Document:

EXHIBIT
4.0

(FORM
OF STOCK CERTIFICATE - FRONT SIDE)

	
  NUMBER

  	
   

  	
  SHARES

  
	
   

  	
   

  	
   

  
	
  COMMON STOCK

  	
   

  	
  CUSIP ___________

  
	
   

  	
   

  	
  See reverse for

  
	
   

  	
   

  	
  certain definitions

  

 

ALLIANCE BANCORP,
INC. OF PENNSYLVANIA

INCORPORATED UNDER THE LAWS OF THE UNITED STATES

This certifies
that ___________________________________ is the registered holder of
_________________ fully paid and non-assessable shares of the Common Stock, par
value $.01 per share, of Alliance Bancorp, Inc. of Pennsylvania, Broomall,
Pennsylvania (the “Corporation”), incorporated under the laws of the United
States.

The shares
evidenced by this Certificate are transferable only on the books of the
Corporation by the holder hereof, in person or by a duly authorized attorney or
legal representative, upon surrender of this Certificate properly
endorsed.  This Certificate and the
shares represented hereby are subject to all the provisions of the Charter and
Bylaws of the Corporation and any and all amendments thereto. The shares represented by this certificate are not
deposits or accounts, are not federally insured or guaranteed and are not
insured by Alliance Bank.  This Certificate is not valid unless
countersigned by the Transfer Agent and registered by the Registrar.

IN WITNESS
WHEREOF, the Corporation has caused this Certificate to be executed by the
facsimile signatures of its duly authorized officers and has caused its
facsimile seal to be affixed hereto.

Dated:

	
  

  	
   

  	
  (SEAL)

  	
   

  	
   

  
	
  Kathleen P. Lynch

  	
   

  	
   

  	
   

  	
  Dennis D. Cirucci

  
	
  Corporate Secretary

  	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  

 

 

 

(FORM
OF STOCK CERTIFICATE - BACK SIDE)

The Corporation is authorized to issue more than one class of stock,
including a class of preferred stock which may be issued in one or more
series.  The Corporation will furnish to
any stockholder, upon written request and without charge, a full statement of
the designations, preferences, limitations and relative rights of the shares of
each class authorized to be issued and, with respect to the issuance of any
preferred stock to be issued in series, the relative rights, preferences and
limitations between the shares of each series so far as the rights, preferences
and limitations have been fixed and determined and the authority of the Board
of Directors to fix and determine the relative rights, preferences and
limitations of subsequent series.

The Charter of the Corporation includes a provision which generally
prohibits any person, other than 
Alliance Mutual Holding Company, the parent mutual holding company of
the Corporation, (including an individual, company or group acting in concert)
from directly or indirectly offering to acquire or acquiring the beneficial
ownership of more than 10% of any class of equity securities of the
Corporation.  In the event that stock is
acquired in violation of this 10% limitation, the excess shares will no longer
be counted in determining the total number of outstanding shares for purposes
of any matter involving stockholder action.

The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

	
  TEN COM

  	
   

  	
  —

  	
   

  	
  as tenants in common

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TEN ENT

  	
   

  	
  —

  	
   

  	
  as tenants by the entireties

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JT TEN

  	
   

  	
  —

  	
   

  	
  as joint tenants with right of survivorship and not as
  tenants in common

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  UNIF GIFT MIN ACT - _________________ 

  	
    Custodian _________________ under

  
	
  (Cust)       

  	
   

  	
  (Minor)

  
	
  Uniform Gifts to Minors Act _______________________

  	
   

  
	
  (State)

  	
   

  	
   

  

 

Additional
abbreviations may also be used though not in the above list.

For value received, ______________________ hereby sell, assign and
transfer unto

PLEASE
INSERT SOCIAL SECURITY OR OTHER

TAXPAYER IDENTIFYING NUMBER OF ASSIGNEE

	
  

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Please print or typewrite name and address
  including postal zip code of assignee)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

             
shares of Common Stock represented by this Certificate, and do hereby
irrevocably constitute and appoint               
as Attorney, to transfer the said shares on the books of the within named
Corporation, with full power of substitution.

 

Dated                      ,
       

 

	
  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Signature

  	
   

  	
   

  

 

NOTICE:  The
signature(s) to this assignment must correspond with the name(s) as written
upon the face of this Certificate in every particular, without alteration or
enlargement, or any change whatever.  The
signature(s) should be guaranteed by an eligible guarantor institution (bank,
stockbroker, savings and loan association or credit union) with membership in
an approved signature medallion program, pursuant to S.E.C. Rule 17Ad-15.Exhibit 10.1

GREATER DELAWARE VALLEY SAVINGS d/b/a ALLIANCE BANK

SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN

PARTICIPATION AGREEMENT

THIS PARTICIPATION AGREEMENT (the ‘‘Participation
Agreement’’) is entered into as of this 11th day of January,
2002 by and between Greater Delaware Valley
Savings d/b/a/  Alliance Bank (the ‘‘Employer’’), and William E. Hecht, an employee of the
Employer (the ‘‘Participant’’).

RECITALS:

WHERE AS, The Employer has adopted the Plan
effective as of January 11, 2002, and the Committee has determined, and the
Participant has agreed, that the Participant shall be eligible to participate
in the Plan on the terms and conditions set forth in this Participation
Agreement.

NOW, THEREFORE, in consideration of the
foregoing and the agreements and covenants set forth herein, the parties agree
as follows:

1.                                       Definitions.
Except as otherwise provided, or unless the context otherwise requires, the
terms used in this Participation Agreement shall have the same meanings as in
the Plan.

2.                                       Plan.
Plan means the Greater Delaware Valley Savings d/b/a Alliance Bank Supplemental
Executive Retirement Plan, as the same may be altered or supplemented in any
validly executed Participation Agreement.

3.                                       Incorporation
of Plan. The Plan, a copy of which is attached hereto as Exhibit A, is hereby incorporated into this
Participation Agreement as if fully set forth herein, and the parties hereby
agree to be bound by all of the terms and provisions contained in the Plan,
except as such terms and conditions may be altered, amended or supplemented in
this Participation Agreement. The Participant hereby acknowledges receipt of a
copy of the Plan and, subject to the foregoing, confirms his understanding and
acceptance of all of the terms and conditions contained therein.

4.                                       Effective
Date of Participation. The effective date of the Participant’s
participation in the Plan shall be January 11, 2002, (the ‘‘Participation Date”).

5.                                       Normal
Retirement Age. The Normal Retirement Age for the Participant shall be the
attainment of fifty-eight (58) years of age.

6.                                       Prohibition
Against Funding. Should any investment be acquired in connection with the
liabilities  assumed under this Plan and
Participation Agreement, it is expressly understood and agreed that the
Participants and Beneficiaries shall not have any right with respect to, or
claim against, such assets nor shall any such purchase be construed to create a
trust of any kind or a fiduciary relationship between the Employer and the
Participants, their Beneficiaries, or any other person. Any such assets shall
be and remain a part of the general, unpledged, unrestricted assets of the
Employer, subject to the claims of its general creditors. It is the express
intention of the parties hereto that this arrangement shall be unfunded for tax
purposes and for purposes of Title I of ERISA. 
Each Participant and Beneficiary shall be required to look to the
provisions of this Plan and to the Employer itself for enforcement of any and
all benefits due under this Plan, and, to the extent any such person acquires a
right to receive payment under this Plan, such right shall be no greater than
the right of any unsecured general creditor of the Employer. The Employer shall
be designated the owner and beneficiary of any investment acquired in connection
with its obligation under this Plan.

 

7.                                       Change
of Control. Notwithstanding any provision contained herein to the contrary,
in the event that a Change of Control occurs prior to the time the Participant
becomes 100% vested, pursuant to the vesting schedule as defined herein, that
portion of the SERP Benefit which has not become vested shall immediately
become vested to such Participant or such Participant’s Beneficiary or estate,
as the case may be, as of the date of such Change of Control. Such Change of Control
vested SERP Benefit will be provided for through the establishment of a ‘‘Rabbi
Trust’’, as provided for herein.

8.                                       Springing
Rabbi Trust. In the event of a Change of Control, the SERP Benefit will be
held in a Rabbi Trust pursuant to, the Alliance Bank SERP Rabbi Trust documents
(hereinafter the ‘‘Trust’’) and the Plan. Distributions from the Trust will
only be permitted for the payment of a Participant’s SERP Benefit and/or
payment to the Employer’s creditors in the event of bankruptcy.

9.             Provisions Related to SERP
Benefit.

(a)           Normal Retirement SERP Benefit.

The Normal Retirement
SERP Benefit for the Participant shall be $[William Hecht - $104,015, Dennis
Cirucci - $108,261, Peter Meier - $72,263].

In the event the Participant elects to terminate
employment with the Employer prior to attaining Normal Retirement Age,
Participant’s SERP Benefit shall be as provided for in Section 9(f), Accrued
SERP Benefit, as found herein.

(b)                                 Vesting.
The Participant shall become 100% vested in the SERP Benefit upon a Change of
Control of Employer, Participant’s Disability, and on the following vesting
schedule:

 

	
  

  	
   

  	
    1)

  	
   

  	
  Years of Service

  	
   

  	
  Vested SERP Percentage

  
	
   

  	
   

  	
   

  	
   

  	
  1

  	
   

  	
    20%

  
	
   

  	
   

  	
   

  	
   

  	
  2

  	
   

  	
    40%

  
	
   

  	
   

  	
   

  	
   

  	
  3

  	
   

  	
    60%

  
	
   

  	
   

  	
   

  	
   

  	
  4

  	
   

  	
    80%

  
	
   

  	
   

  	
   

  	
   

  	
  5

  	
   

  	
  100%

  

 

(c)                                  Standard
Form of Normal Retirement SERP Benefit Distribution. The standard form of a
Normal Retirement SERP Benefit distribution of Participant’s benefits shall be
that of a straight life annuity. This annual SERP Benefit shall be paid equally,
in monthly installments for the life of the Participant. This standard form of
SERP Benefit distribution shall commence on the first day of the calendar month
next following a Participant’s Normal Retirement. Subsequent payments will be
done on a monthly basis as provided for in this Agreement. Upon the Participant’s
death, all payments under this provision shall cease.

(d)                                 SERP
Benefit Upon Change of Control. In the event the Participant is terminated subsequent to a Change of Control, as defined
herein, Participant shall be entitled to a SERP Benefit equal to the present
value of their vested Accrued SERP Benefit, as provided for herein, in a lump
sum distribution as soon as administratively possible.

(e)                                  SERP
Benefit Upon Early Retirement. In the event Participant terminates
employment with the Employer through Early Retirement, as defined herein,
Participant shall be entitled to their vested Accrued SERP Benefit upon
Participant’s attainment of Normal Retirement Age. Distribution of Participant’s
vested Accrued SERP Benefit, pursuant toParticipant’s Early Retirement, shall
occur in the standard form of SERP Benefit distribution as provided for in
9(c), unless, Participant otherwise elects an optional form of SERP Benefit
distribution pursuant to 9(g), found herein below.

 2
 

 

(f)                                    Accrued
SERP Benefit. The Participant’s Accrued SERP Benefit shall be based on the
number of Years of Service provided by Participant and the targeted Years of
Service for a Normal Retirement SERP Benefit. Such Accrued SERP Benefit amount
shall be a function of the following calculation:

1)                                      The
Participant’s Accrued Benefit Fraction shall consist of a numerator
representing Participant’s actual Years of Service upon termination of
employment with Employer and a denominator representing the projected Years of
Service at Participant’s Normal Retirement, not to exceed eighteen (18).

2)                                      In
no event shall the Accrued Benefit Fraction, as provided for in 9(f)(1) above,
exceed the whole number of one (1).

3)                                      The
Accrued SERP Benefit shall equal the product of the Participant’s Normal
Retirement SERP Benefit targeted amount, as provided for in 9(a), and the
Accrued Benefit Fraction, subject to any required vesting adjustment as
provided for in 9(b).

(g)                                 Optional
Form of Benefit Payment. Participant may elect through notification of the
Plan Administrator to receive in lieu of the standard form of SERP Benefit
distribution, pursuant to 9(c) above, either one of the following distribution
forms:

1)                                      Joint
and Survivor Annuity. An actuarially reduced monthly benefit payable to the
Participant for his life, with 50% of such reduced monthly benefit payable to
his beneficiary for the remainder of his or her life, subject to the conditions
of this Agreement (all of which shall be Actuarially Equivalent to the standard
form of SERP Benefit) upon the death of the Participant; or

2)                                      Lump
Sum. Lump sum distribution equal to the present value of the stated annual
benefit.

3)                                      Actuarially
Equivalent.

For purposes of this Agreement, a benefit shall be ‘‘Actuarially
Equivalent’’ to any other benefit if the actuarial reserve required to provide
such benefit is equal to the actuarial reserve required to provide such other
benefits, computed on the basis of the actuarial rates, tables and procedures
as follows:

(i)                                     Actuarial
equivalence shall be based on the 1983 Group Annuity Mortality Table, with an
associated per annum interest rate equal to the appropriate published Pension
Benefit Guarantee Corporation’s Interest Rates and Quantities Used To Value
Lump Sums interest rate in the year of employment termination.

Such election shall be void unless received by the
Administrator one (1) full calendar year prior to Participant’s attainment of
Normal Retirement Age.

 3
 

 

(h)                                 Pre-Retirement
Death Benefit. There will be NO pre-retirement death benefit provided under
this Plan, or pursuant to the execution of this Participation Agreement.

(i)                                     Disability
Termination. If Participant terminates employment with the Employer due to
the Participant’s Disability, Participant shall be entitled to the SERP Benefit
as if the Participant had terminated employment with the Employer as a
consequence of Normal Retirement. All benefits derived from, and pursuant to
the Participant’s Normal Retirement through this Plan and Participation Agreement
shall not be adversely affected by the Participant’s Disability termination,
and shall be distributed accordingly.

10.                                 Beneficiary.
Each Participant may, from time to time, designate one or more persons (who may
be any one or more members of such person’s family or other persons,
administrators, trusts, foundations or other entities) as his Beneficiary under
the Participation Agreement. Such designation shall be made on a form
prescribed by the Administrator (example of such form is attached hereto as Exhibit B). Each Participant may at any
time, and from time to time, change any previous Beneficiary designation,
without notice to or consent of any previously designated Beneficiary, by
amending his previous designation on a form prescribed by the Administrator. If
no person shall be designated by the Participant as a Beneficiary, or if the
designated Beneficiary shall not survive the Participant, payment of his
interest shall be made to the Participant’s estate. If more than one person is
the beneficiary of a deceased Participant, each such person shall receive a pro
rata share of any death benefit payable unless otherwise designated on the applicable
form.

11.           Lost Beneficiary.

(a)                                  All Participants and Beneficiaries shall
have the obligation to keep the Administrator informed of their current address
until such time as all benefits due have been paid.

(b)                                 If
a Participant or Beneficiary cannot be located by the Administrator exercising
diligence, then, in its sole discretion, the Administrator may presume that the
Participant or Beneficiary is deceased for purposes of the Participation
Agreement and all unpaid amounts (net of due diligence expenses) owed to the
Participant or Beneficiary shall be paid accordingly, or, if a Beneficiary
cannot be so located, then such amounts may be forfeited. Any such presumption
of death shall be final, conclusive, and binding on all parties.

12.           General Provisions

(a)           The Administrator:

1)                                      is
expressly empowered to interpret the Participation Agreement and to determine
all questions arising in the administration, interpretation, and application of
the Participation Agreement; to employ actuaries, accountants, counsel, and
other persons it deems necessary in connection with the administration of the
Participation Agreement; to request any information from the Employer it deems
necessary to determine whether the Employer would be considered insolvent or
subject to a proceeding in bankruptcy; and to take all other necessary and
proper actions to fulfill its duties as Administrator;

2)                                      shall
not be liable for any actions by it hereunder unless due to its own gross
negligence or willful misconduct; and

 4
 

 

3)                                      shall
be indemnified and saved harmless by the Employer from and against all personal
liability to which it may be subject by reason of any act done or omitted to be
done in its official capacity as Administrator in good faith in the
administration of the Participation Agreement, including all expenses
reasonably incurred in its defense in the event the Employer fails to provide
such defense upon the request of the Administrator. The Administrator is
relieved of all responsibility in connection with its duties hereunder to the
fullest extent permitted by law, except any breach of duty to the Participants
or Beneficiaries.

(b)           No
Assignment.

No benefit under the Participation Agreement shall be
subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance, or charge, and any such action shall be void for all
purposes of the Participation Agreement. No benefit shall in any manner be
subject to the debts, contracts, liabilities, engagements, or torts of any
person, nor shall it be subject to attachments or other legal process for or
against any person, except to such extent as may be required by law.

(c)           No Employment Rights.

Participation in this Plan, and execution of this
Participation Agreement, shall not be construed to confer upon any Participant
the legal right to be retained in the employ of the Employer, or give a
Participant or Beneficiary, or any other person, any right to any payment
whatsoever, except to the extent of the benefits provided for hereunder. Each
Participant shall remain subject to discharge to the same extent as if this
Plan had never been adopted.

(d)           Incompetence.

If the Administrator determines that any person to
whom a benefit is payable under this Plan and Participation Agreement, is
incompetent by reason of physical or mental disability, the Administrator shall
have the power to cause the payments becoming due to such person to be made to
another individual for the Participant’s benefit without responsibility of the
Administrator or the Employer to see to the application of such payments. Any
payment made pursuant to such power shall, as to such payment, operate as a complete
discharge of the Employer, the Administrator, the Trustee, and their
representatives.

(e)           Identity.

If, at any time, any doubt exists as to the identity
of any person entitled to any payment hereunder or the amount or time of such
payment, the Administrator shall be entitled to hold such sum until such
identity or amount or time is determined or until an order of a court of
competent jurisdiction is obtained. The Administrator shall also be entitled to
pay such sum into court in accordance with the appropriate rules of law. Any
expenses incurred by the Employer or Administrator incident to such proceeding
or litigation shall be charged against the SERP Benefit of the affected
Participant.

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(f)            No Liability.

No liability shall attach to or be incurred by any
employee of the Employer or Administrator individually under or by reason of
the terms, conditions, and provisions contained in this Plan and Participation
Agreement, or for the acts or decisions taken or made hereunder or in
connection therewith; and, as a condition precedent to the establishment of
this Plan or the receipt of benefits hereunder, or both, such liability, if
any, is expressly waived and released by each Participant and by any and all
persons claiming under or through any Participant or any other person. Such
waiver and release shall be conclusively evidenced by any act or participation
in or the acceptance of benefits or the making of any election under this Plan,
and execution of this Participation Agreement.

(g)           Expenses.

Except as otherwise provided in the Plan, all expenses
incurred in the administration of the Plan, whether incurred by the Employer or
the Plan, shall be paid by the Employer.

(h)           Termination.

Except as otherwise provided in this section, the
Employer shall have the sole authority to terminate this Plan, thus voiding any
obligations or liabilities under this Participation Agreement.

(i)            Employer Determinations.

Any determinations, actions, or decisions of the
Employer (including but not limited to, Plan termination) shall be made by the
Board in accordance with its established procedures or by such other
individuals, groups, or organizations that have been properly delegated by the
Board to make such determination or decision.

(j)            Construction.

All questions of interpretation, construction or
application arising under or concerning the terms of this Plan and
Participation Agreement, shall be decided by the Administrator, in its sole and
final discretion, whose decision shall be final, binding and conclusive upon
all persons.

(k)           Governing Law.

To the extent not preempted by federal law, this
Participation Agreement shall be governed by, construed and administered under
the laws of the Commonwealth of Pennsylvania, without regard to any principles
of conflicts of law of such Commonwealth.

(l)            Severability.

Should any
provision of the Participation Agreement or any regulations adopted  hereunder be deemed or held to be unlawful or
invalid for any reason, such fact shall not adversely affect the other
provisions or regulations unless such invalidity shall render impossible or
impractical the functioning of the Participation Agreement and, in such case,
the appropriate parties shall immediately adopt a new provision or regulation
to take the place of the one held illegal or invalid.

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(m)          Headings.

The headings contained in the Participation Agreement
are inserted only as a matter of convenience and for reference and in no way
define, limit, enlarge, or describe the scope or intent of this Plan nor in any
way shall they affect this Participation Agreement or the construction of any
provision thereof.

(n)           Terms.

Capitalized terms shall have meanings as defined
herein. Singular nouns shall be read as plural, masculine pronouns shall be
read as feminine, and vice versa, as appropriate.

(o)           Successors.

This Participation Agreement shall be binding upon
each of the parties and shall also be binding upon their respective successors
or assigns.

(p)           Amendments.

This Agreement may not be modified or amended except
by a duly executed instrument in writing signed by the Employer and the
Participant.

(q)           Entire Agreement.

This Participation
Agreement sets forth the entire agreement of the parties with respect to the
subject matter hereof. Any and all prior agreements or understandings with respect
to such matters are hereby superseded.

SIGNATURE
PAGE TO FOLLOW

THE
REMAINDER OF THIS PARTICIPATION AGREEMENT HAS BEEN

INTENTIONALLY
LEFT BLANK

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IN
WITNESS WHEREOF, each of the
parties has caused this Participation Agreement to be executed as of the day
first above written.

 

 

	
  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PARTICIPANT:

  	
   

  	
  EMPLOYER:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [None]

  	
   

  	
  Greater Delaware Valley Savings /d/b/a Alliance Bank

  
	
  Printed Name of Participant

  	
   

  	
  Printed Name of Employer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ [Participant]

  	
   

  	
  By:

  	
   

  	
  /s/ [Employer]

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  [Title]

  	
   

  	
  Title:

  	
   

  	
  [Title]

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ATTESTED:

  	
   

  	
  ATTESTED:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Kathleen Miller

  	
   

  	
  By:

  	
   

  	
  /s/ Mary De Young

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  Vice President

  	
   

  	
  Title:

  	
   

  	
  Vice President

  

 

 8

 

Exhibit
10.1

LIST OF
COLLATERAL DOCUMENTS

EXHIBIT A

GREATER
DELAWARE VALLEY SAVINGS BANK d/b/a ALLIANCE BANK

SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

EXHIBIT B

SERP

BENEFICIARY
DESIGNATION

In
the event of the Participant’s death, any benefits to which the Participant may
be entitled shall be paid to the Beneficiary designated below. This Beneficiary
Designation shall be subject to the terms and conditions set forth in the Plan
and shall supersede all prior Beneficiary Designations made by the Participant.
This Beneficiary Designation shall be attached to and become part of that certain
Participation Agreement, dated as of ___________________________________, between
the Employer and the Participant.

Primary
Beneficiary:

 

 

Secondary
Beneficiary:

 

 

IN
WITNESS WHEREOF, the Participant has executed this Beneficiary Designation as
of the date indicated.

	
  

  	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Printed Name of Participant

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dated:

  	
   

  	
   

  

 

 

EXHIBIT A

GREATER
DELAWARE VALLEY SAVINGS d/b/a ALLIANCE BANK

SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

PLAN AGREEMENT

RECITALS:

WHEREAS, The Employer hereby establishes the Greater
Delaware Valley Savings d/b/a Alliance Bank Supplemental Executive Retirement
Plan on the terms and conditions hereinafter set forth;

WHEREAS, The Plan is intended to qualify as a “top
hat” plan maintained primarily for purposes of providing benefits for a select
group of management and highly compensated employees within the meaning of
Sections 201(2), 301(a)(3) and 401(a)(l) of the Employee Retirement Income
Security Act of 1974, as amended.

NOW THEREFORE, the following shall constitute the
Plan.

ARTICLE
I

GENERAL

1.1                               Purpose of the Plan. The purpose of this Plan is to reward certain
management and highly compensated employees of the Employer who have
contributed to the Employer’s success and are expected to continue to
contribute to such success in the future.

1.2                             Plan Benefits Generally. Pursuant to the Plan, the Employer may provide
to each Participant, such benefit as provided for by the terms and conditions
contained in the Participant’s Participation Agreement.

1.3          Effective Date. The effective date of the Plan shall be the
date is 1/11/2002.

ARTICLE
I1

DEFINITIONS

2.1                             Accrued SERP Benefit. The Accrued SERP Benefit shall be that
applicable vested amount, as provided for in Section 9 of the Participant’s
Participation Agreement, which the Participant shall be entitled to, subject to
any applicable restrictions found therein, upon Participant’s voluntary
termination of employment with the Employer pursuant to Early Retirement or
involuntary termination subsequent to a Change of Control.

2.2          Administrator. Administrator shall mean the Committee as
defined herein.

2.3                               Adoption Form. Adoption Form means the form executed on
behalf of the Employer pursuant to which the Employer adopts the Plan. Each
Adoption Form shall set forth certain terms and conditions of the Plan,
including without limitation (i) the effective date of the Plan, (ii) the Plan
Year, (iii) the types of benefits to be offered under the Plan, (iv) whether
Early Retirement is to be offered under the Plan and, if so, the Early
Retirement Age, and (v) Normal Retirement Age under the Plan. The Adoption Form
shall be incorporated into and become part of the Plan.

2.4                             Beneficiary. Beneficiary means the person or persons
designated by a Participant as his beneficiary hereunder in accordance with the
provisions of Article V and subject to the Participation Agreement.

 

2.5          Board. Board means the Board of Directors of the
Employer.

2.6          Change of Control. Change of Control shall mean the happening of
any of the following:

(a)                                  any person or entity, including a “group” as
defined in Section 13(d)(3) of the Securities Exchange Act of 1934, other than
the Employer or a wholly-owned subsidiary thereof or any employee benefit plan
of the Employer or any Subsidiary, becomes the beneficial owner of the Employer’s
securities having 20% or more of the combined voting power of the then
outstanding securities of the Employer that may be cast for the election of
directors of the Employer (other than as a result of an issuance of securities
initiated by the Employer in the ordinary course of business); or

(b)                               as the result of, or in connection with, any
cash tender or exchange offer, merger or other business combination, sale of
assets or contested election, or any combination of the foregoing transactions
less than a majority of the combined voting power of the then outstanding
securities of the Employer or any successor corporation or entity entitled to
vote generally in the election of the directors of the Employer or such other
corporation or entity after such transaction are held in the aggregate by the
holders of the Employer’s securities entitled to vote generally in the election
of directors of the Employer immediately prior to such transaction; or

(c)                                  during any period of two consecutive years,
individuals who at the beginning of any such period constitute the Board cease
for any reason to constitute at least a majority thereof, unless the election,
or the nomination for election by the Employer’s stockholders, of each director
of the Employer first elected during such period was approved by a vote of at
least two-thirds of the directors of the Employer then still in office who were
directors of the Employer at the beginning of any such period.

2.7                             Committee. Committee means a committee appointed by the
Board to administer the Plan or, in the absence of any such appointment, the
Board. The Committee shall also be known as the “Pension Committee” and
currently consists of the following members: 
Basil A. Woodfield, George T. Rowlyk, J. William Cotler, and William E.
Hecht. The Board may amend the members of the Committee from time to time.

2.8                             Disability. Disability means any medically determinable
physical or mental disorder of at least six months duration, which renders a
Participant permanently incapable of continuing to perform his or her regular
duties, as determined by a physician appointed by the Committee.

2.9                             Early Retirement. Early Retirement means Participant’s
termination of an employment with the Employer for any reason other than for
cause, as provided for in Section 4.2 herein,
prior to the Participant attaining the Normal Retirement Age as provided for in
the Participant’s Participation Agreement.

2.10        Employer. Greater Delaware Valley Savings d/b/a/
Alliance Bank.

 2
 

 

2.11                      Executive. Executive means a management or highly
compensated employee of the Employer designated by the Committee as eligible to
participate in the Plan.

2.12                      Normal Retirement. Normal Retirement means termination of a
Participant’s employment with the Employer for any reason other than for cause,
as provided for in Section 4.2 herein,
on or after such Participant has attained his Normal Retirement Age.

2.13                      Normal Retirement Age. Normal Retirement Age means the Participant’s
normal retirement age as set forth in the Participant’s Participation
Agreement.

2.14                      Normal Retirement SERP
Benefit. The Normal
Retirement SERP Benefit shall be that amount, as provided for in the
Participant’s Participation Agreement, which shall be distributed to the
Participant, in the appropriate distribution form, upon Normal Retirement or
Disability.

2.15                      Participant. Participant means any Executive who elects to
participate in the Plan by entering into a Participation Agreement in
accordance herewith. The Committee may from time to time, in its sole
discretion with or without cause, revoke a Participant’s participation in the
Plan upon ninety (90) days’ written notice; provided, however, that such
revocation shall not reduce any benefits to which the Participant may be
entitled at the time of such revocation.

2.16                      Participation Agreement. Participation Agreement means a written
agreement between the Employer and a Participant, pursuant to which the
Employer agrees to make SERP Benefit payments in accordance with the Plan. Each
Participation Agreement shall contain such information, terms and conditions as
the Committee in its discretion may specify, including without limitation, the
following:

(a)           the
effective date of the Participant’s participation in the Plan;

(b)           the
Participant’s Normal Retirement age;

(c)                                  the SERP Benefits to which the Participant is
entitled under the Plan and, whether such benefits are to be paid in the form
of a single life annuity or a joint and survivor annuity;

(d)           the
identity of the Participant’s Beneficiary; and

(e)                                  any other provisions which alter or
supplement the terms and conditions contained in the Plan.

2.17                      Plan. Plan means the Greater Delaware Valley
Savings d/b/a Alliance Bank SERP, as the same may be altered or supplemented in
any validly executed Participation Agreement.

2.18                      Plan Year. January 1 through December 31
provided that the initial plan year shall be, January 11, 2002, to December 31,
2002.

2.19        SERP. Supplemental Executive Retirement Plan of the
Employer.

2.20                      SERP Benefit. SERP Benefit means, with respect to each
Participant, the applicable amount provided for in the Participant’s
Participation Agreement. In the event of Normal Retirement, such SERP Benefit
shall be the Normal Retirement SERP Benefit. In the event of Early Retirement
or termination pursuant to a Change of Control, such SERP Benefit shall be the
Accrued SERP Benefit.

 3
 

 

2.21                      Vesting. The Participant’s ownership rights in the
SERP Benefit shall vest with the occurrence of those conditions precedent to
Vesting as outlined in the Participation Agreement.

2.22                      Years of Service. A Participant’s Years of Service shall be
measured by the total number of full twelve (12) month periods that an
individual has been an Employee of the Employer. Such Years of Service
calculation shall begin accruing from the date Participant is initially
employed by the Employer.

ARTICLE III

ELIGIBILITY AND PARTICIPATION

3.1                             Eligibility. The Administrator, in its sole discretion,
shall from time to time determine those Executive(s) who shall be eligible to
participate in the Plan.

3.2                             Participation. Each Executive who is eligible to participate
in the Plan shall enroll in the Plan by entering into a Participation Agreement
and completing such other forms and furnishing such other information as the
Committee may request. An Executive’s
participation in the Plan shall commence as of the date specified in the
Participation Agreement.

ARTICLE IV

BENEFITS

4.1                             SERP Benefit. Shall be as defined above and subject to
those applicable terms and conditions as set forth in a Participant’s executed
Participation Agreement.

4.2                             No Benefits Payable Upon
Termination for Cause. Notwithstanding
anything herein to the contrary, no benefits shall be payable to any
Participant who is terminated from his employment with the Employer for cause.
For purposes hereof, a Participant whose employment is terminated for any of
the following reasons shall be regarded as having been terminated for cause:

(a)                                  engaging in willful or grossly negligent
misconduct that is materially injurious to the Employer;

(b)           embezzlement or misappropriation of funds or property of
the Employer;

(c)                                  conviction of a felony or the entrance of a
plea of guilty or nolo contendere to a felony;

(d)                                 conviction of any crime involving fraud,
dishonesty, moral turpitude or breach of trust or the entrance of a plea of
guilty to such a crime;

(e)                                  failure or refusal by the Participant to
devote full business time and attention to the performance of his or her duties
and responsibilities if such breach has not been cured within fifteen (15) days
after notice is given to the Participant; or

 4
 

 

(f)                                    issuance of a final non-appealable order or
other direction by a Federal or state regulatory agency prohibiting the
Participant’s employment in the business of banking.

4.3                             Benefits Payable Upon
Termination of Employment by Reason of Disability. Upon termination of a Participant’s
employment with the Employer by reason of Disability, the Participant shall
become entitled to receive his Normal Retirement SERP Benefit pursuant to the
applicable provisions of the Participant’s Participation Agreement.

4.4                             Pre-Retirement Death
Benefit. There will be NO
pre-retirement death benefit provided under this Plan, or pursuant to the
execution of this Participation Agreement.

4.5                             Springing Rabbi Trust. In the event of a Change of Control, an
amount equal to the present value of the aggregate Accrued SERP Benefit
liability for all Participants will be held in a Rabbi Trust pursuant to, the
Alliance Bank SERP Rabbi Trust documents (hereinafter the “Trust”),
incorporated and attached hereto as Appendix
A. Distributions from the Trust will only be permitted for the
payment of a Participant’s SERP Benefit and/or payment to the Employer’s
creditors in the event of bankruptcy. For purposes of calculating the
aforementioned present value, the discount rate to be utilized shall be 120% of
the Applicable Federal Rate (AFR) at the effective date of Change of Control.

ARTICLE V

BENEFICIARIES

5.1                             Beneficiary. For purposes of this section, the Participant’s
executed Participation Agreement shall control the Participant’s rights and
responsibilities regarding the Participant’s Beneficiary(s).

ARTICLE VI

PLAN
ADMINISTRATION

6.1          Administration.

(a)                                General. The Plan shall be administered by the Administrator. The
Administrator shall have sole and absolute discretion to interpret where
necessary all provisions of the Plan (including, without limitation, by
supplying omissions from, correcting deficiencies in, or resolving
inconsistencies or ambiguities in, the language of the Plan), to determine the
rights and status under the Plan of Participants or other persons, to resolve
questions or disputes arising under the Plan and to make any determinations
with respect to the benefits payable under the Plan and the persons entitled
thereto as may be necessary for the purposes of the Plan. The
Administrator’s determination of the rights of any employee or former employee
hereunder shall be final and binding on all persons, subject only to the claims
procedures outlined in Article 7 hereof.

(b)                               Delegation of Duties. The Administrator may delegate any of its
administrative duties, including, without limitation, duties with respect to
the processing, review, investigation, approval and payment of benefits payable
hereunder, to a named administrator or administrators.

 5
 

 

6.2                             Regulations. The Administrator may promulgate any rules
and regulations it deems necessary in order to carry out the purposes of the
Plan or to interpret the provisions of the Plan; provided, however, that no
rule, regulation or interpretation shall be contrary to the provisions of the
Plan. The rules, regulations and interpretations made by the Administrator
shall, subject only to the claims procedure outlined in Article 7 hereof, be
final and binding on all persons.

6.3                             Revocability of Administrator/Employer
Action. Any action taken by
the Administrator with respect to the rights or benefits under the Plan of any
employee or former employee shall be revocable by the Administrator or the
Employer as to payments not yet
made to such person, and acceptance of any benefits under the Plan constitutes
acceptance of, and agreement to, the Administrator or the Employer making any
appropriate adjustments in future payments to such person (or to recover from
such person) any excess payment or underpayment previously made to such person.

6.4                             Amendment. The Board may at any time amend any or all of
the provisions of this Plan, except that no such amendment shall: (i) reduce
the amount of the Participant’s benefit as
of the date of such amendment, or (ii) change the time or form of
distribution of the amount of the Participant’s benefit as of the date of such amendment, without the prior written
consent of such Participant. Any amendment shall be in the form of a written
instrument executed by an officer of the Employer pursuant to a resolution
adopted by the Board. Subject to the foregoing provisions of this Section 6.4,
such amendment shall become effective as of the date specified in such
instrument or, if no such date is specified, on the date of its execution.

6.5                             Termination. The Board, in its discretion, may terminate
this Plan at any time and for any reason whatsoever. Any such termination shall
be expressed in the form of a written instrument executed by an officer of the
Employer pursuant to a resolution adopted by the Board. Subject to the
foregoing provisions of this Section 6.5, such termination shall become
effective as of the date specified in such instrument or, if no such date is
specified, on the date of its execution. Written notice of any termination
shall be given to the Participants as soon as practicable after the instrument
is executed.

6.6                             Withholding. The Employer shall deduct from any
distributions hereunder any taxes or other amounts required by law to be
withheld therefrom.

ARTICLE VII

CLAIMS
ADMINISTRATION

7.1                             General. If a Participant, Beneficiary, or Participant’s
representative is denied all or a portion of an expected Plan benefit for any
reason and the Participant, Beneficiary, or Participant’s representative
desires to dispute the decision of the Administrator, he must file a written
notification of his claim with the Administrator.

7.2                             Claim Review. Upon receipt of any written claim for
benefits, the Administrator shall be notified and shall give due consideration
to the claim presented. If the claim is denied to any extent by the
Administrator, the Administrator shall furnish the claimant with a written
notice within 90 days after receipt of the claim (which period may be extended
for 90 days for special circumstances) setting forth:

(a)           the
specific reason or reasons for denial of the claim;

(b)           a
specific reference to the Plan provisions on which the denial is based;

 6
 

 

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

(d)                                 an explanation of the provisions of this
Article appropriate information as to the steps to be taken if the Participant
or Beneficiary wishes to submit his claim for review.

7.3                             Right of Appeal. A claimant who has a claim denied under
Section 7.1 may appeal to the Administrator for reconsideration of that claim.
A request for reconsideration under this section must be filed by written
notice within sixty (60) days after receipt by the claimant of the notice of
denial. A claimant or his duly authorized representative may (i) request a
review upon written application to the Plan; (ii) review pertinent documents;
and (iii) submit issues and comments in writing.

7.4                             Review of Appeal. Upon receipt of an appeal, the Administrator
shall promptly take action to give due consideration to the appeal. Such
consideration may include a hearing of the parties involved, if the
Administrator believes such a hearing is necessary. After consideration of the
merits of the appeal the Administrator shall issue a written decision, which
shall be binding on all parties subject to Section 7.6 below. The decision
shall be written in a manner calculated to be understood by the claimant and
shall specifically state its reasons and pertinent Plan provisions on which it
relies. The Administrator’s decision shall be issued within sixty (60) days
after the appeal is filed, except that if a hearing is held the decision may be
issued within one hundred twenty (120) days after the appeal is filed.

7.5                             Designation. The Administrator may designate any other
person of its choosing to make any determination otherwise required under this
Article.

7.6                             Arbitration. A claimant whose appeal has been denied
under Section 7.4 shall have the right to submit said claim to final and
binding arbitration in the Commonwealth of Pennsylvania pursuant to the rules
of the American Arbitration Association. Any such requests for arbitration must
be filed by written demand to the American Arbitration Association within sixty
(60) days after receipt of the decision regarding the appeal. The costs and
expenses of arbitration, including the fees of the arbitrators, shall be borne
by the losing party. The prevailing party shall recover as expenses all
reasonable attorneys’ fees incurred by it in connection with the arbitration
proceeding or any appeals there from.

ARTICLE VIII

MISCELLANEOUS

8.1          Administrator. The Administrator:

(a)                                is expressly empowered to interpret the Plan
and to determine all questions arising in the administration, interpretation,
and application of the Plan; to employ actuaries, accountants, counsel, and
other persons it deems necessary in connection with the administration of the
Plan; to request any information from the Employer it deems necessary to
determine whether the Employer would be considered insolvent or subject to a
proceeding in bankruptcy; and to take all other necessary and proper actions to
fulfill its duties as Administrator;

 7
 

 

(b)                               shall not be liable for any actions by it
hereunder unless due to its own gross negligence or willful misconduct; and

(c)                                shall be indemnified and saved harmless by
the Employer from and against all personal liability to which it may be subject
by reason of any act done or omitted to be done in its official capacity as
Administrator in good faith in the administration of the Plan, including all
expenses reasonably incurred in its defense in the event the Employer fails to
provide such defense upon the request of the Administrator. The Administrator
is relieved of all responsibility in connection with its duties hereunder to
the fullest extent permitted by law, except any breach of duty to the
Participants or Beneficiaries.

8.2                             No Assignment. No benefit under the Plan shall be subject in
any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, or charge, and any such action shall be void for all purposes of
the Plan. No benefit shall in any manner be subject to the debts, contracts,
liabilities, engagements, or torts of any person, nor shall it be subject to
attachments or other legal process for or against any person, except to such
extent as may be required by law.

8.3                             No Employment Rights. Participation in this Plan shall not be
construed to confer upon any Participant the legal right to be retained in the
employ of the Employer, or give a Participant or Beneficiary, or any other
person, any right to any payment whatsoever, except to the extent of the
benefits provided for hereunder. Each Participant shall remain subject to
discharge to the same extent as if this Plan had never been adopted.

8.4                             Incompetence. If the Administrator determines that any
person to whom a benefit is payable under this Plan is incompetent by reason of
physical or mental disability, the Administrator shall have the power to cause
the payments becoming due to such person to be made to another individual for
the Participant’s benefit without responsibility of the Administrator or the
Employer to see to the application of such payments. Any payment made pursuant
to such power shall, as to such payment, operate as a complete discharge of the
Employer, the Administrator, the Trustee, and their representatives.

8.5                             Identity. If, at any time, any doubt exists as to the
identity of any person entitled to any payment hereunder or the amount or time
of such payment, the Administrator shall be entitled to hold such sum until
such identity or amount or time is determined or until an order of a court of
competent jurisdiction is obtained. The Administrator shall also be entitled to
pay such sum into court in accordance with the appropriate rules of law. Any
expenses incurred by the Employer or Administrator incident to such proceeding
or litigation shall be charged against the SERP Benefit of the affected
Participant.

8.6                             No Liability. No liability shall attach to or be incurred
by any employee of the Employer or Administrator individually under or by
reason of the terms, conditions, and provisions contained in this Plan, or for
the acts or decisions taken or made hereunder or in connection therewith; and,
as a condition precedent to the establishment of this Plan or the receipt of
benefits hereunder, or both, such liability, if any, is expressly waived and
released by each Participant and by any and all persons claiming under or
through any Participant or any other person. Such waiver and release shall be
conclusively evidenced by any act or participation in or the acceptance of
benefits or the making of any election under this Plan.

8.7                             Expenses. Except as otherwise provided in the Plan, all
expenses incurred in the administration of the Plan, whether incurred by the
Employer or the Plan, shall be paid by the Employer.

 8
 

 

8.8                             Amendment and Termination. Except as otherwise provided in this section,
the Board shall have the sole authority to modify, amend, or terminate this
Plan.

8.9                             Employer Determinations. Any determinations, actions, or decisions of
the Employer (including but not limited to, Plan amendments and Plan
termination) shall be made by the Board in accordance with its established
procedures or by such other individuals, groups, or organizations that have
been properly delegated by the Board to make such determination or decision.

8.10                      Construction. All questions of interpretation, construction
or application arising under or concerning the terms of this Plan shall be
decided by the Administrator, in its sole and final discretion, whose decision
shall be final, binding and conclusive upon all persons.

8.11                      Governing Law. To the extent not preempted by federal law,
this Plan shall be governed by, construed and administered under the laws of
the Commonwealth of Pennsylvania, without regard to any principles of conflicts
of law of such Commonwealth.

8.12                      Severability. Should any provision of the Plan or any
regulations adopted hereunder be deemed or held to be unlawful or invalid for
any reason, such fact shall not adversely affect the other provisions or
regulations unless such invalidity shall render impossible or impractical the
functioning of the Plan and, in such case, the appropriate parties shall
immediately adopt a new provision or regulation to take the place of the one
held illegal or invalid.

8.13                      Headings. The headings contained in the Plan are
inserted only as a matter of convenience and for reference and in no way
define, limit, enlarge, or describe the scope or intent of this Plan nor in any
way shall they affect this Plan or the construction of any provision thereof.

8.14                      Terms. Capitalized terms shall have meanings as
defined herein.  Singular nouns shall be
read as plural, masculine pronouns shall be read as feminine, and vice versa,
as appropriate.

8.15                      Ownership of Assets;
Relationship with Employer. Participants
shall have no right, title or interest whatsoever in or to the Accounts or the
Designated Policies. Nothing contained in the Plan, and no action taken
pursuant to its provisions, shall create or be construed to create a trust of
any kind or a fiduciary relationship between the Employer and any Participant
or any other person. To the extent that any person acquires a right to receive
payments from the Employer under this Plan, such right shall be no greater than
the right of an unsecured general creditor of the Employer.

8.16                      Deposits in Trust. The Employer may (but need not) establish
with a trustee a trust under which all or a portion of the assets of the Plan
are to be held, administered and managed. The trust agreement evidencing the
trust shall conform with the terms of Revenue Procedure 92-64. The Employer in
its sole discretion may make deposits to augment the principal of such trust.

 9
 

 

8.17                      Entire Agreement. This Agreement sets forth the entire
agreement of the parties with respect to the subject matter hereof. Any and all
prior agreements or understandings with respect to such matters are hereby
superseded.

Executed this 11th day of
January 2002.

	
  Greater Delaware Valley Savings d/b/a/ Alliance Bank

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ William E. Hecht

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ATTESTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Dolores De Balcke

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  Secretary

  	
   

  	
   

  

 

 10

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