Document:

Exhibit 10.2

                                             Restricted Stock Unit Award No. ___

                              ENGLOBAL CORPORATION
                              RESTRICTED STOCK UNIT
                                 AWARD AGREEMENT
                             (Non-Employee Director)

                                     PART I

Recipient:

Award Date:                                  August __, 2008

Aggregate Number of Restricted Stock Units:  6,420

Vesting Schedule:                            The Units will vest for one year in
                                             equal increments of 1,605 shares on
                                             each of September 30, 2008,
                                             December 31, 2008, March 31, 2009
                                             and June 30, 2009, so long as
                                             Recipient is continuing to serve as
                                             a director of the Company on the
                                             vesting dates.

THE COMPANY RECOMMENDS THAT RECIPIENT CONSULT WITH HIS OR HER PERSONAL TAX
ADVISOR UPON THE GRANTING OF THE AWARD TO DISCUSS POSSIBLE TAX RAMIFICATIONS,
PARTICULARLY WITH RESPECT TO SECTION 409A OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE "CODE").

     Part II of this Agreement is attached hereto and incorporated herein for
all purposes. EXECUTED to be effective as of the Award Date.

                                           ENGLOBAL CORPORATION

                                           By:
                                           -------------------------------------
                                           Name:
                                           -------------------------------------
                                           Title:
                                           -------------------------------------

                                           RECIPIENT

                                           -------------------------------------

                                           Address:

                                           -------------------------------------

                                           -------------------------------------

                                PART 1 - Page 1
<PAGE>

                                     PART II

     This Restricted Stock Unit Award Agreement (this "Agreement") is entered
into by ENGlobal Corporation, a Nevada corporation (the "Company"), and
Recipient named on Part I ("Recipient"), as of the date set forth on Part I (the
"Award Date").

                                    RECITALS:

     This Agreement replaces and supersedes the Restricted Stock Award Agreement
dated June 19, 2008 entered into by the Company and Recipient.

     The Company has determined to cancel the restricted shares (the "Restricted
Shares") that were granted to Recipient pursuant to the Restricted Stock Award
Agreement dated June 19, 2008 and the Amended and Restated 1998 Incentive Plan
(the "Plan") and award to Recipient in lieu thereof restricted stock units (the
"Units") on the terms and conditions set forth in this Agreement.

     THEREFORE, the Company and Recipient agree as follows:

     1. Cancellation of Restricted Shares. The Restricted Shares are hereby
cancelled.

     2. Restricted Stock Unit Award. The Company grants Recipient the right (the
"Award") to receive the aggregate number of Units set forth on Part I (such
number being subject to adjustment as provided herein) on the terms and
conditions set forth in this Agreement. Each Unit shall cover one share of
common stock, $0.001 par value per share, of the Company ("Shares" or "Stock").
The Award granted under this Agreement is subject to the vesting restrictions
described in Section 4 and Section 6, restrictions on transferability as
described in Section 7, and other terms and conditions described in this
Agreement (the "Restrictions").

     3. Administration. This Agreement will be administered by the Compensation
Committee of the Board of Directors and by the full Board of Directors with
respect to members of the Compensation Committee (the "Committee"). The
Committee has sole and complete discretion with respect to all matters reserved
to it by the Board of Directors of the Company, and decisions of the Committee
with respect to this Agreement shall be final and binding upon Recipient.

     4. Vesting and Term of the Award.

          (a) General. The Restrictions shall lapse in accordance with the
     Vesting Schedule set forth on Part I. Units which have vested are referred
     to as "Vested Units." Units which have not vested are referred to as
     "Unvested Units." In general, Unvested Units will become Vested Units in
     accordance with the Vesting Schedule set forth on Part I only if Recipient
     has continuously served as a director of the Company from the Award Date
     through the applicable vesting date.

          (b) Change in Control. In the event of a Change in Control (as defined
     below), the Committee may, in its sole discretion, provide that the
     Restrictions on the Units shall immediately lapse. For purposes of this
     Agreement, "Change in Control" means the event that is deemed to occur if:

                                PART II - Page 1
<PAGE>

               (i) any person, other than the Company, any majority-owned
          subsidiary of the Company, any employee benefit plan of the Company or
          of a majority-owned subsidiary of the Company or of a corporation
          owned directly or indirectly by the shareholders of the Company in
          substantially the same proportions as their ownership of Stock of the
          Company, or any trustee or other fiduciary holding securities under an
          employee benefit plan of the Company or of a majority-owned subsidiary
          of the Company or of a corporation owned directly or indirectly by the
          shareholders of the Company in substantially the same proportions as
          their ownership of Stock of the Company, (an "Acquiring Person") is or
          becomes the "beneficial owner" (as defined in Rule 13d-3 under the
          Securities Exchange Act of 1934), directly or indirectly, of
          securities of the Company representing fifty percent or more of the
          combined voting power of the then outstanding voting securities of the
          Company; provided, however, for purposes of this Agreement, an
          Acquiring Person shall not include William A. Coskey, Hulda L. Coskey,
          Alliance 2000, Ltd., or their respective affiliates or other donees or
          entities formed by them for estate planning or similar purposes (the
          "Coskey Group"); provided, further, if the Coskey Group shall cease to
          be the beneficial owner, directly or indirectly, of securities of the
          Company representing at least fifty percent of the combined voting
          power or the then outstanding voting securities of the Company, then
          the Coskey Group, upon reacquiring fifty percent or more of such
          voting power, shall be deemed to be an Acquiring Person; or

               (ii) the individuals who, as of the Award Date, constitute the
          Board of Directors and any other individual who becomes a director of
          the Company after that date and whose election or appointment by the
          Board of Directors or nomination for election by the Company's
          shareholders was approved by a vote of at least a majority of the
          directors then comprising the Board of Directors cease for any reason
          to constitute at least a majority of the Board of Directors

               (iii) a public announcement is made of a tender or exchange offer
          by any Acquiring Person for fifty percent or more of the outstanding
          voting securities of the Company, and the Board of Directors approves
          or fails to oppose that tender or exchange offer in its statements in
          Schedule 14D-9 under the Securities Exchange Act of 1934; or

               (iv) the shareholders of the Company approve a merger or
          consolidation of the Company with any other corporation or partnership
          (or, if no such approval is required, the consummation of such a
          merger or consolidation of the Company), other than a merger or
          consolidation that would result in the voting securities of the
          Company outstanding immediately before the consummation thereof
          continuing to represent (either by remaining outstanding or by being
          converted into voting securities of the surviving entity or of a
          parent of the surviving entity) a majority of the combined voting
          power of the voting securities of the surviving entity (or its parent)
          outstanding immediately after that merger or consolidation; or

               (v) the shareholders of the Company approve a plan of complete
          liquidation of the Company or an agreement for the sale or disposition
          by the Company of all or substantially all the Company's assets (or,
          if no such approval is required, the consummation of such a
          liquidation, sale, or disposition in one transaction or series of
          related transactions) other than a liquidation, sale, or disposition
          of all or substantially all the Company's assets in one transaction or
          a series of related transactions to a corporation owned directly or
          indirectly by the shareholders of the Company in substantially the
          same proportions as their ownership of Stock of the Company.

                                PART II - Page 2
<PAGE>

     5. Settlement of Units.

          (a) Upon the lapsing of Restrictions as provided in Section 4 or
     Section 6 hereof, Recipient shall be entitled to receive, in exchange for
     the cancellation of all outstanding Vested Units, either cash or Stock, as
     determined in the Committee's sole discretion, having a value equal to the
     total Fair Market Value of the Shares covered by such Vested Units, less
     any applicable withholding taxes as described in Section 11 below;
     provided, that Vested Units shall not be settled in Stock if ---------- the
     issuance of Shares would violate the requirements of any applicable federal
     or state securities laws, or the rules governing any national or regional
     securities exchange upon which the Stock is listed or reporting system
     (such as NASDAQ) on which the sales prices of the Stock is reported,
     including any requirement that the shareholders of the Company approve such
     issuance of Shares. Vested Shares shall be settled as soon as practicable
     but not later than two and one-half months following the calendar year in
     which the Restrictions lapse. For purposes of this Agreement, except as
     otherwise provide, "Fair Market Value" means, for a particular day:

               (i) If shares of Stock of the same class are listed or admitted
          to unlisted trading privileges on any national or regional securities
          exchange at the date of determining the Fair Market Value, then the
          last reported sale price, regular way, on the composite tape of that
          exchange on the last trading day before the date in question or, if no
          such sale takes place on that trading day, the average of the closing
          bid and asked prices, regular way, in either case as reported in the
          principal consolidated transaction reporting system with respect to
          securities listed or admitted to unlisted trading privileges on that
          securities exchange; or

               (ii) If shares of Stock of the same class are not listed or
          admitted to unlisted trading privileges as provided in subparagraph
          (i), and if bid and asked prices for shares of Stock of the same class
          in the over-the-counter market are reported by NASDAQ (or, if not so
          reported, by the National Quotation Bureau Incorporated) at the date
          of determining the Fair Market Value, then the average of the high bid
          and low asked prices on the last trading day before the date in
          question; or

               (iii) If shares of Stock of the same class are not listed or
          admitted to unlisted trading privileges as provided in subparagraph
          (i) and bid and asked prices therefore are not reported by NASDAQ (or
          the National Quotation Bureau Incorporated) as provided in
          subparagraph (ii) at the date of determining the Fair Market Value,
          then the value determined in good faith by the Committee, which
          determination shall be conclusive for all purposes; or

               (iv) If shares of Stock of the same class are listed or admitted
          to unlisted trading privileges as provided in subparagraph (i) or bid
          and asked prices therefore are reported by NASDAQ (or the National
          Quotation Bureau Incorporated) as provided in subparagraph (ii) at the
          date of determining the Fair Market Value, but the volume of trading
          is so low that the Board of Directors determines in good faith that
          such prices are not indicative of the fair value of the Stock, then
          the value determined in good faith by the Committee, which
          determination shall be conclusive for all purposes notwithstanding the
          provisions of subparagraphs (i) or (ii).

                                PART II - Page 3
<PAGE>

          (b) Stock Certificates. If, in the Committee's sole discretion, Vested
     Units are to be settled in Stock, stock certificates evidencing the
     settlement of Vested Units into Shares shall be issued as of the date the
     Restrictions lapse and registered in Recipient's name. Certificates
     representing the unrestricted Shares will be delivered to Recipient as soon
     as practicable but not later than the date which is two and one-half months
     following the calendar year in which the Restrictions lapse.

          (c) Delay for Compelling Business Reasons. Notwithstanding any
     provision of this Section 5 to the contrary, the date on which Vested Units
     may be settled may be delayed beyond the date which is two and one-half
     months following the calendar year in which the Restrictions lapse;
     provided such delay satisfies the requirements of this paragraph (c).

               (i) Going Concern. In the event the Company determines that the
          settlement of Vested Units on the date specified in this Agreement
          would jeopardize the ability of the Company to continue as a going
          concern, the Committee, in its sole discretion, may delay the
          settlement of Vested Units until the first taxable year of Recipient
          in which the Company notifies the Committee that the settlement would
          not have such effect.

               (ii) Loss of Deduction. In the event the Company determines that
          its federal income tax deduction for benefits recognized or paid upon
          settlement of Vested Units would not be permitted due to the
          application of Section 162(m) of the Code, and as of the Award date
          such loss of deduction was unforeseeable, the Committee, in its sole
          discretion, may delay the date on which Vested Units would otherwise
          be settled, provided that Vested Units are settled in the first
          taxable year of Recipient in which the Company reasonably anticipates
          (or should reasonably anticipate) that the federal income tax
          deduction of such benefit would not be barred by application of
          Section 162(m) of the Code.

               (iii) Administrative Delay in Payment. In the event the Company
          determines that it is administratively impracticable to settle the
          Vested Units on the date such Vested Units would otherwise be settled,
          and such impracticability was reasonably unforeseeable as of the Award
          Date, the settlement of Vested Units may be delayed until the first
          taxable year of Recipient in which settlement is administratively
          practicable.

     6. Termination of Directorship. If Recipient's service as a director of the
Company is terminated for any reason other than (i) Recipient's death or (ii)
Recipient's Disability (as defined below), then all Unvested Units held pursuant
to this Agreement as of the date of the termination (or for which restrictions
have not lapsed) shall be cancelled without any payment or other consideration
to Recipient, and Recipient shall have no further right, title or interest in
the Unvested Units.

          (a) Death. Upon the death of Recipient, all Unvested Units held by
     Recipient pursuant to this Agreement shall become Vested Units immediately
     as of the date of death.

                                PART II - Page 4
<PAGE>

          (b) Disability. If Recipient's service as a director is terminated by
     reason of Recipient's Disability, then all Unvested Units held by Recipient
     as of the date of termination for Disability shall become Vested Units
     immediately as of the date of termination. For purposes of this Agreement,
     "Disability" shall mean, as determined by the Board of Directors in the
     sole discretion exercised in good faith of the Board of Directors, a
     physical or mental impairment of sufficient severity that either Recipient
     is unable to continue performing the duties he performed before such
     impairment or Recipient's condition entitles him to disability benefits
     under any insurance of the Company and that impairment or condition is
     cited by the Company as the reason for termination of Recipient's service
     as a director.

     7. Nontransferability. The Award granted by this Agreement is made solely
to Recipient and is nontransferable, except that amounts payable with respect to
Units that vest upon Recipient's death shall be paid to Recipient's estate. The
Award and the Units, and any rights and privileges in connection therewith,
cannot otherwise be transferred, assigned, pledged or hypothecated by Recipient,
or by any other person, in any way, whether by operation of law or otherwise,
and may not be subject to execution, attachment, garnishment or similar process.
In the event of any such occurrence, Recipient's right to have Unvested Units
vest and become Vested Units will immediately and automatically terminate.

     8. Adjustments. If there is any change in the capital structure of the
Company through merger, consolidation, reorganization, recapitalization, stock
dividend, stock split, combination of shares or similar event, the rights of
Recipient under Section 2 above, shall be adjusted as follows:

          (a) If at any time, or from time to time, the Company shall subdivide
     as a whole (by reclassification, by a Stock split, by the issuance of a
     distribution on Stock payable in Stock, or otherwise) the number of shares
     of Stock then outstanding into a greater number of shares of Stock, then
     the number of Shares covered by the Unvested Units shall be increased
     proportionately, without changing the aggregate value of the Unvested
     Units.

          (b) If at any time, or from time to time, the Company shall
     consolidate as a whole (by reclassification, reverse Stock split, or
     otherwise) the number of shares of Stock then outstanding into a lesser
     number of shares of Stock, then the number of Shares covered by the
     Unvested Units shall be decreased proportionately, without changing the
     aggregate value of the Unvested Units.

          (c) Notwithstanding the foregoing paragraphs of this Section 8, no
     adjustment shall be made with respect to Vested Units that have not been
     settled as of the date of the change in capital structure of the Company.

          (d) Whenever the number of Shares covered by the Units is required to
     be adjusted as provided in this Section 8, the Committee shall promptly
     prepare a notice setting forth, in reasonable detail, the event requiring
     adjustment, the amount of the adjustment, the method by which such
     adjustment was calculated, and the change in the number of Shares subject
     to the Units after giving effect to the adjustments. The Committee shall
     promptly give Recipient such a notice.

          (e) Adjustments under paragraphs (a) and (b) shall be made by the
     Committee, and its determination as to what adjustments shall be made and
     the extent thereof shall be final, binding, and conclusive. No fractional
     interest shall be issued under the Award on account of any such
     adjustments.

                                PART II - Page 5
<PAGE>

     9. Dividend Equivalent Rights. Recipient shall be entitled to receive cash
payments equal to any cash dividends and other distributions paid with respect
to a corresponding number of Shares for each Unit held by Recipient; provided,
that if any such dividends or distributions are paid in Shares, the Fair Market
Value of such Shares shall be converted into restricted stock units, and further
provided that such restricted stock units shall be subject to the same
Restrictions as apply to the Units with respect to which they relate. Dividend
equivalents paid in cash shall be paid to Recipient at the same time that actual
cash dividends and other distributions are paid to the shareholders of the
Company, and in no event later than the date which is two and one-half months
following the calendar year in which such dividends are declared.

     10. Tax Gross-Up Payment. To the extent that Recipient submitted a Code
Section 83(b) election to the Internal Revenue Service (with a copy sent to the
Company) for the Restricted Shares which are cancelled pursuant to Section 1 of
this Agreement, if Recipient's Unvested Units vest in accordance with the
vesting schedule set forth on Part I and if the Fair Market Value of the Stock
exceeds $13.25 at the time that such Vested Units are settled, then Recipient
shall receive a payment equal to the quotient of W divided by V; where V equals
the difference of 100% minus the federal income tax rate applicable to
Recipient's ordinary income for the year in which such Vested Shares are
settled; where W equals the difference of X minus Y; where X equals the product
of Z multiplied by the federal income tax rate applicable to Recipient's
ordinary income for the year in which such Vested Shares are settled; where Y
equals the product of Z multiplied by the federal income tax rate applicable to
Recipient's long-term capital gains for the year in which such Vested Shares are
settled; and where Z equals the product of the number of such Vested Units (not
to exceed the number of Restricted Shares with respect to which Section 83(b)
elections were submitted) multiplied by the difference of the Fair Market Value
of the Stock at the time that such Vested Units are settled minus $13.25. Such
gross-up payment shall be made at the same time the Vested Units are settled
under Section 5.

     11. Tax Withholding Obligations. Recipient shall be required to deposit
with the Company an amount of cash equal to the amount determined by the Company
to be required with respect to any withholding taxes, FICA contributions, or the
like under any federal, state, or local statute, ordinance, rule, or regulation
in connection with the settlement of the Units. Alternatively, the Company may,
at its sole election, withhold the required amounts from Recipient's pay during
the pay periods next following the date on which any such applicable tax
liability otherwise arises. The Committee, in its discretion, may permit
Recipient, subject to such conditions as the Committee shall require, to elect
to have the Company withhold either (i) an amount of cash otherwise payable or
(ii) a number of Shares otherwise deliverable having a Fair Market Value
sufficient to satisfy the statutory minimum of all or part of the Participant's
estimated total federal, state, and local tax obligations associated with
vesting or settlement of the Units.

     12. Rights as Shareholder. Recipient shall not have voting or any other
rights as a shareholder of the Company with respect to the Units. Upon
settlement of Vested Units into Shares, if applicable, Recipient will obtain
full voting and other rights as a shareholder of the Company with respect to
such Shares.

     13. Amendment. This Agreement may be amended only by a written agreement
executed by the Company and Recipient. Notwithstanding the foregoing, this
Agreement may be amended solely by the Committee by a writing which specifically
states that it is amending this Agreement, so long as a copy of such amendment

                                PART II - Page 6
<PAGE>

is delivered to Recipient, and provided no such amendment adversely effecting
the rights of Recipient hereunder may be made without Recipient's written
consent. Without limiting the foregoing, the Committee reserves the right to
change by written notice to Recipient, the provisions of the Award or this
Agreement in any way it may deem necessary or advisable to carry out the
purposes of the grant as a result of any change in applicable laws or
regulations or any future law, regulation, ruling, or judicial decision,
provided that any such change shall be applicable only to Unvested Units.

     14. Notice. All notices required or permitted under this Agreement must be
in writing and personally delivered or sent by mail and shall be deemed to be
delivered on the date on which actually received by the Company properly
addressed to the person who is to receive it. Until changed in accordance with
this Agreement, the Company and Recipient specify their respective addresses as:

         Company:                  ENGlobal Corporation
                                   654 N. Sam Houston Pkwy. E.
                                   Suite 400
                                   Houston, Texas 77060-5914
                                   Attn:  Natalie S. Hairston

         Recipient:                As indicated on Part I

     15. Information Confidential. As partial consideration for the granting of
the Award, Recipient agrees that he will keep confidential all information and
knowledge that he has relating to the manner and amount of Recipient's
participation in the Plan. However, such information may be disclosed as
required by law and may be given in confidence to Recipient's spouse, tax, legal
and financial advisors, or to the extent necessary to obtain a loan, to a
financial institution.

     16. Market Stand-Off.

          (a) In connection with any underwritten public offering by the Company
     of its equity securities pursuant to an effective registration statement
     filed under the Securities Act, if requested by the Company, Recipient
     shall agree not to sell, make any short sale of, loan, hypothecate, pledge,
     grant any option for the purchase of, or otherwise dispose or transfer for
     value or otherwise agree to engage in any of the foregoing transactions
     with respect to, any Shares without the prior written consent of the
     Company or its underwriters. This restriction (the "Market Stand-Off")
     shall be in effect for the period determined by the Company, but no longer
     than 180 days from the effective date of the final prospectus.

          (b) Recipient shall be subject to the Market Stand-Off only if the
     officers and directors of the Company are also subject to similar
     restrictions.

          (c) Any new, substituted or additional securities that are distributed
     with respect to the Shares shall be immediately subject to the Market
     Stand-Off, to the same extent as the Shares are covered by such provisions.

                                PART II - Page 7
<PAGE>

          (d) In order to enforce the Market Stand-Off, the Company may impose
     stop transfer instructions with respect to the Shares until the end of the
     applicable stand-off period.

     17. No Guarantee of Continuation as a Director. This Agreement does not
confer upon Recipient any right to continue to serve as a director of the
Company. This Agreement shall not limit the right of the Company or its
shareholders to remove Recipient as a director at any time, with or without
cause, as permitted by the Company's Articles of Incorporation and Bylaws and by
applicable law.

     18. No Obligation to Accept Award. Recipient shall have no obligation to
accept the Award granted pursuant to this Agreement.

     19. Governing Law; Construction. Except to the extent provided by the
Nevada Revised Statutes, this Agreement shall be governed by the laws of the
State of Texas without regard to choice of law and conflicts of law principles
that direct the application of the laws of a different state. The courts of
Harris County, Texas shall have exclusive jurisdiction over this Agreement, and
each of the parties consents to the exercise of jurisdiction over it by such
courts and waives any objection to any action being brought in such courts based
on any grounds, including improper venue and forum non conveniens. Captions are
for ease of reference only and shall not be considered in construing this
Agreement. Pronouns shall be deemed to include the masculine, feminine, neuter,
singular and plural as the context may require. All exhibits are incorporated in
this Agreement by reference and are a part hereof.

     20. Proprietary Information. In consideration of the Company's grant of the
Award and the Company's agreement to provide Recipient with confidential
information of the Company, Recipient agrees to keep confidential and not to use
or disclose to others at any time during the term of this Agreement or after its
termination, except as expressly consented to in writing by the Company or
required by law, any secrets or confidential technology or proprietary
information of the Company, including, without limitation, any customer list,
marketing plans or materials, or other trade secrets of the Company, or any
matter ascertained by Recipient through Recipient's affiliation with the
Company, the use or disclosure of which might reasonably be construed to be
contrary to the best interests of the Company or to give any other party a
competitive advantage to the Company. Recipient further agrees that should
Recipient's term as a director of the Company terminate, Recipient will neither
take nor retain, without prior written authorization from the Company, any
documents pertaining to the Company. Without limiting the generality of the
foregoing, Recipient agrees that he will not retain, use or disclose any papers,
customer lists, marketing materials or information, books, records, files, or
other documents, copies thereof, or notes or other materials derived therefrom,
or other confidential information of any kind belonging to the Company
pertaining to the Company's business, sales, financial condition, or products.
Without limiting other possible remedies to the Company for the breach of this
covenant, Recipient agrees that injunctive or other equitable relief shall be
available to enforce this covenant, such relief to be without the necessity of
posting a bond. Recipient further agrees that if any restriction contained in
this Section is held by any court to be unenforceable or unreasonable, a lesser
restriction shall be enforced in its place and remaining restrictions contained
herein shall be enforced independently of each other. Recipient's obligations
under this Section apply to all confidential information of the Company as well
as to any and all confidential information relating to the Company's
Subsidiaries and Affiliates.

                                PART II - Page 8
<PAGE>

     21. Severability. If any provision of this Agreement is held by final
judgment of a court of competent jurisdiction to be invalid, illegal or
unenforceable, such invalid, illegal or unenforceable provision shall be severed
from the remainder of this Agreement, and the remainder of this Agreement shall
be enforced. In addition, the invalid, illegal or unenforceable provision shall
be deemed to be automatically modified, and, as so modified, to be included in
this Agreement, such modification being made to the minimum extent necessary to
render the provision valid, legal and enforceable. Notwithstanding the
foregoing, however, if the severed or modified provision concerns all or a
portion of the essential consideration to be delivered under this Agreement by
one party to the other, the remaining provisions of this Agreement shall also be
modified to the extent necessary to equitably adjust the parties' respective
rights and obligations hereunder.

     22. Entire Agreement. Except as provided below, this Agreement, including
the exhibits and schedules, if any, contains the entire agreement of the parties
with respect to its subject matter, and supersedes all prior agreements between
them, whether oral or written, of any nature whatsoever with respect to the
subject matter hereof, including the Restricted Stock Award Agreement dated June
19, 2008. However, this Agreement does not supersede the Company's rights under
any agreement between Recipient and the Company that protects the Company's
proprietary information or intellectual property. Rather, all such rights of the
Company under any such agreements shall be in addition to the rights granted
herein.

                                    * * * * *

                                PART II - Page 9

<PAGE>

                                 SPOUSAL CONSENT

     I, spouse of ______________, have read and am aware of, understand and
fully consent and agree to the provisions of the Agreement attached hereto and
its binding effect upon any interest, community or otherwise, I may own now or
hereafter in any Units or Shares, and agree that the termination of my marriage
to ____________ for any reason shall not have the effect of removing any Units
or Shares otherwise subject to the Agreement from the coverage thereof. I hereby
evidence such awareness, understanding, consent and agreement by joining in the
Agreement and by executing this Agreement below.

                                            ------------------------------------
                                                     Signature of Spouse

                                            Printed Name:

                                            ------------------------------------

                                            Address:

                                            ------------------------------------

                                            ------------------------------------

                                PART II - Page 10exh101.htm

    
      

      

    

    EXHIBIT 10.1

     

    
      MALVERN
FEDERAL BANCORP, INC.

      MALVERN
FEDERAL SAVINGS BANK

      EMPLOYMENT
AGREEMENT

       

       

      This
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of the
11th day of
August 2008, by and among Malvern Federal Bancorp, Inc. (the “Corporation”),
Malvern Federal Savings Bank  (the “Bank”), a federally chartered
savings bank which is a wholly owned subsidiary of the Corporation, and Ronald
Anderson (the “Executive”).  The Corporation is a majority-owned
subsidiary of Malvern Federal Mutual Holding Company, a federally chartered
mutual holding company (the “MHC”).

       

       

      WITNESSETH

       

      WHEREAS,
the Executive is currently employed as the President and Chief Executive Officer
of the Corporation and the Bank (the Corporation and the Bank are referred to
together herein as the “Employers”);

       

      WHEREAS,
pursuant to a Plan of Reorganization from Mutual Savings Bank to Mutual Holding
Company and a Plan of Stock Issuance, the Bank has reorganized into the mutual
holding company structure, and the Bank is currently a wholly owned subsidiary
of the Corporation (the “Reorganization”);

       

      WHEREAS,
the Employers desire to assure themselves of the continued availability of the
Executive’s services as provided in this Agreement; and

       

      WHEREAS,
the Executive is willing to serve the Employers on the terms and conditions
hereinafter set forth;

       

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

       

      1.           Definitions.  The
following words and terms shall have the meanings set forth below for the
purposes of this Agreement:

       

      (a)           Annual
Compensation.  The Executive's “Annual Compensation” for
purposes of determining severance payable under this Agreement shall be deemed
to mean the sum of (i) the annual rate of Base Salary as of the Date of
Termination, and (ii) the cash bonus, if any, earned by the Executive for the
calendar year immediately preceding the year in which the Date of Termination
occurs.

       

      (b)           Base
Salary.  “Base Salary” shall have the meaning set forth in
Section 3(a) hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (c)           Cause.
Termination of the Executive's employment for “Cause” shall mean termination
because of 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 this Agreement.

       

      (d)           Change in
Control.  “Change in Control” shall mean a change in the
ownership of the Corporation or the Bank, a change in the effective control of
the Corporation or the Bank or a change in the ownership of a substantial
portion of the assets of the Corporation or the Bank, in each case as provided
under Section 409A of the Code and the regulations thereunder; provided,
however, that neither any second-step conversion and reorganization in which the
MHC ceases to exist nor any increase in the ownership of the Corporation by the
MHC shall be deemed to constitute a Change in Control.

       

      (e)           Code.  “Code”
shall mean the Internal Revenue Code of 1986, as amended.

       

      (f)           Date of
Termination.  “Date of Termination” shall mean (i) if the
Executive's employment is terminated for Cause, the date on which the Notice of
Termination is given, and (ii) if the Executive's employment is terminated for
any other reason, the date specified in such Notice of
Termination.

       

      (g)           Disability.  “Disability”
shall mean the Executive (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (ii) is, by reason of any
medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for a period of not less
than three months under an accident and health plan covering employees of the
Employers.

       

      (h)           Effective
Date.  “Effective Date” shall mean the date the Agreement is
executed as first written above.

       

      (i)           ERISA.  “ERISA”
means the Employee Retirement Income Security Act of 1974, as
amended.

       

      (j)           Good
Reason.   “Good Reason” means the occurrence of any of the
following conditions:

       

      
            (i)    any
material breach of this Agreement by the Employers, including without limitation
any of the following: (A) a material diminution in the Executive’s base
compensation, (B) a material diminution in the Executive’s authority, duties or
responsibilities, or (C) any requirement that the Executive report to a
corporate officer or employee of the Employers instead of reporting directly to
the Boards of Directors of the Employers, or

      

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        (ii)    any
material change in the geographic location at which the Executive must perform
his services under this Agreement;

      

       

      provided,
however, that prior to any termination of employment for Good Reason, the
Executive must first provide written notice to the Employers within ninety (90)
days of the initial existence of the condition, describing the existence of such
condition, and the Employers shall thereafter have the right to remedy the
condition within thirty (30) days of the date the Employers received the written
notice from the Executive.  If the Employers remedy the condition
within such thirty (30) cure period, then no Good Reason shall be deemed to
exist with respect to such condition.  If the Employers do not remedy
the condition within such thirty (30) day cure period, then the Executive may
deliver a Notice of Termination for Good Reason at any time within sixty (60)
days following the expiration of such cure period.

       

      (k)           IRS.  IRS
shall mean the Internal Revenue Service.

       

      (l)           Notice of
Termination.  Any purported termination of the Executive's
employment by the Employers for any reason, including without limitation for
Cause, Disability or Retirement, or by the Executive for any reason, including
without limitation for Good Reason, shall be communicated by a written “Notice
of Termination” to the other party hereto.  For purposes of this
Agreement, a “Notice of Termination” shall mean a dated notice which (i)
indicates the specific termination provision in this Agreement relied upon, (ii)
sets forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive's employment under the provision so
indicated, (iii) specifies a Date of Termination, which shall be effective
immediately if the Employers terminate the Executive's employment for Cause, and
(iv) is given in the manner specified in Section 10 hereof.

       

      (m)           Retirement.  “Retirement”
shall means voluntary termination by the Executive which constitutes a
retirement, including early retirement, under the Bank’s 401(k)
plan.

       

      2.           Term
of Employment and Duties.

       

      (a)           The
Employers hereby employ the Executive as the President and Chief Executive
Officer and the Executive hereby accepts said employment and agrees to render
such services to the Employers on the terms and conditions set forth in this
Agreement.  The term of employment under this Agreement shall be for
three years commencing on the Effective Date.  Upon approval of the
Board of Directors of each of the Employers, the term of employment shall extend
for an additional year on each annual anniversary of the Effective Date such
that at any time the remaining term of this Agreement shall be from two to three
years in the absence of notice to the contrary.  Prior to each annual
anniversary of the Effective Date, the Board of Directors of each of the
Employers shall consider and review (after taking into account all relevant
factors, including the Executive’s performance hereunder) an extension of the
term of this Agreement, and the term shall continue to extend on each annual
anniversary of the Effective Date if the Boards of Directors approve such
extension unless the Executive gives written notice to the Employers of the
Executive’s election not to extend the term, with such written notice to be
given not less than thirty (30) days prior to any such anniversary
date.  If the Board of Directors of either of the Employers elects not
to extend the term, it shall give written notice of such decision to the
Executive not less than thirty (30) days prior to any such anniversary
date.  If any party gives timely notice that the term will not be
extended as of any anniversary date, then this Agreement shall terminate at the
conclusion of its remaining term.  References herein to the term of
this Agreement shall refer both to the initial term and successive
terms.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      (b)           Nothing
in this Agreement shall be deemed to prohibit the Employers at any time from
terminating the Executive's employment during the term of this Agreement for any
reason, provided that the relative rights and obligations of the Employers and
the Executive in the event of any such termination shall be determined under
this Agreement.

       

      (c)           During
the term of this Agreement, the Executive shall be responsible for the day to
day operations of the Employers.  The Executive shall report directly
to the Boards of Directors of the Employers. In addition, the Executive shall
perform such executive services for the Employers as may be consistent with his
titles and from time to time assigned to him by the Boards of Directors of the
Employers.

       

      3.           Compensation
and Benefits.

       

      (a)           The
Employers shall compensate and pay the Executive for his services during the
term of this Agreement at a minimum base salary of $201,000 per year (“Base
Salary”), which may be increased from time to time in such amounts as may be
mutually determined by the Boards of Directors of the Employers and may not be
decreased without the Executive's express written consent.  In
addition to his Base Salary, the Executive shall be entitled to receive during
the term of this Agreement such bonus payments as may be determined by the
Boards of Directors of the Employers.

       

      (b)           During
the term of this Agreement, the Executive shall be entitled to participate in
and receive the benefits of any pension or other retirement benefit plan, profit
sharing, stock option, employee stock ownership, or other plans, benefits and
privileges given to employees and executives of the Employers, to the extent
commensurate with his then duties and responsibilities, as fixed by the Boards
of Directors of the Employers.  The Employers shall not make any
changes in such plans, benefits or privileges which would adversely affect the
Executive's rights or benefits thereunder, unless such change occurs pursuant to
a program applicable to all executive officers of the Employers and does not
result in a proportionately greater adverse change in the rights of or benefits
to the Executive as compared with any other executive officer of the
Employers.  Nothing paid to the Executive under any plan or
arrangement presently in effect or made available in the future shall be deemed
to be in lieu of the salary payable to the Executive pursuant to Section 3(a)
hereof.

       

      (c)           During
the term of this Agreement, the Executive shall be entitled to paid annual
vacation in accordance with the policies as established from time to time by the
Boards of Directors of the Employers.  The Executive shall not be
entitled to receive any additional compensation from the Employers for failure
to take a vacation, nor shall the Executive be able to accumulate unused
vacation time from one year to the next, except to the extent authorized by the
Boards of Directors of the Employers.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      (d)           The
Executive's compensation, benefits, severance and expenses shall be paid by the
Corporation and the Bank in the same proportion as the time and services
actually expended by the Executive on behalf of each respective Employer;
provided, however, that if the Executive devotes less than 10% of his time to
the Corporation, all of such amounts shall be paid by the Bank.  No
provision contained in this Agreement shall require the Bank to pay any portion
of the Executive’s compensation, benefits, severance and expenses required to be
paid by the Corporation pursuant to this Agreement.

       

      4.           Expenses.  The
Employers shall reimburse the Executive or otherwise provide for or pay for all
reasonable expenses incurred by the Executive in furtherance of or in connection
with the business of the Employers, including, but not by way of limitation,
automobile expenses and traveling expenses, and all reasonable entertainment
expenses (whether incurred at the Executive's residence, while traveling or
otherwise), subject to such reasonable documentation and policies as may be
established by the Boards of Directors of the Employers.  If such
expenses are paid in the first instance by the Executive, the Employers shall
reimburse the Executive therefor.  Such reimbursement shall be paid
promptly by the Employers and in any event no later than March 15 of the year
immediately following the year in which such expenses were
incurred.

       

      5.           Termination.

       

      (a)           The
Employers shall have the right, at any time upon prior Notice of Termination, to
terminate the Executive's employment hereunder for any reason, including without
limitation termination for Cause, Disability or Retirement, and the Executive
shall have the right, upon prior Notice of Termination, to terminate his
employment hereunder for any reason.

       

      (b)           In
the event that (i) the Executive's employment is terminated by the Employers for
Cause or (ii) the Executive terminates his employment hereunder other than for
Disability, Retirement, death or Good Reason, the Executive shall have no right
pursuant to this Agreement to compensation or other benefits for any period
after the applicable Date of Termination.

       

      (c)           In
the event that the Executive's employment is terminated as a result of
Disability, Retirement or the Executive's death during the term of this
Agreement, the Executive shall have no right pursuant to this Agreement to
compensation or other benefits for any period after the applicable Date of
Termination.

       

      (d)           In
the event that prior to a Change in Control (i) the Executive's employment is
terminated by the Employers for other than Cause, Disability, Retirement or the
Executive's death or (ii) such employment is terminated by the Executive for
Good Reason, then the Employers shall:

       

      (A)           pay
to the Executive, in a lump sum as of the Date of Termination, a cash severance
amount equal to two (2) times his Base Salary, and

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      (B)           maintain
and provide for a period ending at the earlier of (i) twenty-four (24) months
after the Date of Termination or (ii) the date of the Executive's full-time
employment by another employer (provided that the Executive is entitled under
the terms of such employment to benefits substantially similar to those
described in this subparagraph (B)), at no cost to the Executive, the continued
participation of the Executive and his dependents in all group insurance, life
insurance, health and accident insurance, and disability insurance offered by
the Employers in which the Executive and his dependents were participating
immediately prior to the Date of Termination, subject to compliance with Section
5(f) below.

       

      (e)           In
the event that either concurrently with or following a Change in Control (i) the
Executive's employment is terminated by the Employers for other than Cause,
Disability, Retirement or the Executive's death or (ii) such employment is
terminated by the Executive for Good Reason, then the Employers shall, subject
to the provisions of Section 6 hereof, if applicable,

       

      (A)           pay
to the Executive, in a lump sum as of the Date of Termination, a cash severance
amount equal to three (3) times his Annual Compensation, and

       

      (B)           maintain
and provide for a period ending at the earlier of (i) thirty-six (36) months
after the Date of Termination or (ii) the date of the Executive's full-time
employment by another employer (provided that the Executive is entitled under
the terms of such employment to benefits substantially similar to those
described in this subparagraph (B)), at no cost to the Executive, the continued
participation of the Executive and his dependents in all group insurance, life
insurance, health and accident insurance, and disability insurance offered by
the Employers in which the Executive and his dependents were participating
immediately prior to the Date of Termination, subject to compliance with Section
5(f) below.

       

      (f)           Any
insurance premiums payable by the Employers or any successors pursuant to this
Section 5 shall be payable at such times and in such amounts (except that the
Employers shall also pay any employee portion of the premiums) as if the
Executive was still an employee of the Employers, subject to any increases in
such amounts imposed by the insurance company or COBRA, and the amount of
insurance premiums required to be paid by the Employers in any taxable year
shall not affect the amount of insurance premiums required to be paid by the
Employers in any other taxable year; provided, however, that if the Executive’s
participation in any group insurance plan is barred, the Employers shall either
arrange to provide the Executive with insurance benefits substantially similar
to those which the Executive was entitled to receive under such group insurance
plan or, if such coverage cannot be obtained, pay a lump sum cash equivalency
amount within thirty (30) days following the Date of Termination based on the
annualized rate of premiums being paid by the Employers as of the Date of
Termination.

       

      6.           Limitation of
Benefits under Certain Circumstances.  If the payments and
benefits pursuant to Section 5 hereof, either alone or together with other
payments and benefits which the Executive has the right to receive from the
Employers, would constitute a “parachute payment” under Section 280G of the
Code, then the payments and benefits payable by the Employers pursuant to
Section 5 hereof shall be reduced by the minimum amount necessary to result in
no portion of the payments and benefits payable by the Employers under Section 5
being non-deductible to the Employers pursuant to Section 280G of the Code and
subject to the excise tax imposed under Section 4999 of the Code. In no event
shall the payments and benefits payable under Section 5 exceed three times the
Executive’s average taxable income from the Employers for the five calendar
years preceding the year in which the Date of Termination occurs, with any
benefits to be provided subsequent to the Date of Termination to be discounted
to present value in accordance with Section 280G of the Code. If the payments
and benefits under Section 5 are required to be reduced, the cash severance
shall be reduced first, followed by a reduction in the fringe
benefits.  The determination of any reduction in the payments and
benefits to be made pursuant to Section 5 shall be based upon the opinion of
independent tax counsel selected by the Employers and paid by the
Employers.  Such counsel shall promptly prepare the foregoing opinion,
but in no event later than thirty (30) days from the Date of Termination, and
may use such actuaries as such counsel deems necessary or advisable for the
purpose.  Nothing contained in this Section 6 shall result in a
reduction of any payments or benefits to which the Executive may be entitled
upon termination of employment under any circumstances other than as specified
in this Section 6, or a reduction in the payments and benefits specified in
Section 5 below zero.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      7.          
 Mitigation; Exclusivity of Benefits.

       

      (a)           The
Executive shall not be required to mitigate the amount of any benefits hereunder
by seeking other employment or otherwise, nor shall the amount of any such
benefits be reduced by any compensation earned by the Executive as a result of
employment by another employer after the Date of Termination or otherwise,
except as set forth in Sections 5(d)(B)(ii) and 5(e)(B)(ii)
above.

       

      (b)           The
specific arrangements referred to herein are not intended to exclude any other
benefits which may be available to the Executive upon a termination of
employment with the Employers pursuant to employee benefit plans of the
Employers or otherwise.

       

      8.           Withholding.  All
payments required to be made by the Employers hereunder to the Executive shall
be subject to the withholding of such amounts, if any, relating to tax and other
payroll deductions as the Employers shall determine are required to be withheld
pursuant to any applicable law or regulation.

       

      9.           Assignability.  The
Employers  may assign this Agreement and their rights and obligations
hereunder in whole, but not in part, to any corporation, bank or other entity
with or into which the Employers may hereafter merge or consolidate or to which
the Employers may transfer all or substantially all of their assets, if in any
such case said corporation, bank or other entity shall by operation of law or
expressly in writing assume all obligations of the Employers hereunder as fully
as if it had been originally made a party hereto, but may not otherwise assign
this Agreement or their rights and obligations hereunder.  The
Executive may not assign or transfer this Agreement or any rights or obligations
hereunder.

       

      10.           Notice.  For
the purposes of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly
given when delivered or mailed by certified or registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses set forth
below:

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
         

        
          	
                  To the
      Bank:

                	Secretary
	 	Malvern Federal Savings Bank
	 	42 East Lancaster Avenue
	 	Paoli,
    Pennsylvania  19301
	 	 
	
                  To the Corporation:

                	Secretary
	 	Malvern Federal Bancorp, Inc.
	 	42 East Lancaster Avenue
	 	Paoli,
    Pennsylvania  19301
	 	 
	
                  To the Executive:

                	Ronald
      Anderson
	 	At the
      address last appearing on
	 	the
      personnel records of the Employers

        

                                               

      

      11.           Amendment;
Waiver.  No provisions of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing signed by the Executive and such officer or officers as may be
specifically designated by the Boards of Directors of the Employers to sign on
their behalf.  No waiver by any party hereto at any time of any breach
by any other party hereto of, or compliance with, any condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.  In addition, notwithstanding anything in this
Agreement to the contrary, the Employers may amend in good faith any terms of
this Agreement, including retroactively, in order to comply with Section 409A of
the Code.

       

      12.           Governing
Law.  The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the United States
where applicable and otherwise by the substantive laws of the Commonwealth of
Pennsylvania.

       

      13.           Nature of
Obligations.  Nothing contained herein shall create or require
the Employers to create a trust of any kind to fund any benefits which may be
payable hereunder, and to the extent that the Executive acquires a right to
receive benefits from the Employers hereunder, such right shall be no greater
than the right of any unsecured general creditor of the
Employers.

       

      14.           Headings.  The
section headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this
Agreement.

       

      15.           Validity.  The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this Agreement,
which shall remain in full force and effect.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      16.           Changes in Statutes
or Regulations. If any statutory or regulatory provision referenced
herein is subsequently changed or re-numbered, or is replaced by a separate
provision, then the references in this Agreement to such statutory or regulatory
provision shall be deemed to be a reference to such section as amended,
re-numbered or replaced.

       

      17.           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the
same instrument.

       

      18.           Regulatory
Actions.  The following provisions shall be applicable to the
parties to the extent that they are required to be included in employment
agreements between a savings bank and its employees pursuant to Section
563.39(b) of the Office of Thrift Supervision (“OTS”) Rules and Regulations, 12
C.F.R. §563.39(b), or any successor thereto, and shall be controlling in the
event of a conflict with any other provision of this Agreement, including
without limitation Section 5 hereof.

       

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

       

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

       

      (c)           If
the Bank is in default, as defined in Section 3(x)(1) of the FDIA (12 U.S.C.
§1813(x)(1)), all obligations under this Agreement shall terminate as of the
date of default, but vested rights of the Executive and the Bank as of the date
of termination shall not be affected.

       

      (d)           All
obligations under this Agreement shall be terminated pursuant to 12 C.F.R.
§563.39(b)(5), except to the extent that it is determined that continuation of
the Agreement for the continued operation of the Bank is necessary: (i) by the
Director of the OTS, or his/her designee, at the time the Federal Deposit
Insurance Corporation (“FDIC”) enters into an agreement to provide assistance to
or on behalf of the Bank under the authority contained in Section 13(c) of the
FDIA (12 U.S.C. §1823(c)); or (ii) by the Director of the OTS, or his/her
designee, at the time the Director or his/her designee approves a supervisory
merger to resolve problems related to operation of the Bank or when the Bank is
determined by the Director of the OTS to be in an unsafe or unsound condition,
but vested rights of the Executive and the Employers as of the date of
termination shall not be affected.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      19.           Regulatory
Prohibition.  Notwithstanding any other provision of this
Agreement to the contrary, any payments made to the Executive pursuant to this
Agreement, or otherwise, are subject to and conditioned upon their compliance
with Section 18(k) of the FDIA (12 U.S.C. §1828(k)) and 12 C.F.R. Part
359.

       

      20.           Entire
Agreement.  This Agreement embodies the entire agreement
between the Employers and the Executive with respect to the matters agreed to
herein.  All prior agreements between the Employers and the Executive
with respect to the matters agreed to herein are hereby superseded and shall
have no force or effect.

       

      IN
WITNESS WHEREOF, this Agreement has been executed as of the date first written
above.

       

       

      
        
          	
                  Attest:

                	
                  MALVERN
      FEDERAL BANCORP, INC.

                
	 
      	 
      
	 
      	 
      
	/s/Shirley Stanke	 	
                  By:

                	/s/F.
      Claire Hughes, Jr.
	
                  Shirley
      Stanke

                	 
      	
                  F.
      Claire Hughes, Jr.

                
	
                  Corporate
      Secretary

                	 
      	
                  Chairman
      of the Board

                
	 
      	 
      
	 	 
	
                  Attest:

                	
                  MALVERN
      FEDERAL SAVINGS BANK

                
	 
      	 
      
	 
      	 
      
	/s/Shirley Stanke	 
      	
                  By:

                	/s/F.
      Claire Hughes, Jr.
	
                  Shirley
      Stanke

                	 
      	
                  F.
      Claire Hughes, Jr.

                
	
                  Corporate
      Secretary

                	 
      	
                  Chairman
      of the Board

                
	 
      	 
      
	 
      	 
      
	 
      	
                  EXECUTIVE

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:

                	/s/Ronald Anderson
	 
      	 
      	
                  Ronald
      Anderson

                

        

      

    

     

     

    
      
        
        

      

      
        10

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