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a41wsfs-descriptionofcom

                                                                                                                                                                                             Exhibit 4.1                                                                                                                                        DESCRIPTION OF SECURITIES                              REGISTERED UNDER SECTION 12 OF THE                                SECURITIES EXCHANGE ACT OF 1934             As of December 31, 2019, WSFS Financial Corporation  (“we”, “our” and “us”), has one class of securities   registered under Section 12 of the Securities Exchange Act of 1934, as amended: common stock, par value $0.01 per   share (“common stock”).              The following description of our common stock is a summary and does not purport to be complete. It is   subject to and qualified in its entirety by reference to our Amended and Restated Certificate of Incorporation, as   amended (our “Charter”), our Amended and Restated By-laws (our “By-laws”), and applicable provisions of the  Delaware General Corporation Law (“DGCL”). Our Charter and By-laws are included as exhibits to our Annual  Report on Form 10-K of which this Exhibit 4.1 forms a part. We encourage you to carefully read our Charter, By-laws  and the applicable provisions of the DGCL for additional information.     General            Under the Charter, we have the authority to issue 97,500,000 shares of stock, consisting of 90,000,000 shares  of common stock and 7,500,000 million shares of preferred stock, par value $0.01 per share (“preferred stock”).             Shares of our common stock are listed on the Nasdaq Global Select Market under the ticker symbol “WSFS.”  The rights, preferences and privileges of the holders of our common stock are subject to, and may be adversely affected  by, the rights of the holders of shares of any series of preferred stock that we may designate in the future.    Capital Stock Outstanding            We only have shares of common stock outstanding, all of which are fully paid and nonassessable.                     The Board is authorized to provide for the issuance of shares of preferred stock in series and to establish from  time to time the number of shares to be included in each such series, and to fix the designation, powers, preferences  and rights of the shares of each such series and any qualifications, limitations or restrictions thereof.    Voting Rights            The presence, in person or by proxy, of the holders of record of shares of our capital stock entitling the  holders thereof to cast a majority of the votes entitled to be cast by the holders of shares of our capital stock entitled  to vote constitutes a quorum at all meetings of the stockholders. Where a separate vote by a class or classes is required,  a majority of the shares of such class or classes present in person or represented by proxy constitutes a quorum entitled  to take action with respect to that vote on that matter.                     Each holder of a share of our common stock is entitled to one vote for each share on all matters to be voted  upon by the common stockholders. Except for elections of directors, all matters submitted to the stockholders at any  meeting are decided by the vote of a majority of the shares present in person or represented by proxy and entitled to  vote with respect thereto. Our Charter permits stockholders to cumulate their votes for directors. Each stockholder is  entitled to multiply the number of votes they are entitled to cast by the number of directors for whom they are entitled  to vote and cast the product for a single candidate or distribute the product among two or more candidates. Directors  are elected by a plurality of votes cast.            Preemptive Rights             Holders of our common stock have no preemptive or conversion rights or other subscription rights.           

 

Dividend Rights             Subject to preferences to which holders of any shares of preferred stock may be entitled, holders of shares of  our common stock are entitled to receive ratably any dividends that may be declared from time to time by our Board  of Directors (the “Board”) out of funds legally available for that purpose.    Liquidation Rights            In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to  share in our assets remaining after the payment or provision for payment of our debts and other liabilities, and the  satisfaction of the liquidation preferences of the holders of any series of our preferred stock then outstanding.     Anti-takeover Effects of Certain Provisions                    Certain provisions of the DGCL, our Charter and By-laws summarized in the following paragraphs may have  anti-takeover effects and could delay, defer, or prevent a tender offer or takeover attempt that a stockholder might  consider to be in such stockholder’s best interest, including those attempts that might result in a premium over the  market price for the shares held by stockholders, and may make removal of the incumbent management and directors  more difficult.                    Authorized Shares. Our Charter authorizes the issuance of 90,000,000 shares of common stock and 7,500,000  shares of preferred stock. These shares of common stock and preferred stock provide the Board with as much flexibility  as possible to effect, among other transactions, financings, acquisitions, stock dividends, stock splits and the exercise  of employee stock options. However, these additional authorized shares may also be used by the Board consistent  with its fiduciary duty to deter future attempts to gain control of us. The Board also has sole authority to determine  the terms of any one or more series of preferred stock, including voting rights, conversion rates, and liquidation  preferences. As a result of the ability to fix voting rights for a series of preferred stock, the Board has the power to the  extent consistent with its fiduciary duty to issue a series of preferred stock to persons friendly to management in order  to attempt to block a tender offer, merger or other transaction by which a third party seeks control of us, and thereby  assist members of management to retain their positions.                    Special Meetings of Stockholders. Our Charter and By-laws provide that special meetings of stockholders  may only be called by the Board by vote of a majority of the directors. Stockholders are not entitled to call special  meetings of stockholders. The business permitted to be conducted at any special meeting of stockholders is limited to  the purposes specified in the notice of meeting.                    Action by Stockholders Without A Meeting. Our Charter and By-laws provide that no action may be taken by  stockholders without a meeting.                    Classified Board. Our Charter and By-laws provide that our Board is divided into three classes. The directors  in each class serve for a three-year term, one class being elected each year by the Company’s stockholders, with  staggered three-year terms. Only one class of directors will be elected at each annual meeting of the Company’s  stockholders, with the other classes continuing for the remainder of their respective three-year terms.                    Number of Directors; Directors Removed Only for Cause; Filling Vacancies. Our By-laws provide that the  number of directors is fixed from time to time exclusively by the Board. Our Charter and By-laws provide that  stockholders may remove directors only for cause. Our By-laws provide that vacancies occurring on the Board may  be filled only by a majority vote of the directors then in office, though less than a quorum, and directors so chosen  will hold office for a term expiring at the annual meeting of stockholders at which the term of office of the class to  which they have been elected expires.                    Consideration of Non-Monetary Factors. Our Charter provides that when considering any offer to purchase  or otherwise acquire all or a substantial part of the Company, the Board may consider all relevant factors including  the social and economic effects of the acceptance of such offer on the Company’s present and future customers and  employees and those of its subsidiaries.                                                               2 

 

        Amendment of Charter and By-laws. Our Charter generally may be amended upon approval by the Board  and the holders of a majority of the outstanding shares of our common stock. Our By-laws may be amended, rescinded  or repealed (i) at any meeting of the Board, provided notice of the proposed change was given in the notice of the  meeting and notice was given not less than two days prior to the meeting, or (ii) by the stockholders by the affirmative  vote of the holders of at least a majority of the voting power of all the then-outstanding shares of voting stock, voting  together as a single class.                    Advance Notice Provisions. Our By-laws provide that we must receive written notice of any stockholder  proposal for business at an annual meeting of stockholders, or any stockholder director nomination for an annual  meeting of stockholders, not less than 90 days or more than 120 days prior to the anniversary date of the mailing date  of our proxy statement for the immediately preceding annual meeting of stockholders; provided, that in the event that  the date of the annual meeting is more than 25 days before or after such anniversary date or a special meeting called  for the purpose of electing directors, notice by the stockholder must be so received not later than the 10th day following  the day on which public announcement of the date of the meeting is first made by us.                    Delaware Interested Stockholder Statute.  Section 203 of the DGCL limits our ability to enter into business  combination transactions with any interested shareholder for three years following the interested shareholder’s stock  acquisition date, unless (i) the Board approves the business combination or the stock acquisition prior to the interested  stockholder’s stock acquisition date; (ii) upon completion of the transaction, the interested stockholder would own at  least 85% of the outstanding shares of the corporation; or (iii) the business combination is approved by the Board and  subsequently approved by the stockholders by a vote of at least 66 and 2/3 percent of the outstanding shares which  are not owned by the interested stockholder.                    An interested stockholder includes:                        •  a beneficial owner, directly or indirectly, of 15% or more of our outstanding voting stock; or                •  an affiliate or associate who, at any time within the three years prior to the date in question was a                 beneficial owner, directly or indirectly, of 15% or more of our outstanding voting stock.            A business combination includes:                •  any merger or consolidation of us with the interested stockholder;                •  any disposition to the interested stockholder of our assets with an aggregate market value equal to                 10% or more of our assets or of all our outstanding stock;                •  any transaction which results in an increase of the interested stockholders’ share of our stock; or                •  any receipt by the interested stockholder of any financial benefit, directly or indirectly (except                 proportionately as our stockholder) by or through us, including in each case a transaction with any                 of our direct or indirect majority-owned subsidiaries.                                                                                       3 

 

        Exclusive Jurisdiction. Unless we consent in writing to the selection of an alternative forum, the Court of  Chancery (the “Chancery Court”) of the State of Delaware (or, in the event that the Chancery Court does not have  jurisdiction, the federal district court for the District of Delaware or other state courts of the State of Delaware) shall,  to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding  brought by us or in our name, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director,  officer or other employee of us to us or to our stockholders, (iii) any action arising pursuant to any provision of the  DGCL or our Charter or By-laws (as either may be amended from time to time), or (iv) any action asserting a claim  against us governed by the internal affairs doctrine. The enforceability of similar choice of forum provisions in other  companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that, in connection  with any action, a court could find our choice of forum provisions to be inapplicable or unenforceable in such action.             Transfer Agent                    The transfer agent and registrar for our common stock is American Stock Transfer and Trust.                                                     4a1019wsfs-mturnertransit

                                                                   Exhibit 10.19                                                                     Execution Copy    CONFIDENTIAL   December 15, 2019    Mark Turner   Via hand delivery          Re: Transition Agreement    Dear Mark:          This letter (this “Letter”) sets forth our mutual understanding of your transition from your   current position as Executive Chairman of WSFS Financial Corporation to the role of non-  employee member of the boards of directors (collectively the “WSFS Boards”) of WSFS   Financial Corporation and Wilmington Savings Fund Society, FSB (collectively, “WSFS”).   From the date hereof, the relationship between you and WSFS and its subsidiaries shall be   governed by the terms and conditions of this letter agreement (this “Letter”).           1.    Role; Time Commitment.               a. Role.  Unless otherwise agreed upon by parties, or restricted by law,  regulation or currently existing corporate policy, in connection with your resignation as   Executive Chairman of WSFS Financial Corporation effective as of January 1, 2020 (the  “Transition Date”), you shall continue to serve as a member of the WSFS Boards as a non-  employee director and, at the 2020 Annual Meeting of Shareholders, the WSFS Boards shall   nominate you for reelection to the WSFS Boards for a  term expected to end at the Annual   Meeting in 2022. Your position on the WSFS Boards shall terminate at the end of such terms or   upon your cessation of service to the WSFS Boards as a result of resignation, removal or   otherwise.                  b. Time Commitment. In your capacity as a non-employee director, you shall  devote such time and efforts as is consistent with the requirements and expectations of WSFS for   members of the WSFS Boards generally. Additionally, upon request of the Chief Executive   Officer of WSFS (the “CEO”) from time to time, you agree to provide ongoing coaching and   mentoring of the CEO, as well as cooperation to assist in the transition of duties to the new Chair   of the WSFS Boards. Such requests for coaching, mentoring and other assistance shall be made   with reasonable advance notice to you, and your services shall be provided in reasonable   amounts and delivered in mutually agreeable locations and by mutually agreeable means. 

 

       2.    Payments and Benefits.               a. Salary; Board Fees.  You shall continue to receive a base salary at your  current annual rate of $600,000 until the Transition Date. On and from the Transition Date,   WSFS shall pay to you such fees as are generally paid to other members of the WSFS Boards, so   long as you continue to serve as a member of the WSFS Boards.            b.    Reimbursements. WSFS shall reimburse you for reasonable and customary out-of-pocket expenses incurred by you in connection with the performance of services pursuant   to this Letter in accordance with WSFS’s standard reimbursement policies (i) applicable to   executives of WSFS until the Transition Date and (ii) applicable to members of the WSFS   Boards on and from the Transition Date.             c.   Benefits. Until the Transition Date, you shall continue to be eligible for any retirement and health and other welfare benefit plans and programs as are generally made   available to active Associates of WSFS in accordance with the current terms and conditions of   the applicable plans and programs, as in effect from time to time. On and from the Transition   Date, you shall only be eligible to participate in any plans and programs made available to non-  employee directors of the WSFS Boards in accordance with the current terms and conditions of   the applicable plans and programs, as in effect from time to time.                  d. Additional Consideration. Subject to (i) your executing a release of claims in  substantially the form attached as Exhibit A hereto (the “Release”) within 21 days following the   date hereof and such Release becoming effective, (ii) your agreement to be bound by the   restrictive covenants described in paragraph 3 below, (iii) your agreement to provide the   coaching, mentoring and cooperation described in paragraph 1(b) above, and (iv) your continued   service as Executive Chairman through the Transition Date, you shall be entitled to receive  certain payments and benefits, as follows:                   i. Retirement Payment. WSFS shall pay you $1,000,000 (the “Retirement  Payment”) in a lump sum, payable by wire to an account of your direction by January 2, 2020,   subject to paragraph 5(b).                  ii. Equity. Attached hereto as Exhibit B is an equity grant status statement  (the “Equity Statement”), which provides information about the status of the stock options (the   “Options”) and restricted stock units (the “RSUs”) that have been granted to you by WSFS that   are outstanding as of the date hereof and remain eligible to be earned. By executing this   Agreement, you acknowledge and agree (x) that the information set forth in the Equity Statement   is true, complete and correct, and (y) that you have no right, other than as specified in the Equity   Statement, to equity of WSFS pursuant to any incentive plan maintained for service providers of   WSFS (including, for the avoidance of doubt, pursuant to the Integration Performance RSU  Plan). On the Transition Date, any Options and RSUs listed on Exhibit B that have not yet vested   shall vest in full, and you (or, in the event of your death, your legal representative) shall have   until the earlier of (A) the one-year anniversary of the Transition Date and (B) the end of the   original term of the applicable Option grant had you continued employment with the Company,   in which to exercise the Options listed on Exhibit B. WSFS has obtained all required approvals,   including from the Personnel and Compensation Committee of the WSFS Boards, for the                                          2 

 

treatment of your incentive  equity as set forth in this paragraph 2(d)(ii) (the “Equity”). This  Equity is made subject to the restrictive covenants set forth in paragraph 3 below, which  expressly supersede and replace all prior contractual non-competition, non-solicitation and non- disparagement covenants previously agreed to by you in connection with the grants of Options  and RSUs.                  iii. Other. You shall be eligible to receive the other benefits set forth on Exhibit C hereto.   If you do not sign and deliver the  Release within 21 days or if the Release does not become  effective (including if you revoke your signature within the time period specified in the Release),  you will not be eligible for the additional consideration in this paragraph 2(d).          3.    Restrictive Covenants.              a. Non-Competition and Non-Solicitation. You agree that during the Restricted Period (as defined below) you shall not (i) serve as a director, employee, consultant or other  service provider to any bank which performs similar services as WSFS that is headquartered  within 50 miles of either of WSFS’s primary offices in Wilmington, Delaware or Philadelphia,  Pennsylvania as of the date hereof or the Transition Date (“Restricted Area”), (ii) solicit or  attempt to solicit any client of WSFS (except as part of a general market or broad-based digital  solicitation) for the purpose of interfering with such client’s relationship with WSFS or  encouraging such client to reduce or alter the scope of its relationship with WSFS, or (iii) solicit,  attempt to solicit, hire or participate in the recruitment of any employee of WSFS or its affiliates.  This restriction in the preceding clause (iii) shall apply to anyone who is then or within the  preceding six months was an employee of WSFS or its affiliates. Nothing in this paragraph shall  preclude you from pursuing the opportunity with the start-up company currently referred to as  Wing that you have already disclosed to the WSFS Boards, and it is expressly stated that all  activities in connection with such opportunity, including your service as a director, employee,  consultant, advisor or investor, and actions including without limitation capital raising from other  banks and financial institutions, including entities within the Restricted Area, are expressly  permitted by this Letter and not precluded by this paragraph 3(a).  It is further agreed that you  shall not violate this paragraph 3(a) by serving as a director, employee, consultant, investor or  advisor to any other start-up company operating in the fields of  fin-tech or specialty finance  during the Restricted Period so long as you provide WSFS with reasonable advance notice,  preferably at least 30 days, to enable the WSFS Boards to consider potential conflicts of interest.                b. Non-Disclosure of Confidential Information. You covenant and agree that the Confidential Information (as defined below) is a valuable, special, and unique asset of WSFS.  You will use Confidential Information solely for purposes of performing your duties for WSFS,  and you will return any and all Confidential Information in your possession at the conclusion  your service with WSFS or upon the request of WSFS at any time. You further agree that you  will not use or disclose to others any Confidential Information, except as authorized in writing by  WSFS. You further agree that WSFS owns the Confidential Information and that you have no  rights, title, or interest in any of the Confidential Information. You further agree that your  confidentiality obligations described herein shall continue for so long as the Confidential  Information remains confidential and shall not apply to any information that becomes generally                                         3 

 

known to the public through no fault or action of your own. Notwithstanding this paragraph 3(b),  nothing in this Letter shall prohibit you from reporting possible violations of law to a  governmental agency or entity or require you to seek authorization or notify WSFS if you make  such reports. You are hereby advised that you may be entitled to immunity from liability for  certain disclosures of trade secrets under the Defend Trade Secrets Act, 18 U.S.C. § 1833(b). The  provisions of this paragraph 3(b) shall survive the termination your relationship with WSFS and  the WSFS Boards for any reason.               c. Non-Disparagement. You agree and covenant that you will not at any time make, publish or communicate, or encourage others to make, publish, or communicate, to any  person or entity or in any public forum any defamatory or disparaging remarks, comments or  statements concerning WSFS, its business, products, services or activities, or any of its current or  former officers, or directors or employees. This paragraph 3(c) does not (i) restrict or impede you  from exercising protected rights to the extent that such rights cannot be waived by agreement,  including but not limited to your Section 7 rights under the National Labor Relations Act, (ii)  apply to disclosures required by any applicable law or regulation, or (iii) prohibit you from  providing truthful testimony in response to a validly issued subpoena.  Likewise, WSFS agrees  and covenants that it will not at any time make, publish or communicate, or encourage others to  make, publish, or communicate, to any person or entity or in any public forum any defamatory or  disparaging remarks, comments or statements concerning you, your reputation, services,  experience, or abilities. For purposes of the foregoing restriction applicable to WSFS, it shall  only apply to WSFS officers at or above the level of Senior Vice President and directors serving  on one or more of the WSFS Boards at any time on or after the date of this Agreement.                 d. No Implied WSFS Endorsement. Both before and after the Transition Date, you agree that you will not hold out WSFS as endorsing, being involved with, serving as  a  potential source of financing for, or being an investor in, any enterprise with which you are  involved (unless and until WSFS elects to pursue such business or relations with such  enterprise).               e. Acknowledgments. By signing this Letter, you acknowledge and agree that the restrictions contained in this paragraph 3 are no broader than are necessary to protect WSFS’s  legitimate business interests, are reasonable in both scope and duration, and do not unduly  restrict your ability to pursue your chosen livelihood. You further acknowledge that WSFS  would not have agreed to the terms and conditions in this Letter, and that WSFS would not have  agreed to continue to provide you with access to Confidential Information, if you did not agree to  the provisions of this paragraph 3.                f. Reformation and Enforceability. It is the intention of the parties that if any of the restrictions set forth in this paragraph 3 are found by a court of competent jurisdiction to be  overly broad, unreasonable, or otherwise unenforceable then these restrictions shall be modified  and enforced to the greatest extent that the court deems permissible.  Each of the obligations in  this paragraph 3 are independent, separable and enforceable independent of each other.               g. Definitions. For the purposes of this Letter, including this paragraph 3:                                         4 

 

                i. “Confidential Information” shall mean any and all trade secrets,  confidential and proprietary information, and all other information and data of WSFS (inclusive   of predecessor companies that have been acquired by WSFS) that is generally unknown to third   persons who could derive economic value from its use or disclosure including, but not limited to,   non-public customer information, including client lists, client requirements, client needs, and   client trends; product and services cost pricing and varying supplier and vendor information,   including costs, discount and rebate programs, and logistics information operational, financial,   and marketing information propriety to or held confidential by WSFS; and confidential or   proprietary information received by WSFS from third parties. Confidential Information may be   contained in writing or in any other tangible medium of expression, including work product   created by you in rendering services for WSFS; provided, that the term “Confidential   Information” does not include any information that (1) is now in or subsequently enters the   public domain through means other than direct or indirect disclosure by you in violation of the   terms of this Letter or other confidentiality obligation or (2) is lawfully communicated to you by   a third party, free of any confidential obligation, subsequent to the time of communication   thereof by, through or on behalf of WSFS.                   ii. Restricted Period: “Restricted Period” shall mean the period beginning on  the date hereof and ending one year following Transition Date.          4.    Return of Property. Upon the termination of your service to WSFS and prior to  your departure from WSFS, or upon WSFS’s request, you agree to (i) surrender to WSFS all   proprietary or Confidential Information and articles and property that belong to WSFS, and (ii)   execute such documentation as is required by WSFS to evidence the foregoing.  Notwithstanding   the foregoing, you shall be permitted to continue to possess and have access to certain WSFS   property for the duration that the benefits described in Exhibit C are provided to you by WSFS   and paid for by you.          5.    Taxes and Withholding.               a. Withholding. All payments and benefits hereunder will be subject to  applicable taxes and withholding where required by law. Regardless of the amount withheld, you   are solely responsible for paying all required taxes (other than WSFS’s share of employment   taxes on amounts paid in respect of employment) on all payments and benefits.                 b. Section 409A.  It is intended that all payments described in this Letter comply  with, or are exempt from, Section 409A; provided, however, that nothing herein shall be   interpreted to transfer liability for any tax (including any due as a result of a violation of Section   409A) from you to WSFS or any other person or entity. This Letter shall be interpreted and   administered to maximize the exemptions from Section 409A and, to the extent this Letter  provides for deferred compensation subject to Section 409A, to comply with Section 409A. To   the extent necessary to comply with Section 409A, in no event may you, directly or indirectly,   designate the taxable year of payment. To the extent necessary to comply with Section 409A,   references in this Letter to termination of service or separation from service (and similar   references) shall have the same meaning as “separation from service” under Section   409A(a)(2)(A)(i) and any governing Internal Revenue Service guidance and Treasury regulations   (“Separation from  Service”), and no payment subject to Section 409A that is payable upon your                                          5 

 

 termination of employment shall be paid unless and until (and not later than applicable in   compliance with Section 409A) you incur a Separation from Service. If, upon separation from   service, you are a “specified employee” within the meaning of Section 409A, any payment that is   subject to Section 409A and triggered by a separation from service and that would otherwise be   paid within six months after separation from service will instead be paid in the seventh month   following your Separation from Service (to the extent required by Section 409A(a)(2)(B)(i)) or   upon your death, if earlier. Any payments that are subject to the Release requirement and are   scheduled to be paid prior to the date the Release becomes effective shall be paid in a lump sum,   without interest, with the first scheduled payment following the effectiveness of the Release and,   if any such amounts are subject to Section 409A and the period during which you have discretion   to sign or revoke the Release straddles two calendar years, such amounts will be paid without   interest in the second calendar year. To the extent that any payment of or reimbursement by   WSFS to you of eligible expenses under this Letter constitutes a “deferral of compensation”   within the meaning of Section 409A (a “Reimbursement”) (i) you must request the   Reimbursement (with substantiation of the expense incurred) no later than 90 days following the   date on which you incur the corresponding eligible expense; (ii) subject to any shorter time   period provided in any WSFS expense reimbursement policy or specifically provided otherwise   in this Letter, WSFS shall make the Reimbursement to you on or before the last day of the   calendar year following the calendar year in which you incurred the eligible expense; (iii) your   right to Reimbursement shall not be subject to liquidation or exchange for another benefit; and   (iv) the amount eligible for Reimbursement in one calendar year shall not affect the amount  eligible for Reimbursement in any other calendar year. You are encouraged to obtain your own  tax advice regarding your compensation from WSFS. You agree that WSFS does not have a duty  to design its compensation policies in a manner that minimizes your tax liabilities, and you will  not make any claim against WSFS or any of its affiliates related to tax liabilities arising from  your compensation.         6.    Miscellaneous Provisions               a. Entire Agreement. This Letter constitutes the entire agreement between the  parties and supersedes all prior agreements and understandings relating to the subject matter of  this Letter, including any agreement between you and WSFS or any of its subsidiaries, whether   written or oral; provided, that any agreement with respect to the Options or RSUs listed on   Exhibit B remain in effect except as specifically modified by this Letter. This Letter sets forth   the entire understanding of the parties as to the subject matter contained herein. Your position as   a member of the WSFS Boards shall be subject to the policies and governing documents of the   WSFS Boards, including the WSFS certificate of incorporation and the by-laws of WSFS, and   nothing in this Letter shall limit your fiduciary duties or other statutory or common law   obligations as a member of the WSFS Boards.                b. Governing Law; Dispute Resolution; Remedies. This Letter shall be governed  by and construed in accordance with the laws of Delaware (without regard to conflict of laws   principles), and any dispute pertaining to or arising out of this Letter shall be brought only in the   state or federal courts located within Delaware. By signing this Letter you irrevocably consent to   the personal jurisdiction of the state and federal courts located within Delaware. You agree that   any breach or threatened breach of your obligations in paragraph 3 will cause WSFS substantial  and irrevocable damage for which it would have no adequate remedy at law and you therefore                                          6 

 

 agree that WSFS will be entitled to injunctive relief in the event of any such breach or threatened   breach, without the necessity of showing actual damages or that monetary damages would not   afford an adequate remedy, and without the necessity of posting any bond or other security. Each   right, obligation and remedy set forth in this Letter shall be cumulative and in addition to the   other rights, obligations and remedies set forth herein or under other agreements, at law or in   equity. In the event that you breach your obligations under paragraph 3(a), 3(c) or 3(d) of this   Letter, any payments or benefits pursuant to this Letter that have not yet been provided shall be   forfeited and any payments or benefits previously provided must be repaid to WSFS immediately   upon demand.             c.    Notices. All notices or other communications which are required or permitted under this Letter shall be in writing and sufficient if delivered by hand, by facsimile transmission  (followed by overnight courier), by registered or certified mail, postage pre-paid, or by courier or  overnight carrier, or by email (with receipt confirmed) to the persons at the addresses set forth  below (or at such other address as may be provided hereunder), and shall be deemed to have  been delivered as of the date so delivered:            To you:        At the address on file with WSFS.            To WSFS:       WSFS Financial Corporation                          WSFS Bank Center                          500 Delaware Avenue                          Wilmington, DE 19801                          Facsimile Number: (302) 571-6871                          Attention: Rodger Levenson, President & Chief Executive Officer                          Email: rlevenson@wsfsbank.com                d. Counterparts. This Letter may be executed in counterparts, each of which  shall be deemed an original and all of which taken together shall constitute one and the same   instrument.                e. Assignment. The provisions of this Letter shall bind and inure to the benefit of  WSFS and its successors and assigns. You may not assign this Letter.                f. Amendment and  Waiver.  No failure or delay on the part of you or WSFS in  exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any   single or partial exercise of any such right, power or remedy preclude any other or further  exercise thereof or the exercise of any other right, power or remedy.  Any amendment,  supplement or modification of or to any provision of this Letter and any waiver of any provision   of this Letter shall be effective (i) only if it is made or given in writing and signed by each party   hereto or, in the case of a waiver, by the party granting the waiver and (ii) only in the specific   instance and for the specific purpose for which made or given.                g. Severability. If any provision of this Letter is held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Letter  shall not be affected or impaired in any way.                                           7 

 

            h. Construction. You and WSFS agree that you each have had the opportunity to be represented by counsel during the negotiation and execution of this letter, and waive the  application of any law, regulation, holding or rule of construction providing that ambiguities in  an agreement or other document will be construed against the party drafting such agreement or  document.  The headings in this Letter are only for convenience and are not intended to affect  construction or interpretation.  The words “include,” “includes” and “including,” when used in  this Letter, will be deemed to be followed by the phrase “but not limited to”. The words  “hereof”, “herein” and “hereunder” and words of similar import when used in this Letter shall  refer to this Letter as a whole and not to any particular provision of this Letter.                             [Remainder of the Page Left Blank]                                         8 

 

We hope you will indicate your acceptance of the terms of this Letter set forth above by signing  and dating in the spaces indicated below.                                        Sincerely,                                       /s/ Rodger Levenson                                     Rodger Levenson                                      President & Chief Executive Officer                                      WSFS Financial Corporation                                        /s/ Rodger Levenson                                     Rodger Levenson                                      President & Chief Executive Officer                                       Wilmington Savings Fund Society, FSB   I acknowledge that I have read, understand and agree to the terms and conditions of this Letter:                                       MARK TURNER   __________________________December 15, 2019  ___________________________________/s/ Mark Turner   Date  Signature

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