Document:

Exhibit 10.41

 

	
  MARK
  P. FRISSORA

  	
   

  	
  THE HERTZ CORPORATION

  
	
  CHAIRMAN
  OF THE BOARD

  	
   

  	
  225 BRAE
  BOULEVARD, PARK RIDGE, NI 07656-0713

  
	
  CHIEF
  EXECUTIVE
  OFFICER

  	
   

  	
  PHONE:

  	
  (201)
  307-2800

  
	
   

  	
   

  	
  FAX:

  	
  (201)
  307-2603

  
	
   

  	
   

  	
  E-MAIL: mfrissora@hertz.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   
  February 1, 2008

  

 

Mr. Joseph R. Nothwang

Executive Vice President and President Vehicle Rental

and Leasing, The Americas & Pacific

The Hertz Corporation

225 Brae Boulevard

Park Ridge, NJ 07656

 

Dear Joe:

 

This is to acknowledge our discussions, and the understandings we have
reached, regarding the Change In Control Agreement between Ford Motor Company
and you (“CIC”). As you are aware, because of the expiration of the CIC, the Compensation
Committee has approved a new Change In Control Agreement (“New CIC”) for you
and other executives and key employees to replace it. The New CIC, like its
predecessor, is intended to incentivize executives to continue supporting the
organization during a change in control. It also serves to provide financial
protection to the executives whose employment ends following a change in
control under certain circumstances. To that end, the basic features of the CIC
and the New CIC are similar.

 

Under the terms of the CIC, the period beginning December 21,
2005, and ending on December 21, 2007 is defined as a “Protected Period.”
During the protected period, the agreement further provides that an executive
who terminates his employment for “Good Reason” will receive the benefits set
forth in the agreement. The circumstances which qualify as “Good Reason” are
defined in the agreement.

 

Over the past year, we have discussed the organizational changes at
Hertz as we worked together to restructure the organization and create more
value for our shareholders. One aspect of the changes we have worked on
recently is increasing the role of our global supply chain management team in
the acquisition and disposition of our fleet, a function that has resided
within RAC in the past. We have also discussed whether and to what extent these
changes impacted your responsibilities in a manner that would provide “Good
Reason” for you to voluntarily terminate your employment and receive the
benefits outlined in the Ford agreement. I appreciate your commitment to this
organization and willingness to move forward with our change process
notwithstanding the concerns you have raised regarding fleet acquisition and
disposition.

 

 

It is important to me, our sponsors and other stakeholders that you
have comfort regarding the critically important role you play in this
organization as we move forward with the change process. Our mutual commitment
to the successful implementation of the change process goes without saying. I
understand the concerns you have expressed in our discussions and the fact that
the time period for you to voluntarily terminate your employment with “Good
Reason” under the CIC will expire on January 18, 2008.

 

In order to accommodate your concerns, for purposes of the New CIC, the
Company will deem your employment to be under a “Protected Period” through June 21,
2009. If during the eighteen month period ending on June 21, 2009, you
resign because you have determined that we cannot implement the revised
responsibilities for fleet acquisition and disposition without disrupting your
leadership of RAC, the Company will waive any right it might have under the New
CIC to dispute whether your resignation is for “Good Reason” as defined in the
New CIC. Accordingly, you will be entitled to receive the benefits outlined in
the New CIC in connection with such a resignation regardless of whether there
is a change in control of the Company. Similarly, if the Company terminates
your employment for any reason other than “cause” as defined in the New CIC
during the period ending June 21, 2009, you will be entitled to receive
the benefits outlined in the New CIC in connection with such termination,
regardless of whether there is a change in control of the Company.
Notwithstanding the foregoing, if your employment ends due to your disability
or death during the Protected Period, your benefits shall be determined in
accordance with the terms of the New CIC in Section 4(i) if you
become disabled or Section 4(iii) in the event of your death.

 

In the event of your resignation or termination (other than a
termination due to disability or death), you will also be entitled to the
following benefits in addition to the benefits set forth in the New CIC:

 

(A)     You shall receive payment of all
accrued but unused vacation and unreimbursed business expenses.

 

(B)     You shall
receive the payments for 2007 and 2008 in accordance with the Hertz Corporation
Long Term Incentive Plan (“LTIP”) in effect on the date of this letter which
may not be modified, suspended or terminated with respect to you. You shall
receive the maximum LTIP payments based upon the performance of the Company as
set forth in the LTIP, which may not be reduced at the discretion of the
Company. Further, if any additional long term incentive compensation plan
should become effective on or before June 21, 2009, you will also be
entitled to receive the payments, if any, under such plan for 2008 and 2009 in
accordance with such plan’s provisions which may not be modified, suspended or
terminated with respect to you. You shall receive the maximum payments based
upon the performance of the Company as set forth in any such plan and those
payments may not be reduced at the discretion of the Company. The LTIP payments
will be paid to you at the time that they are paid to the Hertz executives
employed by the Company, but in no event later than March 30 of the year
following the year upon which the Company’s performance was measured.

 

2

 

(C)     At all times
following your resignation or termination, the Company shall (i) maintain
in full force and effect, without any change in terms that is adverse to you,
any retirement plan of, or provided by, the Company as of the date of this
letter in which you participated or would, upon normal retirement (as such term
is defined in the applicable retirement plan), be entitled to participate,
including without limitation, the Company’s Account Balance Defined Benefit
Pension Plan, SERP I, SERP II, and the Company’s Benefit Equalization Plan (“BEP”).

 

(D)     The Company
shall maintain in full force and effect the Hertz Corporation Key
Officer-Assigned Car Benefit according to the terms of that program in effect
as of the date of this letter, which may not be modified, suspended or
terminated with respect to you, with the exception that the car assigned to you
shall be selected from the highest level of vehicle available, up to and
including the Prestige Fleet. You will also be provided with all rental car
privileges according to the terms of the W2-48 Hertz Retiree Rental Program in
existence as of the date of this letter, which may not be modified, suspended
or terminated with respect to you.

 

(E)     You hold
vested options to purchase common stock of Ford Motor Company (“Ford”) under
the Company’s 1997 Long-Term Equity Compensation Plan (“the 1997 Plan”) and
Ford’s 1998 Long-Term Incentive Plan (“the 1998 Plan”). The Company agrees that
your rights under the 1997 Plan and any option agreements entered into between
the Company and you pursuant thereto shall remain in effect as if you had
remained an employee of the Company through the scheduled expiration date of
such options. We further agree that your rights under the 1998 Plan and any
option agreements entered into between you and Ford pursuant thereto, shall be
as provided under the 1998 Plan, such option agreements and Section 3 of
the CIC (it being understood that Section 3 of the CIC is binding on Ford
by its being a predecessor in interest to Hertz Global Holdings under the CIC).
Consequently, you shall have until December 20, 2010 to exercise your
options.

 

(F)     If your
employment is terminated by the Company (other than a termination due
disability or death), and to the extent that they have not already vested,
those of your options that would have vested in May 2008 and May 2009,
shall vest as of the date of your termination and you shall have 180 days to
exercise any vested, unexercised options. For the avoidance of doubt, the
immediately preceding sentence shall not apply in the event of your decision to
resign from your employment during the Protected Period and any rights you may
have shall be governed by the terms of the relevant award agreements and the
plans under which the options were issued.

 

Joe, on behalf of The Hertz Corporation and Hertz Global Holdings, Inc.,
I trust that this will address your near and longer term concerns and allow for
a seamless implementation of the New CIC.

 

	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
  

  
	
   

  	
   

  	
  Mark P.
  Frissora

  

 

3settlementagreement.htm

     

    
      

      

    

    
      EXHIBIT
10.1

      SETTLEMENT
AGREEMENT

       

                 
THIS SETTLEMENT AGREEMENT (the “Settlement Agreement”), dated this 7th day of November 2008,
is by and among Prudential Mutual Holding Company (the “MHC”), Prudential
Bancorp, Inc. of Pennsylvania (the “Company”) and Prudential Savings Bank (the
“Bank,” and collectively with the MHC and the Company, “Prudential”), and
Stilwell Value Partners I, L.P. (“Stilwell Value Partners”), Stilwell Partners,
L.P., Stilwell Value LLC, Joseph Stilwell, an individual, and John Stilwell, an
individual (collectively, the “Stilwell Group,” individually, a “Stilwell Group
Member”).

       

      RECITALS

       

          WHEREAS,
on October 4, 2006, Stilwell Value Partners filed suit in the United States
District Court for the Eastern District of Pennsylvania (the “Court”), Docket
No. 06-CV-4432 (the “Stilwell Litigation”), against the MHC, the Company and the
directors of the MHC and the Company;

       

          WHEREAS,
the Court by order dated August 15, 2007 dismissed all claims in the
Stilwell Litigation, except for one claim against MHC; the Court granted MHC
summary judgment on a portion of this remaining claim by order dated April 24,
2008; and Stilwell Value Partners voluntarily withdrew the remaining portion of
the claim with prejudice; 

       

          WHEREAS,
on June 11, 2008, Stilwell Value Partners appealed to the United States Court of
Appeals for the Third Circuit, Docket No. 08-2702 (the “Appeal”), a portion of
the Court’s August 15, 2007 order;

       

          WHEREAS,
by letter dated May 14, 2008, Stilwell Value Partners demanded that
various actions be taken by the Company (the “Stilwell Demand”);

       

          WHEREAS,
in light of the foregoing, Prudential and the Stilwell Group have agreed that it
is in their mutual interests to enter into this Settlement Agreement;
and

       

          WHEREAS,
Prudential and the Stilwell Group are entering into a separate,
concurrent agreement with respect to certain expenses incurred by the Stilwell
Group in connection with the Stilwell Litigation and related matters (the
“Expense 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
hereto agree as follows:

       

                 
1.         Representations and
Warranties of the Stilwell Group Members.  The Stilwell Group
Members represent and warrant to Prudential, as follows:

       

      (a)        The
Stilwell Group has fully disclosed in Exhibit A to this Settlement Agreement the
total number of shares of common stock of the Company, par value $0.01 per share
(“Company Common Stock”) as to which it has beneficial ownership and neither the
Stilwell Group nor any Stilwell Group Member nor any of their affiliates has (i)
a right to acquire a beneficial ownership 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
Stilwell Group and the Stilwell Group Members have full power and authority to
enter into and perform their obligations under this Settlement Agreement and the
Expense Agreement, and the execution and delivery of this Settlement Agreement
and the Expense Agreement by the Stilwell Group and Stilwell Group Members has
been duly authorized by the principals of the Stilwell Group.  This
Settlement Agreement and the Expense Agreement constitute valid and binding
obligations of the Stilwell Group and the Stilwell Group Members and the
performance of their respective terms shall not constitute a violation of any
limited partnership agreement, operating agreement, bylaws, or any agreement or
instrument to which the Stilwell Group or any Stilwell Group Member is a
party;

       

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

       

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

       

      2.         Representations and
Warranties of the MHC, the Company and the Bank.

       

      (a)        The MHC,
the Company and the Bank hereby represent and warrant to the Stilwell Group that
the MHC, the Company and the Bank have full power and authority to enter into
and perform their respective obligations under this Settlement Agreement and the
Expense Agreement and that the execution and delivery of this Settlement
Agreement and the Expense Agreement by the MHC, the Company and the Bank has
been duly authorized by the Board of Directors of the MHC, the Company and the
Bank.  This Settlement Agreement and the Expense Agreement constitute valid
and binding obligations of the MHC, the Company and the Bank and the performance
of their respective terms shall not constitute a violation of their respective
articles of incorporation or bylaws or any agreement or instrument to which the
MHC, the Company or the Bank is a party.

       

      (b)        Prior to
the date of this Settlement Agreement, the Company has repurchased
1,493,884
shares of Company Common Stock and the MHC has purchased 149,000 shares of
Company Common Stock, for a total of 1,642,884 shares
(collectively referred to as the “Prior Repurchases”).

       

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

       

      3.         Covenants.

       

      (a)        During the
term of this Settlement Agreement, Prudential covenants and agrees as
follows:

       

      (i)                 
In connection with this Settlement Agreement, each of the Boards of Directors of
the MHC, the Company and the Bank has adopted a resolution stating that it is
the intention of Prudential to complete a second step conversion, whereby
Prudential would reorganize from the mutual holding company form of organization
to the stock holding company form of organization (the “Second Step
Conversion”), by no later than the annual meeting of shareholders for 2013,
currently expected to be held in February 2013 (the “2013 Annual Meeting”).
 Such intention is subject to the Prudential Boards’ exercise of their
fiduciary duties and their ongoing evaluation of the merits of proceeding with
the Second Step Conversion in light of a variety of considerations, including
but not limited to market conditions and the Bank’s and the Company’s capital
needs.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      (ii)               
Promptly after entering into the Settlement Agreement, the Company will issue a
press release announcing that (A) conducting the Second Step Conversion is an
integral part of Prudential’s long-term strategic plan and (B) proceeding with
the Second Step Conversion under the time frames outlined in Section 3(a)(i)
above will be a function of, among other things, an evaluation of market
conditions, which currently are not favorable but which the Company believes
will improve over the next several years.

       

      
         

      

      (iii)              
Subject to market conditions and Prudential’s capital needs and the fiduciary
duties of the respective Boards of Directors, the Company and the MHC, between
them, will repurchase, in the case of the Company, or purchase, in the case of
the MHC, at least 1,357,116 additional
shares of Company Common Stock by September 30, 2011 (the “Proposed Share
Repurchase Plan”).  Upon completion of the Proposed Share Repurchase Plan,
the Company and the MHC will have repurchased or purchased, as the case may be,
when aggregated with the Prior Repurchases, a total of 3,000,000 shares of
Company Common Stock.

       

      (iv)             
(A)       In the event that the MHC and the
Company do not complete the Proposed Share Repurchase Plan by purchasing and/or repurchasing a total of
3,000,000 shares of Company Common Stock by September 30, 2011 (not
including any shares that may be repurchased pursuant to the Benefit Plan
Repurchases (as hereinafter defined)), Prudential will by October 15, 2011
either (X) adopt a plan of conversion pursuant to which the Second Step
Conversion will be effected (the “Plan of Conversion”), or (Y) appoint to the
Boards of Directors of the MHC, the Company and the Bank an individual nominated
by the Stilwell Group (“the Stilwell Representative”) who (1) is acceptable to
Prudential, which acceptance will not be unreasonably withheld; (2)(a) resides
in Bucks, Chester, Delaware, Montgomery, or Philadelphia Counties, Pennsylvania
or Camden County, New Jersey; and (b) has significant financial expertise and/or
banking experience.

       

                                        
(B)       The determination of whether to take the
action in subclause (X) in Section 3(a)(iv)(A) above or instead to take the
action in subclause (Y) in Section 3(a)(iv)(A) above shall be solely at the
discretion of Prudential and is not subject to challenge by the Stilwell Group.
 In the event Prudential determines to appoint the Stilwell Representative
to the Boards of Directors of the MHC, the Company and the Bank, the Stilwell
Representative will be appointed by October 15, 2011 to the class of directors
of the Boards of Directors of the MHC, the Company and the Bank whose terms will
expire at the respective entity’s annual meeting held in 2014 (the “2014
Class”).  Such annual meetings are currently expected to be held in
February 2014.  Prudential would take such corporate action as is necessary
to permit the appointment of the Stilwell Representative to the three Boards of
Directors.  In the event the Stilwell Representative is appointed to the
Boards of Directors of each of the Company, the Bank and the MHC, the Boards of
Directors of each of the Company, the Bank and the MHC will nominate the
Stilwell Representative for an additional three year term expiring at the
respective entity’s annual meeting held in 2017 and for an additional two year
term thereafter expiring at the respective entity’s annual meeting held in 2019,
provided, however, that the Stilwell Representative will resign from the Board
of Directors of each entity upon the expiration date of this Settlement
Agreement. The Company will recommend to its shareholders the election of the
Stilwell Representative at each of the Company's annual meetings at which the
Stilwell Representative is a nominee for re-election, subject to satisfaction of
all legal and governance requirements regarding service as a director of the
Company. The Company shall use its reasonable best efforts to have the Stilwell
Representative elected as a director of the Company and the Company shall
solicit proxies for such person to the same extent as it does for any of its
other nominees to the Board of Directors. The MHC agrees to vote the shares of
Company Common Stock held thereby in favor of the Stilwell Representative’s
election at the Company’s annual meetings of shareholders at which the Stilwell
Representative is a nominee for re-election. 

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      The Company agrees to vote the shares of the common
stock of the Bank owned thereby in favor of the re-election of the Stilwell
Representative at the annual meetings of the Bank at which the Stilwell
Representative is a nominee for re-election. In addition, the Board of Directors
of the MHC will re-appoint the Stilwell Representative to the Board of the MHC
at the annual meetings thereof at which the Stilwell Representative is a nominee
for re-appointment. The Stilwell Group shall have the power to designate the
Stilwell Representative's replacement upon the death, resignation, retirement,
disqualification or removal from office of such director, subject to (i)
satisfaction of all legal and governance requirements regarding service as a
director of Prudential and (ii) the acceptance of Prudential, which acceptance
will not be unreasonably withheld, and the compliance with the provisions of
Section 3(a)(iv)(A)(Y). The Boards of Directors of each of the MHC, the Company
and the Bank will promptly take all action reasonably required to fill any such
vacancy so occurring.

       

                             
           
(C)       In the event that Prudential takes the
action described above in subparagraph (X) in Section 3(a)(iv)(A) above and
completes the Second Step Conversion by June 30, 2012, Prudential’s obligations
under this Settlement Agreement to purchase
and/or repurchase shares of Company Common Stock will cease.

       

      (v)               
In the event that the Plan of Conversion is adopted pursuant to Section
3(a)(iv)(A) but the Second Step Conversion is not completed by June 30, 2012 and
Prudential has not previously appointed the Stilwell Representative to the
Boards of Directors of the MHC, the Company and the Bank, the Boards of
Directors of such entities shall promptly appoint the Stilwell Representative to
the 2014 Class.

       

      (vi)             
In the event the Second Step Conversion is completed by September 30, 2011,
there will be no obligation to appoint the Stilwell Representative to the Boards
of Directors of the MHC, the Company and the Bank.

       

      (vii)            
The Company may adopt and implement, including seeking shareholder approval, the
Stock Option Plan and the Management Recognition and Retention Plan
(collectively, the “Stock Benefit Plans”), covering an aggregate of 791,517
shares of Company Common Stock at any time subsequent to the execution of this
Agreement by the parties hereto.  Option grants and restricted stock awards
may be made promptly after receipt of shareholder approval notwithstanding any
other provision of this Settlement Agreement and shall vest in accordance with
the terms of the Stock Benefit Plans.

       

      (viii)          
Until and unless a Second Step Conversion has been completed, Prudential will
fund awards granted pursuant to the Stock Benefit Plans through the repurchase
by the Company of the necessary shares through open market or privately
negotiated transactions (“Benefit Plan Repurchases”), such repurchases being in
addition to the shares being repurchased pursuant to the Proposed Share
Repurchase Plan. In addition, Prudential will engage an independent benefits
consulting firm of its choosing to advise Prudential with regard to
administration of the Stock Benefit Plans, including assistance in determining
grant levels.

       

      (ix)             
Any stock option and/or recognition and retention stock plans adopted by
Prudential subsequent to the completion of a Second Step Conversion (the “Second
Step Stock Benefit Plans”) will be funded with shares of common stock held in
treasury by the then public holding company for the Bank (the “New Holding
Company”).  Furthermore, the New Holding Company will engage an independent
benefits consulting firm to advise the New Holding Company with respect to the
Second Step Stock Benefit Plans.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      (x)               
In connection with the Second Step Conversion, the New Holding Company will
disclose in the prospectus used to offer its stock to depositors and existing
shareholders of the Company that it intends to consider a variety of capital
management strategies which will include, among others, share repurchases. 
It is anticipated that possible share repurchases by the New Holding Company
will be considered by the Board of Directors of the New Holding Company
beginning promptly after the one year anniversary of the Second Step
Conversion.

       

      (xi)       During the term of
this Settlement Agreement, neither Prudential nor any of its directors 
shall make any public statement, whether by press release, advertisement,
comment to any news media, filings under federal securities laws or federal or
state banking laws or otherwise, regarding the affairs of the Stilwell Group or
any Stilwell Group Member that (A) reflects negatively against Stilwell Group or
any Stilwell Group Member or (B) is inconsistent with the description of and
disclosure regarding this Settlement Agreement as agreed to by Prudential and
the Stilwell Group pursuant to Section 7 hereof; provided, however, that no
party shall be required to revise or amend any prior disclosures or descriptions
of the Stilwell Litigation, the Appeal, the Stilwell Demand or the circumstances
leading up to such matters.

       

      (b)        For
purposes of Section 3(b), reference to the Company and the Company Common Stock
will be deemed to include references to the New Holding Company and its common
stock (“New Holding Company Common Stock”) with respect to the periods
subsequent to the completion of the Second Step Conversion.  During the
term of this Settlement Agreement, the Stilwell Group and each Stilwell Group
Member covenant and agree not to do the following, directly or indirectly, alone
or in concert with any other affiliate, group or other person:

       

                             
(i)         own, 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), the beneficial ownership of, or
the right to vote, any additional shares of the outstanding Company Common Stock
or any securities convertible into Company 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 generally);

       

                             
(ii)        without the Company’s prior
written consent, directly or indirectly, sell, transfer or otherwise dispose of
any interest in the Stilwell Group’s shares of Company Common Stock to any
person the Stilwell Group believes, after reasonable inquiry, would beneficially
own immediately after any such sale or transfer more than 5% of the outstanding
shares of the Company Common Stock; 

       

               (iii)      
(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 or the Bank or any material portion of the
Company’s or the Bank’s business or assets or any other type of transaction that
would result in a change in control of the Company (any such action described in
this clause (A) is a “Company Transaction Proposal”), (B) seek to exercise any
control or influence over the management of the Company or the Boards of
Directors of the Company, the MHC or the Bank or any of the businesses,
operations or policies of the Company, the MHC or the Bank, provided that if the
Stilwell Representative is appointed to the Boards of Directors of the Company,
the MHC and the Bank, such individual can take action as is necessary to fulfill
his or her duties as a director, (C) present to the Company, its shareholders or
any third party any proposal constituting or that could reasonably be expected
to result in a Company Transaction Proposal, or (D) seek to effect a change in
control of the Company; 

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

                 
(iv)       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 Company Transaction
Proposal or take any action that might require the Company to make a public
announcement regarding any such Company Transaction Proposal;

       

                 
(v)        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 Company 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 Company Transaction Proposal;  

       

                               (vi)      
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) in opposition to any recommendation or
proposal of the Company’s Board of Directors, 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 execute any written consent in lieu of a meeting of the holders of the
Company Common Stock or grant a proxy with respect to the voting of the capital
stock of the Company to any person or entity other than the Board of Directors
of the Company;

       

                 
(vii)      initiate, propose, submit, encourage or
otherwise solicit shareholders of the Company 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 Company’s Board of
Directors (other than with respect to the provisions of Sections 3(a)(iv)(A) and
(v), providing for the possible appointment of the Stilwell Representative) or
seek removal of any member of the Company’s Board of Directors;

       

                           
 (viii)         form, join in or in
any other way (including by deposit of the Company’s capital stock) participate
in a partnership, pooling agreement, syndicate, voting trust or other group with
respect to Company 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;

       

                             
(ix)       (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, or (B) 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 shareholders that is opposed by
the Company’s Board of Directors;

       

                             
(x)        vote for any nominee or nominees
for election to the Board of Directors of the Company other than those nominated
or supported by the Company’s Board of Directors or consent to become a nominee
for election as a director of the Company;

       

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

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

                             
(xii)      make any public statement, whether by press
release, advertisement (including the posting of billboards), comment to any
news media, filings under federal securities laws or federal or state banking
laws or otherwise, regarding the affairs of Prudential that (A) reflects
negatively against Prudential or the Boards of Directors of Prudential or any of
the directors or officers of the MHC, the Company or the Bank or (B) is
inconsistent with the description of and disclosure regarding this Settlement
Agreement as agreed to by Prudential and the Stilwell Group pursuant to Section
7 hereof; provided, however, that no party shall be required to revise or amend
any prior disclosures or descriptions of the Stilwell Litigation, the Appeal,
the Stilwell Demand or the circumstances leading up to such matters;
and

       

                             
(xiii)      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 Settlement Agreement.

       

                 
(c)     The Stilwell Group shall within five (5) business
days of the execution of this Settlement Agreement remove any and all existing
billboards or signs erected at the Stilwell Group’s direction making reference
to Prudential.

       

                 
(d)        Stilwell Value Partners shall
within five (5) business days of the execution of this Settlement Agreement
enter into a stipulation for the dismissal, with prejudice, of the Appeal, in
the form attached as Exhibit B.  Upon execution of this Settlement
Agreement, the Stilwell Demand shall be deemed to have been
withdrawn.

       

                 
(e)        During the term of this Settlement
Agreement, the Stilwell Group and each Stilwell Group Member covenant and agree,
and shall require each of their affiliates, to vote the shares of Company Common
Stock beneficially owned by them in favor of the approval of the Stock Benefit
Plans, the Plan of Conversion, the Second Step Conversion and the Second Step
Stock Benefit Plans (the “Proposals”) and will not make any public statement in
opposition to the Proposals.

       

                 
(f)        In connection with the
announcement of the execution of this Settlement Agreement, the Stilwell Group
will state publicly, in the press release attached as Exhibit C, that the shares
of Company Common Stock that it beneficially owns may be sold from time to time
in open market transactions.

       

                 
(g)        (i) In the event that at any time
from the date of this Settlement Agreement through September 30, 2011, the
closing sales price per share of the Company’s Common Stock on the Nasdaq Global
Market is $12.50 per share or higher (“First Threshold”), the Company and/or the
MHC have the right to purchase from the Stilwell Group up to 260,000 shares of
Company Common Stock (or
all of the shares owned by the Stilwell Group if at such time the Stilwell Group
does not beneficially own 260,000 or more shares of Company Common
Stock) at $12.50 per share (“First Call
Option”).  Once the Company and/or the MHC become aware that the First
Threshold has been reached, the Company and/or the MHC will provide written
notice within three (3) business days to the Stilwell Group that the First Call
Option is exercisable.  The Company and/or the MHC can exercise the First
Call Option at any time during the fifteen (15) business day period after
written notice is given to the Stilwell Group that the First Call Option is
exercisable.  The Company and/or the MHC can exercise the First Call Option
in full or in part in their complete discretion.  If the Company and/or the
MHC choose to exercise the First Call Option in full or in part, settlement of
the purchase of the shares being sold by the Stilwell Group pursuant to the
First Call Option will be within three (3) business days of such exercise, with
payment by wire transfer to an account identified by the Stilwell
Group.

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

                             
(ii)  In the event that at any time from the date of this Settlement
Agreement through September 30, 2011, the closing sales price per share of the
Company Common Stock is $13.50 per share or higher (“Second Threshold”), the
Company and/or the MHC have the right to purchase from the Stilwell Group up to
an additional 260,000 shares of Company Common Stock (or all of the shares owned
by the Stilwell Group if at such time the Stilwell Group does not beneficially
own 260,000 or more shares of Company Common Stock) at $13.50 per share (the
“Second Call Option”).  Once the Company and/or the MHC become aware that
the Second Threshold has been reached, the Company and/or the MHC will provide
written notice within three (3) business days to the Stilwell Group that the
Second Call Option is exercisable.  The Company and/or the MHC can exercise
the Second Call Option at any time during the fifteen (15) business days after
written notice is given to the Stilwell Group that the Second Call Option is
exercisable.  The Company and/or the MHC can exercise the Second Call
Option in full or in part in their complete discretion.  The ability of
the Company and/or the
MHC to exercise the Second Call
Option is not contingent on whether the First Call Option was exercised in full
or in part.  If the Company and/or the MHC chooses to exercise the Second
Call Option in full or in part, settlement of the purchase of the shares being
sold by the Stilwell Group pursuant to the Second Call Option will be within
three (3) business days of such exercise, with payment by wire transfer to an
account identified by the Stilwell Group.

       

                 
(h) In the event that prior to September 30, 2011, the Stilwell Group ceases to
beneficially own 5.0% or more (the “Minimum Share Ownership”) of the issued and
outstanding shares of Company Common Stock, Prudential will have no obligation
to adopt a Plan of Conversion and complete a Second Step Conversion or to
appoint the Stilwell Representative as provided by Section 3(a)(iv)(A);
provided, however, the decline in the Stillwell Group’s beneficial ownership
below the Minimum Share Ownership level shall not affect the obligations of
Prudential set forth in Sections 3(a)(iii) and 3(a)(viii).  The Stilwell
Group shall notify Prudential in writing of the decline in the Stilwell Group’s
beneficial ownership below the Minimum Share Ownership within three (3) business
days of the date that its beneficial ownership falls below the Minimum Share
Ownership threshold.

       

                 
4.         Notice of Breach and
Remedies.

       

                 
The parties expressly agree that an actual or threatened breach of this
Settlement 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 Settlement Agreement or to secure specific enforcement of its
terms and provisions.

       

      The Stilwell Group and each Stilwell Group Member
expressly agree that they will not be excused or claim to be excused from
performance under this Settlement Agreement as a result of any material breach
by Prudential unless and until Prudential is given written notice of such breach
and thirty (30) business days either to cure such breach or seek relief in
court.  If Prudential seeks relief in court, the Stilwell Group and each
Stilwell Group Member irrevocably stipulate that any failure to perform by the
Stillwell Group and/or any Stilwell Group Member or any assertion by the
Stilwell Group and/or any Stilwell Group Member that they are excused from
performing their obligations under this Settlement Agreement would cause
Prudential irreparable harm, that Prudential shall not be required to provide
further proof of irreparable harm in order to obtain equitable relief and that
the Stilwell Group and each Stilwell Group Member shall not deny or contest that
such circumstances would cause Prudential irreparable harm.  If, after such
thirty (30) business day period, Prudential has not either reasonably cured such
material breach or obtained relief in court, the Stilwell Group or each Stilwell
Group Member may terminate this Settlement Agreement by delivery of written
notice to Prudential. 

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      Prudential expressly agrees that it will not be excused
or claim to be excused from performance under this Settlement Agreement as a
result of any material breach by the Stilwell Group or any Stilwell Group Member
unless and until the Stilwell Group and each Stilwell Group Member is given
written notice of such breach and thirty (30) business days either to cure such
breach or seek relief in court.  If the Stilwell Group or any Stilwell
Group Member seeks relief in court, Prudential irrevocably stipulates that any
failure to perform by Prudential or any assertion by Prudential that it is
excused from performing its obligations under this Settlement Agreement would
cause the Stilwell Group and each Stilwell Group Member irreparable harm, that
the Stilwell Group or any Stilwell Group Member shall not be required to provide
further proof of irreparable harm in order to obtain equitable relief and that
Prudential shall not deny or contest that such circumstances would cause the
Stilwell Group and each Stilwell Group Member irreparable harm.  If, after
such thirty (30) business day period, the Stilwell Group or the Stilwell Group
Member has not either reasonably cured such material breach or obtained relief
in court, Prudential may terminate this Settlement Agreement by delivery of
written notice to the Stilwell Group and each Stilwell Group
Member.

       

      5.         Release.
 Prudential, the Stilwell Group and each Stilwell Group Member, on behalf
of themselves and their subsidiaries, affiliates, officers, directors, partners,
members, employees, agents, assigns, successors, heirs and legal
representatives, hereby mutually release and forever discharge each and every
other party to this Agreement (and any subsidiaries, affiliates, officers,
directors, partners, members, employees, attorneys, financial advisors, agents,
assigns, successors, heirs and legal representatives) from any and all actions,
causes of actions, claims, demands, debts, damages and liabilities of whatsoever
kind and nature, known and unknown, at law or in equity, in contract or in tort,
fixed or contingent, liquidated or unliquidated, which each party now has,
claims, threatens or asserts, or might or could hereafter have, claim, threaten
or assert, against any or all of the other parties to this Agreement (or any of
such parties’ subsidiaries, affiliates, officers, directors, partners, members,
employees, attorneys, financial advisors, agents, assigns, successors, heirs and
legal representatives) arising or alleged to arise out of or in any manner
related to any contracts, transactions, acts or omissions by any party on or
prior to the date of this Settlement Agreement.  Notwithstanding the
foregoing, this mutual release neither extends to nor includes the obligations
and liabilities created by this Agreement.  The mutual release set forth in
this Section is understood and intended by the parties to constitute a general
release.

       

      6.         Term.
 This Settlement Agreement shall be effective upon the execution of the
Settlement Agreement, and will remain in effect for a period of ten (10)
years.

       

      7.         Publicity.
 Promptly upon the execution and delivery of this Settlement Agreement,
Prudential and the Stilwell Group shall issue the joint press release attached
as Exhibit C, which has been mutually agreed to by the parties.
 Furthermore, attached as Exhibit D is the mutually agreed upon disclosure
the Stilwell Group shall include in an amendment to its Prudential Schedule 13D,
reporting the Settlement Agreement.  Attached as Exhibit E is the mutually
agreed upon disclosure the Company shall include in its Form 8-K, reporting the
Settlement Agreement.  In addition, Prudential and the Stilwell Group shall
each provide to the other party for such party’s prior review and approval any
additional future disclosure proposed to be made by Prudential or the Stilwell
Group concerning this Settlement Agreement unless such additional future
disclosure is substantially identical to or consistent with the disclosures
mutually agreed to in Exhibits C-E.  All future disclosures concerning the
Settlement Agreement will be consistent with the disclosures mutually agreed to
in Exhibits C-E.  No party, however, will be required to revise or amend
any prior disclosure or descriptions of the Stilwell Litigation, the Appeal, the
Stilwell Demand or the circumstances leading up to such matters.  During
the term of this Settlement Agreement, no party to this Settlement Agreement
shall cause, discuss, cooperate or otherwise aid in the preparation of any press
release or other publicity concerning any other party to this Settlement
Agreement or its operations without the prior approval of such other party other
than press releases or other publicity substantially identical to or consistent
with the disclosures mutually agreed to in Exhibits
C-E.  

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      8.         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: 

       

      
        	
                Stilwell Group:

              	
                Joseph Stilwell

                26 Broadway, 23rd Floor

                New York, New York 10004

                Facsimile: 212-269-2675

              
	
                 

              	
                 

              
	
                With a copy to:

                 

              	
                Spencer L. Schneider, Esq.

                70 Lafayette Street, 7th Floor

                New York, New York 10013

                Facsimile:
  212-233-9713

              
	
                 

              	
                 

              
	
                Prudential:

                 

              	
                Thomas A. Vento

                President and Chief Executive
      Officer

                Prudential Mutual Holding
      Company

                Prudential Bancorp, Inc. of
      Pennsylvania

                Prudential Savings Bank

                1834 Oregon Avenue

                Philadelphia, Pennsylvania 19145

                Facsimile: 215-755-7521

              
	
                 

              	
                 

              
	
                With a copy to:

                 

              	
                Raymond A. Tiernan., Esq.

                Philip R. Bevan, Esq.

                Elias, Matz, Tiernan & Herrick
      L.L.P.

                734 15th Street, 11th Floor

                Washington, DC  20005

                Facsimile:
  202-347-2172

              
	
                 

              	
                 

              
	
                 

              	
                and

              
	
                 

              	
                 

              
	
                 

                 

              	
                Edward M. Posner, Esq.

                William M. McSwain, Esq.

                Drinker Biddle & Reath
      LLP

                One Logan Square

                18th & Cherry
      Streets

                Philadelphia, Pennsylvania 19103-6996

                Facsimile:
  215-988-2757

              

      

       

                 
9.         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 Settlement 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 Stilwell Group and the Stilwell 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.

       

                 
10.        Severability.
 If any term, provision, covenant or restriction of this Settlement
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 Settlement Agreement shall remain
in full force and effect and shall in no way be affected, impaired or
invalidated. 

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      11.        Successors and
Assigns.  This Settlement 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 Settlement 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
Settlement Agreement.  Nothing contained herein shall prohibit Stilwell
Value Partners and Stilwell Partners from being permitted to transfer any
portion or all of the shares of Company Common Stock owned thereby at any time
to any affiliate of Stilwell Value Partners or Stilwell Partners but only if the
transferee agrees in writing for the benefit of Prudential (with a copy thereof
to be furnished to Prudential prior to such transfer) to be bound by the terms
of this Settlement Agreement (any such transferee shall be included in the terms
“Stilwell Group” and “Stilwell Group Member”).

       

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

       

      13.        Amendments.
 This Settlement Agreement may not be modified, amended, altered or
supplemented except upon the execution and delivery of a written agreement
executed by all of the parties.

       

      14.        Definitions.
 As used in this Settlement Agreement, the following terms shall have the
meanings indicated, 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.

       

                 
(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 terms “beneficial ownership”
or “beneficially owned” mean all Company Common Stock owned or held in the name
of a Stilwell Group Member or an associate thereof, individually or jointly with
any other person; by any trust in which a Stilwell Group Member is a settlor,
trustee, or beneficiary; by any corporation in which a Stilwell Group Member is
a shareholder (owning, together with all other Stilwell Group Members and their
respective affiliates, more than five percent (5%) of the outstanding voting
power), director or officer; by any partnership in which a Stilwell Group Member
is a limited partner (owning, together with all other Stilwell Group Members and
their respective affiliates, more than five percent (5%) of the outstanding
beneficial interests), general partner, employee or agent; or by any other
entity in which a Stilwell Group Member holds, together with all other Stilwell
Group Members and their respective affiliates, more than five percent (5%) of
the outstanding beneficial interests. 

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

                 
(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, the New Holding
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, the New
Holding Company or the Bank, (ii) the persons who were directors of the Company,
the New Holding 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, the New Holding Company 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, the New Holding Company or the
Bank approve a transaction pursuant to which substantially all of the assets of
the Company, the New Holding Company 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 Securities
Exchange Act of 1934.

       

                 
(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 the New Holding
Company.

       

                 
(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 or New Holding Company Common Stock, or any interest in any
Company Common Stock or New Holding Company Common Stock; provided, however,
that a merger or consolidation in which the Company or the New Holding Company
is a constituent corporation shall not be deemed to be the transfer of any
common stock beneficially owned by the Stilwell Group or a Stilwell 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.

       

                 
15.        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 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.

       

                 
16.        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.

       

                 
17.        Termination.
 This Agreement shall cease, terminate and have no further force and effect
upon the expiration of the term as set forth in Section 6, unless earlier
terminated by mutual written agreement of the parties.

       

       

       

       

       

       

       

      [Remainder of this
page intentionally left blank.]

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

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

       

       

       

      	
              STILWELL VALUE PARTNERS I, LLC

               

            	
              PRUDENTIAL MUTUAL HOLDING COMPANY

               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
              /s/
      Joseph Stilwell

            	
               

            	
              /s/
      Thomas A. Vento

            
	
              By:

            	
              STILWELL VALUE LLC

            	
              By:

            	
              Thomas A. Vento

            
	 	
              General Partner

            	
               

            	
              President and Chief Executive
    officer

            
	
               

            	
               

            	 	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	 /s/ Joseph Stilwell	
               

            	
               

            
	
              By:

            	
              Joseph Stilwell

            	
               

            	 
	
               

            	
              Managing and Sole Member

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              STILWELL PARTNERS, L.P

            	
              PRUDENTIAL BANCORP, INC.
      OF 
   PENNSYLVANIA

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
               

            
	 	 /s/
      Joseph Stilwell	 	 /s/
      Thomas A. Vento
	
              By:

            	
              STILWELL VALUE LLC

            	
              By:

            	
              Thomas A. Vento

            
	
               

            	
              General Partner

            	
               

            	
              President and Chief Executive
    Officer

            
	
               

            	
               

            
	
               

            	
               

            
	 	 /s/
      Joseph Stilwell	 
	
              By:

            	
              Joseph Stilwell

            	
               

            
	
               

            	
              Managing and Sole Member

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              STILWELL VALUE LLC

            	
              PRUDENTIAL SAVINGS BANK

            
	
               

            	
               

            	
               

            
	 	 	 
	
               

            	
               

            	
               

            
	 	 /s/
      Joseph Stilwell	 	 /s/
      Thomas A. Vento
	
              By:

            	
              Joseph Stilwell

            	
              By:

            	
              Thomas A. Vento

            
	
               

            	
              Managing and Sole Member

            	
               

            	
              President and Chief Executive
    Officer

            
	
               

            	
               

            	
               

            	
               

            
	
            	
               

            	
               

            	
            
	
               

            	
               

            	
               

            
	
              JOSEPH STILWELL

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              /s/
      Joseph Stilwell

            	
               

            	
               

            
	
              Joseph Stilwell

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              JOHN STILWELL

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              /s/
      John Stilwell

            	
               

            	
               

            
	
              John Stilwell

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