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                                                                    EXHIBIT 10.3

                              ABINGTON SAVINGS BANK
                  BOARD OF DIRECTORS DEFERRED COMPENSATION PLAN
                             (AMENDED AND RESTATED)

                                    ARTICLE I

                                    PREAMBLE

        Effective as of October 20, 2004, the Abington Savings Bank Board of
Trustees Deferred Compensation Plan (the "Prior Plan") was amended and restated
in its entirety. The effective date of the Prior Plan is January 1, 1996. The
amended and restated plan shall be known as the Abington Savings Bank Board of
Directors Deferred Compensation Plan (the "Plan") and shall in all respects be
subject to the provisions set forth herein.

        Under the Prior Plan, a Deferral Benefit was distributable only in cash
from the Accumulation Account. Under the Plan, a Participant may elect, subject
to the sole discretion of the Committee, to invest all or a portion of his or
her Accumulation Account in the Stock Units Account, a newly created sub-account
under a Participant's Accumulation Account. Under the Plan, payments from the
Cash Account and distributions from the Stock Units Account are made
independently.

        Abington Savings Bank (collectively, the "Bank" or the "Employer") has
herein restated the Plan with the intention that (a) the Plan shall at all times
be characterized as a "top hat" plan of deferred compensation maintained for a
select group of management or highly compensated employees, as described under
ERISA Sections 201(2), 301(a)(3) and 401(a)(1), and (b) the Plan shall at all
times satisfy Section 409A of the Internal Revenue Code of 1986, as amended, and
as recently enacted under the American Jobs Creation Act of 2004. The provisions
of the Plan shall be construed to effectuate such intentions.

                                     PURPOSE

        The purpose of this Plan is to provide specified benefits to individual
Directors. This Plan shall be unfunded for tax purposes and for purposes of
Title I of ERISA.

                                   ARTICLE II

                                   DEFINITIONS

        For the purposes of the Plan, the following words and phrases shall have
the meanings indicated, unless the context clearly indicates otherwise:

        2.1     ACCUMULATION ACCOUNT. "Accumulation Account" shall mean the
account maintained on the books of the Employer for each Participant with
respect to the Plan. Each Participant's Accumulation Amount shall consist of the
following sub-Accounts: (i) Cash

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Account, a sub-account that is credited with all investments other than assets
credited to the Stock Units Account; (ii) Stock Units Account, a sub-account
that is credited with Stock Units; and (iii) such other sub-accounts as may be
necessary to reflect such Plan Year's allocation and such further sub-Accounts
as the Committee may deem necessary. The Stock Units Account (i) may not be
diversified; (ii) must remain at all times credited with units that represent
Company Stock; and (iii) must be distributed solely in the form of Company
Stock. A Participant's Accumulation Account shall be utilized solely as a device
for the measurement and determination of any benefits payable to the Participant
pursuant to this Plan. A Participant shall have no interest in his Accumulation
Account, nor shall it constitute or be treated as a trust fund of any kind.

        2.2     BASE FEE. "Base Fee" shall mean, for a Plan Year, the Base Fee
payable to a Participant by the Bank in that Plan Year.

        2.3     BENEFICIARY. "Beneficiary" shall mean the person, persons or
entity designated by the Participant as provided in Article VII to receive any
benefit payable under the Plan with respect to the Participant after his or her
death.

        2.4     BOARD. "Board" shall mean the Board of Directors of Abington
Savings Bank.

        2.5     COMPANY. "Company" shall mean Abington Community Bancorp, Inc.
or any successor thereto.

        2.6     COMPANY STOCK. "Company Stock" shall mean the common stock,
$0.01 par value, of the Company.

        2.7     CODE. "Code" shall mean the Internal Revenue Code of 1986, as
amended.

        2.8     COMMITTEE. "Committee" shall mean the Employee Benefit
Committee.

        2.9     DEFERRAL BENEFIT. "Deferral Benefit" shall mean the benefit
payable to a Participant (or Beneficiary) under the Plan, as provided in Article
VI.

        2.10    DETERMINATION DATE. "Determination Date" shall mean the date on
which the amount of a Participant's Accumulation Account is determined as
provided in Article V. The last day of each calendar year shall be a
Determination Date.

        2.11    DISABILITY OR DISABLED. "Disability or Disabled" shall mean a
Participant (i) is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than twelve months; or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than twelve
months, receiving income replacement benefits for a period of not less than
three months under an accident and health plan covering employees of the Bank.
The determination of the Board as to Disability shall be binding on a
Participant.

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        2.12    PARTICIPANT. "Participant" shall mean a Director who has elected
to participate in the Plan for the following Plan Year.

        2.13    PLAN YEAR. "Plan Year" shall mean the calendar year commencing
January 1 and ending the following December 31st.

        2.14    RETIREMENT AGE. "Retirement Age" shall mean the first day of the
first year following the Participant's seventy-fifth (75th) birthday.

        2.15    RETIREMENT DATE. "Retirement Date" shall mean the date of a
Participant's retirement after having attained Retirement Age.

        2.16    SPOUSE. "Spouse" shall mean a Participant's wife or husband who
was lawfully married to the Participant.

        2.18    STOCK UNITS. "Stock Units" shall represent shares of Company
Stock, with each Stock Unit representing one share of Company Stock.

        2.19    TERMINATION OF SERVICE. "Termination of Service" shall mean the
Participant's ceasing to be a member of the Board for any reason whatsoever.

        2.20    DIRECTOR. "Director" shall mean a member of the Board of
Directors of the Bank.

                                   ARTICLE III

                                 ADMINISTRATION

        3.1     COMMITTEE DUTIES. The Board shall appoint an Employee Benefit
Committee of not less than three (3) members to administer and interpret the
Plan. Members of the Committee shall be selected by the Board in its sole
discretion and any member of the Committee may be removed by the Board at any
time, with or without cause. Members of the Committee may be Participants under
the Plan, but no member of the Committee who is a participant shall vote on any
matter relating to his or her own benefits. The Committee shall have the
authority to adopt, amend, interpret and enforce rules and regulations for the
operation and administration of the Plan and decide or resolve any and all
questions relating to the Plan.

        3.2     AGENTS. In the administration of the Plan, the Committee may,
from time to time, employ agents and delegate to them such administrative duties
as it sees fit and consult with counsel who may be counsel to the Bank.

        3.3     BINDING EFFECT OF DECISIONS. Any decision or action of the
Committee relating to the Plan shall be final, conclusive and binding upon all
Participants, Beneficiaries and other persons having any interest in the Plan.

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                                   ARTICLE IV

                                  PARTICIPATION

        4.1     PARTICIPATION. Participation in the Plan shall be limited to
those Directors who elect to participate by informing the Committee in writing
prior to January 1st of each Plan Year. An election form shall continue in
effect from calendar year to calendar year unless replaced by a subsequent
Election Form.

        4.2     DEFERRAL AMOUNT. Each Plan Year, the Board shall, in its sole
discretion, elect to contribute such amount of the Base Fee as it may determine
to the Accumulation Account of the Participant.

                                    ARTICLE V

                              ACCUMULATION ACCOUNT

        5.1     DETERMINATION OF ACCUMULATION ACCOUNT. Amounts credited under
this Plan will be credited to one or more bookkeeping accounts (including the
Cash Account and/or the Stock Units Account) for the Participant in accordance
with the Participant's election (subject to the ability of the Committee to
override the election at its sole discretion) on an election form supplied by
the Bank (the "Election Form"). The Participant's ultimate deferred compensation
payments shall be based on the aggregate value of the Cash Account and the
aggregate number of Stock Units accrued in the Stock Units Account (and any
other sub-accounts) determined as hereinafter set forth:

                (a)     A Participant may elect on an Election Form that all or
any part of amounts contributed be credited to the Cash Account. All amounts
credited to the Cash Account shall be credited with earnings at a rate (adjusted
annually) equal to the average of the Employer's average cost of funds and the
average yield on the interest bearing assets for such Plan Year.

                (b)     A Participant may elect that all or any part of amounts
contributed be credited to the Stock Units Account. All amounts credited to the
Stock Units Account shall be applied to the crediting of Stock Units. The number
of Stock Units credited to a Participant's Stock Units Account shall equal the
dollar amount credited to such account divided by the fair market value of one
share of Company Stock as determined on a date selected by the Bank. Fractional
Stock Units will be used. Each Stock Unit shall be deemed to pay dividends as if
it were one share of Company Stock and any such deemed dividends will result in
the crediting of additional Stock Units to the Stock Units Account on a date
selected by the Bank, with the number of Stock Units so credited to be
calculated in the manner set forth above for contributions. After the crediting
of Stock Units to the Stock Units Account, subsequent fluctuations in the fair
market value of the Company Stock shall not result in any change in the number
of such Stock Units then credited to the Stock Units Account.

                (c)     In the event of any change in the outstanding shares of
the Company by reason of any stock dividend or split, recapitalization, merger,
consolidation, spin-off,

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reorganization, combination or exchange of shares or other similar corporate
change, then the Stock Units Account of each Participant shall be adjusted by
the Committee in a reasonable manner to compensate for the change, and any such
adjustment by the Committee shall be conclusive and binding for all purposes of
the Plan.

                (d)     Participants are not permitted to transfer amounts
between the Cash Account and the Stock Units Account, with the exception that
Participants were given the ability in connection with the mutual to stock
conversion of the Bank to transfer amounts from the Cash Account to the Stock
Units Account. However, if a successor Election Form is properly filed with and
accepted by the Committee, such Election Form may contain revised instructions
as to the proportion of future contributions to be credited to each of the Cash
Account and the Stock Units Account.

                (e)     An Election Form shall continue in effect from calendar
year to calendar year unless replaced by a subsequent Election Form.

        5.2     STATEMENT OF ACCOUNTS. Within 90 days after the close of each
Plan Year, the Committee shall submit to each Participant a statement in such
form as the Committee deems desirable setting for the balance as of the last day
of the Plan Year in each Accumulation Account maintained for the Participant.

                                   ARTICLE VI

                                    BENEFITS

        6.1     DEFERRAL BENEFITS. A Deferral Benefit shall be payable as
provided in the following paragraphs:

                (a)     In the event a Participant's service with the Board
        shall terminate for reasons other than death or Disability and
        Participant has not attained his or her Retirement Age, the Deferral
        Benefit shall be distributed within a reasonable time following notice
        of termination in the form of payment indicated on the Participant's
        Election Form. The form of benefit payment may be a single lump sum
        payment or installment payments not in excess of fifteen years equal to
        the value of the Participant's Accumulation Account as of the
        Determination Date coincident with or next following his or her
        termination of service.

                        (i)     Notwithstanding anything in the Plan to the
                contrary, in the case of a "key employee" of a publicly traded
                company, distributions made on account of separation from
                service may not be made earlier than six months after the date
                of the separation (or, if earlier, upon the death of a
                Participant). For this purpose, a "key employee" is a key
                employee as defined in Section 416(i) of the Code.

                        (ii)    Notwithstanding anything in the Plan to the
                contrary, an Election Form must specify the form (e.g., lump sum
                or installments) in which payments of amounts deferred under the
                Plan are to be made or to begin to be made.

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                (b)     In the event a Participant's service with the Board has
        terminated after he or she attains Retirement Age, the Deferral Benefit
        shall be determined pursuant to Section 6.2 of the Plan.

                (c)     In the event of the death of a Participant prior to
        termination of service (whether or not the Participant attained
        Retirement Age), the Deferral Benefit shall be determined pursuant to
        Section 6.3 of the Plan.

                (d)     In the event of termination of a Participant's
        employment with the Board prior to attaining Retirement Age due to
        Disability, the Deferral Benefit shall be determined pursuant to Section
        6.4 of the Plan.

        6.2     RETIREMENT BENEFIT. Upon a Participant's Termination of Service
with the Board on or after the Director's Retirement Date, he or she shall be
entitled to a Retirement Benefit equal to the total amount of his or her
Accumulation Account determined under Section 5.1 of the Plan. Election of the
Retirement Benefit shall be either a single lump sum payment, or monthly
installment payments over a period not in excess of fifteen years as elected by
the Plan Participant (the election will be made in accordance with Section
6.1(a)(ii) of the Plan). Payment of the Retirement Benefit shall include any
earnings on the outstanding undistributed and unpaid balance of the Cash Account
and/or Stock Unit Account. A new monthly installment payment shall be calculated
for each successive Plan year based on the earnings, if any, on the
Participant's outstanding undistributed and unpaid balance of the Cash Account
portion of the Retirement Benefit.

        6.3     DEATH BENEFIT. Upon the death or a Participant prior to
Termination of Service, the Beneficiary of the deceased Participant shall be
paid a benefit amount equal to 100% of his or her Accumulation Account. Payment
of Death Benefits shall be in a single lump sum payment and shall be paid within
ninety days after the Committee has received notification of a Participant's
death.

        6.4     DISABILITY BENEFIT. If a Participant's service with the Board
terminates prior to his or her having attained Retirement Age due to Disability,
the Participant will be deemed to be entitled to benefits as if the Participant
had reached his or her Retirement Age. The Participant shall be entitled to
retirement benefits as set forth in Section 6.2 of the Plan upon satisfying the
Plan's definition of Disability.

        6.5     UNFORESEEABLE EMERGENCY. In the event that, upon written
petition of the Participant, the Committee determines, in its sole discretion,
that the Participant has suffered an unforeseeable emergency, the Employer may
thereupon pay to the Participant, as soon as practicable following such
determination, such amount as it deems necessary to meet the unforeseeable
emergency. The benefit payment may not be in excess of the Deferral Benefit to
which the Participant would have been entitled pursuant to paragraph 6.1(a) if
the Participant's employment with the Employer had terminated on the date of
such determination of unforeseeable emergency by the Committee. For purposes of
the Plan, an unforeseeable emergency is a severe financial hardship to the
Participant resulting from (1) an illness or

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accident of the Participant, the Participant's spouse, or a dependent of the
Participant (within the meaning of Section 152(a) of the Code), (2) loss of the
Participant's property due to casualty, or (3) other extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of
the Participant. The amount of such distribution may not exceed the amounts
necessary to satisfy the emergency.

        6.6     WITHHOLDING. To the extent required by the law in effect at the
time payment(s) of Deferral Benefits are made, the Bank shall withhold from such
payment(s) any taxes or other amounts required by law to be withheld.

        6.7     DETERMINATION OF DEFERRAL BENEFITS. A Participant's Deferral
Benefit shall be determined as of the Determination Date coincident with or
immediately following the occurrence of an event which entitles the Participant
(or a Beneficiary) to payment of a benefit under this Plan.

        6.8     COMMENCEMENT OF PAYMENTS. Payment of a Deferral Benefit shall be
made or commence to be paid within a reasonable period of time following the
committee's receipt of notice of such event.

        6.9     FORFEITURE OF BENEFITS. Notwithstanding anything contained
herein to the contrary, a Participant shall forfeit his or her right to receive
any benefit from the Employer under this Plan if he or she shall engage in
conduct intended to defraud the Employer or shall within one (1) year of
termination of employment obtain employment with a banking institution which
directly competes with the Employer in its geographical locale, being
Montgomery, Bucks and Philadelphia counties. This Section 6.9 of the Plan shall
not be applicable (i) on or after a change in control of Abington Community
Bancorp, Inc. and/or the Bank as defined in Section 8.2(b) hereof; or (ii) if
the Employer or Committee exercises its discretion to not apply this section to
a Participant's Deferral Benefit.

                                   ARTICLE VII

                             BENEFICIARY DESIGNATION

        7.1     BENEFICIARY DESIGNATION. Each Participant shall have the right,
at any time, to designate any person, persons or entity as his or her
Beneficiary or Beneficiaries (both primary and contingent) to whom any benefits
under this Plan shall be paid after his or her death. A Beneficiary designation
shall be made by filing a written instrument (on a form prescribed by the
Committee) with the Committee and shall become effective when received and
accepted by the Committee.

        7.2     NEW BENEFICIARY DESIGNATION. Any Beneficiary designation may be
changed by a Participant by filing a new Beneficiary designation. The filing of
a new Beneficiary designation will supersede all Beneficiary designations
previously filed when received and accepted by the Committee. Any final decree
of divorce of a Participant subsequent to the date of filing of a

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Beneficiary designation shall revoke any Beneficiary designation in favor of the
former Spouse, provided the Committee shall have actual notice of such decree.

        7.3     NO BENEFICIARY DESIGNATION. If a Participant fails to designate
a Beneficiary as provided above, or if his or her Beneficiary designation is
revoked by Divorce, or if all designated Beneficiaries predecease the
Participant or die prior to complete payment of the Participant's Deferral
Benefits, the Participant's designated Beneficiary shall be deemed to be the
person or persons surviving him or her in the first of the following classes in
which there is a survivor:

                (a)     to the surviving Spouse;

                (b)     to the Participant's children, per stirpes; or

                (c)     the Participant's estate.

        7.4     EFFECT OF PAYMENT. The payment of a Participant's vested benefit
to the deemed Beneficiary shall completely discharge the Bank's obligation to
the Participant or the Participant's Beneficiary under this Plan.

        7.5     EFFECT OF DEATH AFTER TERMINATION OF SERVICE. Upon the death of
a Participant after termination of service with the Board, the Beneficiary shall
be paid any unpaid balance of the Participant's Deferral Benefits at such time
or times and in such amount or amounts as if the Participant had not died.

                                  ARTICLE VIII

                        AMENDMENT AND TERMINATION OF PLAN

        8.1     AMENDMENT. The Board of Directors may at any time, and from time
to time, amend the Plan, in whole or in part, provided, however, no amendment
shall operate to eliminate or reduce any rights of any Participant or
Beneficiary. Notwithstanding anything in the Plan to the contrary, the Bank may
amend in good faith any terms of the Plan, including retroactively, in order to
comply with Section 409A of the Code.

        8.2     TERMINATION.

                (a)     Board's Right to Terminate. The Board of Directors may,
        at any time, in its sole discretion, terminate the Plan. A termination
        of the Plan will not be a distributable event. Instead, distributions
        under the Plan are allowed only upon separation from service,
        Disability, death, a change in control of Abington Community Bancorp,
        Inc. and/or the Bank or the occurrence of an unforeseeable emergency.

                (b)     Change in Control of Employer. In the event of a change
        in control of Abington Community Bancorp, Inc. and/or the Bank,
        distributions of all Participant Accumulation Accounts will be made as
        soon as administratively feasible. A change in

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        control will have the meaning provided under Section 409A of the Code,
        as amended from time to time, and any Internal Revenue Service guidance,
        including Notice 2005-1, and the regulations issued in connection with
        Section 409A of the Code; provided, however, that a "second-step"
        conversion of Abington Mutual Holding Company shall not be deemed to be
        a change in control.

        8.3     ERISA; CODE. It is intended that this Plan be neither an
"employee welfare benefit plan" nor an "employee pension benefit plan" for the
purposes of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"). It is further intended that this Plan will not cause the interest of
a Participant in the Plan to be includable in his or her (or his or her
beneficiary's) gross income prior to his or her actual receipt of Deferral
Benefits for purposes of the Code. The Board shall also terminate the Plan if it
determines, based on an opinion of legal counsel which is satisfactory to the
Board, that either:

        (1)     judicial authority or the opinion of the U. S. Department of
Labor, Treasury Department or Internal Revenue Service (as expressed in proposed
or final regulations, advisory opinions or rulings, or similar administrative
announcements) creates a significant risk that the Plan will be held to be
subject to ERISA or will cause current taxation to Participants under the Code,
or

        (2)     ERISA or the Code require the Plan to be amended in a way that
creates a significant risk that the Plan will be held to be subject to ERISA or
will cause current taxation to Participants under the Code, and failure to so
amend the Plan could subject the Bank to material penalties. Upon any such
termination, the Board shall if it is deemed reasonable, in the sole discretion
of the Board, transfer Participant rights and obligations under the Plan to a
new plan to be established by the Board which is not deemed to be subject to
ERISA or to cause current taxation to Participants under the IRC, but which is
similar in other respects to the Plan, if it is not deemed reasonable, in the
sole discretion of the Board.

                                   ARTICLE IX

                                  MISCELLANEOUS

        9.1     UNSECURED GENERAL CREDITOR. Participants and their
Beneficiaries, heirs, successors and assignees shall have no legal or equitable
rights, interests or claims in any property or assets of the Bank held in any
way as collateral security for the fulfilling of the obligation of the Bank
under this Plan. Any and all of the Bank's assets shall be and remain, the
general, unpledged, unrestricted assets of the Bank. The Bank's obligation under
this Plan shall be an unfunded and unsecured promise of the Bank to pay money in
the future limited by the provisions in the Plan documents.

        9.2     OBLIGATION TO EMPLOYER. If a Participant becomes entitled to a
distribution of benefits under the Plan, and if at that time the Participant has
outstanding any debt, obligation or other liability representing an amount
(whether liquidated or unliquidated) owing to the Bank, or any direct or
indirect parent, subsidiary or affiliate of the Bank, then the Bank may fully

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offset such amount against the amount of the Deferral Benefits otherwise payable
to the Participant. Such determination shall be made by the Committee.

        9.3     NONASSIGNABILITY. Neither a Participant nor any other person
shall have any right to sell, assign, transfer, pledge, mortgage, or otherwise
encumber, transfer, hypothecate or convey in advance of actual receipt the
Deferral Benefits payable hereunder, or any part thereof, which Deferral
Benefits are expressly declared to be non-assignable and non-transferable. No
part of the Deferral Benefits shall, prior to actual payment, be subject to
seizure or sequestration for the payments of debts, judgments, alimony or
separate maintenance owed by a Participant or any other person, nor be
transferable by operation of law in the event of a Participant's or any other
person's bankruptcy or insolvency.

        9.4     NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of the
Plan are not and shall not be deemed to constitute a contract of employment
between the Bank and the Participant, and the Participant (or his or her
Beneficiary) shall have no rights against the Bank except as may otherwise be
specifically provided herein. Moreover, nothing in the Plan shall be deemed to
give a Participant the right to enter into the employ or to be retained in the
employ of the Bank, or to limit in any way the right of the Board to discipline
or discharge the Participant at any time.

        9.5     TERMS. Whenever any words are used herein in the singular or in
the plural, they shall be construed as though they were used in the plural or
singular, as the case may be, in all cases where such should so apply.

        9.6     COOPERATION. A Participant will cooperate with the Bank by
furnishing any and all information requested by the Bank, by taking such
physical examinations as the Bank may request and by taking such other action as
may be requested by the Bank.

        9.7     CAPTIONS. The captions of the articles, sections and paragraphs
of the Plan are for convenience only and shall not control or affect the meaning
or construction of any of its provisions.

        9.8     GOVERNING LAW. The provisions of the Plan shall be construed and
interpreted according to the laws of the Commonwealth of Pennsylvania.

        9.9     VALIDITY. In any case where a provision of the Plan shall be
held illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining provisions, but the Plan shall be construed and enforced as
if such illegal and invalid provision has never been inserted herein.

        9.10    FORM OF COMMUNICATION. Any election, claim, notice or other
communication required or permitted to be made by a Participant under the Plan
shall be made in writing and on such form as shall be prescribed. Such
communication shall be effective when received and accepted by the Committee.
Such communication shall be addressed to: Employee Benefit Committee, Abington
Savings Bank, 180 Old York Road, Jenkintown, PA 19046 or such other address as
the Committee may specify in a written communication to the Participants.

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        9.11    SUCCESSORS. The provisions of the Plan shall bind and inure to
the benefit of the Bank and its successors and assigns. The term successors as
used herein shall include any corporate or other business entity which shall,
whether by merger, consolidation, purchase or otherwise acquire all or
substantially all of the business and assets of the Bank, and successors of the
Bank or other business entity.

        9.12    CLAIM PROCEDURE. Any claim for unpaid benefits deemed by a
claimant to be owing must be made in writing to the Committee by the claimant or
the claimant's authorized representative within 60 days from the date such
payments are not made. The Committee shall inform the claimant of the date on
which the claim is received and accepted for review. The claim shall be reviewed
by the Committee. The Committee shall, within 90 days of the receipt of the
claim, notify the claimant that the claim has been approved, denied or an
additional 90 days is required for review. (Failure of the Committee to take
action within such 90 days shall be deemed a denial.) If the claim is denied in
whole or in part, the Committee shall set forth the specific reasons for the
denial, including the provisions of this Plan upon which the denial is based.
The notice shall also describe any additional information or material necessary
to perfect the claim including the reasons therefor and state that a review of
the denial may be obtained if desired.

        If a review of denial is requested, it shall be directed in writing by
the claimant or the claimant's authorized representative to the Committee within
60 days after receipt by the claimant of the notice of denial. In preparing for
a request for review of a denial, the claimant or the claimant's authorized
representative may examine this Plan and any other related documents and submit
issues and comments in writing. The Committee, applying its sole discretion,
shall then conduct the review and provide its written decision to the claimant
within 60 days after receipt of the request for review. The decision shall be in
writing and shall include specific reasons for the decision, as well as specific
references to the provisions of this Plan upon which the decision is based.

        ADOPTED pursuant to resolution of the Board of Directors of Abington
Savings Bank wherein an authorized officer of Abington Savings Bank shall
execute in the name of and on behalf of Abington Savings Bank this Plan as of
the ____ day of January 2005.

ATTEST:                                     ABINGTON SAVINGS BANK

___________________________                 ___________________________

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                                  ELECTION FORM

                              ABINGTON SAVINGS BANK
                  BOARD OF DIRECTORS DEFERRED COMPENSATION PLAN
                (AMENDED AND RESTATED EFFECTIVE OCTOBER 20, 2004)

___________________________                 ___________________________
Participant's Name                          Social Security Number

The Abington Savings Bank Board of Directors Deferred Compensation Plan provides
each Participant an election, subject to the sole discretion of the Committee,
to invest all or a portion of his or her Accumulation Account in the Stock Units
Account or the Cash Account.

All amounts credited to the Cash Account will be credited with earnings at a
rate (adjusted annually) equal to the Bank's average of the average cost of
funds and the average yield on interest bearing assets for such Plan Year.

All amounts credited to the Stock Units Account will consist of Stock Units
representing shares of the common stock of Abington Community Bancorp, Inc. and
such amounts (i) may not be diversified; (ii) must remain at all times in Stock
Units; and (iii) must be distributed solely in the form of Company Stock.

This Election Form will continue in effect from calendar year to calendar year
unless replaced by a subsequent Election Form. Participants are not permitted to
transfer amounts between the Cash Account and Stock Units Account. However, if a
new Election Form is properly filed and accepted by the Committee, such Election
Form may direct how future contributions are credited to your Cash Account or
Stock Units Account.

INVESTMENT ELECTION. I hereby request that the Committee invest the future
contributions to be made to my Accumulation Account as follows:

         ______ % to the Cash Account

         ______ % to the Stock Units Account

DISTRIBUTION ELECTION. I hereby irrevocably direct that my Deferral Benefit be
paid as follows (this election may only be made one time under the Plan and the
election shall apply to all contributions to the Plan on behalf of a
Participant):

         ______ lump sum

         ______ installments (up to 15 years)

                                       12
<PAGE>

_________________________, 200_             _________________________________
Date                                        Signature of Participant

                                            COMMITTEE

_________________________, 200_             _________________________________
Date                                        Name:
                                            Title: Committee Member

                                       13<PAGE>

                                                                    EXHIBIT 10.4

                              ABINGTON SAVINGS BANK
                      EXECUTIVE DEFERRED COMPENSATION PLAN
                             (AMENDED AND RESTATED)

<PAGE>

                              ABINGTON SAVINGS BANK
                      EXECUTIVE DEFERRED COMPENSATION PLAN
                (AMENDED AND RESTATED EFFECTIVE OCTOBER 20, 2004)

                                    ARTICLE I

                                    PREAMBLE

        Effective as of October 20, 2004, the Abington Savings Bank Executive
Deferred Compensation Plan (the "Prior Plan") was amended and restated in its
entirety. The effective date of the Prior Plan is January 1, 1993. The amended
and restated plan shall be known as the Abington Savings Bank Executive Deferred
Compensation Plan (the "Plan") and shall in all respects be subject to the
provisions set forth herein.

        Under the Prior Plan, a Deferral Benefit was distributable only in cash
from the Accumulation Account. Under the Plan, a Participant may elect, subject
to the sole discretion of the Committee, to invest all or a portion of his or
her Accumulation Account in the Stock Units Account, a newly created sub-account
under a Participant's Accumulation Account. Under the Plan, payments from the
Cash Account and distributions from the Stock Units Account are made
independently.

        Abington Savings Bank (collectively, the "Bank" or the "Employer") has
herein restated the Plan with the intention that (a) the Plan shall at all times
be characterized as a "top hat" plan of deferred compensation maintained for a
select group of management or highly compensated employees, as described under
ERISA Sections 201(2), 301(a)(3) and 401(a)(1), and the Plan shall at all times
satisfy Section 409A of the Internal Revenue Code of 1986, as amended, and as
recently enacted under the American Jobs Creation Act of 2004. The provisions of
the Plan shall be construed to effectuate such intentions.

                                     PURPOSE

        The purpose of this Plan is to provide specified benefits to a select
group of management or highly compensated employees. This Plan shall be unfunded
for tax purposes and for purposes of Title I of ERISA.

                                   ARTICLE II

                                   DEFINITIONS

        For the purposes of the Plan, the following words and phrases shall have
the meanings indicated, unless the content clearly indicates otherwise:

        2.1     ACCUMULATION ACCOUNT. "Accumulation Account" shall mean the
account maintained on the books of the Employer for each Participant with
respect to the Plan. Each Participant's Accumulation Amount shall consist of the
following sub-Accounts: (i) Cash

                                       1
<PAGE>

Account, a sub-account that is credited with all investments other than assets
credited to the Stock Units Account; (ii) Stock Units Account, a sub-account
that is credited with Stock Units; and (iii) such other sub-accounts as may be
necessary to reflect such Plan Year's allocation and such further sub-Accounts
as the Committee may deem necessary. The Stock Units Account (i) may not be
diversified; (ii) must remain at all times credited with units that represent
Company Stock; and (iii) must be distributed solely in the form of Company
Stock. A Participant's Accumulation Account shall be utilized solely as a device
for the measurement and determination of any benefits payable to the Participant
pursuant to this Plan. A Participant shall have no interest in his Accumulation
Account, nor shall it constitute or be treated as a trust fund of any kind.

        2.2     BASE SALARY. "Base Salary" for a Plan Year shall mean the Base
Salary payable to a Participant by the Employer in that Plan Year. Base Salary
shall exclude any bonus paid to a Participant.

        2.3     BENEFICIARY. "Beneficiary" shall mean the person, persons or
entity designated by the Participant as provided in Article VII to receive any
benefit payable under the Plan with respect to the Participant after his death.

        2.4     BOARD. "Board" means the Board of Directors of the Employer.

        2.5     COMPANY. "Company" means Abington Community Bancorp, Inc. or any
successor thereto.

        2.6     COMPANY STOCK. "Company Stock" means the common stock, $0.01 par
value, of the Company.

        2.7     CODE. "Code" means the Internal Revenue Code of 1986, as
amended.

        2.8     COMMITTEE. "Committee" shall mean the Administration Committee.

        2.9     DEFERRAL BENEFIT. "Deferral Benefit" shall mean the benefit
payable to a Participant (or his Beneficiary) under the Plan, as provided in
Article VI.

        2.10    DETERMINATION DATE. "Determination Date" shall mean the date on
which the amount of a Participant's Accumulation Account is determined as
provided in Article V. The last day of each calendar year shall be a
Determination Date.

        2.11    DISABILITY OR DISABLED. "Disability or Disabled" shall mean a
Participant (i) is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than twelve months; or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than twelve
months, receiving income replacement benefits for a period of not less than
three months under an accident and health plan

                                       2
<PAGE>

covering employees of the Bank. The determination of the Board as to Disability
shall be binding on a Participant.

        2.12    EMPLOYEE. "Employee" shall mean an employee of the Employer.

        2.13    PARTICIPANT. "Participant" shall be an Employee of the Employer
who is designated by the Committee to participate in the Plan.

        2.14    PLAN YEAR. "Plan Year" shall mean the calendar year commencing
January 1 and ending the following December 31st.

        2.15    RETIREMENT AGE. "Retirement Age" shall mean the first day of the
first month following the Participant's sixty-fifth (65th ) birthday.

        2.16    RETIREMENT DATE. "Retirement Date" shall mean the date of a
Participant's retirement after having attained Retirement Age.

        2.17    SPOUSE. "Spouse" shall mean a Participant's wife or husband who
was lawfully married to the Participant.

        2.18.   STOCK UNITS. "Stock Units" shall represent shares of Company
Stock, with each Stock Unit representing one share of Company Stock.

        2.19    TERMINATION OF EMPLOYMENT. "Termination of Employment" shall
mean the Participant's ceasing to be employed by the Employer for any reason
whatsoever.

                                   ARTICLE III

                                 ADMINISTRATION

        3.1     COMMITTEE DUTIES. The Board shall appoint a Committee of not
less than three (3) members to administer and interpret the Plan. Members of the
Committee shall be selected by the Board in its sole discretion and any member
of the Committee may be removed by the Board at any time, with or without cause.
Members of the Committee may be Participants under the Plan, but no member of
the Committee who is a Participant shall vote on any matter relating to his or
her own benefits. The Committee shall have the authority to adopt, amend,
interpret and enforce rules and regulations for the operation and administration
of the Plan and decide or resolve any and all questions relating to the Plan.

        3.2     AGENTS. In the administration of the Plan, the Committee may,
from time to time, employ agents and delegate to them such administrative duties
as it sees fit and consult with counsel who may be counsel to the Employer.

                                       3
<PAGE>

        3.3     BINDING EFFECT OF DECISIONS. Any decision or action of the
Committee relating to the Plan shall be final, conclusive and binding upon all
Participants, Beneficiaries and other persons having any interest in the Plan.

                                   ARTICLE IV

                                  PARTICIPATION

        4.1     PARTICIPATION. Participation in the Plan shall be limited to
those employees who are designated as Participants by the Committee.

        4.2     DEFERRAL AMOUNT. Each Plan Year, the Board of Directors of the
Employer shall, in its sole discretion, elect to contribute such amount of its
profit for such Plan Year as it may determine. Such amount shall be allocated
under this Plan for the benefit of each Employee who is a Participant for such
Plan Year in the proportion that each Participant's Base Salary for the Plan
Year bears to the Base Salary for the Plan Year of all Participants.

                                    ARTICLE V

                              ACCUMULATION ACCOUNT

        5.1     DETERMINATION OF ACCUMULATION ACCOUNT. Amounts credited under
this Plan will be credited to one or more bookkeeping accounts (including the
Cash Account and/or the Stock Units Account) for the Participant in accordance
with the Participant's election (subject to the ability of the Committee to
override the election at its sole discretion) on an election form supplied by
the Bank (the "Election Form"). The Participant's ultimate deferred compensation
payments shall be based on the aggregate value of the Cash Account and the
aggregate number of Stock Units accrued in the Stock Units Account (and any
other sub-accounts) determined as hereinafter set forth:

                (a)     A Participant may elect on an Election Form that all or
any part of amounts contributed be credited to the Cash Account. All amounts
credited to the Cash Account shall be credited with earnings at a rate (adjusted
annually) equal to the average of the Employer's average cost of funds and the
average yield on the interest bearing assets for such Plan Year.

                (b)     A Participant may elect that all or any part of amounts
contributed be credited to the Stock Units Account. All amounts credited to the
Stock Units Account shall be applied to the crediting of Stock Units. The number
of Stock Units credited to a Participant's Stock Units Account shall equal the
dollar amount credited to such account divided by the fair market value of one
share of Company Stock as determined on a date selected by the Bank. Fractional
Stock Units will be used. Each Stock Unit shall be deemed to pay dividends as if
it were one share of Company Stock and any such deemed dividends will result in
the crediting of additional Stock Units to the Stock Units Account on a date
selected by the Bank, with the number of Stock Units so credited to be
calculated in the manner set forth above for contributions. After the crediting

                                       4
<PAGE>

of Stock Units to the Stock Units Account, subsequent fluctuations in the fair
market value of the Company Stock shall not result in any change in the number
of such Stock Units then credited to the Stock Units Account.

                (c)     In the event of any change in the outstanding shares of
the Company by reason of any stock dividend or split, recapitalization, merger,
consolidation, spin-off, reorganization, combination or exchange of shares or
other similar corporate change, then the Stock Units Account of each Participant
shall be adjusted by the Committee in a reasonable manner to compensate for the
change, and any such adjustment by the Committee shall be conclusive and binding
for all purposes of the Plan.

                (d)     Participants are not permitted to transfer amounts
between the Cash Account and the Stock Units Account, with the exception that
Participants were given the ability in connection with the mutual to stock
conversion of the Bank to transfer amounts from the Cash Account to the Stock
Units Account. However, if a successor Election Form is properly filed with and
accepted by the Committee, such Election Form may contain revised instructions
as to the proportion of future contributions to be credited to each of the Cash
Account and the Stock Units Account.

                (e)     An Election Form shall continue in effect from calendar
year to calendar year unless replaced by a subsequent Election Form.

        5.2     STATEMENT OF ACCOUNTS. Within 90 days after the close of each
Plan Year, the Committee shall submit to each Participant a statement in such
form as the Committee deems desirable setting forth the balance as of the last
day of the Plan Year in each Accumulation Account maintained for the
Participant.

                                   ARTICLE VI

                                    BENEFITS

        6.1     DEFERRAL BENEFITS. A Deferral Benefit shall be payable as
provided in this paragraph as follows:

                (a)     In the event a Participant's employment with the
        Employer shall terminate for reasons other than death or Disability and
        the Participant has not attained his Retirement Age, the Deferral
        Benefit shall be distributed within a reasonable time following notice
        of termination in the form of payment indicated on the Participant's
        Election Form. The form of benefit payment may be a single lump sum
        payment or installment payments not in excess of fifteen years equal to
        the value of the Participant's Accumulation Account as of the
        Determination Date coincident with or next following his termination of
        employment.

                        (i)     Notwithstanding anything in the Plan to the
                contrary, in the case of a "key employee" of a publicly traded
                company, distributions made on account of separation

                                       5
<PAGE>

                from service may not be made earlier than six months after the
                date of the separation (or, if earlier, upon the death of a
                Participant). For this purpose, a "key employee" is a key
                employee as defined in Section 416(i) of the Code.

                        (ii)    Notwithstanding anything in the Plan to the
                contrary, an Election Form must specify the form (e.g., lump sum
                or installments) in which payments of amounts deferred under the
                Plan are to be made or to begin to be made.

                (b)     In the event a Participant's employment with the
        Employer has terminated after he attains Retirement Age, the Deferral
        Benefit shall be determined pursuant to paragraph 6.2.

                (c)     In the event of the death of a Participant prior to
        termination of employment (whether or not the Participant attained
        Retirement Age), the Deferral Benefit shall be determined pursuant to
        paragraph 6.3.

                (d)     In the event of termination of a Participant's
        employment with the Employer prior to attaining Retirement Age due to
        Disability, the Deferral Benefit shall be determined pursuant to
        paragraph 6.4.

        6.2     RETIREMENT BENEFIT. Upon a Participant's Termination of
Employment with the Employer on or after the Participant's Retirement Date, he
shall be entitled to a Retirement Benefit equal to the total amount of his
Accumulation Account determined under paragraph 5.1. Election of the Retirement
Benefit shall be either a single lump sum payment, or monthly installment
payments over a period not in excess of fifteen years as elected by the Plan
Participant (the election will be made in accordance with Section 6.1(a)(ii) of
the Plan). Payment of the Retirement Benefit shall include any earnings on the
outstanding undistributed and unpaid balance of the Cash Account and/or Stock
Unit Account. A new monthly installment payment shall be calculated for each
successive Plan quarter based on the earnings, if any, on the Participant's
outstanding undistributed and unpaid balance of the Cash Account portion of the
Retirement Benefit.

        6.3     DEATH BENEFIT. Upon the death of a Participant prior to
Termination of Employment, the Beneficiary of the deceased Participant shall be
paid a benefit amount equal to 100% of his Accumulation Account. Payment of
Death Benefits shall be in a single lump sum payment and shall be paid within
ninety days after the Committee has received notification of a Participant's
death.

        6.4     DISABILITY BENEFIT. If a Participant's employment with the
Employer terminates prior to his having attained Retirement Age due to
Disability, the Participant will be deemed to be entitled to benefits as if the
Participant had reached his Retirement Age. The Participant shall be entitled to
retirement benefits as set forth in paragraph 6.2 upon satisfying the Plan's
definition of Disability.

        6.5     UNFORESEEABLE EMERGENCY. In the event that, upon written
petition of the Participant, the Committee determines, in its sole discretion,
that the Participant has suffered an

                                       6
<PAGE>

unforeseeable emergency, the Employer may thereupon pay to the Participant, as
soon as practicable following such determination, such amount as it deems
necessary to meet the unforeseeable emergency. The benefit payment may not be in
excess of the Deferral Benefit to which the Participant would have been entitled
pursuant to paragraph 6.1(a) if the Participant's employment with the Employer
had terminated on the date of such determination of unforeseeable emergency by
the Committee. For purposes of the Plan, an unforeseeable emergency is a severe
financial hardship to the Participant resulting from (1) an illness or accident
of the Participant, the Participant's spouse, or a dependent of the Participant
(within the meaning of Section 152(a) of the Code), (2) loss of the
Participant's property due to casualty, or (3) other extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of
the Participant. The amount of such distribution may not exceed the amounts
necessary to satisfy the emergency.

        6.6     WITHHOLDING; PAYROLL TAXES. To the extent required by the law in
effect at the time payment(s) of Plan benefits are made, the Employer shall
withhold from such payment(s) any taxes or other amounts required by law to be
withheld.

        6.7     DETERMINATION OF PLAN BENEFITS. A Participant's Plan benefit
shall be determined as of the Determination Date coincident with or immediately
following the occurrence of an event which entitles the Participant (or a
Beneficiary) to payment of a benefit under this Plan.

        6.8     COMMENCEMENT OF PAYMENTS. Payment of a Plan benefit shall be
made or commence to be paid within a reasonable period of time following the
Committee's receipt of notice of a payment event.

        6.9     FORFEITURE OF BENEFITS. Notwithstanding anything contained
herein to the contrary, a Participant shall forfeit his or her right to receive
any benefit from the Employer under this Plan if he or she shall engage in
conduct intended to defraud the Employer or shall within one (1) year of
termination of employment obtain employment with a banking institution which
directly competes with the Employer in its geographical locale, being
Montgomery, Bucks and Philadelphia counties. This Section 6.9 of the Plan shall
not be applicable (i) on or after a change in control of Abington Community
Bancorp, Inc. and/or the Bank as defined in Section 8.2(b) hereof; or (ii) if
the Employer or Committee exercises its discretion to not apply this section to
a Participant's Deferral Benefit.

                                   ARTICLE VII

                             BENEFICIARY DESIGNATION

        7.1     BENEFICIARY DESIGNATION. Each Participant shall have the right,
at any time, to designate any person, persons or entity as his Beneficiary or
Beneficiaries (both primary and contingent) to whom any benefits under this Plan
shall be paid after his death. A Beneficiary designation shall be made by filing
a written instrument (on a form prescribed by the Committee) with the Committee
and shall become effective when received and accepted by the Committee.

                                       7
<PAGE>

        7.2     NEW BENEFICIARY DESIGNATION. Any Beneficiary designation may be
changed by a Participant by filing a new Beneficiary designation. The filing of
a new Beneficiary designation will supersede all Beneficiary designations
previously filed. Any final decree of divorce of a Participant subsequent to the
date of filing of a Beneficiary designation shall revoke any Beneficiary
designation in favor of the former spouse, provided the Employer shall have
actual notice of such decree.

        7.3     NO BENEFICIARY DESIGNATION. If a Participant fails to designate
a Beneficiary as provided above, or if his Beneficiary designation is revoked by
divorce, or if all designated Beneficiaries predecease the Participant or die
prior to complete payment of the Participant's Plan benefits, the Participant's
designated Beneficiary shall be deemed to be the person or persons surviving him
in the first of the following classes in which there is a survivor:

        (a)     to the surviving Spouse;

        (b)     to the Participant's children, per capita, except that if any
child shall predecease the Participant but leave one or more children surviving,
then such child or children shall be paid, per capita, the portion of the share
otherwise payable to the Participant's child; or

        (c)     the Participant's estate.

        7.4     EFFECT OF PAYMENT. The payment of a Participant's vested benefit
to the deemed Beneficiary shall completely discharge the Employer's obligations
to the Participant or the Participant's beneficiary under this Plan.

        7.5     EFFECT OF DEATH AFTER TERMINATION OF EMPLOYMENT. Upon the death
of a Participant after termination of employment with the Employer, the
Beneficiary shall be paid any unpaid balance of the Participant's Plan benefits
at such time or times and in such amount or amounts as if the Participant had
not died.

                                  ARTICLE VIII

                       ADMENDMENT AND TERMINATION OF PLAN

        8.1     AMENDMENT. The Board of Directors of the Employer may at any
time, and from time to time, amend the Plan, in whole or in part, provided,
however, no amendment shall operate to eliminate or reduce any rights of any
Participant or Beneficiary. Notwithstanding anything in the Plan to the
contrary, the Bank may amend in good faith any terms of the Plan, including
retroactively, in order to comply with Section 409A of the Code.

        8.2     TERMINATION.

                (A)     EMPLOYER'S RIGHT TO TERMINATE. The Board of Directors
        may, at any time, in its sole discretion, terminate the Plan. A
        termination of the Plan will not be a

                                       8
<PAGE>

        distributable event. Instead, distributions under the Plan are allowed
        only upon separation from service, Disability, death, a change in
        control of Abington Community Bancorp, Inc. and/or the Bank or the
        occurrence of an unforeseeable emergency.

                (B)     CHANGE IN CONTROL OF EMPLOYER. In the event of a change
        in control of Abington Community Bancorp, Inc. and/or the Bank,
        distributions of all Participant Accumulation Accounts will be made as
        soon as administratively feasible. A change in control will have the
        meaning provided under Section 409A of the Code, as amended from time to
        time, and any Internal Revenue Service guidance, including Notice
        2005-1, and the regulations issued in connection with Section 409A of
        the Code; provided, however, that a "second-step" conversion of Abington
        Mutual Holding Company shall not be deemed to be a change in control.

        8.3     ERISA; CODE. It is intended that this Plan be neither an
"employee welfare benefit plan" nor an "employee pension benefit plan" for
purposes of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"). It is further intended that this Plan will not cause the interest of
a Participant in the Plan to be includable in his (or his beneficiary's) gross
income prior to his actual receipt of Plan benefits for purposes of the Code.
The Board shall also terminate the Plan if it determines, based on an opinion of
legal counsel which is satisfactory to the Board, that either:

                (i)     judicial authority or the opinion of the U.S. Department
        of Labor, Treasury Department or Internal Revenue Service (as expressed
        in proposed or final regulations, advisory opinions or rulings, or
        similar administrative announcements) creates a significant risk that
        the Plan will be held to be subject to ERISA or will cause current
        taxation to Participants under the Code, or

                (ii)    ERISA or the Code require the Plan to be amended in a
        way that creates a significant risk that the Plan will be held to be
        subject to ERISA or will cause current taxation to Participants under
        the Code and failure to so amend the Plan could subject the Employer to
        material penalties. Upon any such termination, the Board shall transfer
        Employer and Participant rights and obligations under the Plan to a new
        plan to be established by the Employer which is not deemed to be subject
        to ERISA or to cause current taxation to Participants under the IRC, but
        which is similar in other material respects to the Plan, if it is deemed
        reasonable, in the sole discretion of the Board.

                                       9
<PAGE>

                                   ARTICLE IX

                                  MISCELLANEOUS

        9.1     UNSECURED GENERAL CREDITOR. Participants and their
Beneficiaries, heirs, successors and assigns shall have no legal or equitable
rights, interests or claims in any property or assets of the Employer held in
any way as collateral security for the fulfilling of the obligation of the
Employer under this Plan. Any and all of the Employer's assets shall be and
remain the general, unpledged, unrestricted assets of the Employer. The
Employer's obligation under the Plan shall be an unfunded and unsecured promise
of the Employer to pay money in the future limited by the provisions in the Plan
documents.

        9.2     OBLIGATION TO EMPLOYER. If a Participant becomes entitled to a
distribution of benefits under the Plan, and if at that time the Participant has
outstanding any debt, obligation or other liability representing an amount
(whether liquidated or unliquidated) owing to the Employer, or any direct or
indirect parent, subsidiary or affiliate of the Employer, then the Employer may
fully offset such amount against the amount of the Plan benefits otherwise
payable to the Participant. Such determination shall be made by the Committee.

        9.3.    NONASSIGNABILITY. Neither a Participant nor any other person
shall have any right to sell, assign, transfer, pledge, mortgage or otherwise
encumber, transfer, hypothecate or convey in advance of actual receipt the Plan
benefits payable hereunder, or any part thereof, which Plan benefits are
expressly declared to be non-assignable and non-transferable. No part of the
Plan benefits shall, prior to actual payment, be subject to seizure or
sequestration for the payment of any debts, judgments, alimony or separate
maintenance owed by a Participant or any other person, nor be transferable by
operation of law in the event of a Participant's or any other person's
bankruptcy or insolvency.

        9.4.    NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of the
Plan are not and shall not be deemed to constitute a contract of employment
between the Employer and the Participant, and the Participant (or his
Beneficiary) shall have no rights against the Employer except as may otherwise
be specifically provided herein. Moreover, nothing in the Plan shall be deemed
to give a Participant the right to be retained in the employ of the Employer or
to limit in any way the right of the Employer to discipline or discharge the
Participant at any time.

        9.5.    TERMS. Whenever any words are used herein in the masculine, they
shall be construed as though they were used in the feminine in all cases where
such should so apply; and whenever any words are used herein in the singular or
in the plural, they shall be construed as though they were used in the plural or
the singular, as the case may be, in all cases where such should so apply.

        9.6.    COOPERATION. A Participant will cooperate with the Employer by
furnishing any and all information requested by the Employer, by taking such
physical examinations as the Employer may request and by taking such other
action as may be requested by the Employer.

                                       10
<PAGE>

        9.7.    CAPTIONS. The captions of the articles, sections and paragraphs
of the Plan are for convenience only and shall not control or affect the meaning
or construction of any of its provisions.

        9.8.    TAXES. The Employer shall deduct from all benefit payments made
to Participants and Beneficiaries all applicable federal, state and local taxes
required by law to be withheld from such payments.

        9.9.    GOVERNING LAW. The provisions of the Plan shall be construed and
interpreted according to the laws of the Commonwealth of Pennsylvania.

        9.10.   VALIDITY. In any case where a provision of the Plan shall be
held illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining parts, but the Plan shall be construed and enforced as if
such illegal and invalid provision has never been inserted herein.

         9.11. FORM OF COMMUNICATION. Any election, claim, notice of other
communication required or permitted to be made by a Participant under the Plan
shall be made in writing and in such form as shall be prescribed. Such
communication shall be effective upon mailing, if sent by first class mail,
postage prepaid, and addressed to: Corporate Secretary, Abington Savings Bank,
180 Old York Road, Jenkintown, PA 19046, or to such other address as the
Committee may specify in a written communication to the Participants. Such
notice shall be deemed given as of the date of delivery or, if delivery is made
by mails, as of the date shown on the postmark or the receipt for registration
or certification.

        9.12.   SUCCESSORS. The provisions of the Plan shall bind and inure to
the benefit of the Employer and its successors and assigns. The term successors
as used herein shall include any corporate or other business entity which shall,
whether by merger, consolidation, purchase or otherwise acquire all or
substantially all of the business and assets of the Employer, and successors of
the Employer or other business entity.

        9.13.   CLAIM PROCEDURE. Any claim for unpaid benefits deemed by a
claimant to be owing must be made in writing to the Committee by the claimant or
the claimant's authorized representative within 60 days from the date such
payments are not made. The claim shall be reviewed by the Committee. The
Committee shall, within 90 days of the receipt of the claim, or 180 days, if
special circumstances exist, notify the claimant whether the claim has been
denied. If the claim is denied in whole or in part, the Committee shall set
forth the specific reasons for the denial, including the provisions of this
Agreement upon which the denial is based. The notice shall also describe any
additional information or material necessary to perfect the claim including the
reasons therefore and state that a review of the denial may be obtained if
desired. If a review of denial is requested, it shall be directed in writing by
the claimant's authorized representative to the Committee within 60 days after
receipt by the claimant of the notice of denial. (Failure of the Committee to
take action within the above 90-day period shall be deemed a denial.) In
preparing for a review of a denial, the claimant or the claimant's authorized
representative may examine this Plan and any other related documents and submit
issues and comments in writing. The Committee applying its sole discretion shall
then conduct the review and provide its written decision to the claimant within
60 days after receipt of the request for

                                       11
<PAGE>

review. The decision shall be in writing and shall include specific reasons for
the decision, as well as specific references to the provisions of this Agreement
upon which the decision is based.

        ADOPTED pursuant to resolution of the Board of Directors of Abington
Savings Bank, a Pennsylvania corporation, wherein an authorized officer of
Abington Savings Bank shall execute in the name of and on behalf of Abington
Savings Bank this Agreement as of this __ day of January 2005.

ATTEST:                                        ABINGTON SAVINGS BANK

____________________________                   ____________________________

                                       12
<PAGE>

                                  ELECTION FORM

                              ABINGTON SAVINGS BANK
                      EXECUTIVE DEFERRED COMPENSATION PLAN
                (AMENDED AND RESTATED EFFECTIVE OCTOBER 20, 2004)

______________________________                  ______________________________
Participant's Name                              Social Security Number

The Abington Savings Bank Executive Deferred Compensation Plan provides each
Participant an election, subject to the sole discretion of the Committee, to
invest all or a portion of his or her Accumulation Account in the Stock Units
Account or the Cash Account.

All amounts credited to the Cash Account will be credited with earnings at a
rate (adjusted annually) equal to the Bank's average cost of funds for such Plan
Year.

All amounts credited to the Stock Units Account will consist of Stock Units
representing shares of the common stock of Abington Community Bancorp, Inc. and
such amounts (i) may not be diversified; (ii) must remain at all times in Stock
Units; and (iii) must be distributed solely in the form of Company Stock.

This Election Form will continue in effect from calendar year to calendar year
unless replaced by a subsequent Election Form. Participants are not permitted to
transfer amounts between the Cash Account and Stock Units Account. However, if a
new Election Form is properly filed and accepted by the Committee, such Election
Form may direct how future contributions are credited to your Cash Account or
Stock Units Account.

INVESTMENT ELECTION. I hereby request that the Committee invest the future
contributions to be made to my Accumulation Account as follows:

         ______ % to the Cash Account

         ______ % to the Stock Units Account

DISTRIBUTION ELECTION. I hereby irrevocably direct that my Deferral Benefit be
paid as follows (this election may only be made one time under the Plan and the
election shall apply to all contributions to the Plan on behalf of a
Participant):

         ______ lump sum

         ______ installments (up to 15 years)

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<PAGE>

_________________________, 200_              ______________________________
Date                                         Signature of Participant

                                             COMMITTEE

_________________________, 200_              ______________________________
Date                                         Name:
                                             Title: Committee Member

                                       14

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