Document:

Exhibit
10.4

 

AGREEMENT
BETWEEN

GREATER
DELAWARE VALLEY SAVINGS BANK

(doing
business as Alliance Bank)

and

Suzanne J. Ricci

THIS AGREEMENT is
dated this 20th day of May 2004 between Greater Delaware
Valley Savings Bank, a Pennsylvania-chartered savings bank doing business as
Alliance Bank (the “Bank”), and Suzanne J. Ricci (the “Executive”).  The Bank is the majority owned subsidiary of
Greater Delaware Valley Holdings, A Mutual Company, a Pennsylvania-chartered
mutual holding company (the “MHC”).

WITNESSETH

WHEREAS, the
Executive is presently an officer of the Bank;

WHEREAS, the Bank
desires to be ensured of the Executive’s continued active participation in the
business of the Bank; and

WHEREAS, in order
to induce the Executive to remain in the employ of the Bank and in
consideration of the Executive’s agreeing to remain in the employ of the Bank,
the parties desire to specify the severance benefits which shall be due the
Executive in the event that her employment with the Bank is terminated under
specified circumstances.

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

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

(a)           Annual Compensation.  The Executive’s “Average Annual Compensation”
for purposes of this Agreement shall be deemed to mean the average level of
compensation paid to the Executive by the Bank or any subsidiary thereof during
the most recent five taxable years preceding the Date of Termination and which
was either (i) included in the Executive’s gross income for tax purposes,
including but not limited to Base Salary, bonuses and amounts taxable to the
Executive under any qualified or non-qualified employee benefit plans of the
Bank, or (ii) deferred at the election of the Executive.

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

(c)           Cause.
Termination of the Executive’s employment for “Cause” shall mean termination
because of personal dishonesty, incompetence, willful misconduct, breach of
fiduciary duty involving personal profit, intentional failure to perform stated
duties, willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) or final cease-and-desist order or a material
breach of any provision of this Agreement.

(d)           Change in Control of the
Bank.  “Change in Control of
the Bank” shall mean the occurrence of any of the following: (i) an event that
would be required to be reported in response to Item 1(a) of Form 8-K or Item
6(e) of Schedule 14A of Regulation 14A pursuant to the Securities

 

Exchange Act of 1934, as
amended (“Exchange Act”), or any successor thereto, whether or not any class of
securities of the Bank is registered under the Exchange Act; (ii) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other
than the MHC is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Bank
representing 20% or more of the combined voting power of the Bank’s then
outstanding securities; or (iii) during any period of three consecutive years,
individuals who at the beginning of such period constitute the Board of
Directors of the Bank cease for any reason to constitute at least a majority
thereof unless the election, or the nomination for election by stockholders, of
each new director was approved by a vote of at least two-thirds of the
directors then still in office who were directors at the beginning of the
period; provided, however, notwithstanding
anything to the contrary herein, a “Change in Control of the Bank” shall not be
deemed to have occurred if the MHC ceases to own at least a majority of all
issued and outstanding shares of common stock of the Bank in connection with a
reorganization of the MHC pursuant to which the MHC converts from mutual to
stock form in a transaction that does not involve a merger or combination with
any company which is not an affiliate of the MHC; provided,
further, that a “Change in Control of the Bank” will be deemed to
have occurred if in connection with a reorganization, a merger or business
combination occurs with a company that is not an affiliate of the MHC (an “Acquisition
Transaction”) and less than majority of the Bank’s Board of Directors
immediately subsequent to the Acquisition Transaction is comprised of members
of the Bank’s Board of Directors immediately prior to such Acquisition
Transaction.

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

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

(g)           Disability.  Termination by the Bank of the Executive’s
employment based on “Disability” shall mean termination because of any physical
or mental impairment which qualifies the Executive for disability benefits
under the applicable long-term disability plan maintained by the Bank or any
subsidiary or, if no such plan applies, which would qualify the Executive for
disability benefits under the Federal Social Security System.

(h)           Good Reason.  Termination by the Executive of the Executive’s
employment for “Good Reason” shall mean termination by the Executive within
twenty four (24) months following a Change in Control of the Bank based on:

(i)                                     Without
the Executive’s express written consent, the failure to elect or to re-elect or
to appoint or to re-appoint the Executive to the office of Chief Technology
Officer of the Bank or a material adverse change made by the Bank in the
Executive’s functions, duties or responsibilities as Chief Technology Officer
of the Bank except in connection with the termination of the Executive’s
employment for Cause, Disability or Retirement or as a result of the Executive’s
death or by the Executive other than for Good Reason;

(ii)                                  Without
the Executive’s express written consent, a reduction by the Bank in the
Executive’s base salary as in effect immediately prior to the date of the
Change in Control of the Bank or as the same may be increased from time to time
thereafter or, taken as a whole, except to the extent permitted by

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Section 3(b) hereof, a reduction in the package of
fringe benefits provided to the Executive;

(iii)                               The principal executive
office of the Bank is relocated outside of the Broomall, Pennsylvania area or,
without the Executive’s express written consent, the Bank requires the
Executive to be based anywhere other than an area in which the Bank’s  principal executive office is located, except
for required travel on business of the Bank to an extent substantially
consistent with the Executive’s present business travel obligations;

(iv)                              Any
purported termination of the Executive’s employment for Cause, Disability or
Retirement which is not effected pursuant to a Notice of Termination satisfying
the requirements of paragraph (j) below; or

(v)                                 The
failure by the Bank to obtain the assumption of and agreement to perform this
Agreement by any successor as contemplated in Section 9 hereof.

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

(j)            Notice of Termination.  Any purported termination of the Executive’s
employment by the Bank for any reason, including without limitation for Cause,
Disability or Retirement, or by the Executive for any reason, including without
limitation for Good Reason, shall be communicated by written “Notice of
Termination” to the other party hereto. 
For purposes of this Agreement, a “Notice of Termination” shall mean a
dated notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated, (iii) specifies a Date of
Termination, which shall be not less than thirty (30) nor more than ninety (90)
days after such Notice of Termination is given, except in the case of the Bank’s
termination of the Executive’s employment for Cause, which shall be effective
immediately; and (iv) is given in the manner specified in Section 10 hereof.

(k)           Retirement.  “Retirement” shall mean voluntary termination
by the Executive in accordance with the Bank’s retirement policies, including
early retirement, generally applicable to their salaried employees.

2.             Term of Employment.

(a)           The Bank hereby employs the Executive
as Chief Technology Officer, and the Executive hereby accepts said employment
and agrees to render such services to the Bank on the terms and conditions set
forth in this Agreement.  The term of
this Agreement shall be a period of one year commencing as of the date hereof
(the “Commencement Date”), subject to earlier termination as provided
herein.  Beginning on the first
anniversary of the Commencement Date, and on each annual anniversary
thereafter, the term of this Agreement shall be extended for a period of one
year (such that at any time the remaining term of this Agreement shall be from
two to three years) provided that neither the Bank nor Executive have given
notice to the other party hereto in writing at least 60 days prior to such day
that the term of this Agreement shall not be extended further.  Reference herein to the term of this
Agreement shall refer to both such initial term and such extended terms.  The Board of Directors of the Bank shall review
on a periodic basis (and no less frequently than annually) whether to permit
further extensions of the term of this Agreement.  If

 3
 

 

either party hereto gives
timely notice that the term will not be extended as of any annual anniversary
date, then this Agreement shall terminate at the conclusion of its remaining
term.  As part of such review, the Board
of Directors shall consider all relevant factors, including the Executive’s
performance hereunder, and shall either expressly approve further extensions of
the term of this Agreement or decide to provide notice to the contrary.

(b)           During the term of this Agreement,
the Executive shall perform such executive services for the Bank as may be
consistent with her titles and from time to time assigned to her by the Bank’s
Board of Directors.

3.             Compensation and Benefits.

(a)           The Bank shall compensate and pay the
Executive for her services during the term of this Agreement at a minimum base
salary of $80,000.00 per year (“Base Salary”), which may be increased from time
to time in such amounts as may be determined by the Bank’s Board of Directors
and may not be decreased without the Executive’s express written consent.  In addition to her Base Salary, the Executive
shall be entitled to receive during the term of this Agreement such bonus
payments as may be determined by the Bank’s Board of Directors.

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

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

(d)           In the event the Executive’s
employment is terminated due to Disability or Retirement, the Bank shall
provide continued life, medical, dental and disability coverage substantially
identical to the coverage maintained by the Bank for the Executive immediately
prior to his termination.  Such coverage
shall be provided for the period otherwise remaining in the term of this
Agreement but for such Disability or Retirement and thereafter shall continue
if, and to the extent, provided by the Bank’s policies in existence at such
time.

(e)           In the event of the Executive’s death
during the term of this Agreement, the Bank shall provide to the Executive’s
spouse for the period otherwise remaining in the term of this Agreement but for
Executive’s death continued medical and dental coverage substantially identical
to the coverage maintained by the Bank for the Executive immediately prior to
her death.

 4
 

 

4.             Expenses.  The Bank shall reimburse the Executive or
otherwise provide for or pay for all reasonable expenses incurred by the
Executive in furtherance of or in connection with the business of the
Employers, including, but not by way of limitation, automobile expenses and
other traveling expenses, and all reasonable entertainment expenses (whether
incurred at the Executive’s residence, while traveling or otherwise), subject
to such reasonable documentation and other limitations as may be established by
the Boards of Directors of the Employers. 
If such expenses are paid in the first instance by the Executive, the
Bank shall reimburse the Executive therefor.

5.             Termination.

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

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

(c)           In the event that the Executive’s
employment is terminated as a result of Disability or Retirement or the
Executive’s death during the term of this Agreement, the Executive shall have
no right pursuant to this Agreement to compensation or other benefits for any
period after the applicable Date of Termination except as provided in Section 3
hereof.

(d)           In the event that (i) the Executive’s
employment is terminated by the Bank for other than Cause, Disability,
Retirement, the Executive’s death and other than in connection with or
subsequent to a Change in Control of the Bank or (ii) such employment is
terminated by the Executive due to a material breach of this Agreement by the
Bank, which breach has not been cured within fifteen (15) days after a written
notice of non-compliance has been given by the Executive to the Bank, then the
Bank shall:

(A)          pay to the Executive, in either twelve
(12) equal monthly installments beginning with the first business day of the
month following the Date of Termination or in a lump sum as of the Date of
Termination (at the Executive’s election), a cash severance amount equal to one
(1) times the Executive’s Average Annual Compensation, and

(B)           maintain and provide for a period
ending at the earlier of (i) the expiration of one year from the Date of
Termination or (ii) the date of the Executive’s full-time employment by another
employer (provided that the Executive is entitled under the terms of such
employment to benefits substantially similar to those described in this
subparagraph (B)), at no cost to the Executive, the Executive’s continued
participation in all group insurance, life insurance, health and accident
insurance, disability insurance and other employee benefit plans, programs and
arrangements offered by the Bank in which the Executive was entitled to
participate immediately prior to the Date of Termination (excluding (x) stock
option and restricted stock plans of the Bank, (y) bonus and other items of
cash compensation included in Average Annual Compensation and (z) other
benefits, or portions thereof, included in Average Annual Compensation),
provided that in the event that the Executive’s participation in any plan,
program or arrangement as provided in this subparagraph (B) is barred, or
during such period any such plan, program or arrangement is discontinued or the
benefits thereunder are materially reduced, the Bank shall arrange to provide
the Executive with

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benefits substantially
similar to those which the Executive was entitled to receive under such plans,
programs and arrangements immediately prior to the Date of Termination.

(e)           In the event that the Executive’s
employment is terminated subsequent to a Change in Control of the Bank by (i)
the Bank for other than Cause, Disability, Retirement or the Executive’s death
or (ii) by the Executive for Good Reason, then the Bank shall:

(A)          pay to the Executive, in either twelve
(12) equal monthly installments beginning with the first business day of the
month following the Date of Termination or in a lump sum as of the Date of
Termination (at the Executive’s election), a cash severance amount equal to
three (3) times the Executive’s Average Annual Compensation, and

(B)           maintain and provide for a period
ending at the earlier of (i) the expiration of the remaining term of this
Agreement as of the Date of Termination or (ii) the date of the Executive’s
full-time employment by another employer (provided that the Executive is
entitled under the terms of such employment to benefits substantially similar
to those described in this subparagraph (B)), at no cost to the Executive, the
Executive’s continued participation in all group insurance, life insurance, health
and accident insurance, disability insurance and other employee benefit plans,
programs and arrangements offered by the Employers in which the Executive was
entitled to participate immediately prior to the Date of Termination (excluding
(x) stock option and restricted stock plans of the Employers, (y) bonus and
other items of cash compensation included in Average Annual Compensation and
(z) other benefits, or portions thereof, included in Average Annual
Compensation), provided that in the event that the Executive’s participation in
any plan, program or arrangement as provided in this subparagraph (B) is
barred, or during such period any such plan, program or arrangement is
discontinued or the benefits thereunder are materially reduced, the Bank shall
arrange to provide the Executive with benefits substantially similar to those
which the Executive was entitled to receive under such plans, programs and
arrangements immediately prior to the Date of Termination.

6.             Limitation of Benefits under
Certain Circumstances. 
If the payments and benefits pursuant to Section 5 hereof, either alone
or together with other payments and benefits which the Executive has the right
to receive from the Bank and/or the MHC, would constitute a “parachute payment”
under Section 280G of the Code, the payments and benefits payable by the Bank
pursuant to Section 5 hereof shall be reduced, in the manner determined by the
Executive, by the amount, if any, which is the minimum necessary to result in
no portion of the payments and benefits payable by the Bank under Section 5
being non-deductible to the Bank pursuant to Section 280G of the Code and
subject to the excise tax imposed under Section 4999 of the Code.  The determination of any reduction in the
payments and benefits to be made pursuant to Section 5 shall be based upon the
opinion of independent counsel selected by the Bank’s independent public
accountants and paid by the Bank.  Such
counsel shall be reasonably acceptable to the Bank and the Executive, shall
promptly prepare the foregoing opinion, but in no event later than thirty (30)
days from the Date of Termination, and may use such actuaries as such counsel
deems necessary or advisable for the purpose. 
Nothing contained herein shall result in a reduction of any payments or
benefits to which the Executive may be entitled upon termination of  employment under any circumstances other than
as specified in this Section 6, or a reduction in the payments and benefits
specified in Section 5 below zero.

 6
 

 

7.             Mitigation; Exclusivity of Benefits.

(a)           The Executive shall not be required
to mitigate the amount of any benefits hereunder by seeking other employment or
otherwise, nor shall the amount of any such benefits be reduced by any
compensation earned by the Executive as a result of employment by another
employer after the Date of Termination or otherwise.

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

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

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

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

	
  To the Bank:

  	
   

  	
  Secretary

  
	
   

  	
   

  	
  Greater Delaware
  Valley Saving Bank

  
	
   

  	
   

  	
  (doing business
  as Alliance Bank)

  
	
   

  	
   

  	
  541 Lawrence
  Road

  
	
   

  	
   

  	
  Broomall, Pennsylvania 19008

  
	
   

  	
   

  	
   

  
	
  To the
  Executive:

  	
   

  	
   

  

 

11.          Amendment; Waiver.  No provisions of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by the Executive and such officer or officers
as may be specifically designated by the Bank’s Board of Directors to sign on
its behalf.  No waiver by any party
hereto at any time of any breach by any other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time.

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

 7
 

 

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

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

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

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

17.          Regulatory Prohibition.  Notwithstanding any other provision of this
Agreement to the contrary, any payments made to the Executive pursuant to this
Agreement, or otherwise, are subject to and conditioned upon their compliance
with Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. §1828(k))
and the regulations promulgated thereunder, including 12 C.F.R. Part 359.

18.          Payment of Costs and Legal Fees and
Reinstatement of Benefits. 
In the event any dispute or controversy arising under or in connection
with the Executive’s termination is resolved in favor of the Executive, whether
by judgment, arbitration, or settlement, the Executive shall be entitled to the
payment of (a) all legal fees incurred by the Executive in resolving such
dispute or controversy, and (2) any back-pay, including Base Salary, bonuses
and any other cash compensation, fringe benefits and any compensation and
benefits due to the Executive under this Agreement.

19.          Indemnification.  The Bank shall provide the
Executive (including her heirs, executors and administrators) with coverage
under a standard directors’ and officers’ liability insurance policy at its
expense, or in lieu thereof, shall indemnify the Executive (and her heirs,
executors and administrators) to the fullest extent permitted under
Pennsylvania law against all expenses and liabilities reasonably incurred by
her in connection with or arising out of any action, suit or proceeding in
which he may be involved by reason of her having been a director or officer of
the Bank (whether or not she continues to be a director or officer at the time
of incurring such expenses or liabilities). 
Such expenses and liabilities shall include, but shall not be limited
to, judgments, court costs and attorneys’ fees and the cost of reasonable
settlements.

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

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

	
  Attest:

  	
   

  	
  GREATER DELAWARE VALLEY

  
	
   

  	
   

  	
  SAVINGS BANK

  
	
   

  	
   

  	
  (doing business as Alliance Bank)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Dolores A.
  DeBaecke

  	
   

  	
  By:

  	
   /s/ William
  E. Hecht

  	
   

  
	
  Dolores A.
  DeBaecke, Secretary

  	
   

  	
   

  	
   Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   /s/ Rene L. Schiller

  	
   

  	
  By:

  	
  /s/ Suzanne J. Ricci

  	
   

  
						

 

 9Exhibit 10.5

GREATER DELAWARE
VALLEY SAVINGS BANK

DIRECTORS’ RETIREMENT PLAN

ARTICLE I

ESTABLISHMENT OF THE PLAN

Greater Delaware Valley Holdings, a Mutual Holding
Company (the “Company”) hereby establishes this Directors’ Retirement Plan (the
“Plan”) for the benefit of directors of the Greater Delaware Valley Savings
Bank (the “Bank”), a subsidiary of the Company, upon the terms and conditions
hereinafter stated.

ARTICLE II

PURPOSE OF THE PLAN

The purpose of this Plan is to provide retirement
benefits to directors of the Bank who are not officers or employees of the Bank
and who have provided expertise in enabling the Bank to experience successful
growth and development.

ARTICLE III

DEFINITIONS

3.01        “Accrued
Benefit” means the number of months served as a Director of the Bank multiplied
by $150.  For the purposes of determining
a Director’s Accrued Benefit, months of service prior to the adoption of this
Plan shall be recognized.

3.02        “Retirement
Benefit” means either (i) in the event the Board decides to fund the Plan by
establishing a trust in accordance with Section 7.01 of the Plan, an amount
equal to the value of the assets acquired with a Director’s Accrued Benefit as
reflected in a Director’s account balance under such a trust as of a Director’s
Retirement Date; or (ii) in the event the Board decides not to fund the
Plan through a trust in accordance with Section 7.01 of the Plan, an amount
equal to a Director’s Accrued Benefit multiplied by an assumed rate of return
of six percent (6%) per annum commencing with the adoption of this Plan and
ending on a Director’s Retirement Date.

3.03        “Bank
Common Stock” means the common stock, $.10 par value per share, of the Bank.

3.04        “Board”
means the Board of Directors of the Company.

3.05        “Committee”
means the committee appointed by the Board pursuant to Article IV hereof.

3.06        “Director”
means each member of the Board of Directors of the Bank at the date this Plan
was adopted by the Board of Directors of the Bank, and any other individual who
subsequently becomes a member of the Board of Directors of the Bank, other than
members of the Board of Directors of the Bank who also serve as officers or
employees of the Bank.  Appendix A
attached hereto lists those Directors who are the initial participants under
the Plan.

 

3.07        “Retirement
Date” means with respect to any Director, the first day of the first calendar
quarter following the date of his retirement from service as a member of the
Board of Directors of the Bank.

ARTICLE IV

ADMINISTRATION

4.01        Administration.  This
Plan shall be administered and interpreted by the Committee, which shall have
all of the powers allocated to it in this and other Sections of the Plan.  The interpretation and construction by the
Committee of any provisions of the Plan shall be final and binding.  The Committee shall act by vote or written
consent of a majority of its members. 
Subject to the express provisions and limitations of the Plan, the
Committee may adopt such rules and procedures as it deems appropriate for the
conduct of its affairs.  The Committee
shall report its actions and decisions with respect to the Plan to the Board at
appropriate times, but in no event less than one time per calendar year.

4.02        Limitation on Liability.  No
member of the Committee shall be liable for any determination made in good
faith with respect to the Plan.  If a
member of the Committee is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, by reason of anything done or not
done by him in such capacity under or with respect to the Plan, the Company
shall indemnify such member against expense (including attorneys’ fees),
judgments, fines and amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or proceeding if he acted
in good faith and in a manner he reasonably believed to be in the best
interests of the Company and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful.

ARTICLE V

ELIGIBILITY

Each Director of the Bank as of the date this Plan
was adopted by the Board and each individual who subsequently becomes a
Director of the Bank shall be eligible to participate in the Plan.

ARTICLE VI

BENEFITS

6.01        Retirement Benefits. 
Subject to the conditions and limitations imposed by this Plan, upon his
Retirement Date, each Director shall be entitled to receive, and the Company
shall pay, a Retirement Benefit.

The Retirement Benefit which is payable to a
Director pursuant to this Section 6.01 shall be paid in the form of a lump sum
payment payable on the Director’s Retirement Date.  Such lump sum payment may be made in cash or
other property, at the Company’s discretion, pursuant to Section 7.01.

6.02         Death Benefits.  If the
death of a Director occurs prior to his Retirement Date, the Company shall pay
the full retirement benefits specified in Section 6.01 hereof to the Director’s
designated beneficiary or, if such Director has not designated a beneficiary,
the Company shall pay the full retirement benefits specified in section 6.01 to
the Director’s estate.  Death benefits
shall be paid on the first day of the first calendar quarter following the date
of a Director’s death.

 2
 

 

ARTICLE VII

MISCELLANEOUS

7.01        Funding.  It is
the intention of the Company to maintain adequate reserves for the satisfaction
of its obligations pursuant to this Plan. 
Nothing in this Plan, however, shall create an obligation on the part of
the Company to set aside or earmark any monies or other assets specifically for
this purpose.  To fund its obligations
under the Plan, the Company may elect to form a trust, or to utilize a
pre-existing trust, to purchase and hold the alternative forms of assets,
including shares of Bank Common Stock, subject to compliance with all
applicable securities laws.  If the
Company elects to use a trust to fund its obligations under the Plan, a
Director shall have no right to demand the transfer to him of stock or other
assets from the Company, or from such a trust formed, or utilized by the
Company.  Any assets held in a trust,
including shares of Bank Common Stock, may be distributed, in the Company’s
discretion, to a Director in payment of part or all of the Company’s
obligations under the Plan.  The right of
a Director or his designated beneficiary to receive a distribution hereunder
shall be an unsecured claim against the general assets of the Company, and
neither the Director nor a designated beneficiary shall have any rights in or
against any specific assets of the Company.

7.02        Amendment and Termination of Plan.  The
Board may, by resolution, at any time amend or terminate this Plan.  However, no amendment or termination of the
Plan shall, without a Director’s consent, retroactively adversely affect his
rights to receive benefits in accordance with the Plan to which he would have
been entitled if he had terminated service on the day immediately prior to said
amendment or termination.

7.03        Nontransferable.  No
Director or Director’s designated beneficiary shall have any right to commute,
sell, pledge, assign, or in any way transfer or convey the right to receive any
payments under this Plan.  All payments
specified under this Plan are hereby expressly made non-assignable and
non-transferable.  Such payments shall
not be subject to legal process or levy of any kind.

7.04        Rights to Continue as a Director. 
Neither this Plan nor any action taken by the Board in connection with
this Plan shall create any rights on the part of any Director of the Bank to
continue as such.

7.05        Withholding Taxes. 
Notwithstanding any of the foregoing provisions hereof, the Company may
withhold from any payment to be made hereunder such amount as it may be
required to withhold under any applicable Federal, state or other law, and
transmit such withheld amounts to the applicable taxing authority.

7.06        Governing Law.  This
Plan shall be governed by the laws of the Commonwealth of Pennsylvania.

7.07        Effective Date.  This
Plan shall become effective upon the date of its adoption by the Board.

7.08        Binding on Successors.  The
provisions of this Plan shall be binding upon the parties hereto and all
successors to the Company, including any entity or entities that succeed to the
rights and liabilities of the Company in any merger, consolidation,
reorganization or other business combination.

 3

 

APPENDIX A

The Company has designated the following Directors
as participants in its Directors’ Retirement Plan:

1.                                       James S. Carr

2.                                       J. William Cotter, Jr.

3.                                       John J. McHugh

4.                                       Richard M. Naughton

5.                                       John A. Raggi

6.                                       Francis J. Rainer

7.                                       Basil A. Woodfield

8.                                       Richard G. Kelly, Jr.

 4

TRUST AGREEMENT

This Trust Agreement (the “Trust Agreement”) is made
as of the 21st day of August 1996, by and between Greater Delaware Valley
Holdings, a Mutual Holding Company (the “Company”), and PNC Bank, N.A. (the “Trustee”).

WITNESSETH:

Whereas, as of April 24, 1996, the Company
established the Greater Delaware Valley Savings Bank (the “Bank”) Directors’
Retirement Plan (the “Plan”) to provide retirement benefits to the Bank’s
directors, and

Whereas, the Company wishes to establish this trust
(the “Trust”) to fund the Company’s obligations under the Plan with the assets
contributed to the Trust to be subject to the claims of the Company’s creditors
in the event of the Company’s insolvency, as herein defined, until paid to the
participants or their respective beneficiaries in such manner and at such times
as specified in the Plan, and intends that the Trust shall satisfy the
requirements of Revenue Procedure 92-64 which sets forth a model grantor trust
for use in executive compensation arrangements; and

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

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

Section 1.                                          Establishment of Trust.

(a)           The
Company hereby deposits with the Trustee in trust $172,800, which shall become
the initial principal of the Trust to be held, administered and disposed of by
the Trustee as provided in this Trust Agreement.  The initial principal of the Trust, together
with any future contributions to the Trust and any other assets held by the
Trust, and earnings thereon, are collectively referred to herein as the “Trust
Assets.”

(b)           The
Trust hereby established shall be irrevocable by the Company.

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

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

 

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

Section 2.                                          Payments to the Participants
and Their Beneficiaries.

(a)           The Company shall deliver to the
Trustee a schedule (the “Payment Schedule”) that indicates the lump sum payment
amount pursuant to section 6.01 of the Plan in respect of each participant (and
his or her beneficiaries), or, if applicable, that provides a formula or other
instructions acceptable to the Trustee for determining the amounts so payable,
the form in which such amount is to be paid (as provided for or available under
the Plan), and the time of commencement for payment of such amounts.  Except as otherwise provided herein, the
Trustee shall make payments to the participants and their beneficiaries in
accordance with such Payment Schedule. 
The Company shall make provision for the reporting and withholding of
any federal, state or local taxes that may be required to be withheld with
respect to the payment of benefits pursuant to the terms of the Plan and shall
pay amounts withheld to the appropriate taxing authorities.

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

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

Section 3.                                          The Trustee’s Responsibility
Regarding Payments to Trust Beneficiaries When the Company is Insolvent.

(a)           The
Trustee shall cease payment of benefits to participants and their beneficiaries
if the Company becomes insolvent.   The
Company shall be considered “Insolvent” for purposes of this Trust Agreement if
either (i) the Company is unable to pay its debts as they become due, or (ii)
the Company is subject to a pending proceeding as a debtor under the United
States Bankruptcy Code, or (iii) the Company is determined to be insolvent by
either the Pennsylvania Department of Banking or the Board of Governors of the
Federal Reserve System.

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

(1)           The Board of Directors and the Chief Executive Officer of
the Company shall have the duty to inform the Trustee in writing of the Company’s
Insolvency.  If a person claiming to be a
creditor of the Company alleges in writing to the Trustee that the Company has
become insolvent, the Trustee shall determine whether the Company is insolvent
and, pending such determination, the Trustee shall discontinue payment of
benefits to participants or their beneficiaries.

 2
 

 

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

(3)           If at any time the Trustee has determined that the Company
is insolvent, the Trustee shall discontinue payments to participants or their
beneficiaries and shall hold the assets of the Trust for the benefit of the
Company’s general creditors.  Nothing in
this Trust Agreement shall in any way diminish any rights of participants or
their beneficiaries to pursue their rights as general creditors of the Company
with respect to benefits due under the Plan or otherwise.

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

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

Section 4.              Payments
to the Company.

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

Section 5.              Investment
and Other Authority.

(a)           Trustee
may invest in securities (including stock or rights to acquire stock) or
obligations issued by the Bank, interest-bearing accounts at the Company,
including Certificates of Deposit with the Bank, U.S. government securities and
agencies thereof and funds that invest in such securities.  All rights associated with assets of the
Trust shall be exercised by the Trustee or the person designated by the
Trustee, and shall in no event be exercisable by or rest with Plan
participants, except that investment discretion and voting rights with respect
to Trust assets will be exercised by the Company.  The Company shall have the right at any time,
and from time to time in its sole discretion, to substitute assets of equal
fair market value for any asset held by the Trust.  This right is exercisable by the Company in a
nonfiduciary capacity without the approval or consent of any person in a
fiduciary capacity.

(b)           Subject
to the provisions of paragraph (a) above, the Trustee shall have the following
additional powers and duties with respect to the Trust:

(1)           to sell at public or private sale, to exchange, to
encumber, or to lease any personal property;

 3
 

 

(2)           to commence or defend suits or legal proceedings and to
represent the Trust in all suits or legal proceedings; to settle, compromise or
submit to arbitration any claims, debts or damages due or owing to or from the
Trust;

(3)           to exercise any right appurtenant to any securities or
other such property;

(4)           to engage any legal counsel, including counsel to the
Company or Trustee, or any other suitable agents; to consult with such counsel
or agents with respect to the construction of this Trust Agreement, the duties
of the Trustee hereunder, the transactions contemplated by this Trust
Agreement, or any act which the Trustee proposes to take or omit; to rely upon
the advice of such counsel or agents; and to pay the reasonable fees, expenses
and compensation thereof;

(5)           to register any securities held by it in its own name or
in the name of any custodian of such property or of its nominee, including the
nominee of any system for the central handling of securities, with or without
the addition of words indicating that such securities are held in a fiduciary
capacity; to deposit or arrange for the deposit of any such securities with
such a system; and to hold any securities in bearer form;

(6)           to make, execute and deliver, as Trustee, any and all
leases, notes, bonds, guarantees, mortgages, conveyances, contracts, waivers,
releases or other instruments in writing necessary or proper for the
accomplishment of any of the foregoing powers;

(7)           to transfer assets of the Trust to a successor trustee as
provided in Section 10 (c) herein; and

(8)           to exercise, generally, any of the powers which an
individual owner might exercise in connection with such property either real,
personal or mixed, and to do all other acts that Trustee may deem necessary or
proper to carry out any of the powers set forth in this Section or otherwise in
the best interests of the Trust.

Section 6.              Disposition
of Income.

During the term of this Trust, all income received
by the Trust, net of expenses and taxes, shall be accumulated and reinvested.

Section 7.              Accounting
by the Trustee.

(a)           The Trustee shall keep accurate and
detailed records of all investments, receipts, disbursements, and all other
transactions required to be made on both an aggregate basis and on behalf of
each participant (or his or her beneficiaries), including such specific records
as shall be agreed upon in writing between the Company and the Trustee.  Within 30 days following the close of each
calendar year and within 30 days after the removal or resignation of the
Trustee, the Trustee shall deliver to the Company a written account of its
administration of the Trust during such year or during the period from the
close of the last preceding year to the date of such removal or resignation,
setting forth all investments, receipts, disbursements and other transactions
effected by it on both an aggregate basis and on behalf of each participant (or
his or her beneficiaries), including a description of all securities and
investments purchased and sold with the cost or net proceeds of such purchases
or sales (accrued interest or dividends paid or receivable being shown
separately), and showing all cash, securities and other property held in the
Trust at the end of such year or as of the date of such removal or resignation,
as the case may be.

 4
 

 

Upon the expiration of ninety (90) days from the
date of filing any such account or upon the earlier specific approval thereof
by Company, the Trustee shall be forever released and discharged from all
liability and accountability to Company with respect to the propriety of its
acts and transactions shown in such account, except with respect to any such
acts or transactions as to which Company shall, with such ninety (90) day
period, file written objections with the Trustee.  Nothing herein contained, however, shall be
deemed to preclude the Trustee of its rights to have its account judicially
settled by a court of competent jurisdiction.

(b)           With
respect to each participant (or his or her beneficiaries), the Trustee shall
keep accurate and detailed records of (i) all contributions made by the
Company with respect to such participant, including the amount of each such
contribution and the date received, (ii) all securities and investments
purchased and sold with such contributions, including the cost or net proceeds
and the date of such purchases or sales, (iii) all dividends or interest
paid on the securities or investments and the reinvestment of such dividends or
interest, and (iv) such other matters as shall be agreed upon in writing
between the Company and the Trustee.

Section 8.              Responsibility
of the Trustee.

(a)           The
Trustee shall act with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent person acting in like capacity and
familiar with such matters would use in the conduct of an enterprise of a like
character and with like aims, provided, however, that the Trustee shall incur
no liability to any person for any action taken pursuant to a direction,
request or approval given by  the Company
which is contemplated by, and in conformity with, the terms of this Trust and
is given in writing by the Company; and, provided, further, that the Trustee
shall incur no liability to any person for any action or failure to act taken
pursuant to a determination of the existence or non-existence of an event of
Insolvency.  In the event of a dispute
between the Company and a party, the Trustee may apply to a court of competent
jurisdiction to resolve the dispute.

(b)           If
the Trustee undertakes or defends any litigation arising in connection with
this Trust, the Company agrees to indemnify the Trustee against the Trustee’s
costs, expenses and liabilities (including, without limitation, attorneys’ fees
and expenses) relating thereto and to be primarily liable for such
payments.  If the Company does not pay
such costs, expenses and liabilities in a reasonably timely manner, the Trustee
may obtain payment from the Trust.

(c)           The
Trustee may consult with legal counsel (who may also be counsel for Company or
the Trustee generally) with respect to any of its duties or obligations
hereunder, at Company’s expense and shall have no liability for any action or
failure to act in reliance upon advice of such counsel.

(d)           The
Trustee may hire agents, accountants, actuaries, investment advisors, financial
consultants or other professionals to assist it in performing any of its duties
or obligations hereunder.

(e)           The
Trustee shall have, without exclusion, all powers conferred on Trustees by
applicable law, unless expressly provided otherwise herein.

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

 5
 

 

Section 9.              Compensation
and Expenses of the Trustee.

 The Bank
shall pay all administrative fees and expenses of the Trustee and such
compensation to the Trustee as shall be agreed to by the Trustee and the
Company from time to time.  If not so
paid, the fees and expenses shall be paid from the Trust.

Section 10.            Resignation
and Removal of the Trustee.

(a)           The
Trustee may resign at any time by written notice to the Company, which shall be
effective 30 days after receipt of such notice, unless the Company and the
Trustee agree otherwise.

(b)           The
Trustee may be removed by the Company on 30 days’ notice or upon shorter notice
accepted by the Trustee.

(c)           Upon
resignation or removal of the Trustee and appointment of a successor Trustee,
all Trust Assets shall subsequently be transferred to the successor
Trustee.  The transfer shall be completed
within 30 days after receipt of notice of resignation, removal or transfer,
unless the Company extends the time limit.

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

Section 11.            Appointment
of Successor.

(a)           If the Trustee resigns or is removed
in accordance with Section 10(a) or (b) hereof, the Company may appoint any
third party, such as a bank trust department (other than the Company’s trust
department) or other party that may be granted corporate trustee powers under
state law, as a successor to replace the Trustee upon resignation or
removal.  The appointment shall be
effective when accepted in writing by the new Trustee, who shall have all of
the rights and powers of the former Trustee, including ownership rights in the
Trust Assets.  The former Trustee shall
execute any instrument necessary or reasonably requested by the Company or the
successor Trustee to evidence the transfer.

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

Section 12.            Amendment
or Termination.

(a)           This Trust Agreement may be amended
by a written instrument executed by the Trustee and the Company.  Notwithstanding the foregoing, no such
amendment shall conflict with the terms of the Plan.

(b)           The
Trust shall not terminate until the date on which participants and their
beneficiaries are no longer entitled to benefits pursuant to the terms of the
Plan.

 6
 

 

Section 13.            Miscellaneous.

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

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

(c)           This Trust Agreement
shall be governed by and construed in accordance with the laws of the Commonwealth
of Pennsylvania.

Section 14.            Effective
Date.

The effective date of this Trust Agreement shall be August 21, 1996.

 7
 

 

IN WITNESS WHEREOF, the Company and the Trustee have caused
this Trust Agreement to be signed, and their respective corporate seals to be
hereto affixed, the day and year first above written.

	
  

  	
   

  	
  GREATER DELAWARE VALLEY HOLDINGS,

  
	
   

  	
   

  	
  A MUTUAL HOLDING COMPANY

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Dolores
  DeBaecke

  	
   

  	
  By:

  	
   

  	
  /s/ William E. Hecht

  
	
   

  	
   

  	
   

  	
   

  	
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PNC BANK, N.A.

  
	
  Attest:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Regina
  Richards

  	
   

  	
  By:

  	
   

  	
  /s/ Robert J. Degue

  
	
  Trust Officer

  	
   

  	
   

  	
   

  	
  Trustee

  

 

 8

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