Document:

Exhibit 10.1 

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND
RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is made as of this 25th day of May, 2017, between
MALVERN BANCORP, INC., a Pennsylvania business corporation (the “Corporation”), MALVERN FEDERAL SAVINGS
BANK, a federally chartered stock savings bank (the “Bank”), and ANTHONY C. WEAGLEY, an adult individual
(“Executive”).

 

WITNESSETH:

 

WHEREAS, the
Corporation, the Bank, and Executive are parties to that certain Employment Agreement, dated as of June 23, 2016 (the “Effective
Date”), which governs and controls the terms of the Executive’s employment with the Corporation and the Bank (the “2016
Employment Agreement”); and

 

WHEREAS, the
Corporation, the Bank, and Executive desire to amend and restate the terms of such 2016 Employment Agreement in the
manner set forth herein;

 

NOW, THEREFORE,
the parties hereto, intending to be legally bound, agree as follows:

 

1.    Employment.
The Corporation and the Bank each hereby employs Executive and Executive hereby accepts employment with the Corporation and
the Bank, on the terms and conditions set forth in this Agreement.

 

2.    Duties
of Employee. Executive shall serve as Chief Executive Officer and President of the Corporation and the Bank, reporting
directly and exclusively to the Board of Directors of the Corporation (the “Board”) and the Bank (the “Bank Board”),
respectively, and shall have such powers and duties as may from time to time be reasonably prescribed by the Board and the Bank
Board, provided such powers and duties are consistent with Executive’s position as a senior executive officer (chief executive
officer) of the Corporation and the Bank. Executive shall be appointed to the Board and the Bank Board as a Director. Executive
shall devote his full time, attention and energies to the business of the Corporation and the Bank during the Employment Period
(as defined in Section 3 of this Agreement); provided, however, that this Section 2 shall not be construed as preventing Executive
from (a) engaging in activities incident or necessary to personal investments, (b) acting as a member of the board of directors
of any non-profit association or corporation, or (c) being involved in any other business activity with the prior approval of the
Board and the Bank Board. Executive's activities in connection with the farming of real estate in which the Executive or the Executive's
family have an interest shall be deemed to be activities engaged in by the Executive with the prior approval of the Board and the
Bank Board, provided such activities do not interfere with Executive’s duties hereunder. Executive shall not engage in any
business or commercial activities, duties or pursuits which compete with the business or commercial activities of the Corporation
or the Bank, nor may Executive serve as a director or officer or in any other capacity in a company which competes with the Corporation
or the Bank.

  

3.    Term
of Agreement.

 

(a)    Employment
Period. This Agreement shall be for a period (the “Employment Period”) beginning as of the Effective Date, and
if not previously terminated pursuant to the terms of this Agreement, ending on the date that is one (1) year subsequent thereto;
provided, however, that on the first and each subsequent annual anniversary date of this Agreement, and unless a party has given
the other party written notice at least sixty (60) days prior to such anniversary date that such party does not agree to renew
this Agreement (a “Non-renewal Notice”), the term of this Agreement and the Employment Period shall be deemed renewed
for a term ending one (1) year subsequent to such anniversary date (each such one (1) year term of employment under this Agreement
being a “Contract Year”).

 

(b)    Notwithstanding
anything herein contained to the contrary, nothing in this Agreement shall mandate or prohibit a continuation of Executive’s
employment following the expiration of the term of this Agreement upon such terms as the Board and Executive may mutually agree.

 

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(c)    Termination
for Cause. Notwithstanding the provisions of Section 3(a) of this Agreement, this Agreement and Executive’s employment
hereunder may be terminated by the Corporation or the Bank for Cause (as defined herein). As used in this Agreement, “Cause”
shall mean any of the following:

  

(i)    Executive
willfully fails or refuses to substantially perform the Executive’s responsibilities under this Agreement (provided that
such responsibilities are consistent with the Executive’s duties as defined in Section 2 of this Agreement, above), after
written demand for substantial performance has been given by the Board that specifically identifies how the Executive has failed
to perform such responsibilities;

 

(ii)   Executive
engages in gross misconduct which is materially and demonstrably injurious to the Corporation or the Bank;

 

(iii)  Executive
is convicted of a felony or pleads guilty or nolo contendere to a felony;

 

(iv)  Executive
materially breaches Section 7 of this Agreement;

 

(v)   Executive
engages in any act of fraud (including misappropriation of the Corporation’s or the Bank’s funds or property) in connection
with the business of the Corporation or Bank which is materially and demonstrably injurious to the Corporation or the Bank; or

 

(vi)  Executive
is disqualified or barred by any governmental or self-regulatory authority from serving in the capacity contemplated by this Agreement.

  

The termination of employment of the Executive
shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly
adopted by the affirmative vote of not less than 66% of the entire membership of the Board (excluding the Executive) at a meeting
of the Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given
an opportunity, together with counsel, to be heard before the Board) finding that, in the good faith opinion of the Board, the
Executive is guilty of the conduct described above, and specifying the particulars thereof in detail and, if the event(s) or condition(s)
constituting Cause are reasonably capable of being cured, Executive is afforded an opportunity of no less than thirty (30) days
to cure such event(s) or condition(s). For purposes of this Agreement, no act or omission on the part of the Executive shall be
considered “willful” unless it is done or omitted in bad faith or without reasonable belief that the act or omission
was in the best interests of the Corporation or the Bank. Any act or omission based upon a resolution duly adopted by the Board
or upon advice of counsel for the Corporation or the Bank shall be conclusively presumed to have been done or omitted in good faith
and in the best interests of the Corporation and the Bank.

 

If this Agreement is terminated for Cause,
all of Executive’s rights under this Agreement shall cease as of the effective date of such termination, except that the
Bank shall pay and/or provide Executive the following (collectively, the “Accrued Obligations”):

 

(i)    the
unpaid portion, if any, of Executive’s Annual Base Salary and any accrued but unused vacation and personal days through the
date of termination, with any such amounts paid on the first regularly scheduled payroll date following the effective date of termination;
and

 

(ii)   any
expense reimbursement due to Executive on or prior to the date of such termination which remains unpaid to the Executive, with
any such reimbursement being made promptly following the effective date of termination; and

 

(ii)   such
post-employment benefits, if any, as may be provided for Executive and/or his dependents under the terms of the employee benefit
plans of the Bank then in effect, provided that the cost to the Bank of such post-employment benefits shall not exceed an amount
equal to one year of Executive’s Annual Base Salary.

 

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(d)    Death.
Notwithstanding the provisions of Section 3(a) of this Agreement, this Agreement and Executive’s employment hereunder shall
terminate automatically upon Executive’s death and Executive’s rights under this Agreement shall cease as of the date
of such termination, except that (i) the Bank shall pay to Executive’s spouse, personal representative, or estate the unpaid
portion, if any, of his accrued unpaid Annual Base Salary as of the date of death and any expense reimbursement due to Executive
as of his date of death, and (ii) the Bank shall provide to Executive’s dependents any benefits due under the Bank’s
employee benefit plans.

 

(e)    Disability.
Executive, the Corporation and the Bank agree that if Executive becomes Disabled, within the meaning of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder, and becomes eligible for
employer-provided short-term and/or long-term disability benefits, or worker’s compensation benefits, then the Bank’s
obligation to pay Executive his Annual Base Salary shall be reduced by the amount of the disability or worker’s compensation
benefits received by Executive.

 

Executive, the Corporation,
and the Bank agree that if, in the judgment of the Board, Executive is unable, as a result of illness or injury, to perform the
essential functions of his position on a full-time basis with or without a reasonable accommodation and without posing a direct
threat to himself or others for a period of six months, the Corporation and the Bank will suffer an undue hardship in continuing
Executive’s employment as set forth in this Agreement. Accordingly, this Agreement and Executive’s employment hereunder
shall terminate at the end of the six-month period, and all of Executive’s rights under this Agreement shall cease, with
the exception of the Accrued Obligations. 

 

(f)    Resignation
from Board of Directors. In the event Executive’s employment under this Agreement terminates for any reason, Executive’s
service as a Director of the Corporation, the Bank, and any affiliate or subsidiary thereof shall immediately terminate. This Section
3(f) shall constitute a resignation notice for such purposes.

 

4.    Employment
Period Compensation, Benefits and Expenses.

 

(a)    Annual
Base Salary. For services performed by Executive under this Agreement, the Bank shall pay Executive an annual base salary during
the Employment Period at the rate of $400,000 per year, minus applicable withholdings and deductions, payable at the same times
as salaries are payable to other executive employees of the Bank. Executive shall also be entitled to an additional annual base
compensation of $100,000, which shall be divided as follows: i) $35,000 of such additional annual base compensation shall be paid
in cash pursuant to the Bank’s regular payroll process; and ii) the remaining $65,000 of such additional annual base compensation
shall be paid in the form of common stock of the Corporation which shall be provided in accordance with the Bank’s and the
Corporation’s plans, policies and procedures for compensating employees with the Corporation’s stock. The annual base
salary, at the initial rate of $400,000, and the additional annual base compensation, in the initial amount of $100,000 (paid as
described above), are collectively referred to herein as the “Annual Base Salary”. Annual Base Salary (including for
the avoidance of doubt the annual additional compensation) shall be reviewed annually by the Board or the Bank Board and either
may, from time to time, increase Executive’s Annual Base Salary, and any and all such increases shall be deemed to constitute
amendments to this Section 4(a) to reflect the increased amounts, effective as of the date established for such increases. In reviewing
adjustments to Annual Base Salary, the Board or the Bank Board shall consider relevant market data regarding executive salaries
at peer financial institutions and the performance of the Corporation and the Bank under Executive’s leadership.

 

(b)    Bonus.
The Board and the Bank Board shall provide for participation in a short-term performance plan (the “Short-Term Performance
Plan”) which shall provide for the payment of an annual bonus to Executive at a target level of $100,000, or a greater amount
determined by the Board’s Compensation Committee (the “Compensation Committee”) in its sole discretion, upon
meeting agreed-upon performance goals. Executive’s participation in such Short-Term Performance Plan shall be conditioned
upon the submission of performance goals (“Short-Term Performance Goals”) for the year by the Executive to the Compensation
Committee for approval no later than the 15th day of the first month of the fiscal year to which the goals relate. The Compensation
Committee shall review the Short-Term Performance Goals and, after agreeing to the goals based on discussions with the Executive,
shall seek approval of the same from the full Board at the next regular meeting of the Board. If such approval is obtained from
the Board, the Compensation Committee shall confirm the approval in writing to the Executive. The payment of any such bonuses will
not reduce or otherwise affect any other obligation of the Bank to Executive provided for in this Agreement.

 

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(c)    Vacations,
Holidays, Etc. During the term of this Agreement, Executive shall be entitled to be paid annual vacation in accordance with
the policies as established from time to time by the Bank Board. Executive shall also be entitled to all paid holidays, sick days
and personal days provided by the Bank to its regular full-time employees and senior executive officers. At minimum, Executive
shall be entitled to twenty (25) days of paid vacation per Contract Year and seven (7) days of combined paid sick leave
and personal leave. Executive shall not be permitted to roll over vacation days or personal or sick leave days if not used in any
year, except that Executive may roll over up to five (5) unused vacation days for any Contract Year to be used within the
first three (3) months of the immediately following Contract Year. 

 

(d)    Employee
Benefit Plans. During the term of this Agreement, Executive shall be entitled to participate in or receive the benefits of
any employee benefit plan currently in effect at the Bank, subject to the eligibility and other terms and conditions of each such
plan, until such time that the Bank Board authorizes a change in such benefits. The Corporation and the Bank shall not make any
changes in such plans or benefits which would adversely affect Executive’s rights or benefits thereunder, unless such change
occurs pursuant to a program applicable to all executive officers of the Corporation and the Bank and does not result in a proportionately
greater adverse change in the rights of or benefits to Executive as compared with any other executive officer of the Corporation
and the Bank. Nothing paid to 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 Executive pursuant to Section 4(a) hereof.

 

(e)    Perquisites
and Business Expenses. During the term of this Agreement, Executive shall be entitled to receive customary and normal perquisites
provided to other senior executive officers of the Bank which shall include a car allowance of $900 per month and reimbursement
for the full cost of his smart phone and data plan. During the term of this Agreement, Executive shall be entitled to receive prompt
reimbursement for all customary and usual expenses incurred by him, which are properly accounted for, in accordance with the policies
and procedures established by the Corporation or the Bank in accordance with industry practice for its senior executive officers.
Specifically, Executive shall be entitled to receive prompt reimbursement for up to $10,000 of actual costs (which are properly
accounted for) associated with securing hotel/short-term lodging in the Malvern, PA area annually.

 

5.    Rights
in Event of Termination of Employment after a Change in Control.

 

(a)    In
the event that Executive’s employment is involuntarily terminated by the Corporation or the Bank without Cause (and other
than due to Executive’s death or Disability) during the Employment Period or if the Corporation or the Bank terminate
this Agreement pursuant to a Non-Renewal Notice, in each case on or after a Change in Control, or if Executive’s employment
is voluntarily terminated by Executive for Good Reason on or after a Change in Control (defined in Section 5(d) below),
Executive shall be entitled to receive the Accrued Obligations and, subject to Executive’s execution and non-revocation of
a release in accordance with Section 9, the following:

 

(i)   payment, at the
time bonuses are paid to other executives of the Corporation or the Bank, of the amount of any bonus for the year preceding the
year of Executive’s termination of employment (payable in a lump sum cash payment) based on the bonus for such year that
Executive would have earned had his employment not terminated; 

 

(ii)   payment,
within twenty (20) days following termination, of a lump sum cash amount equal to three (3) years of Executive’s Annual Base
Salary (subject to federal, state and local tax withholdings);

 

(iii)  Any
vesting restrictions in connection with grants of equity-based options and other awards shall be waived and Executive shall be
fully vested in all such options and awards.

 

(iv)  if
Executive validly elects to receive continuation coverage under the Corporation’s or the Bank’s group health plan pursuant
to “COBRA”, Executive shall be reimbursed for the applicable premium otherwise payable for COBRA continuation coverage
for the eighteen (18) month period immediately following the effective date of termination to the extent such premium exceeds the
monthly amount charged to active similarly-situated employees of the Bank for the same coverage. The Corporation and/or the Bank
may modify the obligation to provide such benefit to the extent reasonably necessary to avoid any penalty or excise taxes imposed
on it under the Patient Protection and Affordable Care Act of 2010, as amended (“ACA”), provided that it does so in
a manner that to the extent possible, as determined by the Corporation or the Bank in its or their discretion, preserves the economic
benefit and original intent of such benefit but does not cause such a penalty or excise tax.

 

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Executive shall not be
required to mitigate the amount of any payment provided for in this Section 5 by seeking other employment or otherwise, nor shall
the amount of payment or the benefit provided for in this Section 5 be reduced by any compensation earned by Executive as the result
of employment by another employer or by reason of Executive’s receipt of or right to receive any retirement or other benefits
after the date of termination of employment or otherwise.

 

(b)    As
used in this Agreement, “Change in Control” of the Corporation shall mean:

 

(i)    (A)
a merger, consolidation or division involving Corporation or Bank, (B) a sale, exchange, transfer or other disposition of
substantially all of the assets of Corporation or Bank, or (C) a purchase by Corporation or Bank of substantially all of the
assets of another entity, unless (y) such merger, consolidation, division, sale, exchange, transfer, purchase or disposition
is approved in advance by seventy-five percent (75%) or more of the members of the Board of Directors of Corporation or Bank
who are not interested in the transaction and (z) a majority of the members of the Board of Directors of the legal entity
resulting from or existing after any such transaction and the Board of Directors of such entity’s parent corporation, if
any, are former members of the Board of Directors of Corporation or Bank; or

 

(ii)   any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the
“Exchange Act”)), other than Corporation or Bank or any “person” who on the date hereof is a director or
officer of Corporation or Bank, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of Corporation or Bank representing twenty-five percent (25%) or more of the combined
voting power of Corporation or Bank’s then outstanding securities;

 

(iii)  during
the period of two (2) consecutive years during the term of Executive’s employment under this Agreement, individuals
who at the beginning of such period constitute the Board of Directors of Corporation or Bank cease for any reason to constitute
at least a majority thereof, unless the election of each director who was not a director at the beginning of such period has been
approved in advance by directors representing at least sixty-seven percent (67%) of the directors then in office who were
directors at the beginning of the period; or

 

(iv)  any
other transaction involving the Corporation or Bank similar in effect to any of the foregoing and designated as a Change in Control
by the Board.

 

(c)    As
used in this Agreement, the term “Good Reason” shall mean (i) a material diminution in salary, (ii) a material
diminution in authority, duties or responsibilities, (iii) a change in Executive's title, (iv) change in Executive's
reporting line so that the Executive no longer reports directly and exclusively to the Board and the Bank Board, (v) removal
of Executive from his positions as a director on either the Board or the Bank Board, or (vi) a reassignment which assigns
full-time employment duties to Executive at a location more than fifty (50) miles from the Corporation’s principal executive
office on the date of this Agreement, in all cases after notice from Executive to the Corporation within ninety (90) days
after the initial existence of any such condition that the condition constitutes Good Reason and the failure of the Corporation
or the Bank to cure such situation within thirty (30) days after said notice. 

 

(d)    In
the event Executive becomes entitled to any of the payments set forth in this Section 5, he shall not be entitled to any of
the payments set forth in Section 6. Fifty percent (50%) of any payments made under this Section 5 shall be made by the Corporation
and fifty percent (50%) of any payments made under this Section 5 shall be made by the Bank.

 

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6.    Rights
in the Event of Termination of Employment Prior to a Change in Control.

 

(a)    If
Executive’s employment is involuntarily terminated by the Corporation or the Bank without Cause (and other than due to Executive’s
death or Disability) or if the Corporation or the Bank terminate this Agreement pursuant to a Non-Renewal Notice, in each
case before a Change in Control, or if Executive’s employment is voluntarily terminated by Executive for Good Reason before
a Change in Control, Executive shall be entitled to receive the Accrued Obligations and, subject to the Executive’s execution
and non-revocation of a release in accordance with Section 9, Executive shall be entitled to the following:

 

(i)   payment, at the
time bonuses are paid to other executives of the Corporation or the Bank, of the amount of any bonus for the year preceding the
year of Executive’s termination of employment (payable in a lump sum cash payment) based on the bonus for such year that
Executive would have earned had his employment not terminated.

 

(ii)   payment,
within twenty (20) days following termination, of a lump sum cash amount equal to two (2) years of Executive’s Annual Base
Salary. The amount shall be subject to federal, state and local tax withholdings;

 

(iii)  if
Executive validly elects to receive continuation coverage under the Corporation’s or the Bank’s group health plan pursuant
to “COBRA”, reimbursement of the applicable premium otherwise payable for COBRA continuation coverage for the eighteen
(18) month period immediately following the effective date of termination to the extent such premium exceeds the monthly amount
charged to active similarly-situated employees of the Bank for the same coverage. The Corporation and/or the Bank may modify the
obligation to provide such benefit to the extent reasonably necessary to avoid any penalty or excise taxes imposed on it under
the ACA, provided that it does so in a manner that to the extent possible, as determined by the Corporation or the Bank in its
or their discretion, preserves the economic benefit and original intent of such benefit but does not cause such a penalty or excise
tax.

 

(b)    Executive
shall not be required to mitigate the amount of any payment provided for in this Section 6 by seeking other employment or
otherwise, nor shall the amount of payment or the benefit provided for in this Section 6 be reduced by any compensation earned
by Executive as the result of employment by another employer or by reason of Executive’s receipt of or right to receive any
retirement or other benefits after the date of termination of employment or otherwise.

 

(c)    In
the event Executive becomes entitled to any of the payments set forth in this Section 6, he shall not be entitled to any of
the payments and benefits set forth in Section 5. Fifty percent (50%) of any payments made under this Section 6 shall be made
by the Corporation and fifty percent (50%) of such payments shall be made by the Bank.

 

7.    Covenant
Not to Compete.

 

(a)    Executive
hereby acknowledges and recognizes the highly competitive nature of the business of the Corporation and the Bank and accordingly
agrees that, during and for the applicable period set forth in Section 7(c) hereof, Executive shall not:

 

(i)    enter
into or be engaged (other than by the Corporation or the Bank), directly or indirectly, either for his own account or as agent,
consultant, employee, partner, officer, director, proprietor, investor (except as an investor owning less than 5% of the stock
of a publicly owned company) or otherwise of any person, firm, corporation or enterprise engaged in (A) the banking (including
bank holding company) or financial services industry, or (B) any other activity in which Corporation or the Bank or any
of their subsidiaries are engaged during the Employment Period, in the following Counties in the Commonwealth of Pennsylvania and
in any County contiguous thereto in the Commonwealth of Pennsylvania: Bucks, Chester, Delaware and Montgomery (“Non-Competition
Area”); or 

 

(ii)   solicit,
directly or indirectly, any “person” (as such term is defined under Section 3 of the Employee Retirement Income
Security Act of 1974, as amended) who is, or was during the then most recent 12-month period, a customer of the Corporation
or the Bank or any of their respective subsidiaries to divert their business from the Corporation and/or the Bank; or

 

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(iii)  solicit,
directly or indirectly, any person who is, or was during the then most recent 12-month period, employed by the Corporation or the
Bank or any of their respective subsidiaries to leave the employ of the Corporation or the Bank. Within ten (10) days following
any written request from Executive following any termination of this Agreement, the Corporation or the Bank shall provide to Executive
a written list of the names and addresses of the persons who Executive is barred from soliciting under this paragraph.

 

Notwithstanding the foregoing, Executive
shall not be prohibited from making personal investments, loans or real estate transactions comparable to such transactions which
would have been permitted during Executive’s employment with the Corporation or Bank.

 

(b)    It
is expressly understood and agreed that, although the parties consider the restrictions contained in Section 7(a) hereof
reasonable for the purpose of preserving for the Corporation, the Bank and their subsidiaries their good will and other proprietary
rights, if a final judicial determination is made by a court having jurisdiction that the time or territory or any other restriction
contained in this Section 7(a) hereof is an unreasonable or otherwise unenforceable restriction against Executive, the
provisions of Section 7(a) hereof shall not be rendered void but shall be deemed amended to apply as to such maximum
time and territory and to such other extent as such court may judicially determine or indicate to be reasonable.

 

(c)    The
provisions of this Section 7 shall be applicable commencing on the date of this Agreement and continuing for twelve (12) months
after the effective date of the termination of Executive’s employment. Notwithstanding the above provisions, if Executive
violates the provisions of this Section 7 and the Corporation or the Bank must seek enforcement of the provisions of Section 7
and is successful in enforcing the provisions, either pursuant to a settlement agreement, or pursuant to court order, the covenant
not to compete will remain in effect for one full year following the date of the settlement agreement or court order.

 

(d)    Executive
acknowledges that the terms and conditions of Section 7 are reasonable and necessary to protect the Corporation and the Bank,
their subsidiaries, and affiliates, and that Corporation and the Bank’s tender of performance under this Agreement, including
the payment of the amounts and benefits under Section 5 or 6, is fair, adequate and valid consideration in exchange for his
promises under this Section 7 of this Agreement.

 

(e)    Executive
hereby agrees that the provisions of this Section 7 are fully assignable by the Corporation and the Bank to any successor.
Executive also acknowledges that the terms and conditions of this Section 7 will not be affected by the circumstances surrounding
his termination of employment, absent a breach of this Agreement by Corporation. 

 

(f)    Executive
acknowledges and agrees that any breach of the restrictions set forth in this Section 7 will result in irreparable injury
to the Corporation and the Bank for which it shall have no meaningful remedy at law, and the Corporation and the Bank shall be
entitled to injunctive relief in order to enforce the provisions hereof.

 

8.    Unauthorized
Disclosure. 

 

(a)    During
the term of his employment hereunder, or at any later time, Executive shall not, without the written consent of the Board and the
Bank Board or a person authorized thereby (except as may be required pursuant to a subpoena or other legal process), knowingly
disclose to any person, other than an employee of the Corporation and the Bank or a person to whom disclosure is reasonably necessary
or appropriate in connection with the performance by Executive of his duties as an executive of the Corporation and the Bank, any
material confidential information obtained by him while in the employ of the Corporation and the Bank with respect to any of the
Corporation’s and the Bank’s or any of their subsidiaries’ services, products, improvements, formulas, designs
or styles, processes, customers, methods of business or any business practices the disclosure of which could be or will be damaging
to the Corporation and the Bank; provided, however, that confidential information shall not include any information known generally
to the public (other than as a result of unauthorized disclosure by Executive or any person with the assistance, consent or direction
of Executive) or any information of a type not otherwise considered confidential by persons engaged in the same business or
a business similar to that conducted by the Corporation and the Bank or any information that must be disclosed as required by law.
Notwithstanding the foregoing or anything else contained herein to the contrary, this Agreement shall
not preclude Executive from disclosing confidential information of the Corporation and/or the Bank to a governmental body or agency
or to a court if and to the extent that a restriction on such disclosure would limit Executive from exercising any protected right
afforded Executive under applicable law.

 

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(b)    Executive
acknowledges receipt of the following notice under the Defend Trade Secrets Act: An individual will not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret if he/she (i) makes such disclosure in
confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney and such disclosure
is made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) such disclosure was made in
a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal.

 

9.    Requirement
of Release; Cessation and Recovery on Competition. Notwithstanding anything herein to the contrary, Executive’s entitlement
to any payments under Sections 5 and 6 (other than the Accrued Obligations) shall be contingent upon Executive’s execution
of a release agreement in substantially the form set forth as Exhibit A hereto (and non-revocation thereof within the period
of time, if any, allowed by the release). Such release agreement shall be executed, if at all, and the applicable payments and
benefits contingent upon the execution of such agreement shall be provided or commence being provided, if at all, within sixty
(60) days following the date of termination; provided, however, that if such sixty (60) day period begins in one taxable
year and ends in a second taxable year, the payments and benefits will be provided or commence being provided, if at all, in the
second taxable year.

 

10.  Indemnification;
Liability Insurance. The Corporation and the Bank shall indemnify Executive, to the fullest extent permitted by applicable
law, with respect to any threatened, pending or contemplated action, suit or proceeding brought against him by reason of the fact
that he is or was a director, officer, employee or agent of the Corporation and the Bank or is or was serving at the written request
of the Corporation as a director, officer, employee or agent of another person or entity. Executive’s right to indemnification
provided herein is not exclusive of any other rights to which Executive may be entitled under any bylaw, agreement, vote of shareholders
or otherwise, and shall continue beyond the term of this Agreement.

 

11.  Notices.
Except as otherwise provided in this Agreement, any notice required or permitted to be given under this Agreement shall be
deemed properly given if in writing and if mailed by registered or certified U.S. mail, postage prepaid with return receipt requested,
and by regular U.S. mail, postage prepaid, to Executive’s address, in the case of notices to Executive, and to the principal
executive office of the Corporation, in the case of notice to the Corporation or the Bank. 

 

12.  Waiver.
No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed
to in writing and signed by Executive and an executive officer specifically designated by the Board. No waiver by either party
hereto at any time of any breach by the 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.

 

13.   Assignment.
This Agreement shall not be assignable by any party, except by the Bank and the Corporation to any successor in interest to
its business.

 

14.   Entire
Agreement. This Agreement contains the entire agreement of the parties relating to the subject matter of this Agreement
and supersedes and replaces any prior written or oral agreements between them respecting the within subject matter, including,
but not limited to the terms of the 2016 Employment Agreement.

 

15.   Successors;
Binding Agreement.

 

(a)    The
Corporation and the Bank will require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to
all or substantially all of the business and/or assets of the Corporation and/or the Bank to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that the Corporation and the Bank would be required to perform it if no
such succession had taken place. As used in this Agreement, “Corporation” and “Bank” shall mean the Corporation
and the Bank as defined previously and any successor to its respective business and/or assets as aforesaid which assumes and agrees
to perform this Agreement by operation of law or otherwise.

 

    	 	8	 

     

    

 

(b)    This
Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators,
heirs, distributees, devisees or legatees. If Executive should die following termination of Executive’s employment without
Cause, and any amounts would be payable to Executive under this Agreement if Executive had continued to live, all such amounts
shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee, or other designee, or, if there
is no such designee, to Executive’s estate.

 

16.   Legal
Expenses; Indemnification.

 

(a)    In
the event that a party to this Agreement is required to commence litigation to obtain or enforce any right or benefit of such party
under this Agreement, such party shall be entitled to reimbursement from the other party for fees and costs reasonably incurred
by such party in such litigation to the extent that such party is the prevailing party in such litigation.

 

(b)    The
Bank shall indemnify Executive against payment of any claims arising out of or in connection with any business of the Bank or the
Corporation, and against payment of any costs reasonably incurred by Executive in defending against any such claims, to the fullest
extent permitted by law and by the articles of incorporation and bylaws of the Corporation and the Bank. 

 

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

 

18.   Applicable
Law. This Agreement shall be governed by and construed in accordance with the domestic, internal laws of the Commonwealth
of Pennsylvania, without regard to its conflicts of laws principles.

 

19.   Headings.
The section headings of this Agreement are for convenience only and shall not control or affect the meaning or construction
or limit the scope or intent of any of the provisions of this Agreement.

 

20.   Limitations
on Payments.

 

(a)    The
payments and benefits provided under Section 5 shall be made without regard to whether such payments and benefits, either alone
or in conjunction with any other payments or benefits made available to Executive by the Corporation and/or the Bank, will result
in Executive being subject to an excise tax under Section 4999 of the Code (the “Excise Tax”) or whether the deductibility
of such payments and benefits would be limited or precluded by Section 280G of the Code; provided, however, that if the Total After-Tax
Payments (as defined below) would be increased by limitation or elimination of payments or benefits provided under Section 5, then
the amounts and benefits payable under Section 5 will be reduced to the minimum extent necessary to maximize the Total After-Tax
Payments. For purposes of this Section 20, “Total After-Tax Payments” means the total of all “parachute payments”
(as that term is defined in Section 280G(b)(2) of the Code and which the parties agree will not include any portion of payments
allocated to the non-compete provisions of Section 7 which are classified as payments of reasonable compensation for purposes
of Section 280G of the Code)) made to or for the benefit of Executive (whether made under this Agreement or otherwise), after
reduction for all applicable taxes (including, without limitation, the Excise Tax). If a reduction to the payments or benefits
provided under Section 5 is required pursuant to this Section 20, such reduction shall occur to the payments and benefits in the
order that results in the greatest economic present value of all payments and benefits actually made to Executive. All calculations
to be made under this Section 20 shall be made by the Corporation’s independent public accountants, subject to the right
of Executive’s representative to review same. The parties recognize that the actual implementation of the provisions of this
Section 20 are complex and agree to deal with each other in good faith to resolve any questions or disagreements arising hereunder.

 

    	 	9	 

     

    

 

(b)    As
a result of the uncertainty in the application of Section 280G and Section 4999 of the Code at the time of the Change of Control,
it is possible that payments and benefits which will not have been made or provided by the Corporation or the Bank should have
been made (“Underpayment”) or payments and benefits are made or provided by the Corporation or the Bank which should
not have been made (“Overpayment”), consistent with the calculations required to be made hereunder. In the event that
there is a final determination by the Internal Revenue Service, or a final determination by a court of competent jurisdiction,
that an Overpayment has been made, any such Overpayment shall be repaid to the Corporation or the Bank by Executive within 30 days
of such determination, with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code. In the event
that there is a final determination by the Internal Revenue Service, or a final determination by a court of competent jurisdiction,
that results in an Underpayment, the amount of such Underpayment shall be promptly paid by the Corporation or the Bank to or for
the benefit of Executive together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code,
within 30 days of such determination. Executive shall take such action (other than waiving Executive’s right to any payments
or benefits) as the Corporation or the Bank reasonably requests under the circumstances to mitigate or challenge any tax contemplated
by this Section 20.

 

(c)    All
payments made to the Executive pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with
applicable laws and any regulations promulgated thereunder.

 

21.  Recovery
of Bonuses and Incentive Compensation. Notwithstanding anything in this Agreement to the contrary, all bonuses and incentive
compensation, but not Annual Base Salary or payments due Executive under Section 5 or Section 6, paid to Executive hereunder
(whether in equity or in cash) shall be subject to recovery by the Corporation or the Bank in the event that such bonuses
or incentive compensation are based on materially inaccurate financial statements or other materially inaccurate performance metric
criteria; provided that a determination as to the recovery of a bonus or incentive compensation shall be made, unless otherwise
required by law, within twenty-four (24) months following the date such bonus or incentive compensation was paid. In the event
that the Board or the Bank Board determines that a bonus or incentive compensation payment to Executive is recoverable, Executive
shall reimburse all or a portion of such bonus or incentive compensation, to the fullest extent permitted by law, as soon as practicable
following written notice to Executive by the Corporation or the Bank of the same. 

 

22.  Application
of Code Section 409A. 

 

(a)    Notwithstanding
anything in this Agreement to the contrary, the receipt of any benefits under this Agreement as a result of a termination of employment
shall be subject to satisfaction of the condition precedent that Executive undergo a “separation from service” within
the meaning of Treas. Reg. § 1.409A-1(h) or any successor thereto. In addition, if Executive is deemed to be a “specified
employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provisions
of any benefit that is required to be delayed pursuant to Code Section 409A(a)(2)(B), such payment or benefit shall not be
made or provided prior to the earlier of (i) the expiration of the six (6) month period measured from the date of Executive’s
“separation from service” (as such term is defined in Treas. Reg. § 1.409A-1(h)), or (ii) the date of
Executive’s death (the “Delay Period”). Within ten (10) days following the expiration of the Delay Period,
all payments and benefits delayed pursuant to this Section (whether they would have otherwise been payable in a single sum
or in installments in the absence of such delay) shall be paid or reimbursed to Executive in a lump sum, and any remaining
payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified
for them herein. Notwithstanding the foregoing, to the extent that the foregoing applies to the provision of any ongoing welfare
benefits to Executive that would not be required to be delayed if the premiums therefore were paid by Executive, Executive shall
pay the full costs of premiums for such welfare benefits during the Delay Period and the Bank shall pay Executive an amount equal
to the amount of such premiums paid by Executive during the Delay Period within ten (10) days after the conclusion of such
Delay Period.

 

(b)    Except
as otherwise expressly provided herein, to the extent any expense reimbursement or other in-kind benefit is determined to be subject
to Code Section 409A, the amount of any such expenses eligible for reimbursement or in-kind benefits in one calendar year
shall not affect the expenses eligible for reimbursement or in-kind benefits in any other taxable year (except under any lifetime
limit applicable to expenses for medical care), in no event shall any expenses be reimbursed or in-kind benefits be provided after
the last day of the calendar year following the calendar year in which Executive incurred such expenses or received such benefits,
and in no event shall any right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit.

 

    	 	10	 

     

    

 

(c)    Any
payments made pursuant to Sections 5 and 6, to the extent of payments made from the date of termination through March 15th
of the calendar year following such date, are intended to constitute separate payments for purposes of Treas. Reg. §1.409A-2(b)(2) and
thus payable pursuant to the “short-term deferral” rule set forth in Treas. Reg. §1.409A-1(b)(4); to the extent
such payments are made following said March 15th, they are intended to constitute separate payments for purposes of Treas.
Reg. §1.409A-2(b)(2) made upon an involuntary termination from service and payable pursuant to Treas. Reg. §1.409A-1(b)(9)(iii),
to the maximum extent permitted by said provision.

 

(d)    To
the extent it is determined that any benefits described in Sections 3(c-1)(ii), 5(a)(i) and 6(a)(i) are taxable
to Executive, they are intended to be payable pursuant to Treas. Reg. §1.409A-1(b)(9)(v), to the maximum extent permitted
by said provision.

 

23.  Limitation
on Golden Parachute Payments. Notwithstanding anything in this Agreement to the contrary, the obligation to make payment
of any severance payments or benefits as provided herein (including, without limitation, any payments due Executive under Section 5
or Section 6, and, to the extent incurred after termination, legal fees and expenses covered by Section 16) is conditioned
upon (i) the Corporation and the Bank obtaining any necessary approvals from each of their primary regulators (including,
where applicable, Federal Deposit Insurance Corporation (“FDIC”) concurrence), and (ii) compliance with applicable
law, including 12 C.F.R. Part 359. The Corporation and the Bank covenant and agree to diligently pursue the regulatory approvals
described in the prior sentence. In addition, Executive covenants and agrees that the Corporation and the Bank and their successors
and assigns shall have the right to demand the return of any “golden parachute payments” (as defined in 12 C.F.R.
Part 359) in the event that any of them obtain information indicating that Executive committed, is substantially responsible
for, or has violated, the respective acts or omissions, conditions, or offenses contained in 12 C.F.R. §359.4(a)(4), and Executive
shall promptly return any such “golden parachute payment” upon such demand.

 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the Effective Date.

 

	ATTEST:	 	MALVERN BANCORP, INC.
	 	 	 
	 	 	By: /s/ Howard Kent
	Secretary	 	Howard Kent, Chairman of the Board
	 	 	 
	ATTEST:	 	MALVERN FEDERAL SAVINGS BANK
	 	 	 
	 	 	By: /s/ Howard Kent
	Secretary	 	Howard Kent, Chairman of the Board
	 	 	 
	WITNESS:	 	ANTHONY C. WEAGLEY
	 	 	 
	 	 	/s/ Anthony C. Weagley

 

    	 	12	 

     

    

 

EXHIBIT A

 

RELEASE AGREEMENT

 

THIS RELEASE AGREEMENT (this “Release
Agreement”) is made as of this __ day of ______, 20__, by and between MALVERN BANCORP, INC., a Pennsylvania business
corporation (the “Corporation”), MALVERN FEDERAL SAVINGS BANK, a federally chartered stock savings bank (the
“Bank”), and ANTHONY C. WEAGLEY, an adult individual (“Executive”). Capitalized terms not defined
in this Release Agreement shall have the meanings ascribed to them under the agreement between the Employer and the Executive,
dated June __, 2016, (the “Employment Agreement”). In consideration of the mutual agreements set forth below and intending
to be legally bound, the Executive and the Employer hereby agree as follows:

 

1. General Release.

 

a. In consideration of the payments and
benefits required to be provided to the Executive under the Employment Agreement other than the Executive’s accrued but unpaid
base compensation and any accrued but unpaid or otherwise vested benefits under any benefit or incentive plan determined at the
time of the Executive’s termination of employment (such payments and benefits, the “Post-Termination Payments”) and
after consultation with counsel, the Executive, for himself and on behalf of each of the Executive’s heirs, executors, administrators,
representatives, agents, successors and assigns (collectively, the “Releasors”), hereby irrevocably and unconditionally
releases and forever discharges the Employer and its affiliated companies, and each of its officers, employees, directors, shareholders,
and agents (collectively, the “Releasees”) from any and all claims (including claims for attorney’s fees),
actions, causes of action, rights, judgments, obligations, damages, demands, accountings, or liabilities of whatever kind or character
(collectively, “Claims”), including, without limitation, any Claims under any federal, state, local, or foreign law,
that the Releasors may have, or in the future may possess, arising out of (i) the Executive’s employment relationship
with and service as an employee, officer, or director of the Employer and any of its affiliates, or the termination of the Executive’s
service in any and all of such relevant capacities or (ii) the Employment Agreement; provided, however, that the release set
forth in this Section shall not apply to (x) the payment and/or benefit obligations of the Employer or any of its affiliates,
(collectively, the “Employer Group”) under the Employment Agreement, (y) any Claims the Executive may have
under any plans or programs not covered by the Employment Agreement in which the Executive participated and under which the Executive
has accrued and become entitled to a benefit, and (z) any indemnification or other rights the Executive may have under the
Employment Agreement or in accordance with the governing instruments of any member of the Employer Group or under any director
and officer liability insurance maintained by the Employer or any such group member with respect to liabilities arising as a result
of the Executive’s service as an officer and employee of any member of the Employer Group or any predecessor thereof. Except
as provided in the immediately preceding sentence, the Releasors further agree that the Post-Termination Payments shall be in full
satisfaction of any and all Claims for payments or benefits, whether express or implied, that the Releasors may have against the
Employer or any member of the Employer Group arising out of the Executive’s employment relationship under the Employment
Agreement and the Executive’s service as an employee, officer or director of the Employer or a member of the Employer Group
under the Employment Agreement or the termination thereof, as applicable. 

 

2. Specific Release of Claims. In
further consideration of the Post-Termination Payments, the Releasors hereby unconditionally release and forever discharge the
Releasees from any and all Claims that the Releasors may have in connection with the Executive’s employment or termination
of employment, arising under:

 

a. Title VII of the Civil Rights Act
of 1964, the Age Discrimination in Employment Act (“ADEA”), the Americans With Disabilities Act of 1990 (“ADA”),
the Rehabilitation Act of 1973, the Family and Medical Leave Act of 1993 (“FMLA”), the Genetic Information Non-Discrimination
Act of 2008 (“GINA”) and any similar federal, state or local laws, including without limitation, the Pennsylvania
Human Relations Act, as amended and any other non-discrimination and fair employment practices laws of any state and/or locality
in which the Executive works or resides, all as amended; and

 

    	 	13	 

     

    

 

b. the Fair Credit Reporting Act (“FCRA”),
the Employee Retirement Income Security Act of 1974 (“ERISA”), the Worker Adjustment and Retraining Notification Act
(“WARN”).

 

Notwithstanding anything contained herein
to the contrary, no portion of any release contained in any Section of this Release Agreement shall release the Employer or the
Employer Group from any Claims the Executive may have for breach of the provisions of this Release Agreement or to enforce this
Release Agreement, that arise after the date of this Release Agreement, or to challenge the validity of the Executive’s release
of ADEA Claims.

 

By signing this Release Agreement, the Executive
hereby acknowledges and confirms the following: (i) the Executive was advised by the Employer or his then employer in connection
with his termination of employment or retirement to consult with an attorney of his choice prior to signing this Release Agreement
and to have such attorney explain to the Executive the terms of this Release Agreement, including, without limitation, the terms
relating to the Executive’s release of Claims arising under this Section, and the Executive has in fact consulted with an
attorney; (ii) the Executive was given a period of not fewer than 21 days to consider the terms of this Release Agreement
prior to its signing; and (iii) the Executive knowingly and voluntarily accepts the terms of this Release Agreement.

 

3. No Assignment of Claims. The Executive
represents and warrants that he has not assigned any of the Claims being released hereunder.

 

4. Complaints. The Executive affirms
that he has not filed any complaint against any Releasee with any local, state or federal court and agrees not to do so in the
future, except for Claims challenging the validity of the release of ADEA Claims. The Executive affirms further that he has not
filed any claim, charge or complaint with the United States Equal Employment Opportunity Commission (“EEOC”) or
any state or local agency authorized to investigate charges or complaints of unlawful employment discrimination (together, “Agency”).
The Executive understands that nothing in this Release Agreement prevents him from filing a charge or complaint of unlawful employment
discrimination with any Agency or assisting in or cooperating with an investigation of a charge or complaint of unlawful employment
discrimination by an Agency, provided however that, the Executive acknowledges that he may not be able to recover any monetary
benefits in connection with any such claim, charge, complaint or proceeding and disclaim entitlement to any such relief. Furthermore,
if any Agency or court has now assumed or later assumes jurisdiction of any claim, charge or complaint on the Executive’s
behalf against any Releasee, the Executive will disclaim entitlement to any relief. 

 

5. Revocation. This Release Agreement
may be revoked by the Executive within the seven-day period commencing on the date the Executive signs this Release Agreement (the
“Revocation Period”). In the event of any such revocation by the Executive, all obligations of the parties under this
Release Agreement shall terminate and be of no further force and effect as of the date of such revocation. No such revocation by
the Executive shall be effective unless it is in writing and signed by the Executive and received by the Employer prior to the
expiration of the Revocation Period. In the event of revocation, the Executive shall not be entitled to the Post-Termination Payments,
the receipt of which is conditioned on the Executive’s execution of this Release Agreement.

 

6. Cooperation. The Executive agrees
to cooperate with the Employer’s reasonable requests with respect to all matters arising during or related to his employment
about which he has personal knowledge because of his employment with the Employer, including but not limited to all matters (formal
or informal) in connection with any government investigation, internal Employer investigation, litigation (potential or ongoing),
administrative, regulatory, or other proceeding which currently exists, or which may have arisen prior to or arise following the
signing of this Release Agreement. Employer agrees to provide the Executive with reasonable advance notice of such requests and
to accommodate Executive’s schedule. The Executive understands that the Employer agrees to reimburse Executive for his reasonable
out-of-pocket expenses (not including attorney’s fees, legal costs, or lost time or opportunity) incurred in connection
with such cooperation.

 

7. No Admission of Liability. The
Executive agrees that this Release Agreement does not constitute, nor should it be construed to constitute, an admission by the
Employer of any violation of federal, state, or local law, regulation, or ordinance, nor as an admission of liability under the
common law or for any breach of duty the Employer owed or owes to the Executive.

 

    	 	14	 

     

    

 

8. Representations and Warranties.
The Executive acknowledges and agrees that, except as disclosed on a disclosure schedule to be provided at the time of execution
of this Release Agreement, (i) he is not aware of nor has he reported any conduct by any of the Releasees that violates any
federal, state, or local law, rule, or regulation, (ii) he has not been denied any rights or benefits under the Family and
Medical Leave Act of 1993 (“FMLA”) or any state or local law, act, or regulation providing for family and/or medical
leave or been discriminated against in any way for exercising his rights under these laws, and (iii) in connection with offering
the Post-Termination Payments, the Employer has not provided to the Executive, and has no obligation to provide to the Executive,
any material non-public information as defined in applicable federal securities laws, concerning the Employer.

  

9. Confidentiality. The Executive
agrees to maintain as confidential, the terms and contents of this Release Agreement, and the contents of the negotiations and
discussions resulting in this Release Agreement, except (i) as needed to obtain legal counsel, financial, or tax advice, (ii) to
the extent required by federal, state, or local law or by order of court (iii) as needed to challenge the release of ADEA
Claims or to participate in an Agency investigation, or (iv) as otherwise agreed to in writing by an officer of the Employer.
The Executive agrees that before he seeks legal counsel or financial or tax advice, he will secure an agreement from such counsel
or advisors to adhere to the same confidentiality obligations that apply to him. The Executive agrees not to discuss either the
existence of or any aspect of this Release Agreement with any employee or ex-employee of the Employer.

 

10. Successors. This Release Agreement
is for the benefit of and is binding upon the Executive and his heirs, administrators, representatives, executors, successors,
beneficiaries and assigns, and is also for the benefit of the Releasees and their successors and assigns.

 

11. Violation. If the Executive violates
Sections 1 or 2 of this Release Agreement, the Employer will be entitled to the immediate repayment of the Post-Termination Payments.
The Executive agrees that repayment will not invalidate this Release Agreement and acknowledges that he will be deemed conclusively
to be bound by the terms of this Release Agreement and to waive any right to seek to overturn or avoid it. If the Executive violates
Sections 1 or 2 of this Release Agreement before all of the Post-Termination Payments have been provided, the Employer may discontinue
any unpaid conditional payments and benefits.

 

12. Additional Damages Available for
Violation. The Executive agrees that the Employer will maintain all rights and remedies available to it at law and in equity
in the event the Executive violates any provision of this Release Agreement. These rights and remedies may include, but may not
be limited to, the right to bring court action to recover all consideration paid to the Executive pursuant to this Release Agreement
and any damages the Employer may suffer as a result of such a breach.

 

13. Entire Agreement and Amendment.
This Release Agreement, together with the Employment Agreement as it may be amended from time to time, contains and constitutes
the entire understanding and agreement between the parties hereto with respect to the Executive’s severance benefits and
waiver and release of Claims against the Employer Group and cancels all previous oral and written negotiations, agreements, commitments
and writings in connection therewith. This Release Agreement shall be binding upon the parties and may not be modified in any manner,
except by an instrument in writing of concurrent or subsequent date signed by a duly authorized representative of the parties and
their respective agents, assign, heirs, executors, successors, and administrators. No delay or omission by the Employer in exercising
any right under this Release Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Employer
on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any
other occasion.

 

14. Applicable Law. This Release
Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without regard to
choice of law principles, and except as preempted by federal law. Should any provision of this Release Agreement be declared or
be determined by any court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions
shall not be affected thereby and the illegal or invalid part, term, or provision will be deemed not to be a part of this Release
Agreement.

 

    	 	15	 

     

    

 

15. Assignment. The Executive’s
rights and obligations under this Release Agreement shall inure to the Executive’s benefit and shall bind the Executive,
his heirs, administrators, representatives, executors, successors, beneficiaries and assigns. The Employer’s rights and obligations
under this Release Agreement shall inure to the benefit of and shall bind the Employer, its successors and assigns. The Executive
may not assign this Release Agreement. The Employer may assign this Release Agreement, but it may not delegate the duty to make
any payments hereunder without the Executive’s written consent, which shall not be unreasonably withheld.

 

16. Severability. If any provision
of this Release Agreement is held unenforceable by a court of competent jurisdiction, all remaining provisions shall continue in
full force and effect without being impaired or invalidated in any way.

 

17. Notices. Any notice required
to be provided to the Executive hereunder shall be given to the Executive in writing by certified mail, return receipt requested,
or by Federal Express, addressed to the Executive at the address of record with the Employer, or at such other place as the Executive
may from time-to-time designate in writing. Any notice which the Executive is required to give to the Employer hereunder shall
be given in writing by certified mail, return receipt requested, or by Federal Express, addressed to the Senior Human Resources
Officer at its principal office. The dates of mailing any such notice shall be deemed to be the date of delivery thereof.

 

The Executive is hereby advised that the Executive has up to
twenty-one (21) calendar days to review this Release Agreement and that the Executive should consult with an attorney of the
Executive’s choice prior to execution of this Release Agreement.

 

The Executive agrees that any modifications,
material or otherwise, made to this Release Agreement do not restart or affect in any manner the original twenty-one (21) calendar
day consideration. 

 

Statement by the Executive who is signing below.
By signing this Release Agreement, I acknowledge that the Employer has advised and encouraged me to consult with an attorney prior
to executing this Release Agreement. I have carefully read and fully understand the provisions of this Release Agreement and have
had sufficient time and opportunity (over a period of 21 days) to consult with my personal tax, financial and legal advisors
prior to executing this Release Agreement, and I intend to be legally bound by its terms.  

 

IN WITNESS WHEREOF, the parties, intending
to be legally bound have executed this Release Agreement on the day and year first above written.

 

	ATTEST:	 	MALVERN BANCORP, INC.
	 	 	 
	 	 	By:	 
	Secretary	 	 
	 	 	 
	ATTEST:	 	MALVERN FEDERAL SAVINGS BANK
	 	 	 
	 	 	By:	 
	Secretary	 	 
	 	 	 
	WITNESS:	 	ANTHONY C.  WEAGLEY
	 	 	 
	 	 	 

 

    	 	16Exhibit 10.2

 

AMENDMENT NO. 1 TO CHANGE OF CONTROL
AGREEMENT

 

This Amendment No.
1 (the “Amendment”), effective as of May 25th, 2017, to that certain Change of Control Agreement
(the “CIC Agreement”), dated May 23rd, 2016, by and between Joseph Gangemi (the “Employee”)
and Malvern Federal Savings Bank (the “Company”).

 

WHEREAS, the
CIC Agreement sets forth certain severance payments and other benefits that Employee will be entitled to in the event of an involuntary
termination of employment that occurs within ninety (90) days prior to, or within twelve (12) months following, a Change in Control
(as defined in the CIC Agreement); and

 

WHEREAS, the
Company is willing to increase the severance amount under the CIC Agreement from 100% of the Employee’s Base Salary (as defined
in the Agreement) to 150% of Base Salary, provided that Employee enters into the Non-Competition, Non-Solicitation, Confidentiality
and Cooperation Agreement attached herewith as Exhibit A (the “Restrictive Covenants Agreement”); and

 

WHEREAS, the
Employee desires to enter into the Restrictive Covenants Agreement in exchange for the opportunity to receive such additional severance
pursuant to the CIC Agreement, as amended by this Amendment;

 

NOW, THEREFORE,
subject to the Employee’s execution of the Restrictive Covenants Agreement concurrently herewith, the Company and Employee
hereby agree that the CIC Agreement is amended as follows:

 

1.             Section
2.1.2 of the CIC Agreement is hereby amended by substituting “150%” for “100%” where the latter appears
therein.

 

2.             Section
2.2.2 of the CIC Agreement is hereby amended by substituting “150%” for “100%” where the latter appears
therein.

 

3.             Section
4.7 of the CIC Agreement is hereby amended by adding the following as a new sentence at the end of this Section:

 

“No provisions of this Agreement
may be amended, modified, or waived unless such amendment or modification is agreed to in a writing signed by the Employee and
the Company.”

 

4.              This
Amendment shall supersede all prior agreements, whether oral or written, between the parties with respect to the subject matter
herein.

 

5.              Except
as amended herein, the CIC Agreement shall remain in full force and effect.

 

     

     

    

 

6.             This
Amendment may be executed in counterparts, each of which shall be deemed to be an original but all of which together will constitute
one and the same instrument. This Amendment may be delivered via facsimile or scanned “PDF” which shall be an original
for all purposes.

 

[Signature Page Follows]

    	 	-2-	 

     

    

 

IN WITHNESS WHEREOF, the parties hereto
have duly executed this Amendment as of this 25th day of May, 2017.

 

	 	Malvern Federal Savings Bank
	 	 
	 	/s/ Anthony C. Weagley
	 	Name: Anthony C. Weagley
	 	Title: President & CEO
	 	 
	 	Employee
	 	 
	 	/s/ Joseph Gangemi
	 	Joseph Gangemi

 

    	 	-3-	 

     

    

 

EXHIBIT A

  

NON-COMPETITION, NON-SOLICITATION, CONFIDENTIALITY

AND COOPERATION AGREEMENT 

 

NON-COMPETITION, NON-SOLICITATION,
CONFIDENTIALITY AND COOPERATION AGREEMENT (the “Agreement”), dated as of May 25th, 2017, by
and between Malvern Federal Savings Bank (the “Bank”) and the person identified as “Employee” on
the signature page hereof (“Employee”).

 

WHEREAS, the Employee serves
as an employee of the Bank;

 

WHEREAS, Employee and the
Bank have entered into a Change of Control Agreement dated as of May 23rd, 2016 (the “CIC Agreement”)
providing for certain severance pay and benefits in the event of the Employee’s involuntary termination under the circumstances
set forth therein; and

 

WHEREAS, the Bank is willing
to increase the amount of severance under the CIC Agreement as set forth in proposed Amendment No. 1 to the CIC Agreement dated
of even date herewith (the “Amendment”), contingent upon Employee’s agreement to abide by the terms of
this Agreement; and

 

WHEREAS, the Employee desires
to enter into this Agreement in exchange for the opportunity to receive additional severance pay and benefits under the CIC Agreement
as modified by the Amendment; and

 

WHEREAS, the Employee agrees
that the terms and conditions of this Agreement are reasonable in light of the Employee’s position with the Bank and that
the restrictions set forth herein will not impair the Employee’s ability to earn a livelihood after the Employee’s
employment with the Bank ends.

 

NOW, THEREFORE, in consideration
of the foregoing premises, the Employee and the Bank agree as follows:

 

1.           Confidentiality.
For purposes of this Agreement, “Confidential Information” means all information, whether or not in writing,
concerning the business, business relationships or financial affairs of Malvern Bancorp, Inc. (the “Corporation”),
the Bank and/or any of their respective Affiliates (as defined below) which has not entered the public domain (other than by failure
of Employee to fully perform Employee’s obligations under this Agreement), and includes (i) corporate information, including
trade secrets, know-how, plans, strategies, objectives, methods, contracts, policies, resolutions, negotiations or litigation;
(ii) marketing information, including development plans and opportunities, strategies, methods, customer identities or other information
about customers, prospect identities or other information about prospects, or pricing policies, market analyses or projections;
(iii) financial information, including cost and performance data, budgets, debt arrangements, equity structure, investors and holdings,
purchasing and sales data and price lists; (iv) operational and technological information, including plans, specifications, manuals,
forms, templates, software, designs, methods, procedures, diagrams, schematics, notes, data, inventions, improvements, concepts
and ideas; and (v) personnel information, including personnel lists, reporting or organizational structure, resumes, personnel
data, compensation structure, performance evaluations and termination arrangements or documents. For purposes of this Agreement,
the terms “includes”, “including” and similar variations thereof are intended to be illustrative, and any
illustrative items that follow any such terms shall not be limited to such illustrative items.

 

Employee agrees that:

 

(a) While working for the
Bank, Employee may develop, acquire, have access to and/or otherwise have knowledge of Confidential Information.

 

    	 	-4-	 

     

    

 

(b) Confidential Information
is and will continue to be the sole and exclusive property of the Corporation, the Bank and/or their respective Affiliates.

 

(c) Employee will use Confidential
Information only in the performance of Employee’s duties for the Bank or its Affiliates. Employee will not use Confidential
Information at any time (during or after Employee’s employment with the Bank) for Employee’s personal benefit, for
the benefit of any Person (as defined below) other than the Corporation, the Bank and/or their respective Affiliates, or in any
manner adverse to the interests of the Corporation, the Bank, their respective Affiliates or their customers.

 

(d) Employee will not disclose
Confidential Information at any time (during or after Employee’s employment with the Bank) except (x) as such disclosure
may be required or appropriate in connection with Employee’s service to the Bank, or (y) when required to do so by a court
of law, by any governmental agency or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction
to order Employee to divulge, disclose or make accessible such information. Employee agrees to provide the Bank advance written
notice of any disclosure pursuant to clause (y) of the preceding sentence and to cooperate with any efforts by the Bank to limit
the extent of such disclosure. Notwithstanding the foregoing or anything else contained herein to the contrary, this Agreement
shall not preclude Employee from disclosing Confidential Information to a governmental body or agency or to a court if and to the
extent that a restriction on such disclosure would limit the Employee from exercising any protected right afforded the Employee
under applicable law.

 

(e) Employee will safeguard
Confidential Information by all reasonable steps and abide by all policies and procedures of the Corporation or the Bank in effect
from time to time regarding storage, copying, destroying, publication or posting, or handling of such Confidential Information,
in whatever medium or format that Confidential Information takes.

 

(f) Employee will execute
and abide by all confidentiality agreements that the Corporation or the Bank reasonably requests Employee to sign or abide by,
whether those agreements are for the benefit of the Corporation, the Bank, their respective Affiliates or a customer thereof.

 

(g) When Employee’s
employment relationship with the Bank ends, Employee will immediately return to the Bank all materials containing and/or relating
to Confidential Information and, except as the Bank may, in its sole discretion, expressly permit in writing, all equipment provided
to Employee by the Bank during Employee’s employment, including without limitation all computers, laptops, cellular telephones,
printers, facsimile machines and scanners. Employee shall not retain any copies or reproductions of correspondence, memoranda,
reports, notebooks, photographs, databases, diskettes, or other documents or electronically stored information of any kind relating
in any way to the business, potential business or affairs of the Corporation, the Bank and/or their respective Affiliates.

 

Employee acknowledges
receipt of the following notice under the Defend Trade Secrets Act: An individual will not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret if he/she (i) makes such disclosure in confidence
to a Federal, State, or local government official, either directly or indirectly, or to an attorney and such disclosure is made
solely for the purpose of reporting or investigating a suspected violation of law; or (ii) such disclosure was made in a complaint
or other document filed in a lawsuit or other proceeding if such filing is made under seal.

 

2.          Access
Codes; Passwords. Any social media or other accounts that Employee opens or handles on behalf of the Bank constitutes property
of the Bank. Employee shall provide all access codes, passcodes, and administrator rights to the Bank at any time during or after
Employee’s employment on demand.

 

    	 	-5-	 

     

    

 

3.          Non-Competition;
Non-Solicitation. Employee acknowledges and understands that, in view of Employee’s position with the Bank, Employee
will be afforded access to Confidential Information and have intimate knowledge of affairs of the Bank. Employee therefore agrees
that during the course of Employee’s employment with the Bank and for a period of 12 months after Employee’s employment
with the Bank ends (regardless of the reason therefor) (the “Restricted Period”), Employee will not, without
the express prior written consent of the Bank:

 

(i) directly
or indirectly whether as owner, partner, shareholder, director, consultant, agent, employee, co-venturer or otherwise, engage,
participate or invest in any Competing Business (as defined below). For purposes of this Agreement, a “Competing Business”
means any business or enterprise engaged, anywhere in the “Competitive Territory” (as defined below) in (A) banking
or lending activities, or accepting deposits, (B) providing financial services or financial advice, or (C) any other activities
in which the Corporation and/or the Bank or any of their respective Affiliates (as defined below) engaged, directly or indirectly,
during Employee’s employment with the Bank. “Competitive Territory” shall mean an area that is within a 100 mile
radius of any branch or office of the Corporation, the Bank and/or any of their respective Affiliates that is or was in existence
during Employee’s employment with the Bank or any location where the Corporation, the Bank and/or any of their respective
Affiliates had planned to establish a branch or office during the 12 months prior to Employee’s termination of employment.
Notwithstanding the foregoing, the foregoing shall not prohibit any investment by Employee in publicly traded stock of a company
representing less than one percent of the stock of such company;

 

(ii)
solicit, induce, or assist any third Person in soliciting or inducing any Person that is (or was at any time within the 12 months
prior to the solicitation or inducement) an employee, consultant, independent contractor or agent of the Corporation, the Bank
and/or any of their respective Affiliates to leave the employment of the Corporation, the Bank and/or any of their respective Affiliates
or cease performing services as an independent contractor, consultant or agent of the Corporation, the Bank and/or
any of their respective Affiliates; provided however that the placement of a general advertisement that is not directly targeted
at any such Person or Persons shall not violate this clause (ii); 

 

(iii)
hire, engage, or assist any third party in hiring or engaging, any individual that is or was (at any time within 12 months prior
to the attempted hiring) an employee of the Corporation, the Bank and/or any of their respective
Affiliates; or 

 

(iv)
other than for the benefit of the Corporation, the Bank and/or any of their respective Affiliates,
solicit or interfere with the relationships of the Corporation, the Bank and/or any of their respective Affiliates with, or endeavor
to entice away from the Corporation, the Bank and/or any of their respective Affiliates for a Competing Business, any Person that
is or was (at any time within the 12-month period preceding the date that Employee’s employment with the Bank ends), a customer
or “Prospective Customer” (as defined below) of the Corporation and/or the Bank; provided however that the placement
of a general advertisement that is not directly targeted at any such Person or Persons shall not violate this clause (iv). A “Prospective
Customer” is any Person with respect to whom or which the Corporation, the Bank and/or any of their respective Affiliates
was engaged in solicitation at any time during the 12-month period preceding the date that Employee’s employment with the
Bank ends and in which solicitation Employee was in any way involved or of which Employee otherwise had any knowledge or reasonably
should have had any knowledge. 

 

    	 	-6-	 

     

    

 

For purposes
of this Agreement:

 

“Affiliate”
means, with respect to any specified Person, any other Person that directly or indirectly, through one or more intermediaries,
Controls, is Controlled by, or is under common Control with, such specified Person, provided that, in any event, any business in
which the Corporation or the Bank has any direct ownership interest shall be treated as an Affiliate of the Corporation and the
Bank, respectively.

 

“Control”
(including, with correlative meanings, the terms “Controlled by” and “under common Control with”), as used
with respect to any Person, means the direct or indirect possession of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Person”
means any individual, firm, corporation, partnership, limited liability company, trust, joint venture, association, governmental
entity, unincorporated entity or other entity.

 

4.          Developments.
Employee will make full and prompt disclosure to the Bank of all inventions, discoveries, designs, developments, methods, modifications,
improvements, processes, algorithms, databases, computer programs, software, formulae, techniques, trade secrets, graphics or images,
audio or visual works and other works of authorship (collectively “Developments”), whether or not patentable
or copyrightable, that are created, made, conceived or reduced to practice by Employee (alone or jointly with others) or under
Employee’s direction during the period of Employee’s employment. Employee acknowledges that all work performed by Employee
for the Bank is on a “work for hire” basis, and Employee hereby assigns and transfers and, to the extent any such assignment
cannot be made at present, will assign and transfer, to the Bank and its successors and assigns all Employee’s right, title
and interest in all Developments that are created, made, conceived or reduced to practice by Employee (alone or jointly with others)
or under Employee’s direction during the period of Employee’s employment and (a) relate to the business of the Corporation
and/or the Bank or any of the products or services being researched, developed, manufactured or sold by the Corporation and/or
the Bank or which may be used with such products or services; or (b) result from tasks assigned to Employee by the Bank; or (c)
result from the use of premises or personal property (whether tangible or intangible) owned, leased or contracted for by the Corporation
and/or the Bank (“Company-Related Developments”), and all related patents, patent applications, trademarks and
trademark applications, copyrights and copyright applications, and other intellectual property rights in all countries and territories
worldwide and under any international conventions (“Intellectual Property Rights”).

 

To preclude any possible
uncertainty, Employee has set forth on Annex A attached hereto a complete list of Developments that Employee has, alone
or jointly with others, conceived, developed or reduced to practice prior to the commencement of Employee’s employment with
the Bank that Employee considers to be Employee’s property or the property of third parties and that Employee wishes to have
excluded from the scope of this Agreement (“Prior Inventions”). If disclosure of any such Prior Invention would
cause Employee to violate any prior confidentiality agreement, Employee understands that Employee is not to list such Prior Inventions
in Annex A but is only to disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs
and the fact that full disclosure as to such inventions has not been made for that reason. Employee has also listed on Annex
A all patents and patent applications in which Employee is named as an inventor, other than those which have been assigned
to the Corporation and/or the Bank (“Other Patent Rights”). If no such disclosure is attached, Employee represents
that there are no Prior Inventions or Other Patent Rights. If, in the course of Employee’s employment with the Bank, Employee
incorporates a Prior Invention into a product, process or machine of the Bank or other work done for the Bank, Employee hereby
grants to the Bank a nonexclusive, royalty-free, paid-up, irrevocable, worldwide license (with the full right to sublicense) to
make, have made, modify, use, sell, offer for sale and import such Prior Invention. Notwithstanding the foregoing, Employee will
not incorporate, or permit to be incorporated, Prior Inventions in any Company-Related Development without the prior written consent
of the Bank.

 

    	 	-7-	 

     

    

 

This Agreement does not
obligate Employee to assign to the Corporation and/or the Bank any Development which, in the sole judgment of the Bank, reasonably
exercised, is developed entirely on Employee’s own time and does not relate to the business efforts or research and development
efforts in which, during the period of Employee’s employment, the Corporation and/or the Bank actually is engaged or reasonably
would be engaged, and does not result from the use of premises or equipment owned or leased by the Corporation and/or the Bank.
However, Employee will also promptly disclose to the Bank any such Developments for the purpose of determining whether they qualify
for such exclusion. Employee understands that to the extent this Agreement is required to be construed in accordance with the laws
of any state which precludes a requirement in an employee agreement to assign certain classes of inventions made by an employee,
this Section 4 will be interpreted not to apply to any invention which a court rules and/or the Bank agrees falls within such classes.
Employee also hereby waives all claims to any moral rights or other special rights which Employee may have or accrue in any Company-Related
Developments.

 

Employee will cooperate
fully with the Bank, both during and after Employee’s employment with the Bank, with respect to the procurement, maintenance
and enforcement of Intellectual Property Rights in Company-Related Developments. Employee will sign, both during and after the
term of this Agreement, all papers, including without limitation copyright applications, patent applications, declarations, oaths,
assignments of priority rights, and powers of attorney, which the Corporation and/or the Bank may deem necessary or desirable in
order to protect its rights and interests in any Company-Related Development. If the Corporation and/or the Bank is unable, after
reasonable effort, to secure Employee’s signature on any such papers, Employee hereby irrevocably designates and appoints
each officer of the Corporation and/or the Bank as Employee’s agent and attorney-in-fact to execute any such papers on Employee’s
behalf, and to take any and all actions as the Corporation and/or the Bank may deem necessary or desirable in order to protect
its rights and interests in any Company-Related Development.

 

5.          Remedies
Upon Breach.

 

(a)          Employee
agrees that the restrictions contained in Sections 1, 2, 3, and 4 of this Agreement are necessary and
appropriate to protect the business and goodwill of the Corporation and/or the Bank, and Employee considers them reasonable for
such purpose. Employee agrees that the restrictions contained in this Agreement will not prevent Employee from obtaining gainful
employment should Employee’s employment with the Bank end. Employee agrees that in any action seeking specific performance
or other equitable relief, Employee will not assert or contend that any of the provisions of this Agreement are unreasonable or
otherwise unenforceable.

 

(b)          Employee
further agrees that in the event of Employee’s breach or threatened breach of any of the provisions of Sections 1,
2, 3, and 4 of this Agreement, the Corporation and/or the Bank would suffer substantial irreparable harm and
would not have an adequate remedy at law for such breach. In recognition of the foregoing, Employee agrees that in the event of
a breach or threatened breach of any of those provisions, in addition to such other remedies that the Corporation and/or the Bank
may have at law, without posting any bond or security, the Corporation and/or the Bank shall be entitled to seek and obtain equitable
relief, in the form of specific performance, or temporary, preliminary or permanent injunctive relief, or any other equitable remedy
which then may be available, as well as attorneys’ fees and costs and an equitable accounting of all earnings, profits and
other benefits arising, directly or indirectly, from such breach. The seeking of such injunction or order shall not affect the
right of the Corporation and/or the Bank to seek and obtain damages or other equitable relief on account of any such actual or
threatened breach.

 

    	 	-8-	 

     

    

 

6.          Post-Employment
Cooperation. Employee agrees that, during Employee’s employment, and for a period of two (2) years after Employee’s
employment with the Bank ends (regardless of the reason therefor), upon reasonable request from the Bank, and after Employee’s
employment ends, subject to Employee’s other business commitments, Employee will cooperate with the Corporation and/or the
Bank in the defense of any claims or actions that may be made by or against the Corporation and/or the Bank that relate to the
period of Employee’s employment with the Bank. The Bank agrees, to the extent permitted by applicable law, regulation and/or
court rules, to reimburse Employee for Employee’s reasonable travel and other direct expenses incurred by Employee in extending
such cooperation, so long as Employee provides advance written notice of the request for reimbursement and provides satisfactory
documentation of the expenses to comply with Employee’s obligations under this Section 6.

 

7.          Prior
Agreements. Employee represents that except as Employee has fully disclosed previously in writing to the Bank, Employee is
not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing any trade
secret or confidential or proprietary information in the course of Employee’s employment with the Bank or to refrain from
competing, directly or indirectly, with the business of such previous employer or any other party. Employee further represents
that Employee’s performance of all the terms of this Agreement as an employee of the Bank does not and will not breach any
agreement to keep in confidence proprietary information, knowledge or data acquired by Employee in confidence or in trust prior
to Employee’s employment with the Bank. Employee will not disclose to the Bank or induce the Bank to use any confidential
or proprietary information or material belonging to any previous employer or others.

 

8.          Survival
and Assignment. Employee understands that Employee’s obligations under this Agreement will continue in accordance with
its express terms regardless of any changes in Employee’s title, position, duties, salary, compensation or benefits or other
terms and conditions of employment. Employee further understands that Employee’s obligations under this Agreement will continue
following the termination of Employee’s employment regardless of the manner of such termination and will be binding upon
Employee’s heirs, executors and administrators. Employee understands and agrees that the Bank has the right to assign this
Agreement to its successors and assigns.

 

9.          Disclosure
to Future Employers. During the Restricted Period (as defined in Section 3), Employee will provide a copy of this Agreement
to any prospective employer, partner or co-venturer prior to entering into an employment, partnership or other business relationship
with such person or entity.

 

10.         Governing
Law. This Agreement is governed by, and is to be construed and enforced in accordance with, the laws of the Commonwealth of
Pennsylvania, without regard to principles of conflicts of laws. Employee agrees that no dispute or claim under this Agreement
may be commenced, prosecuted or continued in any court other than the courts of the Commonwealth of Pennsylvania located in the
city and county of Philadelphia or in the United States District Court for the Eastern District of Pennsylvania, which courts shall
have jurisdiction over the adjudication of such matters, and Employee consents to the jurisdiction of such courts and personal
service with respect thereto. The Bank and Employee hereby waive their respective rights to a trial by jury.

 

    	 	-9-	 

     

    

 

11.         Severability.
In the event that any court of competent jurisdiction shall determine that any one or more of the provisions contained in this
Agreement shall be unenforceable in any respect, then such provision shall be deemed limited and restricted to the extent that
the court shall deem the provision to be enforceable. This Agreement is to be given the broadest interpretation permitted by law.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision hereof. The covenants and restrictions contained in this Agreement shall be deemed a series of separate covenants and
restrictions. If, in any judicial proceeding, a court of competent jurisdiction should refuse to enforce all of the separate covenants
and restrictions in this Agreement, then such unenforceable covenants and restrictions shall be deemed eliminated from the provisions
of this Agreement for the purpose of such proceeding to the extent necessary to permit the remaining separate covenants and restrictions
to be enforced in such proceeding.

 

12.         Entire
Agreement. This Agreement shall constitute the entire agreement among the parties with respect to the matters covered hereby
and shall supersede all previous written, oral or implied understandings among them with respect to such matters.

 

13.         Amendment.
No provisions of this Agreement may be amended, modified, or waived unless such amendment or modification is agreed to in writing
signed by Employee and by a duly authorized officer of the Bank, and such waiver is set forth in writing and signed by the party
to be charged. No waiver by either party hereto at any time of any breach by the other party hereto of 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.

 

14.         Notice.
For the purposes of this Agreement, any notice required or permitted to be given under this Agreement shall be deemed properly
given if in writing and if mailed by registered or certified U.S. mail, postage prepaid with return receipt requested, and by regular
U.S. mail, postage prepaid, to Employee’s address, in the case of notices to Employee, and to the principal office of the
Bank, in the case of notice to the Bank.

 

15.         Section
Headings. The section headings in this Agreement are for convenience of reference only, and they form no part of this Agreement
and shall not affect its interpretation.

 

16.         Counterparts.
This Agreement may be executed in two 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.         Review.
Employee represents and warrants that: (i) Employee has read this Agreement and understands all the terms and conditions hereof;
(ii) Employee has entered into this Agreement of Employee’s own free will and volition; (iii) Employee has been advised by
the Bank that this Agreement is a legally binding contract and that Employee should seek Employee’s own independent attorney
to review it; (iv) Employee has been afforded ample opportunity to consult with Employee’s own attorney regarding this Agreement;
and (v) the terms of this Agreement are fair, reasonable and are being agreed to voluntarily in exchange for Employee’s employment
or continued employment by the Bank.

 

[Signature Page Follows]

 

    	 	-10-	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first above written.

 

	ATTEST:	 	MALVERN FEDERAL SAVINGS BANK
	 	 	 
	 	 	/s/ Anthony C. Weagley
	Secretary	 	Name:  Anthony  C. Weagley
	 	 	
        Title:    President
& CEO 

	 	 	 
	WITNESS:	 	JOSEPH GANGEMI
	 	 	 
	/s/ Rose Emrick 	 	/s/ Joseph Gangemi

 

    	 	-11-	 

     

    

 

ANNEX A

 

		To:	Malvern Federal Savings Bank

 

		From:	Joseph Gangemi

 

		Date:	_____________________

 

		SUBJECT:	Prior Inventions

 

The following is a complete
list of all inventions or improvements relevant to the subject matter of my employment by the Bank that have been made or conceived
or first reduced to practice by me alone or jointly with others prior to my employment by the Bank:

 

	 	 ̈	No inventions or improvements
	 	 	 
	 	 ̈	See below:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 ̈	Additional sheets attached

 

The following is a list
of all patents and patent applications in which I have been named as an inventor:

 

	 	 ̈	None
	 	 	 
	 	 ̈	See below:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	-12-

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