Document:

Exhibit 10.1

 

AMENDMENT NO. 1 TO THE AMENDED AND RESTATED

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT

BETWEEN MALVERN FEDERAL SAVINGS BANK AND DENNIS BOYLE

 

This Amendment No. 1 to the Amended and Restated Supplemental Executive Retirement Plan Agreement (the “SERP”) between Malvern Federal Savings Bank (the “Bank”) and Dennis Boyle (the “Executive”) is dated and effective as of the 5th day of December 2014.  The SERP was originally effective as of April 1, 2004 and was last amended and restated effective as of December 16, 2008.  Capitalized terms which are not defined herein shall have the same meaning as set forth in the SERP.

 

WHEREAS, the SERP was designed to provide supplemental retirement and death benefits to the Executive;

 

WHEREAS, the Bank desires to freeze the benefits payable under the SERP in order to reduce its future compensation expense, with the amount of the frozen benefit to be equal to the amount of the benefit that would be payable to the Executive if he had an Early Termination (as defined in section 1.7 of the SERP) as of the date of this amendment (i.e., the Accrued Liability shown in Schedule A to the SERP as of September 30, 2014, as required by Section 5.1 of the SERP);

 

WHEREAS, Section 7.1 of the SERP permits the Bank to amend the SERP at any time pursuant to an agreement executed by the Bank and the Executive;

 

WHEREAS, as an inducement to have the Executive execute this Amendment, the Bank is willing to reduce the length of the non-compete period in Section 5.4 of the SERP from five years following commencement of the benefits to one year following such commencement; and

 

WHEREAS, the Executive acknowledges that Section 7.2 of the SERP permits the Bank to unilaterally terminate the SERP at any time, without reducing the non-compete period in Section 5.4 of the SERP;

 

NOW, THEREFORE, in consideration of the premises, the mutual agreements herein set forth, and such other consideration the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.           Amendment to Section 2.1.1.  Section 2.1.1 of the SERP is hereby amended and restated to read in its entirety as follows:

 

	
  

	
“2.1.1

	
Amount of Benefit. The annual benefit under this Section 2.1 is $24,579.47, which represents one-fifteenth of the Accrued Liability as of September 30, 2014.”

 

    	 

    	 

    
 

 

2.           Amendment to Section 2.2.1. Section 2.2.1 of the SERP is hereby amended and restated to read in its entirety as follows:

 

	
  

	
“2.2.1

	
Amount of Benefit. The annual benefit under this Section 2.2 is $24,579.47, which represents one-fifteenth of the Accrued Liability as of September 30, 2014.”

 

3.           Amendment to Section 2.3.1. Section 2.3.1 of the SERP is hereby amended and restated to read in its entirety as follows:

 

	
  

	
“2.3.1

	
Amount of Benefit. The annual benefit under this Section 2.3 is $24,579.47, which represents one-fifteenth of the Accrued Liability as of September 30, 2014.”

 

4.           Amendment to Section 2.4.1. Section 2.4.1 of the SERP is hereby amended and restated to read in its entirety as follows:

 

	
  

	
“2.4.1

	
Amount of Benefit. The annual benefit under this Section 2.4 is $24,579.47, which represents one-fifteenth of the Accrued Liability as of September 30, 2014.”

 

5.           Amendment to Section 3.1.1. Section 3.1.1 of the SERP is hereby amended and restated to read in its entirety as follows:

 

	
  

	
“3.1.1

	
Amount of Benefit. The benefit under this Section 3.1 is $368,692, which represents the Accrued Liability as of September 30, 2014.”

 

6.           Amendment to Section 5.4. The first paragraph of Section 5.4 of the SERP (the paragraph immediately preceding clauses (i) through (v) of such section) is hereby amended and restated to read in its entirety as follows:

 

“Non-compete Provision.  The Executive shall forfeit any unpaid benefits under this Agreement if during the term of this Agreement, and for a period of one year after payment of benefits has commenced, the Executive, directly or indirectly, either as an individual or as a proprietor, stockholder partner, officer, director, employee, agent, consultant or independent contractor of any individual, partnership, corporation or other entity (excluding an ownership interest of three percent (3%) or less in the stock of a publicly-traded company):”

 

7.           Effectiveness.  This Amendment shall be deemed effective as of the date first written above, as if executed on such date.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained in the SERP, all of which are ratified and affirmed in all respects and shall continue in full force and effect and shall be otherwise unaffected.

 

8.           Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.

 

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9.           Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall for all purposes be deemed an original, and all of which together shall constitute one and the same instrument.

 

(Signature page follows)

 

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IN WITNESS WHEREOF, the Bank and the Executive have caused this Amendment to be executed effective as of the day and year first written above.

 

	 	MALVERN FEDERAL SAVINGS BANK	 
	 	 	 	 
	 	By:	/s/ Anthony C. Weagley	 
	 	 	Anthony C. Weagley	 
	 	 	Chief Executive Officer and President	 
	 	 	 	 
	 	EXECUTIVE	 
	 	 	 	 
	 	By:	/s/ Dennis Boyle	 
	 	 	Dennis Boyle	 

 

    	4Exhibit 10.1

	
  

  	
  p.2 757-329-2418 Government Liquidation SALE OF
  GOVERNMENT PROPERTY AMENDMENT OF INVITATION FOR BIDS/MODIFICATION OF CONTRACT
  1 . AIJIENDMENT TO INVITATION FOR BIDS NO.: 2. EFFECTIVE DATE 12/03/2014 (PAGE 1 OF2) PAGES SUPPLEMENTAL
  AGREEMENT NO.: 1 3. 1SSUED BY DLA Disposition Services National Sales Office
  74 North Washington Street Battle Creek, Ml 49017-3092 4.NAME AND ADDRESS
  WHERE BIDS ARE RECEIVED (5. 0AMENDMENT OF INVITATIONFOR BIDS NO.(See Item 6)
  DATED ([8) MODFI ICATION OF CONTRACT NO. (See/tern B ) DATED 01/17/2014 6.
  THIS BLOCK APPLIES ONLY TO AMENDMENTS OF INVITATIONS FOR BIDS The above
  numbered invitation for bids is amended as set forth in Item 9. Bidders must
  acknowledge receipt of this amendment unless indicated otherwise in item 11
  prior to the hour and date specified in the invitation for bids, or as
  amended. by one of the following methods: (a) By signing and returning
  copies of this amendment; (b) By acknowledging receipt of this amendment
  on each copy of the bid submitted; or (c) By separate letter or telegram
  which includes a reference to the invitation for bids and amendment number.
  FAILURE OF YOUR ACKNOWLEDGMENT TO BE RECEIVED AT THE ISSUING OFFICE PRIOR TO
  THE HOUR AND DATE SPECIFIED MAY RESULT IN REJECTION OF YOUR BID.If by
  virtue of this amendment you desire to change a bid already submitted, such
  change may be made by telegram or letter, provided such telegram or letter
  makes reference to the invitation for bids and this amendment, and is
  received prior to the opening hour and date specified. 7. ACCOUNTING AND
  APPROPRIATION DATA (If required)
  8. THIS APPLIES ONLY TO MODIFICATION OF CONTRACTS This Supplemental Agreement
  Is entered Into pursuant to authority of 9. DESCRIPTION OF
  AMENDMENTIMODIFICAnoN (Except as
  provided below all terms and
  conditions of the document referenced in Item 5 remain in full force and
  effect) Whereas Contract 08-D002-0001 was entered into on
  January 17, 2014 by and between the United States of America,
  hereinafter referred to as the GOVERNMENT, and Liquidity
  Services, Incorporated, hereinafter referred to as the CONTRACTOR, and
  whereas the contract involved property as described in Invitation For Bid
  (IFB) 08-0001/08-0002: THE HOUR AND DATE FOR RECEIPT OF BIDS (LOCAL TIME}
  DATE D IS NOT EXTENDED, D (IS EXTENDED UNTIL) (O’CLOCKM) (10. BIDDER:PURCHASE
  NAME AND ADDRESS (Include ZIP Code) 11.
  0 (BIDDER IS NOT REQURI ED TO SIGN THIS DOCUMENT) Liquidity
  Services, Incorporated 1920 L Street, NW.6th Floor Washington, DC 20036
  PURCHASER IS REQUIRED TO SIGN THIS DOCUMENT AND RETURN ORIGINAL AND — 0
  -COPIES TO THE ISSUING OFFICE BRUCE 
  GEAREY 14.DATE SIGNED (17. DATE SIGNED) Executive Vice President
  12/0312014 (REBECCA BELLINGER) (12103/2014) AUTHORIZED FOR LOCAL REPRODUCTION
  Previous edion is usableSTANDARD FORM 1140 (REV.1-94) Prescribby GSA
  FPMR (41 CFR) 101-45.3,

  

 

	
  

  	
  p.2757-329-2418 Government Liquidation CONTRACT NUMBER 08-0002-0001Supplemental
  Agreement 1Page 2WHEREAS,
  certain DLA Disposition Services assets that have been determined no
  longer needed by the Government may result in a sales transaction that is
  conducted by the DLA Disposition Services Sales Office.\VHEREAS, Contract 08-0002-0001, states,
  “Performance period for this contract is 10 months from the contract
  performance date. Two one-month additjonal options may be offered by the
  Government. Contract performance begins on February 14, 2014.”NOW THEREFORE, it is mutually agreed
  between the Government and the Contractor hereto that the following changes
  are in effect:Contract 08-0002-0001
  is changed based on Government requirements. DLA Disposition Services
  has determined it is in the best interest of the Govenunent to extend the two
  one-month additional options extending the contract performance period for
  contract 08-0002-0001 to February 13,2015. All other terms and
  conditions of contract 08-0002-0001 remain the same.!/I/11////II/I////I/I/IIIIIIIIII!IIJNOTHING FOLLOWS/////////////1/////////////////////////---·
  -·-·--- . ... .

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