Document:

Beneficial
  Mutual Savings Bank

  401(k) Plan

  

  (As Amended And Restated Effective May 11, 2007)

Table
  Of Contents

TABLE
  OF CONTENTS

 

	 Table
        Of Contents
	 i

	 	 
	 Introduction
	 1

	 	 
	 Article
        I — Definitions
	 3

	 	 
	 Article
        II — Eligibility and Participation
	 13

	 	 2.1
	 Eligibility
	 13

	 
    	 2.2
	 Ineligible
        Employees
	 13

	 
    	 2.3
	 Participation
	 13

	 
    	 2.4
	 Termination
        of Participation
	 14

	 
    	 2.5
	 Eligibility
        upon Reemployment
	 14

	 	 
	 Article
        III — Contributions and Limitations on Contributions
	 15

	 
    	 3.1
	 Elective
        Contributions
	 15

	 
    	 3.2
	 Limitation
        on Elective Contributions
	 15

	 
    	 3.3
	 Changes
        in Elective Contributions
	 18

	 
    	 3.4
	 Matching
        Contributions
	 18

	 
    	 3.5
	 Special
        Contributions
	 19

	 
    	 3.6
	 Catch-Up
        Contributions
	 19

	 
    	 3.7
	 Limitation
        on Matching Contributions
	 20

	 
    	 3.8
	 Discretionary
        Employer Contributions
	 22

	 
    	 3.9
	 Interest
        on Excess Contributions
	 22

	 
    	 3.10
	 Payment
        of Contributions
	 23

	 
    	 3.11
	 Rollover
        Contribution
	 24

	 
    	 3.12
	 Section
        415 Limits on Contributions
	 24

	 	 
	 Article
        IV — Vesting and Forfeitures
	 28

	 
    	 4.1
	 Vesting
	 28

	 
    	 4.2
	 Forfeitures
	 29

	 
    	 4.3
	 Vesting
        upon Reemployment
	 29

	 	 
	 Article
        V — Trust Fund, Investment Funds And Voting Rights
	 31

	 
    	 5.1
	 Trust
        Fund
	 31

	 
    	 5.2
	 Interim
        Investments
	 31

	 
    	 5.3
	 Account
        Values
	 31

	 
    	 5.4
	 Voting
        Rights, Tender Offers and Other Offers
	 32

	 
    	 5.5
	 Dissenters’
        Rights
	 34

	 
    	 5.6
	 Power
        to Invest in Company Securities
	 34

	 	 
	Article
      VI — Investment Directions, Changes of Investment Directions and Transfers
      Between Investment Funds	35
	 
    	 6.1
	 Investment
        Directions
	 35

	 
    	 6.2
	 Change
        of Investment Directions
	 35

	 
    	 6.3
	 Transfers
        Between Investment Funds
	 35

	 
    	 6.4
	 Employees
        Other than Participants
	 36

	 
	967	i	Beneficial
      Mutual Savings Bank

Table
  Of Contents

 

	 	6.5	Restrictions
      on Investments in the Beneficial Mutual Bancorp, Inc. Stock Fund for Certain
      Participants	36
	 	 
	 Article
        VII — Payment of Benefits
	 38

	 
    	 7.1
	 General
	 38

	 
    	 7.2
	 Non-Hardship
        Withdrawals
	 38

	 
    	 7.3
	 Hardship
        Distributions
	 39

	 
    	 7.4
	 Distribution
        of Benefits - General
	 43

	 
    	 7.5
	 Payments
        upon Retirement or Disability
	 44

	 	7.6 	Payments
      upon Termination of Service for Reasons Other Than Retirement or Disability 	46
	 
    	 7.7
	 Payments
        Upon Death
	 47

	 
    	 7.8
	 Direct
        Rollover of Eligible Rollover Distributions
	 49

	 
    	 7.9
	 Commencement
        of Benefits
	 50

	 
    	 7.10
	 Minimum
        Distribution Requirements
	 51

	 	7.11	Manner of
      Payment of Distributions from the Beneficial Mutual Bancorp, Inc. Stock
      Fund 	56
	 	 
	 Article
        VIII — Loans to Participants
	 57

	 
    	 8.1
	 Definitions
        and Conditions
	 57

	 
    	 8.2
	 Loan
        Amount
	 57

	 
    	 8.3
	 Term
        of Loan
	 57

	 
    	 8.4
	 Operational
        Provisions
	 57

	 
    	 8.5
	 Repayments
	 59

	 
    	 8.6
	 Default
	 60

	 
    	 8.7
	 Coordination
        of Outstanding Account and Payment of Benefits
	 61

	 	 
	 Article
        IX — Administration
	 62

	 
    	 9.1
	 General
        Administration of the Plan
	 62

	 
    	 9.2
	 Designation
        of Named Fiduciaries
	 62

	 
    	 9.3
	 Responsibilities
        of Fiduciaries
	 62

	 
    	 9.4
	 Plan
        Administrator
	 63

	 
    	 9.5
	 Committee
	 63

	 
    	 9.6
	 Powers
        and Duties of the Committee
	 64

	 
    	 9.7
	 Certification
        of Information
	 65

	 
    	 9.8
	 Authorization
        of Benefit Payments
	 65

	 
    	 9.9
	 Payment
        of Benefits to Legal Custodian
	 65

	 
    	 9.10
	 Service
        in More Than One Fiduciary Capacity
	 66

	 
    	 9.11
	 Payment
        of Expenses
	 66

	 	 
	 Article
        X — Benefit Claims Procedure
	 67

	 
    	 10.1
	 Definition
	 67

	 
    	 10.2
	 Claims
	 67

	 
    	 10.3
	 Disposition
        of Claim
	 67

	 
    	 10.4
	 Denial
        of Claim
	 67

	 
    	 10.5
	 Right
        to Full and Fair Review
	 68

	 
    	 10.6
	 Time
        of Review
	 68

	 
    	 10.7
	 Final
        Decision
	 68

	 
	967	ii	Beneficial
      Mutual Savings Bank

Table
  Of Contents

 

	 Article
        XI — Amendment, Termination, and Withdrawal
	 69

	 
    	 11.1
	 Amendment
        and Termination
	 69

	 
    	 11.2
	 Withdrawal
        from the Trust Fund
	 69

	 	 
	 Article
        XII — Top-Heavy Plan Provisions
	 70

	 
    	 12.1
	 Introduction
	 70

	 
    	 12.2
	 Definitions
	 70

	 
    	 12.3
	 Minimum
        Contributions
	 74

	 
    	 12.4
	 Impact
        on Section 415 Maximum Benefits
	 76

	 
    	 12.5
	 Vesting
	 76

	 	 
	 Article
        XIII — Miscellaneous Provisions
	 77

	 
    	 13.1
	 No Right
        to Continued Employment
	 77

	 
    	 13.2
	 Merger,
        Consolidation, or Transfer
	 77

	 
    	 13.3
	 Nonalienation
        of Benefits
	 77

	 
    	 13.4
	 Missing
        Payee
	 77

	 
    	 13.5
	 Affiliated
        Employers
	 78

	 
    	 13.6
	 Successor
        Employer
	 78

	 
    	 13.7
	 Return
        of Employer Contributions
	 78

	 
    	 13.8
	 Adoption
        of Plan by Affiliated Employer
	 78

	 
    	 13.9
	 Construction
        of Language
	 79

	 
    	 13.10
	 Headings
	 79

	 
    	 13.11
	 Governing
        Law
	 79

	 
	967	iii	Beneficial
      Mutual Savings Bank

 

Introduction

INTRODUCTION

Effective as of August 8, 1985, Beneficial Mutual Savings Bank ("Employer") adopted the Beneficial Mutual Savings Bank Employees’ Savings Plan and Trust Agreement ("Prior Plan").

Effective as of May 11, 2007, the Employer shall adopt resolutions wherein RSGroup Trust Company ("RTC") shall be named successor trustee and the Trust Agreement between the Employer and RTC ("Trust Agreement") shall be adopted.

Effective as of May 11, 2007, the Prior Plan is amended and restated in its entirety.  The amended and restated plan shall be known as the Beneficial Mutual Savings Bank 401(k) Plan ("Plan"), shall contain the terms and conditions set forth herein, and shall in all respects be subject to the provisions of the Trust Agreement which are incorporated herein and made a part hereof.

The Plan as amended and restated hereunder incorporates a cash or deferred arrangement under Section 401(k) of the Internal Revenue Code of 1986, as amended ("Code").

The Plan shall constitute a profit-sharing plan within the meaning of Section 401(a) of the Code, without regard to current or accumulated profits of the Employer, as provided in Section 401(a)(27) of the Code.

The Plan complies with all Internal Revenue Service legislation and regulations issued to date, including the requirements of the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), as provided for under Internal Revenue Service Notice 2001-57, final regulations under Code Section 401(a)(9), IRS procedural guidance (Notice 2005-5) addressing required “automatic rollovers” under Section 401(a)(31)(B) of the Code, 2006 final regulations under Code Section 401(k) and Code Section 401(m) and provides for Roth Contributions under Code Section 402A.

As of May 11, 2007, Roth Contributions have not been implemented and are not available under the Plan.

In 2004, the Employer formed Beneficial Mutual Bancorp, Inc. (“Company”), a federally chartered mid-tier stock holding company as its holding company.  Effective as of the Reorganization Date, approximately fifty-five percent (55%) of the outstanding common stock of the Company will be held by its parent company, Beneficial Savings Bank MHC, a federally chartered mutual holding company.  Effective as of the Reorganization Date (the date of conversion of the Employer from mutual to stock ownership), the Employer shall adopt resolutions which will add an investment fund to the Plan consisting of common stock of Beneficial Mutual Bancorp, Inc.

Subject
  to any amendments that may subsequently be adopted by the Employer prior to
  a Termination of Service, the provisions set forth in this Plan shall apply
  to an Employee who is in the employment of the Employer on or after May 11,
  2007. Except to the extent specifically

	 
	967	1	Beneficial
      Mutual Savings Bank

Introduction

 

required
  to the contrary under the terms of this Plan, for terminations of employment
  prior to May 11, 2007, the rights and benefits of a former participant shall
  be determined in accordance with the provisions of the Prior Plan as in effect
  on the date of the former participant's termination of employment.

The Employer has herein restated the Plan with the intention that (a) the Plan shall at all times be qualified under Section 401(a) of the Code, (b) the Trust Agreement shall be tax-exempt under Section 501(a) of the Code, and (c) Employer contributions under the Plan shall be tax deductible under Section 404 of the Code.  The provisions of the Plan and the Trust Agreement shall be construed to effectuate such intentions.

	 
	967	2	Beneficial
      Mutual Savings Bank

Article I —

Definitions

ARTICLE I — 

DEFINITIONS

The following words and phrases shall have the meanings hereinafter ascribed to them.  Those words and phrases which have limited application are defined in the respective Articles in which such terms appear.

	
            1.1
 	
            Accounts means the Before-Tax Contribution Account (including Special Contributions and Catch-Up Contributions, if any), Matching Contribution Account, Discretionary Employer Contribution Account, Roth Contribution Account (including Catch-Up Contributions, if any), if implemented, upon approval by the Employer, and Rollover Contribution Account established under the Plan on behalf of an Employee.
 

	
            1.2
 	
            Actual Contribution Percentage means the ratio (expressed as a percentage) of Matching Contributions under the Plan which are made on behalf of an Eligible Employee for the Plan Year to such Eligible Employee's compensation (as defined under Section 415(c)(3) of the Code) for the Plan Year.  An Eligible Employee's compensation hereunder shall include compensation receivable from the Employer for that portion of the Plan Year during which the Employee is an Eligible Employee, up to a maximum of two hundred twenty-five thousand dollars ($225,000) for the 2007 Plan Year, thereafter adjusted in multiples of five thousand dollars ($5,000) for increases in the cost-of-living as prescribed by the Secretary of the Treasury under Section 401(a)(17)(B) of the Code.
 

	
            1.3
 	
            Actual Deferral Percentage means the ratio (expressed as a percentage) of the sum of Before-Tax Contributions, Roth Contributions, if implemented, upon approval by the Employer and those Qualified Nonelective Contributions taken into account under the Plan for the purpose of determining the Actual Deferral Percentage, which are made on behalf of an Eligible Employee for the Plan Year to such Eligible Employee's compensation (as defined under Section 415(c)(3) of the Code) for the Plan Year.  An Eligible Employee's compensation hereunder shall include compensation receivable from the Employer for that portion of the Plan Year during which the Employee is an Eligible Employee, up to a maximum of two hundred twenty-five thousand dollars ($225,000) for the 2007 Plan Year, thereafter adjusted in
multiples of five thousand dollars ($5,000) for increases in the cost-of-living as prescribed by the Secretary of the Treasury under Section 401(a)(17)(B) of the Code.
 

	
            1.4
 	
            Affiliated Employer means a member of an affiliated service group (as defined under Section 414(m) of the Code), a controlled group of corporations (as defined under Section 414(b) of the Code), a group of trades or businesses under common control (as defined under Section 414(c) of the Code) of which the Employer is a member, any leasing organization (as defined under Section 414(n) of the Code) providing the services of Leased Employees to the Employer, or any other group provided for under any and all Income Tax Regulations promulgated by the Secretary of the Treasury under Section 414(o) of the Code.
 

	 
	967	3	Beneficial
      Mutual Savings Bank

Article I —

Definitions

	
            1.5
 	
            Affiliated Service means employment with an employer during the period that such employer is an Affiliated Employer.
 

	
            1.6
 	
            Average Actual Contribution Percentage means the average of the Actual Contribution Percentages of (a) the group comprised of Eligible Employees who are Highly Compensated Employees or (b) the group comprised of Eligible Employees who are Non-Highly Compensated Employees, whichever is applicable.
 

	
            1.7
 	
            Average Actual Deferral Percentage means the average of the Actual Deferral Percentages of (a) the group comprised of Eligible Employees who are Highly Compensated Employees or (b) the group comprised of Eligible Employees who are Non-Highly Compensated Employees, whichever is applicable.
 

	
            1.8
 	
            Before-Tax Contribution Account means the separate, individual account established on behalf of a Participant to which Before-Tax Contributions, Special Contributions and Catch-Up Contributions if any, made on his behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.
 

	
            1.9
 	
            Before-Tax Contributions means the contributions of the Employer made in accordance with the Compensation Reduction Agreements of Participants pursuant to Section 3.1.
 

	
            1.10
 	
            Beneficial Mutual Bancorp, Inc. Stock means the common stock of the Company.
 

	
            1.11
 	
            Beneficial Mutual Bancorp, Inc. Stock Fund means, commencing on the Reorganization Date, the assets consisting of Beneficial Mutual Bancorp, Inc. Stock which shall be maintained in an Investment Fund established for such purpose.
 

	
            1.12
 	
            Beneficiary means any person who is receiving or is eligible to receive a benefit under Section 7.7 of the Plan upon the death of an Employee or former Employee.
 

	
            1.13
 	
            Board means the board of trustees, directors or other governing body of the Sponsoring Employer.
 

	
            1.14
 	
            Catch-Up Contributions means additional elective deferrals made by an eligible Participant pursuant to Section 3.6.
 

	
            1.15
 	
            Closing Price means the closing sale price for the Beneficial Mutual Bancorp, Inc. Stock, on its principal trading market, on the applicable Valuation Date, or, if there is no sale on such date, the average of the bid and asked prices on such date.
 

	
            1.16
 	
            Code means the Internal Revenue Code of 1986, as amended from time to time.
 

	
            1.17
 	
            Committee means the person or persons appointed by the Employer in accordance with Section 9.2(b).
 

	 
	967	4	Beneficial
      Mutual Savings Bank

Article I —

Definitions

	
            1.18
 	
            Company means, effective as of the Reorganization Date, Beneficial Mutual Bancorp, Inc., or any successor organization.
 

	
            1.19
 	
            Compensation means with respect to a Plan Year, the sum of (a) the total earnings which are received by the Participant from the Employer for such Plan Year and which are required to be reported as wages on the Participant’s Form W-2 (in the wages, tips and other compensation box) and (b) the total amount of Elective Contributions contributed for the Plan Year for the Participant under Section 3.1 which are not includible in gross income under Section 402(e)(3) of the Code and (c) any elective contributions made by the Employer on behalf of a Participant that are not includible in gross income under Section 125, Section 402(h) or Section 132(f)(4) of the Code, but excluding all of the following items (even if includible in gross income): reimbursements or other expense allowances, fringe
benefits (cash and non-cash), moving expenses, deferred compensation and welfare benefits.  Compensation shall only include amounts received by a Participant while the Participant is eligible to participate in the Plan.
 

Compensation shall not exceed two hundred twenty-five thousand dollars ($225,000) for the 2007 Plan Year thereafter adjusted in multiples of five thousand dollars ($5,000) for increases in the cost-of-living as prescribed by the Secretary of the Treasury under Section 401(a)(17)(B) of the Code.  For purposes of this Section, if the Plan Year in which a Participant's Compensation is being made is less than twelve (12) calendar months, the amount of Compensation taken into account for such Plan Year shall be the adjusted amount, prescribed by the Secretary of the Treasury under Section 401(a)(17) of the Code, for such Plan Year multiplied by a fraction, the numerator of which is the number of months taken into account for such Plan Year and the denominator of which is twelve (12).  In determining the dollar limitation hereunder, compensation received from any Affiliated Employer shall be
recognized as Compensation.

	
            1.20
 	
            Compensation Reduction Agreement means an agreement between the Employer and an Eligible Employee whereby the Eligible Employee agrees to reduce his Compensation dur­ing the applicable payroll period by an amount equal to any whole percentage or fraction thereof, to the extent provided in Section 3.1, and the Employer agrees to contribute to the Trust Fund, on behalf of such Eligible Employee, an amount equal to the specified reduction in Compensation.
 

	
            1.21
 	
            Disability means a physical or mental condition, determined after review of those medical reports deemed satisfactory for this purpose, which renders the Participant totally and permanently incapable of engaging in any substantial gainful employment based on his education, training and experience.
 

	
            1.22
 	
            Discretionary Employer Contribution Account means the separate, individual account established on behalf of an Eligible Employee to which Discretionary Employer Contribu­tions, if any, are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account, as well as any losses, depreciation, or expenses allocable to amounts credited to such account.
 

	 
	967	5	Beneficial
      Mutual Savings Bank

Article I —

Definitions

	
            1.23
 	
            Discretionary Employer Contributions means the amounts, if any, contributed by the Employer on behalf of an Eligible Employee, pursuant to Section 3.8.
 

	
            1.24
 	
            Effective Date means August 8, 1985.
 

	
            1.25
 	
            Elective Contributions means, with respect to any taxable year, the sum of Before-Tax Contributions and Roth Contributions, if implemented, upon approval by the Employer, as set forth under Section 3.1.
 

	
            1.26
 	
            Eligibility Computation Period means a twelve (12) consecutive month period commencing on an Employee’s Employment Commencement Date and each Plan Year thereafter.  The succeeding twelve (12) consecutive month period begins with the Plan Year which commences prior to the first anniversary of the Employee’s Employment Commencement Date regardless of whether the Employee is entitled to be credited with one thousand (1,000) Hours of Service during the initial Eligibility Computation Period.
 

	
            1.27
 	
            Eligible Employee means an Employee who is eligible to participate in the Plan pursuant to the provisions of Article II.
 

	
            1.28
 	
            Employee means any person employed by the Employer.
 

	
            1.29
 	
            Employer means Beneficial Mutual Savings Bank and any Participating Affiliate or any successor organization which shall continue to maintain the Plan set forth herein.
 

	
            1.30
 	
            Employer Resolutions means resolutions adopted by the Board.
 

	
            1.31
 	
            Employment Commencement Date means the date on which an Employee first performs an Hour of Service for the Employer upon initial employment or, if applicable, upon reemployment.
 

	
            1.32
 	
            ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time.
 

	
            1.33
 	
            Forfeitures means any amounts forfeited pursuant to Section 4.2.
 

	
            1.34
 	
            Hardship means the condition described in Section 7.3.
 

	
            1.35
 	
            Highly Compensated Employee means, with respect to a Plan Year, an Employee or an employee of an Affiliated Employer who is such an Employee or employee during the Plan Year for which a determination is being made and who:
 

	
             
 	
            (a)
 	
            during the Plan Year immediately preceding the Plan Year for which a determination is being made, received compensation as defined under Section 414(q)(4) of the Code ("Section 414(q) Compensation") from the Employer, in excess of one hundred thousand dollars ($100,000) for 2007, adjusted as prescribed by the Secretary of the Treasury under Section 415(d) of the Code, or
 

	 
	967	6	Beneficial
      Mutual Savings Bank

Article I —

Definitions

	
             
 	
            (b)
 	
            at any time during the Plan Year for which a determination is being made or at any time during the Plan Year immediately preceding the Plan Year for which a determination is being made, was a five-percent owner as described under Section 414(q)(2) of the Code.
 

For purposes of subsection (a) above, Section 414(q) Compensation shall include the Employee’s wages, salaries, fees for professional services and other amounts received for personal services actually rendered in the course of employment with the Employer to the extent that such amounts are includible in gross income and shall also include (A) any elective deferral (as defined in Section 402(g)(3) of the Code, and (B) any amount which is contributed or deferred by the Employer at the election of the Employee and which is not includable in the gross income of the Employee by reason of Section 125, 132(f)(4) or 457 of the Code.

Highly Compensated Employee also means a former Employee who (A) incurred a Termination of Service prior to the Plan Year of the determination, (B) is not credited with an Hour of Service during the Plan Year of the determination and (C) satisfied the requirements of subsection (a) or (b) during either the Plan Year of his Termination of Service or any Plan Year ending coincident with or subsequent to the Employee's attainment of age fifty-five (55).

	
            1.36
 	
            Hour of Service means the following:
 

	
             
 	
            (a)
 	
            each hour for which an Employee is directly or indirectly paid or entitled to payment, by the Employer for the performance of duties.  These hours shall be credited to the Employee for the computation period or periods in which the duties are performed;
 

	
             
 	
            (b)
 	
            each hour, for which an Employee is directly or indirectly paid or entitled to payment by the Employer for reasons (such as but not limited to vacation, sickness or disability) other than for the performance of duties (irrespective of whether the employment relationship has terminated).  These hours shall be credited to the Employee for the computation period or periods in which the nonperformance of duties occur;
 

	
             
 	
            (c)
 	
            each hour for which back pay, irrespective of mitigation of damage, has been either awarded or agreed to by the Employer.  These hours shall be credited to the Employee for the computation period or periods to which the award or agreement pertains rather than the computation period in which the award, agreement, or payment was made.  These same Hours of Service shall not be credited under both subsection (a) or subsection (b), and under this subsection (c);
 

	
             
 	
            (d)
 	
            Hours of Service shall be computed and credited in accordance with Section 2530.200b-2 of the Department of Labor Regulations which are incorporated herein by reference; and
 

	
             
 	
            (e)
 	
            Hours of Service shall include Affiliated Service.
 

	 
	967	7	Beneficial
      Mutual Savings Bank

Article I —

Definitions

Hours of Service for whom records are not maintained shall be determined on the assumption that each Employee has completed forty-five (45) Hours of Service per week for each week in which he would be required to be credited with at least one (1) Hour of Service.

	
            1.37
 	
            Investment Funds means any and all of the Plan investment funds established for the purpose of investing contributions made to the Trust Fund in accordance with the provisions of the Trust Agreement.  The property in which contributions to the Investment Funds may be invested shall be specified in the Trust Agreement and the rights of the Trustee shall be established in accordance with the provisions of such Trust Agreement.
 

	
            1.38
 	
            Leased Employee means any individual (other than an Employee of the Employer or an employee of an Affiliated Employer) who, pursuant to an agreement between the Employer or any Affiliated Employer and any other person ("leasing organization"), has performed services for the Employer or any Affiliated Employer on a substantially full-time basis for a period of at least one (1) year, and such services are performed under the primary direction of and control by the Employer or any Affiliated Employer.  A determination as to whether a Leased Employee shall be treated as an Employee of the Employer or an Affiliated Employer shall be made as follows:  a Leased Employee shall not be considered an Employee of the Employer if: (a) such employee is a participant in a money purchase pension plan providing
(i) a nonintegrated Employer contribution rate of at least ten percent (10%) of compensation, as defined in Section 415(c)(3) of the Code, including the Employee’s wages, salaries, fees for professional services and other amounts received for personal services actually rendered in the course of employment with the Employer to the extent that such amounts are includible in gross income, and including (A) amounts contributed pursuant to a compensation reduction agreement which are excludable from the employee’s gross income under Section 125, Section 402(e)(3), Section 402(h)(1)(B) or Section 403(b) of the Code, and (B) elective amounts that are excludable from the gross income of an Employee by reason of Section 132(f)(4) of the Code; (ii) immediate plan participation; and (iii) full and immediate vesting; and (b) Leased Employees do not constitute more than twenty percent (20%) of the Employer’s Non-Highly Compensated Employees.
 

	
            1.39
 	
            Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.
 

	
            1.40
 	
            Matching Contributions means the contributions made by the Employer pursuant to Section 3.4.
 

	
            1.41
 	
            Named Fiduciaries means the Trustee and the Committee designated by the Sponsoring Employer to control and manage the operation and administration of the Plan.
 

	 
	967	8	Beneficial
      Mutual Savings Bank

Article I —

Definitions

	
            1.42
 	
            Net Value means the value of an Employee's Accounts as determined as of the Valuation Date coincident with or next following the event requiring such determination.
 

	
            1.43
 	
            Non-Highly Compensated Employee means, with respect to a Plan Year, an Employee who is not a Highly Compensated Employee.
 

	
            1.44
 	
            Normal Retirement Age means the date an Employee attains age sixty-five (65).
 

	
            1.45
 	
            Normal Retirement Date means the first day of the month coincident with or next following the Participant's Normal Retirement Age.
 

	
            1.46
 	
            One Year Break in Service means, for purposes of determining a Participant’s eligibility service pursuant to Article II, an Eligibility Computation Period, and for purposes of determining a Participant’s vested service, pursuant to Article IV, a Vesting Computation Period, during which the Employee did not complete more than five hundred (500) Hours of Service.
 

For purposes of determining if an Employee incurred a One Year Break in Service, if an Employee is absent from employment for maternity or paternity reasons, such Employee shall receive credit for the Hours of Service which would otherwise have been credited to such Employee but for such absence but in no event shall more than five hundred (500) Hours of Service be credited during a computation period.  Such credit shall be applied to the computation period during which such absence from employment first occurs, if such credit will prevent a One Year Break in Service, otherwise, such credit shall be applied to the immediately following computation period.  An absence from employment for maternity or paternity reasons means an absence (a) by reason of pregnancy of the Employee, or (b) by reason of a birth of a child of the Employee, or (c) by reason of the placement of a child with the
Employee in connection with the adoption of such child by such Employee, or (d) for purposes of caring for such child for a period beginning immediately following such birth or placement.

	
            1.47
 	
            Participant means an Eligible Employee who participates in accordance with the provisions of Section 2.3, and whose participation in the Plan has not been terminated in accordance with the provisions of Section 2.4.
 

	
            1.48
 	
            Participating Affiliate means any corporation that is a member of a controlled group of corporations (within the meaning of Section 414(b) of the Code) of which the Sponsoring Employer is a member and any unincorporated trade or business that is a member of a group of trades or businesses under common control (within the meaning of Section 414(c) of the Code) of which the Sponsoring Employer is a member, which, with the prior approval of the Sponsoring Employer and subject to such terms and conditions as may be imposed by such Sponsoring Employer, shall adopt this Plan in accordance with the provisions of Section 13.8.  Such entity shall continue to be a Participating Affiliate until such entity terminates its participation in the Plan in accordance with Section 13.8.
 

	
            1.49
 	
            Plan means the Beneficial Mutual Savings Bank 401(k) Plan, as herein restated and as it may be amended from time to time.
 

	 
	967	9	Beneficial
      Mutual Savings Bank

Article I —

Definitions

	
            1.50
 	
            Plan Administrator means the person or persons who have been designated as such by the Employer in accordance with the provisions of Section 9.4.
 

	
            1.51
 	
            Plan Year means the calendar year.
 

	
            1.52
 	
            Postponed Retirement Date means the first day of the month coincident with or next fol­lowing a Participant's date of actual retirement which occurs after his Normal Retirement Date.
 

	
            1.53
 	
            Prior Plan means the Beneficial Mutual Savings Bank Employees’ Savings Plan and Trust Agreement as in effect on the date immediately preceding the Restatement Date.
 

	
            1.54
 	
            Qualified Nonelective Contributions means contributions, other than Matching Contribu­tions and Discretionary Employer Contributions, made by the Employer, which (a) Participants may not elect to receive in cash in lieu of their being contributed to the Plan; (b) are one hundred percent (100%) nonforfeitable when made; and (c) are not distributable under the terms of the Plan to Participants or their Beneficiaries until the earliest of:
 

	
             
 	
            (i)
 	
            the Participant's death, Disability or severance from employment for other reasons;
 

	
             
 	
            (ii)
 	
            the Participant's attainment of age fifty-nine and one-half (59-1/2); or
 

	
             
 	
            (iii)
 	
            termination of the Plan.
 

Special Contributions defined under Section 1.63 are Qualified Nonelective Contributions.

	
            1.55
 	
            Reorganization Date means the date of the conversion of the Employer from mutual to stock ownership.
 

	
            1.56
 	
            Restatement Date means May 11, 2007.
 

	
            1.57
 	
            Retirement Date means the Participant's Normal Retirement Date or Postponed Retirement Date, whichever is applicable.
 

	
            1.58
 	
            Rollover Contribution means (a) a contribution to the Plan of money received by an Employee from a qualified plan, or (b) a contribution to the Plan of money transferred directly from another qualified plan on behalf of the Employee, which the Code permits to be rolled over into the Plan.  The Plan will additionally accept eligible rollover contributions and/or direct rollovers of distributions from (i) an annuity contract described in Section 403(b) of the Code (excluding after-tax Employee contributions); (ii) an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state; (iii) the portion of a distribution from an individual retirement account or annuity
described in Section 408(a) or Section 408(b) of the Code that is eligible to be rolled over and would otherwise be included in gross income; and (iv) a 
 

	 
	967	10	Beneficial
      Mutual Savings Bank

Article I —

Definitions

	
             
 	
            designated Roth Code Section 401(k) or Code Section 403(b) account under another qualified plan or from a Roth IRA.
 

	
            1.59
 	
            Rollover Contribution Account means the separate, individual account established on behalf of an Employee to which his Rollover Contributions are credited together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.
 

	
            1.60
 	
            Roth Contribution Account, if implemented, upon approval by the Employer, means the separate, individual account established on behalf of a Participant to which Roth Contributions and Catch-Up Contributions, if any, made by the Participant are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.  Earnings and appreciation credited on Roth Contributions are before-tax amounts.
 

	
            1.61
 	
            Roth Contributions, if implemented, upon approval by the Employer, means the after-tax contributions made in accordance with the Compensation Reduction Agreements of Participants pursuant to Section 3.1.  Roth Contributions shall be treated as elective deferrals for all purposes under the Plan.
 

	
            1.62
 	
            Shares means shares of Beneficial Mutual Bancorp, Inc. Stock.
 

	
            1.63
 	
            Special Contributions means the contributions made by the Employer pursuant to Section 3.5.  Special Contributions are Qualified Nonelective Contributions as defined under Section 1.54.
 

	
            1.64
 	
            Sponsoring Employer means Beneficial Mutual Savings Bank, or any successor organization which shall continue to maintain the Plan set forth herein.
 

	
            1.65
 	
            Spouse means a person to whom the Employee was legally married and which marriage had not been dissolved by formal divorce proceedings that had been completed prior to the date on which payments to the Employee are scheduled to commence.
 

	
            1.66
 	
            Termination of Service means the date on which an Employee's service is terminated by reason of his resignation, retirement, discharge, death or Disability.
 

Service
  in the Armed Forces of the United States of America shall not constitute a Termination
  of Service but shall be considered to be a period of employment by the Employer
  provided that (i) such military service is caused by war or other emergency
  or the Employee is required to serve under the laws of conscription in time
  of peace, (ii) the Employee returns to employment with the Employer within six
  (6) months following discharge from such military service and (iii) such Employee
  is reemployed by the Employer at a time when the Employee had a right to reemployment
  at his former position or substantially similar position upon separation from
  such military duty in accordance with seniority rights as protected under the
  laws of the United States of

	 
	967	11	Beneficial
      Mutual Savings Bank

Article I —

Definitions

America.
  Notwithstanding any provision of the Plan to the contrary, contributions, benefits
  and calculation of Years of Eligibility Service with respect to qualified military
  service will be provided in accordance with Section 414(u) of the Code.

A leave of absence granted to an Employee by the Employer shall not constitute a Termination of Service provided that the Participant returns to the active service of the Employer at the expiration of any such period for which leave has been granted.

	
            1.67
 	
            Trust Agreement means the agreement or a agreements between the Employer and a Trustee pursuant to which the Trust Fund shall be held in trust.
 

	
            1.68
 	
            Trustee means the RSGroup Trust Company, Portland, Maine, or any successor trustee of the Plan.
 

	
            1.69
 	
            Trust Fund means the Plan assets held in accordance with the Trust Agreement.
 

	
            1.70
 	
            Trust Fund Units means the units of measure of an Employee's proportionate undivided beneficial interest in one or more of the Investment Funds, other than in the Beneficial Mutual Bancorp, Inc. Stock Fund, valued as of the close of business.
 

	
            1.71
 	
            Valuation Date means each business day.
 

	
            1.72
 	
            Vesting Computation Period means a Plan Year.
 

	
            1.73
 	
            Year of Eligibility Service means an Eligibility Computation Period during which the Employee completes at least one thousand (1,000) Hours of Service.
 

	
            1.74
 	
            Year of Service means a Vesting Computation Period during which the Employee completes at least one thousand (1,000) Hours of Service.
 

	 
	967	12	Beneficial
      Mutual Savings Bank

Article II —

Eligibility and Participation

ARTICLE II — 

ELIGIBILITY AND PARTICIPATION

	
            2.1
 	
            Eligibility
 

	
             
 	
            (a)
 	
            Every Employee who was a Participant in the Prior Plan immediately prior to the Restatement Date shall continue to be a Participant on the Restatement Date.
 

	
             
 	
            (b)
 	
            Every other Employee who is not excluded under the provisions of Section 2.2, shall become an Eligible Employee upon satisfying each of the following conditions:
 

	
             
 	
            (i)
 	
            completion of one (1) Year of Eligibility Service;
 

	
             
 	
            (ii)
 	
            attainment of age twenty-one (21); and
 

	
             
 	
            (iii)
 	
            classification as a salaried Employee.
 

	
             
 	
            (c)
 	
            For purposes of determining if an Employee completed a Year of Eligibility Service, employment with an Affiliated Employer shall be deemed employment with the Employer.
 

	
             
 	
            (d)
 	
            An Employee who otherwise satisfies the requirements of this Section 2.1 and who is no longer excluded under the provisions of Section 2.2 shall immediately become an Eligible Employee.
 

	
            2.2
 	
            Ineligible Employees
 

The following classes of Employees are ineligible to participate in the Plan:

	
             
 	
            (a)
 	
            Employees compensated exclusively on an hourly basis;
 

	
             
 	
            (b)
 	
            Leased Employees;
 

	
             
 	
            (c)
 	
            Employees in a unit of Employees covered by a collective bargaining agreement with the Employer pursuant to which employee benefits were the subject of good faith bargaining and which agreement does not expressly provide that Employees of such unit be covered under the Plan.
 

	
            2.3
 	
            Participation
 

Participation
  in the Plan is voluntary with respect to an election for Before-Tax Contributions
  and/or Roth Contributions, if implemented, upon approval by the Employer. An
  Eligible Employee may elect to make Before-Tax Contributions and/or Roth Contributions,
  if any, in accordance with Section 3.1, as of the January 1st or July 1st following
  satisfaction of the eligibility requirements set forth in Section 2.1. In addition,
  an Eligible Employee will automatically participate in the Plan on any January
  1st or July

	 
	967	13	Beneficial
      Mutual Savings Bank

Article II —

Eligibility and Participation

1st
  immediately following satisfaction of the eligibility requirements set forth
  in Section 2.1, with respect to eligibility for (a) Special Contributions in
  accordance with Section 3.5 or (b) Discretionary Employer Contributions in accordance
  with Section 3.10.

An election for Before-Tax Contributions and/or Roth Contributions, if implemented, upon approval by the Employer, shall be evidenced by completing and filing the form or forms (including electronic forms) prescribed by the Committee not less than ten (10) days prior to the date participation is to commence.  Such form or forms shall include, but not be limited to, a Compensation Reduction Agreement, a designation of Beneficiary, and an investment direction as described in Section 6.1.  By completing and filing such form or forms, the Eligible Employee authorizes the Employer to make the applicable payroll deductions from Compensation, commencing on the first applicable payday coincident with or next following the effective date of the Eligible Employee's election to participate.  In the case of Special Contributions or Discretionary Employer
Contributions, a Participant shall complete a form or forms prescribed by the Committee, designating a Beneficiary and an investment direction as described in Section 6.1.

	
            2.4
 	
            Termination of Participation
 

Participation in the Plan shall terminate on the earlier of the date a Participant dies or the entire vested interest in the Net Value of such Participant's Accounts has been distributed.

	
            2.5
 	
            Eligibility upon Reemployment
 

If an Employee incurs a One Year Break in Service prior to satisfying the eligibility requirements of Section 2.1, service prior to such One Year Break in Service shall be disregarded and such Employee must satisfy the eligibility requirements of Section 2.1 as a new Employee.

If an Employee incurs a One Year Break in Service after satisfying the eligibility requirements of Section 2.1 and again performs an Hour of Service, the Employee shall be eligible to participate immediately upon reemployment, provided such Employee is not excluded from participating under the provisions of Section 2.2.

	 
	967	14	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

ARTICLE III — 

CONTRIBUTIONS AND LIMITATIONS ON CONTRIBUTIONS

	
            3.1
 	
            Elective Contributions
 

The Employer shall make Before-Tax Contributions and/or after-tax Roth Contributions, if implemented, upon approval by the Employer, for each payroll period in an amount equal to the amount by which a Participant's Compensation has been reduced with respect to such period under his Compensation Reduction Agreement.  Subject to the limitations set forth in Sections 3.2 and 3.12, the amount of reduction authorized by the Eligible Employee shall be whole percentages and/or fractions thereof of Compensation and shall not be less than one percent (1%) nor greater than twenty percent (20%).  The Before-Tax Contributions made on behalf of a Participant shall be credited to such Participant's Before-Tax Contribution Account and shall be invested in accordance with Article VI of the Plan.  The Roth Contributions, if any, made by a Participant shall be credited to such Participant's Roth
Contribution Account and shall be invested in accordance with Article VI of the Plan.

	
            3.2
 	
            Limitation on Elective Contributions
 

	
             
 	
            (a)
 	
            The percentage of Elective Contributions made on behalf of a Participant who is a Highly Compensated Employee shall be limited so that the Average Actual Defer­ral Percentage for the group of such Highly Compensated Employees for the Plan Year does not exceed the greater of:
 

	
             
 	
            (i)
 	
            the Average Actual Deferral Percentage for the group of Eligible Employ­ees who were Non-Highly Compensated Employees for the preceding Plan Year multi­plied by 1.25; or
 

	
             
 	
            (ii)
 	
            the Average Actual Deferral Percentage for the group of Eligible Employ­ees who were Non-Highly Compensated Employees for the preceding Plan Year multi­plied by two (2), provided, that the difference in the Average Actual Deferral Percentage for eligible Highly Compensated Employees and eligible Non-Highly Compensated Employees does not exceed two percent (2%).
 

The preceding Plan Year testing method can only be modified if the Plan meets the requirements for changing to current Plan Year testing as set forth in Code Section 401(k) and final Regulations under Section 1.401(k)-2, or any successor future guidance issued by the Internal Revenue Service.

The above subsections (i) and (ii) shall be subject to the distribution provisions of the last paragraph of Section 3.12(f).

If
  the Average Actual Deferral Percentage for the group of eligible Highly Compensated
  Employees exceeds the limitations set forth in the preceding paragraph,

	 
	967	15	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

the
  amount of excess Elective Contributions for a Highly Compensated Employee shall
  be determined by "leveling" (as hereafter defined), the highest Elective Contributions
  made by Highly Compensated Employees until the Average Actual Deferral Percentage
  test for the group of eligible Highly Compensated Employees complies with such
  limitations. For purposes of this paragraph, "leveling" means reducing the Elective
  Contributions of the Highly Compensated Employee with the highest Elective Contribution
  amount to the extent required to: 

	
             
 	
            (A)
 	
            enable the Average Actual Deferral Percentage limitations to be met; or
 

	
             
 	
            (B)
 	
            cause such Highly Compensated Employee's Elective Contribution amount to equal the dollar amount of the Elective Contributions of the Highly Compensated Employee with the next highest Elective Contribution amount by distribution of such excess Elective Contributions, as described below, to the Highly Compensated Employee whose Elective Contributions equal the highest dollar amount, 
 

and repeating such process until the Average Actual Deferral Percentage for the group of eligible Highly Compensated Employees complies with the Average Actual Deferral Percentage limitations.

If Elective Contributions made on behalf of a Participant during any Plan Year exceed the maximum amount applicable to a Participant as set forth above, any such contributions, including any earnings thereon as determined under Section 3.9, shall be characterized as Compensation payable to the Participant and shall be paid to the Participant from his Before-Tax Contribution Account and/or Roth Contribution Account, if implemented, upon approval by the Employer, and as applicable, no later than two and one-half (2-1/2) months after the close of such Plan Year.

In the case of a distribution of excess Elective Contributions, a Highly Compensated Employee may designate the extent to which the amount of excess Elective Contributions is composed of Before-Tax Contributions and Roth Contributions, if any, however, only to the extent such types of Elective Contributions were made for the Plan Year.  In the event the Highly Compensated Employee does not designate which type of Elective Contributions are to be distributed, the Highly Compensated Employee’s Before-Tax Contributions shall be distributed first.

If Elective Contributions during any Plan Year exceed the maximum amount applicable to a Participant as set forth above, any Matching Contributions, including any earnings thereon as determined under Section 3.9, that are attributable to Before-Tax Contributions and/or Roth Contributions, if implemented, upon approval by the Employer, which are returned to the Participant as provided hereunder, shall be treated as Forfeitures under Section 4.2.

	 
	967	16	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

In the event that the Plan satisfies the requirements of Section 401(k), 401(a)(4) or 410(b) of the Code only if aggregated with one or more other plans, or if one or more other plans satisfy the requirements of Section 401(k), 401(a)(4) or 410(b) of the Code only if aggregated with the Plan, then this Section 3.2 shall be applied by determining the Actual Deferral Percentages of Eligible Employees as if all such plans were a single plan.

If any Highly Compensated Employee is a Participant in two (2) or more cash or deferred arrangements of the Employer, for purposes of determining the Actual Deferral Percentage with respect to such Highly Compensated Employee, all cash or deferred arrangements shall be treated as one (1) cash or deferred arrangement.

In the event the Plan is disaggregated into separate plans under the rules of Section 410(b) of the Code, then each separate plan can apply a different testing method.

Additional Elective Contributions that are made by reason of a Participant’s qualified military service pursuant to Section 414(u) of the Code, shall not be taken into account under the Actual Deferral Percentage test. 

Special Contributions may be taken into account in determining the actual deferral ratio for an Eligible Employee for a Plan Year, but only to the extent such Special Contributions satisfy the requirements set forth in Sections 1.401(k)-2(a)(6)(i), (ii), (iii) and (iv) of the Treasury regulations.

	
             
 	
            (b)
 	
            Elective Contributions, as described under Section 3.1, and any elective deferrals (as defined under Section 402(g) of the Code) under all other plans, contracts or arrangements of the Employer may be adjusted as prescribed by the Secretary of the Treasury under Section 415(d) of the Code.  This Section 3.2(b) shall be subject to the distribution provisions of the last paragraph of Section 3.12(f).
 

No Participant shall be permitted to have elective deferrals made under this Plan, or any other qualified plan maintained by the Employer during any taxable year, in excess of the dollar limitation contained in Section 402(g) of the Code in effect for such taxable year, except to the extent permitted under Section 3.6, if applicable.

	
             
 	
            (c)
 	
            If Elective Contributions made on behalf of a Participant during any Plan Year exceed the dollar limitation set forth in subsection (b), such contributions, including any earnings thereon as determined under Section 3.9, shall be characterized as Compensation payable to the Participant and shall be paid to the Participant from his Before-Tax Contribution Account and/or Roth Contribution Account, if implemented, upon approval by the Employer, and as applicable, no later than April 15th of the calendar year following the close of such Plan Year.
 

If
  Elective Contributions during any Plan Year exceed the maximum dollar amount
  applicable to a Participant as set forth in subsection (b), any Matching

	 
	967	17	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

Contributions,
  including any earnings thereon as determined under Section 3.9, that are attributable
  to Before-Tax Contributions and/or Roth Contributions, if implemented, upon
  approval by the Employer, which are returned to the Participant as provided
  hereunder, shall be treated as Forfeitures under Section 4.2.

	
             
 	
            (d)
 	
            Subject to the requirements of Sections 401(a) and 401(k) of the Code, the maximum amounts under subsections (a) and (b) may differ in amount or percentage as between individual Participants or classes of Participants, and any Compensation Reduction Agreement may be terminated, amended, or suspended without the consent of any such Participant or Participants in order to comply with the provisions of such subsections (a) and (b).
 

	
            3.3
 	
            Changes in Elective Contributions
 

        Unless (a) an election is
made to the contrary, or (b) a Participant receives a Hardship distribution
pursuant to Section 7.3(c)(iii), the percentage of Elective Contributions made
under Section 3.1 shall continue in effect as long as the Participant has a
Compensation Reduction Agreement in force. A Participant may, by completing the
applicable form (or electronically), prospectively increase or decrease the rate
of Elective Contributions to any of the percentages authorized under Section 3.1
or suspend Elective Contributions without withdrawing from participation in the
Plan. Such election must be filed at least ten (10) days prior to the first day
of the payroll period with respect to which such change is to become effective.
A Participant who has Elective Contributions suspended may resume such
contributions by completing and filing the applicable form (or electronically).
A Participant may increase, decrease or resume his or her rate of Elective Contributions on the first day of each calendar quarter (January 1, April 1, July 1 and
October 1) only. A Participant may suspend or terminate his Elective
Contributions at any time.

Elective Contributions based on Compensation for the period during which such contributions had been suspended or decreased may not be made up at a later date.

	
            3.4
 	
            Matching Contributions
 

	
             
 	
            (a)
 	
            The Employer may make contributions on behalf of each Participant in an amount equal to sixty percent (60%) of the first one thousand dollars ($1,000) of the Participant’s Elective Contributions, plus forty percent (40%) of the next one thousand dollars ($1,000) of the Participant’s Elective Contributions on a payroll basis, to a maximum Matching Contribution of one thousand dollars ($1,000) in a Plan Year.
 

	
             
 	
            (b)
 	
            Matching Contributions shall be credited to the Participant's Matching Contribu­tion Account and shall be invested in accordance with Article VI of the Plan.
 

	
             
 	
            (c)
 	
            If a Participant terminates his Elective Contributions, Matching Contributions attributable to such contributions will also cease.  If Elective Contributions are
 

	 
	967	18	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

	
             
 	
             
 	
            suspended,
        the Matching Contribu­tions attributable to such contributions will
        be suspended for the same period. Subject to the limitations set forth
        in subsection (a), if Elective Contributions are increased or decreased,
        Matching Contributions at­tributable to such contributions will be
        increased or decreased during the same period. Matching Contributions
        for the period during which Elective Contributions had been suspended
        or decreased may not be made up at a later date.
 

	
             
 	
            (d)
 	
            Matching Contributions may be reviewed and modified by the Employer's Board, from time to time.
 

	
            3.5
 	
            Special Contributions
 

In addition to any other contributions, the Employer may, in its discretion, make Special Contributions for a Plan Year to the Before-Tax Contribution Account of any Eligible Employees.  Such Special Contributions may be limited to the amount necessary to insure that the Plan complies with the requirements of Section 401(k) of the Code.  The Special Contributions made on behalf of a Participant shall be invested in accordance with Article VI of the Plan.

The Employer may provide that Special Contributions be made only on behalf of each Eligible Employee who is a Non-Highly Compensated Employee on the last day of the Plan Year.  Such Special Contributions shall be allocated in proportion to each such Eligible Employee's Compensation for the Plan Year.

Any other provision of the Plan to the contrary notwithstanding, no Matching Contributions shall be made with respect to any Special Contributions.

	
            3.6
 	
            Catch-Up Contributions
 

All Employees who are eligible to make Elective Contributions under this Plan and who have attained age 50 before the close of the Plan Year, shall be eligible to make Catch-Up Contributions in accordance with, and subject to the limitations of Section 414(v) of the Code.  Such Catch-Up Contributions shall not be taken into account for purposes of Section 3.2(b) implementing the required limitations of Section 402(g) of the Code and Section 3.12 implementing the required limitations of Section 415 of the Code.  The Plan shall not be treated as failing to satisfy the provisions of the Plan implementing the requirements of Sections 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable, by reason of the making of such Catch-Up Contributions.

Catch-Up Contributions shall be credited to an Employee's Before-Tax Contribution Account or Roth Contribution Account, if implemented, upon approval by the Employer, as applicable, and shall be invested in accordance with Article VI of the Plan.

	 
	967	19	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

	
            3.7
 	
            Limitation on Matching Contributions
 

The Actual Contribution Percentage made on behalf of a Participant who is a Highly Compensated Employee shall be limited so that the Average Actual Contribution Percentage for the group of such Highly Compensated Employees for the Plan Year shall not exceed the greater of: 

	
             
 	
            (a)
 	
            the Average Actual Contribution Percentage for the group of Eligible Employees who were Non-Highly Compensated Employees for the preceding Plan Year multiplied by 1.25; or
 

	
             
 	
            (b)
 	
            the Average Actual Contribution Percentage for the group of Eligible Employees who were Non-Highly Compensated Employees for the preceding Plan Year multiplied by two (2), provided, that the difference in the Average Actual Contribution Percentage for Highly Compensated Employees and Non-Highly Compensated Employees does not exceed two percent (2%).
 

The preceding Plan Year testing method can only be modified if the Plan meets the requirements for changing to current Plan Year testing as set forth in Section 401(m) and final Regulations under Section 1.401(m)-2, or any successor future guidance issued by the Internal Revenue Service.

The above subsections (a) and (b) shall be subject to the distribution provisions of the last paragraph of Section 3.12(f).

If the Average Actual Contribution Percentage for the group of eligible Highly Compensated Employees exceeds the limitations set forth in the preceding paragraph, the amount of excess Matching Contributions for a Highly Compensated Employee shall be determined by "leveling" (as hereafter defined,) the highest Matching Contributions until the Average Actual Contribution Percentage test for the group of eligible Highly Compensated Employees complies with such limitations.  For purposes of this paragraph, "leveling" means reducing the Matching Contributions made on behalf of the Highly Compensated Employee with the highest Matching Contribution amount to the extent required to:

	
             
 	
            (i)
 	
            enable the Average Actual Contribution Percentage limitations to be met; or
 

	
             
 	
            (ii)
 	
            cause such Highly Compensated Employee's Matching Contribution amount to equal the dollar amount of the Matching Contribution made on behalf of the Highly Compensated Employee with the next highest Matching Contribution amount, 
 

and repeating such process until the Average Actual Contribution Percentage for the group of eligible Highly Compensated Employees complies with the Average Actual Contribution Percentage limitations.

	 
	967	20	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

If Matching Contributions during any Plan Year exceed the maximum amount applicable to a Participant as set forth above, any such contributions, including any earnings thereon as determined under Section 3.9, shall, whether or not vested, be treated as Forfeitures under Section 4.2.

In the event that the Plan satisfies the requirements of Section 401(m), 401(a)(4) or 410(b) of the Code only if aggregated with one or more other plans, or if one or more other plans satisfy the requirements of Section 401(m), 401(a)(4) or 410(b) of the Code only if aggregated with the Plan, then this Section 3.7 shall be applied by determining the Actual Contribution Percentages of Eligible Employees as if all such plans were a single plan.

If any Highly Compensated Employee is a Participant in two (2) or more plans of the Employer, for purposes of determining the Actual Contribution Percentage with respect to such Highly Compensated Employee, all such plans shall be treated as one (1) plan.

In the event the Plan is disaggregated into separate plans under the rules of Section 410(b) of the Code, then each separate plan can apply a different testing method. 

Additional Matching Contributions and employee contributions that are made by reason of a Participant’s qualified military service pursuant to Section 414(u) of the Code, shall not be taken into account under the Actual Contribution Percentage test.

A Matching Contribution, with respect to an elective deferral for a Non-Highly Compensated Employee, if any, may not be taken into account under the Actual Contribution Percentage test to the extent it exceeds the greatest of:

	
             
 	
            (I)
 	
            five percent (5%) of Compensation;
 

	
             
 	
            (II)
 	
            the Participant’s elective deferrals for a Plan Year; and
 

	
             
 	
            (III)
 	
            the product of two (2) times the Plan’s representative matching rate and the Participant’s elective deferrals for a Plan Year.
 

For purposes of the preceding paragraph, the Plan’s representative matching rate is the lowest matching rate for any eligible Non-Highly Compensated Employee among a group of Non-Highly Compensated Employees that consists of half of all eligible Non-Highly Compensated Employees for the Plan Year who make elective deferrals for the Plan Year (or, if greater, the lowest matching rate for all eligible Non-Highly Compensated Employees who are employed by the Employer on the last day of the Plan Year and who make elective deferrals for the Plan Year).  The matching rate for a Participant generally is the matching contributions made for such Participant divided by the Participant’s elective deferrals for the Plan Year.  If the matching rate is not the same for all levels of elective deferrals for a Participant, the Participant’s matching rate is determined assuming that a
Participant’s elective deferrals are equal to six percent (6%) of Compensation.

	 
	967	21	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

	
            3.8
 	
            Discretionary Employer Contributions
 

	
             
 	
            (a)
 	
            Subject to the limitations of Section 3.12, the Employer may, in its sole and absolute discretion, make Discretionary Employer Contributions to the Plan for a Plan Year.  Discretionary Employer Contributions shall be in an amount deter­mined by the Board and will be allocated proportionately, based on the Compensation of each Participant during a Plan Year and provided that such Participant is in the employ of the Employer on the last day of such Plan Year.
 

	
             
 	
            (b)
 	
            Notwithstanding the foregoing, a Participant who incurs a Termination of Service prior to the last day of the Plan Year for reasons of death, Disability or retirement on a Retirement Date shall receive a Discretionary Employer Contribution pursuant to Section 3.8(a) above, for the Plan Year up to the date of his Termination of Service.
 

	
             
 	
            (c)
 	
            The Discretionary Employer Contributions allocated to each Participant shall be credited to such Participant's Discretionary Employer Contribution Account and shall be invested in accordance with Article VI of the Plan.  Any and all withdrawals, distributions or payments from a Participant's Discretionary Employer Contribution Account shall be made in accordance with Article VII, or Article VIII of the Plan, whichever is applicable.
 

	
            3.9
 	
            Interest on Excess Contributions
 

In the event Before-Tax Contributions and/or Roth Contributions, if implemented, upon approval by the Employer and/or Matching Contributions made on behalf of a Participant during a Plan Year exceed the maximum allowable amount as described in Section 3.2(a), 3.2(b) or 3.7 ("Excess Contributions") and such Excess Contributions and earnings thereon are payable to the Participant under the applicable provisions of the Plan, earnings on such Excess Contributions for the period commencing with the first day of the Plan Year in which the Excess Contributions were made and ending with the date of payment to the Participant ("Allocation Period") shall be determined in accordance with the provisions of this Section 3.9.

The earnings allocable to excess Before-Tax Contributions and/or Roth Contributions, if implemented, upon approval by the Employer, for an Allocation Period shall be equal to the sum of (a) plus (b) where (a) and (b) are determined as follows:

	
             
 	
            (a)
 	
            The
        amount of earnings attributable to the Participant's Before-Tax Contribution
        Account and/or Roth Contribution Account, if any for the Plan Year multiplied
        by a fraction, the numerator of which is the excess Before-Tax Contributions,
        Special Contributions and/or Roth Contributions, if any for the Plan Year,
        and the denominator of which is the sum of (i) the Net Value of the Participant's
        Before-Tax Contribution Account and/or Roth Contribution Account, if any,
        as of the last day of the immediately preceding Plan Year and (ii) the
        contributions (including the Excess Contributions) made to the Before-Tax
        Contribution Account and/or
 

	 
	967	22	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

	
             
 	
             
 	
            Roth
        Contribution Account, if any on the Participant's behalf during such Plan
        Year.
 

	
             
 	
            (b)
 	
            The amount of earnings attributable to the Participant's Before-Tax Contribution Account and/or Roth Contribution Account, if implemented, upon approval by the Employer, for the period commencing with the first day of the Plan Year in which payment is made to the Participant and ending with the date of payment to the Participant multiplied by a fraction, the numerator of which is the excess Before-Tax Contributions, and Special Contributions and/or Roth Contributions, if any, made to the Before-Tax Contribution Account and/or Roth Contribution Account, if any, on the Participant's behalf during the Plan Year immediately preceding the Plan Year in which the payment is made to the Participant, and the denominator of which is the Net Value of the Participant's Before-Tax Contribution Account and/or Roth Contribution Account,
if any, on the first day of the Plan Year in which the payment is made to the Participant.
 

The earnings allocable to excess Matching Contributions for an Allocation Period shall be equal to the sum of (A) and (B) where (A) and (B) are determined as follows:

	
             
 	
            (A)
 	
            The amount of earnings attributable to the Participant's Matching Contribution Account for the Plan Year multiplied by a fraction, the numerator of which is the excess Matching Contributions for the Plan Year, and the denominator of which is the sum of (I) the Net Value of the Participant's Matching Contribution Account as of the last day of the immediately preceding Plan Year and (II) the contributions (including the Excess Contributions) made to the Matching Contribution Account on the Participant's behalf during such Plan Year.
 

	
             
 	
            (B)
 	
            The amount of earnings attributable to the Participant's Matching Contribu­tion Account for the period commencing with the first day of the Plan Year in which payment is made to the Participant and ending with the date of payment to the Participant multiplied by a fraction, the numerator of which is the excess Matching Contributions made to the Matching Con­tribution Account on the Partici­pant's behalf during the Plan Year immediately preceding the Plan Year in which the payment is made to the Participant, and the denominator of which is the Net Value of the Participant's Matching Contribution Account on the first day of the Plan Year in which the payment is made to the Participant.
 

	
            3.10
 	
            Payment of Contributions
 

As soon as possible after each payroll period, but not less often than once a month, the Employer shall deliver to the Trustee:  (a) the Before-Tax Contributions and/or Roth Contributions, if implemented, upon approval by the Employer, required to be made to the Trust Fund during such payroll period under the applicable Compensation Reduction Agreements, and (b) the amount of all Matching Contributions required to be made to the Trust Fund for such payroll period.

	 
	967	23	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

Special Contributions and Discretionary Employer Contributions shall be forwarded by the Employer to the Trustee no later than the time for filing the Employer's federal income tax return, plus any extensions thereon, for the Plan Year to which they are attributable.

	
            3.11
 	
            Rollover Contribution
 

Subject to such terms and conditions as may from time to time be established by the Committee and the Trustee, an Employee, whether or not a Participant, may contribute a Rollover Contribution to the Trust Fund; provided, however, that such Employee shall submit a written certification, in form and substance satisfactory to the Committee, that the contribution qualifies as a Rollover Contribution.  The Committee shall be entitled to rely on such certification and shall accept the contribution on behalf of the Trustee.  Rollover Contributions shall be credited to an Employee's Rollover Contribution Account and shall be invested in accordance with Article VI of the Plan.

Subject to the requirements of Section 401(a)(11) and Section 417 of the Code, if applicable, and the provisions set forth in Section 7.10 and under Section 72(t) of the Code, an Employee may request, at any time, to receive a distribution from his Rollover Contribution Account in the form of a withdrawal, pursuant to Section 7.2 or a distribution pursuant to Section 7.5 or 7.6, as applicable.

	
            3.12
 	
            Section 415 Limits on Contributions
 

	
             
 	
            (a)
 	
            For purposes of this Section 3.12, the following terms and phrases shall have the meanings hereafter ascribed to them:
 

	
             
 	
            (i)
 	
            "Annual Additions" shall mean the sum of the following amounts credited to a Participant's Accounts for the Limitation Year:  (A) Employer con­tributions, including Before-Tax Contributions, Matching Contributions and Discretionary Employer Contributions; (B) Roth Contributions, if implemented, upon approval by the Employer and any other Employee contributions; (C) forfeitures; (D) (1) amounts allocated to an individual medical account, as defined in Section 415(l)(2) of the Code, which is part of a pension or annuity plan maintained by the Employer and (2) amounts derived from contributions, paid or accrued, which are attributable to post-retirement medical benefits allocated to the separate account of a key employee, as defined in Section 419A(d)(3) of the Code, under a welfare benefit fund as defined in Section 419(e)
of the Code, maintained by the Employer; and (E) amounts allocated under a simplified employee pension plan are treated as Annual Additions.  Annual Additions include the following contribu­tions credited to a Participant's Accounts for the Limitation Year, regard­less of whether such contributions have been distributed to the Participant:
 

	
             
 	
            (I)
 	
            Before-Tax Contributions and/or Roth Contributions, if any which exceed the limitations set forth in Section 3.2(a);
 

	 
	967	24	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

	
             
 	
            (II)
 	
            Before-Tax Contributions and/or Roth Contributions, if any made on behalf of a Highly Compensated Employee which exceed the limitations set forth in Section 3.2(b); and
 

	
             
 	
            (III)
 	
            Matching Contributions made on behalf of a Highly Compensated Employee which exceed the limitations set forth in Section 3.7.
 

	
             
 	
            (ii)
 	
            "Current Accrued Benefit" shall mean a Participant's annual accrued benefit under a defined benefit plan, determined in accordance with the meaning of Section 415(b)(2) of the Code, as if the Participant had separated from service as of the close of the last Limitation Year beginning before January 1, 1987.  In determining the amount of a Participant's Current Accrued Benefit, the following shall be disregarded:
 

	
             
 	
            (A)
 	
            any change in the terms and conditions of the defined benefit plan after May 5, 1986; and
 

	
             
 	
            (B)
 	
            any cost of living adjustment occurring after May 5, 1986.
 

	
             
 	
            (iii)
 	
            "Defined Benefit Plan" and "Defined Contribution Plan" shall have the meanings set forth in Section 415(k) of the Code.
 

	
             
 	
            (iv)
 	
            "Limitation Year" shall mean the calendar year.
 

	
             
 	
            (v)
 	
            "Section 415 Compensation" shall be a Participant's remuneration as defined in Income Tax Regulations Sections 1.415-2(d)(2), (3) and (6).  For purposes of this Section, Section 415 Compensation shall include (A) any elective deferral (as defined in Section 402(g)(3) of the Code, and (B) any amount which is contributed or deferred by the Employer at the election of the Employee and which is not includable in the gross income of the Employee by reason of Section 125 or 457 of the Code.
 

	
             
 	
              
 	
            For purposes of applying the Limitations described in this Section 3.12, compensation paid or made available during such Limitation Years shall include elective amounts that are not includable in the gross income of an Employee by reason of Section 132(f)(4) of the Code.
 

	
             
 	
            (b)
 	
            For
        purposes of applying the Section 415 limitations, the Employer and all
        members of a controlled group of corporations (as defined under Section
        414(b) of the Code as modified by Section 415(h) of the Code), all commonly
        controlled trades or businesses (as defined under Section 414(c) of the
        Code as modified by Section 415(h) of the Code), all affiliated service
        groups (as defined under Section 414(m) of the Code) of which the Employer
        is a member, any leasing organization (as defined under Section 414(n)
        of the Code) that employs any person who is considered an Employee under
        Section 414(n) of the Code and any other group provided for under any
        and all Income Tax Regulations promulgated
 

	 
	967	25	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

	
             
 	
             
 	
            by
        the Secretary of the Treasury under Section 414(o) of the Code, shall
        be treated as a single employer.
 

	
             
 	
            (c)
 	
            If the Employer maintains more than one qualified Defined Contribution Plan on behalf of its Employees, such plans shall be treated as one Defined Contribution Plan for purposes of applying the Section 415 limitations of the Code.
 

	
             
 	
            (d)
 	
            Except to the extent permitted under Section 3.6, if applicable, the Annual Additions that may be contributed or allocated to a Participant's Accounts under the Plan for any Limitation Year shall not exceed the lesser of:
 

	
             
 	
            (i)
 	
            forty-five thousand dollars ($45,000), as adjusted for increases in the cost-of-living under Section 415(d) of the Code; or
 

	
             
 	
            (ii)
 	
            one hundred percent (100%) of the Participant’s Section 415 Compensation for the Limitation Year.
 

The compensation limit referred to in subsection (ii), above, shall not apply to any contribution for medical benefits after separation from service (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an Annual Addition.

	
             
 	
            (e)
 	
            If, as a result of the allocation of forfeitures, a reasonable error in estimating a Participant’s annual Compensation, a reasonable error in determining the amount of elective deferrals that may be made with respect to any Participant, or as otherwise permitted by the Internal Revenue Service, the Annual Additions to a Participant's Accounts for a Limitation Year exceed the limitation set forth in subsection (d) above during the Limitation Year, any or all of the following contributions on behalf of such Participant shall be immediately adjusted to that amount which will result in such Annual Additions not exceeding the limitation set forth in subsection (d):
 

	
             
 	
            (i)
 	
            Discretionary Employer Contributions;
 

	
             
 	
            (ii)
 	
            Before-Tax Contributions;
 

	
             
 	
            (iii)
 	
            Special Contributions; and
 

	
             
 	
            (iv)
 	
            Matching Contributions.
 

	
             
 	
            (f)
 	
            If the Annual Additions to a Participant's Accounts for a Limitation Year exceed the limitations set forth in subsection (d) above at the end of a Limitation Year, such excess amounts shall not be treated as Annual Additions in such Limitation Year but shall instead be treated in accordance with the following:
 

	
             
 	
            (i)
 	
            such
        excess amounts shall be used to reduce the Elective Contributions, Discretionary
        Employer Contributions, Matching Con­tributions and/or Special Contributions
        to be made on behalf of such Participant in the
 

	 
	967	26	Beneficial
      Mutual Savings Bank

Article III —

Contributions and Limitations on Contributions

	
             
 	
             
 	
            succeeding
        Limitation Year, provided that such Participant is an Eligible Employee
        during such succeeding Limitation Year. If such Participant is not an
        Eligible Employee or ceases to be an Eligible Employee during such succeeding
        Limitation Year, any remaining excess amounts from the preceding Limitation
        Year shall be allocated during such succeeding Limitation Year to each
        Participant then actively participating in the Plan. Such allocation shall
        be in proportion to the Elective Contributions made to date on his behalf
        for such Limitation Year, or the prior Limitation Year with respect to
        an allocation as of the beginning of a Limita­tion Year, before any
        other contributions are made in such succeeding Limitation Year; or
 

	
             
 	
            (ii)
 	
            such excess amounts may be reduced by the distribution of such Participant’s Elective Contributions to such Participant.
 

The Employer will, at the end of the Limitation Year in which such excess amounts were made, choose the manner in which to treat such excess amounts on a uniform and nondiscriminatory basis on behalf of all affected Participants.  If such excess amounts are reduced by the distribution described in subsection (ii), the amounts of such distribution shall not be taken into account for purposes of Sections 3.2(a)(i) and (ii), 3.7(a) and (b), or in determining the limitation in Section 3.2(b).  In addition, any Matching Contributions attributable to such amounts shall constitute Forfeitures as described in Section 4.2.

	 
	967	27	Beneficial
      Mutual Savings Bank

Article
  IV —

Vesting and Forfeitures

ARTICLE IV — 

VESTING AND FORFEITURES

	
            4.1
 	
            Vesting
 

	
             
 	
            (a)
 	
            An Employee shall always be fully vested in the Net Value of his Before-Tax Contribution Account, the Net Value of his Roth Contribution Account, if implemented, upon approval by the Employer and the Net Value of his Rollover Contribution Account.
 

	
             
 	
            (b)
 	
            A Participant shall become fully vested in the Net Value of his Matching Contribution Account and the Net Value of his Discretionary Employer Contribution Account upon the earlier of such Participant's (i) Normal Retirement Age or (ii) termination of employment by reason of death, Disability or reaching his Retirement Date.
 

	
             
 	
            (c)
 	
            A Participant who is not fully vested under subsection (b) shall be vested in the Net Value of  his Matching Contribution Account and the Net Value of his Discretionary Employer Contribution Account in accordance with the following schedule:
 

	 Years
        of Service 
	 Vested
        Percentage

	 Less
        than 1 year
	     0%

	 1
        year but less than 2 years
	     0%

	 2
        years but less than 3 years
	     0%

	 3
        or more years
	 100%

For purposes of determining a Participant's Years of Service under this subsection (c) and under Section 4.3, employment with an Affiliated Employer shall be deemed employment with the Employer.

For purposes of determining a Participant's vested percentage of the Net Value of his Matching Contribution Account and Discretionary Employer Contribution Account, all Years of Service shall be included.

	
             
 	
            (d)
 	
            The vested Net Value of a Participant's Matching Contribution Account and Discretionary Employer Contribution Account shall be determined as follows:
 

	
             
 	
            (i)
 	
            the Participant's Matching Contribution Account and Discretionary Employer Contribution Account shall first be increased to include (A) that portion of such Account which had been previously withdrawn in accordance with Sections 7.2 and 7.3 and (B) that portion of such Account which had been borrowed in accordance with Article VIII and is outstanding on the date of this determination;
 

	 
	967	28	Beneficial
      Mutual Savings Bank

Article IV —

Vesting and Forfeitures

	
             
 	
            (ii)
 	
            the applicable vested percentage determined in accordance with subsection (c) shall then be applied to such Account as determined in accordance with clause (i);
 

	
             
 	
            (iii)
 	
            the amount determined in accordance with clause (ii) shall then be reduced by (A) that portion of such Account which had been previously withdrawn in accordance with Sections 7.2 and 7.3 and (B) that portion of such Account which had been borrowed in accordance with Article VIII and is outstanding on the date of this determination.
 

	
            4.2
 	
            Forfeitures
 

Forfeitures shall be treated as Matching Contributions and shall be applied to reduce the amount of subsequent Matching Contributions otherwise required to be made.

With respect to a Participant’s Matching Contribution Account, anything in Section 4.1 to the contrary notwithstanding, any Matching Contribution forfeited in accordance with the seventh paragraph of Section 3.2(a), the second paragraph of Section 3.2(c), the fifth paragraph of Section 3.7 or the second paragraph of Section 3.12(f), shall be applied to reduce the amount of subsequent Matching Contributions otherwise required to be made.

If a former Participant who is not fully vested in the Net Value of his Accounts receives a distribution of his vested interest in the Net Value of his Accounts and is subsequently reemployed by the Employer prior to incurring five (5) consecutive One Year Breaks in Service, he shall have the Net Value of his Accounts as of the date he previously terminated employment reinstated provided he repays the full amount of his distribution in cash or cash equivalents before the end of the five (5) consecutive One Year Breaks in Service commencing with the date of distribution.  The reinstated amount shall be unadjusted by any gains or losses occurring subsequent to the Participant's termination of employment and prior to repayment of such distribution.  Any forfeited amounts required to be reinstated hereunder shall be made by an additional Employer contribution for such Plan Year.  If such
former Participant does not repay the full amount of his distribution in cash or cash equivalents before the end of the five (5) consecutive One Year Breaks in Service commencing with the date of distribution, the Net Value of his Accounts as of the date he previously terminated employment shall not be reinstated.

	
            4.3
 	
            Vesting upon Reemployment
 

	
             
 	
            (a)
 	
            For purposes of this Section 4.3, "Year of Service" means an Employee's Year of Service determined in accordance with Section 4.1(c).
 

	
             
 	
            (b)
 	
            For the purpose of determining a Participant's vested interest in the Net Value of his Matching Contribution Account and Discretionary Employer Contribution Account:
 

	
             
 	
            (i)
 	
            if
        an Employee is not vested in any Matching Contributions and Discretionary
        Employer Contributions, incurs a One Year Break in 
 

	 
	967	29	Beneficial
      Mutual Savings Bank

Article IV —

Vesting and Forfeitures

	
             
 	
             
 	
            Service
        and again performs an Hour of Service, such Employee shall receive credit
        for his Years of Service prior to his One Year Break in Service only if
        the number of consecutive One Year Breaks in Service is less than the
        greater of: (A) five (5) years or (B) the aggregate number of his Years
        of Service credited before his One Year Break in Service.
 

	
             
 	
            (ii)
 	
            if a Participant is partially vested in any Matching Contributions and Discretionary Employer Contributions, incurs a One Year Break in Service and again performs an Hour of Service, such Participant shall receive credit for his Years of Service prior to his One Year Break in Service; provided, however, that after five (5) consecutive One Year Breaks in Service, a former Participant's vested interest in the Net Value of the Matching Contribution Account and Discretionary Employer Contribution Account attributable to Years of Service prior to his One Year Break in Service shall not be increased as a result of his Years of Service following his reemployment date.
 

	
             
 	
            (iii)
 	
            if a Participant is fully vested in any Matching Contributions and Discretionary Employer Contributions, incurs a One Year Break in Service and again performs an Hour of Service, such Participant shall receive credit for all his Years of Service prior to his One Year Break in Service. 
 

	 
	967	30	Beneficial
      Mutual Savings Bank

Article
  V —

Trust Fund, Investment Funds And Voting Rights

ARTICLE V —

 TRUST FUND, INVESTMENT FUNDS AND VOTING RIGHTS

	
            5.1
 	
            Trust Fund
 

The Employer has adopted the Trust Agreement as the funding vehicle with respect to the Investment Funds.

All contributions forwarded by the Employer to the Trustee pursuant to the Trust Agreement shall be held by the Trustee in trust and shall be invested as provided in Article VI and in accordance with the terms and provisions of the Trust Agreement.

All assets of the Plan shall be held for the exclusive benefit of Participants, Beneficiaries or other persons entitled to benefits.  No part of the corpus or income of the Trust Fund shall be used for, or diverted to, purposes other than for the exclusive benefit of Participants, Beneficiaries or other persons entitled to benefits and for defraying reasonable administrative expenses of the Plan and Trust Fund.  No person shall have any interest in or right to any part of the earnings of the Trust Fund, or any rights in, to or under the Trust Fund or any part of its assets, except to the extent expressly provided in the Plan.

The Trustee shall invest and reinvest the Trust Fund, and the income therefrom, without distinction between principal and income, in accordance with the terms and provisions of the Trust Agreement.  The Trustee may maintain such part of the Trust Fund in cash uninvested as it shall deem necessary or desirable.  The Trustee shall be the owner of and have title to all the assets of the Trust Fund and shall have full power to manage the same, except as otherwise specifically provided in the Trust Agreement.

	
            5.2
 	
            Interim Investments
 

The Trustee may temporarily invest any amounts designated for investment in any of the Investment Funds of the Trust Fund identified herein in the Investment Fund which provides for a stable investment return, as determined by the Trustee and retain the value of such contributions therein pending the allocation of such values to the Investment Funds designated for investment.

	
            5.3
 	
            Account Values
 

	
            (a)
 	
            General
 

The
  Net Value of the Accounts of an Employee means the sum of the total Net Value
  of each Account maintained on behalf of the Employee in the Trust Fund as determined
  as of the Valuation Date coincident with or next following the event requiring
  the determination of such Net Value. The assets of any Account shall consist
  of the Trust Fund Units and/or Shares credited to such Account. The applicable
  Trust Fund Units and Shares shall be valued from time to time by the Trustee,
  in accordance with the Trust

	 
	967	31	Beneficial
      Mutual Savings Bank

Article
  V —

Trust Fund, Investment Funds And Voting Rights

Agreement,
  but not less often than monthly. On the basis of such valuations, each Employee's
  Accounts shall be adjusted to reflect the effect of income collected and accrued,
  realized and unrealized profits and losses, expenses and all other transactions
  during the period ending on the applicable Valuation Date.

	
            (b)
 	
            Investment Funds Other Than the Beneficial Mutual Bancorp, Inc. Stock Fund
 

Upon receipt by the Trustee of Before-Tax Contributions, Roth Contributions, if implemented, upon approval by the Employer, Matching Contributions, and, if applicable, Discretionary Employer Contributions, Rollover Contributions and Special Contributions, which are to be invested in the Investment Funds (other than the Beneficial Mutual Bancorp, Inc. Stock Fund) pursuant to Article VI, such contributions shall be applied to purchase Trust Fund Units for such Employee’s Accounts, using the value of such Trust Fund Units as of the close of business on the date received.  Whenever a distribution or withdrawal is made to a Participant, Beneficiary or other person entitled to benefits, the appropriate number of Trust Fund Units credited to such Employee shall be reduced accordingly and each such distribution or withdrawal shall be charged against the Trust Fund Units of the Investment
Funds of such Employee pro rata according to their respective values.

For the purposes of this Section 5.3(b), fractions of Trust Fund Units as well as whole Trust Fund Units may be purchased or redeemed for the Account of an Employee.

	
            (c)
 	
            Beneficial Mutual Bancorp, Inc. Stock Fund
 

Upon receipt by the Trustee of Before-Tax Contributions, Roth Contributions, if implemented, upon approval by the Employer, Matching Contributions, and, if applicable, Discretionary Employer Contributions, Rollover Contributions and Special Contributions, which are to be invested in the Beneficial Mutual Bancorp, Inc. Stock Fund pursuant to Article VI, such contributions shall be applied to purchase Shares of Beneficial Mutual Bancorp, Inc. Stock for the respective Employee’s Account, at the applicable Closing Price.  Whenever a distribution or withdrawal from the Beneficial Mutual Bancorp, Inc. Stock Fund is made, in cash, to a Participant, Beneficiary or other person entitled to benefits, the appropriate number of Shares credited to such Employee shall be sold at the applicable Closing Price and the proceeds of such sale shall be attributed to such Employee’s Account.

For the purposes of this Section 5.3(c), fractions of Shares as well as whole Shares may be credited to such Employee’s Accounts.

	
            5.4
 	
            Voting Rights, Tender Offers and Other Offers
 

	
             
 	
            (a)
 	
            Each
        Participant with an interest in the Beneficial Mutual Bancorp, Inc. Stock
        Fund shall have the right to participate confidentially in the exercise
        of voting rights appurtenant to Shares held in such Investment Fund, provided
        that such person had Shares in such Fund as of the most recent Valuation
        Date coincident with or preceding the applicable record date for which
        records are available. The
 

	 
	967	32	Beneficial
      Mutual Savings Bank

Article
  V —

Trust Fund, Investment Funds And Voting Rights

	
             
 	
             
 	
            Employer
        or its designee shall furnish to each Participant who has Shares credited
        to one or more of his Accounts (whether or not vested) notice of the date
        and purpose of each meeting of the stockholders of the Employer at which
        Beneficial Mutual Bancorp, Inc. Stock is entitled to be voted, and a voting
        instruction form to be returned to the Trustee. If the Participant furnishes
        such instructions to the Trustee within the time specified in the notification,
        the Trustee shall vote the Shares credited to the Participant’s Account
        in accordance with the Participant’s instructions. With respect to
        Shares credited to Participant Accounts as to which the Trustee did not
        receive timely voting instructions and with respect to Shares not credited
        to a Participant’s Account, the Trustee shall vote all such Shares
        as provided in the Trust Agreement.
 

	
             
 	
            (b)
 	
            The Committee shall furnish, or cause to be furnished, to each person with Shares in the Beneficial Mutual Bancorp, Inc. Stock Fund, all annual reports, proxy materials and other information known to have been furnished by the issuer of the shares or by any proxy solicitor, to the holders of shares.
 

	
             
 	
            (c)
 	
            Each person with an interest in the Beneficial Mutual Bancorp, Inc. Stock Fund shall have the right to participate confidentially in the decision as to how to respond to a tender offer for Shares, provided that such person had Shares in such Account as of the most recent Valuation Date coincident with or preceding the applicable record date for which records are available.  The Trustee shall furnish to each Participant who has Shares credited to one or more of his Accounts (whether or not vested) notice of any tender or exchange offer for Beneficial Mutual Bancorp, Inc. Stock.  The Trustee shall request from each such Participant instructions as to the tendering or exchanging of the Shares credited to the Participant’s Accounts, and for this purpose the Trustee shall provide each Participant with a reasonable period
of time in which he may consider any such tender or exchange offer for Beneficial Mutual Bancorp, Inc. Stock.  The Trustee shall tender or exchange Shares credited to the Participant’s Accounts, as to which the Trustee has received instructions to tender or exchange from Participants within the time specified by the Trustee.  Beneficial Mutual Bancorp, Inc. Stock representing the Participant’s proportionate interest in the Beneficial Mutual Bancorp, Inc. Stock Fund, as to which the Trustee has not received timely instructions (or has received instructions not to tender) shall be tendered or exchanged as provided in the Trust Agreement.  Beneficial Mutual Bancorp, Inc. Stock not credited to a Participant’s Account shall be tendered or exchanged by the Trustee as provided in the Trust Agreement.
 

	
             
 	
            (d)
 	
            Participant voting and tender or exchange instructions shall be held in confidence by the Trustee.  In carrying out its responsibilities under this provision, the Trustee may conclusively rely on information furnished to it by the Employer, including the name and current addresses of Participants, and the number of Shares of Beneficial Mutual Bancorp, Inc. Stock credited to Participant Accounts.
 

	 
	967	33	Beneficial
      Mutual Savings Bank

Article
  V —

Trust Fund, Investment Funds And Voting Rights

	
            5.5
 	
            Dissenters’ Rights
 

Each person with an interest in the Beneficial Mutual Bancorp, Inc. Stock Fund on the applicable record date shall have the right to participate in the decision as to whether to exercise the dissenters’ rights appurtenant to Shares held in the Beneficial Mutual Bancorp, Inc. Stock Fund by completing and filing a written direction with the Trustee on a timely basis.  The Trustee will exercise dissenters’ rights with respect to the Shares credited to the Participant’s Accounts as to which the Trustee has received such instructions.  Dissenters’ rights shall not be exercised with respect to the remaining shares held in the Beneficial Mutual Bancorp, Inc. Stock Fund.

	
            5.6
 	
            Power to Invest in Company Securities
 

The Committee may direct the Trustee to acquire or hold any security issued by the Employer or any Affiliated Employer which is a "qualifying employer security" as such term is defined under ERISA and to invest that portion of the assets of the Trust Fund in such securities.

	 
	967	34	Beneficial
      Mutual Savings Bank

Article
  VI —

Investment Directions, Changes of Investment Directions

and Transfers Between Investment Funds

ARTICLE VI — 

INVESTMENT DIRECTIONS, CHANGES OF INVESTMENT DIRECTIONS

 AND TRANSFERS BETWEEN INVESTMENT FUNDS

	
            6.1
 	
            Investment Directions
 

Upon electing to participate, each Participant shall direct that the contributions made to his Accounts shall be applied to purchase Trust Fund Units in any one or more of the Investment Funds of the Trust Fund, either as directed Investment Funds and/or managed Investment Funds, other than the Beneficial Mutual Bancorp, Inc. Stock Fund and commencing on the Reorganization Date, to purchase Shares in the Beneficial Mutual Bancorp, Inc. Stock Fund.  Such direction shall indicate the percentage, in multiples of one percent (1%), in which Before-Tax Contributions, Roth Contributions, if implemented, upon approval by the Employer, Matching Contributions, Discretionary Employer Contributions, Special Contributions, Catch-Up Contributions, and Rollover Contributions shall be made to the designated Investment Funds.

With respect to directed Investment Funds, to the extent a Participant shall fail to make an investment direction, contributions made on his behalf shall be applied to purchase Trust Fund Units in an Investment Fund which provides for a stable investment return, as determined by the Trustee.

	
            6.2
 	
            Change of Investment Directions
 

A Participant may change any investment direction not more often than twice in any thirty (30) day period, in the form and manner prescribed by the Committee, either: (a) by completing and filing a notice at least ten (10) days prior to the effective date of such direction, or (b) by telephone or other electronic medium.  Any such change shall be subject to the same conditions as if it were an initial direction and shall be applied only to any contributions to be invested on or after the effective date of such direction.

	
            6.3
 	
            Transfers Between Investment Funds
 

A Participant or Beneficiary may, not more often than twice in any thirty (30) day period, redirect the investment of his Investment Funds such that a percentage of any one or more Investment Funds may be transferred to any one or more other Investment Funds in the form and manner prescribed by the Committee, either:  (a) by filing a notice  at least ten (10) days prior to the effective date of such change, or, (b) by telephone or other electronic medium.  In the case of Investment Funds other than the Beneficial Mutual Bancorp, Inc. Stock Fund, the requisite transfers shall be valued as of the Valuation Date on which the direction is received by the Trustee.  In the case of the Beneficial Mutual Bancorp, Inc. Stock Fund, the requisite transfer shall be valued on the basis of the applicable Closing Price of the Shares on the date the transfer is effected.

	 
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Article
  VI —

Investment Directions, Changes of Investment Directions

and Transfers Between Investment Funds

	
            6.4
 	
            Employees Other than Participants
 

	
             
 	
            (a)
 	
            Investment Direction
 

An Employee who is not a Participant but who has made a Rollover Contribution in accordance with the provisions of Section 3.11, shall direct, in the form and manner prescribed by the Committee, that such contribution be applied to the purchase of Trust Fund Units in any one or more of the Investment Funds, and commencing on the Reorganization Date, to purchase Shares in the Beneficial Mutual Bancorp, Inc. Stock Fund.  Such direction shall indicate the percentage, in multiples of one percent (1%), in which contributions shall be made to the designated Investment Funds, and/or the Beneficial Mutual Bancorp, Inc. Stock Fund.  To the extent any Employee shall fail to make an investment direction, the Rollover Contributions shall be applied to the purchase of Trust Fund Units in the Investment Fund which provides for a stable investment return, as determined by the Trustee.

	
             
 	
            (b)
 	
            Transfers Between Investment Funds
 

An Employee who is not a Participant may, subject to the provisions of Section 6.3, not more often than twice in any thirty (30) day period, redirect the investment of his Investment Funds such that a percentage of any one or more Investment Funds may be transferred to any one or more other Investment Funds.  In the case of Investment Funds other than the Beneficial Mutual Bancorp, Inc. Stock Fund, the requisite transfers shall be valued as of the Valuation Date on which the direction is received by the Trustee.  In the case of the Beneficial Mutual Bancorp, Inc. Stock Fund, the requisite transfer shall be valued on the basis of the applicable Closing Price of the Shares on the date the transfer is effected.

	
            6.5
 	
            Restrictions on Investments in the Beneficial Mutual Bancorp, Inc. Stock Fund for Certain Participants
 

Notwithstanding anything in the Plan to the contrary, any Participant subject to the provisions of Section 16(b) of the Securities Exchange Act of 1934 may be subject to Section 16(b) liability if such Participant has an intra-plan transfer, in accordance with the provisions of Section 6.3 and/or Section 6.4, involving the Beneficial Mutual Bancorp, Inc. Stock Fund within six (6) months of the next preceding transfer into or out of the Beneficial Mutual Bancorp, Inc. Stock Fund.  In addition, any Participant subject to the provisions of Section 16(b) of the Securities Exchange Act of 1934 who elects to receive a cash distribution from his Beneficial Mutual Bancorp, Inc. Stock Fund account under the Plan, including redemption of such stock for purposes of cash withdrawals under Section 7.2 and/or Section 7.3 and/or loans under Article VIII, may similarly be subject to Section 16(b)
liability for any short swing profits within six (6) months of the next preceding transfer into or out of the Beneficial Mutual Bancorp, Inc. Stock Fund.

	 
	967	36	Beneficial
      Mutual Savings Bank

Article
  VI —

Investment Directions, Changes of Investment Directions

and Transfers Between Investment Funds

However, unless otherwise required by rules and regulations of the Securities and Exchange Commission, Section 16(b) liability will not result from distributions made in connection with a Participant's death, Disability, termination of employment or retirement; pursuant to a domestic relations order described under Section 414(p) of the Code; as a result of the minimum distribution requirements described under Section 401(a)(9) of the Code; or as a result of the limitations described under Sections 401(k), 401(m), 402(g) and 415 of the Code.

	 
	967	37	Beneficial
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Article
  VII —

Payment of Benefits

ARTICLE VII — 

PAYMENT OF BENEFITS

	
            7.1
 	
            General
 

	
             
 	
            (a)
 	
            The vested interest in the Net Value of any one or more of the Accounts of a Participant, Beneficiary or any other person entitled to benefits under the Plan shall be paid only at the times, to the extent, in the manner, and to the persons provided in this Article VII.
 

	
             
 	
            (b)
 	
            Notwithstanding the foregoing, if payments are fifty dollars ($50.00) or less, the Committee, in its sole discretion, may determine to make such payments in a lump sum or in quarterly, semi-annual, or annual installments.
 

	
             
 	
            (c)
 	
            The Net Value of any one or more of the Accounts of a Participant shall be subject to the provisions of Section 8.7.
 

	
             
 	
            (d)
 	
            Notwithstanding any provisions of the Plan to the contrary, any and all withdrawals, distributions or payments made under the provisions of this Article VII shall be made in accordance with the minimum distribution requirements set forth in Section 7.10.
 

	
             
 	
            (e)
 	
            A Participant's Before-Tax Contributions, Roth Contributions, if implemented, upon approval by the Employer, Special Contributions, qualified Matching Contributions, and earnings attributable to these contributions shall be distributed on account of the Participant's severance from employment.  Such a distribution shall, however, be subject to the other provisions this Article VII regarding distributions, other than provisions that require a severance from employment before such amounts may be distributed.  A change in status from Employee to Leased Employee, shall not constitute a severance from employment.
 

	
             
 	
            (f)
 	
            Distributions from the Beneficial Mutual Bancorp, Inc. Stock Fund under this Article VII, shall be made in accordance with Section 7.11 hereunder.
 

	
             
 	
            (g)
 	
            For purposes of valuing distributions and withdrawals from the Plan, the Net Value of a Participant’s Accounts invested in the Beneficial Mutual Bancorp, Inc. Stock Fund shall be based on the applicable Closing Price on the date the distribution or withdrawal from the Participant’s Account is effected.
 

	
            7.2
 	
            Non-Hardship Withdrawals
 

	
             
 	
            (a)
 	
            Subject to the terms and conditions contained in this Section 7.2, upon ten (10) days prior written notice to the Committee, each Participant shall be entitled to withdraw not more often than twice during any Plan Year all or any portion of the Net Value of his Accounts in the following order of priority:
 

	 
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Payment of Benefits

	
             
 	
            (i)
 	
            the Net Value of the Employee's Rollover Contribution Account;
 

	
             
 	
            (ii)
 	
            the Net Value of his Before-Tax Contribution Account, provided the Participant has attained age fifty-nine and one-half (59-1/2);
 

	
             
 	
            (iii)
 	
            the vested interest in the Net Value of his Matching Contribution Account, provided the Participant has attained age fifty-nine and one-half (59-1/2); and
 

	
             
 	
            (iv)
 	
            the vested interest in the Net Value of his Discretionary Employer Contribution Account, provided the Participant has attained age fifty-nine and one-half (59-1/2).
 

	
             
 	
            (b)
 	
            Withdrawals under this Section 7.2 shall be made in the following order of priority:
 

	
             
 	
            (i)
 	
            by the redemption of Trust Fund Units from each of the Participant's Accounts in the order set forth in Section 7.2(a), on a pro rata basis from the Investment Funds thereunder, other than the Beneficial Mutual Bancorp, Inc. Stock Fund, as were selected by the Participant pursuant to Article VI; and
 

	
             
 	
            (ii)
 	
            if selected by the Participant pursuant to Article VI, by the redemption/sale of Shares invested in the Beneficial Mutual Bancorp, Inc. Stock Fund from each of the Participant's Accounts in the order set forth in Section 
7.2(a).
 

	
             
 	
            (c)
 	
            Any withdrawals under this Section 7.2 shall be subject to the restrictions of Section 6.5.
 

	
            7.3
 	
            Hardship Distributions
 

	
             
 	
            (a)
 	
            For purposes of this Section 7.3, a "Hardship" distribution shall mean a distribution that is (i) made on account of a condition which has given rise to immediate and heavy financial need of a Participant and (ii) necessary to satisfy such financial need.  A determination of the existence of an immediate and heavy financial need and the amount necessary to meet the need shall be made by the Committee in accordance with uniform nondiscriminatory standards with respect to similarly situated persons.
 

	
             
 	
            (b)
 	
            Immediate and Heavy Financial Need:
 

A Hardship distribution shall be deemed to be made on account of an immediate and heavy financial need if the distribution is on account of:

	
             
 	
            (i)
 	
            expenses
        for medical care described under Section 213(d) of the Code which were
        previously incurred by the Participant, the Participant's Spouse or any
        of the Participant's dependents as defined under Section
 

	 
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Payment of Benefits

	
             
 	
             
 	
            152
        of the Code, and a non-custodial child who is subject to the special rule
        of Section 152(e) of the Code, or expenses which are necessary to obtain
        medical care described under Section 213(d) of the Code for the Participant,
        the Participant's Spouse or any of the Participant's dependents as defined
        under Section 152 of the Code, and a non-custodial child who is subject
        to the special rule of Section 152(e) of the Code; or
 

	
             
 	
            (ii)
 	
            purchase (excluding mortgage payments) of a principal residence of the Participant; or
 

	
             
 	
            (iii)
 	
            payment of tuition and related educational fees for the next twelve (12) months of post-secondary education for the Participant, the Participant's Spouse, children or any of the Participant's dependents as defined under Section 152 of the Code; or
 

	
             
 	
            (iv)
 	
            the need to prevent the eviction of the Participant from his principal residence or foreclosure on the mortgage of the Participant's principal residence; or
 

	
             
 	
            (v)
 	
            payments for funeral or burial expenses for the Participant’s deceased parent, spouse, child or dependent; or
 

	
             
 	
            (vi)
 	
            expenses to repair damage to the Participant’s principal residence that would qualify for a casualty loss deduction under Section 165 of the Code (determined without regard to whether the loss exceeds ten percent (10%) of adjusted gross income); or
 

	
             
 	
            (vii)
 	
            any other condition which the Commissioner of Internal Revenue, through the publication of revenue rulings, notices and other documents of general applicability, deems to be an immediate and heavy financial need.
 

	
             
 	
            (c)
 	
            Necessary to Satisfy Such Financial Need:
 

	
             
 	
            (i)
 	
            A distribution will be treated as necessary to satisfy an immediate and heavy financial need of a Participant if:  (A) the amount of the distribution is not in excess of (1) the amount required to relieve the financial need of the Participant and (2) if elected by the Participant, an amount necessary to pay any federal, state or local income taxes and penalties reasonably anticipated to result from such distribution, and (B) such need may not be satisfied from other resources that are reasonably available to the Participant.
 

	
             
 	
            (ii)
 	
            A distribution will be treated as necessary to satisfy a financial need if the Committee reasonably relies upon the Participant's representation that the need cannot be relieved:
 

	 
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Article
  VII —

Payment of Benefits

	
             
 	
            (A)
 	
            through reimbursement or compensation by insurance or otherwise;
 

	
             
 	
            (B)
 	
            by reasonable liquidation of the Participant's assets, to the extent such liquidation would not itself cause an immediate and heavy financial need;
 

	
             
 	
            (C)
 	
            by cessation of Elective Contributions or Employee contributions, if any, under the Plan; or
 

	
             
 	
            (D)
 	
            by other currently available distributions (including distribution of ESOP dividends under Section 404(k) of the Code, if any) or nontaxable loans from plans maintained by the Employer or by any other employer, or by borrowing from commercial sources on reasonable commercial terms.
 

For purposes of this subsection (c)(ii), the Participant's resources shall be deemed to include those assets of his Spouse and minor children that are reasonably available to the Participant.

	
             
 	
            (iii)
 	
            Alternatively, a Hardship distribution will be deemed to be necessary to satisfy an immediate and heavy financial need of a Participant if (A) or (B) are met:
 

	
             
 	
            (A)
 	
            all of the following requirements are satisfied:
 

	
             
 	
            (I)
 	
            the distribution is not in excess of (1) the amount of the immediate and heavy financial need of the Participant and (2) if elected by the Participant, an amount necessary to pay any federal, state or local income taxes or penalties reasonably anticipated to result from such distribution;
 

	
             
 	
            (II)
 	
            the Participant has obtained all other currently available distributions (including distribution of ESOP dividends under Section 404(k) of the Code, if any, but not Hardship distributions) and nontaxable (at the time of the loan) loans, under the Plan and all other plans maintained by the Employer; or
 

	
             
 	
            (B)
 	
            the requirements set forth in additional methods, if any, prescribed by the Commissioner of Internal Revenue (through the publication of revenue rulings, notices and other documents of general applicability) are satisfied.
 

For
  purposes of Section 3.3 and this Section 7.3(c)(iii), a Participant who receives
  a distribution of Elective Contributions on account of Hardship shall be prohibited
  from making Elective Contributions and Employee 

	 
	967	41	Beneficial
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Article
  VII —

Payment of Benefits

contributions
  under this Plan and all other plans of the Employer for six (6) months after
  receipt of the distribution.

	
             
 	
            (d)
 	
            A Participant who has withdrawn the maximum amounts available to such Participant under Section 7.2 or a Participant who is not eligible for a withdrawal thereunder, may, in case of Hardship (as defined under this Section 7.3), apply not more often than once in any Plan Year to the Committee for a Hardship distribution.  Any application for a Hardship distribution shall be made in writing to the Committee at least ten (10) days prior to the requested date of payment.  Hardship distributions may be made by a distribution of all or a portion of an Employee's (i) Before-Tax Contributions, (ii) earnings on Before-Tax Contributions which accrued prior to January 1, 1989, (iii) Net Value of his Rollover Contribution Account, (iv) vested interest in the Net Value of his Matching Contribution Account, and (v) vested interest in
the Net Value of his Discretionary Employer Contribution Account.
 

	
             
 	
            (e)
 	
            Distributions under this Section 7.3 shall be made in the following order of priority:
 

	
             
 	
            (i)
 	
            the Participant's Before-Tax Contributions, including earnings on Before-Tax Contributions which accrued prior to January 1, 1989;
 

	
             
 	
            (ii)
 	
            the vested interest in the Net Value of the Participant's Matching Contribution Account;
 

	
             
 	
            (iii)
 	
            the vested interest in the Net Value of the Participant's Discretionary Employer Contribution Account; and
 

	
             
 	
            (iv)
 	
            the Net Value of the Employee's Rollover Contribution Account.
 

	
             
 	
            (f)
 	
            Distributions under this Section 7.3 shall be made in the following order of priority:
 

	
             
 	
            (i)
 	
            by the redemption of Trust Fund Units from each of the Participant's Accounts in the order set forth in Section 7.3(e), on a pro rata basis from among the Investment Funds, thereunder, other than the Beneficial Mutual Bancorp, Inc. Stock Fund, as were selected by the Participant pursuant to Article VI; and
 

	
             
 	
            (ii)
 	
            if selected by the Participant pursuant to Article VI, by the redemption/sale of Shares invested in the Beneficial Mutual Bancorp, Inc. Stock Fund from each of the Participant’s Accounts in the order set forth in Section 7.3(e).
 

	
             
 	
            (g)
 	
            A Participant who receives a Hardship distribution under this Section 7.3 may have his Elective Contributions suspended in accordance with Section 7.3(c)(iii).
 

	 
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  VII —

Payment of Benefits

	
             
 	
            (h)
 	
            Any withdrawals under this Section 7.3 shall be subject to the restrictions of Section 6.5.
 

	
            7.4
 	
            Distribution of Benefits - General
 

	
             
 	
            (a)
 	
            If an Employee incurs a Termination of Service for any reason other than death, a distribution of the vested interest in the Net Value of his Accounts shall be made to the Employee in accordance with the provisions of Section 7.5 or 7.6 or 7.8.  The amount of such distribution shall be the vested interest in the Net Value of his Accounts.  With respect to Investment Funds other than the Beneficial Mutual Bancorp, Inc. Stock Fund, such Net Value shall be determined as of the Valuation Date coincident with the date of receipt by the Trustee of the proper documentation acceptable to the Trustee for such purpose.  With respect to the Beneficial Mutual Bancorp, Inc. Stock Fund, the Net Value of a Participant’s Accounts shall be determined on the basis of the applicable Closing Price of the Shares on the date the Shares are
sold for his account.
 

	
             
 	
            (b)
 	
            An election by an Employee to receive the vested interest in the Net Value of his Accounts in a form other than in the normal form of benefit payment set forth in Sections 7.5(a) and (b) and Sections 7.6(a) and (b) may not be revoked or amended by him after he terminates his employment.  Notwithstanding the foregoing, an Employee who elected to receive payment of benefits as of a deferred Valuation Date or in the form of installments, may, by completing and filing the form prescribed by the Committee, change to another form of benefit payment.
 

	
             
 	
            (c)
 	
            An Employee who incurs a Termination of Service and is reemployed by the Employer prior to the distribution of all or part of the entire vested interest in the Net Value of his Accounts in accordance with the provisions of Section 7.5 or 7.6, shall not be eligible to receive or to continue to receive such distribution during his period of reemployment with the Employer.  Upon such Employee's subsequent Termination of Service, his prior election to receive a distribution in a form other than the normal form of benefit payment shall be null and void and the vested interest in the Net Value of his Accounts shall be distributed to him in accordance with the provisions of Section 7.5 or 7.6 or 7.8.
 

	
             
 	
            (d)
 	
            An Employee's vested interest in the Net Value of his Accounts in the Beneficial Mutual Bancorp, Inc. Stock Fund shall be distributed to the Participant, in accordance with the provisions of Sections 7.5 and 7.6, by the Trustee as soon as administratively possible following the date the Employer is informed by the Trustee of the Participant's vested interest in such Accounts in the Beneficial Mutual Bancorp, Inc. Stock Fund.  The distribution shall be made in accordance with Section 7.11 and the terms and provisions of the Trust Agreement.
 

	 
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  VII —

Payment of Benefits

	
            7.5
 	
            Payments upon Retirement or Disability
 

	
             
 	
            (a)
 	
            If an Employee incurs a Termination of Service as of his Normal Retirement Date or his Postponed Retirement Date, or if an Employee incurs a Termination of Service due to Disability and the Net Value of his Accounts is less than or equal to one thousand dollars ($1,000), a lump sum distribution of the Net Value of his Accounts shall be made to the Employee within seven (7) days of the Valuation Date coincident with the date of receipt by the Trustee of the proper documentation indicating that the Employee incurred a Termination of Service as of such Retirement Date or date of Disability.
 

	
             
 	
            (b)
 	
            If an Employee incurs a Termination of Service as of his Normal Retirement Date or Postponed Retirement Date or if an Employee incurs a Termination of Service due to Disability and the Net Value of his Accounts exceeds five thousand dollars ($5,000), a lump sum distribution of the vested interest in the Net Value of his Accounts shall be made to the Employee within seven (7) days of the Valuation Date coincident with the later of (i) the date the Employee attained Normal Retirement Date or Postponed Retirement Date or would have attained his Normal Retirement Date if he were still employed by the Employer, or (ii) the date of receipt by the Trustee of the proper documentation indicating such Retirement Date.
 

Notwithstanding the preceding paragraph, if an Employee incurs a Termination of Service as of his Normal Retirement Date or Postponed Retirement Date or if an Employee incurs a Termination of Service due to Disability and the Net Value of his Accounts exceeds one thousand dollars ($1,000) and is less than or equal to five thousand dollars ($5,000), and if the Employee does not elect to have his distribution paid directly to an Eligible Retirement Plan, as defined in Section 7.8(c), specified by him in a Direct Rollover, as defined in Section 7.8(a), or to receive the distribution in accordance with Section 7.5(c), (d), (e) or (f), then the Plan Administrator shall pay the distribution in a Direct Rollover to an individual retirement plan designated by the Plan Administrator.

	
             
 	
            (c)
 	
            In lieu of the normal form of benefit payment set forth in subsection (b), an Employee who incurs a Termination of Service due to Disability and the Net Value of his Accounts exceeds one thousand dollars ($1,000), may file an election form to receive the vested interest in the Net Value of his Accounts as a lump sum distribution as of some other Valuation Date following his Termination of Service and prior to his Normal Retirement Date.  The vested interest in the Net Value of his Accounts shall be distributed to such Employee as a lump sum distribution within seven (7) days of the Valuation Date coincident with the date of receipt by the Trustee of the proper documentation indicating the Employee's distribution date.
 

	
             
 	
            (d)
 	
            In
        lieu of the normal form of benefit payment set forth in subsection (b),
        an Employee who incurs a Termination of Service as of his Retirement Date
        or incurs a Termination of Service due to Disability may, subject to the
        required
 

	 
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  VII —

Payment of Benefits

	
             
 	
             
 	
            minimum
        distribution provisions of Sections 7.9(b) and 7.9(c), file an election
        form to receive the vested interest in the Net Value of his Accounts in
        the form of quarterly, semi-annual or annual installments over a period not to extend beyond the Participant’s
        life expectancy or the joint and survivor life expectancy of the Participant
        and the Beneficiary, as designated by the Participant. The vested interest
        in the Net Value of his Accounts shall be determined as of such Valuation
        Date or Valuation Dates in each such Plan Year as may be elected by such
        Employee and shall be based on the respective values of the Employee's
        Trust Fund Units in each Investment Fund and on the applicable Closing
        Price of the Shares in the Beneficial Mutual Bancorp, Inc. Stock Fund,
        as of such Valuation Date or Valuation Dates.
 

The amount of the installment payment shall be distributed on a pro rata basis among such Employee's Investment Funds (i) by the redemption of Trust Fund Units from the Employee's Accounts in the Investment Funds made to the Trust Fund in accordance with the provision of the Trust Agreement, and (ii) with respect to the Beneficial Mutual Bancorp, Inc. Stock Fund and at the election of the Participant, by either the redemption of Shares or the issuance of whole Shares to the Participant with the value of any remaining fractional share distributed in cash.  Any portion of the vested interest in the Net Value of the Accounts of such former Employee which shall not have been so paid shall continue to be held for his benefit or for the benefit of his Beneficiary in the Employee's Investment Funds.

	
             
 	
            (e)
 	
            In lieu of the normal form of benefit payment set forth in subsection (b), an Employee who incurs a Termination of Service as of his Retirement Date or incurs a Termination of Service due to Disability may elect to defer receipt of the vested interest in the Net Value of his Accounts beyond his Normal Retirement Date or Postponed Retirement Date.  The applicable form must be filed at least thirty (30) days prior to the Employee's Normal Retirement Date.  If such an election is made, the vested interest in the Net Value of his Accounts shall continue to be held in the Trust Fund.  Subject to the required minimum distribution provisions of Sections 7.9(b) and 7.9(c), the vested interest in the Net Value of his Accounts shall (i) be distributed to such Employee as a lump sum distribution within seven (7) days of the Valuation
Date coincident with the date of receipt by the Trustee of the proper documentation indicating the Employee's deferred distribution date or (ii), upon the election of the Employee, commence to be distributed in installments in accordance with the provisions of subsection (d).
 

	
             
 	
            (f)
 	
            In lieu of the normal form of benefit payment set forth in subsections (a) and (b), an Employee who incurs a Termination of Service as of his Retirement Date or incurs a Termination of Service due to Disability may, at least ten (10) days prior to the date on which his benefit is scheduled to be paid, file an election form that a lump sum distribution equal to the vested interest in the Net Value of his Accounts be paid in a Direct Rollover pursuant to Section 7.8.  The amount of such lump sum distribution shall be determined as of the Valuation Date coincident with the date of receipt by the Trustee of the proper documentation.
 

	 
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  VII —

Payment of Benefits

	
            7.6
 	
            Payments upon Termination of Service for Reasons Other Than Retirement or Disability
 

	
             
 	
            (a)
 	
            If an Employee incurs a Termination of Service as of a date other than a Retirement Date or for reasons other than Disability, has not elected to receive his benefit pursuant to an optional form of benefit payment in accordance with the provisions of subsection (c) or (d) and the vested interest in the Net Value of the Employee's Accounts is equal to or less than one thousand dollars ($1,000), a lump sum distribution of the vested interest in the Net Value of his Accounts shall be made to the Employee within seven (7) days of the Valuation Date coincident with the date of receipt by the Trustee of the proper documentation indicating that he incurred a Termination of Service.
 

	
             
 	
            (b)
 	
            If an Employee incurs a Termination of Service as of a date other than a Retirement Date or for reasons other than Disability, has not elected to receive his benefit pursuant to an optional form of benefit payment in accordance with the provisions of subsection (c) or (d) and the vested interest in the Net Value of the Employee's Accounts exceeds five thousand dollars ($5,000), a lump sum distribution of the vested interest in the Net Value of his Accounts shall be made to the Employee within seven (7) days of the Valuation Date coincident with the later of (i) the date the Employee would have attained his Normal Retirement Date if he were still employed by the Employer or (ii) the date of receipt by the Trustee of the proper documentation indicating the Employee’s attainment of Normal Retirement Date.
 

Notwithstanding the preceding paragraph, if an Employee incurs a Termination of Service as of a date other than a Retirement Date or for reasons other than Disability, and the vested interest in the Net Value of the Employee's Accounts exceeds one thousand dollars ($1,000) and is equal to or less than five thousand dollars ($5,000), and if the Employee does not elect to have his distribution paid directly to an Eligible Retirement Plan, as defined in Section 7.8(c), specified by him in a Direct Rollover, as defined in Section 7.8(a), or to receive the distribution in accordance with Section 7.6(c) or (d), then the Plan Administrator shall pay the distribution in a Direct Rollover to an individual retirement plan designated by the Plan Administrator.

	
             
 	
            (c)
 	
            In lieu of the normal form of benefit payment set forth in subsection (b), an Employee who incurs a Termination of Service as of a date other than a Retirement Date or for reasons other than Disability, may file an election form to receive the vested interest in the Net Value of his Accounts as a lump sum distribution as of some other Valuation Date following his Termination of Service and prior to the date he would have attained his Normal Retirement Date.  The vested interest in the Net Value of his Accounts shall be distributed to such Employee as a lump sum within seven (7) days of the Valuation Date coincident with the date of receipt by the Trustee of the proper documentation indicating the Employee's distribution date.
 

	 
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Payment of Benefits

	
             
 	
            (d)
 	
            In lieu of the normal form of benefit payment set forth in subsections (a) and (b), an Employee who incurs a Termination of Service as of a date other than his Retirement Date or for reasons other than Disability may, at least ten (10) days prior to the date on which his benefit is scheduled to be paid, file an election form that a lump sum distribution equal to the vested interest in the Net Value of his Accounts be paid in a Direct Rollover pursuant to Section 7.8.  The amount of such lump sum distribution shall be determined as of the Valuation Date coincident with the date of receipt by the Trustee of the proper documentation.
 

	
             
 	
            (e)
 	
            If an Employee incurs a Termination of Service as of a date other than a Retirement Date or for reasons other than Disability and has not elected to receive the vested interest in the Net Value of his Accounts pursuant to an optional form of benefit payment in accordance with subsection (c) or (d), the Employer shall notify the Trustee of such termination.
 

	
            7.7
 	
            Payments Upon Death
 

	
             
 	
            (a)
 	
            In the case of a married Participant, the Spouse shall be the designated Beneficiary.  Notwithstanding the foregoing, such Participant may effectively elect to designate a person or persons other than the Spouse as Beneficiary.  Such an election shall not be effective unless (i) such Participant's Spouse irrevocably consents to such election in writing, (ii) such election designates a Beneficiary which may not be changed without spousal consent or the consent of the Spouse expressly permits designation by the Participant without any requirement of further consent by the Spouse, (iii) the Spouse's consent acknowledges understanding of the effect of such election and (iv) the consent is witnessed by a Plan representative or acknowledged before a notary public.  Notwithstanding this consent requirement, if the Participant
establishes to the satisfaction of the Plan representative that such written consent cannot be obtained because there is no Spouse or the Spouse cannot be located, the consent hereunder shall not be required.  Any consent necessary under this provision shall be valid only with respect to the Spouse who signs the consent.
 

	
             
 	
            (b)
 	
            In the case of a single Participant, Beneficiary means a person or persons who have been designated under the Plan by such Participant or who are otherwise entitled to a benefit under the Plan.
 

	
             
 	
            (c)
 	
            The designation of a Beneficiary who is other than a Participant's Spouse and the designation of any contingent Beneficiary shall be made in writing by the Participant in the form and manner prescribed by the Committee and shall not be effective unless filed prior to the death of such person.  If more than one person is designated as a Beneficiary or a contingent Beneficiary, each designated Beneficiary in such Beneficiary classification shall have an equal share unless the Participant directs otherwise.  For purposes of this Section 7.7, "person" includes an individual, a trust, an estate, or any other person or entity designated as a Beneficiary.
 

	 
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            (d)
 	
            A married Participant who has designated a person or persons other than the Spouse as Beneficiary may, without the consent of such Spouse, revoke such prior election by submitting written notification of such revocation.  Such revocation shall result in the reinstatement of the Spouse as the designated Beneficiary unless the Participant effectively designates another person as Beneficiary in accordance with the provisions of subsection (a).  The number of election forms and revocations shall not be limited.
 

	
             
 	
            (e)
 	
            Upon the death of a Participant the remaining vested interest in the Net Value of his Accounts shall become payable, in accordance with the provisions of subsection (g), to his Beneficiary or contingent Beneficiary.  If there is no such Beneficiary, the remaining vested interest in the Net Value of his Accounts shall be payable to the executor or administrator of his estate, or, if no such executor or administrator is appointed and qualifies within a time which the Committee shall, in its sole and absolute discretion, deem to be reasonable, then to such one or more of the descendants and blood relatives of such deceased Participant as the Committee, in its sole and absolute discretion, may select.
 

	
             
 	
            (f)
 	
            If a designated Beneficiary entitled to payments hereunder shall die after the death of the Participant but before the entire vested interest in the Net Value of Accounts of such Participant has been distributed, then the remaining vested interest in the Net Value of Accounts of such Participant shall be paid, in accordance with the provisions of subsection (g), to the surviving Beneficiary who is not a contingent Beneficiary, or, if there are no such surviving Beneficiaries then living, to the designated contingent Beneficiaries as shall be living at the time such payment is to be made.  If there is no designated contingent Beneficiary then living, the remaining interest in the Net Value of his Accounts shall be paid to the executor or administrator of the estate of the last to die of the Beneficiaries who are not
contingent Beneficiaries.
 

	
             
 	
            (g)
 	
            If a Participant dies before his entire vested interest in the Net Value of his Accounts has been distributed to him, the remainder of such vested interest shall be paid to his Beneficiary or, if applicable, his contingent Beneficiary, in a lump sum distribution as soon as practicable following the date of the Participant's death.  Notwithstanding the foregoing, if, prior to the Participant's death:
 

	
             
 	
            (i)
 	
            the Participant had elected to receive a deferred lump sum distribution and had not yet received such distribution, such Beneficiary shall receive a lump sum distribution as of the earlier of:  (A) the Valuation Date set forth in the Participant's election or (B) the last Valuation Date which occurs within one (1) year of the Participant's death; or
 

	
             
 	
            (ii)
 	
            the Participant had elected to receive and had begun receiving a distribu­tion in the form of installments, such Beneficiary shall receive distributions over the remaining installment period, at the times set forth in such election.
 

	 
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If the Beneficiary is the Participant's Spouse and if benefits are payable to such Beneficiary as an immediate or deferred lump sum distribution, such Spouse may defer the distribution up to the date on which the Participant would have attained age seventy and one-half (70-1/2).  If such Spouse dies prior to such distribution, the prior sentence shall be applied as if the Spouse were the Participant.

	
             
 	
            (h)
 	
            Notwithstanding anything in the Plan to the contrary, the provisions of subsections (a) through (g) shall also apply to a person who is not a Participant but who has made a contribution to and maintains a Rollover Contribution Account under the Plan.
 

	
            7.8
 	
            Direct Rollover of Eligible Rollover Distributions
 

For purposes of this Section 7.8, the following definitions shall apply:

	
             
 	
            (a)
 	
            "Direct Rollover" means a payment by the Plan to the Eligible Retirement Plan specified by the Distributee.
 

	
             
 	
            (b)
 	
            "Distributee" means an Employee or former Employee.  In addition, the Employee's or former Employee's surviving spouse and the Employee's or former Employee's Spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are Distributees with regard to the interest of the Spouse or former spouse.
 

	
             
 	
            (c)
 	
            "Eligible Retirement Plan" means (i) an individual retirement account described in Section 408(a) of the Code, (ii) an individual retirement annuity described in Section 408(b) of the Code, (iii) an annuity plan described in Section 403(a) of the Code,  (iv) a qualified trust described in Section 401(a) of the Code, (v) an annuity contract described in Section 403(b) of the Code, and (vi) an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan, that accepts the Distributee's Eligible Rollover Distribution.  However, in the case of an Eligible Rollover Distribution to the surviving Spouse, an
Eligible Retirement Plan is an individual retirement account or individual retirement annuity.  The definition of Eligible Retirement Plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code.
 

Notwithstanding the foregoing, if any portion of an Eligible Rollover Distribution is attributable to payments or distributions from an Employee’s Roth Contribution Account, if implemented, upon approval by the Employer, Eligible Retirement Plan, with respect to such portion, means only (i) another designated Roth account under an applicable retirement plan described in Code Section 402A(e)(1) or (ii) a Roth IRA described in Code Section 408A and only to the extent the Eligible Rollover Distribution is permitted under Code Section 402(c).

	 
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            (d)
 	
            "Eligible Rollover Distribution" means any distribution of two hundred dollars ($200) or more of all or any portion of the balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not include:  any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Distributee or the joint lives (or joint life expectancies) of the Distributee and the Distributee's designated Beneficiary, or for a specified period of ten (10) years or more; any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to
employer securities); and any Hardship distribution described in Section 401(k)(2)(B)(i)(IV) of the Code.  For purposes of this Section 7.8(d), any amount that is distributed on account of Hardship shall not be an Eligible Rollover Distribution and the Distributee may not elect to have any portion of such a distribution paid directly to an Eligible Retirement Plan.
 

Notwithstanding any provision of the Plan to the contrary that would otherwise limit a Distributee's election under this Section 7.8, a Distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Distributee in a Direct Rollover.

	
            7.9
 	
            Commencement of Benefits
 

	
             
 	
            (a)
 	
            Unless the Employee elects otherwise in accordance with the Plan, in no event shall the payment of benefits commence later than the sixtieth (60th) day after the close of the Plan Year in which the latest of the following events occur:  (i) the attainment by the Employee of age sixty-five (65), (ii) the tenth (10th) anniversary of the year in which the Participant commenced participation in the Plan or Prior Plan, or (iii) the termination of the Employee's employment with the Employer; provided, however, that if the amount of the payment required to commence on the date determined under this sentence cannot be ascertained by such date, a payment retroactive to such date may be made no later than sixty (60) days after the earliest date on which the amount of such payment can be ascertained under the Plan.
 

	
             
 	
            (b)
 	
            Subject to Section 7.1(d), distributions to five-percent owners:
 

The
  vested interest in the Net Value of the Accounts of a five-percent owner (as
  described in Section 416(i) of the Code and determined with respect to the Plan
  Year ending in the calendar year in which such individual attains age seventy
  and one-half (70-1/2)) must be distributed or commence to be distributed no
  later than the first day of April following the calendar year in which such
  individual attains age seventy and one-half (70-1/2). The vested interest in
  the Net Value of the Accounts of an Employee who is not a five-percent owner
  (as described in Section 416(i) of the Code) for the Plan Year ending in the
  calendar year in which such person attains age seventy and one-half (70-1/2)
  but who becomes a five-

	 
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Payment of Benefits

percent
  owner (as described in Section 416(i) of the Code) for a later Plan Year must
  be distributed or commence to be distributed no later than the first day of
  April following the last day of the calendar year that includes the last day
  of the first Plan Year for which such individual is a five-percent owner (as
  described in Section 416(i) of the Code).

	
             
 	
            (c)
 	
            Subject to Section 7.1(d), distributions to other than five-percent owners:
 

Except as otherwise provided in the following paragraph, the vested interest in the Net Value of the Accounts of any Employee who attains age seventy and one-half (70-1/2), must be distributed or commence to be distributed no later than the first day of April following the calendar year in which such individual attains age seventy and one-half (70-1/2).

Effective January 1, 1997, an Employee otherwise required to receive a distribution under the preceding paragraph, may elect to defer distribution of the Net Value of his Accounts to the date of his termination of employment.

Notwithstanding the foregoing, the vested interest in the Net Value of the Accounts of (I) any Employee who becomes a Participant on or after January 1, 1997 or (II) any Employee who attains age seventy and one-half (70-1/2) in a calendar year beginning on or after the adoption date of the amendment addressing benefit commencement, must be distributed or commence to be distributed no later than the first day of April following the calendar year in which occurs the later of:  (1) his termination of employment or (2) his attainment of age seventy and one-half (70-1/2).

 

	
            7.10
 	
            Minimum Distribution Requirements
 
	
             
 	
            (a)
 	
            General Rules
 	
             

The requirements of this Section 7.10 will take precedence over any inconsistent provisions of the Plan.  All distributions required under this Section will be determined and made in accordance with the Treasury regulations under Section 401(a)(9) of the Code.

	
             
 	
            (b)
 	
            Time and Manner of Distribution
 

	
             
 	
            (i)
 	
            Required Beginning Date.  The Participant's entire interest will be distributed, or begin to be distributed, to the Participant no later than the Participant's Required Beginning Date.
 

	
             
 	
            (ii)
 	
            Death of Participant Before Distributions Begin.  If the Participant dies before distributions begin, the Participant's entire interest will be distributed, or begin to be distributed, no later than as follows:
 

	 
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            (A)
 	
            If the Participant's surviving Spouse is the Participant's sole Designated Beneficiary, distributions to the surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the Participant would have attained age 70-1/2, if later.
 

	
             
 	
            (B)
 	
            If the Participant's surviving Spouse is not the Participant's sole Designated Beneficiary, distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died.
 

	
             
 	
            (C)
 	
            If there is no Designated Beneficiary as of September 30 of the year following the year of the Participant's death, the Participant's entire interest will be distributed by December 31 of the calendar year containing the fifth (5th) anniversary of the Participant's death.
 

	
             
 	
            (D)
 	
            If the Participant's surviving Spouse is the Participant's sole Designated Beneficiary and the surviving Spouse dies after the Participant but before distributions to the surviving Spouse begin, this Section 7.10(b)(ii), other than Section 7.10(b)(ii)(A), will apply as if the surviving Spouse were the Participant.
 

For purposes of this Section 7.10(b)(ii) and Section 7.10(d), unless Section 7.10(b)(ii)(D) applies, distributions are considered to begin on the Participant's Required Beginning Date.  If Section 7.10(b)(ii)(D) applies, distributions are considered to begin on the date distributions are required to begin to the surviving Spouse under Section 7.10(b)(ii)(A).  If distributions under an annuity purchased from an insurance company, if applicable, irrevocably commence to the Participant before the Participant's Required Beginning Date (or to the Participant's surviving Spouse before the date distributions are required to begin to the surviving Spouse under Section 7.10(b)(ii)(A), the date distributions are considered to begin is the date distributions actually commence.

	
             
 	
            (iii)
 	
            Election to Apply 5-Year Rule to Distributions to Designated Beneficiaries.  If the Participant dies before distributions begin and there is a Designated Beneficiary, distribution to the Designated Beneficiary is not required to begin by the date specified in Section 7.10(b)(ii), but the Participant's entire interest will be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth (5th) anniversary of the Participant's death.  If the Participant's surviving Spouse is the Participant's sole Designated Beneficiary and the surviving Spouse dies after the Participant but before distributions to either the Participant or the surviving Spouse begin, this election will apply as if the surviving Spouse were the Participant.
 

	 
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            (iv)
 	
            Election to Allow Participants or Beneficiaries to Elect 5-Year Rule.  Participants or Beneficiaries may elect on an individual basis whether the 5-year rule or the Life Expectancy rule in Sections 7.10(b)(ii) and 7.10(d)(ii) applies to distributions after the death of a Participant who has a Designated Beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin under Section 7.10(b)(ii), or by September 30 of the calendar year which contains the fifth (5th) anniversary of the Participant's (or, if applicable, surviving Spouse's) death.  If neither the Participant nor Beneficiary makes an election under this subsection, distributions will be made in accordance with Sections 7.10(b)(ii) and 7.10(d)(ii) and, if applicable,
the elections in Section 7.10(b)(iii) above.
 

	
             
 	
            (v)
 	
            Forms of Distribution.  Unless the Participant’s interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the Required Beginning Date, as of the first Distribution Calendar Year, distributions will be made in accordance with Sections 7.10(c) and (d).  If the Participant’s interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Section 401(a)(9) of the Code and the Treasury regulations.
 

	
             
 	
            (c)
 	
            Required Minimum Distributions During Participant's Lifetime
 

	
             
 	
            (i)
 	
            Amount of Required Minimum Distribution For Each Distribution Calendar Year.  During the Participant's lifetime, the minimum amount that will be distributed for each Distribution Calendar Year is the lesser of:
 

	
             
 	
            (A)
 	
            the quotient obtained by dividing the Participant's Accounts by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant's age as of the Participant's birthday in the Distribution Calendar Year; or
 

	
             
 	
            (B)
 	
            if the Participant's sole Designated Beneficiary for the Distribution Calendar Year is the Participant's Spouse, the quotient obtained by dividing the Participant's Accounts by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant's and Spouse's attained ages as of the Participant's and Spouse's birthdays in the Distribution Calendar Year.
 

	
             
 	
            (ii)
 	
            Lifetime Required Minimum Distributions Continue Through Year of Participant's Death.  Required minimum distributions will be determined under this Section 7.10(c) beginning with the first Distribution Calendar Year and up to and including the Distribution Calendar Year that includes the Participant's date of death.
 

	 
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            (d)
 	
            Required Minimum Distributions After Participant's Death
 

	
             
 	
            (i)
 	
            Death On or After Date Distributions Begin:
 

	
             
 	
            (A)
 	
            Participant Survived by Designated Beneficiary.  If the Participant dies on or after the date distributions begin and there is a Designated Beneficiary, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant's death is the quotient obtained by dividing the Participant's Accounts by the longer of the remaining Life Expectancy of the Participant or the remaining Life Expectancy of the Participant's Designated Beneficiary, determined as follows:
 

	
             
 	
            (I)
 	
            The Participant's remaining Life Expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.
 

	
             
 	
            (II)
 	
            If the Participant's surviving Spouse is the Participant's sole Designated Beneficiary, the remaining Life Expectancy of the surviving Spouse is calculated for each Distribution Calendar Year after the year of the Participant's death using the surviving Spouse's age as of the Spouse's birthday in that year.  For Distribution Calendar Years after the year of the surviving Spouse's death, the remaining Life Expectancy of the surviving Spouse is calculated using the age of the surviving Spouse as of the Spouse's birthday in the calendar year of the Spouse's death, reduced by one for each subsequent calendar year.
 

	
             
 	
            (III)
 	
            If the Participant's surviving Spouse is not the Participant's sole Designated Beneficiary, the Designated Beneficiary's remaining Life Expectancy is calculated using the age of the Beneficiary in the year following the year of the Participant's death, reduced by one for each subsequent year.
 

	
             
 	
            (B)
 	
            No Designated Beneficiary.  If the Participant dies on or after the date distributions begin and there is no Designated Beneficiary as of September 30 of the year after the year of the Participant's death, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant's death is the quotient obtained by dividing the Participant's Accounts by the Participant's remaining Life Expectancy calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.
 

	
             
 	
            (ii)
 	
            Death Before Date Distributions Begin:
 

	 
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            (A)
 	
            Participant Survived by Designated Beneficiary.  If the Participant dies before the date distributions begin and there is a Designated Beneficiary, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant's death is the quotient obtained by dividing the Participant's Accounts by the remaining Life Expectancy of the Participant's Designated Beneficiary, determined as provided in Section 7.10(d)(i).
 

	
             
 	
            (B)
 	
            No Designated Beneficiary.  If the Participant dies before the date distributions begin and there is no Designated Beneficiary as of September 30 of the year following the year of the Participant's death, distribution of the Participant's entire interest will be completed by December 31 of the calendar year containing the fifth (5th) anniversary of the Participant's death.
 

	
             
 	
            (C)
 	
            Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin.  If the Participant dies before the date distributions begin, the Participant's surviving Spouse is the Participant's sole Designated Beneficiary, and the surviving Spouse dies before distributions are required to begin to the surviving Spouse under Section 7.10(b)(ii)(A), this Section 7.10(d)(ii) will apply as if the surviving Spouse were the Participant.
 

 

	
             
 	
            (e)
 	
            Definitions
 

For purposes of this Section 7.10, the following words and phrases shall have the meanings hereafter ascribed to them: 

	
             
 	
            (i)
 	
            Designated Beneficiary.  The individual who is designated as the Beneficiary under Section 1.10 of the Plan and is the Designated Beneficiary under Section 401(a)(9) of the Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.
 

	
             
 	
            (ii)
 	
            Distribution
        Calendar Year. A calendar year for which a minimum distribution is required.
        For distributions beginning before the Participant's death, the first
        Distribution Calendar Year is the calendar year immediately preceding
        the calendar year which contains the Participant's Required Beginning
        Date. For distributions beginning after the Participant's death, the first
        Distribution Calendar Year is the calendar year in which distributions
        are required to begin under Section 7.10(b)(ii). The required minimum
        distribution for the Participant's first Distribution Calendar Year will
        be made on or before the Participant's Required Beginning Date. The required
        minimum distribution for other Distribution Calendar Years, including
        the required minimum distribution
 

	 
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            for
        the Distribution Calendar Year in which the Participant's Required Beginning
        Date occurs, will be made on or before December 31 of that Distribution
        Calendar Year.
 

	
             
 	
            (iii)
 	
            Life Expectancy.  Life Expectancy as calculated by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury regulations.
 

	
             
 	
            (iv)
 	
            Participant's Accounts.  The Accounts of the last Valuation Date in the calendar year immediately preceding the Distribution Calendar Year (valuation calendar year) increased by the amount of any contributions made and allocated or Forfeitures allocated to the Accounts as of dates in the valuation calendar year after the Valuation Date and decreased by distributions made in the valuation calendar year after the Valuation Date.  The Accounts for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the Distribution Calendar Year if distributed or transferred in the valuation calendar year.
 

	
             
 	
            (v)
 	
            Required Beginning Date.  The date specified in Section 7.9(b) or (c), whichever is applicable.
 

	
            7.11
 	
            Manner of Payment of Distributions from the Beneficial Mutual Bancorp, Inc. Stock Fund
 

Distributions from the Beneficial Mutual Bancorp, Inc. Stock Fund shall be made to Participants and Beneficiaries in cash.  Notwithstanding the foregoing and except for withdrawals under Sections 7.2 and 7.3 and loans under Article VIII, the Participant or Beneficiary may elect that such distributions be made wholly or partially in Shares.  If the Participant or Beneficiary elects that such distributions may be made wholly or partially in Shares, such distribution shall be made in whole Shares and the value of any remaining fractional Share shall be distributed in cash.  The value of the Shares shall be based on the applicable Closing Price of such Shares determined as of the Valuation Date preceding the distribution.

	 
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  VIII —

Loans to Participants

ARTICLE VIII — 

LOANS TO PARTICIPANTS

	
            8.1
 	
            Definitions and Conditions
 

	
             
 	
            (a)
 	
            For purposes of this Article VIII, the following terms and phrases shall have the meanings hereafter ascribed to them:
 

	
             
 	
            (i)
 	
            "Borrower" means a Participant or a "Party in Interest" (as defined under Section 3(14) of ERISA) who maintains an Account, provided such Participant or Party in Interest is not receiving a benefit payment in accordance with the provisions of Section 7.5(d) or 7.7.
 

	
             
 	
            (ii)
 	
            "Loan Account" means the separate, individual account established on behalf of a Borrower in accordance with the provisions of Section 8.4(d).
 

	
             
 	
            (iii)
 	
            "Loan Policy" means the separate loan policy, as amended from time to time, governing loans.
 

	
             
 	
            (b)
 	
            To the extent permitted under the provisions of this Article VIII and subject to the terms and conditions set forth herein, a Borrower may request a loan from his Accounts.  Any loans made in accordance with this Article VIII shall not be subject to the provisions of Article VI.
 

	
            8.2
 	
            Loan Amount
 

Upon a finding by the Committee that all requirements hereunder have been met, a Borrower may request a loan from his Accounts, in an amount up to the lesser of:  (a) fifty percent (50%) of the Net Value as of the close of business on the date the loan is processed of the Before-Tax Contribution Account, vested Matching Contribution Account, Rollover Contribution Accounts and vested Discretionary Employer Contribution Account, or (b) fifty thousand dollars ($50,000), reduced by the highest outstanding loan balance during the preceding twelve (12) months.  The minimum loan permitted shall be an amount as determined in accordance with the guidelines of the Loan Policy described under Section 8.1(a)(iii).

	
            8.3
 	
            Term of Loan
 

The term of a loan and rate of interest on a loan shall each be determined in accordance with the guidelines of the Loan Policy described under Section 8.1(a)(iii).

	
            8.4
 	
            Operational Provisions
 

	
             
 	
            (a)
 	
            An
        application for a loan shall be filed in the form and manner (including
        electronically) prescribed by the Committee and shall be subject to the
        fees set forth in the Loan Policy described under Section 8.1(a)(iii).
        If the Committee shall approve such application, the Committee
 

	 
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Loans to Participants

	
             
 	
             
 	
            shall
        establish the amount of such loan and such loan shall be effected as of
        the Valuation Date next following receipt by the Trustee.
 

Notwithstanding the foregoing, the amount of any loan from the portion of a Participant’s Account invested in the Beneficial Mutual Bancorp, Inc. Stock Fund shall be the proceeds of the Shares sold from the Participant’s Account for such purpose.

	
             
 	
            (b)
 	
            The amount of the loan shall be distributed from the Investment Funds in which the Borrower's Accounts are invested, in the following order of priority:
 

	
             
 	
            (i)
 	
            Rollover Contribution Account;
 

	
             
 	
            (ii)
 	
            Before-Tax Contribution Account;
 

	
             
 	
            (iii)
 	
            vested Matching Contribution Account; and
 

	
             
 	
            (iv)
 	
            vested Discretionary Employer Contribution Account.
 

Distributions from each of the foregoing Accounts shall be made in the following order of priority:

	
             
 	
            (A)
 	
            by the redemption of Trust Fund Units from each of the Borrower’s Accounts in the order set forth above, on a pro rata basis from the Investment Funds (other than the Beneficial Mutual Bancorp, Inc. Stock Fund) thereunder, as were selected by the Borrower pursuant to Article VI, and
 

	
             
 	
            (B)
 	
            if selected by the Borrower pursuant to Article VI, by the redemption of Shares invested in the Beneficial Mutual Bancorp, Inc. Stock Fund from each of the Borrower’s Accounts invested in such Beneficial Mutual Bancorp, Inc. Stock Fund, in the order set forth above.
 

	
             
 	
            (c)
 	
            The proceeds of a loan shall be distributed to the Borrower as soon as practicable after the Valuation Date as of which the loan is processed; provided, however, that the Borrower shall have satisfied such reasonable conditions as the Committee shall deem necessary, including, without limitation:  (i) the delivery of an executed legally enforceable promissory note agreement, in accordance with Income Tax Regulations Section 1.72(p)-1, for the amount of the loan, including interest, payable to the order of the Trustee; (ii) an assignment to the Plan of such Borrower's interest in his Accounts to the extent of such loan; and (iii) if the Borrower is actively employed by the Employer, an authorization to the Employer to make payroll deductions in order to repay his loan to the Plan.  The aforementioned promissory note shall
be duly acknowledged and executed by the Borrower and shall be held by the Trustee, or the Committee as agent for the Trustee, as an asset of the Borrower's Loan Account pursuant to subsection (d).
 

	 
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Loans to Participants

	
             
 	
            (d)
 	
            A Loan Account shall be established for each Borrower with an outstanding loan pursuant to this Article VIII.  Each Loan Account shall be comprised of a Borrower's (i) executed promissory note and (ii) installment payments of principal and interest made pursuant to Section 8.5(a).  Upon full payment and satisfaction of the outstanding Loan Account balance, a Borrower's promissory note shall be marked paid in full, returned to the Borrower, and his Loan Account thereupon closed.
 

	
             
 	
            (e)
 	
            As of each Valuation Date coincident with or next succeeding each payment of principal and interest on a loan, the then current balance of each Borrower's Loan Account shall be debited by the amount of such payment and such amount shall be transferred for investment in accordance with Section 8.5(c) to the appropriate Borrower's Account.  If the Committee established a lien against the Borrower's Accounts pursuant to Section 8.6(b), and foreclosure of such lien is deferred until the Borrower's Termination of Service pursuant to Section 8.6(b)(i), for each month that foreclosure of the lien is deferred, the then current balance of the Borrower's Loan Account shall be charged with interest on the unpaid principal and interest thereon.
 

	
             
 	
            (f)
 	
            The maximum number of outstanding loans permitted to any Borrower under this Article VIII at any time shall be determined in accordance with the guidelines of the Loan Policy described under Section 8.1(a)(iii).
 

	
             
 	
            (g)
 	
            Any loans under this Article VIII shall be subject to the restrictions of Section 6.5.
 

	
            8.5
 	
            Repayments
 

	
             
 	
            (a)
 	
            If the Borrower is on the payroll of the Employer and unless otherwise agreed to by the Committee, repayments of loan principal, or the unpaid balance thereof, and interest thereon shall be made through payroll deductions.  The first repayment shall be deducted as of the first payroll date occurring no later than three (3) weeks after the Committee submits the loan form for processing.
 

If the Borrower is not on the payroll of the Employer and unless otherwise agreed to by the Committee, repayments of loan principal, or the unpaid balance thereof, and interest thereon, shall be made in accordance with the guidelines of the Loan Policy described under Section 8.1(a)(iii).

	
             
 	
            (b)
 	
            Any amount repaid to the Plan by a Borrower with respect to a loan, including interest thereon, shall be invested as if such amount were a contribution to be invested in accordance with Section 6.1.
 

	
             
 	
            (c)
 	
            With
        respect to each Borrower's Loan Account, any repayment of principal and
        interest made by a Borrower shall be credited, as of the Valuation Date
        coincident with or next succeeding such payment, to the Borrower's Accounts
        in the order of priority established under Section 8.4(b). No Account
        having a lesser degree of
 

	 
	967	59	Beneficial
      Mutual Savings Bank

Article
  VIII —

Loans to Participants

	
             
 	
             
 	
            priority
        shall be credited until the Account having the immediately preceding degree
        of priority has been restored by an amount equal to that which had been
        borrowed from such Account.
 

	
             
 	
            (d)
 	
            A Borrower may prepay his entire loan, plus all interest accrued and unpaid thereon, as of any Valuation Date.  A Borrower will not be permitted to make partial prepayments to his or her Loan Accounts.
 

	
             
 	
            (e)
 	
            In the event the Plan is terminated, the entire unpaid principal amount of the loan hereunder, together with any accrued and unpaid interest thereon, shall become immediately due and payable.
 

	
            8.6
 	
            Default
 

	
             
 	
            (a)
 	
            If a Borrower fails to make any payment on any loan when due under this Article VIII, the entire unpaid principal amount of such loan, together with any accrued and unpaid interest thereon, shall be deemed in default and become due and payable ninety (90) days after the initial date of payment delinquency.
 

	
             
 	
            (b)
 	
            If a Borrower fails to make any payment on a loan and is deemed to be in default pursuant to subsection (a), the Committee shall establish a lien against the Borrower's Accounts in an amount equal to any unpaid principal and interest.  The lien shall be foreclosed by applying the value of the Borrower's Loan Account (determined as of the next Valuation Date immediately following foreclosure) in satisfaction of said unpaid principal and interest as follows:
 

	
             
 	
            (i)
 	
            if the Borrower is in the employment of the Employer, upon the Borrower's Termination of Service; or
 

	
             
 	
            (ii)
 	
            if the Borrower is not in the employment of the Employer, in accordance with the guidelines of the Loan Policy described under Section 8.1(a)(iii).
 

Thereupon, the vested interest in the balance of the Borrower's Accounts shall be distributed in accordance with the applicable provisions of the Plan.

	
             
 	
            (c)
 	
            The Committee may, in accordance with uniform rules established by it, restrict the right of any Borrower who has defaulted on a loan from the Plan to:  (i) make withdrawals and/or loans from his Matching Contribution Account, Before-Tax Contribution Account, and/or Rollover Contribution Account and Discretionary Employer Contribution Account for a period not exceeding twelve (12) months or (ii) if the Borrower is an Eligible Employee, authorize Elective Contributions to be made on his behalf or make any other contributions to the Plan for a period not exceeding twelve (12) months.
 

	 
	967	60	Beneficial
      Mutual Savings Bank

Article
  VIII —

Loans to Participants

	
            8.7
 	
            Coordination of Outstanding Account and Payment of Benefits
 

	
             
 	
            (a)
 	
            If the Borrower has an outstanding Loan Account and is either (i) scheduled to receive or elects to receive a lump sum distribution in accordance with the provisions of Article VII, or (ii) scheduled to receive the last installment payment under a previous election made in accordance with the provisions of Article VII to receive payments in a form other than the normal form of benefit payments, then, at the time of the distribution or payment under clause (i) or (ii) above, the entire unpaid principal amount of the loan together with any accrued and unpaid interest thereon, shall become immediately due and payable.  No Plan distribution, except as permitted under Section 7.2 or Section 7.3, shall be made to any Borrower unless and until such Borrower's Loan Account, including accrued interest thereunder, has been
liquidated and closed.  If a Borrower fails to pay the outstanding balance of his Loan Account hereunder, such loan shall be satisfied as if a default had occurred pursuant to Section 8.6.
 

	
             
 	
            (b)
 	
            Any reference in the Plan to the Net Value of a Borrower's Accounts available for distribution to any Borrower, shall mean the value after the satisfaction of the entire unpaid principal loan amount or amounts and any accrued, unpaid interest thereon, as provided in this Article VIII.
 

	 
	967	61	Beneficial
      Mutual Savings Bank

Article
  IX —

Administration

ARTICLE IX — 

ADMINISTRATION

	
            9.1
 	
            General Administration of the Plan
 

The operation and administration of the Plan shall be subject to the management and control of the Named Fiduciaries and Plan Administrator designated by the Sponsoring Employer.  The designation of such Named Fiduciaries and Plan Administrator, the terms of their appointment, and their duties and responsibilities allocated among them shall be as set forth in this Article IX.  Any actions taken hereunder shall be conclusive and binding on Participants, Retired Participants, Employees, Beneficiaries and other persons, and shall not be overturned unless found to be arbitrary and capricious by a court of competent jurisdiction.

	
            9.2
 	
            Designation of Named Fiduciaries
 

The management and control of the operation and administration of the Plan by Named Fiduciaries shall be allocated in the following manner:

	
             
 	
            (a)
 	
            The Trustee as a Named Fiduciary, shall perform those functions set forth in the Trust Agreement or the Plan that are assigned to the Trustee.
 

	
             
 	
            (b)
 	
            The Sponsoring Employer shall designate one or more individuals to serve as member(s) of an employee benefits Committee to perform those functions set forth in the Trust Agreement or the Plan that are assigned to such Committee.
 

	
            9.3
 	
            Responsibilities of Fiduciaries
 

The Named Fiduciaries and Plan Administrator shall have only those powers, duties, responsibilities and obligations that are specifically allocated to them under the Plan or the Trust Agreement.

To the extent permitted by ERISA, each Named Fiduciary and Plan Administrator may rely upon any direction, information or action of another Named Fiduciary, Plan Administrator or the Sponsoring Employer as being proper under the Plan or the Trust Agreement and is not required to inquire into the propriety of any such direction, information or action and no Named Fiduciary or Plan Administrator shall be responsible for any act or failure to act of another Named Fiduciary, Plan Administrator or the Sponsoring Employer.

No Named Fiduciary, Plan Administrator or the Employer guarantees the Trust Fund in any manner against investment loss or depreciation in asset value.

The allocation of responsibility between the Trustee and the Sponsoring Employer may be changed by written agreement.  Such reallocation shall be evidenced by Employer Resolutions and shall not be deemed an amendment to the Plan.

	 
	967	62	Beneficial
      Mutual Savings Bank

Article
  IX —

Administration

	
            9.4
 	
            Plan Administrator
 

The Sponsoring Employer shall designate the Sponsoring Employer, or one or more persons to act as Plan Administrator.

The Plan Administrator shall have the power and responsibility to:  (a) furnish summary plan descriptions, annual reports and other notifications and disclosure statements to Participants and Beneficiaries; (b) maintain records and addresses of Participants and Beneficiaries; (c) designate any independent qualified accountant required to act with respect to the Plan under ERISA; and (d) provide notification of determinations under the claim procedure of the Plan.

Any person or persons designated as Plan Administrator shall serve until their successor or successors are designated and qualified.  A Plan Administrator may resign upon written notice to the Sponsoring Employer or may be removed as Plan Administrator but only for a failure or inability, in the opinion of the Sponsoring Employer, of the Plan Administrator to carry out his responsibilities in an effective manner.  Termination of employment with the Employer shall terminate designation as Plan Administrator.

The Plan Administrator is designated as the Plan's agent for the service of legal process.

	
            9.5
 	
            Committee
 

The members of the Committee designated by the Sponsoring Employer under Section 9.2(b) shall serve for such term(s) as the Sponsoring Employer shall determine and until their successors are designated and qualified.  The term of any member of the Committee may be renewed from time to time without limitation as to the number of renewals.  Any member of the Committee may (a) resign upon at least sixty (60) days written notice to the Sponsoring Employer or (b) be removed from office but only for his failure or inability, in the opinion of the Sponsoring Employer, to carry out his responsibilities in an effective manner.  Termination of employment with the Employer shall be deemed to give rise to such failure or inability.

The powers and duties allocated to the Committee shall be vested jointly and severally in its members.  Notwithstanding specific instructions to the contrary, any instrument or document signed on behalf of the Committee by any member of the Committee may be accepted and relied upon by the Trustee as the act of the Committee.  The Trustee shall not be required to inquire into the propriety of any such action taken by the Committee nor shall they be held liable for any actions taken by them in reliance thereon.

The Sponsoring Employer may, pursuant to Employer Resolutions, change the number of individuals comprising the Committee, their terms of office or other conditions of their incumbency provided that there shall be at all times at least one individual member of the Committee.  Any such change shall not be deemed an amendment to the Plan.

	 
	967	63	Beneficial
      Mutual Savings Bank

Article
  IX —

Administration

	
            9.6
 	
            Powers and Duties of the Committee
 

The Committee shall have authority to perform all acts it may deem necessary or appropriate in order to exercise the duties and powers imposed or granted by ERISA, the Plan, the Trust Agreement or any Employer Resolutions.  Such duties and powers shall include, but not be limited to, the following:

	
             
 	
            (a)
 	
            Power to Construe - Except as otherwise provided in the Trust Agreement, the Commit­tee shall have the power to construe the provisions of the Plan and to determine any questions which may arise thereunder.
 

	
             
 	
            (b)
 	
            Power to Make Rules and Regulations - The Committee shall have the power to make such reasonable rules and regulations as it may deem necessary or appropriate to perform its duties and exercise its powers.  Such rules and regulations shall include, but not be limited to, those governing (i) the manner in which the Committee shall act and manage its own affairs, (ii) the procedures to be followed in order for Employees or Beneficiaries to claim benefits, and (iii) the procedures to be followed by Participants, Beneficiaries or other persons entitled to benefits with respect to notifications, elections, designations or other actions required by the Plan or ERISA.  All such rules and regulations shall be applied in a uniform and nondiscriminatory manner.
 

	
             
 	
            (c)
 	
            Powers and Duties with Respect to Information - The Committee shall have the power and responsibility:
 

	
             
 	
            (i)
 	
            to obtain such information as shall be necessary for the proper discharge of its duties;
 

	
             
 	
            (ii)
 	
            to furnish to the Employer, upon request, such reports as are reasonable and appropriate;
 

	
             
 	
            (iii)
 	
            to receive, review and retain periodic reports of the financial condition of the Trust Fund; and
 

	
             
 	
            (iv)
 	
            to receive, collect and transmit to the Trustee all information required by the Trustee in the administration of the Accounts of the Employee as contemplated in Section 9.7.
 

	
             
 	
            (d)
 	
            Power of Delegation - The Committee shall have the power to delegate fiduciary responsibilities (other than trustee responsibilities defined under Section 405(c)(3) of ERISA) to one or more persons who are not members of the Committee.  Unless otherwise expressly indicated by the Sponsoring Employer, the Committee must reserve the right to terminate such delegation upon reasonable notice.
 

	
             
 	
            (e)
 	
            Power
        of Allocation - Subject to the written approval of the Sponsoring Employer,
        the Committee shall have the power to allocate among its members
 

	 
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      Mutual Savings Bank

Article
  IX —

Administration

	
             
 	
             
 	
            specified
        fiduciary responsibilities (other than trustee responsibilities defined
        under Section 405(c)(3) of ERISA). Any such allocation shall be in writing
        and shall specify the persons to whom such allocation is made and the
        terms and conditions thereof.
 

	
             
 	
            (f)
 	
            Duty to Report - Any member of the Committee to whom specified fiduciary responsibilities have been allocated under subsection (e) shall report to the Committee at least annually.  The Committee shall report to the Sponsoring Employer at least annually regarding the performance of its responsibilities as well as the performance of any persons to whom any powers and responsibilities have been further delegated.
 

	
             
 	
            (g)
 	
            Power to Employ Advisors and Retain Services - The Committee may employ such legal counsel, enrolled actuaries, accountants, pension specialists, clerical help and other persons as it may deem necessary or desirable in order to fulfill its responsibilities under the Plan.
 

	
            9.7
 	
            Certification of Information
 

The Committee shall certify to the Trustee on such periodic or other basis as may be agreed upon, relevant facts regarding the establishment of the Accounts of an Employee, periodic contributions with respect to such Accounts, investment elections and modifications thereof and withdrawals and distributions therefrom.  The Trustee shall be fully protected in maintaining individual Account records and in administering the Accounts of the Employee on the basis of such certifications and shall have no duty of inquiry or otherwise with respect to any transactions or communications between the Committee and Employees relating to the information contained in such certifications.

	
            9.8
 	
            Authorization of Benefit Payments
 

The Committee shall forward to the Trustee any application for payment of benefits within a reasonable time after it has approved such application.  The Trustee may rely on any such information set forth in the approved application for the payment of benefits to the Participant, Beneficiary or any other person entitled to benefits.

	
            9.9
 	
            Payment of Benefits to Legal Custodian
 

Whenever, in the Committee's opinion, a person entitled to receive any benefit payment is a minor or deemed to be physically, mentally or legally incompetent to receive such benefit, the Committee may direct the Trustee to make payment for his benefit to such individual or institution having legal custody of such person or to his legal representative.  Any benefit payment made in accordance with the provisions of this Section 9.9 shall operate as a valid and complete discharge of any liability for payment of such benefit under the provisions of the Plan.

	 
	967	65	Beneficial
      Mutual Savings Bank

Article
  IX —

Administration

	
            9.10
 	
            Service in More Than One Fiduciary Capacity
 

Any person or group of persons may serve in more than one fiduciary capacity with respect to the Plan, regardless of whether any such person is an officer, employee, agent or other representative of a party in interest.

	
            9.11
 	
            Payment of Expenses
 

The Employer will pay the ordinary administrative expenses of the Plan and compensation of the Trustee.

The Employer may charge Employees all or part of the reasonable expenses associated with withdrawals and other distributions, or fund transfers.

	 
	967	66	Beneficial
      Mutual Savings Bank

Article
  X —

Benefit Claims Procedure

ARTICLE X — 

BENEFIT CLAIMS PROCEDURE

	
            10.1
 	
            Definition
 

For purposes of this Article X, "Claimant" shall mean any Participant, Beneficiary or any other person entitled to benefits under the Plan or his duly authorized representative.

	
            10.2
 	
            Claims
 

A Claimant may file a written claim for a Plan benefit with the Plan Administrator on the appropriate form to be supplied by the Plan Administrator.  The Plan Administrator shall, in its sole and absolute discretion, review the Claimant's application for benefits and determine the disposition of such claim.

	
            10.3
 	
            Disposition of Claim
 

The Plan Administrator shall notify the Claimant as to the disposition of the claim for benefits under this Plan within ninety (90) days after the appropriate form has been filed unless special circumstances require an extension of time for processing.  If such an extension of time is required, the Plan Administrator shall furnish written notice of the extension to the Claimant prior to the termination of the initial ninety (90) day period.  The extension notice shall indicate the special circumstances requiring the extension of time and the date the Plan Administrator expects to render a decision.  In no event shall such extension exceed a period of one hundred-eighty (180) days from the receipt of the claim.

	
            10.4
 	
            Denial of Claim
 

If a claim for benefits under this Plan is denied in whole or in part by the Plan Administrator, a written or electronic notice prepared in a manner calculated to be understood by the Claimant shall be provided by the Plan Administrator to the Claimant and such notice shall include the following:

	
             
 	
            (a)
 	
            a statement that the claim for the benefits under this Plan has been denied;
 

	
             
 	
            (b)
 	
            the specific reasons for the denial of the claim for benefits, citing the specific provisions of the Plan which set forth the reason or reasons for the denial;
 

	
             
 	
            (c)
 	
            a description of any additional material or information necessary for the Claimant to perfect the claim for benefits under this Plan and an explanation of why such material or information is necessary; and
 

	
             
 	
            (d)
 	
            appropriate information as to the steps to be taken if the Claimant wishes to appeal such decision.
 

	 
	967	67	Beneficial
      Mutual Savings Bank

Article
  X —

Benefit Claims Procedure

	
            10.5
 	
            Right to Full and Fair Review
 

A Claimant who is denied, in whole or in part, a claim for benefits under the Plan may file an appeal of such denial.  Such appeal must be made in writing by the Claimant or his duly authorized representative and must be filed with the Committee within sixty (60) days after receipt of the notification under Section 10.4.  The Claimant or his representative may review pertinent documents and submit written comments, documents, records and other information relating to the Claimant’s denied claim.  Upon request, the Committee will provide the Claimant, free of charge, reasonable access to and copies of all documents, records and other information relevant to the claim.

	
            10.6
 	
            Time of Review
 

The Committee, independent of the Plan Administrator, shall conduct a full and fair review of the denial of claim for benefits under this Plan to a Claimant within sixty (60) days after receipt of the written request for review described in Section 10.5; provided, however, that an extension, not to exceed sixty (60) days, may apply in special circumstances.  Written or electronic notice shall be furnished to the Claimant prior to the commencement of the extension period.

	
            10.7
 	
            Final Decision
 

The Claimant shall be notified in writing or electronically of the final decision of such full and fair review by such Committee.  Such decision shall be written in a manner calculated to be understood by the Claimant, shall state the specific reasons for the decision and shall include specific references to the pertinent Plan provisions upon which the decision is based.  In no event shall the decision be furnished to the Claimant later than sixty (60) days after the receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered within one hundred-twenty (120) days after receipt of such request for review.

	 
	967	68	Beneficial
      Mutual Savings Bank

Article
  XI —

Amendment, Termination, and Withdrawal

ARTICLE XI — 

AMENDMENT, TERMINATION, AND WITHDRAWAL

	
            11.1
 	
            Amendment and Termination
 

The Employer expects to continue the Plan indefinitely, but specifically reserves the right, in its sole and absolute discretion, at any time, by appropriate action of the Board, to terminate its Plan or to amend, in whole or in part, any or all of the provisions of the Plan.  Subject to the provisions of Section 13.7, no such amendment or termination shall permit any part of the Trust Fund to be used for or diverted to purposes other than for exclusive benefit of Participants, Beneficiaries or other persons entitled to benefits, and no such amendment or termination shall reduce the interest of any Participant, Beneficiary or other person who may be entitled to benefits, without his consent.  In the event of a termination or partial termination of the Plan, or upon complete discontinuance of contributions under the Plan, the Accounts of each affected Participant shall become fully vested
and shall be distributable in accordance with the provisions of Article VII.  In the event of a complete termination of the Plan, the Accounts of each affected Participant may alternatively be distributable as a lump sum distribution within seven (7) days of the Valuation Date coincident with the date of receipt by the Trustee of the proper documentation indicating the Participant's distribution date.

If any amendment changes the vesting schedule, any Participant who has three (3) or more Years of Service may, by filing a written request with the Employer, elect to have his vested percentage computed under the vesting schedule in effect prior to the amendment.

The period during which the Participant may elect to have his vested percentage computed under the prior vesting schedule shall commence with the date the amendment is adopted and shall end on the latest of:

	
             
 	
            (a)
 	
            sixty (60) days after the amendment is adopted;
 

	
             
 	
            (b)
 	
            sixty (60) days after the amendment becomes effective; or
 

	
             
 	
            (c)
 	
            sixty (60) days after the Participant is issued written notice of the amendment from the Employer.
 

	
            11.2
 	
            Withdrawal from the Trust Fund
 

An Employer may withdraw its Plan from the Trust Fund in accordance with and subject to the provisions of the Trust Agreement.

	 
	967	69	Beneficial
      Mutual Savings Bank

Article
  XII —

Top-Heavy Plan Provisions

ARTICLE XII - 

TOP-HEAVY PLAN PROVISIONS

	
            12.1
 	
            Introduction
 

Any other provisions of the Plan to the contrary notwithstanding, the provisions contained in this Article XII shall be effective with respect to any Plan Year in which this Plan is a Top-Heavy Plan, as hereinafter defined.

	
            12.2
 	
            Definitions
 

For purposes of this Article XII, the following words and phrases shall have the meanings stated herein unless a different meaning is plainly required by the context.

	
             
 	
            (a)
 	
            "Account," for the purpose of determining the Top-Heavy Ratio, means the sum of (i) a Participant's Accounts as of the most recent Valuation Date and (ii) an adjustment for contributions due as of the Determination Date.
 

The following subsections (A) and (B) shall apply for purposes of determining the amounts of Account balances of Employees as of the Determination Date.

	
             
 	
            (A)
 	
            Distributions during year ending on the Determination Date.  The amounts of Account balances of an Employee as of the Determination Date shall be increased by the distributions made with respect to the Employee under this Plan and any plan aggregated with the Plan under Section 416(g)(2) of the Code during the one (1) year period ending on the Determination Date.  The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with this Plan under Section 416(g)(2)(A)(i) of the Code.  In the case of a distribution made for a reason other than severance from employment, death, or disability, this provision shall be applied by substituting "five (5) year period" for "one (1) year period."
 

	
             
 	
            (B)
 	
            Employees not performing services during year ending on the Determination Date.  The Accounts of any individual who has not performed services for the Employer during the one (1) year period ending on the Determination Date shall not be taken into account.
 

	
             
 	
            (b)
 	
            "Determination Date" means, with respect to any Plan Year, the last day of the preceding Plan Year.  With respect to the first Plan Year, "Determination Date" means the last day of such Plan Year.
 

	
             
 	
            (c)
 	
            "Five-Percent
        Owner" means, if the Employer is a corporation, any Employee who owns
        (or is considered as owning within the meaning of Section 318 of the Code
        modified by Section 416(i)(1)(B)(iii) of the Code) more than five percent
        (5%) of the value of the outstanding stock of, or more than five percent
        (5%) of 
 

	 
	967	70	Beneficial
      Mutual Savings Bank

Article
  XII —

Top-Heavy Plan Provisions

	
             
 	
             
 	
            the
        total combined voting power of all the stock of, the Employer. If the
        Employer is not a corporation, a Five-Percent Owner means any Employee
        who owns more than five percent (5%) of the capital or profits interest
        in the Employer.
 

	
             
 	
            (d)
 	
            “Key Employee” means any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the Determination Date was an officer of the Employer having annual Compensation greater than one hundred forty five thousand dollars ($145,000) for the 2007 Plan Year (as adjusted under Section 416(i)(1) of the Code, a five percent (5%) owner of the Employer, or a one percent (1%) owner of the Employer having Annual Compensation of more than one hundred fifty thousand dollars ($150,000).  For this purpose, "Annual Compensation" means compensation within the meaning of Section 415(c)(3) of the Code Income Tax Regulations Sections 1.415-2(d)(2) and (3).  The determination of who is a Key Employee will be made in accordance with Section 416(i)(1) of the Code and the applicable
regulations and other guidance of general applicability issued thereunder.
 

	
             
 	
            (e)
 	
            "Non-Key Employee" means an Employee or former Employee (or, where applicable, such person's Beneficiary) who is not a Key Employee.
 

	
             
 	
            (f)
 	
            "Officer" means an Employee who is an administrative executive in the regular and continued service of his Employer; any Employee who has the title but not the authority of an officer shall not be considered an Officer for purposes of this Article XII.  Similarly, an Employee who does not have the title of an officer but has the authority of an officer shall be considered an Officer.  For purposes of this Article XII, the maximum number of Officers that must be taken into consideration shall be determined as follows:  (i) three (3), if the number of Employees is less than thirty (30); (ii) ten percent (10%) of the number of Employees, if the number of Employees is between thirty (30) and five hundred (500); or (iii) fifty (50), if the number of Employees is greater than five hundred (500).  In determining such limit, the
term "Employer" shall be determined in accordance with Sections 414(b), (c), (m) and (o) of the Code and "Employee" shall include Leased Employees and exclude employees described in Section 414(q)(5) of the Code.
 

	
             
 	
            (g)
 	
            "One-Percent Owner" means, if the Employer is a corporation, any Employee who owns (or is considered as owning within the meaning of Section 318 of the Code modified by Section 416(i)(1)(B)(iii) of the Code) more than one percent (1%) of the value of the outstanding stock of, or more than one percent (1%) of the total combined voting power of all the stock of, the Employer.  If the Employer is not a corporation, a One-Percent Owner means any Employee who owns more than one percent (1%) of the capital or profits interest in the Employer.
 

	
             
 	
            (h)
 	
            A
        "Permissive Aggregation Group" consists of one or more plans of the Employer
        that are part of a Required Aggregation Group, plus one or more plans
        that are not
 

	 
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      Mutual Savings Bank

Article
  XII —

Top-Heavy Plan Provisions

	
             
 	
             
 	
            part
        of a Required Aggregation Group but that satisfy the requirements of Sections
        401(a)(4) and 410 of the Code when considered together with the Required
        Aggregation Group. If two (2) or more defined benefit plans are included
        in the aggregation group, the same actuarial assumptions must be used
        with respect to all such plans in determining the Present Value of Accrued
        Benefits.
 

	
             
 	
            (i)
 	
            "Present Value of Accrued Benefits" shall be determined in accordance with the actuarial assumptions set forth in the defined benefit plan and the assumed benefit commencement date shall be determined taking into account any nonproportional subsidy.  The accrued benefit of any Employee shall be determined under the method used for accrual purposes for all plans of the Employer, or if no such method is described, as if such benefit accrued not more rapidly than the slowest accrual rate permitted under Section 411(b)(1)(C) of the Code.
 

	
             
 	
            (j)
 	
            "Related Rollover Contributions" means rollover contributions received by the Plan that are not initiated by the Employee nor made from another plan maintained by the Employer.
 

	
             
 	
            (k)
 	
            A "Required Aggregation Group" consists of each plan of the Employer (whether or not terminated) in which a Key Employee participates or participated at any time during the Plan Year containing the Determination Date or any of the four (4) preceding Plan Years and each other plan of the Employer (whether or not terminated) which enables any plan in which a Key Employee participates or participated to meet the requirements of Section 401(a)(4) or 410 of the Code.  If two (2) or more defined benefit plans are included in the aggregation group, the same actuarial assumptions must be used with respect to all such plans in determining the Present Value of Accrued Benefits.
 

	
             
 	
            (l)
 	
            A "Super Top-Heavy Plan" means a Plan in which, for any Plan Year:
 

	
             
 	
            (i)
 	
            the Top-Heavy Ratio (as defined under subsection (n)) for the Plan exceeds ninety percent (90%) and the Plan is not part of any Required Aggregation Group (as defined under subsection (k)) or Permissive Aggregation Group (as defined under subsection (h)); or
 

	
             
 	
            (ii)
 	
            the Plan is a part of a Required Aggregation Group (but is not part of a Permissive Aggregation Group) and the Top-Heavy Ratio for the group of plans exceeds ninety percent (90%); or
 

	
             
 	
            (iii)
 	
            the Plan is a part of a Required Aggregation Group and part of a Permissive Aggregation Group and the Top-Heavy Ratio for the Permis­sive Aggregation Group exceeds ninety percent (90%).
 

	
             
 	
            (m)
 	
            A "Top-Heavy Plan" means a Plan in which, for any Plan Year:
 

	 
	967	72	Beneficial
      Mutual Savings Bank

Article
  XII —

Top-Heavy Plan Provisions

	
             
 	
            (i)
 	
            the Top-Heavy Ratio (as defined under subsection (n)) for the Plan exceeds sixty percent (60%) and the Plan is not part of any Required Aggregation Group (as defined under subsection (k)) or Permissive Aggregation Group (as defined under subsection (h)); or
 

	
             
 	
            (ii)
 	
            the Plan is a part of a Required Aggregation Group but is not part of a Permissive Aggregation Group and the Top-Heavy Ratio for the group of plans exceeds sixty percent (60%); or
 

	
             
 	
            (iii)
 	
            the Plan is a part of a Required Aggregation Group and part of a Permissive Aggregation Group and the Top-Heavy Ratio for the Permissive Aggregation Group exceeds sixty percent (60%).
 

	
             
 	
            (n)
 	
            "Top-Heavy Ratio" means:
 

	
             
 	
            (i)
 	
            if the Employer maintains one or more qualified defined contribution plans and the Employer has not maintained any qualified defined benefit plans which during the one (1) year period ending on the Determination Date have or have had accrued benefits, the Top-Heavy Ratio for the Plan alone or for the Required Aggregation Group or Permissive Aggregation Group, as appropriate, is a fraction, the numerator of which is the sum of the Account balances under the aggregated defined contribution plan or plans for all Key Employees as of the Determination Date, including any part of any Account balance distributed in the one (1) year period ending on the Determination Date but excluding distributions attributable to Related Rollover Contributions, if any, and the denominator of which is the sum of all Account balances under the
aggregated qualified defined contribution plan or plans for all Participants as of the Determination Date, including any part of any Account balance distributed in the one (1) year period ending on the Determination Date but excluding distributions attributable to Related Rollover Contributions, if any, determined in accordance with Section 416 of the Code and the regulations thereunder.
 

	
             
 	
            (ii)
 	
            if
        the Employer maintains one or more qualified defined contribution plans
        and the Employer maintains or has maintained one or more qualified defined
        benefit plans which during the one (1) year period ending on the Determination
        Date have or have had any accrued benefits, the Top-Heavy Ratio for any
        Required Aggregation Group or Permissive Aggregation Group, as appropriate,
        is a fraction, the numerator of which is the sum of the Account balances
        under the aggregated qualified defined contribution plan or plans for
        all Key Employees, determined in accordance with (i) above, and the sum
        of the Present Value of Accrued Benefits under the aggregated qualified
        defined benefit plan or plans for all Key Employees as of the Determination
        Date, and the denominator of which is the sum of the Account balances
        under the aggregated qualified defined contribution plan or plans determined
        in accordance with (i) above, for all Participants and the sum of the
        Present Value of Accrued Benefits under the 
 

	 
	967	73	Beneficial
      Mutual Savings Bank

Article
  XII —

Top-Heavy Plan Provisions

	
             
 	
             
 	
            aggregated
        qualified defined benefit plan or plans for all Participants as of the
        Determination Date, all determined in accordance with Section 416 of the
        Code and the regulations thereunder. The accrued benefits under a qualified
        defined benefit plan in both the numerator and denominator of the Top-Heavy
        Ratio are adjusted for any distribution of an accrued benefit made in
        the one (1) year period ending on the Determination Date.
 

	
             
 	
            (iii)
 	
            For purposes of (i) and (ii) above, the value of Account balances and the Present Value of Accrued Benefits will be determined as of the most recent Valuation Date that falls within the twelve (12) month period ending on the Determination Date, except as provided in Section 416 of the Code and the regulations thereunder for the first and second Plan Years of a qualified defined benefit plan.  The Account balances and Present Value of Accrued Benefits of a Participant (A) who is a Non-Key Employee but who was a Key Employee in a prior year, or (B) who has not been credited with at least an Hour of Service with any employer maintaining the Plan at any time during the one (1) year period ending on the Determination Date will be disregarded.  The calculation of the Top-Heavy Ratio, and the extent to which distributions,
rollovers, and transfers are taken into account will be made in accordance with Section 416 of the Code and the regulations thereunder.  When aggregating plans, the value of Account balances and the Present Value of Accrued Benefits will be calculated with reference to the Determination Date that falls within the same calendar year.
 

	
             
 	
            (o)
 	
            "Valuation Date", for the purpose of computing the Top-Heavy Ratio (as defined under subsection (n)) under subsections (l) and (m) means the last date of the Plan Year.
 

For purposes of subsections (h), (j) and (k), the rules of Sections 414(b), (c), (m) and (o) of the Code shall be applied in determining the meaning of the term "Employer".

	
            12.3
 	
            Minimum Contributions
 

If the Plan becomes a Top-Heavy Plan, then any provision of Article III to the contrary notwithstanding, the following provisions shall apply:

	
             
 	
            (a)
 	
            Subject
        to subsection (b), the Employer shall contribute on behalf of each Participant
        who is employed by the Employer on the last day of the Plan Year and who
        is a Non-Key Employee an amount with respect to each Top-Heavy year which,
        when added to the amount of Special Contributions, Discretionary Employer
        Contributions and Forfeitures made on behalf of such Participant, shall
        not be less than the lesser of: (i) three percent (3%) of such Participant's
        Section 415 Compensation (as defined under Section 3.12(a)(v) of the Plan
        and modified by Section 401(a)(17) of the Code), or (ii) if the Employer
        has no defined benefit plan which is designated to satisfy Section 416
        of the Code, the largest of the total of each Key Employee’s Matching
        Contributions, Before-Tax Contributions,
 

	 
	967	74	Beneficial
      Mutual Savings Bank

Article
  XII —

Top-Heavy Plan Provisions

	
             
 	
             
 	
            Special
        Contributions, Roth Contributions, if implemented, upon approval by the
        Employer, Discretionary Employer Contributions and Forfeitures, as a percentage
        of each such Key Employee’s Annual Compensation; provided, however,
        that in no event shall any contributions be made under this Section 12.3
        in an amount which will cause the percentage of contributions made by
        the Employer on behalf of any Participant who is a Non-Key Employee to
        exceed the percentage at which contributions are made by the Employer
        on behalf of the Key Employee for whom the percentage of the total of
        Matching Contributions, Before-Tax Contributions, Special Contributions,
        Roth Contributions, Discretionary Employer Contributions and Forfeitures,
        is highest in such Top-Heavy year. Any such contribution shall be allocated
        to the Matching Contribution Account of each such Participant and, for
        purposes of vesting and withdrawals only, shall be deemed to be a Matching
        Contribution. Any such contribution shall not be deemed to be a Matching
        Contribution for any other purpose.
 

	
             
 	
            (b)
 	
            Notwithstanding the foregoing, this Section 12.3 shall not apply to any Participant to the extent that such Participant is covered under any other plan or plans of the Employer (determined in accordance with Sections 414(b), (c), (m) and (o) of the Code) and such other plan provides that the minimum allocation or benefit requirement will be met by such other plan should this Plan become Top-Heavy.  If such other plan does not provide for a minimum allocation or benefit requirement, a minimum of five percent (5%) of a Participant’s Section 415 Compensation, as defined in Section 12.3(a) above, shall be provided under this Plan.
 

	
             
 	
            (c)
 	
            For purposes of this Article XII, the following shall be considered as a contribution made by the Employer:
 

	
             
 	
            (i)
 	
            Qualified Nonelective Contributions;
 

	
             
 	
            (ii)
 	
            Matching Contributions made by the Employer on behalf of Key Employees;
 

	
             
 	
            (iii)
 	
            Elective Contributions made by the Employer on behalf of Key Employees; and
 

	
             
 	
            (iv)
 	
            Discretionary Employer Contributions made by the Employer on behalf of Key Employees and Non-Key Employees.
 

	
             
 	
            (d)
 	
            Subject
        to the provisions of subsection (b), all Non-Key Employee Participants
        who are employed by the Employer on the last day of the Plan Year shall
        receive the defined contribution minimum provided under subsection (a).
        A Non-Key Employee may not fail to accrue a defined contribution minimum
        merely because such Employee was excluded from participation or failed
        to accrue a benefit because (i) his Compensation is less than a stated
        amount, (ii) he failed to make Before-Tax Contributions and/or Roth Contributions,
        if implemented, upon
 

	 
	967	75	Beneficial
      Mutual Savings Bank

Article
  XII —

Top-Heavy Plan Provisions

	
             
 	
             
 	
            approval
        by the Employer, or (iii) he completed less than one thousand (1,000)
        Hours of Service.
 

	
             
 	
            (e)
 	
            Employer Matching Contributions, if any, shall be taken into account for purposes of satisfying the minimum contribution requirements of Section 416(c)(2) of the Code and this Section 12.3.  The preceding sentence shall apply with respect to Matching Contributions or, if the Plan provides that the minimum contribution requirement shall be met in another plan, such other plan.  Employer Matching Contributions that are used to satisfy the minimum contribution requirements shall be treated as Employer Matching Contributions for purposes of the Actual Contribution Percentage test and other requirements of Section 401(m) of the Code, if applicable.
 

	
            12.4
 	
            Impact on Section 415 Maximum Benefits
 

If a Non-Key Employee is entitled to a minimum contribution under Section 12.3(b), the Plan shall not be treated as a Super Top-Heavy Plan under this Section 12.4, if the minimum contribution satisfies Section 12.3(b) when seven and one-half percent (7-1/2%) is substituted for five percent (5%).

	
            12.5
 	
            Vesting
 

If the Plan becomes a Top-Heavy Plan, then, notwithstanding Section 4.1(c), the Vested Percentage of a Participant who has at least one (1) Hour of Service with the Employer after the Plan becomes Top-Heavy shall not be less than the following Vested Percentage of his accrued benefit, determined in accordance with the following table:

	 Years
        of Service
	 Vested
        Percentage

	 Less
        than 2 years
	   0%

	 2
        years but less than 3 years
	   20%

	 3
        years but less than 4 years
	   40%

	 4
        years but less than 5 years
	   60%

	 5
        years but less than 6 years
	   80%

	 6
        years or more
	 100%

Notwithstanding the foregoing provision, each Participant with at least three (3) Years of Service with the Employer shall at all times have his vested percentage computed under the greater of the provisions of this Section 12.5 or the provisions of Section 4.1(c).

For those Plan Years in which the Plan ceases to be a Top-Heavy Plan, the vesting schedule shall be determined in accordance with the provisions of Section 4.1(c), except that the vested percentage of a Participant's accrued benefit before the Plan ceased to be a Top-Heavy Plan shall not be reduced.

	 
	967	76	Beneficial
      Mutual Savings Bank

Article
  XIII —

Miscellaneous Provisions

ARTICLE XIII — 

MISCELLANEOUS PROVISIONS

	
            13.1
 	
            No Right to Continued Employment
 

Neither the establishment of the Plan, nor any provisions of the Plan or of the Trust Agreement establishing the Trust Fund nor any action of any Named Fiduciary, Plan Administrator or the Employer, shall be held or construed to confer upon any Employee any right to a continuation of his employment by the Employer.  The Employer reserves the right to dismiss any Employee or otherwise deal with any Employee to the same extent and in the same manner that it would if the Plan had not been adopted.

	
            13.2
 	
            Merger, Consolidation, or Transfer
 

The Plan shall not be merged or consolidated with, nor transfer its assets or liabilities to, any other plan unless each Employee, Participant, Beneficiary and other person entitled to benefits under the Plan, would (if such other plan then terminated) receive a benefit immediately after the merger, consolidation or transfer which is equal to or greater than the benefit he would have been entitled to receive if the Plan had terminated immediately before the merger, consolidation or transfer.

	
            13.3
 	
            Nonalienation of Benefits
 

Except to the extent of any offset of a Participant’s benefits as a result of any judgment, order, decree or settlement agreement provided in Section 401(a)(13)(C) of the Code, benefits payable under the Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any kind, either voluntary or involuntary and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber, charge, garnish, execute, levy or otherwise affect any right to benefits payable hereunder, shall be void.  Notwithstanding the foregoing, the Plan shall permit the payment of benefits in accordance with a qualified domestic relations order as defined under Section 414(p) of the Code.

	
            13.4
 	
            Missing Payee
 

Any other provision in the Plan or Trust Agreement to the contrary notwithstanding, if the Trustee is unable to make payment to any Employee, Participant, Beneficiary or other person to whom a payment is due ("Payee") under the Plan because the identity or whereabouts of such Payee cannot be ascertained after reasonable efforts have been made to identify or locate such person (including mailing a certified notice of the payment due to the last known address of such Payee as shown on the records of the Employer), such payment and all subsequent payments otherwise due to such Payee shall be forfeited twenty-four (24) months after the date such payment first became due.  However, such payment and any subsequent payments shall be reinstated retroactively, without interest, no later than sixty (60) days after the date on which the Payee is identified and located.

	 
	967	77	Beneficial
      Mutual Savings Bank

Article
  XIII —

Miscellaneous Provisions

	
            13.5
 	
            Affiliated Employers
 

All employees of all Affiliated Employers shall, for purposes of the limitations in Article XII and for measuring Hours of Service and Periods of Service, be treated as employed by a single employer.  No employee of an Affiliated Employer shall become a Participant of this Plan unless employed by the Employer or an Affiliated Employer which has adopted the Plan.

	
            13.6
 	
            Successor Employer
 

In the event of the dissolution, merger, consolidation or reorganization of the Employer, the successor organization may, upon satisfying the provisions of the Trust Agreement and the Plan, adopt and continue this Plan.  Upon adoption, the successor organization shall be deemed the Employer with all its powers, duties and responsibilities and shall assume all Plan liabilities.

	
            13.7
 	
            Return of Employer Contributions
 

Any other provision of the Plan or Trust Agreement to the contrary notwithstanding, upon the Employer's request, a contribution to the Plan by the Employer which was (a) made by mistake of fact, or (b) conditioned upon initial qualification of the Plan with the Internal Revenue Service, or (c) conditioned upon the deductibility by the Employer of such contributions under Section 404 of the Code, shall be returned to the Employer within one (1) year after:  (i) the payment of a contribution made by mistake of fact, or (ii) the denial of such qualification or (iii) the disallowance of the deduction (to the extent disallowed), as the case may be.

Any such return shall not exceed the lesser of (A) the amount of such contributions (or, if applicable, the amount of such contribution with respect to which a deduction is denied or disallowed) or (B) the amount of such contributions net of a proportionate share of losses incurred by the Plan during the period commencing on the Valuation Date as of which such contributions are made and ending on the Valuation Date as of which such contributions are returned.  All such refunds shall be limited in amount, circumstances and timing to the provisions of Section 403(c) of ERISA.

	
            13.8
 	
            Adoption of Plan by Affiliated Employer
 

An Affiliated Employer of the Sponsoring Employer may adopt the Plan (and its related Trust Agreement).  Upon such adoption, such Affiliated Employer shall become a Participating Affiliate in the Plan, which Plan shall be deemed a "single plan" within the meaning of Income Tax Regulations Section 1.414(l)-1(b)(1).

For purposes of Article IX, Employer shall mean only the Sponsoring Employer and each Participating Affiliate shall be deemed to accept and designate the Named Fiduciaries, Committee, Plan Administrator and voter of Trust Fund Units designated by the Sponsoring Employer to act on its behalf in accordance with the provisions of the Plan.

	 
	967	78	Beneficial
      Mutual Savings Bank

Article
  XIII —

Miscellaneous Provisions

The Sponsoring Employer shall solely exercise for and on behalf of such Participating Affiliate the powers reserved to the Employer under Articles IX and XI.  However, such Participating Affiliate may at anytime terminate its future participation in the Plan.

	
            13.9
 	
            Construction of Language
 

Wherever appropriate in the Plan, words used in the singular may be read in the plural; words used in the plural may be read in the singular; and words importing the masculine gender shall be deemed equally to refer to the female gender.  Any reference to a section number shall refer to a section of this Plan, unless otherwise indicated.

	
            13.10
 	
            Headings
 

The headings of articles and sections are included solely for convenience of reference, and if there be any conflict between such headings and the text of the Plan, the text shall control.

	
            13.11
 	
            Governing Law
 

The Plan shall be governed by and construed and enforced in accordance with the laws of Pennsylvania, except to the extent that such laws are preempted by the Federal laws of the United States of America.

	 
	967	79	Beneficial
      Mutual Savings Bank

 

GRANTOR TRUST AGREEMENT

BETWEEN

RSGROUP TRUST COMPANY

AND

BENEFICIAL MUTUAL SAVINGS BANK

 

THIS AGREEMENT, made this              
day of             
, 2007 by and between BENEFICIAL MUTUAL SAVINGS BANK (hereinafter referred to as “Company”) and RSGROUP TRUST COMPANY, a corporation organized and existing under the laws of the State of Maine (hereinafter referred to as “Trustee”).

 

WITNESSETH

 

WHEREAS, Company has adopted the nonqualified deferred compensation Plan or Plans as listed in Appendix A (hereinafter referred to as “Plan(s)”), with the primary purpose of providing trustees and executives with the opportunity to voluntarily defer receipt of compensation, including deferral bonuses, retainers, regular meeting fees, special meeting fees and committee fees, earned in their capacity as trustees and executives, and to have said compensation used to purchase shares of common stock in the Company’s initial public offering and thereafter in the open market;

 

WHEREAS, the Trustee is not a party to the Plan(s) and makes no representations with  respect thereto, and all representations and recitals with respect to the Plan(s) shall be deemed to be those of Company;

 

WHEREAS, Company has incurred or expects to incur liability under the terms of such Plan(s) with respect to the individuals participating in such Plan(s);

 

WHEREAS, Company wishes to establish a trust (hereinafter referred to as “Trust”) which, in all material respects, meets the requirements of the model trust provisions set forth in Internal Revenue Service Revenue Procedure 92-64, and to contribute to the Trustee assets that shall be held therein, subject to the claims of Company’s creditors in the event of Company’s Insolvency, as herein defined, until paid to Plan participants and their beneficiaries in such manner and at such times as specified in the Plan(s);

 

WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and, if applicable, shall not affect the status of the Plan(s) as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended;

 

 

 

 

 

WHEREAS, it is the intention of Company to make contributions to the Trust to provide itself with a source of funds to assist it in the meeting of its liabilities under the Plan(s);

 

NOW, THEREFORE, the parties do hereby establish the Trust and agree that the Trust shall be comprised, held and disposed of as follows:

 

	
             
 	
            Section 1.
 	
            Establishment of Trust.
 

 

 (a)         Company shall deposit with Trustee, in trust, cash contributions from time to time, which shall become the principal of the Trust to be held, administered and disposed of by Trustee as provided in this Trust Agreement.

 

 (b)         The Trust hereby established shall be irrevocable.

 

 (c)         The Trust is intended to be a grantor trust, of which Company is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.

 

 (d)         The principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of Company and shall be used exclusively for the uses and purposes of Plan participants and general creditors as herein set forth.  Plan participants and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust.  Any rights created under the Plan(s) and this Trust Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against Company.  Any assets held by the Trust will be subject to the claims of Company’s general creditors under federal and state law in the event of Insolvency, as defined in Section 3(a) herein.

 

 (e)         Company, in its sole discretion, may at any time, or from time to time, make additional deposits of cash or other property in trust with Trustee to augment the principal to be held, administered and disposed of by Trustee as provided in this Trust Agreement.  Neither Trustee nor any Plan participant or beneficiary shall have any right to compel such additional deposits.

 

	
             
 	
            Section 2.
 	
            Payments to Plan Participants and Their Beneficiaries.
 

(a)         Company shall deliver to Trustee a schedule (the “Payment Schedule”) that indicates the amount payable in respect of each Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amount so payable, the form in which such amount is to be paid (as provided for or available under the Plan(s)), and the time of commencement for payment of such amount.  Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule.  The Trustee shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of
the Plan(s) and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have 

 

2

 

 

been reported, withheld and paid by the Company.

 

 (b)         The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan(s) shall be determined by Company or such party as it shall designate under the Plan(s), and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan(s).

 

 (c)         Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan(s).  Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries.  In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan(s), Company shall be solely responsible for making the balance of each such payment as it falls due.  Trustee shall notify Company where principal and earnings are not sufficient.

 

Section 3.       Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent.

 

 (a)         Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent.  Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

 

 (b)         At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of Company under federal and state law as set forth below.

 

 (1)         The Board of Directors and the Chief Executive Officer of Company shall have the duty to inform Trustee in writing of Company’s Insolvency.  If a person claiming to be a creditor of Company alleges in writing to Trustee that Company has become Insolvent, Trustee shall conduct an investigation in order to determine whether Company is Insolvent.

 

 (2)         Unless Trustee has actual knowledge of Company’s Insolvency, or has received notice from Company or a person claiming to be a creditor alleging that Company is Insolvent, Trustee shall have no duty to inquire whether Company is Insolvent.  Trustee may in all events rely on such evidence concerning Company’s solvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Company’s solvency.

 

 (3)         If at any time (i) Trustee has been informed by the Board of Directors and the Chief Executive Officer that Company is Insolvent or (ii) Trustee has received a written allegation as to the Company’s Insolvency from a person claiming to be a creditor of Company, Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of Company’s general creditors.  Nothing in this Trust 

 

3

 

 

Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors of Company with respect to benefits due under the Plan(s) or otherwise.

 

 (4)         Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in accordance with Section 2 of this Trust Agreement only after Trustee has determined that Company is not Insolvent (or is no longer Insolvent).

 

 (c)         Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan(s) for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the payments provided for hereunder during any such period of discontinuance.

 

	
             
 	
            Section 4.
 	
            Payments to Company.
 

 

Except as provided in Section 3 hereof, Company shall have no right or power to direct Trustee to return to Company or to divert to others any of the Trust assets before all payments of benefits have been made to Plan participants and their beneficiaries pursuant to the terms of the Plan(s).

 

	
             
 	
            Section 5.
 	
            Investment Authority.
 

 

 (a)         Trustee shall make only those investments as are directed by Company or its designee.  Trustee may, at the direction of Company or its designee, invest in securities (including stock or rights to acquire stock) or obligations issued by Company.  All investment decisions and all rights associated with assets of the Trust (including, but not limited to, voting and tender rights) shall be exercised by, or made pursuant to the direction of, Company or a person designated by Company, and shall in no event be exercisable by or rest with Plan participants.

 

 (b)         Company shall have the right, at anytime, and from time to time in its sole discretion, to substitute assets of equal fair market value for any assets held by the Trust.

 

 (c)         If Company or its designee fails to provide Trustee with timely investment direction, Trustee shall be authorized to act in any manner consistent with applicable law and shall be fully indemnified and held harmless by Company for taking any such action hereunder.

 

	
             
 	
            Section 6.
 	
            Disposition of  Income.
 

 

During the term of this Trust, all income received by the Trust, net of expenses and taxes, shall be accumulated and reinvested as directed by Company or its designee.

 

4

 

 

 

	
             
 	
            Section 7.
 	
            Accounting by Trustee.

 

Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Company and Trustee.  Within sixty (60) days following the close of each calendar year and within sixty (60) days after the removal or resignation of Trustee, Trustee shall deliver to Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash,
securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be.

 

	
             
 	
            Section 8.
 	
            Responsibility of Trustee.
 

 

 (a)         Trustee shall hold, invest and distribute assets in accordance with the terms of this Trust and shall incur no liability to any person for any action taken pursuant to a written direction, request or approval given by Company.  In the event of a dispute between Company and a party claiming an interest in or rights under this Trust, Trustee may apply to a court of competent jurisdiction to resolve the dispute.

 

 (b)         If Trustee undertakes or defends any litigation, or becomes involved in any dispute, claim or controversy, arising in connection with this Trust, Company agrees to indemnify and hold harmless Trustee, its directors, officers, employees and agents with respect to all costs, expenses and liabilities (including, without limitation, attorney’s fees and expenses) relating thereto and to be primarily liable for such payments.  If Company does not pay such costs, expenses and liabilities in a reasonably timely manner, Trustee may obtain payment from the Trust.

 

 (c)         Trustee may consult with legal counsel (who may also be counsel for Company) with respect to any of its duties or obligations hereunder and any cost and expenses relating thereto shall be borne by the Company.

 

 (d)         Trustee may hire agents, accountants, actuaries, investment advisors, financial consultants or other professionals to assist it in performing any of its duties or obligations hereunder and any cost or expenses relating thereto shall be borne by the Company.

 

 (e)         Trustee shall have, without exclusion, all powers conferred on Trustees by applicable law, unless expressly provided otherwise herein, provided, however, that if an insurance policy is held as an asset of the Trust, Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against such policy.

 

 

5

 

 

 

 (f)          Notwithstanding the provisions of Section 8(e) above, Trustee may loan to Company the proceeds of any borrowing against an insurance policy held as an asset of the Trust.

 

 (g)         Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or to applicable law, Trustee shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Internal Revenue Code of 1986, as amended.

 

 (h)         If there is any disagreement or dispute in connection with the Trust or the subject matter hereof, including any dispute between or among Trustee, Company or any Plan participant or beneficiary, or between or among Company, any Plan participant or beneficiary or any person not a party to the Trust, or there are adverse or inconsistent claims or demands upon, or inconsistent instructions to the Trustee, or Trustee in good faith is in doubt as to what action to take pursuant to the Trust, the Trustee may at its election refuse to comply with any such claims, demands or instructions, or refuse to take any other action pursuant to this Trust until (i) the rights of all persons involved in the dispute have been fully and finally adjudicated by a court of competent jurisdiction or the Trustee has
resolved any such doubts to its good faith satisfaction; or (ii) all disputes have been resolved between the persons involved and the Trustee has received written notice thereof satisfactory to it from all such persons.  Without limiting the generality of the foregoing, the Trustee may at its election interplead the subject matter of this Trust Agreement with a court of competent jurisdiction, or commence judicial proceedings for a declaratory judgment, and the Trustee shall be entitled to recover from the Company or the Trust, both collectively and individually, the Trustee’s attorneys’ fees, expenses and costs in connection with any such interpleader or declaratory judgment action.

 

	
             
 	
            Section 9.
 	
            Compensation and Expenses of Trustee.
 

 

Company shall pay all administrative and Trustee’s fees and expenses.  If not so paid, the fees and expenses shall be paid from the Trust.

 

	
             
 	
            Section 10.
 	
            Resignation and Removal of Trustee.
 

 

 (a)         Trustee may resign at any time by written notice to Company, which shall be effective sixty (60) days after receipt of such notice unless Company and Trustee agree otherwise.

 

 (b)         Trustee may be removed by Company on sixty (60) days written notice or upon shorter notice accepted by Trustee; provided, however, that upon or following a Change of Control, Trustee may not be removed by Company without the unanimous written consent of the Plan participants and beneficiaries.

 

 (c)         If Trustee resigns or is removed upon or following a Change of Control, Trustee shall select a successor Trustee in accordance with the provisions of Section 11(b) herein prior to the effective date of Trustee’s resignation or removal.

 

6

 

 

 

 (d)         Upon resignation or removal of Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee.  The transfer shall be completed within sixty (60) days after receipt of notice of resignation, removal or transfer, unless Company extends the time limit.

 

 (e)         If Trustee resigns or is removed, a successor shall be appointed, in accordance with Section 11 hereof, by the effective date of resignation or removal under paragraph (a) or (b) of this section.  If no such appointment has been made, Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions.  All expenses of Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust.

 

	
             
 	
            Section 11.
 	
            Appointment of Successor.
 

 

 (a)         If, prior to a Change of Control, Trustee resigns or is removed, Company may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law as a successor to replace Trustee.  The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets.  The former Trustee shall execute any instrument necessary or reasonably requested by Company or the successor Trustee to evidence the transfer.

 

 (b)         If, upon or following a Change of Control, Trustee resigns or is removed, Trustee may appoint any third party such as a bank trust department or other party that may be granted corporate trustee powers under state law.  The appointment of a successor Trustee shall be effective when accepted in writing by the new Trustee.  The new Trustee shall have all the rights and powers of the former Trustee, including ownership rights in Trust assets. The former Trustee shall execute any instrument necessary or reasonably requested by the successor Trustee to evidence the transfer.

 

 (c)         The successor Trustee need not examine the records and acts of any prior Trustee and may retain or dispose of existing Trust assets, subject to Sections 7 and 8 hereof.  The successor Trustee shall not be responsible for and Company shall indemnify and defend the successor Trustee from any claim or liability resulting from any action or inaction of any prior Trustee or from any other past event, or any condition existing at the time it becomes successor Trustee.

 

	
             
 	
            Section 12.
 	
            Amendment or Termination.
 

 

 (a)         This Trust Agreement may be amended by a written instrument executed by Trustee and Company.  Notwithstanding the foregoing, no such amendment shall conflict with the terms of the Plan(s) or shall make the Trust revocable after it has become irrevocable in accordance with Section 1(b) hereof and, upon or following a Change of Control, as defined in Section 13(d) hereof, no amendment shall be made without the unanimous written consent of Plan participants and beneficiaries.

 

7

 

 

 

 (b)         The Trust shall not terminate until the date on which Plan participants and their beneficiaries are no longer entitled to benefits pursuant to the terms of the Plan(s).  Upon termination of the Trust any assets remaining in the Trust shall be returned to Company.

 

 (c)         Upon unanimous written consent of all Plan participants or beneficiaries, Company may terminate this Trust prior to the time all benefit payments under the Plan(s) have been made and, in such event, all assets in the Trust shall be returned to Company.

 

	
             
 	
            Section 13.
 	
            Miscellaneous.
 

 

 (a)         Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof.

 

 (b)         Benefits payable to Plan participants and their beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process.

 

 (c)         This Trust Agreement shall be governed by and construed in accordance with the laws of the State of Maine, without regard to its rules regarding conflict of laws.

 

 (d)         For purposes of this Trust, “Change of Control” shall mean the purchase or other acquisition by any person, entity or group of persons, within the meaning of section 13(d) or 14(d) of the Securities Exchange Act of 1934 (“Act”), or any comparable successor provisions, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Act) of 30 percent or more of either the outstanding shares of common stock or the combined voting power of Company’s then outstanding voting securities entitled to vote generally, or the approval by the stockholders of Company of a reorganization, merger, or consolidation, in each case, with respect to which persons who were stockholders of Company immediately prior to such reorganization, merger or consolidation do not,
immediately thereafter, own more than 50 percent of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated Company’s then outstanding securities, or a liquidation or dissolution of the Company or of the sale of all or substantially all of the Company’s assets, or any other major corporate transaction or event which the Company, through its Board of Directors or Trustees and prior to the occurrence of such transaction or event, deems to be a Change of Control and so notifies the Trustee.

 

 (e)         All notices, directions and instructions of any type whatsoever by Company to the Trustee shall be in writing and shall be executed either by an officer of Company or a person duly authorized by such officers.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their respective names by their duly authorized officers under their corporate seals as of  the day and year first above written.

 

8

 

	  
	 BENEFICIAL
        MUTUAL SAVINGS BANK

	 	 
	  
	 BY:
        
	
       

	  
	
       

          

	  
	      PRINT
        NAME
	  

	  
	
       

          

	  
	      TITLE
	  

	 	 
	 	 
	 	 
	  
	 RSGROUP
        TRUST COMPANY

	 	 
	  
	 BY:
        
	
       

	  
	
       

          

	  
	      PRINT
        NAME
	  

	  
	
       

          

	  
	       TITLE
	  

 

 

9

 

 

 

  

	 STATE
      OF PENNSYLVANIA      	)
	  
	 :
        ss.:

	 COUNTY
        OF
	 )
	  

 

 

On
  this      day of           ,
  in the year 2007, before me, the undersigned, a Notary Public in and for the
  said state, personally appeared                     ,
  personally known to me or proved to me on the basis of satisfactory evidence
  to be the person(s) whose name(s) is (are) subscribed to the within instrument
  and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies)
  and that by his/her/their signature(s) on the instrument, the person(s) or the
  entity upon behalf of which the person(s) acted, executed the instrument.

 

 

 

	
            SEAL:
 	
                                                      
                                
 
	
             
 	
            Notary Public of                                           
    
 	
             

	
             
 	
            My Commission expires                                   
 

 

 

	
            STATE OF NEW YORK
 	
            )
 	
             

	
             
 	
            :  ss.:
 
	
            COUNTY OF NEW YORK
 	
            )
 	
             

 

On
  this      day of           ,
  in the year 2007, before me, the undersigned, a Notary Public in and for the
  said state, personally appeared                     ,
  personally known to me or proved to me on the basis of satisfactory evidence
  to be the person(s) whose name(s) is (are) subscribed to the within instrument
  and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies)
  and that by his/her/their signature(s) on the instrument, the person(s) or the
  entity upon behalf of which the person(s) acted, executed the instrument.

 

 

 

	
            SEAL:
 	
                                                      
                                
 
	
             
 	
            Notary Public of                                           
    
 	
             

	
             
 	
            My Commission expires                                   
 

 

 

 

10

 

 

 

APPENDIX A
 
SCHEDULE OF PLANS UNDER
RSGROUP TRUST COMPANY
GRANTOR TRUST AGREEMENT

 

 

Beneficial Mutual Savings Bank Stock-Based Deferral Plan

 

 

 

11Beneficial
  Insurance Services, LLC

	
401(k)
  Plan

	
 

	
(As Amended And Restated Effective May 11, 2007)

	
 

	 

	
 

	
Table Of Contents

	 

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
Table Of Contents

	
i

	
 

	
 

	
Introduction

	
1

	
 

	
 

	
Article I — Definitions

	
3

	
 

	
 

	
Article II — Eligibility and Participation

	
14

	
2.1

	

	
Eligibility

	
14

	
2.2

	

	
Ineligible Employees

	
14

	
2.3

	

	
Participation

	
14

	
2.4

	

	
Termination of Participation

	
15

	
2.5

	

	
Eligibility upon Reemployment

	
15

	
 

	
 

	
Article III — Contributions and Limitations on Contributions

	
16

	
3.1

	

	
Elective Contributions

	
16

	
3.2

	

	
Bonus Contributions

	
16

	
3.3

	

	
Limitation on Elective Contributions
  and Bonus Contributions

	
16

	
3.4

	

	
Changes in Elective Contributions

	
20

	
3.5

	

	
Matching Contributions

	
20

	
3.6

	

	
Special Contributions

	
21

	
3.7

	

	
Catch-Up Contributions

	
21

	
3.8

	

	
Limitation on Matching Contributions

	
21

	
3.9

	

	
Discretionary Employer Contributions

	
23

	
3.10

	

	
Interest on Excess Contributions

	
24

	
3.11

	

	
Payment of Contributions

	
25

	
3.12

	

	
Rollover Contribution

	
26

	
3.13

	

	
Section 415 Limits on Contributions

	
26

	
 

	
 

	
Article IV — Vesting and Forfeitures

	
30

	
4.1

	

	
Vesting

	
30

	
4.2

	

	
Forfeitures

	
31

	
4.3

	

	
Vesting upon Reemployment

	
31

	
 

	
 

	
Article V — Trust Fund, Investment Funds And Voting Rights

	
33

	
5.1

	

	
Trust Fund

	
33

	
5.2

	

	
Interim Investments

	
33

	
5.3

	

	
Account Values

	
33

	
5.4

	

	
Voting Rights, Tender Offers and
  Other Offers

	
34

	
5.5

	

	
Dissenters’ Rights

	
36

	
5.6

	

	
Power to Invest in Company
  Securities

	
36

	
 

	
 

	
Article VI — Investment Directions, Changes of Investment
  Directions and Transfers Between Investment Funds

	
37

	
6.1

	

	
Investment Directions

	
37

	
6.2

	

	
Change of Investment Directions

	
37

	
 

	
 

	
 

	 

	
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6.3

	

	
Transfers Between Investment Funds

	
37

	
6.4

	

	
Employees Other than Participants

	
38

	
6.5

	

	
Restrictions on Investments in the
  Beneficial Mutual Bancorp, Inc. Stock Fund for Certain Participants

	
38

	
 

	
 

	
Article VII — Payment of Benefits

	
40

	
7.1

	

	
General

	
40

	
7.2

	

	
Non-Hardship Withdrawals

	
40

	
7.3

	

	
Hardship Distributions

	
41

	
7.4

	

	
Distribution of Benefits - General

	
45

	
7.5

	

	
Payments upon Retirement or
  Disability

	
45

	
7.6

	

	
Payments upon Termination of Service
  for Reasons Other Than Retirement or Disability

	
47

	
7.7

	

	
Payments Upon Death

	
48

	
7.8

	

	
Direct Rollover of Eligible Rollover
  Distributions

	
50

	
7.9

	

	
Commencement of Benefits

	
51

	
7.10

	

	
Minimum Distribution Requirements

	
52

	
7.11

	

	
Manner of Payment of Distributions
  from the Beneficial Mutual Bancorp,

	
57

	
 

	
 

	
Article VIII — Loans to Participants

	
58

	
8.1

	

	
Definitions and Conditions

	
58

	
8.2

	

	
Loan Amount

	
58

	
8.3

	

	
Term of Loan

	
58

	
8.4

	

	
Operational Provisions

	
58

	
8.5

	

	
Repayments

	
60

	
8.6

	

	
Default

	
61

	
8.7

	

	
Coordination of Outstanding Account
  and Payment of Benefits

	
62

	
 

	
 

	
Article IX — Administration

	
63

	
9.1

	

	
General Administration of the Plan

	
63

	
9.2

	

	
Designation of Named Fiduciaries

	
63

	
9.3

	

	
Responsibilities of Fiduciaries

	
63

	
9.4

	

	
Plan Administrator

	
64

	
9.5

	

	
Committee

	
64

	
9.6

	

	
Powers and Duties of the Committee

	
65

	
9.7

	

	
Certification of Information

	
66

	
9.8

	

	
Authorization of Benefit Payments

	
66

	
9.9

	

	
Payment of Benefits to Legal
  Custodian

	
66

	
9.10

	

	
Service in More Than One Fiduciary
  Capacity

	
67

	
9.11

	

	
Payment of Expenses

	
67

	
 

	
 

	
Article X — Benefit Claims Procedure

	
68

	
10.1

	

	
Definition

	
68

	
10.2

	

	
Claims

	
68

	
10.3

	

	
Disposition of Claim

	
68

	
10.4

	

	
Denial of Claim

	
68

	
 

	
 

	
 

	 

	
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10.5

	

	
Right to Full and Fair Review

	
69

	
10.6

	

	
Time of Review

	
69

	
10.7

	

	
Final Decision

	
69

	
 

	
Article XI — Amendment, Termination, and Withdrawal

	
70

	
11.1

	

	
Amendment and Termination

	
70

	
11.2

	

	
Withdrawal from the Trust Fund

	
70

	
 

	
Article XII — Top-Heavy Plan Provisions

	
71

	
12.1

	

	
Introduction

	
71

	
12.2

	

	
Definitions

	
71

	
12.3

	

	
Minimum Contributions

	
75

	
12.4

	

	
Impact on Section 415 Maximum
  Benefits

	
77

	
 

	
Article XIII — Miscellaneous Provisions

	
78 

	
13.1

	

	
No Right to Continued Employment

	
78

	
13.2

	

	
Merger, Consolidation, or Transfer

	
78

	
13.3

	

	
Nonalienation of Benefits

	
78

	
13.4

	

	
Missing Payee

	
78

	
13.5

	

	
Affiliated Employers

	
79

	
13.6

	

	
Successor Employer

	
79

	
13.7

	

	
Return of Employer Contributions

	
79

	
13.8

	

	
Adoption of Plan by Affiliated
  Employer

	
79

	
13.9

	

	
Construction of Language

	
80

	
13.10

	

	
Headings

	
80

	
13.11

	

	
Governing Law

	
80

	
 

	
 

	
 

	 

	
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Introduction

	 

INTRODUCTION

Effective as of January 1, 1971, Paul Hertel &
Company, Inc. adopted the Paul Hertel & Company, Inc. Thrift and Profit
Sharing Plan (“Prior Plan”).

Effective as of January 21, 2005, Paul Hertel &
Company, Inc. was acquired by Beneficial Insurance Services, LLC, (“Employer”),
a wholly owned subsidiary of Beneficial Mutual Savings Bank and continues to
operate under the name of Paul Hertel & Company.

Effective as of May 11, 2007, the Employer shall adopt
resolutions wherein RSGroup Trust Company (“RTC”) shall be named successor
trustee and the Trust Agreement between the Employer and RTC (“Trust
Agreement”) shall be adopted.

Effective as of May 11, 2007, the Prior Plan is
amended and restated in its entirety. The amended and restated plan shall be
known as the Beneficial Insurance Services, LLC 401(k) Plan (“Plan”), shall
contain the terms and conditions set forth herein, and shall in all respects be
subject to the provisions of the Trust Agreement which are incorporated herein
and made a part hereof.

The Plan as amended and restated hereunder
incorporates a cash or deferred arrangement under Section 401(k) of the
Internal Revenue Code of 1986, as amended (“Code”).

The Plan shall constitute a profit-sharing plan within
the meaning of Section 401(a) of the Code, without regard to current or
accumulated profits of the Employer, as provided in Section 401(a)(27) of the
Code.

The Plan complies with all Internal Revenue Service
legislation and regulations issued to date, including the requirements of the
Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), as
provided for under Internal Revenue Service Notice 2001-57, final regulations
under Code Section 401(a)(9), IRS procedural guidance (Notice 2005-5)
addressing required “automatic rollovers” under Section 401(a)(31)(B) of the
Code, 2006 final regulations under Code Section 401(k) and Code Section 401(m)
and provides for Roth Contributions under Code Section 402A.

As of May 11, 2007, Roth Contributions have not been
implemented and are not available under the Plan.

In 2004, Beneficial Mutual Savings Bank formed
Beneficial Mutual Bancorp, Inc. (“Company”), a federally chartered mid-tier
stock holding company as its holding company. Effective as of the
Reorganization Date, approximately fifty-five percent (55%) of the outstanding
common stock of the Company will be held by its parent company, Beneficial
Savings Bank MHC, a federally chartered mutual holding company. Effective as of
the Reorganization Date (the date of conversion of Beneficial Mutual Savings
Bank from mutual to stock ownership), the Employer shall adopt resolutions
which will add an investment fund to the Plan consisting of common stock of
Beneficial Mutual Bancorp, Inc.

	
 

	
 

	
 

	 

	 

	 

	
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  Insurance Services, LLC

	
 

	
Introduction

	 

Subject to any amendments that may subsequently be
adopted by the Employer prior to a Termination of Service, the provisions set
forth in this Plan shall apply to an Employee who is in the employment of the
Employer on or after May 11, 2007. Except to the extent specifically required
to the contrary under the terms of this Plan, for terminations of employment
prior to May 11, 2007, the rights and benefits of a former participant shall be
determined in accordance with the provisions of the Prior Plan as in effect on
the date of the former participant’s termination of employment.

The Employer has herein restated the Plan with the
intention that (a) the Plan shall at all times be qualified under Section
401(a) of the Code, (b) the Trust Agreement shall be tax-exempt under Section
501(a) of the Code, and (c) Employer contributions under the Plan shall be tax
deductible under Section 404 of the Code. The provisions of the Plan and the
Trust Agreement shall be construed to effectuate such intentions.

	
 

	
 

	
 

	 

	 

	 

	
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  Insurance Services, LLC

	
 

	
Article I — 

  Definitions

	 

ARTICLE I — 

DEFINITIONS

The following words and phrases shall have the
meanings hereinafter ascribed to them. Those words and phrases which have limited
application are defined in the respective Articles in which such terms appear.

	
 

	
 

	
1.1

	
Accounts means the Before-Tax
  Contribution Account (including Bonus Contributions, Special Contributions
  and Catch-Up Contributions, if any), Matching Contribution Account,
  Discretionary Employer Contribution Account, Roth Contribution Account
  (including Catch-Up Contributions, if any), if implemented, upon approval by
  the Employer, and Rollover Contribution Account established under the Plan on
  behalf of an Employee.

	
 

	
 

	
1.2

	
Actual Contribution Percentage
  means the ratio (expressed as a percentage) of Matching Contributions under
  the Plan which are made on behalf of an Eligible Employee for the Plan Year
  to such Eligible Employee’s compensation (as defined under Section 415(c)(3)
  of the Code) for the Plan Year. An Eligible Employee’s compensation hereunder
  shall include compensation receivable from the Employer for that portion of
  the Plan Year during which the Employee is an Eligible Employee, up to a
  maximum of two hundred twenty-five thousand dollars ($225,000) for the 2007
  Plan Year, thereafter adjusted in multiples of five thousand dollars ($5,000)
  for increases in the cost-of-living as prescribed by the Secretary of the
  Treasury under Section 401(a)(17)(B) of the Code.

	
 

	
 

	
1.3

	
Actual Deferral Percentage means
  the ratio (expressed as a percentage) of the sum of Before-Tax Contributions,
  Bonus Contributions, Roth Contributions, if implemented, upon approval by the
  Employer and those Qualified Nonelective Contributions taken into account
  under the Plan for the purpose of determining the Actual Deferral Percentage,
  which are made on behalf of an Eligible Employee for the Plan Year to such
  Eligible Employee’s compensation (as defined under Section 415(c)(3) of the
  Code) for the Plan Year. An Eligible Employee’s compensation hereunder shall
  include compensation receivable from the Employer for that portion of the
  Plan Year during which the Employee is an Eligible Employee, up to a maximum
  of two hundred twenty-five thousand dollars ($225,000) for the 2007 Plan
  Year, thereafter adjusted in multiples of five thousand dollars ($5,000) for
  increases in the cost-of-living as prescribed by the Secretary of the
  Treasury under Section 401(a)(17)(B) of the Code.

	
 

	
 

	
1.4

	
Affiliated Employer means a member
  of an affiliated service group (as defined under Section 414(m) of the Code),
  a controlled group of corporations (as defined under Section 414(b) of the
  Code), a group of trades or businesses under common control (as defined under
  Section 414(c) of the Code) of which the Employer is a member, any leasing
  organization (as defined under Section 414(n) of the Code) providing the
  services of Leased Employees to the Employer, or any other group provided for
  under any and all Income Tax Regulations promulgated by the Secretary of the
  Treasury under Section 414(o) of the Code.

	
 

	
 

	
 

	 

	 

	 

	
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Article I — 

  Definitions

	 

	
 

	
 

	
1.5

	
Affiliated Service means
  employment with an employer during the period that such employer is an
  Affiliated Employer.

	
 

	
 

	
1.6

	
Average Actual Contribution Percentage
  means the average of the Actual Contribution Percentages of (a) the group
  comprised of Eligible Employees who are Highly Compensated Employees or (b)
  the group comprised of Eligible Employees who are Non-Highly Compensated
  Employees, whichever is applicable.

	
 

	
 

	
1.7

	
Average Actual Deferral Percentage
  means the average of the Actual Deferral Percentages of (a) the group
  comprised of Eligible Employees who are Highly Compensated Employees or (b)
  the group comprised of Eligible Employees who are Non-Highly Compensated
  Employees, whichever is applicable.

	
 

	
 

	
1.8

	
Before-Tax Contribution Account
  means the separate, individual account established on behalf of a Participant
  to which Before-Tax Contributions, Bonus Contributions, Special Contributions
  and Catch-Up Contributions if any, made on his behalf are credited,together
  with all earnings and appreciation thereon, and against which are charged any
  withdrawals, loans and other distributions made from such account and any
  losses, depreciation or expenses allocable to amounts credited to such
  account.

	
 

	
 

	
1.9

	
Before-Tax Contributions means the
  contributions of the Employer made in accordance with the Compensation
  Reduction Agreements of Participants pursuant to Section 3.1.

	
 

	
 

	
1.10

	
Beneficial Mutual Bancorp, Inc. Stock
  means the common stock of the Company.

	
 

	
 

	
1.11

	
Beneficial Mutual Bancorp, Inc. Stock Fund
  means, commencing on the Reorganization Date, the assets consisting of
  Beneficial Mutual Bancorp, Inc. Stock which shall be maintained in an
  Investment Fund established for such purpose.

	
 

	
 

	
1.12

	
Beneficiary means any person who
  is receiving or is eligible to receive a benefit under Section 7.7 of the
  Plan upon the death of an Employee or former Employee.

	
 

	
 

	
1.13

	
Board means the board of trustees,
  directors or other governing body of the Sponsoring Employer.

	
 

	
 

	
1.14

	
Bonus means the bonus award paid
  to a Participant during a Plan Year.

	
 

	
 

	
1.15

	
Bonus Contributions means the
  contributions of the Employer made in accordance with the Enrollment
  Application for Bonus Contributions or Election Forms for Bonus Contributions
  of Participants pursuant to Section 3.2.

	
 

	
 

	
1.16

	
Catch-Up Contributions means
  additional elective deferrals made by an eligible Participant pursuant to
  Section 3.7.

	
 

	
 

	
1.17

	
Closing Price means the closing
  sale price for the Beneficial Mutual Bancorp, Inc. Stock, on its principal
  trading market, on the applicable Valuation Date, or, if there is no sale on
  such date, the average of the bid and asked prices on such date.

	
 

	
 

	
 

	 

	 

	 

	
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  Insurance Services, LLC

	
 

	
Article I — 

  Definitions

	 

	
 

	
 

	
1.18

	
Code means the Internal Revenue
  Code of 1986, as amended from time to time.

	
 

	
 

	
1.19

	
Committee means the person or
  persons appointed by the Employer in accordance with Section 9.2(b).

	
 

	
 

	
1.20

	
Company means, effective as of the
  Reorganization Date, Beneficial Mutual Bancorp, Inc., or any successor
  organization.

	
 

	
 

	
1.21

	
Compensation means with respect to
  a Plan Year, the sum of (a) the total earnings which are received by the
  Participant from the Employer for such Plan Year and which are required to be
  reported as wages on the Participant’s Form W-2 (in the wages, tips and other
  compensation box) and (b) the total amount of Elective Contributions
  contributed for the Plan Year for the Participant under Section 3.1 which are
  not includible in gross income under Section 402(e)(3) of the Code and (c)
  any elective contributions made by the Employer on behalf of a Participant
  that are not includible in gross income under Section 125, Section 402(h) or
  Section 132(f)(4) of the Code, but excluding all of the following items (even
  if includible in gross income): reimbursements or other expense allowances,
  fringe benefits (cash and non-cash), moving expenses, deferred compensation
  and welfare benefits. Compensation shall only include amounts received by a
  Participant while the Participant is eligible to participate in the Plan.

	
 

	
 

	
 

	
Compensation shall not exceed two hundred
  twenty-five thousand dollars ($225,000) for the 2007 Plan Year thereafter
  adjusted in multiples of five thousand dollars ($5,000) for increases in the
  cost-of-living as prescribed by the Secretary of the Treasury under Section
  401(a)(17)(B) of the Code. For purposes of this Section, if the Plan Year in
  which a Participant’s Compensation is being made is less than twelve (12)
  calendar months, the amount of Compensation taken into account for such Plan
  Year shall be the adjusted amount, prescribed by the Secretary of the
  Treasury under Section 401(a)(17) of the Code, for such Plan Year multiplied
  by a fraction, the numerator of which is the number of months taken into
  account for such Plan Year and the denominator of which is twelve (12). In
  determining the dollar limitation here­under, compensation received from any
  Affiliated Employer shall be recognized as Compensation.

	
 

	
 

	
1.22

	
Compensation Reduction Agreement
  means an agreement between the Employer and an Eligible Employee whereby the
  Eligible Employee agrees to reduce his Compensation dur­ing the applicable
  payroll period by an amount equal to any whole percentage or fraction
  thereof, to the extent provided in Section 3.1, and the Employer agrees to
  contribute to the Trust Fund, on behalf of such Eligible Employee, an amount
  equal to the specified reduction in Compensation.

	
 

	
 

	
1.23

	
Disability means a physical or
  mental condition, determined after review of those medical reports deemed
  satisfactory for this purpose, which renders the Participant totally and
  permanently incapable of engaging in any substantial gainful employment based
  on his education, training and experience.

	
 

	
 

	
 

	 

	 

	 

	
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1.24

	
Discretionary Employer Contribution Account
  means the separate, individual account established on behalf of an Eligible
  Employee to which Discretionary Employer Contribu­tions, if any, are
  credited, together with all earnings and appreciation thereon, and against
  which are charged any withdrawals, loans and other distributions made from
  such account, as well as any losses, depreciation, or expenses allocable to
  amounts credited to such account.

	
 

	
 

	
1.25

	
Discretionary Employer Contributions
  means the amounts, if any, contributed by the Employer on behalf of an
  Eligible Employee, pursuant to Section 3.9.

	
 

	
 

	
1.26

	
Early Retirement Date means the
  first day of any month coincident with or following the Participant’s
  attainment of age fifty-five (55).

	
 

	
 

	
1.27

	
Effective Date means January 1,
  1971.

	
 

	
 

	
1.28

	
Elective Contributions means, with
  respect to any taxable year, the sum of Before-Tax Contributions and Roth
  Contributions, if implemented, upon approval by the Employer, as set forth
  under Section 3.1.

	
 

	
 

	
1.29

	
Eligible Employee means an Employee
  who is eligible to participate in the Plan pursuant to the provisions of
  Article II.

	
 

	
 

	
1.30

	
Employee means any person employed
  by the Employer.

	
 

	
 

	
1.31

	
Employer means Beneficial
  Insurance Services, LLC, doing business as Paul Hertel & Company, and any
  Participating Affiliate or any successor organization which shall continue to
  maintain the Plan set forth herein.

	
 

	
 

	
1.32

	
Employer Resolutions means
  resolutions adopted by the Board.

	
 

	
 

	
1.33

	
Employment Commencement Date means
  the date on which an Employee first performs an Hour of Service for the
  Employer upon initial employment or, if applicable, upon reemployment.

	
 

	
 

	
1.34

	
Enrollment Application for Bonus Contributions or
  Election Form for Bonus Contributions means the application
  or election form submitted to the Employer whereby the Eligible Employee
  elects to defer a portion of his Bonus paid during the applicable Plan Year
  by an amount equal to any whole percentage or fraction thereof, subject to
  the limitations set forth in Section 3.3, and the Employer agrees to
  contribute to the Trust, on behalf of such Eligible Employee, the specified
  deferred amount of the Bonus.

	
 

	
 

	
1.35

	
ERISA means the Employee
  Retirement Income Security Act of 1974, as amended from time to time.

	
 

	
 

	
1.36

	
Forfeitures means any amounts
  forfeited pursuant to Section 4.2.

	
 

	
 

	
1.37

	
Hardship means the condition
  described in Section 7.3.

	
 

	
 

	
 

	 

	 

	 

	
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1.38

	
Highly Compensated Employee means,
  with respect to a Plan Year, an Employee or an employee of an Affiliated
  Employer who is such an Employee or employee during the Plan Year for which a
  determination is being made and who:

	
 

	
 

	
 

	
(a)

	
during the Plan Year immediately preceding the Plan
  Year for which a determination is being made, received compensation as
  defined under Section 414(q)(4) of the Code (“Section 414(q) Compensation”)
  from the Employer, in excess of one hundred thousand dollars ($100,000) for
  2007, adjusted as prescribed by the Secretary of the Treasury under Section
  415(d) of the Code, or

	
 

	
 

	
 

	
 

	
(b)

	
at any time during the Plan Year for which a
  determination is being made or at any time during the Plan Year immediately
  preceding the Plan Year for which a determination is being made, was a five-percent
  owner as described under Section 414(q)(2) of the Code.

	
 

	
 

	
 

	
 

	
For purposes of subsection (a) above, Section 414(q)
  Compensation shall include the Employee’s wages, salaries, fees for
  professional services and other amounts received for personal services
  actually rendered in the course of employment with the Employer to the extent
  that such amounts are includible in gross income and shall also include (A)
  any elective deferral (as defined in Section 402(g)(3) of the Code, and (B)
  any amount which is contributed or deferred by the Employer at the election
  of the Employee and which is not includable in the gross income of the
  Employee by reason of Section 125, 132(f)(4) or 457 of the Code.

	
 

	
 

	
 

	
Highly Compensated Employee also means a former
  Employee who (A) incurred a Termination of Service prior to the Plan Year of
  the determination, (B) is not credited with an Hour of Service during the
  Plan Year of the determination and (C) satisfied the requirements of
  subsection (a) or (b) during either the Plan Year of his Termination of
  Service or any Plan Year ending coincident with or subsequent to the
  Employee’s attainment of age fifty-five (55).

	
 

	
 

	
1.39

	
Hour of Service means each hour
  for which an Employee is paid or entitled to be paid by the Employer for the
  performance of duties.

	
 

	
 

	
1.40

	
Investment Funds means any and all
  of the Plan investment funds established for the purpose of investing
  contributions made to the Trust Fund in accordance with the provisions of the
  Trust Agreement. The property in which contributions to the Investment Funds
  may be invested shall be specified in the Trust Agreement and the rights of
  the Trustee shall be established in accordance with the provisions of such
  Trust Agreement.

	
 

	
 

	
1.41

	
Leased Employee means any
  individual (other than an Employee of the Employer or an employee of an
  Affiliated Employer) who, pursuant to an agreement between the Employer or
  any Affiliated Employer and any other person (“leasing organization”), has
  performed services for the Employer or any Affiliated Employer on a
  substantially full-time basis for a period of at least one (1) year, and such
  services are performed under the 

	
 

	
 

	
 

	 

	 

	 

	
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Article I — 

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primary direction of and control by the Employer or
  any Affiliated Employer. A determination as to whether a Leased Employee
  shall be treated as an Employee of the Employer or an Affiliated Employer
  shall be made as follows: a Leased Employee shall not be considered an
  Employee of the Employer if: (a) such employee is a participant in a money
  purchase pension plan providing (i) a nonintegrated Employer contribution
  rate of at least ten percent (10%) of compensation, as defined in Section
  415(c)(3) of the Code, including the Employee’s wages, salaries, fees for
  professional services and other amounts received for personal services
  actually rendered in the course of employment with the Employer to the extent
  that such amounts are includible in gross income, and including (A) amounts
  contributed pursuant to a compensation reduction agreement which are
  excludable from the employee’s gross income under Section 125, Section
  402(e)(3), Section 402(h)(1)(B) or Section 403(b) of the Code, and (B)
  elective amounts that are excludable from the gross income of an Employee by
  reason of Section 132(f)(4) of the Code; (ii) immediate plan participation;
  and (iii) full and immediate vesting; and (b) Leased Employees do not
  constitute more than twenty percent (20%) of the Employer’s Non-Highly
  Compensated Employees.

	
 

	
 

	
1.42

	
Matching Contribution Account
  means the separate, individual account established on behalf of a Participant
  to which the Matching Contributions made on such Participant’s behalf are
  credited, together with all earnings and appreciation thereon, and against
  which are charged any withdrawals, loans and other distributions made from
  such account and any losses, depreciation or expenses allocable to amounts
  credited to such account.

	
 

	
 

	
1.43

	
Matching Contributions means the
  contributions made by the Employer pursuant to Section 3.5.

	
 

	
 

	
1.44

	
Named Fiduciaries means the
  Trustee and the Committee designated by the Sponsoring Employer to control
  and manage the operation and administration of the Plan.

	
 

	
 

	
1.45

	
Net Value means the value of an
  Employee’s Accounts as determined as of the Valuation Date coincident with or
  next following the event requiring such determination.

	
 

	
 

	
1.46

	
Non-Highly Compensated Employee
  means, with respect to a Plan Year, an Employee who is not a Highly
  Compensated Employee.

	
 

	
 

	
1.47

	
Normal Retirement Age means the
  date an Employee attains age sixty-five (65).

	
 

	
 

	
1.48

	
Normal Retirement Date means the
  first day of the month coincident with or next following the Participant’s
  Normal Retirement Age.

	
 

	
 

	
1.49

	
One Year Period of Severance
  means, for purposes of determining a Participant’s eligibility service
  pursuant to Article II and a Participant’s vested service pursuant to Article
  IV, a twelve (12) consecutive month period following an Employee’s
  Termination of Service with the Employer during which the Employee did not
  perform an Hour of Service.

	
 

	
 

	
 

	
Notwithstanding the foregoing, if an Employee is
  absent from employment for maternity 

	
 

	
 

	
 

	 

	 

	 

	
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or paternity reasons, such absence during the
  twenty-four (24) month period commencing on the first date of such absence
  shall not constitute a One Year Period of Severance. An absence from
  employment for maternity or paternity reasons means an absence (a) by reason
  of pregnancy of the Employee, or (b) by reason of a birth of a child of the
  Employee, or (c) by reason of the placement of a child with the Employee in
  connection with the adoption of such child by such Employee, or (d) for
  purposes of caring for such child for a period beginning immediately
  following such birth or placement.

	
 

	
 

	
1.50

	
Participant means an Eligible
  Employee who participates in accordance with the provisions of Section 2.3,
  and whose participation in the Plan has not been terminated in accordance
  with the provisions of Section 2.4.

	
 

	
 

	
1.51

	
Participating Affiliate means any
  corporation that is a member of a controlled group of corporations (within
  the meaning of Section 414(b) of the Code) of which the Sponsoring Employer
  is a member and any unincorporated trade or business that is a member of a
  group of trades or businesses under common control (within the meaning of
  Section 414(c) of the Code) of which the Sponsoring Employer is a member,
  which, with the prior approval of the Sponsoring Employer and subject to such
  terms and conditions as may be imposed by such Sponsoring Employer, shall
  adopt this Plan in accordance with the provisions of Section 13.8. Such
  entity shall continue to be a Participating Affiliate until such entity
  terminates its participation in the Plan in accordance with Section 13.8.

	
 

	
 

	
1.52

	
Period of Service means, for
  purposes of determining a Participant’s eligibility service pursuant to
  Article II and a Participant’s vested service pursuant to Article IV:

	
 

	
 

	
 

	
(a)

	
If an Employee’s Employment Commencement Date
  occurred prior to January 1, 2007, the sum of:

	
 

	
 

	
 

	
 

	
 

	
(i)

	
The number of completed “years of service” credited
  to such Employee as of December 31, 2006; and

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
solely, if an Employee’s Employment Commencement
  Date occurred during 2006 and such Employee was not credited with a year of
  service during 2006, such Employee’s Period of Service shall include the
  period commencing on such Employee’s Employment Commencement Date and ending
  December 31, 2006; and

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
the period commencing January 1, 2007 and ending on
  the date such Employee first incurs a Termination of Service.

	
 

	
 

	
 

	
 

	
 

	
(b)

	
If an Employee’s Employment commencement Date occurs
  on or after January 1, 2007, the period commencing on the Employee’s
  Employment Commencement Date and ending on the first day of the month
  coincident with or next following the Employee’s Termination of Service.

	
 

	
 

	
 

	
 

	
Notwithstanding the foregoing, the period between
  the first and second anniversary of the first date of a maternity or
  paternity absence described under Section 1.49 shall not be 

	
 

	
 

	
 

	 

	 

	 

	
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Article I — 

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included in determining a Period of Service.

	
 

	
 

	
 

	
A period during which an individual was not employed
  by the Employer shall nevertheless be deemed to be a Period of Service if
  such individual incurred a Termination of Service and:

	
 

	
 

	
 

	
(A)

	
such Termination of Service was the result of
  resignation, discharge or retirement and such individual is reemployed by the
  Employer within one (1) year after such Termination of Service; or

	
 

	
 

	
 

	
 

	
(B)

	
such Termination of Service occurred when the
  individual was otherwise absent for less than one (1) year and he was
  reemployed by the Employer within one (1) year after the date such absence
  began.

	
 

	
 

	
 

	
 

	
All Periods of Service not disregarded under Section
  4.3 shall be aggregated.

	
 

	
 

	
 

	
Wherever used in the Plan, a Period of Service means
  the quotient obtained by dividing the days in all Periods of Service not
  disregarded hereunder by three hundred sixty-five (365) and disregarding any
  fractional remainder.

	
 

	
 

	
1.53

	
Plan means the Beneficial
  Insurance Services, LLC 401(k) Plan, as herein restated and as it may be
  amended from time to time.

	
 

	
 

	
1.54

	
Plan Administrator means the
  person or persons who have been designated as such by the Employer in
  accordance with the provisions of Section 9.4.

	
 

	
 

	
1.55

	
Plan Year means the calendar year.

	
 

	
 

	
1.56

	
Postponed Retirement Date means
  the first day of the month coincident with or next fol­lowing a Participant’s
  date of actual retirement which occurs after his Normal Retirement Date.

	
 

	
 

	
1.57

	
Prior Plan means the Paul Hertel
  & Company, Inc. Thrift and Profit Sharing Plan as in effect on the date
  immediately preceding the Restatement Date.

	
 

	
 

	
1.58

	
Qualified Nonelective Contributions
  means contributions, other than Matching Contribu­tions and Discretionary
  Employer Contributions, made by the Employer, which (a) Participants may not
  elect to receive in cash in lieu of their being contributed to the Plan; (b)
  are one hundred percent (100%) nonforfeitable when made; and (c) are not
  distributable under the terms of the Plan to Participants or their
  Beneficiaries until the earliest of:

	
 

	
 

	
 

	
(i)

	
the Participant’s death, Disability or severance
  from employment for other reasons;

	
 

	
 

	
 

	
 

	
(ii)

	
the Participant’s attainment of age fifty-nine and
  one-half (59-1/2); or

	
 

	
 

	
 

	 

	 

	 

	
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(iii)

	
termination of the Plan.

	
 

	
 

	
 

	
 

	
Special Contributions defined under Section 1.67 are
  Qualified Nonelective Contribu­tions.

	
 

	
 

	
1.59

	
Reorganization Date means the date
  of the conversion of Beneficial Mutual Savings Bank from mutual to stock
  ownership.

	
 

	
 

	
1.60

	
Restatement Date means May 11,
  2007.

	
 

	
 

	
1.61

	
Retirement Date means the
  Participant’s Normal Retirement Date, Early Retirement Date or Postponed
  Retirement Date, whichever is applicable.

	
 

	
 

	
1.62

	
Rollover Contribution means (a) a
  contribution to the Plan of money received by an Employee from a qualified
  plan, or (b) a contribution to the Plan of money transferred directly from
  another qualified plan on behalf of the Employee, which the Code permits to
  be rolled over into the Plan. The Plan will additionally accept eligible
  rollover contributions and/or direct rollovers of distributions from (i) an
  annuity contract described in Section 403(b) of the Code (excluding after-tax
  Employee contributions); (ii) an eligible plan under Section 457(b) of the
  Code which is maintained by a state, political subdivision of a state, or any
  agency or instrumentality of a state or political subdivision of a state;
  (iii) the portion of a distribution from an individual retirement account or
  annuity described in Section 408(a) or Section 408(b) of the Code that is
  eligible to be rolled over and would otherwise be included in gross income;
  and (iv) a designated Roth Code Section 401(k) or Code Section 403(b) account
  under another qualified plan or from a Roth IRA.

	
 

	
 

	
1.63

	
Rollover Contribution Account
  means the separate, individual account established on behalf of an Employee
  to which his Rollover Contributions are credited together with all earnings
  and appreciation thereon, and against which are charged any withdrawals,
  loans and other distributions made from such account and any losses,
  depreciation or expenses allocable to amounts credited to such account.

	
 

	
 

	
1.64

	
Roth Contribution Account, if
  implemented, upon approval by the Employer, means the separate, individual
  account established on behalf of a Participant to which Roth Contributions
  and Catch-Up Contributions, if any, made by the Participant are credited,
  together with all earnings and appreciation thereon, and against which are
  charged any withdrawals, loans and other distributions made from such account
  and any losses, depreciation or expenses allocable to amounts credited to
  such account. Earnings and appreciation credited on Roth Contributions are
  before-tax amounts.

	
 

	
 

	
1.65

	
Roth Contributions, if
  implemented, upon approval by the Employer, means the after-tax contributions
  made in accordance with the Compensation Reduction Agreements of Participants
  pursuant to Section 3.1. Roth Contributions shall be treated as elective
  deferrals for all purposes under the Plan.

	
 

	
 

	
1.66

	
Shares means shares of Beneficial
  Mutual Bancorp, Inc. Stock.

	
 

	
 

	
 

	 

	 

	 

	
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Article I — 

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1.67

	
Special Contributions means the
  contributions made by the Employer pursuant to Section 3.6. Special
  Contributions are Qualified Nonelective Contributions as defined under
  Section 1.58.

	
 

	
 

	
1.68

	
Sponsoring Employer means
  Beneficial Insurance Services, LLC, doing business as Paul Hertel &
  Company, or any successor organization which shall continue to maintain the
  Plan set forth herein.

	
 

	
 

	
1.69

	
Spouse means a person to whom the
  Employee was legally married and which marriage had not been dissolved by
  formal divorce proceedings that had been completed prior to the date on which
  payments to the Employee are scheduled to commence.

	
 

	
 

	
1.70

	
Termination of Service means the
  earlier of (a) the date on which an Employee’s service is terminated by
  reason of severance from employment on account of his resignation,
  retirement, discharge, death or Disability or (b) the first anniversary of
  the date on which such Employee’s active service ceases for any other reason.

	
 

	
 

	
 

	
Service in the Armed Forces of the United States of
  America shall not constitute a Termination of Service but shall be considered
  to be a period of employment by the Employer provided that (i) such military
  service is caused by war or other emergency or the Employee is required to
  serve under the laws of conscription in time of peace, (ii) the Employee
  returns to employment with the Employer within six (6) months following
  discharge from such military service and (iii) such Employee is reemployed by
  the Employer at a time when the Employee had a right to reemployment at his
  former position or substantially similar position upon separation from such
  military duty in accordance with seniority rights as protected under the laws
  of the United States of America. Notwithstanding any provision of the Plan to
  the contrary, contributions, benefits and calculation of Periods of Service
  with respect to qualified military service will be provided in accordance
  with Section 414(u) of the Code.

	
 

	
 

	
 

	
A leave of absence granted to an Employee by the
  Employer shall not constitute a Termination of Service provided that the
  Participant returns to the active service of the Employer at the expiration
  of any such period for which leave has been granted.

	
 

	
 

	
 

	
Notwithstanding the foregoing, an Employee who is
  absent from service with the Employer beyond the first anniversary of the
  first date of his absence for maternity or paternity reasons set forth in
  Section 1.49 shall incur a Termination of Service for purposes of the Plan on
  the second anniversary of the date of such absence.

	
 

	
 

	
1.71

	
Trust Agreement means the
  agreement or a agreements between the Employer and a Trustee pursuant to
  which the Trust Fund shall be held in trust.

	
 

	
 

	
1.72

	
Trustee means the RSGroup Trust
  Company, Portland, Maine, or any successor trustee of the Plan.

	
 

	
 

	
1.73

	
Trust Fund means the Plan assets
  held in accordance with the Trust Agreement.

	
 

	
 

	
 

	 

	 

	 

	
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1.74

	
Trust Fund Units means the units
  of measure of an Employee’s proportionate undivided beneficial interest in
  one or more of the Investment Funds, other than in the Beneficial Mutual
  Bancorp, Inc. Stock Fund, valued as of the close of business.

	
 

	
 

	
1.75

	
Valuation Date means each business
  day.

	
 

	
 

	
 

	 

	 

	 

	
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Article II — 

  Eligibility and Participation

	 

ARTICLE II — 

ELIGIBILITY AND PARTICIPATION

	
 

	
 

	
 

	
 

	
2.1

	
Eligibility

	
 

	
 

	
 

	
(a)

	
Every Employee who was a Participant in the Prior
  Plan immediately prior to the Restatement Date shall continue to be a
  Participant on the Restatement Date.

	
 

	
 

	
 

	
 

	
(b)

	
Every other Employee who is not excluded under the
  provisions of Section 2.2, shall become an Eligible Employee upon satisfying
  each of the following conditions:

	
 

	
 

	
 

	
 

	
 

	
(i)

	
completion of a Period of Service of two (2)
  calendar months; and

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
attainment of age twenty-one (21).

	
 

	
 

	
 

	
 

	
 

	
(c)

	
For purposes of determining if an Employee completed
  a Period of Service of two (2) calendar months, employment with an Affiliated
  Employer shall be deemed employment with the Employer.

	
 

	
 

	
 

	
 

	
(d)

	
An Employee who otherwise satisfies the requirements
  of this Section 2.1 and who is no longer excluded under the provisions of
  Section 2.2 shall immediately become an Eligible Employee.

	
 

	
 

	
 

	
2.2

	
Ineligible Employees

	
 

	
 

	
 

	
The following classes of Employees are ineligible to
  participate in the Plan:

	
 

	
 

	
 

	
(a)

	
Leased Employees;

	
 

	
 

	
 

	
 

	
(b)

	
Employees in a unit of Employees covered by a
  collective bargaining agreement with the Employer pursuant to which employee
  benefits were the subject of good faith bargaining and which agreement does
  not expressly provide that Employees of such unit be covered under the Plan.

	
 

	
 

	
 

	
2.3

	
Participation

	
 

	
 

	
 

	
Participation in the Plan is voluntary with respect
  to an election for Before-Tax Contributions and/or Roth Contributions, if
  implemented, upon approval by the Employer. An Eligible Employee may elect to
  make Before-Tax Contributions and/or Roth Contributions, if any, in
  accordance with Section 3.1, as of the January 1st or July 1st following
  satisfaction of the eligibility requirements set forth in Section 2.1. In
  addition, an Eligible Employee will automatically participate in the Plan on
  any January 1st or July 1st immediately following satisfaction of the
  eligibility requirements set forth in Section 2.1, with respect to
  eligibility for (a) Special Contributions in accordance with Section 3.5 or
  (b) Discretionary Employer Contributions in accordance with Section 3.9.

	
 

	
 

	
 

	 

	 

	 

	
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Article II — 

  Eligibility and Participation

	 

	
 

	
 

	
 

	
An election for Before-Tax Contributions and/or Roth
  Contributions, if implemented, upon approval by the Employer,shall
  be evidenced by completing and filing the form or forms (including electronic
  forms) prescribed by the Committee not less than ten (10) days prior to the
  date participation is to commence. Such form or forms shall include, but not
  be limited to, a Compensation Reduction Agreement, a designation of
  Beneficiary, and an investment direction as described in Section 6.1. By
  completing and filing such form or forms, the Eligible Employee authorizes the
  Employer to make the applicable payroll deductions from Compensation,
  commencing on the first applicable payday coincident with or next following
  the effective date of the Eligible Employee’s election to participate. In the
  case of Special Contributions or Discretionary Employer Contributions, a
  Participant shall complete a form or forms prescribed by the Committee,
  designating a Beneficiary and an investment direction as described in Section
  6.1.

	
 

	
 

	
 

	
An Eligible Employee may also elect to have Bonus
  Contributions, as described in Section 3.2, made to his Before-Tax
  Contribution Account.Such
  election shall be evidenced by completing and filing the Enrollment
  Application for Bonus Contributions or Election Form for Bonus Contributions.
  By completing and filing such form (including an electronic form) prior to
  receipt of a Bonus award payment, the Eligible Employee authorizes the
  Employer to make the applicable deduction from his Bonus and to credit such
  amount to the Eligible Employee’s Before-Tax Contribution Account.

	
 

	
 

	
2.4

	
Termination of Participation

	
 

	
 

	
 

	
Participation in the Plan shall terminate on the
  earlier of the date a Participant dies or the entire vested interest in the
  Net Value of such Participant’s Accounts has been distributed.

	
 

	
 

	
2.5

	
Eligibility upon Reemployment

	
 

	
 

	
 

	
If an Employee incurs a One Year Period of Severance
  prior to satisfying the eligibility requirements of Section 2.1, service
  prior to such One Year Period of Severance shall be disregarded and such
  Employee must satisfy the eligibility requirements of Section 2.1 as a new
  Employee.

	
 

	
 

	
 

	
If an Employee incurs a One Year Period of Severance
  after satisfying the eligibility requirements of Section 2.1 and again
  performs an Hour of Service, the Employee shall be eligible to participate in
  the Plan immediately upon reemployment, provided such Employee is not
  excluded from participating under the provisions of Section 2.2.

	
 

	
 

	
 

	 

	 

	 

	
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Article III — 

  Contributions and Limitations on Contributions

	 

ARTICLE III — 

CONTRIBUTIONS AND LIMITATIONS ON CONTRIBUTIONS

	
 

	
 

	
 

	
 

	
3.1

	
Elective Contributions

	
 

	
 

	
 

	
The Employer shall make Before-Tax Contributions
  and/or after-tax Roth Contributions, if implemented, upon approval by the
  Employer, for each payroll period in an amount equal to the amount by which a
  Participant’s Compensation has been reduced with respect to such period under
  his Compensation Reduction Agreement. Subject to the limitations set forth in
  Sections 3.3 and 3.13, the amount of reduction authorized by the Eligible
  Employee shall be whole percentages and/or fractions thereof of Compensation
  and shall not be less than one percent (1%) nor greater than twenty percent
  (20%). The Before-Tax Contribu­tions made on behalf of a Participant shall be
  credited to such Participant’s Before-Tax Contribution Account and shall be
  invested in accordance with Article VI of the Plan. The Roth Contributions,
  if any, made by a Participant shall be credited to such Participant’s Roth
  Contribution Account and shall be invested in accordance with Article VI of
  the Plan.

	
 

	
 

	
3.2

	
Bonus Contributions

	
 

	
 

	
 

	
The Employer may make Bonus Contributions, in an
  amount equal to the amount by which an Eligible Employee’s Bonus amount has
  been deferred as a Plan contribution under his Enrollment Application for
  Bonus Contributions or Election Form for Bonus Contributions. Subject to the
  limitations set forth in Sections 3.3 and 3.13, the amount of deferral into
  the Plan authorized by the Eligible Employee may be up to one hundred percent
  (100%) of the Bonus amount. The Bonus Contributions made on behalf of an
  Eligible Employee shall be credited to such Eligible Employee’s Before-Tax
  Contribution Account and shall be invested in accordance with Article VI of
  the Plan.

	
 

	
 

	
3.3

	
Limitation on Elective
  Contributions and Bonus Contributions

	
 

	
 

	
 

	
(a)

	
The percentage of Elective Contributions plus Bonus
  Contributions made on behalf of a Participant who is a Highly Compensated
  Employee shall be limited so that the Average Actual Defer­ral Percentage for
  the group of such Highly Compensated Employees for the Plan Year does not
  exceed the greater of:

	
 

	
 

	
 

	
 

	
 

	
(i)

	
the Average Actual Deferral Percentage for the group
  of Eligible Employ­ees who are Non-Highly Compensated Employees for the current
  Plan Year, and effective January 1, 2008, were Non-Highly Compensated
  Employees for the preceding Plan Year, multi­plied by 1.25; or

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
the Average Actual Deferral Percentage for the group
  of Eligible Employ­ees who are Non-Highly Compensated Employees for the
  current Plan Year, and effective January 1, 2008, were Non-Highly Compensated
  Employees for the preceding Plan Year, multi­plied by two (2), provided 

	
 

	
 

	
 

	 

	 

	 

	
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that the difference in the Average Actual Deferral
  Percentage for eligible Highly Compensated Employees and eligible Non-Highly
  Compensated Employees does not exceed two percent (2%).

	
 

	
 

	
 

	
 

	
The current Plan Year testing method can only be
  modified if the Plan meets the requirements for changing to preceding Plan
  Year testing as set forth in Code Section 401(k) and final Regulations under
  Section 1.401(k)-2, or any successor future guidance issued by the Internal
  Revenue Service. Effective January 1, 2008, the preceding Plan Year testing
  method can only be modified if the Plan meets the requirements for changing
  to current Plan Year testing as set forth in Code Section 401(k) and final
  Regulations under Section 1.401(k)-2, or any successor future guidance issued
  by the Internal Revenue Service.

	
 

	
 

	
 

	
The above subsections (i) and (ii) shall be subject
  to the distribution provisions of the last paragraph of Section 3.13(f).

	
 

	
 

	
 

	
If the Average Actual Deferral Percentage for the
  group of eligible Highly Com­pensated Employees exceeds the limitations set
  forth in the preceding paragraph, the amount of excess Elective Contributions
  plus Bonus Contributions for a Highly Compensated Employee shall be
  determined by “leveling” (as hereafter defined), the highest Elective
  Contributions plus Bonus Contributions made by Highly Compensated Employees
  until the Average Actual Deferral Percentage test for the group of eligible
  Highly Compensated Employees complies with such limitations. For purposes of
  this paragraph, “leveling” means reducing the Elective Contributions plus
  Bonus Contributions of the Highly Compensated Employee with the highest
  Elective Contribution plus Bonus Contribution amount to the extent required
  to: 

	
 

	
 

	
 

	
(A)

	
enable the Average Actual Deferral Percentage
  limitations to be met; or

	
 

	
 

	
 

	
 

	
(B)

	
cause such Highly Compensated Employee’s Elective
  Contribution and Bonus Contribution amounts to equal the dollar amount of the
  Elective Contributions plus Bonus Contributions of the Highly Compensated
  Employee with the next highest Elective Contribution plus Bonus Contribution
  amounts by distribution of such excess Elective Contributions plus Bonus
  Contributions, as described below, to the Highly Compensated Employee whose
  Elective Contributions plus Bonus Contributions equal the highest dollar
  amount, 

	
 

	
 

	
 

	
 

	
and repeating such process until the Average Actual
  Deferral Percentage for the group of eligible Highly Compensated Employees
  complies with the Average Actual Deferral Percentage limitations.

	
 

	
 

	
 

	
If Elective Contributions plus Bonus Contributions
  made on behalf of a Participant during any Plan Year exceed the maximum
  amount applicable to a Participant as set forth above, any such
  contributions, including any earnings 

	
 

	
 

	
 

	 

	 

	 

	
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thereon as determined under Section 3.10, shall be
  characterized as Compensation payable to the Participant and shall be paid to
  the Participant from his Before-Tax Contribution Account and/or Roth
  Contribution Account, if implemented, upon approval by the Employer, and as
  applicable, no later than two and one-half (2-1/2) months after the close of
  such Plan Year.

	
 

	
 

	
 

	
In the case of a distribution of excess Elective
  Contributions plus Bonus Contributions, a Highly Compensated Employee may
  designate the extent to which the amount of excess Elective Contributions
  plus Bonus Contributions is composed of Before-Tax Contributions, Bonus
  Contributions and Roth Contributions, if any, however, only to the extent
  such types of Elective Contributions plus Bonus Contributions were made for
  the Plan Year. In the event the Highly Compensated Employee does not
  designate which type of Elective Contributions plus Bonus Contributions are
  to be distributed, the Highly Compensated Employee’s Before-Tax
  Contributions, then his Bonus Contributions, followed by Roth Contributions,
  if any, shall be distributed.

	
 

	
 

	
 

	
If Elective Contributions plus Bonus Contributions
  during any Plan Year exceed the maximum amount applicable to a Participant as
  set forth above, any Matching Contributions, including any earnings thereon
  as determined under Section 3.10, that are attributable to Before-Tax
  Contributions and/or Roth Contributions, if implemented, upon approval by the
  Employer, which are returned to the Participant as provided hereunder, shall
  be treated as Forfeitures under Section 4.2.

	
 

	
 

	
 

	
In the event that the Plan satisfies the
  requirements of Section 401(k), 401(a)(4) or 410(b) of the Code only if
  aggregated with one or more other plans, or if one or more other plans
  satisfy the requirements of Section 401(k), 401(a)(4) or 410(b) of the Code
  only if aggregated with the Plan, then this Section 3.3 shall be applied by
  determining the Actual Deferral Percentages of Eligible Employees as if all
  such plans were a single plan.

	
 

	
 

	
 

	
If any Highly Compensated Employee is a Participant
  in two (2) or more cash or deferred arrangements of the Employer, for
  purposes of determining the Actual Deferral Percentage with respect to such
  Highly Compensated Employee, all cash or deferred arrangements shall be
  treated as one (1) cash or deferred arrangement.

	
 

	
 

	
 

	
In the event the Plan is disaggregated into separate
  plans under the rules of Section 410(b) of the Code, then each separate plan
  can apply a different testing method.

	
 

	
 

	
 

	
Additional Elective Contributions that are made by
  reason of a Participant’s qualified military service pursuant to Section
  414(u) of the Code, shall not be taken into account under the Actual Deferral
  Percentage test.

	
 

	
 

	
 

	 

	 

	 

	
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Special Contributions may be taken into account in determining
  the actual deferral ratio for an Eligible Employee for a Plan Year, but only
  to the extent such Special Contributions satisfy the requirements set forth
  in Sections 1.401(k)-2(a)(6)(i), (ii), (iii) and (iv) of the Treasury
  regulations.

	
 

	
 

	
 

	
 

	
(b)

	
Elective Contributions, as described under Section
  3.1, Bonus Contributions, as described under Section 3.2, and any elective
  deferrals (as defined under Section 402(g) of the Code) under all other
  plans, contracts or arrangements of the Employer may be adjusted as
  prescribed by the Secretary of the Treasury under Section 415(d) of the Code.
  This Section 3.3(b) shall be subject to the distribution provisions of the
  last paragraph of Section 3.13(f).

	
 

	
 

	
 

	
 

	
 

	
No Participant shall be permitted to have elective
  deferrals made under this Plan, or any other qualified plan maintained by the
  Employer during any taxable year, in excess of the dollar limitation
  contained in Section 402(g) of the Code in effect for such taxable year,
  except to the extent permitted under Section 3.7, if applicable.

	
 

	
 

	
 

	
 

	
(c)

	
If Elective Contributions plus Bonus Contributions
  made on behalf of a Participant during any Plan Year exceed the dollar
  limitation set forth in subsection (b), such contributions, including any
  earnings thereon as determined under Section 3.10, shall be characterized as
  Compensation payable to the Participant and shall be paid to the Participant
  from his Before-Tax Contribution Account and/or Roth Contribution Account, if
  implemented, upon approval by the Employer, and as applicable, no later than
  April 15th of the calendar year following the close of such Plan Year.

	
 

	
 

	
 

	
 

	
 

	
If Elective Contributions plus Bonus Contributions
  during any Plan Year exceed the maximum dollar amount applicable to a
  Participant as set forth in subsection (b), any Matching Contributions,
  including any earnings thereon as determined under Section 3.10, that are
  attributable to Before-Tax Contributions and/or Roth Contributions, if
  implemented, upon approval by the Employer, which are returned to the Participant
  as provided hereunder, shall be treated as Forfeitures under Section 4.2.

	
 

	
 

	
 

	
 

	
(d)

	
Subject to the requirements of Sections 401(a) and
  401(k) of the Code, the maximum amounts under subsections (a) and (b) may
  differ in amount or percentage as between individual Participants or classes
  of Participants, and any Compensation Reduction Agreement or Enrollment
  Application for Bonus Contributions or Election Form for Bonus Contributions
  may be terminated, amended, or suspended without the consent of any such
  Participant or Participants in order to comply with the provisions of such
  subsections (a) and (b).

	
 

	
 

	
 

	 

	 

	 

	
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Article III — 

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3.4

	
Changes in Elective Contributions

	
 

	
 

	
 

	
Unless (a) an election is made to the contrary, or
  (b) a Participant receives a Hardship distribution pursuant to Section
  7.3(c)(iii), the percentage of Elective Contributions made under Section 3.1
  shall continue in effect as long as the Participant has a Compensation
  Reduction Agreement in force. A Participant may, by completing the applicable
  form (or electronically), prospectively increase or decrease the rate of
  Elective Contributions to any of the percentages authorized under Section 3.1
  or suspend Elective Contributions without withdrawing from participation in
  the Plan. Such election must be filed at least ten (10) days prior to the
  first day of the payroll period with respect to which such change is to
  become effective. A Participant who has Elective Contributions suspended may
  resume such contributions by completing and filing the applicable form (or
  electronically). Not more often than once during any six month period may an
  election be made which would prospectively increase, decrease, suspend or
  resume Elective Contributions of a Participant. A Participant may terminate
  his Elective Contributions at any time.

	
 

	
 

	
 

	
Elective Contributions based on Compensation for the
  period during which such contributions had been suspended or decreased may
  not be made up at a later date.

	
 

	
 

	
3.5

	
Matching Contributions

	
 

	
 

	
 

	
(a)

	
The Employer may make contributions on behalf of
  each Participant in an amount equal to ten percent (10%) of the first six
  percent (6%) of the Participant’s Elective Contributions on a payroll basis,
  for a maximum Matching Contribution of six tenths of a percent (0.6%) of the
  Participant’s Compensation.

	
 

	
 

	
 

	
 

	
(b)

	
Matching Contributions shall be credited to the
  Participant’s Matching Contribu­tion Account and shall be invested in
  accordance with Article VI of the Plan.

	
 

	
 

	
 

	
 

	
(c)

	
If a Participant terminates his Elective
  Contributions, Matching Contributions attributable to such contributions will
  also cease. If Elective Contributions are suspended, the Matching Contribu­tions
  attributable to such contributions will be suspended for the same period.
  Subject to the limitations set forth in subsection (a), if Elective
  Contributions are increased or decreased, Matching Contributions at­tributable
  to such contributions will be increased or decreased during the same period.
  Matching Contributions for the period during which Elective Contributions had
  been suspended or decreased may not be made up at a later date.

	
 

	
 

	
 

	
 

	
(d)

	
Matching Contributions shall not be made with
  respect to any Bonus Contributions.

	
 

	
 

	
 

	
 

	
(e)

	
Matching Contributions may be reviewed and modified
  by the Employer’s Board, from time to time.

	
 

	
 

	
 

	 

	 

	 

	
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3.6

	
Special Contributions

	
 

	
 

	
 

	
In addition to any other contributions, the Employer
  may, in its discretion, make Special Contributions for a Plan Year to the
  Before-Tax Contribution Account of any Eligible Employees. Such Special
  Contributions may be limited to the amount necessary to insure that the Plan
  complies with the requirements of Section 401(k) of the Code. The Special
  Contributions made on behalf of a Participant shall be invested in accordance
  with Article VI of the Plan.

	
 

	
 

	
 

	
The Employer may provide that Special Contributions
  be made only on behalf of each Eligible Employee who is a Non-Highly
  Compensated Employee on the last day of the Plan Year. Such Special
  Contributions shall be allocated in proportion to each such Eligible
  Employee’s Compensation for the Plan Year.

	
 

	
 

	
 

	
Any other provision of the Plan to the contrary
  notwithstanding, no Matching Contributions shall be made with respect to any
  Special Contributions.

	
 

	
 

	
3.7

	
Catch-Up Contributions

	
 

	
 

	
 

	
All Employees who are eligible to make Elective
  Contributions under this Plan and who have attained age 50 before the close
  of the Plan Year, shall be eligible to make Catch-Up Contributions in
  accordance with, and subject to the limitations of Section 414(v) of the
  Code. Such Catch-Up Contributions shall not be taken into account for
  purposes of Section 3.3(b) implementing the required limitations of Section
  402(g) of the Code and Section 3.13 implementing the required limitations of
  Section 415 of the Code. The Plan shall not be treated as failing to satisfy
  the provisions of the Plan implementing the requirements of Sections
  401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable,
  by reason of the making of such Catch-Up Contributions.

	
 

	
 

	
 

	
Catch-Up Contributions shall be credited to an
  Employee’s Before-Tax Contribution Account or Roth Contribution Account, if
  implemented, upon approval by the Employer, as applicable, and shall be
  invested in accordance with Article VI of the Plan.

	
 

	
 

	
3.8

	
Limitation on Matching Contributions

	
 

	
 

	
 

	
The Actual Contribution Percentage made on behalf of
  a Participant who is a Highly Compensated Employee shall be limited so that
  the Average Actual Contribution Percentage for the group of such Highly
  Compensated Employees for the Plan Year shall not exceed the greater of: 

	
 

	
 

	
 

	
(a)

	
the Average Actual Contribution Percentage for the
  group of Eligible Employees who are Non-Highly Compensated Employees for the
  current Plan Year, and effective January 1, 2008, were Non-Highly Compensated
  Employees for the preceding Plan Year, multiplied by 1.25; or

	
 

	
 

	
 

	
 

	
(b)

	
the Average Actual Contribution Percentage for the
  group of Eligible Employees who are Non-Highly Compensated Employees for the
  current Plan Year, and 

	
 

	
 

	
 

	 

	 

	 

	
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effective January 1, 2008, were Non-Highly
  Compensated Employees for the preceding Plan Year, multiplied by two (2),
  provided that the difference in the Average Actual Contribution Percentage
  for Highly Compensated Employees and Non-Highly Compensated Employees does
  not exceed two percent (2%).

	
 

	
 

	
 

	
 

	
The current Plan Year testing method can only be
  modified if the Plan meets the requirements for changing to preceding Plan
  Year testing as set forth in Code Section 401(m) and final Regulations under
  Section 1.401(m)-2, or any successor future guidance issued by the Internal
  Revenue Service. Effective January 1, 2008, the preceding Plan Year testing
  method can only be modified if the Plan meets the requirements for changing
  to current Plan Year testing as set forth in Code Section 401(m) and final
  Regulations under Section 1.401(m)-2, or any successor future guidance issued
  by the Internal Revenue Service.

	
 

	
 

	
 

	
The above subsections (a) and (b) shall be subject
  to the distribution provisions of the last paragraph of Section 3.13(f).

	
 

	
 

	
 

	
If the Average Actual Contribution Percentage for
  the group of eligible Highly Compensated Employees exceeds the limitations
  set forth in the preceding paragraph, the amount of excess Matching
  Contributions for a Highly Compensated Employee shall be determined by
  “leveling” (as hereafter defined,) the highest Matching Contributions until
  the Average Actual Contribution Percentage test for the group of eligible
  Highly Compensated Employees complies with such limitations. For purposes of
  this paragraph, “leveling” means reducing the Matching Contributions made on
  behalf of the Highly Compensated Employee with the highest Matching
  Contribution amount to the extent required to:

	
 

	
 

	
 

	
(i)

	
enable the Average Actual Contribution Percentage
  limitations to be met; or

	
 

	
 

	
 

	
 

	
(ii)

	
cause such Highly Compensated Employee’s Matching
  Contribution amount to equal the dollar amount of the Matching Contribution made
  on behalf of the Highly Compensated Employee with the next highest Matching
  Contribution amount, 

	
 

	
 

	
 

	
 

	
and repeating such process until the Average Actual
  Contribution Percentage for the group of eligible Highly Compensated
  Employees complies with the Average Actual Contribution Percentage
  limitations.

	
 

	
 

	
 

	
If Matching Contributions during any Plan Year
  exceed the maximum amount applicable to a Participant as set forth above, any
  such contributions, including any earnings thereon as determined under Section
  3.10, shall, whether or not vested, be treated as Forfeitures under Section
  4.2.

	
 

	
 

	
 

	
In the event that the Plan satisfies the
  requirements of Section 401(m), 401(a)(4) or 410(b) of the Code only if
  aggregated with one or more other plans, or if one or more other plans
  satisfy the requirements of Section 401(m), 401(a)(4) or 410(b) of the Code

	
 

	
 

	
 

	 

	 

	 

	
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only if aggregated with the Plan, then this Section
  3.8 shall be applied by determining the Actual Contribution Percentages of
  Eligible Employees as if all such plans were a single plan.

	
 

	
 

	
 

	
If any Highly Compensated Employee is a Participant
  in two (2) or more plans of the Employer, for purposes of determining the
  Actual Contribution Percentage with respect to such Highly Compensated
  Employee, all such plans shall be treated as one (1) plan.

	
 

	
 

	
 

	
In the event the Plan is disaggregated into separate
  plans under the rules of Section 410(b) of the Code, then each separate plan
  can apply a different testing method. 

	
 

	
 

	
 

	
Additional Matching Contributions and employee
  contributions that are made by reason of a Participant’s qualified military
  service pursuant to Section 414(u) of the Code, shall not be taken into
  account under the Actual Contribution Percentage test.

	
 

	
 

	
 

	
A Matching Contribution, with respect to an elective
  deferral for a Non-Highly Compensated Employee, if any, may not be taken into
  account under the Actual Contribution Percentage test to the extent it
  exceeds the greatest of:

	
 

	
 

	
 

	
(I)

	
five percent (5%) of Compensation;

	
 

	
 

	
 

	
 

	
(II)

	
the Participant’s elective deferrals for a Plan
  Year; and

	
 

	
 

	
 

	
 

	
(III)

	
the product of two (2) times the Plan’s
  representative matching rate and the Participant’s elective deferrals for a
  Plan Year.

	
 

	
 

	
 

	
 

	
For purposes of the preceding paragraph, the Plan’s
  representative matching rate is the lowest matching rate for any eligible
  Non-Highly Compensated Employee among a group of Non-Highly Compensated
  Employees that consists of half of all eligible Non-Highly Compensated
  Employees for the Plan Year who make elective deferrals for the Plan Year
  (or, if greater, the lowest matching rate for all eligible Non-Highly
  Compensated Employees who are employed by the Employer on the last day of the
  Plan Year and who make elective deferrals for the Plan Year). The matching
  rate for a Participant generally is the matching contributions made for such
  Participant divided by the Participant’s elective deferrals for the Plan
  Year. If the matching rate is not the same for all levels of elective
  deferrals for a Participant, the Participant’s matching rate is determined
  assuming that a Participant’s elective deferrals are equal to six percent
  (6%) of Compensation.

	
 

	
 

	
3.9

	
Discretionary Employer
  Contributions

	
 

	
 

	
 

	
(a)

	
Subject to the limitations of Section 3.13, the
  Employer may, in its sole and absolute discretion, make Discretionary
  Employer Contributions to the Plan for a Plan Year. Discretionary Employer
  Contributions shall be in an amount deter­mined by the Board and will be
  allocated proportionately, based on the Compensation of each Participant
  during a Plan Year and provided that such Participant is in the employ of the
  Employer on the last day of such Plan Year.

	
 

	
 

	
 

	 

	 

	 

	
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(b)

	
Notwithstanding the foregoing, a Participant who
  incurs a Termination of Service prior to the last day of the Plan Year for reasons
  of death, Disability or retirement on a Retirement Date shall receive a
  Discretionary Employer Contribution pursuant to Section 3.9(a) above, for the
  Plan Year up to the date of his Termination of Service.

	
 

	
 

	
 

	
 

	
(c)

	
The Discretionary Employer Contributions allocated
  to each Participant shall be credited to such Participant’s Discretionary
  Employer Contribution Account and shall be invested in accordance with
  Article VI of the Plan. Any and all withdrawals, distributions or payments
  from a Participant’s Discretionary Employer Contribution Account shall be
  made in accordance with Article VII, or Article VIII of the Plan, whichever
  is applicable.

	
 

	
 

	
 

	
3.10

	
Interest on Excess Contributions

	
 

	
 

	
 

	
In the event Before-Tax Contributions and/or Bonus
  Contributions and/or Roth Contributions, if implemented, upon approval by the
  Employer and/or Matching Contributions made on behalf of a Participant during
  a Plan Year exceed the maximum allowable amount as described in Section
  3.3(a), 3.3(b) or 3.8 (“Excess Contributions”) and such Excess Contributions
  and earnings thereon are payable to the Participant under the applicable
  provisions of the Plan, earnings on such Excess Contributions for the period
  commencing with the first day of the Plan Year in which the Excess Contributions
  were made and ending with the date of payment to the Participant (“Allocation
  Period”) shall be determined in accordance with the provisions of this
  Section 3.10.

	
 

	
 

	
 

	
The earnings allocable to excess Before-Tax
  Contributions and/or Bonus Contributions and/or Roth Contributions, if
  implemented, upon approval by the Employer, for an Allocation Period shall be
  equal to the sum of (a) plus (b) where (a) and (b) are determined as follows:

	
 

	
 

	
 

	
(a)

	
The amount of earnings attributable to the Participant’s
  Before-Tax Contribution Account and/or Roth Contribution Account, if any for
  the Plan Year multiplied by a fraction, the numerator of which is the excess
  Before-Tax Contributions, Special Contributions and/or Bonus Contributions
  and/or Roth Contributions, if any for the Plan Year, and the denominator of
  which is the sum of (i) the Net Value of the Participant’s Before-Tax
  Contribution Account and/or Roth Contribution Account, if any, as of the last
  day of the immediately preceding Plan Year and (ii) the contributions
  (including the Excess Contributions) made to the Before-Tax Contribution
  Account and/or Roth Contribution Account, if any on the Participant’s behalf
  during such Plan Year.

	
 

	
 

	
 

	
 

	
(b)

	
The amount of earnings attributable to the
  Participant’s Before-Tax Contribution Account and/or Roth Contribution
  Account, if implemented, upon approval by the Employer, for the period
  commencing with the first day of the Plan Year in which payment is made to
  the Participant and ending with the date of payment to the Participant
  multiplied by a fraction, the numerator of which is the excess Before-

	
 

	
 

	
 

	 

	 

	 

	
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Tax Contributions, Special Contributions and/or
  Bonus Contributions made to the Before-Tax Contribution Account and/or Roth
  Contributions, if any, made to the Roth Contribution Account on the
  Participant’s behalf during the Plan Year immediately preceding the Plan Year
  in which the payment is made to the Participant, and the denominator of which
  is the Net Value of the Participant’s Before-Tax Contribution Account and/or
  Roth Contribution Account, if any, on the first day of the Plan Year in which
  the payment is made to the Participant.

	
 

	
 

	
 

	
 

	
The earnings allocable to excess Matching
  Contributions for an Allocation Period shall be equal to the sum of (A) and
  (B) where (A) and (B) are determined as follows:

	
 

	
 

	
 

	
(A)

	
The amount of earnings attributable to the
  Participant’s Matching Contribution Account for the Plan Year multiplied by a
  fraction, the numerator of which is the excess Matching Contributions for the
  Plan Year, and the denominator of which is the sum of (I) the Net Value of
  the Participant’s Matching Contribution Account as of the last day of the
  immediately preceding Plan Year and (II) the contributions (including the
  Excess Contributions) made to the Matching Contribution Account on the
  Participant’s behalf during such Plan Year.

	
 

	
 

	
 

	
 

	
(B)

	
The amount of earnings attributable to the
  Participant’s Matching Contribu­tion Account for the period commencing with
  the first day of the Plan Year in which payment is made to the Participant
  and ending with the date of payment to the Participant multiplied by a
  fraction, the numerator of which is the excess Matching Contributions made to
  the Matching Con­tribution Account on the Partici­pant’s behalf during the
  Plan Year immediately preceding the Plan Year in which the payment is made to
  the Participant, and the denominator of which is the Net Value of the
  Participant’s Matching Contribution Account on the first day of the Plan Year
  in which the payment is made to the Participant.

	
 

	
 

	
 

	
3.11

	
Payment of Contributions

	
 

	
 

	
 

	
As soon as possible after each payroll period, but
  not less often than once a month, the Employer shall deliver to the Trustee:
  (a) the Before-Tax Contributions and/or Roth Contributions, if implemented,
  upon approval by the Employer, required to be made to the Trust Fund during
  such payroll period under the applicable Compensation Reduction Agreements,
  and (b) the amount of all Matching Contributions required to be made to the
  Trust Fund for such payroll period. In addition, as soon as possible after
  the awarding of a Bonus, the Employer shall deliver to the Trustee, the
  amount of all Bonus Contributions required to be made to the Trust Fund under
  the applicable Enrollment Application for Bonus Contributions or Election
  Form for Bonus Contributions.

	
 

	
 

	
 

	
Special Contributions and Discretionary Employer
  Contributions shall be forwarded by the Employer to the Trustee no later than
  the time for filing the Employer’s federal income tax return, plus any
  extensions thereon, for the Plan Year to which they are attributable.

	
 

	
 

	
 

	 

	 

	 

	
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3.12

	
Rollover Contribution

	
 

	
 

	
 

	
Subject to such terms and conditions as may from
  time to time be established by the Committee and the Trustee, an Employee,
  whether or not a Participant, may contribute a Rollover Contribution to the
  Trust Fund; provided, however, that such Employee shall submit a written
  certification, in form and substance satisfactory to the Committee, that the
  contribution qualifies as a Rollover Contribution. The Committee shall be
  entitled to rely on such certification and shall accept the contribution on
  behalf of the Trustee. Rollover Contributions shall be credited to an
  Employee’s Rollover Contribution Account and shall be invested in accordance
  with Article VI of the Plan.

	
 

	
 

	
 

	
Subject to the requirements of Section 401(a)(11)
  and Section 417 of the Code, if applicable, and the provisions set forth in
  Section 7.10 and under Section 72(t) of the Code, an Employee may request, at
  any time, to receive a distribution from his Rollover Contribution Account in
  the form of a withdrawal, pursuant to Section 7.2 or a distribution pursuant
  to Section 7.5 or 7.6, as applicable.

	
 

	
 

	
3.13

	
Section 415 Limits on Contributions

	
 

	
 

	
 

	
(a)

	
For purposes of this Section 3.13, the following
  terms and phrases shall have the meanings hereafter ascribed to them:

	
 

	
 

	
 

	
 

	
 

	
(i)

	
“Annual Additions” shall mean the sum of the
  following amounts credited to a Participant’s Accounts for the Limitation
  Year: (A) Employer con­tributions, including Before-Tax Contributions, Bonus
  Contributions, Matching Contributions and Discretionary Employer
  Contributions; (B) Roth Contributions, if implemented, upon approval by the
  Employer and any other Employee contributions; (C) forfeitures; (D) (1)
  amounts allocated to an individual medical account, as defined in Section
  415(l)(2) of the Code, which is part of a pension or annuity plan maintained
  by the Employer and (2) amounts derived from contributions, paid or accrued,
  which are attributable to post-retirement medical benefits allocated to the
  separate account of a key employee, as defined in Section 419A(d)(3) of the
  Code, under a welfare benefit fund as defined in Section 419(e) of the Code,
  maintained by the Employer; and (E) amounts allocated under a simplified employee
  pension plan are treated as Annual Additions. Annual Additions include the
  following contribu­tions credited to a Participant’s Accounts for the
  Limitation Year, regard­less of whether such contributions have been
  distributed to the Participant:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(I)

	
Before-Tax Contributions, Bonus Contributions and/or
  Roth Contributions, if any which exceed the limitations set forth in Section
  3.3(a);

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(II)

	
Before-Tax Contributions, Bonus Contributions and/or
  Roth Contributions, if any made on behalf of a Highly Compensated 

	
 

	
 

	
 

	 

	 

	 

	
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  Insurance Services, LLC

	
 

	
Article III — 

	
Contributions and
  Limitations on Contributions

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Employee
  which exceed the limitations set forth in Section 3.3(b); and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(III)

	
Matching
  Contributions made on behalf of a Highly Compensated Employee which exceed
  the limitations set forth in Section 3.8.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
“Current
  Accrued Benefit” shall mean a Participant’s annual accrued benefit under a
  defined benefit plan, determined in accordance with the meaning of Section
  415(b)(2) of the Code, as if the Participant had separated from service as of
  the close of the last Limitation Year beginning before January 1, 1987.
  In determining the amount of a Participant’s Current Accrued Benefit, the
  following shall be disregarded:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(A)

	
any change
  in the terms and conditions of the defined benefit plan after May 5,
  1986; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(B)

	
any cost of
  living adjustment occurring after May 5, 1986.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
“Defined
  Benefit Plan” and “Defined Contribution Plan” shall have the meanings set
  forth in Section 415(k) of the Code.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
“Limitation
  Year” shall mean the calendar year.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(v)

	
“Section 415
  Compensation” shall be a Participant’s remuneration as defined in Income Tax
  Regulations Sections 1.415-2(d)(2), (3) and (6). For purposes of this
  Section, Section 415 Compensation shall include (A) any elective deferral (as
  defined in Section 402(g)(3) of the Code, and (B) any amount which is
  contributed or deferred by the Employer at the election of the Employee and
  which is not includable in the gross income of the Employee by reason of
  Section 125 or 457 of the Code.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
For purposes
  of applying the Limitations described in this Section 3.13, compensation paid
  or made available during such Limitation Years shall include elective amounts
  that are not includable in the gross income of an Employee by reason of
  Section 132(f)(4) of the Code.

	
 

	
 

	
 

	
 

	
 

	
(b)

	
For purposes
  of applying the Section 415 limitations, the Employer and all members of a
  controlled group of corporations (as defined under Section 414(b) of the Code
  as modified by Section 415(h) of the Code), all commonly controlled trades or
  businesses (as defined under Section 414(c) of the Code as modified by
  Section 415(h) of the Code), all affiliated service groups (as defined under
  Section 414(m) of the Code) of which the Employer is a member, any leasing
  organization (as defined under Section 414(n) of the Code) that employs any
  person who is considered an Employee under Section 414(n) of the Code and any
  other group provided for under any and all Income Tax Regulations promulgated
  by the Secretary of the Treasury under Section 414(o) of the Code, shall be
  treated as a single employer.

	
 

	
 

	
 

	 

	
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Article III — 

	
Contributions and
  Limitations on Contributions

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
If the
  Employer maintains more than one qualified Defined Contribution Plan on
  behalf of its Employees, such plans shall be treated as one Defined
  Contribution Plan for purposes of applying the Section 415 limitations of the
  Code.

	
 

	
 

	
 

	
 

	
(d)

	
Except to
  the extent permitted under Section 3.7, if applicable, the Annual Additions
  that may be contributed or allocated to a Participant’s Accounts under the
  Plan for any Limitation Year shall not exceed the lesser of:

	
 

	
 

	
 

	
 

	
 

	
(i)

	
forty-five
  thousand dollars ($45,000), as adjusted for increases in the cost-of-living
  under Section 415(d) of the Code; or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
one hundred
  percent (100%) of the Participant’s Section 415 Compensation for the
  Limitation Year.

	
 

	
 

	
 

	
 

	
 

	
 

	
The
  compensation limit referred to in subsection (ii), above, shall not apply to
  any contribution for medical benefits after separation from service (within
  the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is
  otherwise treated as an Annual Addition.

	
 

	
 

	
 

	
 

	
(e)

	
If, as a result
  of the allocation of forfeitures, a reasonable error in estimating a
  Participant’s annual Compensation, a reasonable error in determining the
  amount of elective deferrals that may be made with respect to any
  Participant, or as otherwise permitted by the Internal Revenue Service, the
  Annual Additions to a Participant’s Accounts for a Limitation Year exceed the
  limitation set forth in subsection (d) above during the Limitation Year, any
  or all of the following contributions on behalf of such Participant shall be
  immediately adjusted to that amount which will result in such Annual
  Additions not exceeding the limitation set forth in subsection (d):

	
 

	
 

	
 

	
 

	
 

	
(i)

	
Discretionary
  Employer Contributions;

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Bonus
  Contributions;

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
Before-Tax
  Contributions;

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
Special
  Contributions; and

	
 

	
 

	
 

	
 

	
 

	
 

	
(v)

	
Matching
  Contributions.

	
 

	
 

	
 

	
 

	
 

	
(f)

	
If the
  Annual Additions to a Participant’s Accounts for a Limitation Year exceed the
  limitations set forth in subsection (d) above at the end of a Limitation
  Year, such excess amounts shall not be treated as Annual Additions in such
  Limitation Year but shall instead be treated in accordance with the
  following:

	
 

	
 

	
 

	
 

	
 

	
(i)

	
such excess
  amounts shall be used to reduce the Elective Contributions, Bonus Contributions,
  Discretionary Employer Contributions, Matching Contributions and/or Special
  Contributions to be made on behalf of such

	
 

	
 

	
 

	 

	
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Article III — 

	
Contributions and
  Limitations on Contributions

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 Participant in the succeeding
  Limitation Year, provided that such Participant
  is an Eligible Employee during such succeeding Limitation Year. If such
  Participant is not an Eligible Employee or ceases to be an Eligible Employee
  during such succeeding Limitation Year, any remaining excess amounts from the
  preceding Limitation Year shall be allocated during such succeeding
  Limitation Year to each Participant then actively participating in the Plan.
  Such allocation shall be in proportion to the Elective Contributions made to
  date on his behalf for such Limitation Year, or the prior Limitation Year
  with respect to an allocation as of the beginning of a Limita­tion Year,
  before any other contributions are made in such succeeding Limitation Year;
  or

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
such excess
  amounts may be reduced by the distribution of such Participant’s Elective
  Contributions or Bonus Contributions to such Participant.

	
 

	
 

	
 

	
 

	
 

	
 

	
The Employer
  will, at the end of the Limitation Year in which such excess amounts were
  made, choose the manner in which to treat such excess amounts on a uniform
  and nondiscriminatory basis on behalf of all affected Participants. If such
  excess amounts are reduced by the distribution described in subsection (ii),
  the amounts of such distribution shall not be taken into account for purposes
  of Sections 3.3(a)(i) and (ii), 3.8(a) and (b), or in determining the
  limitation in Section 3.3(b). In addition, any Matching Contributions
  attributable to such amounts shall constitute Forfeitures as described in
  Section 4.2.

	
 

	
 

	
 

	 

	
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Article IV —

	
Vesting and
  Forfeitures

	 

ARTICLE IV — 

VESTING AND FORFEITURES

	
 

	
 

	
 

	
4.1

	
Vesting

	
 

	
 

	
 

	
(a)

	
An Employee
  shall always be fully vested in the Net Value of his Before-Tax Contribution
  Account, the Net Value of his Roth Contribution Account, if implemented, upon
  approval by the Employer and the Net Value of his Rollover Contribution
  Account.

	
 

	
 

	
 

	
 

	
(b)

	
A
  Participant shall become fully vested in the Net Value of his Matching
  Contribution Account and the Net Value of his Discretionary Employer
  Contribution Account upon the earlier of such Participant’s (i) Normal
  Retirement Age or (ii) termination of employment by reason of death,
  Disability or reaching his Retirement Date.

	
 

	
 

	
 

	
 

	
(c)

	
A Participant
  who is not fully vested under subsection (b) shall be vested in the Net Value
  of his Matching Contribution Account and the Net Value of his Discretionary
  Employer Contribution Account in accordance with the following schedule:

	
 

	
 

	
 

	
 

	
 

	
 

	
Period of Service

	
 

	
Vested

  Percentage

	
 

	 

	
 

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
Less than 2
  years

	
 

	
0%

	
 

	
 

	
2 years but
  less than 3 years

	
 

	
20%

	
 

	
 

	
3 years but
  less than 4 years

	
 

	
40%

	
 

	
 

	
4 years but
  less than 5 years

	
 

	
60%

	
 

	
 

	
5 years but
  less than 6 years

	
 

	
80%

	
 

	
 

	
6 years or
  more

	
 

	
100%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
For purposes
  of determining a Participant’s Period of Service under this subsection (c)
  and under Section 4.3, employment with an Affiliated Employer shall be deemed
  employment with the Employer.

	
 

	
 

	
 

	
 

	
 

	
For purposes
  of determining a Participant’s vested percentage of the Net Value of his
  Matching Contribution Account and Discretionary Employer Contribution
  Account, all Periods of Service shall be included.

	
 

	
 

	
 

	
 

	
(d)

	
The vested
  Net Value of a Participant’s Matching Contribution Account and Discretionary
  Employer Contribution Account shall be determined as follows:

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
the
  Participant’s Matching Contribution Account and Discretionary Employer
  Contribution Account shall first be increased to include (A) that portion of
  such Account which had been previously withdrawn in accordance with Sections
  7.2 and 7.3 and (B) that portion of such Account 

	
 

	
 

	
 

	 

	
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Article IV —

	
Vesting and
  Forfeitures

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
which had
  been borrowed in accordance with Article VIII and is outstanding on the date
  of this determination;

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
the
  applicable vested percentage determined in accordance with subsection (c)
  shall then be applied to such Account as determined in accordance with clause
  (i);

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
the amount
  determined in accordance with clause (ii) shall then be reduced by (A) that
  portion of such Account which had been previously withdrawn in accordance
  with Sections 7.2 and 7.3 and (B) that portion of such Account which had been
  borrowed in accordance with Article VIII and is outstanding on the date of
  this determination.

	
 

	
 

	
 

	
 

	
4.2

	
Forfeitures

	
 

	
 

	
 

	
Forfeitures
  shall be treated as Matching Contributions and shall be applied to reduce the
  amount of subsequent Matching Contributions otherwise required to be made.

	
 

	
 

	
 

	
With respect
  to a Participant’s Matching Contribution Account, anything in Section 4.1 to
  the contrary notwithstanding, any Matching Contribution forfeited in
  accordance with the seventh paragraph of Section 3.3(a), the second paragraph
  of Section 3.3(c), the fifth paragraph of Section 3.8 or the second paragraph
  of Section 3.13(f), shall be applied to reduce the amount of subsequent
  Matching Contributions otherwise required to be made.

	
 

	
 

	
 

	
If a former
  Participant who is not fully vested in the Net Value of his Accounts receives
  a distribution of his vested interest in the Net Value of his Accounts and is
  subsequently reemployed by the Employer prior to incurring five (5)
  consecutive One Year Periods of Severance, he shall have the Net Value of his
  Accounts as of the date he previously terminated employment reinstated
  provided he repays the full amount of his distribution in cash or cash
  equivalents before the end of the five (5) consecutive One Year Periods of
  Severance commencing with the date of distribution. The reinstated amount
  shall be unadjusted by any gains or losses occurring subsequent to the
  Participant’s termination of employment and prior to repayment of such
  distribution. Any forfeited amounts required to be reinstated hereunder shall
  be made by an additional Employer contribution for such Plan Year. If such
  former Participant does not repay the full amount of his distribution in cash
  or cash equivalents before the end of the five (5) consecutive One Year
  Periods of Severance commencing with the date of distribution, the Net Value
  of his Accounts as of the date he previously terminated employment shall not
  be reinstated.

	
 

	
 

	
4.3

	
Vesting upon Reemployment

	
 

	
 

	
 

	
(a)

	
For purposes
  of this Section 4.3, “Period of Service” means an Employee’s Period of
  Service determined in accordance with Section 4.1(c).

	
 

	
 

	
 

	
 

	
(b)

	
For the
  purpose of determining a Participant’s vested interest in the Net Value of
  his Matching Contribution Account and Discretionary Employer Contribution
  Account:

	
 

	
 

	
 

	 

	
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Article IV —

	
Vesting and
  Forfeitures

	 

	
 

	
 

	
 

	
 

	
(i)

	
if an
  Employee is not vested in any Matching Contributions and Discretionary
  Employer Contributions, incurs a One Year Period of Severance and again
  performs an Hour of Service, such Employee shall receive credit for his
  Periods of Service prior to his One Year Period of Severance only if the
  number of consecutive One Year Periods of Severance is less than the greater
  of: (A) five (5) years or (B) the aggregate number of his Periods of Service
  credited before his One Year Period of Severance.

	
 

	
 

	
 

	
 

	
(ii)

	
if a
  Participant is partially vested in any Matching Contributions and
  Discretionary Employer Contributions, incurs a One Year Period of Severance
  and again performs an Hour of Service, such Participant shall receive credit
  for his Periods of Service prior to his One Year Period of Severance;
  provided, however, that after five (5) consecutive One Year Periods of
  Severance, a former Participant’s vested interest in the Net Value of the Matching
  Contribution Account and Discretionary Employer Contribution Account
  attributable to Periods of Service prior to his One Year Period of Severance
  shall not be increased as a result of his Periods of Service following his
  reemployment date.

	
 

	
 

	
 

	
 

	
(iii)

	
if a
  Participant is fully vested in any Matching Contributions and Discretionary
  Employer Contributions, incurs a One Year Period of Severance and again
  performs an Hour of Service, such Participant shall receive credit for all
  his Periods of Service prior to his One Year Period of Severance.

	
 

	
 

	
 

	 

	
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Article V —

	
Trust Fund,
  Investment Funds And Voting Rights

	 

ARTICLE V — 

TRUST FUND, INVESTMENT FUNDS AND VOTING RIGHTS

	
 

	
 

	
5.1

	
Trust Fund

	
 

	
 

	
 

	
The Employer
  has adopted the Trust Agreement as the funding vehicle with respect to the
  Investment Funds.

	
 

	
 

	
 

	
All
  contributions forwarded by the Employer to the Trustee pursuant to the Trust
  Agreement shall be held by the Trustee in trust and shall be invested as provided
  in Article VI and in accordance with the terms and provisions of the Trust
  Agreement.

	
 

	
 

	
 

	
All assets
  of the Plan shall be held for the exclusive benefit of Participants,
  Beneficiaries or other persons entitled to benefits. No part of the corpus or
  income of the Trust Fund shall be used for, or diverted to, purposes other
  than for the exclusive benefit of Participants, Beneficiaries or other
  persons entitled to benefits and for defraying reasonable administra­tive
  expenses of the Plan and Trust Fund. No person shall have any interest in or
  right to any part of the earnings of the Trust Fund, or any rights in, to or
  under the Trust Fund or any part of its assets, except to the extent
  expressly provided in the Plan.

	
 

	
 

	
 

	
The Trustee
  shall invest and reinvest the Trust Fund, and the income therefrom, without
  distinction between principal and income, in accordance with the terms and
  provisions of the Trust Agreement. The Trustee may maintain such part of the
  Trust Fund in cash uninvested as it shall deem necessary or desirable. The
  Trustee shall be the owner of and have title to all the assets of the Trust
  Fund and shall have full power to manage the same, except as otherwise
  specifically provided in the Trust Agreement.

	
 

	
 

	
5.2

	
Interim Investments

	
 

	
 

	
 

	
The Trustee
  may temporarily invest any amounts designated for investment in any of the
  Investment Funds of the Trust Fund identified herein in the Investment Fund
  which provides for a stable investment return, as determined by the Trustee
  and retain the value of such contributions therein pending the allocation of
  such values to the Investment Funds designated for investment.

	
 

	
 

	
5.3

	
Account Values

	
 

	
 

	
(a)

	
General

	
 

	
 

	
 

	
The Net
  Value of the Accounts of an Employee means the sum of the total Net Value of
  each Account maintained on behalf of the Employee in the Trust Fund as
  determined as of the Valuation Date coincident with or next following the
  event requiring the determination of such Net Value. The assets of any
  Account shall consist of the Trust Fund Units and/or Shares credited to such
  Account. The applicable Trust Fund Units and Shares shall be valued from time
  to time by the Trustee, in accordance with the Trust 

	
 

	
 

	
 

	 

	
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Article V —

	
Trust Fund,
  Investment Funds And Voting Rights

	 

	
 

	
 

	
 

	
 

	
Agreement,
  but not less often than monthly. On the basis of such valuations, each
  Employee’s Accounts shall be adjusted to reflect the effect of income
  collected and accrued, realized and unrealized profits and losses, expenses
  and all other transactions during the period ending on the applicable
  Valuation Date.

	
 

	
 

	
(b)

	
Investment
  Funds Other Than the Beneficial Mutual Bancorp, Inc. Stock Fund

	
 

	
 

	
 

	
Upon receipt
  by the Trustee of Before-Tax Contributions, Bonus Contributions, Roth
  Contributions, if implemented, upon approval by the Employer, Matching
  Contributions, and, if applicable, Discretionary Employer Contributions,
  Rollover Contributions and Special Contributions, which are to be invested in
  the Investment Funds (other than the Beneficial Mutual Bancorp, Inc. Stock
  Fund) pursuant to Article VI, such contributions shall be applied to purchase
  Trust Fund Units for such Employee’s Accounts, using the value of such Trust
  Fund Units as of the close of business on the date received. Whenever a
  distribution or withdrawal is made to a Participant, Beneficiary or other
  person entitled to benefits, the appropriate number of Trust Fund Units
  credited to such Employee shall be reduced accordingly and each such
  distribution or withdrawal shall be charged against the Trust Fund Units of
  the Investment Funds of such Employee pro rata according to their respective
  values.

	
 

	
 

	
 

	
For the
  purposes of this Section 5.3(b), fractions of Trust Fund Units as well as
  whole Trust Fund Units may be purchased or redeemed for the Account of an
  Employee.

	
 

	
 

	
(c)

	
Beneficial
  Mutual Bancorp, Inc. Stock Fund

	
 

	
 

	
 

	
Upon receipt
  by the Trustee of Before-Tax Contributions, Bonus Contributions, Roth
  Contributions, if implemented, upon approval by the Employer, Matching
  Contributions, and, if applicable, Discretionary Employer Contributions,
  Rollover Contributions and Special Contributions, which are to be invested in
  the Beneficial Mutual Bancorp, Inc. Stock Fund pursuant to Article VI, such
  contributions shall be applied to purchase Shares of Beneficial Mutual
  Bancorp, Inc. Stock for the respective Employee’s Account, at the applicable
  Closing Price. Whenever a distribution or withdrawal from the Beneficial
  Mutual Bancorp, Inc. Stock Fund is made, in cash, to a Participant,
  Beneficiary or other person entitled to benefits, the appropriate number of
  Shares credited to such Employee shall be sold at the applicable Closing
  Price and the proceeds of such sale shall be attributed to such Employee’s
  Account.

	
 

	
 

	
 

	
For the purposes
  of this Section 5.3(c), fractions of Shares as well as whole Shares may be
  credited to such Employee’s Accounts.

	
 

	
 

	
5.4

	
Voting Rights, Tender Offers and Other Offers

	
 

	
 

	
 

	
(a)

	
Each
  Participant with an interest in the Beneficial Mutual Bancorp, Inc. Stock
  Fund shall have the right to participate confidentially in the exercise of
  voting rights appurtenant to Shares held in such Investment Fund, provided
  that such person had Shares in such Fund as of the most recent Valuation Date
  coincident 

	
 

	
 

	
 

	 

	
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Article V —

	
Trust Fund,
  Investment Funds And Voting Rights

	 

	
 

	
 

	
 

	
 

	
 

	
with or
  preceding the applicable record date for which records are available. The
  Employer or its designee shall furnish to each Participant who has Shares
  credited to one or more of his Accounts (whether or not vested) notice of the
  date and purpose of each meeting of the stockholders of the Employer at which
  Beneficial Mutual Bancorp, Inc. Stock is entitled to be voted, and a voting
  instruction form to be returned to the Trustee. If the Participant furnishes
  such instructions to the Trustee within the time specified in the
  notification, the Trustee shall vote the Shares credited to the Participant’s
  Account in accordance with the Participant’s instructions. With respect to
  Shares credited to Participant Accounts as to which the Trustee did not
  receive timely voting instructions and with respect to Shares not credited to
  a Participant’s Account, the Trustee shall vote all such Shares as provided
  in the Trust Agreement.

	
 

	
 

	
 

	
 

	
(b)

	
The
  Committee shall furnish, or cause to be furnished, to each person with Shares
  in the Beneficial Mutual Bancorp, Inc. Stock Fund, all annual reports, proxy
  materials and other information known to have been furnished by the issuer of
  the shares or by any proxy solicitor, to the holders of shares.

	
 

	
 

	
 

	
 

	
(c)

	
Each person
  with an interest in the Beneficial Mutual Bancorp, Inc. Stock Fund shall have
  the right to participate confidentially in the decision as to how to respond
  to a tender offer for Shares, provided that such person had Shares in such
  Account as of the most recent Valuation Date coincident with or preceding the
  applicable record date for which records are available. The Trustee shall
  furnish to each Participant who has Shares credited to one or more of his
  Accounts (whether or not vested) notice of any tender or exchange offer for
  Beneficial Mutual Bancorp, Inc. Stock. The Trustee shall request from each
  such Participant instructions as to the tendering or exchanging of the Shares
  credited to the Participant’s Accounts, and for this purpose the Trustee
  shall provide each Participant with a reasonable period of time in which he
  may consider any such tender or exchange offer for Beneficial Mutual Bancorp,
  Inc. Stock. The Trustee shall tender or exchange Shares credited to the
  Participant’s Accounts, as to which the Trustee has received instructions to
  tender or exchange from Participants within the time specified by the
  Trustee. Beneficial Mutual Bancorp, Inc. Stock representing the Participant’s
  proportionate interest in the Beneficial Mutual Bancorp, Inc. Stock Fund, as
  to which the Trustee has not received timely instructions (or has received
  instructions not to tender) shall be tendered or exchanged as provided in the
  Trust Agreement. Beneficial Mutual Bancorp, Inc. Stock not credited to a
  Participant’s Account shall be tendered or exchanged by the Trustee as
  provided in the Trust Agreement.

	
 

	
 

	
 

	
 

	
(d)

	
Participant
  voting and tender or exchange instructions shall be held in confidence by the
  Trustee. In carrying out its responsibilities under this provision, the
  Trustee may conclusively rely on information furnished to it by the Employer,
  including the name and current addresses of Participants, and the number of Shares
  of Beneficial Mutual Bancorp, Inc. Stock credited to Participant Accounts.

	
 

	
 

	
 

	 

	
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Article V —

	
Trust Fund,
  Investment Funds And Voting Rights

	 

	
 

	
 

	
5.5

	
Dissenters’ Rights

	
 

	
 

	
 

	
Each person
  with an interest in the Beneficial Mutual Bancorp, Inc. Stock Fund on the
  applicable record date shall have the right to participate in the decision as
  to whether to exercise the dissenters’ rights appurtenant to Shares held in
  the Beneficial Mutual Bancorp, Inc. Stock Fund by completing and filing a
  written direction with the Trustee on a timely basis. The Trustee will
  exercise dissenters’ rights with respect to the Shares credited to the
  Participant’s Accounts as to which the Trustee has received such
  instructions. Dissenters’ rights shall not be exercised with respect to the
  remaining shares held in the Beneficial Mutual Bancorp, Inc. Stock Fund.

	
 

	
 

	
5.6

	
Power to Invest in Company Securities

	
 

	
 

	
 

	
The
  Committee may direct the Trustee to acquire or hold any security issued by
  the Employer or any Affiliated Employer which is a “qualifying employer
  security” as such term is defined under ERISA and to invest that portion of
  the assets of the Trust Fund in such securities.

	
 

	
 

	
 

	 

	
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Article VI —

	
Investment
  Directions, Changes of Investment Directions

	
and Transfers
  Between Investment Funds

	 

ARTICLE VI — 

INVESTMENT DIRECTIONS, CHANGES OF INVESTMENT DIRECTIONS

AND TRANSFERS BETWEEN INVESTMENT FUNDS

	
 

	
 

	
6.1

	
Investment Directions

	
 

	
 

	
 

	
Upon
  electing to participate, each Participant shall direct that the contributions
  made to his Accounts shall be applied to purchase Trust Fund Units in any one
  or more of the Investment Funds of the Trust Fund, either as directed
  Investment Funds and/or managed Investment Funds, other than the Beneficial
  Mutual Bancorp, Inc. Stock Fund and commencing on the Reorganization Date, to
  purchase Shares in the Beneficial Mutual Bancorp, Inc. Stock Fund. Such
  direction shall indicate the percentage, in multiples of one percent (1%), in
  which Before-Tax Contributions, Bonus Contributions, Roth Contributions, if
  implemented, upon approval by the Employer, Matching Contributions,
  Discretionary Employer Contributions, Special Contributions, Catch-Up
  Contributions, and Rollover Contributions shall be made to the designated
  Investment Funds.

	
 

	
 

	
 

	
With respect
  to directed Investment Funds, to the extent a Participant shall fail to make
  an investment direction, contributions made on his behalf shall be applied to
  purchase Trust Fund Units in an Investment Fund which provides for a stable
  investment return, as determined by the Trustee.

	
 

	
 

	
6.2

	
Change of Investment Directions

	
 

	
 

	
 

	
A
  Participant may change any investment direction not more often than twice in
  any thirty (30) day period, in the form and manner prescribed by the
  Committee, either: (a) by completing and filing a notice at least ten (10)
  days prior to the effective date of such direction, or (b) by telephone or
  other electronic medium. Any such change shall be subject to the same
  conditions as if it were an initial direction and shall be applied only to
  any contributions to be invested on or after the effective date of such
  direction.

	
 

	
 

	
6.3

	
Transfers Between Investment Funds

	
 

	
 

	
 

	
A
  Participant or Beneficiary may, not more often than twice in any thirty (30)
  day period, redirect the investment of his Investment Funds such that a
  percentage of any one or more Investment Funds may be transferred to any one
  or more other Investment Funds in the form and manner prescribed by the
  Committee, either: (a) by filing a notice at least ten (10) days prior to the
  effective date of such change, or, (b) by telephone or other electronic
  medium. In the case of Investment Funds other than the Beneficial Mutual
  Bancorp, Inc. Stock Fund, the requisite transfers shall be valued as of the
  Valuation Date on which the direction is received by the Trustee. In the case
  of the Beneficial Mutual Bancorp, Inc. Stock Fund, the requisite transfer
  shall be valued on the basis of the applicable Closing Price of the Shares on
  the date the transfer is effected.

	
 

	
 

	
 

	 

	
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Article VI —

	
Investment
  Directions, Changes of Investment Directions

	
and Transfers
  Between Investment Funds

	 

	
 

	
 

	
 

	
6.4

	
Employees Other than Participants

	
 

	
 

	
 

	
(a)

	
Investment
  Direction

	
 

	
 

	
 

	
 

	
 

	
An Employee
  who is not a Participant but who has made a Rollover Contribution in
  accordance with the provisions of Section 3.13, shall direct, in the form and
  manner prescribed by the Committee, that such contribution be applied to the
  purchase of Trust Fund Units in any one or more of the Investment Funds, and
  commencing on the Reorganization Date, to purchase Shares in the Beneficial
  Mutual Bancorp, Inc. Stock Fund. Such direction shall indicate the
  percentage, in multiples of one percent (1%), in which contributions shall be
  made to the designated Investment Funds, and/or the Beneficial Mutual
  Bancorp, Inc. Stock Fund. To the extent any Employee shall fail to make an
  investment direction, the Rollover Contributions shall be applied to the
  purchase of Trust Fund Units in the Investment Fund which provides for a
  stable investment return, as determined by the Trustee.

	
 

	
 

	
 

	
 

	
(b)

	
Transfers
  Between Investment Funds

	
 

	
 

	
 

	
 

	
 

	
An Employee
  who is not a Participant may, subject to the provisions of Section 6.3, not
  more often than twice in any thirty (30) day period, redirect the investment
  of his Investment Funds such that a percentage of any one or more Investment
  Funds may be transferred to any one or more other Investment Funds. In the
  case of Investment Funds other than the Beneficial Mutual Bancorp, Inc. Stock
  Fund, the requisite transfers shall be valued as of the Valuation Date on
  which the direction is received by the Trustee. In the case of the Beneficial
  Mutual Bancorp, Inc. Stock Fund, the requisite transfer shall be valued on
  the basis of the applicable Closing Price of the Shares on the date the
  transfer is effected.

	
 

	
 

	
6.5

	
Restrictions on Investments in the Beneficial Mutual Bancorp, Inc.
  Stock Fund for Certain Participants

	
 

	
 

	
 

	
Notwithstanding
  anything in the Plan to the contrary, any Participant subject to the
  provisions of Section 16(b) of the Securities Exchange Act of 1934 may be
  subject to Section 16(b) liability if such Participant has an intra-plan
  transfer, in accordance with the provisions of Section 6.3 and/or Section
  6.4, involving the Beneficial Mutual Bancorp, Inc. Stock Fund within six (6)
  months of the next preceding transfer into or out of the Beneficial Mutual
  Bancorp, Inc. Stock Fund. In addition, any Participant subject to the
  provisions of Section 16(b) of the Securities Exchange Act of 1934 who elects
  to receive a cash distribution from his Beneficial Mutual Bancorp, Inc. Stock
  Fund account under the Plan, including redemption of such stock for purposes
  of cash withdrawals under Section 7.2 and/or Section 7.3 and/or loans under
  Article VIII, may similarly be subject to Section 16(b) liability for any
  short swing profits within six (6) months of the next preceding transfer into
  or out of the Beneficial Mutual Bancorp, Inc. Stock Fund.

	
 

	
 

	
 

	 

	
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Article VI —

	
Investment
  Directions, Changes of Investment Directions

	
and Transfers
  Between Investment Funds

	 

	
 

	
 

	
 

	
However,
  unless otherwise required by rules and regulations of the Securities and
  Exchange Commission, Section 16(b) liability will not result from
  distributions made in connection with a Participant’s death, Disability,
  termination of employment or retirement; pursuant to a domestic relations
  order described under Section 414(p) of the Code; as a result of the minimum
  distribution requirements described under Section 401(a)(9) of the Code; or
  as a result of the limitations described under Sections 401(k), 401(m),
  402(g) and 415 of the Code.

	
 

	
 

	
 

	 

	
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Article VII —

	
Payment of
  Benefits

	 

ARTICLE VII — 

PAYMENT OF BENEFITS

	
 

	
 

	
 

	
7.1

	
General

	
 

	
 

	
 

	
(a)

	
The vested
  interest in the Net Value of any one or more of the Accounts of a
  Participant, Beneficiary or any other person entitled to benefits under the
  Plan shall be paid only at the times, to the extent, in the manner, and to
  the persons provided in this Article VII.

	
 

	
 

	
 

	
 

	
(b)

	
Notwithstanding
  the foregoing, if payments are fifty dollars ($50.00) or less, the Committee,
  in its sole discretion, may determine to make such payments in a lump sum or
  in quarterly, semi-annual, or annual installments.

	
 

	
 

	
 

	
 

	
(c)

	
The Net
  Value of any one or more of the Accounts of a Participant shall be subject to
  the provisions of Section 8.7.

	
 

	
 

	
 

	
 

	
(d)

	
Notwithstanding
  any provisions of the Plan to the contrary, any and all withdrawals,
  distributions or payments made under the provisions of this Article VII shall
  be made in accordance with the minimum distribution requirements set forth in
  Section 7.10.

	
 

	
 

	
 

	
 

	
(e)

	
A
  Participant’s Before-Tax Contributions, Bonus Contributions, Roth
  Contributions, if implemented, upon approval by the Employer, Special
  Contributions, qualified Matching Contributions, and earnings attributable to
  these contributions shall be distributed on account of the Participant’s
  severance from employment. Such a distribution shall, however, be subject to
  the other provisions this Article VII regarding distributions, other than
  provisions that require a severance from employment before such amounts may
  be distributed. A change in status from Employee to Leased Employee, shall
  not constitute a severance from employment.

	
 

	
 

	
 

	
 

	
(f)

	
Distributions
  from the Beneficial Mutual Bancorp, Inc. Stock Fund under this Article VII,
  shall be made in accordance with Section 7.11 hereunder.

	
 

	
 

	
 

	
 

	
(g)

	
For purposes
  of valuing distributions and withdrawals from the Plan, the Net Value of a
  Participant’s Accounts invested in the Beneficial Mutual Bancorp, Inc. Stock
  Fund shall be based on the applicable Closing Price on the date the
  distribution or withdrawal from the Participant’s Account is effected.

	
 

	
 

	
 

	
7.2

	
Non-Hardship Withdrawals

	
 

	
 

	
 

	
 

	
(a)

	
Subject to
  the terms and conditions contained in this Section 7.2, upon ten (10) days
  prior written notice to the Committee, each Participant shall be entitled to
  withdraw not more often than once during any Plan Year all or any portion of
  the Net Value of his Accounts in the following order of priority:

	
 

	
 

	
 

	 

	
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Article VII —

	
Payment of
  Benefits

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
the Net
  Value of the Employee’s Rollover Contribution Account;

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
the Net
  Value of his Before-Tax Contribution Account, provided the Participant has
  attained age fifty-nine and one-half (59-1/2);

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
the vested
  interest in the Net Value of his Matching Contribution Account, provided the
  Participant has attained age fifty-nine and one-half (59-1/2); and

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
the vested
  interest in the Net Value of his Discretionary Employer Contribution Account,
  provided the Participant has attained age fifty-nine and one-half (59-1/2).

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Withdrawals
  under this Section 7.2 shall be made in the following order of priority:

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
by the
  redemption of Trust Fund Units from each of the Participant’s Accounts in the
  order set forth in Section 7.2(a), on a pro rata basis from the Investment
  Funds thereunder, other than the Beneficial Mutual Bancorp, Inc. Stock Fund,
  as were selected by the Participant pursuant to Article VI; and

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
if selected
  by the Participant pursuant to Article VI, by the redemption/sale of Shares
  invested in the Beneficial Mutual Bancorp, Inc. Stock Fund from each of the
  Participant’s Accounts in the order set forth in Section 7.2(a).

	
 

	
 

	
 

	
 

	
 

	
(c)

	
Any
  withdrawals under this Section 7.2 shall be subject to the restrictions of
  Section 6.5.

	
 

	
 

	
 

	
7.3

	
Hardship Distributions

	
 

	
 

	
 

	
(a)

	
For purposes
  of this Section 7.3, a “Hardship” distribution shall mean a distribution that
  is (i) made on account of a condition which has given rise to immediate and
  heavy financial need of a Participant and (ii) necessary to satisfy such
  financial need. A determination of the existence of an immediate and heavy
  financial need and the amount necessary to meet the need shall be made by the
  Committee in accordance with uniform nondiscriminatory standards with respect
  to similarly situated persons.

	
 

	
 

	
 

	
 

	
(b)

	
Immediate
  and Heavy Financial Need:

	
 

	
 

	
 

	
 

	
 

	
A Hardship
  distribution shall be deemed to be made on account of an immediate and heavy
  financial need if the distribution is on account of:

	
 

	
 

	
 

	
 

	
 

	
(i)

	
expenses for
  medical care described under Section 213(d) of the Code which were previously
  incurred by the Participant, the Participant’s Spouse or any of the
  Participant’s dependents as defined under Section 152 of the 

	
 

	
 

	
 

	 

	
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Article VII —

	
Payment of
  Benefits

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Code, and a
  non-custodial child who is subject to the special rule of Section 152(e) of
  the Code, or expenses which are necessary to obtain medical care described
  under Section 213(d) of the Code for the Participant, the Participant’s
  Spouse or any of the Participant’s dependents as defined under Section 152 of
  the Code, and a non-custodial child who is subject to the special rule of
  Section 152(e) of the Code; or

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
purchase
  (excluding mortgage payments) of a principal residence of the Participant; or

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
payment of
  tuition and related educational fees for the next twelve (12) months of post-secondary
  education for the Participant, the Participant’s Spouse, children or any of
  the Participant’s dependents as defined under Section 152 of the Code; or

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
the need to
  prevent the eviction of the Participant from his principal residence or
  foreclosure on the mortgage of the Participant’s principal residence; or

	
 

	
 

	
 

	
 

	
 

	
 

	
(v)

	
payments for
  funeral or burial expenses for the Participant’s deceased parent, spouse,
  child or dependent; or

	
 

	
 

	
 

	
 

	
 

	
 

	
(vi)

	
expenses to
  repair damage to the Participant’s principal residence that would qualify for
  a casualty loss deduction under Section 165 of the Code (determined without
  regard to whether the loss exceeds ten percent (10%) of adjusted gross
  income); or

	
 

	
 

	
 

	
 

	
 

	
 

	
(vii)

	
any other
  condition which the Commissioner of Internal Revenue, through the publication
  of revenue rulings, notices and other documents of general applicability,
  deems to be an immediate and heavy financial need.

	
 

	
 

	
 

	
 

	
 

	
(c)

	
Necessary to
  Satisfy Such Financial Need:

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
A
  distribution will be treated as necessary to satisfy an immediate and heavy
  financial need of a Participant if: (A) the amount of the distribution is not
  in excess of (1) the amount required to relieve the financial need of the
  Participant and (2) if elected by the Participant, an amount necessary to pay
  any federal, state or local income taxes and penalties reasonably anticipated
  to result from such distribution, and (B) such need may not be satisfied from
  other resources that are reasonably available to the Participant.

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
A
  distribution will be treated as necessary to satisfy a financial need if the
  Committee reasonably relies upon the Participant’s representation that the
  need cannot be relieved:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(A)

	
through
  reimbursement or compensation by insurance or otherwise;

	
 

	
 

	
 

	 

	
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Article VII —

	
Payment of
  Benefits

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(B)

	
by
  reasonable liquidation of the Participant’s assets, to the extent such
  liquidation would not itself cause an immediate and heavy financial need;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(C)

	
by cessation
  of Elective Contributions, Bonus Contributions or Employee contributions, if
  any, under the Plan; or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(D)

	
by other
  currently available distributions (including distribution of ESOP dividends
  under Section 404(k) of the Code, if any) or nontaxable loans from plans
  maintained by the Employer or by any other employer, or by borrowing from
  commercial sources on reasonable commercial terms.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
For purposes
  of this subsection (c)(ii), the Participant’s resources shall be deemed to
  include those assets of his Spouse and minor children that are reasonably
  available to the Participant.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
Alternatively,
  a Hardship distribution will be deemed to be necessary to satisfy an
  immediate and heavy financial need of a Participant if (A) or (B) are met:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(A)

	
all of the
  following requirements are satisfied:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(I)

	
the
  distribution is not in excess of (1) the amount of the immediate and heavy
  financial need of the Participant and (2) if elected by the Participant, an
  amount necessary to pay any federal, state or local income taxes or penalties
  reasonably anticipated to result from such distribution;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(II)

	
the
  Participant has obtained all other currently available distributions
  (including distribution of ESOP dividends under Section 404(k) of the Code,
  if any, but not Hardship distributions) and nontaxable (at the time of the
  loan) loans, under the Plan and all other plans maintained by the Employer;
  or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(B)

	
the requirements
  set forth in additional methods, if any, prescribed by the Commissioner of
  Internal Revenue (through the publication of revenue rulings, notices and
  other documents of general applicability) are satisfied.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
For purposes
  of Section 3.4 and this Section 7.3(c)(iii), a Participant who receives a
  distribution of Elective Contributions and/or Bonus Contributions on account
  of Hardship shall be prohibited from making Elective Contributions and/or
  Bonus Contributions and Employee contributions under this Plan and all other
  plans of the Employer for six (6) months after receipt of the distribution.

	
 

	
 

	
 

	 

	
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Article VII —

	
Payment of
  Benefits

	 

	
 

	
 

	
 

	
 

	
 

	
(d)

	
A
  Participant who has withdrawn the maximum amounts available to such
  Participant under Section 7.2 or a Participant who is not eligible for a
  withdrawal thereunder, may, in case of Hardship (as defined under this
  Section 7.3), apply not more often than once in any Plan Year to the
  Committee for a Hardship distribution. Any application for a Hardship
  distribution shall be made in writing to the Committee at least ten (10) days
  prior to the requested date of payment. Hardship distributions may be made by
  a distribution of all or a portion of an Employee’s (i) Before-Tax
  Contributions, (ii) earnings on Before-Tax Contributions which accrued prior
  to January 1, 1989, (iii) Bonus Contributions, (iv) Net Value of his Rollover
  Contribution Account, (v) vested interest in the Net Value of his Matching
  Contribution Account, and (vi) vested interest in the Net Value of his
  Discretionary Employer Contribution Account.

	
 

	
 

	
 

	
 

	
(e)

	
Distributions
  under this Section 7.3 shall be made in the following order of priority:

	
 

	
 

	
 

	
 

	
 

	
(i)

	
the
  Participant’s Before-Tax Contributions and Bonus Contributions, including
  earnings on Before-Tax Contributions which accrued prior to January 1, 1989;

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
the vested
  interest in the Net Value of the Participant’s Matching Contribution Account;

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
the vested
  interest in the Net Value of the Participant’s Discretionary Employer
  Contribution Account; and

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
the Net
  Value of the Employee’s Rollover Contribution Account.

	
 

	
 

	
 

	
 

	
 

	
(f)

	
Distributions
  under this Section 7.3 shall be made in the following order of priority:

	
 

	
 

	
 

	
 

	
 

	
(i)

	
by the
  redemption of Trust Fund Units from each of the Participant’s Accounts in the
  order set forth in Section 7.3(e), on a pro rata basis from among the
  Investment Funds, thereunder, other than the Beneficial Mutual Bancorp, Inc.
  Stock Fund, as were selected by the Participant pursuant to Article VI; and

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
if selected
  by the Participant pursuant to Article VI, by the redemption/sale of Shares
  invested in the Beneficial Mutual Bancorp, Inc. Stock Fund from each of the
  Participant’s Accounts in the order set forth in Section 7.3(e).

	
 

	
 

	
 

	
 

	
 

	
(g)

	
A
  Participant who receives a Hardship distribution under this Section 7.3 may
  have his Elective Contributions suspended in accordance with Section
  7.3(c)(iii).

	
 

	
 

	
 

	
 

	
(h)

	
Any
  withdrawals under this Section 7.3 shall be subject to the restrictions of
  Section 6.5.

	
 

	
 

	
 

	 

	
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Article VII —

	
Payment of
  Benefits

	 

	
 

	
 

	
 

	
7.4

	
Distribution of Benefits - General

	
 

	
 

	
 

	
 

	
(a)

	
If an
  Employee incurs a Termination of Service for any reason other than death, a
  distribution of the vested interest in the Net Value of his Accounts shall be
  made to the Employee in accordance with the provisions of Section 7.5 or 7.6
  or 7.8. The amount of such distribution shall be the vested interest in the
  Net Value of his Accounts. With respect to Investment Funds other than the
  Beneficial Mutual Bancorp, Inc. Stock Fund, such Net Value shall be
  determined as of the Valuation Date coincident with the date of receipt by
  the Trustee of the proper documentation acceptable to the Trustee for such
  purpose. With respect to the Beneficial Mutual Bancorp, Inc. Stock Fund, the
  Net Value of a Participant’s Accounts shall be determined on the basis of the
  applicable Closing Price of the Shares on the date the Shares are sold for
  his account.

	
 

	
 

	
 

	
 

	
(b)

	
An election
  by an Employee to receive the vested interest in the Net Value of his
  Accounts in a form other than in the normal form of benefit payment set forth
  in Sections 7.5(a) and (b) and Sections 7.6(a) and (b) may not be revoked or
  amended by him after he terminates his employment. Notwithstanding the
  foregoing, an Employee who elected to receive payment of benefits as of a
  deferred Valuation Date, may, by completing and filing the form prescribed by
  the Committee, change to another form of benefit payment.

	
 

	
 

	
 

	
 

	
(c)

	
An Employee
  who incurs a Termination of Service and is reemployed by the Employer prior
  to the distribution of all or part of the entire vested interest in the Net
  Value of his Accounts in accordance with the provisions of Section 7.5 or
  7.6, shall not be eligible to receive or to continue to receive such
  distribution during his period of reemployment with the Employer. Upon such
  Employee’s subsequent Termination of Service, his prior election to receive a
  distribution in a form other than the normal form of benefit payment shall be
  null and void and the vested interest in the Net Value of his Accounts shall
  be distributed to him in accordance with the provisions of Section 7.5 or 7.6
  or 7.8.

	
 

	
 

	
 

	
 

	
(d)

	
An
  Employee’s vested interest in the Net Value of his Accounts in the Beneficial
  Mutual Bancorp, Inc. Stock Fund shall be distributed to the Participant, in
  accordance with the provisions of Sections 7.5 and 7.6, by the Trustee as
  soon as administratively possible following the date the Employer is informed
  by the Trustee of the Participant’s vested interest in such Accounts in the
  Beneficial Mutual Bancorp, Inc. Stock Fund. The distribution shall be made in
  accordance with Section 7.11 and the terms and provisions of the Trust
  Agreement.

	
 

	
 

	
 

	
7.5

	
Payments upon Retirement or Disability

	
 

	
 

	
 

	
(a)

	
If an
  Employee incurs a Termination of Service as of his Normal Retirement Date or
  his Postponed Retirement Date, or if an Employee incurs a Termination of
  Service as of his Early Retirement Date or due to Disability and the Net
  Value of his Accounts is less than or equal to one thousand dollars ($1,000),
  a lump sum 

	
 

	
 

	
 

	 

	
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Article VII —

	
Payment of
  Benefits

	 

	
 

	
 

	
 

	
 

	
 

	
distribution
  of the Net Value of his Accounts shall be made to the Employee within seven
  (7) days of the Valuation Date coincident with the date of receipt by the
  Trustee of the proper documentation indicating that the Employee incurred a
  Termination of Service as of such Retirement Date or date of Disability.

	
 

	
 

	
 

	
 

	
(b)

	
If an
  Employee incurs a Termination of Service as of his Normal Retirement Date,
  Postponed Retirement Date or Early Retirement Date or if an Employee incurs a
  Termination of Service due to Disability and the Net Value of his Accounts
  exceeds one thousand dollars ($1,000), a lump sum distribution of the vested
  interest in the Net Value of his Accounts shall be made to the Employee
  within seven (7) days of the Valuation Date coincident with the later of (i)
  the date the Employee attained Normal Retirement Date or Postponed Retirement
  Date or would have attained his Normal Retirement Date if he were still
  employed by the Employer, or (ii) the date of receipt by the Trustee of the
  proper documentation indicating such Retirement Date.

	
 

	
 

	
 

	
 

	
(c)

	
In lieu of
  the normal form of benefit payment set forth in subsection (b), an Employee
  who incurs a Termination of Service as of his Early Retirement Date or incurs
  a Termination of Service due to Disability and the Net Value of his Accounts
  exceeds one thousand dollars ($1,000), may file an election form to receive
  the vested interest in the Net Value of his Accounts as a lump sum
  distribution as of some other Valuation Date following his Termination of
  Service and prior to his Normal Retirement Date. The vested interest in the
  Net Value of his Accounts shall be distributed to such Employee as a lump sum
  distribution within seven (7) days of the Valuation Date coincident with the
  date of receipt by the Trustee of the proper documentation indicating the
  Employee’s distribution date.

	
 

	
 

	
 

	
 

	
(d)

	
In lieu of
  the normal form of benefit payment set forth in subsection (b), an Employee
  who incurs a Termination of Service as of his Retirement Date or incurs a Termination
  of Service due to Disability may elect to defer receipt of the vested
  interest in the Net Value of his Accounts beyond his Normal Retirement Date
  or Postponed Retirement Date. The applicable form must be filed at least
  thirty (30) days prior to the Employee’s Normal Retirement Date. If such an
  election is made, the vested interest in the Net Value of his Accounts shall
  continue to be held in the Trust Fund. Subject to the required minimum
  distribution provisions of Sections 7.9(b) and 7.9(c), the vested interest in
  the Net Value of his Accounts shall (i) be distributed to such Employee as a
  lump sum distribution within seven (7) days of the Valuation Date coincident
  with the date of receipt by the Trustee of the proper documentation
  indicating the Employee’s deferred distribution date.

	
 

	
 

	
 

	
 

	
(e)

	
In lieu of
  the normal form of benefit payment set forth in subsections (a) and (b), an
  Employee who incurs a Termination of Service as of his Retirement Date or
  incurs a Termination of Service due to Disability may, at least ten (10) days
  prior to the date on which his benefit is scheduled to be paid, file an
  election form that a 

	
 

	
 

	
 

	 

	
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Article VII — 

	
Payment of Benefits

	 

	
 

	
 

	
 

	
 

	
 

	
lump sum distribution equal to the vested interest
  in the Net Value of his Accounts be paid in a Direct Rollover pursuant to
  Section 7.8. The amount of such lump sum distribution shall be determined as
  of the Valuation Date coincident with the date of receipt by the Trustee of
  the proper documentation.

	
 

	
 

	
 

	
7.6

	
Payments upon Termination of
  Service for Reasons Other Than Retirement or Disability

	
 

	
 

	
 

	
 

	
(a)

	
If an Employee incurs a Termination of Service as of
  a date other than a Retirement Date or for reasons other than Disability, has
  not elected to receive his benefit pursuant to an optional form of benefit
  payment in accordance with the provisions of subsection (c) or (d) and the
  vested interest in the Net Value of the Employee’s Accounts is equal to or
  less than one thousand dollars ($1,000), a lump sum distribution of the
  vested interest in the Net Value of his Accounts shall be made to the
  Employee within seven (7) days of the Valuation Date coincident with the date
  of receipt by the Trustee of the proper documentation indicating that he
  incurred a Termination of Service.

	
 

	
 

	
 

	
 

	
(b)

	
If an Employee incurs a Termination of Service as of
  a date other than a Retirement Date or for reasons other than Disability, has
  not elected to receive his benefit pursuant to an optional form of benefit
  payment in accordance with the provisions of subsection (c) or (d) and the
  vested interest in the Net Value of the Employee’s Accounts exceeds one
  thousand dollars ($1,000), a lump sum distribution of the vested interest in
  the Net Value of his Accounts shall be made to the Employee within seven (7)
  days of the Valuation Date coincident with the later of (i) the date the
  Employee would have attained his Normal Retirement Date if he were still
  employed by the Employer or (ii) the date of receipt by the Trustee of the
  proper documentation indicating the Employee’s attainment of Normal
  Retirement Date.

	
 

	
 

	
 

	
 

	
(c)

	
In lieu of the normal form of benefit payment set
  forth in subsection (b), an Employee who incurs a Termination of Service as
  of a date other than a Retirement Date or for reasons other than Disability,
  may file an election form to receive the vested interest in the Net Value of
  his Accounts as a lump sum distribution as of some other Valuation Date
  following his Termination of Service and prior to the date he would have
  attained his Normal Retirement Date. The vested interest in the Net Value of
  his Accounts shall be distributed to such Employee as a lump sum within seven
  (7) days of the Valuation Date coincident with the date of receipt by the
  Trustee of the proper documentation indicating the Employee’s distribution
  date.

	
 

	
 

	
 

	
 

	
(d)

	
In lieu of the normal form of benefit payment set
  forth in subsections (a) and (b), an Employee who incurs a Termination of
  Service as of a date other than his Retirement Date or for reasons other than
  Disability may, at least ten (10) days prior to the date on which his benefit
  is scheduled to be paid, file an election form that a lump sum distribution
  equal to the vested interest in the Net Value of his 

	
 

	
 

	
 

	 

	
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Accounts be paid in a Direct Rollover pursuant to
  Section 7.8. The amount of such lump sum distribution shall be determined as
  of the Valuation Date coincident with the date of receipt by the Trustee of
  the proper documentation.

	
 

	
 

	
 

	
 

	
(e)

	
If an Employee incurs a Termination of Service as of
  a date other than a Retirement Date or for reasons other than Disability and
  has not elected to receive the vested interest in the Net Value of his
  Accounts pursuant to an optional form of benefit payment in accordance with
  subsection (c) or (d), the Employer shall notify the Trustee of such
  termination.

	
 

	
 

	
 

	
7.7

	
Payments Upon Death

	
 

	
 

	
 

	
(a)

	
In the case of a married Participant, the Spouse
  shall be the designated Beneficiary. Notwithstanding the foregoing, such
  Participant may effectively elect to designate a person or persons other than
  the Spouse as Beneficiary. Such an election shall not be effective unless (i)
  such Participant’s Spouse irrevocably consents to such election in writing,
  (ii) such election designates a Beneficiary which may not be changed without
  spousal consent or the consent of the Spouse expressly permits designation by
  the Participant without any requirement of further consent by the Spouse,
  (iii) the Spouse’s consent acknowledges understanding of the effect of such
  election and (iv) the consent is witnessed by a Plan representative or
  acknowledged before a notary public. Notwithstanding this consent
  requirement, if the Participant establishes to the satisfaction of the Plan
  representative that such written consent cannot be obtained because there is
  no Spouse or the Spouse cannot be located, the consent hereunder shall not be
  required. Any consent necessary under this provision shall be valid only with
  respect to the Spouse who signs the consent.

	
 

	
 

	
 

	
 

	
(b)

	
In the case of a single Participant, Beneficiary
  means a person or persons who have been designated under the Plan by such
  Participant or who are otherwise entitled to a benefit under the Plan.

	
 

	
 

	
 

	
 

	
(c)

	
The designation of a Beneficiary who is other than a
  Participant’s Spouse and the designation of any contingent Beneficiary shall
  be made in writing by the Participant in the form and manner prescribed by
  the Committee and shall not be effective unless filed prior to the death of
  such person. If more than one person is designated as a Beneficiary or a
  contingent Beneficiary, each designated Beneficiary in such Beneficiary
  classification shall have an equal share unless the Participant directs
  otherwise. For purposes of this Section 7.7, “person” includes an individual,
  a trust, an estate, or any other person or entity designated as a
  Beneficiary.

	
 

	
 

	
 

	
 

	
(d)

	
A married Participant who has designated a person or
  persons other than the Spouse as Beneficiary may, without the consent of such
  Spouse, revoke such prior election by submitting written notification of such
  revocation. Such revocation shall result in the reinstatement of the Spouse
  as the designated Beneficiary unless 

	
 

	
 

	
 

	 

	
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the Participant effectively designates another
  person as Beneficiary in accordance with the provisions of subsection (a).
  The number of election forms and revocations shall not be limited.

	
 

	
 

	
 

	
 

	
(e)

	
Upon the death of a Participant the remaining vested
  interest in the Net Value of his Accounts shall become payable, in accordance
  with the provisions of subsection (g), to his Beneficiary or contingent
  Beneficiary. If there is no such Beneficiary, the remaining vested interest
  in the Net Value of his Accounts shall be payable to the executor or
  administrator of his estate, or, if no such executor or administrator is
  appointed and qualifies within a time which the Committee shall, in its sole
  and absolute discretion, deem to be reasonable, then to such one or more of
  the descendants and blood relatives of such deceased Participant as the Committee,
  in its sole and absolute discretion, may select.

	
 

	
 

	
 

	
 

	
(f)

	
If a designated Beneficiary entitled to payments
  hereunder shall die after the death of the Participant but before the entire
  vested interest in the Net Value of Accounts of such Participant has been
  distributed, then the remaining vested interest in the Net Value of Accounts
  of such Participant shall be paid, in accordance with the provisions of
  subsection (g), to the surviving Beneficiary who is not a contingent
  Beneficiary, or, if there are no such surviving Beneficiaries then living, to
  the designated contingent Beneficiaries as shall be living at the time such
  payment is to be made. If there is no designated contingent Beneficiary then
  living, the remaining interest in the Net Value of his Accounts shall be paid
  to the executor or administrator of the estate of the last to die of the
  Beneficiaries who are not contingent Beneficiaries.

	
 

	
 

	
 

	
 

	
(g)

	
If a Participant dies before his entire vested
  interest in the Net Value of his Accounts has been distributed to him, the
  remainder of such vested interest shall be paid to his Beneficiary or, if
  applicable, his contingent Beneficiary, in a lump sum distribution as soon as
  practicable following the date of the Participant’s death. Notwithstanding the
  foregoing, if, prior to the Participant’s death, the Participant had elected
  to receive a deferred lump sum distribution and had not yet received such
  distribution, such Beneficiary shall receive a lump sum distribution as of
  the earlier of: (A) the Valuation Date set forth in the Participant’s
  election or (B) the last Valuation Date which occurs within one (1) year of
  the Participant’s death.

	
 

	
 

	
 

	
 

	
 

	
If the Beneficiary is the Participant’s Spouse and
  if benefits are payable to such Beneficiary as an immediate or deferred lump
  sum distribution, such Spouse may defer the distribution up to the date on
  which the Participant would have attained age seventy and one-half (70-1/2).
  If such Spouse dies prior to such distribution, the prior sentence shall be
  applied as if the Spouse were the Participant.

	
 

	
 

	
 

	
 

	
(h)

	
Notwithstanding anything in the Plan to the
  contrary, the provisions of subsections (a) through (g) shall also apply to a
  person who is not a Participant but 

	
 

	
 

	
 

	 

	
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who has made a contribution to and maintains a
  Rollover Contribution Account under the Plan.

	
 

	
 

	
 

	
7.8

	
Direct Rollover of Eligible
  Rollover Distributions

	
 

	
 

	
 

	
For purposes of this Section 7.8, the following
  definitions shall apply:

	
 

	
 

	
 

	
(a)

	
“Direct Rollover” means a payment by the Plan to the
  Eligible Retirement Plan specified by the Distributee.

	
 

	
 

	
 

	
 

	
(b)

	
“Distributee” means an Employee or former Employee.
  In addition, the Employee’s or former Employee’s surviving spouse and the
  Employee’s or former Employee’s Spouse or former spouse who is the alternate
  payee under a qualified domestic relations order, as defined in Section
  414(p) of the Code, are Distributees with regard to the interest of the
  Spouse or former spouse.

	
 

	
 

	
 

	
 

	
(c)

	
“Eligible Retirement Plan” means (i) an individual
  retirement account described in Section 408(a) of the Code, (ii) an
  individual retirement annuity described in Section 408(b) of the Code, (iii)
  an annuity plan described in Section 403(a) of the Code, (iv) a qualified
  trust described in Section 401(a) of the Code, (v) an annuity contract
  described in Section 403(b) of the Code, and (vi) an eligible plan under
  Section 457(b) of the Code which is maintained by a state, political subdivision
  of a state, or any agency or instrumentality of a state or political
  subdivision of a state and which agrees to separately account for amounts
  transferred into such plan from this Plan, that accepts the Distributee’s
  Eligible Rollover Distribution. However, in the case of an Eligible Rollover
  Distribution to the surviving Spouse, an Eligible Retirement Plan is an
  individual retirement account or individual retirement annuity. The
  definition of Eligible Retirement Plan shall also apply in the case of a
  distribution to a surviving spouse, or to a spouse or former spouse who is
  the alternate payee under a qualified domestic relations order, as defined in
  Section 414(p) of the Code.

	
 

	
 

	
 

	
 

	
 

	
Notwithstanding the foregoing, if any portion of an
  Eligible Rollover Distribution is attributable to payments or distributions
  from an Employee’s Roth Contribution Account, if implemented, upon approval
  by the Employer, Eligible Retirement Plan, with respect to such portion,
  means only (i) another designated Roth account under an applicable retirement
  plan described in Code Section 402A(e)(1) or (ii) a Roth IRA described in
  Code Section 408A and only to the extent the Eligible Rollover Distribution
  is permitted under Code Section 402(c).

	
 

	
 

	
 

	
(d)

	
“Eligible Rollover Distribution” means any
  distribution of two hundred dollars ($200) or more of all or any portion of
  the balance to the credit of the Distributee, except that an Eligible
  Rollover Distribution does not include: any distribution that is one of a
  series of substantially equal periodic payments (not less frequently than
  annually) made for the life (or life expectancy) of the Distributee or the
  joint lives (or joint life expectancies) of the Distributee and the
  Distributee’s designated 

	
 

	
 

	
 

	 

	
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Beneficiary, or for a specified period of ten (10)
  years or more; any distribution to the extent such distribution is required
  under Section 401(a)(9) of the Code; the portion of any distribution that is
  not includible in gross income (determined without regard to the exclusion
  for net unrealized appreciation with respect to employer securities); and any
  Hardship distribution described in Section 401(k)(2)(B)(i)(IV) of the Code.
  For purposes of this Section 7.8(d), any amount that is distributed on
  account of Hardship shall not be an Eligible Rollover Distribution and the
  Distributee may not elect to have any portion of such a distribution paid
  directly to an Eligible Retirement Plan.

	
 

	
 

	
 

	
 

	
Notwithstanding any provision of the Plan to the
  contrary that would otherwise limit a Distributee’s election under this
  Section 7.8, a Distributee may elect, at the time and in the manner
  prescribed by the Plan Administrator, to have any portion of an Eligible
  Rollover Distribution paid directly to an Eligible Retirement Plan specified
  by the Distributee in a Direct Rollover.

	
 

	
 

	
7.9

	
Commencement of Benefits

	
 

	
 

	
 

	
(a)

	
Unless the Employee elects otherwise in accordance
  with the Plan, in no event shall the payment of benefits commence later than
  the sixtieth (60th) day after the close of the Plan Year in which the latest
  of the following events occur: (i) the attainment by the Employee of age
  sixty-five (65), (ii) the tenth (10th) anniversary of the year in which the
  Participant commenced participation in the Plan or Prior Plan, or (iii) the
  termination of the Employee’s employment with the Employer; provided,
  however, that if the amount of the payment required to commence on the date
  determined under this sentence cannot be ascertained by such date, a payment
  retroactive to such date may be made no later than sixty (60) days after the
  earliest date on which the amount of such payment can be ascertained under
  the Plan.

	
 

	
 

	
 

	
 

	
(b)

	
Subject to Section 7.1(d), distributions to
  five-percent owners:

	
 

	
 

	
 

	
 

	
 

	
The vested interest in the Net Value of the Accounts
  of a five-percent owner (as described in Section 416(i) of the Code and
  determined with respect to the Plan Year ending in the calendar year in which
  such individual attains age seventy and one-half (70-1/2)) must be
  distributed or commence to be distributed no later than the first day of
  April following the calendar year in which such individual attains age
  seventy and one-half (70-1/2). The vested interest in the Net Value of the
  Accounts of an Employee who is not a five-percent owner (as described in
  Section 416(i) of the Code) for the Plan Year ending in the calendar year in
  which such person attains age seventy and one-half (70-1/2) but who becomes a
  five-percent owner (as described in Section 416(i) of the Code) for a later
  Plan Year must be distributed or commence to be distributed no later than the
  first day of April following the last day of the calendar year that includes
  the last day of the first Plan Year for which such individual is a
  five-percent owner (as described in Section 416(i) of the Code).

	
 

	
 

	
 

	 

	
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(c)

	
Subject to Section 7.1(d), distributions to other
  than five-percent owners:

	
 

	
 

	
 

	
 

	
 

	
Except as otherwise provided in the following
  paragraph, the vested interest in the Net Value of the Accounts of any
  Employee who attains age seventy and one-half (70-1/2), must be distributed
  or commence to be distributed no later than the first day of April following
  the calendar year in which such individual attains age seventy and one-half
  (70-1/2).

	
 

	
 

	
 

	
 

	
 

	
Effective January 1, 1997, an Employee otherwise
  required to receive a distribution under the preceding paragraph, may elect to
  defer distribution of the Net Value of his Accounts to the date of his
  termination of employment.

	
 

	
 

	
 

	
 

	
 

	
Notwithstanding the foregoing, the vested interest
  in the Net Value of the Accounts of (I) any Employee who becomes a
  Participant on or after January 1, 1997 or (II) any Employee who attains
  age seventy and one-half (70-1/2) in a calendar year beginning on or after
  the adoption date of the amendment addressing benefit commencement, must be
  distributed or commence to be distributed no later than the first day of
  April following the calendar year in which occurs the later of: (1) his
  termination of employment or (2) his attainment of age seventy and one-half
  (70-1/2).

	
 

	
 

	
 

	
7.10

	
Minimum Distribution Requirements

	
 

	
 

	
 

	
(a)

	
General Rules

	
 

	
 

	
 

	
 

	
 

	
The requirements of this Section 7.10 will take
  precedence over any inconsistent provisions of the Plan. All distributions
  required under this Section will be determined and made in accordance with
  the Treasury regulations under Section 401(a)(9) of the Code.

	
 

	
 

	
 

	
 

	
(b)

	
Time and Manner of Distribution

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
Required Beginning Date. The Participant’s entire
  interest will be distributed, or begin to be distributed, to the Participant
  no later than the Participant’s Required Beginning Date.

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Death of Participant Before Distributions Begin. If
  the Participant dies before distributions begin, the Participant’s entire
  interest will be distributed, or begin to be distributed, no later than as
  follows:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(A)

	
If the Participant’s surviving Spouse is the Participant’s
  sole Designated Beneficiary, distributions to the surviving Spouse will begin
  by December 31 of the calendar year immediately following the calendar year
  in which the Participant died, or by December 31 of the calendar year in
  which the Participant would have attained age 70-1/2, if later.

	
 

	
 

	
 

	 

	
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(B)

	
If the Participant’s surviving Spouse is not the
  Participant’s sole Designated Beneficiary, distributions to the Designated
  Beneficiary will begin by December 31 of the calendar year immediately
  following the calendar year in which the Participant died.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(C)

	
If there is no Designated Beneficiary as of
  September 30 of the year following the year of the Participant’s death, the
  Participant’s entire interest will be distributed by December 31 of the
  calendar year containing the fifth (5th) anniversary of the
  Participant’s death.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(D)

	
If the Participant’s surviving Spouse is the
  Participant’s sole Designated Beneficiary and the surviving Spouse dies after
  the Participant but before distributions to the surviving Spouse begin, this
  Section 7.10(b)(ii), other than Section 7.10(b)(ii)(A), will apply as if the
  surviving Spouse were the Participant.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
For purposes of this Section 7.10(b)(ii) and Section
  7.10(d), unless Section 7.10(b)(ii)(D) applies, distributions are considered
  to begin on the Participant’s Required Beginning Date. If Section
  7.10(b)(ii)(D) applies, distributions are considered to begin on the date
  distributions are required to begin to the surviving Spouse under Section
  7.10(b)(ii)(A). If distributions under an annuity purchased from an insurance
  company, if applicable, irrevocably commence to the Participant before the
  Participant’s Required Beginning Date (or to the Participant’s surviving
  Spouse before the date distributions are required to begin to the surviving
  Spouse under Section 7.10(b)(ii)(A), the date distributions are considered to
  begin is the date distributions actually commence.

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
Election to Apply 5-Year Rule to Distributions to
  Designated Beneficiaries. If the Participant dies before distributions begin
  and there is a Designated Beneficiary, distribution to the Designated
  Beneficiary is not required to begin by the date specified in Section
  7.10(b)(ii), but the Participant’s entire interest will be distributed to the
  Designated Beneficiary by December 31 of the calendar year containing the
  fifth (5th) anniversary of the Participant’s death. If the Participant’s
  surviving Spouse is the Participant’s sole Designated Beneficiary and the
  surviving Spouse dies after the Participant but before distributions to
  either the Participant or the surviving Spouse begin, this election will
  apply as if the surviving Spouse were the Participant.

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
Election to Allow Participants or Beneficiaries to
  Elect 5-Year Rule. Participants or Beneficiaries may elect on an individual
  basis whether the 5-year rule or the Life Expectancy rule in Sections
  7.10(b)(ii) and 7.10(d)(ii) applies to distributions after the death of a
  Participant who has a Designated Beneficiary. The election must be made no
  later than the earlier of September 30 of the calendar year in which
  distribution would 

	
 

	
 

	
 

	 

	
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be required to begin under Section 7.10(b)(ii), or
  by September 30 of the calendar year which contains the fifth (5th)
  anniversary of the Participant’s (or, if applicable, surviving Spouse’s)
  death. If neither the Participant nor Beneficiary makes an election under
  this subsection, distributions will be made in accordance with Sections
  7.10(b)(ii) and 7.10(d)(ii) and, if applicable, the elections in Section
  7.10(b)(iii) above.

	
 

	
 

	
 

	
 

	
 

	
 

	
(v)

	
Forms of Distribution. Unless the Participant’s
  interest is distributed in the form of an annuity purchased from an insurance
  company or in a single sum on or before the Required Beginning Date, as of
  the first Distribution Calendar Year, distributions will be made in
  accordance with Sections 7.10(c) and (d). If the Participant’s interest is
  distributed in the form of an annuity purchased from an insurance company,
  distributions thereunder will be made in accordance with the requirements of
  Section 401(a)(9) of the Code and the Treasury regulations.

	
 

	
 

	
 

	
 

	
 

	
(c)

	
Required Minimum Distributions
  During Participant’s Lifetime

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
Amount of Required Minimum Distribution For Each
  Distribution Calendar Year. During the Participant’s lifetime, the minimum
  amount that will be distributed for each Distribution Calendar Year is the
  lesser of:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(A)

	
the quotient obtained by dividing the Participant’s
  Accounts by the distribution period in the Uniform Lifetime Table set forth
  in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant’s
  age as of the Participant’s birthday in the Distribution Calendar Year; or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(B)

	
if the Participant’s sole Designated Beneficiary for
  the Distribution Calendar Year is the Participant’s Spouse, the quotient obtained
  by dividing the Participant’s Accounts by the number in the Joint and Last
  Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury
  regulations, using the Participant’s and Spouse’s attained ages as of the
  Participant’s and Spouse’s birthdays in the Distribution Calendar Year.

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Lifetime Required Minimum Distributions Continue
  Through Year of Participant’s Death. Required minimum distributions will be
  determined under this Section 7.10(c) beginning with the first Distribution
  Calendar Year and up to and including the Distribution Calendar Year that
  includes the Participant’s date of death.

	
 

	
 

	
 

	
 

	
 

	
(d)

	
Required Minimum Distributions
  After Participant’s Death

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
Death On or After Date Distributions Begin:

	
 

	
 

	
 

	
 

	
(A)

	
Participant Survived by Designated Beneficiary. If
  the Participant dies on or after the date distributions begin and there is a 

	
 

	
 

	
 

	 

	
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Designated Beneficiary, the minimum amount that will
  be distributed for each Distribution Calendar Year after the year of the
  Participant’s death is the quotient obtained by dividing the Participant’s
  Accounts by the longer of the remaining Life Expectancy of the Participant or
  the remaining Life Expectancy of the Participant’s Designated Beneficiary,
  determined as follows:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(I)

	
The Participant’s remaining Life Expectancy is
  calculated using the age of the Participant in the year of death, reduced by
  one for each subsequent year.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(II)

	
If the Participant’s surviving Spouse is the
  Participant’s sole Designated Beneficiary, the remaining Life Expectancy of
  the surviving Spouse is calculated for each Distribution Calendar Year after
  the year of the Participant’s death using the surviving Spouse’s age as of
  the Spouse’s birthday in that year. For Distribution Calendar Years after the
  year of the surviving Spouse’s death, the remaining Life Expectancy of the
  surviving Spouse is calculated using the age of the surviving Spouse as of the
  Spouse’s birthday in the calendar year of the Spouse’s death, reduced by one
  for each subsequent calendar year.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(III)

	
If the Participant’s surviving Spouse is not the
  Participant’s sole Designated Beneficiary, the Designated Beneficiary’s remaining
  Life Expectancy is calculated using the age of the Beneficiary in the year
  following the year of the Participant’s death, reduced by one for each
  subsequent year.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(B)

	
No Designated Beneficiary. If the Participant dies
  on or after the date distributions begin and there is no Designated
  Beneficiary as of September 30 of the year after the year of the
  Participant’s death, the minimum amount that will be distributed for each
  Distribution Calendar Year after the year of the Participant’s death is the
  quotient obtained by dividing the Participant’s Accounts by the Participant’s
  remaining Life Expectancy calculated using the age of the Participant in the
  year of death, reduced by one for each subsequent year.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Death Before Date Distributions Begin:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(A)

	
Participant Survived by Designated Beneficiary. If
  the Participant dies before the date distributions begin and there is a
  Designated Beneficiary, the minimum amount that will be distributed for each
  Distribution Calendar Year after the year of the Participant’s death 

	
 

	
 

	
 

	 

	
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is the quotient obtained by dividing the
  Participant’s Accounts by the remaining Life Expectancy of the Participant’s
  Designated Beneficiary, determined as provided in Section 7.10(d)(i).

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(B)

	
No Designated Beneficiary. If the Participant dies
  before the date distributions begin and there is no Designated Beneficiary as
  of September 30 of the year following the year of the Participant’s death,
  distribution of the Participant’s entire interest will be completed by
  December 31 of the calendar year containing the fifth (5th)
  anniversary of the Participant’s death.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(C)

	
Death of Surviving Spouse Before Distributions to
  Surviving Spouse Are Required to Begin. If the Participant dies before the
  date distributions begin, the Participant’s surviving Spouse is the
  Participant’s sole Designated Beneficiary, and the surviving Spouse dies
  before distributions are required to begin to the surviving Spouse under
  Section 7.10(b)(ii)(A), this Section 7.10(d)(ii) will apply as if the
  surviving Spouse were the Participant.

	
 

	
 

	
 

	
 

	
 

	
(e)

	
Definitions

	
 

	
 

	
 

	
 

	
 

	
For purposes of this Section 7.10, the following
  words and phrases shall have the meanings hereafter ascribed to them: 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
Designated Beneficiary. The individual who is
  designated as the Beneficiary under Section 1.10 of the Plan and is the
  Designated Beneficiary under Section 401(a)(9) of the Code and Section
  1.401(a)(9)-1, Q&A-4, of the Treasury regulations.

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Distribution Calendar Year. A calendar year for
  which a minimum distribution is required. For distributions beginning before
  the Participant’s death, the first Distribution Calendar Year is the calendar
  year immediately preceding the calendar year which contains the Participant’s
  Required Beginning Date. For distributions beginning after the Participant’s
  death, the first Distribution Calendar Year is the calendar year in which
  distributions are required to begin under Section 7.10(b)(ii). The required
  minimum distribution for the Participant’s first Distribution Calendar Year
  will be made on or before the Participant’s Required Beginning Date. The
  required minimum distribution for other Distribution Calendar Years,
  including the required minimum distribution for the Distribution Calendar
  Year in which the Participant’s Required Beginning Date occurs, will be made
  on or before December 31 of that Distribution Calendar Year.

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
Life Expectancy. Life Expectancy as calculated by
  use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury
  regulations.

	
 

	
 

	
 

	 

	
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Article VII — 

	
Payment of Benefits

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
Participant’s Accounts. The Accounts of the last
  Valuation Date in the calendar year immediately preceding the Distribution
  Calendar Year (valuation calendar year) increased by the amount of any
  contributions made and allocated or Forfeitures allocated to the Accounts as
  of dates in the valuation calendar year after the Valuation Date and
  decreased by distributions made in the valuation calendar year after the
  Valuation Date. The Accounts for the valuation calendar year includes any
  amounts rolled over or transferred to the Plan either in the valuation
  calendar year or in the Distribution Calendar Year if distributed or
  transferred in the valuation calendar year.

	
 

	
 

	
 

	
 

	
 

	
 

	
(v)

	
Required Beginning Date. The date specified in
  Section 7.9(b) or (c), whichever is applicable.

	
 

	
 

	
 

	
 

	
7.11

	
Manner of Payment of Distributions
  from the Beneficial Mutual Bancorp, Inc. Stock Fund

	
 

	
 

	
 

	
 

	
 

	
Distributions from the Beneficial Mutual Bancorp,
  Inc. Stock Fund shall be made to Participants and Beneficiaries in cash.
  Notwithstanding the foregoing and except for withdrawals under Sections 7.2
  and 7.3 and loans under Article VIII, the Participant or Beneficiary may
  elect that such distributions be made wholly or partially in Shares. If the
  Participant or Beneficiary elects that such distributions may be made wholly
  or partially in Shares, such distribution shall be made in whole Shares and
  the value of any remaining fractional Share shall be distributed in cash. The
  value of the Shares shall be based on the applicable Closing Price of such
  Shares determined as of the Valuation Date preceding the distribution.

	
 

	
 

	
 

	 

	
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  Article VIII — 

  Loans to Participants

  
	 

  

ARTICLE VIII — 

LOANS TO PARTICIPANTS

	
   

  	
   

  	
   

  	
   

  
	
  8.1

  	
  Definitions and Conditions

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  For purposes
  of this Article VIII, the following terms and phrases shall have the meanings
  hereafter ascribed to them:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
  “Borrower”
  means a Participant or a “Party in Interest” (as defined under Section 3(14)
  of ERISA) who maintains an Account, provided such Participant or Party in
  Interest is not receiving a benefit payment in accordance with the provisions
  of Section 7.5(d) or 7.7.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
  “Loan
  Account” means the separate, individual account established on behalf of a
  Borrower in accordance with the provisions of Section 8.4(d).

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iii)

  	
  “Loan
  Policy” means the separate loan policy, as amended from time to time,
  governing loans.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  To the
  extent permitted under the provisions of this Article VIII and subject to the
  terms and conditions set forth herein, a Borrower may request a loan from his
  Accounts.  Any loans made in
  accordance with this Article VIII shall not be subject to the provisions of
  Article VI.

  
	
   

  	
   

  	
   

  
	
  8.2

  	
  Loan Amount

  
	
   

  	
   

  	
   

  
	
   

  	
  Upon a
  finding by the Committee that all requirements hereunder have been met, a
  Borrower may request a loan from his Accounts, in an amount up to the lesser
  of:  (a) fifty percent (50%) of the
  Net Value as of the close of business on the date the loan is processed of
  the Before-Tax Contribution Account, vested Matching Contribution Account,
  Rollover Contribution Accounts and vested Discretionary Employer Contribution
  Account, or (b) fifty thousand dollars ($50,000), reduced by the highest
  outstanding loan balance during the preceding twelve (12) months.  The minimum loan permitted shall be an
  amount as determined in accordance with the guidelines of the Loan Policy
  described under Section 8.1(a)(iii).

  
	
   

  	
   

  	
   

  
	
  8.3

  	
  Term of Loan

  
	
   

  	
   

  	
   

  
	
   

  	
  The term of
  a loan and rate of interest on a loan shall each be determined in accordance
  with the guidelines of the Loan Policy described under Section 8.1(a)(iii).

  
	
   

  	
   

  	
   

  
	
  8.4

  	
  Operational Provisions

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  An
  application for a loan shall be filed in the form and manner (including
  electronically) prescribed by the Committee and shall be subject to the fees
  set forth in the Loan Policy described under Section 8.1(a)(iii).  If the Committee 

  

	
   

  	
   

  	
   

  
	 

  
	
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  Article VIII — 

  Loans to Participants

  
	 

  

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  shall
  approve such application, the Committee shall establish the amount of such
  loan and such loan shall be effected as of the Valuation Date next following
  receipt by the Trustee.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notwithstanding
  the foregoing, the amount of any loan from the portion of a Participant’s
  Account invested in the Beneficial Mutual Bancorp, Inc. Stock Fund shall be
  the proceeds of the Shares sold from the Participant’s Account for such
  purpose.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  The amount
  of the loan shall be distributed from the Investment Funds in which the
  Borrower’s Accounts are invested, in the following order of priority:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
  Rollover
  Contribution Account;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
  Before-Tax
  Contribution Account;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iii)

  	
  vested
  Matching Contribution Account; and

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iv)

  	
  vested
  Discretionary Employer Contribution Account.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Distributions
  from each of the foregoing Accounts shall be made in the following order of
  priority:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (A)

  	
  by the
  redemption of Trust Fund Units from each of the Borrower’s Accounts in the
  order set forth above, on a pro rata basis from the Investment Funds (other
  than the Beneficial Mutual Bancorp, Inc. Stock Fund) thereunder, as were
  selected by the Borrower pursuant to Article VI, and

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (B)

  	
  if selected
  by the Borrower pursuant to Article VI, by the redemption of Shares invested
  in the Beneficial Mutual Bancorp, Inc. Stock Fund from each of the Borrower’s
  Accounts invested in such Beneficial Mutual Bancorp, Inc. Stock Fund, in the
  order set forth above.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  The proceeds
  of a loan shall be distributed to the Borrower as soon as practicable after
  the Valuation Date as of which the loan is processed; provided, however, that
  the Borrower shall have satisfied such reasonable conditions as the Committee
  shall deem necessary, including, without limitation:  (i) the delivery of an executed legally
  enforceable promissory note agreement, in accordance with Income Tax
  Regulations Section 1.72(p)-1, for the amount of the loan, including
  interest, payable to the order of the Trustee; (ii) an assignment to the Plan
  of such Borrower’s interest in his Accounts to the extent of such loan; and
  (iii) if the Borrower is actively employed by the Employer, an authorization
  to the Employer to make payroll deductions in order to repay his loan to the
  Plan.  The aforementioned promissory
  note shall be duly acknowledged and executed by the Borrower and shall be
  held by the Trustee, or the Committee as agent for the Trustee, as an asset
  of the Borrower’s Loan Account pursuant to subsection (d).

  

	
   

  	
   

  	
   

  
	 

  
	
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  (d)

  	
  A Loan
  Account shall be established for each Borrower with an outstanding loan
  pursuant to this Article VIII.  Each
  Loan Account shall be comprised of a Borrower’s (i) executed promissory note
  and (ii) installment payments of principal and interest made pursuant to
  Section 8.5(a).  Upon full payment and
  satisfaction of the outstanding Loan Account balance, a Borrower’s promissory
  note shall be marked paid in full, returned to the Borrower, and his Loan
  Account thereupon closed.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  As of each
  Valuation Date coincident with or next succeeding each payment of principal and
  interest on a loan, the then current balance of each Borrower’s Loan Account
  shall be debited by the amount of such payment and such amount shall be
  transferred for investment in accordance with Section 8.5(c) to the
  appropriate Borrower’s Account.  If
  the Committee established a lien against the Borrower’s Accounts pursuant to
  Section 8.6(b), and foreclosure of such lien is deferred until the Borrower’s
  Termination of Service pursuant to Section 8.6(b)(i), for each month that
  foreclosure of the lien is deferred, the then current balance of the
  Borrower’s Loan Account shall be charged with interest on the unpaid
  principal and interest thereon.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (f)

  	
  The maximum
  number of outstanding loans permitted to any Borrower under this Article VIII
  at any time shall be determined in accordance with the guidelines of the Loan
  Policy described under Section 8.1(a)(iii).

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (g)

  	
  Any loans
  under this Article VIII shall be subject to the restrictions of Section 6.5.

  
	
   

  	
   

  	
   

  	
   

  
	
  8.5

  	
  Repayments

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  If the
  Borrower is on the payroll of the Employer and unless otherwise agreed to by
  the Committee, repayments of loan principal, or the unpaid balance thereof,
  and interest thereon shall be made through payroll deductions.  The first repayment shall be deducted as
  of the first payroll date occurring no later than three (3) weeks after the
  Committee submits the loan form for processing.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If the
  Borrower is not on the payroll of the Employer and unless otherwise agreed to
  by the Committee, repayments of loan principal, or the unpaid balance
  thereof, and interest thereon, shall be made in accordance with the
  guidelines of the Loan Policy described under Section 8.1(a)(iii).

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Any amount
  repaid to the Plan by a Borrower with respect to a loan, including interest
  thereon, shall be invested as if such amount were a contribution to be
  invested in accordance with Section 6.1.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  With respect
  to each Borrower’s Loan Account, any repayment of principal and interest made
  by a Borrower shall be credited, as of the Valuation Date coincident with or
  next succeeding such payment, to the Borrower’s Accounts in the order of
  priority established under Section 8.4(b).
  No Account having a lesser degree of 

  

	
   

  	
   

  	
   

  
	 

  
	
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  priority
  shall be credited until the Account having the immediately preceding degree
  of priority has been restored by an amount equal to that which had been
  borrowed from such Account.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  A Borrower
  may prepay his entire loan, plus all interest accrued and unpaid thereon, as
  of any Valuation Date.  A Borrower
  will not be permitted to make partial prepayments to his or her Loan
  Accounts.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  In the event
  the Plan is terminated, the entire unpaid principal amount of the loan
  hereunder, together with any accrued and unpaid interest thereon, shall
  become immediately due and payable.

  
	
   

  	
   

  	
   

  	
   

  
	
  8.6

  	
  Default

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  If a
  Borrower fails to make any payment on any loan when due under this Article
  VIII, the entire unpaid principal amount of such loan, together with any
  accrued and unpaid interest thereon, shall be deemed in default and become
  due and payable ninety (90) days after the initial date of payment
  delinquency.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  If a
  Borrower fails to make any payment on a loan and is deemed to be in default
  pursuant to subsection (a), the Committee shall establish a lien against the
  Borrower’s Accounts in an amount equal to any unpaid principal and
  interest.  The lien shall be
  foreclosed by applying the value of the Borrower’s Loan Account (determined
  as of the next Valuation Date immediately following foreclosure) in
  satisfaction of said unpaid principal and interest as follows:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
  if the
  Borrower is in the employment of the Employer, upon the Borrower’s
  Termination of Service; or

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
  if the
  Borrower is not in the employment of the Employer, in accordance with the
  guidelines of the Loan Policy described under Section 8.1(a)(iii).

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Thereupon,
  the vested interest in the balance of the Borrower’s Accounts shall be
  distributed in accordance with the applicable provisions of the Plan.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  The
  Committee may, in accordance with uniform rules established by it, restrict
  the right of any Borrower who has defaulted on a loan from the Plan to:  (i) make withdrawals and/or loans from his
  Matching Contribution Account, Before-Tax Contribution Account, and/or
  Rollover Contribution Account and Discretionary Employer Contribution Account
  for a period not exceeding twelve (12) months or (ii) if the Borrower is an
  Eligible Employee, authorize Elective Contributions or Bonus Contributions to
  be made on his behalf or make any other contributions to the Plan for a
  period not exceeding twelve (12) months.

  

	
   

  	
   

  	
   

  
	 

  
	
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  8.7

  	
  Coordination of Outstanding Account and Payment of Benefits

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  If the
  Borrower has an outstanding Loan Account and is either (i) scheduled to
  receive or elects to receive a lump sum distribution in accordance with the
  provisions of Article VII, or (ii) scheduled to receive the last installment
  payment under a previous election made in accordance with the provisions of
  the Prior Plan to receive payments in a form other than the normal form of
  benefit payments, then, at the time of the distribution or payment under
  clause (i) or (ii) above, the entire unpaid principal amount of the loan
  together with any accrued and unpaid interest thereon, shall become
  immediately due and payable.  No Plan
  distribution, except as permitted under Section 7.2 or Section 7.3, shall be
  made to any Borrower unless and until such Borrower’s Loan Account, including
  accrued interest thereunder, has been liquidated and closed.  If a Borrower fails to pay the outstanding
  balance of his Loan Account hereunder, such loan shall be satisfied as if a
  default had occurred pursuant to Section 8.6.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Any
  reference in the Plan to the Net Value of a Borrower’s Accounts available for
  distribution to any Borrower, shall mean the value after the satisfaction of
  the entire unpaid principal loan amount or amounts and any accrued, unpaid
  interest thereon, as provided in this Article VIII.

  

	
   

  	
   

  	
   

  
	 

  
	
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  Article IX —

  Administration

  
	 

  

	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX —

  ADMINISTRATION

  
	
   

  	
   

  	
   

  	
   

  
	
  9.1

  	
  General Administration of the Plan

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The
  operation and administration of the Plan shall be subject to the management
  and control of the Named Fiduciaries and Plan Administrator designated by the
  Sponsoring Employer.  The designation
  of such Named Fiduciaries and Plan Administrator, the terms of their
  appointment, and their duties and responsibilities allocated among them shall
  be as set forth in this Article IX.
  Any actions taken hereunder shall be conclusive and binding on
  Participants, Retired Participants, Employees, Beneficiaries and other
  persons, and shall not be overturned unless found to be arbitrary and
  capricious by a court of competent jurisdiction.

  
	
   

  	
   

  	
   

  	
   

  
	
  9.2

  	
  Designation of Named Fiduciaries

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The
  management and control of the operation and administration of the Plan by
  Named Fiduciaries shall be allocated in the following manner:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  The Trustee
  as a Named Fiduciary, shall perform those functions set forth in the Trust
  Agreement or the Plan that are assigned to the Trustee.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  The
  Sponsoring Employer shall designate one or more individuals to serve as
  member(s) of an employee benefits Committee to perform those functions set
  forth in the Trust Agreement or the Plan that are assigned to such Committee.

  
	
   

  	
   

  	
   

  	
   

  
	
  9.3

  	
  Responsibilities of Fiduciaries

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The Named
  Fiduciaries and Plan Administrator shall have only those powers, duties,
  responsibilities and obligations that are specifically allocated to them
  under the Plan or the Trust Agreement.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  To the
  extent permitted by ERISA, each Named Fiduciary and Plan Administrator may
  rely upon any direction, information or action of another Named Fiduciary,
  Plan Administrator or the Sponsoring Employer as being proper under the Plan
  or the Trust Agreement and is not required to inquire into the propriety of
  any such direction, information or action and no Named Fiduciary or Plan
  Administrator shall be responsible for any act or failure to act of another
  Named Fiduciary, Plan Administrator or the Sponsoring Employer.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  No Named
  Fiduciary, Plan Administrator or the Employer guarantees the Trust Fund in
  any manner against investment loss or depreciation in asset value.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The
  allocation of responsibility between the Trustee and the Sponsoring Employer
  may be changed by written agreement.
  Such reallocation shall be evidenced by Employer Resolutions and shall
  not be deemed an amendment to the Plan.

  

	
   

  	
   

  	
   

  
	 

  
	
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  Article IX —

  Administration

  
	 

  

	
   

  	
   

  	
   

  	
   

  
	
  9.4

  	
  Plan Administrator

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The
  Sponsoring Employer shall designate the Sponsoring Employer, or one or more
  persons to act as Plan Administrator.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The Plan
  Administrator shall have the power and responsibility to:  (a) furnish summary plan descriptions,
  annual reports and other notifications and disclosure statements to
  Participants and Beneficiaries; (b) maintain records and addresses of
  Participants and Beneficiaries; (c) designate any independent qualified
  accountant required to act with respect to the Plan under ERISA; and (d)
  provide notification of determinations under the claim procedure of the Plan.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Any person
  or persons designated as Plan Administrator shall serve until their successor
  or successors are designated and qualified.
  A Plan Administrator may resign upon written notice to the Sponsoring
  Employer or may be removed as Plan Administrator but only for a failure or
  inability, in the opinion of the Sponsoring Employer, of the Plan
  Administrator to carry out his responsibilities in an effective manner.  Termination of employment with the
  Employer shall terminate designation as Plan Administrator.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The Plan
  Administrator is designated as the Plan’s agent for the service of legal
  process.

  
	
   

  	
   

  	
   

  	
   

  
	
  9.5

  	
  Committee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The members
  of the Committee designated by the Sponsoring Employer under Section 9.2(b)
  shall serve for such term(s) as the Sponsoring Employer shall determine and
  until their successors are designated and qualified.  The term of any member of the Committee
  may be renewed from time to time without limitation as to the number of
  renewals.  Any member of the Committee
  may (a) resign upon at least sixty (60) days written notice to the Sponsoring
  Employer or (b) be removed from office but only for his failure or inability,
  in the opinion of the Sponsoring Employer, to carry out his responsibilities
  in an effective manner.  Termination
  of employ­ment with the Employer shall be deemed to give rise to such failure
  or inability.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The powers
  and duties allocated to the Committee shall be vested jointly and severally
  in its members.  Notwithstanding
  specific instructions to the contrary, any instrument or document signed on
  behalf of the Committee by any member of the Committee may be accepted and
  relied upon by the Trustee as the act of the Committee.  The Trustee shall not be required to
  inquire into the propriety of any such action taken by the Committee nor
  shall they be held liable for any actions taken by them in reliance thereon.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The
  Sponsoring Employer may, pursuant to Employer Resolutions, change the number
  of individuals comprising the Committee, their terms of office or other
  conditions of their incumbency provided that there shall be at all times at
  least one individ­ual member of the Committee.  Any such change shall not be deemed an amendment to the Plan.

  

	
   

  	
   

  	
   

  
	 

  
	
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  9.6

  	
  Powers and Duties of the Committee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The
  Committee shall have authority to perform all acts it may deem necessary or
  appropriate in order to exercise the duties and powers imposed or granted by
  ERISA, the Plan, the Trust Agreement or any Employer Resolutions.  Such duties and powers shall include, but
  not be limited to, the following:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  Power to
  Construe - Except as otherwise provided in the Trust Agreement, the Commit­tee
  shall have the power to construe the provisions of the Plan and to determine
  any questions which may arise thereunder.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Power to Make
  Rules and Regulations - The Committee shall have the power to make such
  reasonable rules and regulations as it may deem necessary or appropriate to
  perform its duties and exercise its powers.
  Such rules and regulations shall include, but not be limited to, those
  governing (i) the manner in which the Committee shall act and manage its own
  affairs, (ii) the procedures to be followed in order for Employees or
  Beneficiaries to claim benefits, and (iii) the procedures to be followed by
  Participants, Beneficiaries or other persons entitled to benefits with
  respect to notifications, elections, designations or other actions required
  by the Plan or ERISA.  All such rules
  and regulations shall be applied in a uniform and nondiscriminatory manner.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Powers and
  Duties with Respect to Information - The Committee shall have the power and
  responsibility:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
  to obtain
  such information as shall be necessary for the proper discharge of its
  duties;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
  to furnish
  to the Employer, upon request, such reports as are reasonable and
  appropriate;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iii)

  	
  to receive,
  review and retain periodic reports of the financial condition of the Trust
  Fund; and

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iv)

  	
  to receive,
  collect and transmit to the Trustee all information required by the Trustee
  in the administration of the Accounts of the Employee as contemplated in
  Section 9.7.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  Power of
  Delegation - The Committee shall have the power to delegate fiduciary
  responsibilities (other than trustee responsibilities defined under Section 405(c)(3)
  of ERISA) to one or more persons who are not members of the Committee.  Unless otherwise expressly indicated by
  the Sponsoring Employer, the Committee must reserve the right to terminate
  such delegation upon reasonable notice.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  Power of Allocation
  - Subject to the written approval of the Sponsoring Employer, the Committee
  shall have the power to allocate among its members specified fiduciary
  responsibilities (other than trustee responsibilities defined 

  

	
   

  	
   

  	
   

  
	 

  
	
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  Article IX —

  Administration

  
	 

  

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  under
  Section 405(c)(3) of ERISA).  Any such
  allocation shall be in writing and shall specify the persons to whom such
  allocation is made and the terms and conditions thereof.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (f)

  	
  Duty to
  Report - Any member of the Committee to whom specified fiduciary
  responsibilities have been allocated under subsection (e) shall report to the
  Committee at least annually.  The
  Committee shall report to the Sponsoring Employer at least annually regarding
  the performance of its responsibilities as well as the performance of any
  persons to whom any powers and responsibilities have been further delegated.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (g)

  	
  Power to
  Employ Advisors and Retain Services - The Committee may employ such legal counsel,
  enrolled actuaries, accountants, pension specialists, clerical help and other
  persons as it may deem necessary or desirable in order to fulfill its
  responsibilities under the Plan.

  
	
   

  	
   

  	
   

  	
   

  
	
  9.7

  	
  Certification of Information

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The
  Committee shall certify to the Trustee on such periodic or other basis as may
  be agreed upon, relevant facts regarding the establishment of the Accounts of
  an Employee, periodic contributions with respect to such Accounts, investment
  elections and modifications thereof and withdrawals and distributions
  therefrom.  The Trustee shall be fully
  protected in maintaining individual Account records and in administering the
  Accounts of the Employee on the basis of such certifications and shall have
  no duty of inquiry or otherwise with respect to any transactions or
  communications between the Committee and Employees relating to the
  information contained in such certifications.

  
	
   

  	
   

  	
   

  	
   

  
	
  9.8

  	
  Authorization of Benefit Payments

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The
  Committee shall forward to the Trustee any application for payment of
  benefits within a reasonable time after it has approved such
  application.  The Trustee may rely on
  any such information set forth in the approved application for the payment of
  benefits to the Participant, Beneficiary or any other person entitled to
  benefits.

  
	
   

  	
   

  	
   

  	
   

  
	
  9.9

  	
  Payment of Benefits to Legal Custodian

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Whenever, in
  the Committee’s opinion, a person entitled to receive any benefit payment is
  a minor or deemed to be physically, mentally or legally incompetent to
  receive such benefit, the Committee may direct the Trustee to make payment
  for his benefit to such individual or institution having legal custody of
  such person or to his legal representative.
  Any benefit payment made in accordance with the provisions of this
  Section 9.9 shall operate as a valid and complete discharge of any liability
  for payment of such benefit under the provisions of the Plan.

  

	
   

  	
   

  	
   

  
	 

  
	
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  Article IX —

  Administration

  
	 

  

	
   

  	
   

  	
   

  	
   

  
	
  9.10

  	
  Service in More Than One Fiduciary Capacity

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Any person
  or group of persons may serve in more than one fiduciary capacity with
  respect to the Plan, regardless of whether any such person is an officer,
  employee, agent or other representative of a party in interest.

  
	
   

  	
   

  	
   

  	
   

  
	
  9.11

  	
  Payment of Expenses

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The Employer
  will pay the ordinary administrative expenses of the Plan and compensation of
  the Trustee.

  
	
   

  	
   

  
	
   

  	
  The Employer
  may charge Employees all or part of the reasonable expenses associated with
  withdrawals and other distributions, or fund transfers.

  

	
   

  	
   

  	
   

  
	 

  
	
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Article X — 

	
Benefit Claims
  Procedure

	 

ARTICLE X — 

BENEFIT CLAIMS PROCEDURE

	
 

	
 

	
 

	
10.1

	
Definition

	
 

	
 

	
 

	
 

	
For purposes
  of this Article X, “Claimant” shall mean any Participant, Beneficiary or any
  other person entitled to benefits under the Plan or his duly authorized
  representative.

	
 

	
 

	
 

	
10.2

	
Claims

	
 

	
 

	
 

	
 

	
A Claimant
  may file a written claim for a Plan benefit with the Plan Administrator on
  the appropriate form to be supplied by the Plan Administrator. The Plan
  Administrator shall, in its sole and absolute discretion, review the
  Claimant’s application for benefits and determine the disposition of such
  claim.

	
 

	
 

	
 

	
10.3

	
Disposition of Claim

	
 

	
 

	
 

	
 

	
The Plan
  Administrator shall notify the Claimant as to the disposition of the claim
  for benefits under this Plan within ninety (90) days after the appropriate
  form has been filed unless special circumstances require an extension of time
  for processing. If such an extension of time is required, the Plan
  Administrator shall furnish written notice of the extension to the Claimant
  prior to the termination of the initial ninety (90) day period. The extension
  notice shall indicate the special circumstances requiring the extension of
  time and the date the Plan Administrator expects to render a decision. In no
  event shall such extension exceed a period of one hundred-eighty (180) days
  from the receipt of the claim.

	
 

	
 

	
 

	
10.4

	
Denial of Claim

	
 

	
 

	
 

	
 

	
If a claim
  for benefits under this Plan is denied in whole or in part by the Plan
  Administrator, a written or electronic notice prepared in a manner calculated
  to be understood by the Claimant shall be provided by the Plan Administrator
  to the Claimant and such notice shall include the following:

	
 

	
 

	
 

	
 

	
(a)

	
a statement
  that the claim for the benefits under this Plan has been denied;

	
 

	
 

	
 

	
 

	
(b)

	
the specific
  reasons for the denial of the claim for benefits, citing the specific
  provisions of the Plan which set forth the reason or reasons for the denial;

	
 

	
 

	
 

	
 

	
(c)

	
a
  description of any additional material or information necessary for the Claimant
  to perfect the claim for benefits under this Plan and an explanation of why
  such material or information is necessary; and

	
 

	
 

	
 

	
 

	
(d)

	
appropriate
  information as to the steps to be taken if the Claimant wishes to appeal such
  decision.

	
 

	
 

	
 

	 

	
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Article X — 

	
Benefit Claims
  Procedure

	 

	
 

	
 

	
10.5

	
Right to Full and Fair Review

	
 

	
 

	
 

	
A Claimant
  who is denied, in whole or in part, a claim for benefits under the Plan may
  file an appeal of such denial. Such appeal must be made in writing by the
  Claimant or his duly authorized representative and must be filed with the
  Committee within sixty (60) days after receipt of the notification under
  Section 10.4. The Claimant or his representative may review pertinent
  documents and submit written comments, documents, records and other
  information relating to the Claimant’s denied claim. Upon request, the
  Committee will provide the Claimant, free of charge, reasonable access to and
  copies of all documents, records and other information relevant to the claim.

	
 

	
 

	
10.6

	
Time of Review

	
 

	
 

	
 

	
The
  Committee, independent of the Plan Administrator, shall conduct a full and
  fair review of the denial of claim for benefits under this Plan to a Claimant
  within sixty (60) days after receipt of the written request for review
  described in Section 10.5; provided, however, that an extension, not to
  exceed sixty (60) days, may apply in special circumstances. Written or
  electronic notice shall be furnished to the Claimant prior to the
  commencement of the extension period.

	
 

	
 

	
10.7

	
Final Decision

	
 

	
 

	
 

	
The Claimant
  shall be notified in writing or electronically of the final decision of such
  full and fair review by such Committee. Such decision shall be written in a
  manner calculated to be understood by the Claimant, shall state the specific
  reasons for the decision and shall include specific references to the
  pertinent Plan provisions upon which the decision is based. In no event shall
  the decision be furnished to the Claimant later than sixty (60) days after
  the receipt of a request for review, unless special circumstances require an
  extension of time for processing, in which case a decision shall be rendered
  within one hundred-twenty (120) days after receipt of such request for
  review.

	
 

	
 

	
 

	
 

	
 

	 

	
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Article X — 

	
Amendment,
  Termination, and Withdrawal

	 

ARTICLE XI — 

AMENDMENT, TERMINATION, AND WITHDRAWAL

	
 

	
 

	
 

	
11.1

	
Amendment and Termination

	
 

	
 

	
 

	
The Employer
  expects to continue the Plan indefinitely, but specifically reserves the
  right, in its sole and absolute discretion, at any time, by appropriate
  action of the Board, to terminate its Plan or to amend, in whole or in part,
  any or all of the provisions of the Plan. Subject to the provisions of
  Section 13.7, no such amendment or termination shall permit any part of the
  Trust Fund to be used for or diverted to purposes other than for exclusive
  benefit of Participants, Beneficiaries or other persons entitled to benefits,
  and no such amendment or termination shall reduce the interest of any
  Participant, Beneficiary or other person who may be entitled to benefits,
  without his consent. In the event of a termination or partial termination of
  the Plan, or upon complete discontinuance of contributions under the Plan, the
  Accounts of each affected Participant shall become fully vested and shall be
  distributable in accordance with the provisions of Article VII. In the event
  of a complete termination of the Plan, the Accounts of each affected
  Participant may alternatively be distributable as a lump sum distribution
  within seven (7) days of the Valuation Date coincident with the date of
  receipt by the Trustee of the proper documentation indicating the
  Participant’s distribution date.

	
 

	
 

	
 

	
 

	
If any
  amendment changes the vesting schedule, any Participant who has three (3) or
  more Years of Service may, by filing a written request with the Employer,
  elect to have his vested percentage computed under the vesting schedule in
  effect prior to the amendment.

	
 

	
 

	
 

	
 

	
The period
  during which the Participant may elect to have his vested percentage computed
  under the prior vesting schedule shall commence with the date the amendment
  is adopted and shall end on the latest of:

	
 

	
 

	
 

	
 

	
(a)

	
sixty (60)
  days after the amendment is adopted;

	
 

	
 

	
 

	
 

	
(b)

	
sixty (60)
  days after the amendment becomes effective; or

	
 

	
 

	
 

	
 

	
(c)

	
sixty (60)
  days after the Participant is issued written notice of the amendment from the
  Employer.

	
 

	
 

	
 

	
11.2

	
Withdrawal from the Trust Fund

	
 

	
 

	
 

	
 

	
An Employer
  may withdraw its Plan from the Trust Fund in accordance with and subject to
  the provisions of the Trust Agreement.

	
 

	
 

	
 

	 

	
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Article XII — 

	
Top-Heavy Plan
  Provisions

	 

ARTICLE XII — 

TOP-HEAVY PLAN PROVISIONS

	
 

	
 

	
 

	
 

	
12.1

	
Introduction

	
 

	
 

	
 

	
 

	
 

	
Any other
  provisions of the Plan to the contrary notwithstanding, the provisions
  contained in this Article XII shall be effective with respect to any Plan
  Year in which this Plan is a Top-Heavy Plan, as hereinafter defined.

	
 

	
 

	
 

	
 

	
12.2

	
Definitions

	
 

	
 

	
 

	
 

	
 

	
For purposes
  of this Article XII, the following words and phrases shall have the meanings
  stated herein unless a different meaning is plainly required by the context.

	
 

	
 

	
 

	
 

	
 

	
(a)

	
“Account,”
  for the purpose of determining the Top-Heavy Ratio, means the sum of (i) a
  Participant’s Accounts as of the most recent Valuation Date and (ii) an
  adjustment for contributions due as of the Determination Date.

	
 

	
 

	
 

	
 

	
 

	
 

	
The
  following subsections (A) and (B) shall apply for purposes of determining the
  amounts of Account balances of Employees as of the Determination Date.

	
 

	
 

	
 

	
 

	
 

	
 

	
(A)

	
Distributions
  during year ending on the Determination Date. The amounts of Account balances
  of an Employee as of the Determination Date shall be increased by the
  distributions made with respect to the Employee under this Plan and any plan
  aggregated with the Plan under Section 416(g)(2) of the Code during the one
  (1) year period ending on the Determination Date. The preceding sentence
  shall also apply to distributions under a terminated plan which, had it not
  been terminated, would have been aggregated with this Plan under Section
  416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason
  other than severance from employment, death, or disability, this provision
  shall be applied by substituting “five (5) year period” for “one (1) year
  period.”

	
 

	
 

	
 

	
 

	
 

	
 

	
(B)

	
Employees
  not performing services during year ending on the Determination Date. The
  Accounts of any individual who has not performed services for the Employer
  during the one (1) year period ending on the Determination Date shall not be
  taken into account.

	
 

	
 

	
 

	
 

	
 

	
(b)

	
“Determination
  Date” means, with respect to any Plan Year, the last day of the preceding
  Plan Year. With respect to the first Plan Year, “Determination Date” means
  the last day of such Plan Year.

	
 

	
 

	
 

	
 

	
 

	
(c)

	
“Five-Percent
  Owner” means, if the Employer is a corporation, any Employee who owns (or is
  considered as owning within the meaning of Section 318 of the Code modified
  by Section 416(i)(1)(B)(iii) of the Code) more than five percent (5%) of the
  value of the outstanding stock of, or more than five percent (5%) of the
  total

	
 

	
 

	
 

	 

	
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Article XII — 

	
Top-Heavy Plan
  Provisions

	 

	
 

	
 

	
 

	
 

	
 

	
combined voting power of all the stock of, the Employer. If the
  Employer is not a corporation, a Five-Percent Owner means any Employee who
  owns more than five percent (5%) of the capital or profits interest in the
  Employer.

	
 

	
 

	
 

	
 

	
(d)

	
“Key
  Employee” means any Employee or former Employee (including any deceased
  Employee) who at any time during the Plan Year that includes the
  Determination Date was an officer of the Employer having annual Compensation
  greater than one hundred forty-five thousand dollars ($145,000) for the 2007
  Plan Year (as adjusted under Section 416(i)(1) of the Code, a five percent
  (5%) owner of the Employer, or a one percent (1%) owner of the Employer
  having Annual Compensation of more than one hundred fifty thousand dollars
  ($150,000). For this purpose, “Annual Compensation” means compensation within
  the meaning of Section 415(c)(3) of the Code Income Tax Regulations Sections
  1.415-2(d)(2) and (3). The determination of who is a Key Employee will be
  made in accordance with Section 416(i)(1) of the Code and the applicable
  regulations and other guidance of general applicability issued thereunder.

	
 

	
 

	
 

	
 

	
(e)

	
“Non-Key
  Employee” means an Employee or former Employee (or, where applicable, such
  person’s Beneficiary) who is not a Key Employee.

	
 

	
 

	
 

	
 

	
(f)

	
“Officer”
  means an Employee who is an administrative executive in the regular and
  continued service of his Employer; any Employee who has the title but not the
  authority of an officer shall not be considered an Officer for purposes of
  this Article XII. Similarly, an Employee who does not have the title of an
  officer but has the authority of an officer shall be considered an Officer.
  For purposes of this Article XII, the maximum number of Officers that must be
  taken into consideration shall be determined as follows: (i) three (3), if
  the number of Employees is less than thirty (30); (ii) ten percent (10%) of
  the number of Employees, if the number of Employees is between thirty (30)
  and five hundred (500); or (iii) fifty (50), if the number of Employees is
  greater than five hundred (500). In determining such limit, the term
  “Employer” shall be determined in accordance with Sections 414(b), (c), (m)
  and (o) of the Code and “Employee” shall include Leased Employees and exclude
  employees described in Section 414(q)(5) of the Code.

	
 

	
 

	
 

	
 

	
(g)

	
“One-Percent
  Owner” means, if the Employer is a corporation, any Employee who owns (or is
  considered as owning within the meaning of Section 318 of the Code modified
  by Section 416(i)(1)(B)(iii) of the Code) more than one percent (1%) of the
  value of the outstanding stock of, or more than one percent (1%) of the total
  combined voting power of all the stock of, the Employer. If the Employer is
  not a corporation, a One-Percent Owner means any Employee who owns more than
  one percent (1%) of the capital or profits interest in the Employer.

	
 

	
 

	
 

	
 

	
(h)

	
A
  “Permissive Aggregation Group” consists of one or more plans of the Employer
  that are part of a Required Aggregation Group, plus one or more plans that
  are not part of a Required Aggregation Group but that satisfy the
  requirements of Sections 

	
 

	
 

	
 

	
 

	
 

	
 

	 

	
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Article XII — 

	
Top-Heavy Plan
  Provisions

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
401(a)(4)
  and 410 of the Code when considered together with the Required Aggregation
  Group. If two (2) or more defined benefit plans are included in the
  aggregation group, the same actuarial assumptions must be used with respect
  to all such plans in determining the Present Value of Accrued Benefits.

	
 

	
 

	
 

	
 

	
(i)

	
“Present
  Value of Accrued Benefits” shall be determined in accordance with the actuarial
  assumptions set forth in the defined benefit plan and the assumed benefit
  commencement date shall be determined taking into account any nonproportional
  subsidy. The accrued benefit of any Employee shall be determined under the
  method used for accrual purposes for all plans of the Employer, or if no such
  method is described, as if such benefit accrued not more rapidly than the
  slowest accrual rate permitted under Section 411(b)(1)(C) of the Code.

	
 

	
 

	
 

	
 

	
 

	
(j)

	
“Related
  Rollover Contributions” means rollover contributions received by the Plan
  that are not initiated by the Employee nor made from another plan maintained
  by the Employer.

	
 

	
 

	
 

	
 

	
 

	
(k)

	
A “Required
  Aggregation Group” consists of each plan of the Employer (whether or not
  terminated) in which a Key Employee participates or participated at any time
  during the Plan Year containing the Determination Date or any of the four (4)
  preceding Plan Years and each other plan of the Employer (whether or not
  terminated) which enables any plan in which a Key Employee participates or
  participated to meet the requirements of Section 401(a)(4) or 410 of the
  Code. If two (2) or more defined benefit plans are included in the
  aggregation group, the same actuarial assumptions must be used with respect
  to all such plans in determining the Present Value of Accrued Benefits.

	
 

	
 

	
 

	
 

	
 

	
(l)

	
A “Super
  Top-Heavy Plan” means a Plan in which, for any Plan Year:

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
the
  Top-Heavy Ratio (as defined under subsection (n)) for the Plan exceeds ninety
  percent (90%) and the Plan is not part of any Required Aggregation Group (as
  defined under subsection (k)) or Permissive Aggregation Group (as defined
  under subsection (h)); or

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
the Plan is
  a part of a Required Aggregation Group (but is not part of a Permissive
  Aggregation Group) and the Top-Heavy Ratio for the group of plans exceeds
  ninety percent (90%); or

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
the Plan is
  a part of a Required Aggregation Group and part of a Permissive Aggregation
  Group and the Top-Heavy Ratio for the Permis­sive Aggregation Group exceeds
  ninety percent (90%).

	
 

	
 

	
 

	
 

	
 

	
(m)

	
A “Top-Heavy
  Plan” means a Plan in which, for any Plan Year:

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
the
  Top-Heavy Ratio (as defined under subsection (n)) for the Plan exceeds sixty
  percent (60%) and the Plan is not part of any Required

	
 

	
 

	
 

	 

	
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Article XII — 

	
Top-Heavy Plan
  Provisions

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Aggregation Group (as
  defined under subsection (k)) or Permissive Aggregation Group (as defined
  under subsection (h)); or

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
the Plan is
  a part of a Required Aggregation Group but is not part of a Permissive
  Aggregation Group and the Top-Heavy Ratio for the group of plans exceeds
  sixty percent (60%); or

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
the Plan is
  a part of a Required Aggregation Group and part of a Permissive Aggregation
  Group and the Top-Heavy Ratio for the Permissive Aggregation Group exceeds
  sixty percent (60%).

	
 

	
 

	
 

	
 

	
 

	
(n)

	
“Top-Heavy
  Ratio” means:

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
if the
  Employer maintains one or more qualified defined contribution plans and the
  Employer has not maintained any qualified defined benefit plans which during
  the one (1) year period ending on the Determination Date have or have had
  accrued benefits, the Top-Heavy Ratio for the Plan alone or for the Required
  Aggregation Group or Permissive Aggregation Group, as appropriate, is a
  fraction, the numerator of which is the sum of the Account balances under the
  aggregated defined contribution plan or plans for all Key Employees as of the
  Determination Date, including any part of any Account balance distributed in
  the one (1) year period ending on the Determination Date but excluding
  distributions attributable to Related Rollover Contributions, if any, and the
  denominator of which is the sum of all Account balances under the aggregated
  qualified defined contribution plan or plans for all Participants as of the
  Determination Date, including any part of any Account balance distributed in
  the one (1) year period ending on the Determination Date but excluding
  distributions attributable to Related Rollover Contributions, if any,
  determined in accordance with Section 416 of the Code and the regulations
  thereunder.

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
if the
  Employer maintains one or more qualified defined contribution plans and the
  Employer maintains or has maintained one or more qualified defined benefit
  plans which during the one (1) year period ending on the Determination Date
  have or have had any accrued benefits, the Top-Heavy Ratio for any Required
  Aggregation Group or Permissive Aggregation Group, as appropriate, is a
  fraction, the numerator of which is the sum of the Account balances under the
  aggregated qualified defined contribution plan or plans for all Key
  Employees, determined in accordance with (i) above, and the sum of the
  Present Value of Accrued Benefits under the aggregated qualified defined
  benefit plan or plans for all Key Employees as of the Determination Date, and
  the denominator of which is the sum of the Account balances under the
  aggregated qualified defined contribution plan or plans determined in
  accordance with (i) above, for all Participants and the sum of the Present
  Value of Accrued Benefits under the aggregated qualified defined benefit plan
  or plans for all Participants as of 

	
 

	
 

	
 

	 

	
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Article XII — 

	
Top-Heavy Plan
  Provisions

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
the
  Determination Date, all determined in accordance with Section 416 of the Code
  and the regulations thereunder. The accrued benefits under a qualified
  defined benefit plan in both the numerator and denominator of the Top-Heavy
  Ratio are adjusted for any distribution of an accrued benefit made in the one
  (1) year period ending on the Determination Date.

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
For purposes
  of (i) and (ii) above, the value of Account balances and the Present Value of
  Accrued Benefits will be determined as of the most recent Valuation Date that
  falls within the twelve (12) month period ending on the Determination Date,
  except as provided in Section 416 of the Code and the regulations thereunder
  for the first and second Plan Years of a qualified defined benefit plan. The
  Account balances and Present Value of Accrued Benefits of a Participant (A)
  who is a Non-Key Employee but who was a Key Employee in a prior year, or (B)
  who has not been credited with at least an Hour of Service with any employer
  maintaining the Plan at any time during the one (1) year period ending on the
  Determination Date will be disregarded. The calculation of the Top-Heavy
  Ratio, and the extent to which distributions, rollovers, and transfers are
  taken into account will be made in accordance with Section 416 of the Code
  and the regulations thereunder. When aggregating plans, the value of Account
  balances and the Present Value of Accrued Benefits will be calculated with
  reference to the Determination Date that falls within the same calendar year.

	
 

	
 

	
 

	
 

	
 

	
(o)

	
“Valuation
  Date”, for the purpose of computing the Top-Heavy Ratio (as defined under
  subsection (n)) under subsections (l) and (m) means the last date of the Plan
  Year.

	
 

	
 

	
 

	
 

	
 

	
For purposes
  of subsections (h), (j) and (k), the rules of Sections 414(b), (c), (m) and
  (o) of the Code shall be applied in determining the meaning of the term
  “Employer”.

	
 

	
 

	
 

	
 

	
12.3

	
Minimum Contributions

	
 

	
 

	
 

	
If the Plan
  becomes a Top-Heavy Plan, then any provision of Article III to the contrary
  notwithstanding, the following provisions shall apply:

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Subject to
  subsection (b), the Employer shall contribute on behalf of each Participant
  who is employed by the Employer on the last day of the Plan Year and who is a
  Non-Key Employee an amount with respect to each Top-Heavy year which, when
  added to the amount of Special Contributions, Discretionary Employer
  Contributions and Forfeitures made on behalf of such Participant, shall not
  be less than the lesser of: (i) three percent (3%) of such Participant’s Section
  415 Compensation (as defined under Section 3.13(a)(v) of the Plan and
  modified by Section 401(a)(17) of the Code), or (ii) if the Employer has no
  defined benefit plan which is designated to satisfy Section 416 of the Code,
  the largest of the total of each Key Employee’s Matching Contributions,
  Before-Tax Contributions, 

	
 

	
 

	
 

	 

	
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Article XII — 

	
Top-Heavy Plan
  Provisions

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
Special
  Contributions, Roth Contributions, if implemented, upon approval by the
  Employer, Discretionary Employer Contributions and Forfeitures, as a
  percentage of each such Key Employee’s Annual Compensation; provided,
  however, that in no event shall any contributions be made under this Section
  12.3 in an amount which will cause the percentage of contributions made by
  the Employer on behalf of any Participant who is a Non-Key Employee to exceed
  the percentage at which contributions are made by the Employer on behalf of
  the Key Employee for whom the percentage of the total of Matching
  Contributions, Before-Tax Contributions, Special Contributions, Roth
  Contributions, Discretionary Employer Contributions and Forfeitures, is
  highest in such Top-Heavy year. Any such contribution shall be allocated to
  the Matching Contribution Account of each such Participant and, for purposes
  of vesting and withdrawals only, shall be deemed to be a Matching
  Contribution. Any such contribution shall not be deemed to be a Matching
  Contribution for any other purpose.

	
 

	
 

	
 

	
 

	
(b)

	
Notwithstanding
  the foregoing, this Section 12.3 shall not apply to any Participant to the
  extent that such Participant is covered under any other plan or plans of the
  Employer (determined in accordance with Sections 414(b), (c), (m) and (o) of
  the Code) and such other plan provides that the minimum allocation or benefit
  requirement will be met by such other plan should this Plan become Top-Heavy.
  If such other plan does not provide for a minimum allocation or benefit
  requirement, a minimum of five percent (5%) of a Participant’s Section 415
  Compensation, as defined in Section 12.3(a) above, shall be provided under
  this Plan.

	
 

	
 

	
 

	
 

	
 

	
(c)

	
For purposes
  of this Article XII, the following shall be considered as a contribution made
  by the Employer:

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
Qualified
  Nonelective Contributions;

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Matching
  Contributions made by the Employer on behalf of Key Employees;

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
Elective
  Contributions and Bonus Contributions made by the Employer on behalf of Key
  Employees; and

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
Discretionary
  Employer Contributions made by the Employer on behalf of Key Employees and
  Non-Key Employees.

	
 

	
 

	
 

	
 

	
 

	
(d)

	
Subject to
  the provisions of subsection (b), all Non-Key Employee Participants who are
  employed by the Employer on the last day of the Plan Year shall receive the
  defined contribution minimum provided under subsection (a). A Non-Key
  Employee may not fail to accrue a defined contribution minimum merely because
  such Employee was excluded from participation or failed to accrue a benefit
  because (i) his Compensation is less than a stated amount, (ii) he failed to
  make Before-Tax Contributions and/or Roth Contributions, if implemented, upon
  

	
 

	
 

	
 

	 

	
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Article XII — 

	
Top-Heavy Plan
  Provisions

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
approval by
  the Employer, or (iii) he completed less than one thousand (1,000) Hours of
  Service.

	
 

	
 

	
 

	
 

	
(e)

	
Employer
  Matching Contributions, if any, shall be taken into account for purposes of
  satisfying the minimum contribution requirements of Section 416(c)(2) of the
  Code and this Section 12.3. The preceding sentence shall apply with respect
  to Matching Contributions or, if the Plan provides that the minimum
  contribution requirement shall be met in another plan, such other plan.
  Employer Matching Contributions that are used to satisfy the minimum
  contribution requirements shall be treated as Employer Matching Contributions
  for purposes of the Actual Contribution Percentage test and other
  requirements of Section 401(m) of the Code, if applicable.

	
 

	
 

	
12.4

	
Impact on Section 415 Maximum Benefits

	
 

	
 

	
 

	
If a Non-Key
  Employee is entitled to a minimum contribution under Section 12.3(b), the
  Plan shall not be treated as a Super Top-Heavy Plan under this Section 12.4,
  if the minimum contribution satisfies Section 12.3(b) when seven and one-half
  percent (7-1/2%) is substituted for five percent (5%).

	
 

	
 

	
 

	 

	
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Article XIII — 

	
Miscellaneous
  Provisions

	 

ARTICLE XIII —

MISCELLANEOUS PROVISIONS

	
 

	
 

	
13.1

	
No Right to Continued Employment

	
 

	
 

	
 

	
Neither the
  establishment of the Plan, nor any provisions of the Plan or of the Trust
  Agreement establishing the Trust Fund nor any action of any Named Fiduciary,
  Plan Administrator or the Employer, shall be held or construed to confer upon
  any Employee any right to a continuation of his employment by the Employer.
  The Employer reserves the right to dismiss any Employee or otherwise deal
  with any Employee to the same extent and in the same manner that it would if
  the Plan had not been adopted.

	
 

	
 

	
13.2

	
Merger, Consolidation, or Transfer

	
 

	
 

	
 

	
The Plan
  shall not be merged or consolidated with, nor transfer its assets or
  liabilities to, any other plan unless each Employee, Participant, Beneficiary
  and other person entitled to benefits under the Plan, would (if such other
  plan then terminated) receive a benefit immediately after the merger,
  consolidation or transfer which is equal to or greater than the benefit he
  would have been entitled to receive if the Plan had terminated immediately
  before the merger, consolidation or transfer.

	
 

	
 

	
13.3

	
Nonalienation of Benefits

	
 

	
 

	
 

	
Except to
  the extent of any offset of a Participant’s benefits as a result of any
  judgment, order, decree or settlement agreement provided in Section
  401(a)(13)(C) of the Code, benefits payable under the Plan shall not be
  subject in any manner to anticipation, alienation, sale, transfer,
  assignment, pledge, encumbrance, charge, garnishment, execu­tion, or levy of
  any kind, either voluntary or involuntary and any attempt to so anticipate,
  alienate, sell, transfer, assign, pledge, encumber, charge, garnish, execute,
  levy or other­wise affect any right to benefits payable hereunder, shall be
  void. Notwithstanding the foregoing, the Plan shall permit the payment of
  benefits in accordance with a qualified domestic relations order as defined
  under Section 414(p) of the Code.

	
 

	
 

	
13.4

	
Missing Payee

	
 

	
 

	
 

	
Any other
  provision in the Plan or Trust Agreement to the contrary notwithstanding, if
  the Trustee is unable to make payment to any Employee, Participant,
  Beneficiary or other person to whom a payment is due (“Payee”) under the Plan
  because the identity or whereabouts of such Payee cannot be ascertained after
  reasonable efforts have been made to identify or locate such person
  (including mailing a certified notice of the payment due to the last known
  address of such Payee as shown on the records of the Employer), such payment
  and all subsequent payments otherwise due to such Payee shall be forfeited
  twenty-four (24) months after the date such payment first became due.
  However, such payment and any subsequent payments shall be reinstated
  retroactively, without interest, no later than sixty (60) days after the date
  on which the Payee is identified and located.

	
 

	
 

	
 

	 

	
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Article XIII — 

	
Miscellaneous
  Provisions

	 

	
 

	
 

	
13.5

	
Affiliated Employers

	
 

	
 

	
 

	
All
  employees of all Affiliated Employers shall, for purposes of the limitations
  in Article XII and for measuring Hours of Service and Periods of Service, be
  treated as employed by a single employer. No employee of an Affiliated
  Employer shall become a Participant of this Plan unless employed by the
  Employer or an Affiliated Employer which has adopted the Plan.

	
 

	
 

	
13.6

	
Successor Employer

	
 

	
 

	
 

	
In the event
  of the dissolution, merger, consolidation or reorganization of the Employer,
  the successor organization may, upon satisfying the provisions of the Trust
  Agreement and the Plan, adopt and continue this Plan. Upon adoption, the
  successor organization shall be deemed the Employer with all its powers,
  duties and responsibilities and shall assume all Plan liabilities.

	
 

	
 

	
13.7

	
Return of Employer Contributions

	
 

	
 

	
 

	
Any other
  provision of the Plan or Trust Agreement to the contrary notwithstanding,
  upon the Employer’s request, a contribution to the Plan by the Employer which
  was (a) made by mistake of fact, or (b) conditioned upon initial
  qualification of the Plan with the Internal Revenue Service, or (c)
  conditioned upon the deductibility by the Employer of such contributions
  under Section 404 of the Code, shall be returned to the Employer within one
  (1) year after: (i) the payment of a contribution made by mistake of fact, or
  (ii) the denial of such qualification or (iii) the disallowance of the
  deduction (to the extent disallowed), as the case may be.

	
 

	
 

	
 

	
Any such
  return shall not exceed the lesser of (A) the amount of such contributions
  (or, if applicable, the amount of such contribution with respect to which a
  deduction is denied or disallowed) or (B) the amount of such contributions
  net of a proportionate share of losses incurred by the Plan during the period
  commencing on the Valuation Date as of which such contributions are made and
  ending on the Valuation Date as of which such contributions are returned. All
  such refunds shall be limited in amount, circumstances and timing to the
  provisions of Section 403(c) of ERISA.

	
 

	
 

	
13.8

	
Adoption of Plan by Affiliated Employer

	
 

	
 

	
 

	
An
  Affiliated Employer of the Sponsoring Employer may adopt the Plan (and its
  related Trust Agreement). Upon such adoption, such Affiliated Employer shall
  become a Participating Affiliate in the Plan, which Plan shall be deemed a
  “single plan” within the meaning of Income Tax Regulations Section
  1.414(l)-1(b)(1).

	
 

	
 

	
 

	
For purposes
  of Article IX, Employer shall mean only the Sponsoring Employer and each
  Participating Affiliate shall be deemed to accept and designate the Named
  Fiduciaries, Committee, Plan Administrator and voter of Trust Fund Units
  designated by the Sponsoring Employer to act on its behalf in accordance with
  the provisions of the Plan.

	
 

	
 

	
 

	 

	
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Article XIII — 

	
Miscellaneous
  Provisions

	 

	
 

	
 

	
 

	
The
  Sponsoring Employer shall solely exercise for and on behalf of such
  Participating Affiliate the powers reserved to the Employer under Articles IX
  and XI. However, such Participating Affiliate may at anytime terminate its
  future participation in the Plan.

	
 

	
 

	
13.9

	
Construction of Language

	
 

	
 

	
 

	
Wherever
  appropriate in the Plan, words used in the singular may be read in the
  plural; words used in the plural may be read in the singular; and words
  importing the masculine gender shall be deemed equally to refer to the female
  gender. Any reference to a section number shall refer to a section of this
  Plan, unless otherwise indicated.

	
 

	
 

	
13.10

	
Headings

	
 

	
 

	
 

	
The headings
  of articles and sections are included solely for convenience of reference,
  and if there be any conflict between such headings and the text of the Plan,
  the text shall control.

	
 

	
 

	
13.11

	
Governing Law

	
 

	
 

	
 

	
The Plan
  shall be governed by and construed and enforced in accordance with the laws
  of Pennsylvania, except to the extent that such laws are preempted by the
  Federal laws of the United States of America.

          IN
WITNESS WHEREOF, pursuant to resolutions of the Board of Directors of
Beneficial Insurance Services, LLC duly adopted on __________________, 2007,
and the authorization contained therein, the Plan, as herein amended and
restated, is hereby executed this _____ day of ____________________.

	
 

	
 

	
 

	
 

	
 

	
BENEFICIAL
  INSURANCE SERVICES, LLC

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Date: 

	
 

	
 

	
 

	
 

	
 

	 

	
 

	
 

	
 

	 

	
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TRUST AGREEMENT

BETWEEN

RSGROUP TRUST COMPANY

AND

BENEFICIAL INSURANCE SERVICES, LLC.

 

THIS AGREEMENT OF TRUST (the “Agreement”) made effective as of May 11, 2007, by and between BENEFICIAL INSURANCE SERVICES, LLC.(the “Company”) and RSGROUP TRUST COMPANY, a trust company incorporated under the laws of the State of Maine (the “Trustee”), 

 

WITNESSETH

 

WHEREAS, the Company has adopted the Beneficial Insurance Services, LLC 401(k) Plan (the “Plan”), as amended and restated effective as of May 11, 2007, for the exclusive purpose of providing benefits to participants and their beneficiaries under the Plan;

 

WHEREAS, the Company previously appointed ING National Trust as trustee for the Plan, effective as of January 1, 1971, and the Company now desires to appoint a successor Plan trustee;

 

WHEREAS, the Company has designated the Plan and this trust (the “Trust”) which forms part of the Plan, as a plan intended to qualify under section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”); and

 

	
             
 	
            WHEREAS, the Trustee wishes to accept its appointment as trustee for the Plan;
 

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto, intending to be legally bound, hereby agree and declare as follows:

 

ARTICLE I

ESTABLISHMENT OF TRUST

 

Section 1.1.     The Company and the Trustee hereby agree to the establishment of a trust consisting of such sums as shall from time to time be paid to the Trustee under the Plan and such earnings, income and appreciation as may accrue thereon which, less payments made by the Trustee to carry out the purposes of the Plan, are referred to herein as the “Fund”.  The Trustee shall carry out the duties and responsibilities herein specified, but shall be under no duty to determine whether the amount of any contribution by the Company or any affiliated entity or by 

 

Q:\968\pldoc\501(a) Trust Agreement-Beneficial Insurance 07

 

 

any participant under the Plan is in accordance with the terms of the Plan, nor shall the Trustee be responsible for the collection of any contributions required under the Plan. 

 

Section 1.2.    The Fund shall be held, invested, reinvested and administered by the Trustee in accordance with the terms of the Plan and this Agreement solely in the interest of participants and their beneficiaries under the Plan and for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying the reasonable expenses of administering the Plan.  Except as provided in Section 4.2, no assets of the Plan shall inure to the benefit of the Company or any affiliated entity.

 

Section 1.3.    The Trustee shall pay benefits and expenses from the Fund only upon the written direction of the Plan Administrator, the individual specified in the Plan as the fiduciary responsible for the day-to-day operation and administration of the Plan.  The Trustee shall be fully entitled to rely on such directions furnished by the Plan Administrator and shall be under no duty to ascertain whether the directions are in accordance with the provisions of the Plan.

 

ARTICLE II

INVESTMENT OF THE FUND

 

Section 2.1.     The Trustee shall invest and reinvest the Fund without distinction between principal and income in any property, real, personal or mixed, wherever situate, and whether or not productive of income or consisting of wasting assets, including, without limitation, common and preferred stock (including stock of the Company, if any), stock options, convertible stocks and securities, bonds, notes, debentures, obligations issued or guaranteed by the United States of America (or any agency or instrumentality thereof), other obligations such as certificates of deposit, commercial paper, bankers acceptances, and repurchase agreements, leaseholds, mortgages (including without limitation, any collective or part interest in any bond and mortgage or note and mortgage), demand or time deposits, savings deposits,
shares of investment companies and mutual funds, interests in partnerships and trusts, insurance policies and contracts, contracts for the immediate and future delivery of financial instruments and other property of any issuer, and oil, mineral or gas properties, royalties, interests or rights (including equipment pertaining thereto), without being limited to the classes of property in which trustees are authorized to invest trust funds by any law, or any rule of court, of any State and without regard to the proportion any such property may bear to the entire amount of the Trust Fund; provided, however, that investments shall be so diversified as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so, in the sole judgment of the person who is directing the investment of the Trust under the provisions of Section 2.2, or in the sole judgment of the Trustees to the extent that they are managing the Trust Fund under such provisions.

 

Section 2.2.     In accordance with the provisions of the Plan, the Named Fiduciary of the Plan is authorized to appoint an “investment manager” as defined in Section 3(38) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), to be responsible for managing one or more of the designated investment options available under the Plan and selecting the specific investments that comprise any such investment option.  In such case, the 

 

2

 

 

Named Fiduciary shall establish the investment policies and guidelines that the investment manager shall follow when managing the investment option for the Plan, but the Named Fiduciary shall not be responsible for the selection of the specific investments that comprise any such investment option.  The Trustee shall follow the directions of the investment manager regarding the designated investment option(s) for which the investment manager is assigned responsibility.

 

Section 2.3.    In accordance with the provisions of the Plan, each participant who is eligible to make an investment election shall direct the Trustee as to the investment of that portion of his or her account subject to such election.  All investment directions by participants shall be timely furnished to the Trustee by the Plan Administrator, except to the extent such directions are transmitted telephonically or otherwise by participants and beneficiaries directly to the Trustee in accordance with rules and procedures established and approved by the Plan Administrator and the Trustee.  In making any such investment of the assets of the Fund, the Trustee shall be fully entitled to rely on the directions from participants that are properly furnished to the Trustee, and the Trustee shall be under no duty to make any
inquiry or investigation with respect thereto.

 

Section 2.4.    Subject to the provisions of Section 2.1, 2.2, and 2.3, the Trustee shall have the authority, in addition to any authority given by law, to exercise the following powers in the administration of the Fund:

 

 (a)        to invest and reinvest all or a part of the assets of the Fund in the available investment options under the Plan without restriction to investments authorized for fiduciaries, including, without limitation on the amount that may be invested therein, any common, collective or commingled trust fund maintained by the Trustee, investment company, mutual fund, or other security or investment option offered by the Trustee.  Any investment in, and any terms and conditions of, any common, collective or commingled trust fund available only to employee trusts which meet the requirements of the Code or corresponding provisions of subsequent income tax laws of the United States, shall constitute an integral part of this Agreement and the Plan;

 

 (b)        to dispose of all or any part of the investments, securities, or other property which may from time to time or at any time constitute the Fund and to make, execute and deliver to the purchasers thereof good and sufficient deeds of conveyance thereof, and all assignments, transfers and other legal instruments, either necessary or convenient for passing the title and ownership thereto, free and discharged of all trusts and without liability on the part of such purchasers to see to the application of the purchase money;

 

 (c)       to cause any investment of the Fund to be registered in the name of the Trustee or the name of its nominee or nominees or to retain such investment unregistered or in a form permitting transfer by delivery; provided that the books and records of the Trustee shall at all times show that all such investments are part of the Fund; 

 

 

3

 

 

 

 (d)       to consult and employ any suitable agent to act on behalf of the Trustee and to contract for legal, accounting, clerical and other services deemed necessary by the Trustee to manage and administer the Fund according to the terms of the Plan and this Agreement; 

 

 (e)        to pay from the Fund all taxes imposed or levied with respect to the Fund or any part thereof under existing or future laws, and to contest the validity or amount of any tax, assessment, claim or demand respecting the Fund or any part thereof; and

 

 (f)        generally to exercise any of the powers of an owner with respect to all or any part of the Fund.

 

Section 2.5.     Each participant or beneficiary to whose account shares of Company stock, if any, have been allocated shall, as a named fiduciary within the meaning of Section 403(a)(1) of ERISA, direct the Trustee with respect to the voting and, if applicable, tendering of shares of Company stock allocated to his or her account, and the Trustee shall follow the directions of those participants and beneficiaries who provide timely instructions to the Trustee.  The Trustee shall vote and, if applicable, tender the shares of Company stock allocated to the accounts of participants for whom no timely instructions have been received in the same proportion as those shares of Company stock for which instructions were timely received, provided that the Plan requires that participants and beneficiaries be given advance
notice as to the consequences of any failure to instruct the Trustee as to the voting and, if applicable, tendering of allocated shares of Company stock.  

 

Section 2.6.    Except as may be authorized by regulations promulgated by the Secretary of Labor, the Trustee shall not maintain the indicia of ownership in any assets of the Fund outside of the jurisdiction of the district courts of the United States.

 

ARTICLE III

DUTIES AND RESPONSIBILITIES

 

Section 3.1.    The Trustee, Company, Named Fiduciary and Plan Administrator shall each discharge their assigned fiduciary duties and responsibilities under this Agreement and the Plan solely in the interest of participants and their beneficiaries in the following manner:

 

 (a)      for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the Plan;

 

 (b)          with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;

 

 (c)        by selecting a broad and diversified range of investments so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and

 

4

 

 

 

 (d)      in accordance with the provisions of the Plan and this Trust Agreement insofar as they are consistent with the provisions of ERISA.

 

Section 3.2.   The Trustee shall keep full and accurate accounts of all receipts, investments, disbursements and other transactions hereunder, including such specific records as may be agreed upon in writing between the Company and Trustee.  All such accounts, books and records shall be open to inspection and audit at all reasonable times by any authorized representative of the Company, the Named Fiduciary or the Plan Administrator.  If the Plan is an individual account plan as defined in section 3(34) of ERISA (“Individual Account Plan”), then any participant or beneficiary under the Plan may examine those account records pertaining directly to that participant or beneficiary.

 

Section 3.3.    The Trustee shall determine the value of the Fund at such times as are mutually agreed upon by the Trustee and the Company but in no case less frequently than annually.  The value of shares of Company Stock, if any, held in the Fund shall be determined at their fair market value defined as their closing market price on the relevant valuation date; provided, however, that in the event such shares of Company Stock have no readily-ascertainable fair market value because they are thinly-traded, at their fair value as determined in good faith and pursuant to written procedures recommended by the Company and approved by the Trustee as of such times as the Trustee determines to be appropriate, and from such financial publications, pricing services, or other services or sources as the Trustee reasonably believes
appropriate.  All other securities and the value of other assets held in the Fund shall be valued by the Trustee at their market values on the relevant valuation date under procedures established by the Trustee.  For purposes of this Section, Company Stock shall be considered “thinly traded” if it is publicly traded on a national exchange or other generally recognized market, but not in sufficient volume and/or with sufficient frequency to assure prompt execution of buy and sell orders.  The Trustee may seek an opinion from an independent investment advisor or legal counsel as to whether a given stock is “thinly traded.”  

 

Section 3.4.     Within 120 days after the end of each plan year for the Plan or within 120 days after its removal or resignation, the Trustee shall file with the Named Fiduciary a written account of the administration of the Fund showing all transactions effected by the Trustee with respect to the assets of the Plan subsequent to the period covered by the last preceding account to the end of such plan year or date of removal or resignation and all property held at its fair market value at the end of the accounting period.  Such accounting shall show the net value of the Plan’s interest in each investment option maintained by the Trustee for the Fund and shall include financial information necessary for the completion of the annual reports required for the Plan under ERISA.  The Named Fiduciary may approve such
accounting by written notice of approval delivered to the Trustee or by failure to express objection to such accounting in writing delivered to the Trustee within 120 days from the date on which the accounting is delivered to the Named Fiduciary. 

 

Section 3.5.    If the Plan is an Individual Account Plan, then, in accordance with the terms of the Plan, the Trustee shall establish and maintain separate accounts in the name of each 

 

5

 

 

participant in order to record all contributions by or on behalf of the participant to the Plan and any earnings, losses and expenses attributable thereto.  The Plan Administrator shall furnish the Trustee with participant enrollment data in a format acceptable to the Trustee identifying the name, address, social security number, and current investment directions of each participant for whom one or more separate accounts are to be established by the Trustee under this Agreement.  With respect to all contributions to the Plan and other amounts that are transmitted to the Trustee, the Plan Administrator shall furnish the Trustee with participant allocation data in a format acceptable to the Trustee identifying each participant on whose behalf an amount is being transmitted to the Trustee and the dollar amount to be allocated to each of the participant’s separate account under the Plan.  In allocating
amounts to participants’ separate accounts under the Plan, the Trustee shall be fully entitled to rely on the participant enrollment and allocation data furnished to it by the Plan Administrator and shall be under no duty to make any inquiry or investigation with respect thereto.

 

Section 3.6.    If the Plan is an Individual Account Plan, then the Trustee shall furnish each participant in the Plan with statements on a quarterly basis reflecting the current fair market value of the participant’s separate accounts under the Plan and all activities occurring within such accounts during the most recent reporting period, including Plan contributions, earnings, investment exchanges, distributions, and withdrawals.

 

Section 3.7.    The Trustee shall not be required to determine the facts concerning the eligibility of any participant to participate in the Plan, the amount of benefits payable to any participant or beneficiary under the Plan, or the date or method of payment or disbursement.  The Trustee shall be fully entitled to rely solely upon the written advice and directions of the Plan Administrator as to any such question of fact.

 

Section 3.8.    Unless resulting from the Trustee’s gross negligence, willful misconduct, lack of good faith, or breach of its fiduciary duties under this Agreement or ERISA, the Company shall indemnify and save harmless the Trustee from, against, for and in respect of any and all damages, losses, obligations, liabilities, liens, deficiencies, costs and expenses, including without limitation, reasonable attorney’s fees incident to any suit, action, investigation, claim or proceedings suffered, sustained, incurred or required to be paid by the Trustee in connection with the Plan or this Agreement.

 

ARTICLE IV

PROHIBITION OF DIVERSION

 

Section 4.1.     Except as provided in Section 4.2, at no time prior to the satisfaction of all liabilities with respect to participants and their beneficiaries under the Plan shall any part of the corpus or income of the Fund be used for, or diverted to, purposes other than for the exclusive benefit of participants or their beneficiaries, or for defraying reasonable expenses of administering the Plan. 

 

 

6

 

 

 

Section 4.2.    The provisions of Section 4.1 notwithstanding, contributions made by the Company or any affiliated entity under the Plan will be returned to the Company or affiliated entity under the following conditions:

 

 (a)       If a contribution is made by mistake of fact, such contributions may be returned within one year of the payment of such contribution upon demand of the Company or affiliated entity; 

 

 (b)    Contributions to the Plan are specifically conditioned upon their deductibility under the Code.  To the extent a deduction is disallowed for any such contribution, it will be returned within one year after the disallowance of the deduction upon demand of the Company or affiliated entity.  Contributions which are not deductible in the taxable year in which made but are deductible in subsequent taxable years shall not be considered to be disallowed for purposes of this subsection; and

 

 (c)      Contributions to the Plan are specifically conditioned on initial qualification of the Plan under the Code.  If a Plan is determined by the Internal Revenue Service to not be initially qualified, upon demand of the Company or affiliated entity any employer contributions made incident to that initial qualification will be returned within one year after the date the initial qualification is denied, provided that the determination of the Internal Revenue Service is made pursuant to an application for determination made by the time prescribed by law for filing the return of the Company or affiliated entity for the taxable year in which the Plan is adopted or such later date as is prescribed by the Secretary of the Treasury.

 

ARTICLE V

COMMUNICATION WITH FIDUCIARIES

 

Section 5.1.     Whenever the Trustee is permitted or required to act upon the directions or instructions of the Company, any named fiduciary, any investment manager or the Plan Administrator, the Trustee shall be entitled to rely upon any written communication signed by any person or agent designated to act as or on behalf of any such fiduciary.  Such person or agent shall be so designated either under the provisions of the Plan or in writing by the Company and such authority shall continue until revoked in writing.  The Trustee shall incur no liability for failure to act on such person’s or agent’s instructions or orders without written communication, and the Trustee shall be fully protected in all actions taken in good faith in reliance upon any instructions, directions, certifications and communications
believed to be genuine and to have been signed or communicated by the proper person. 

 

Section 5.2.    The Company shall notify the Trustee in writing of the appointment, removal or resignation of any person designated to act as or on behalf of the Company, the Named Fiduciary, any investment manager, or the Plan Administrator.  After such notification, the Trustee shall be fully protected in acting upon the directions of any person designated to act as or on behalf of any such fiduciary until the Trustee receives notice from the Company to the contrary.  The Trustee shall have no duty to inquire into the qualifications of any person 

 

7

 

 

designated to act as or on behalf of the Company, the Named Fiduciary, any investment manager or the Plan Administrator.

 

ARTICLE VI

TRUSTEE’S COMPENSATION

 

Section 6.1.     The Trustee shall be entitled to reasonable compensation for its services as is agreed upon with the Company.  The Trustee shall also be entitled to reimbursement for all direct expenses properly and actually incurred on behalf of the Plan.  Such compensation or reimbursement shall be paid to the Trustee out of the Fund unless paid directly by the Company.

 

ARTICLE VII

RESIGNATION AND REMOVAL OF TRUSTEE

 

Section 7.1.    The Trustee may resign at any time by written notice to the Company which shall be effective 60 days after delivery unless prior thereto a successor trustee shall have been appointed. 

 

Section 7.2.    The Trustee may be removed by the Company at any time upon 60 days written notice to the Trustee; such notice, however, may be waived by the Trustee.

 

Section 7.3.     The appointment of a successor trustee hereunder shall be accomplished by and take effect upon the delivery to the Trustee of written notice of the Company appointing such successor trustee, and an acceptance in writing of the successor trustee hereunder executed by the successor so appointed.  A successor trustee may be either a corporation authorized and empowered to exercise trust powers or one or more individuals.  All of the provisions set forth herein with respect to the Trustee shall relate to each successor trustee so appointed with the same force and effect as if such successor trustee had been originally named herein as the trustee hereunder.  If within 60 days after notice of resignation or removal shall have been given under the provisions of this Article VII a successor trustee
shall not have been appointed, the Trustee or Company may apply to any court of competent jurisdiction for the appointment of a successor trustee.

 

Section 7.4.     Upon the appointment of a successor trustee, the Trustee shall transfer and deliver the Fund to such successor trustee, after reserving such reasonable amount as it shall deem necessary to provide for its expenses in the settlement of its account, the amount of any compensation due to it and any sums chargeable against the Fund for which it may be liable.  If the sums so reserved are not sufficient for such purposes, the resigning or removed Trustee shall be entitled to reimbursement for any deficiency from the successor trustee and the Company who shall be jointly and severally liable therefor.

 

 

8

 

 

 

ARTICLE VIII

AMENDMENT AND TERMINATION OF THE TRUST AND PLAN

 

Section 8.1.     The Company may, by delivery to the Trustee of an instrument in writing, terminate this Agreement at any time. 

 

Section 8.2.    The Company may partially terminate this Agreement at any time by delivering to the Trustee a written direction to transfer such part of the Fund as may be specified in such direction to any other trust established for the purpose of funding benefits under the Plan or under any other plan qualifying under Section 401 of the Code, established for the benefit of participants in the Plan or their beneficiaries by the Company or any affiliated entity or any successor transferee or the Company or any affiliated entity; provided such transfer shall be in conformity with the requirements of Federal law.

 

Section 8.3.    This Agreement may be amended from time to time by the Company; provided, however, that no amendment shall increase the duties or liabilities of the Trustee without the Trustee’s consent; and, provided further, that no amendment shall divert any part of the Fund to any purpose other than providing benefits to participants and their beneficiaries under the Plan or defraying the reasonable expenses of administering the Plan.

 

Section 8.4.     If the Plan is terminated in whole or in part, the Trustee shall distribute the Fund or any part thereof in such manner and at such times as the Plan Administrator shall direct in writing in accordance with the provisions of the Plan; provided, however, that the Trustee may delay distribution of the Fund until it has received from the Company a copy of an Internal Revenue Service favorable determination letter addressing the Plan’s tax-qualified status upon termination, or, in lieu thereof at the Trustee’s sole discretion, an opinion from Company’s legal counsel that the Plan met all qualification requirements at the date of termination.

 

ARTICLE IX

MISCELLANEOUS PROVISIONS

 

Section 9.1.     Unless the context of this Agreement clearly indicates otherwise, the terms defined in the Plan shall, when used herein, have the same meaning as in the Plan. 

 

Section 9.2.     Except as otherwise required by law in the case of any qualified domestic relations order within the meaning of Section 414(p) of the Code, to the extent of any offset of a Participant’s benefits as a result of any judgment, order, decree or settlement agreement provided in Section 401(a)(13)(C), or any federal tax levy made pursuant to Section 6331 of the Code, or except as otherwise provided in the Plan with respect to any loan to a leveraged ESOP described in Section 4975(d)(3) of the Code or loan from the Fund to a participant in accordance with the provisions of the Plan, the benefits or proceeds of any allocated or unallocated portion of the assets of the Fund and any interest of any participant or beneficiary arising out of or created by the Plan either before or after the
participant’s retirement shall not be subject to execution, attachment, garnishment or other legal or judicial process whatsoever by any person, whether creditor or otherwise, claiming against such participant or beneficiary.  Except as otherwise 

 

9

 

 

provided in the Plan with respect to any loan from the Fund to a participant in accordance with the provisions of the Plan, no participant or beneficiary shall have the right to alienate, encumber or assign any of the payments or proceeds or any other interest arising out of or created by the Plan and any action purporting to do so shall be void.  The provisions of this Section shall apply to all participants and beneficiaries, regardless of their citizenship or place of residence.

 

Section 9.3.   Any person dealing with the Trustee may rely upon a copy of this Agreement and any amendments thereto certified to be true and correct by the Trustee.

 

Section 9.4.    The Trustee hereby acknowledges receipt of a copy of the Plan.  The Company will cause a copy of any amendment to the Plan to be delivered to the Trustee.

 

Section 9.5.    The construction, validity and administration of this Agreement shall be governed by ERISA and, to the extent not preempted by ERISA, the laws of the State of Maine, without regard to its rules regarding conflict of laws.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their respective names by their duly authorized officers under their corporate seals as of the day and year first above written.

 

	
             
 	
            BENEFICIAL INSURANCE SERVICES, LLC
 

 

	
             
 	
            BY:  
 	
            ______________________________
 

 

	
             
 	
            _______________________________
 
	
             
 	
            PRINT NAME
 	
             

	
             
 	
            _______________________________
 
	
             
 	
            TITLE
 	
             

					

 

 

 

	
             
 	
            RSGROUP TRUST COMPANY
 

 

	
             
 	
            BY:  
 	
            ______________________________
 

 

	
             
 	
            _______________________________
 
	
             
 	
            PRINT NAME
 	
             

	
             
 	
            _______________________________
 
	
             
 	
            TITLE
 	
             

					

 

 

10

 

 

 

	
            STATE OF PENNSYLVANIA
 	
            )
 	
             

	
             
 	
            :  ss.:
 
	
            COUNTY OF 
 	
            )
 	
             

 

 

On this         day of                , in the year 2007, before me, the undersigned, a Notary Public in and for the said state, personally appeared                                     , personally known to me or proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies) and that by his/her/their signature(s) on the instrument, the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument.

 

 

 

	
            SEAL:
 	
                                                      
                                
 
	
             
 	
            Notary Public of  ______________________
 	
             

	
             
 	
            My Commission expires                                   
 

 

 

	
            STATE OF NEW YORK
 	
            )
 	
             

	
             
 	
            :  ss.:
 
	
            COUNTY OF NEW YORK
 	
            )
 	
             

 

On this         day of                , in the year 2007, before me, the undersigned, a Notary Public in and for the said state, personally appeared                                         , personally known to me or proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies) and that by his/her/their signature(s) on the instrument, the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument.

 

 

 

	
            SEAL:
 	
                                                      
                                
 
	
             
 	
            Notary Public of                                           
    
 	
             

	
             
 	
            My Commission expires                                   
 

 

 

 

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