalf
of the Company, the MHC, WPH or the Bank, except for testimony which may be required by law;

 

    	 	4	 

     

    

 

(vii)         request, or induce or encourage any other person to request, that William Penn amend or waive any of the provisions of this Agreement;

 

(viii)        advise, assist, encourage or finance (or arrange, assist or facilitate financing to or for) any other person in connection with
any of the matters restricted by, or otherwise seek to circumvent the limitations of, this Agreement;

 

(ix)          (A) propose
or seek to effect a merger, consolidation, recapitalization, reorganization, sale, lease, exchange or other disposition of substantially
all the assets of, or other business combination involving, or a tender or exchange offer for securities of, the Company, WPH or
the Bank or any material portion of the Company’s, WPH’s or the Bank’s business or assets or any type of transaction
that would result in a change in control of the Company or WPH (any such transaction described in this clause (A) is a “William
Penn Corporate Transaction” and any proposal or other action seeking to effect a William Penn Corporate Transaction as described
in this clause (A) is defined as a “William Penn Corporate Transaction Proposal”), (B) present to the Company,
WPH, their shareholders or any third party any proposal constituting or that could reasonably be expected to result in a William
Penn Corporate Transaction, or (C) seek to effect a change in control of the Company or WPH;

 

(x)           publicly
suggest or announce its willingness or desire to engage in a transaction or group of transactions or have another person engage
in a transaction or group of transactions that would constitute or could reasonably be expected to result in a William Penn Corporate
Transaction or take any action that might require the Company or WPH to make a public announcement regarding any such William Penn
Corporate Transaction;

 

(xi)           initiate,
request, induce, encourage or attempt to induce or give encouragement to any other person to initiate any proposal constituting
or that can reasonably be expected to result in a William Penn Corporate Transaction Proposal, or otherwise provide assistance
to any person who has made or is contemplating making, or enter into discussions or negotiations with respect to, any proposal
constituting or that can reasonably be expected to result in a William Penn Transaction Proposal;

 

(xii)         solicit
proxies or written consents or assist or participate in any other way, directly or indirectly, in any solicitation of proxies or
written consents, or otherwise become a “participant” in a “solicitation,” or assist any “participant”
in a “solicitation” (as such terms are defined in Rule 14a-1 of Regulation 14A and Instruction 3 of Item 4 of
Schedule 14A, respectively, under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) in opposition
to any recommendation or proposal of the Board of Directors of the Company or WPH, or recommend or request or induce or attempt
to induce any other person to take any such actions, or seek to advise, encourage or influence any other person with respect to
the voting of (or the execution of a written consent in respect of) the Company Common Stock or the WPH Common Stock, or execute
any written consent in lieu of a meeting of the holders of the Company Common Stock or the WPH Common Stock, or grant a proxy with
respect to the voting of the capital stock of the 

 

    	 	5	 

     

    

 

Company to any person or entity other than the Board of Directors of the Company
or the Board of Directors of WPH;

 

(xiii)        initiate, propose, submit, encourage or otherwise solicit shareholders of the Company or of WPH for the approval of one or more
shareholder proposals or induce or attempt to induce any other person to initiate any shareholder proposal, or seek election to,
or seek to place a representative or other affiliate or nominee on, the Board of Directors of the Company or WPH, or seek removal
of any member of the Board of Directors of the Company, WPH or the Bank;

 

(xiv)        form,
join in or in any other way (including by deposit of the Company’s or WPH’s capital stock) participate in a partnership,
pooling agreement, syndicate, voting trust or other group with respect to Company Common Stock or WPH Common Stock, or enter into
any agreement or arrangement or otherwise act in concert with any other person, for the purpose of acquiring, holding, voting or
disposing of Company Common Stock or WPH Common Stock;

 

(xv)         (A) join
with or assist any person or entity, directly or indirectly, in opposing, or make any statement in opposition to, any proposal
or director nomination submitted by the Company’s Board of Directors to a vote of the Company’s shareholders, (B) join
with or assist any person or entity, directly or indirectly, in opposing, or make any statement in opposition to, any proposal
or director nomination submitted by the WPH’s Board of Directors to a vote of WPH’s shareholders, or (C) join
with or assist any person or entity, directly or indirectly, in supporting or endorsing (including supporting, requesting or joining
in any request for a meeting of shareholders in connection with), or make any statement in favor of, any proposal submitted to
a vote of the Company’s or WPH’s shareholders that is opposed by the Company’s Board of Directors or WPH’s
Board of Directors; or

 

(xvi)        vote
for any nominee or nominees for election to the Board of Directors of the Company or the Board of Directors of WPH other than those
nominated or supported by the Company’s Board of Directors or WPH’s Board of Directors.

 

(e)            Special
WPH Dividend. During the term of this Agreement, William Penn hereby covenants and agrees that, in the offering prospectus
of WPH for shares of its common stock to be issued in connection with the Second Step Conversion (the “Prospectus”),
WPH will disclose its intention to declare a one-time special cash dividend of up to $0.50 per share of WPH Common Stock, subject
to the receipt of all required approvals from any applicable governmental or regulatory authority, following the completion of
the Second Step Conversion.

 

(f)            Non-Disparagement.
During the term of this Agreement, the Tyndall Group and each Tyndall Group Member agrees not to disparage the Company, the
MHC, WPH, the Bank or any of their directors (including nominees supported by the Company’s Board of Directors or WPH’s
Board of Directors), officers or employees in any public or quasi-public forum, and the Company, the MHC, WPH, and the Bank agree
not to disparage the Tyndall Group or any Tyndall Group Member in any public or quasi-public forum.

 

    	 	6	 

     

    

 

4.            Notice
of Breach and Remedies.

 

(a)            The
parties expressly agree that an actual or threatened breach of this Agreement by any party will give rise to irreparable injury
that cannot adequately be compensated by damages. Accordingly, in addition to any other remedy to which it may be entitled, each
party shall be entitled to seek a temporary restraining order or injunctive relief to prevent a breach of the provisions of this
Agreement or to secure specific enforcement of its terms and provisions.

 

(b)            The
Tyndall Group and each Tyndall Group Member expressly agree that they will not be excused or claim to be excused from performance
under this Agreement as a result of any material breach by William Penn unless and until William Penn is given written notice of
such breach and allowed fifteen (15) business days either to cure such breach or seek relief in court.  If William Penn
seeks relief in court, the Tyndall Group and each Tyndall Group Member irrevocably stipulate that any failure to perform by the
Tyndall Group and/or any Tyndall Group Member or any assertion by the Tyndall Group and/or any Tyndall Group Member that they are
excused from performing their obligations under this Agreement because it would cause William Penn irreparable harm, then William
Penn shall not be required to provide further proof of irreparable harm in order to obtain equitable relief and that the Tyndall
Group and each Tyndall Group Member shall not deny or contest that such circumstances would cause William Penn irreparable harm.  If,
after such fifteen (15) business day period, William Penn has not either reasonably cured such material breach or obtained relief
in court, the Tyndall Group or each Tyndall Group Member may terminate this Agreement by delivery of written notice to William
Penn.

 

(c)            William
Penn expressly agrees that it will not be excused or claim to be excused from performance under this Agreement as a result of any
material breach by the Tyndall Group or any Tyndall Group Member unless and until the Tyndall Group and each Tyndall Group Member
is given written notice of such breach and allowed fifteen (15) business days either to cure such breach or seek relief in court.  If
the Tyndall Group or any Tyndall Group Member seeks relief in court, William Penn irrevocably stipulates that any failure to perform
by William Penn or any assertion by William Penn that it is excused from performing its obligations under this Agreement because
it would cause the Tyndall Group and each Tyndall Group Member irreparable harm, then the Tyndall Group or any Tyndall Group Member
shall not be required to provide further proof of irreparable harm in order to obtain equitable relief and that William Penn shall
not deny or contest that such circumstances would cause the Tyndall Group and each Tyndall Group Member irreparable harm. If, after
such fifteen (15) business day period, the Tyndall Group or the Tyndall Group Member has not either reasonably cured such material
breach or obtained relief in court, William Penn may terminate this Agreement by delivery of written notice to the Tyndall Group
and each Tyndall Group Member.

 

5.            Term.
This Agreement shall be effective upon the execution of the Agreement, and will remain in effect until 11:59 p.m. on August 4,
2025.

 

6.            Publicity.
During the term of this Agreement, no party to this Agreement shall (i) disclose the existence of this Agreement, or any of
the terms of this Agreement, to any third party

 

    	 	7	 

     

    

 

without the prior written consent of such other party or (ii) cause, discuss,
cooperate or otherwise aid in the preparation of any press release or other publicity or public disclosure concerning this Agreement
or any other party to this Agreement or its operations without the prior approval of such other party; provided, however, that
William Penn may include a summary of the provisions of this Agreement in the Prospectus and include a copy of this Agreement,
if required under applicable federal securities or banking laws, as an exhibit to any application, notice or registration statement
filed with a governmental or regulatory authority in connection with the Second Step Conversion.

 

7.            Notices.
All notices, communications and deliveries required or permitted by this Agreement shall be made in writing signed by the party
making the same, shall specify the Section of this Agreement pursuant to which it is given or being made and shall be deemed
given or made (a) on the date delivered if delivered by telecopy or in person, (b) on the third Business Day after
it is mailed if mailed by registered or certified mail (return receipt requested) (with postage and other fees prepaid) or (c) on
the day after it is delivered, prepaid, to an overnight express delivery service that confirms to the sender delivery on such day,
as follows:

 

	Tyndall Group:	Jeffrey S. Halis
	 	Tyndall Capital Partners LP
	 	150 E. 58th Street, 14th Floor
	 	New York, New York 10155
	 	jhalis@tyndallmanagement.com

 

	with a copy to:	Michael Basile, Esq.
	 	Stroock & Stroock & Lavan LLP
	 	200 S. Biscayne Boulevard, Suite 3100
	 	Miami, Florida 33131
	 	mbasile@stroock.com

 

	William Penn:	Kenneth J. Stephon
	 	President and Chief Executive Officer
	 	William Penn Bancorp, Inc.
	 	WPH Holding Company
	 	William Penn, MHC
	 	William Penn Bank
	 	10 Canal Street, Suite 104
	 	Bristol, Pennsylvania 19007
	 	kstephon@williampenn.bank

 

	with a copy to:	Gary R. Bronstein, Esq.
	 	Kilpatrick Townsend & Stockton LLP
	 	607 14th Street, NW, Suite 900
	 	Washington, DC 20005
	 	gbronstein@kilpatricktownsend.com

 

    	 	8	 

     

    

 

8.            Governing
Law and Choice of Forum. Unless applicable federal law or regulation is deemed controlling, Pennsylvania law shall govern the
construction and enforceability of this Agreement. Any and all actions concerning any dispute arising hereunder shall be filed
and maintained in the United States District Court for the Eastern District of Pennsylvania or, if there is no basis for federal
jurisdiction, in the Philadelphia Court of Common Pleas. The Tyndall Group and the Tyndall Group Members agree that the United
States District Court for the Eastern District of Pennsylvania and the Philadelphia Court of Common Pleas may exercise personal
jurisdiction over them in any such actions.

 

9.            Severability.
If any term, provision, covenant or restriction of this Agreement is held by any governmental authority or a court of competent
jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

10.          Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the successors and
assigns, and transferees by operation of law, of the parties. Except as otherwise expressly provided, this Agreement shall not
inure to the benefit of, be enforceable by or create any right or cause of action in any person, including any shareholder of the
Company, other than the parties to the Agreement. Nothing contained herein shall prohibit any Tyndall Group Member from transferring
any portion or all of the shares of Company Common Stock or WPH Common Stock owned thereby at any time to any affiliate of a Tyndall
Group Member, but only if the transferee agrees in writing for the benefit of William Penn (with a copy thereof to be furnished
to William Penn prior to such transfer) to be bound by the terms of this Agreement (any such transferee shall be included in the
terms “Tyndall Group” and “Tyndall Group Member”).

 

11.          Survival
of Representations, Warranties and Covenants. All representations, warranties and covenants shall survive the execution and
delivery of this Agreement and shall continue for the term of this Agreement unless otherwise provided.

 

12.          Amendments.  This Agreement may not be modified, amended, altered or
supplemented except by a written agreement executed by all of the parties.

 

13.          Definitions.
      As used in this Agreement, the following terms shall have the meanings indicated as follows, unless the context otherwise requires:

 

(a)            The term “acquire”
means every type of acquisition, whether effected by purchase, exchange, operation of law or otherwise.

 

(b)            The term “acting
in concert” means (i) knowing participation in a joint activity or conscious parallel action towards a common goal,
whether or not pursuant to an express agreement, or (ii) a combination or pooling of voting or other interests in the securities
of an issuer for a common purpose pursuant to any contract, understanding, relationship, agreement or other arrangement, whether
written or otherwise.

 

    	 	9	 

     

    

 

(c)            The term “affiliate”
means, with respect to any person, a person or entity that directly, or indirectly through one or more intermediaries, controls
or is controlled by, or is under common control with such other person. 

 

(d)           The term “beneficial owner” shall have the meaning ascribed to it, and be determined in accordance with,
Rule 13d-3 of the Securities and Exchange Commission’s Rules and Regulations promulgated under the Exchange
Act.

 

(e)           The term “change
in control” denotes circumstances under which: (i) any person or group becomes the beneficial owner of shares of capital
stock of the Company or the Bank representing 25% or more of the total number of votes that may be cast for the election of the
Boards of Directors of the Company, WPH or the Bank, (ii) the persons who were directors of the Company or the Bank
cease to be a majority of the Board of Directors, in connection with any tender or exchange offer (other than an offer by the Company,
WPH or the Bank), merger or other business combination, sale of assets or contested election, or combination of the foregoing,
or (iii) shareholders of the Company, WPH or the Bank approve a transaction pursuant to which substantially all of the assets
of the Company, WPH or the Bank will be sold.

 

(f)            The term “control”
(including the terms “controlling,” “controlled by,” and “under common control with”) means
the possession, direct or indirect, of the power to direct or cause the direction of the management, activities or policies of
a person or organization, whether through the ownership of capital stock, by contract, or otherwise.

 

(g)           The term “group”
has the meaning as defined in Section 13(d)(3) of the Exchange Act.

 

(h)           The term “person”
includes an individual, group acting in concert, corporation, partnership, association, joint stock company, trust, unincorporated
organization or similar company, syndicate, or any other group formed for the purpose of acquiring, holding or disposing of the
equity securities of the Company or of WPH.

 

(i)             The term “transfer”
means, directly or indirectly, to sell, gift, assign, pledge, encumber, hypothecate or similarly dispose of (by operation of law
or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding
with respect to the sale, gift, assignment, pledge, encumbrance, hypothecation or similar disposition of (by operation of law or
otherwise), any Company Common Stock, any WPH Common Stock or any interest in any Company Common Stock or WPH Common Stock; provided,
however, that a merger or consolidation in which the Company is a constituent corporation shall not be deemed to be the transfer
of any common stock beneficially owned by the Tyndall Group or a Tyndall Group Member.

 

(j)            The term “vote”
means to vote in person or by proxy, or to give or authorize the giving of any consent as a stockholder on any matter.

 

14.           Counterparts;
Facsimile. This Agreement may be executed in any number of counterparts and by the parties in separate counterparts, and signature
pages may be delivered

 

    	 	10	 

     

    

 

by facsimile, each of which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

 

15.           Duty to Execute.
Each party agrees to execute any and all documents, and to do and perform any and all acts and things necessary or proper to effectuate
or further evidence the terms and provisions of this Agreement.

 

16.           Termination.
This Agreement shall cease, terminate and have no further force and effect upon the expiration of the term as set forth in Section 5,
unless earlier terminated pursuant to Section 4 or Section 5 hereof or by mutual written agreement of the parties.

 

[Remainder of page intentionally
blank]

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed by the undersigned and is effective as of the day and year first written above.

 

	 	TYNDALL
    CAPITAL PARTNERS LP	 	 	WILLIAM
PENN BANCORP, INC.

 

 

	By:	/s/
    Jeffrey S. Halis	 	 By:	/s/
    Kenneth J. Stephon
	 	Jeffrey
    S. Halis	 	 	Kenneth
    J. Stephon
	 	General
    Partner of the General Partner of Tyndall Capital Partners LP	 	 	President
    and Chief Executive Officer
	 	 	 	 	 

 

	 	JEFFREY
    S. HALIS	 	 	WILLIAM
    PENN, MHC

 

 

	By:	/s/
    Jeffrey S. Halis	 	 By:	/s/
    Kenneth J. Stephon
	 	Jeffrey
    S. Halis	 	 	Kenneth
    J. Stephon
	 	 	 	 	President
    and Chief Executive Officer
	 	 	 	 	 

 

	 	 	 	 	WPH
    HOLDING COMPANY

 

 

	 	 	 	 By:	/s/
    Kenneth J. Stephon
	 	 	 	 	Kenneth
    J. Stephon
	 	 	 	 	President
    and Chief Executive Officer
	 	 	 	 	 

 

	 	 	 	 	WILLIAM
    PENN BANK

 

 

	 	 	 	 By:	/s/
    Kenneth J. Stephon
	 	 	 	 	Kenneth
    J. Stephon
	 	 	 	 	President
    and Chief Executive Officer
	 	 	 	 	 

 

    	 	12	 

     

    

 

EXHIBIT A

 

The Tyndall Group beneficially
owns 342,817 shares of Company Common Stock, (i) 235,940 shares of which are owned by Tyndall and (ii) 106,877 shares
of which are owned by Jeffrey S. Halis directly.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]