Document:

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                                  ATTACHMENT B

                                SEVERANCE POLICY

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Organizational Functional Area:                      Human Resources

Policy For:                                          Severance Policy, WSFS
                                                     Executive Vice President(1)

Board Approved:                                      March 2001

Last Revision Date:                                  N/A

Department/Individual Responsible for                Executive Vice President,
Maintaining/Updating Policy:                         Human Resources Director

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I. Release Without Cause(2)        In the event an Executive Vice President
                                   ("EVP") is released without cause, a minimum
                                   of six months severance and professional
                                   level outplacement will be offered. If the
                                   Associate has not found new full time
                                   employment on or before six months after
                                   termination, severance pay and outplacement
                                   would continue for another six months or
                                   until the Associate found employment,
                                   whichever occurred first. In the event the
                                   Associate found a job, but at a lower rate of
                                   pay than previously received at WSFS, then
                                   WSFS would make up the difference until the
                                   second six month period ended. Medical and
                                   dental benefits will be offered at the
                                   Associate rate through the severance period.

II. Change of Control              If EVP is released (without cause as defined
                                   in Attachment B) within one year after a of
                                   change of control or if offered a position
                                   that is not within 35 miles of current
                                   worksite and at current WSFS salary and bonus
                                   opportunity:

                                   EVP would receive 24 months base salary
                                   severance offset by the value arising from
                                   the acceleration of stock option vesting(3).
                                   Note that the value of previously vested
                                   options would not offset the 24 month
                                   minimum.

                                   However, value from the accelerated vesting
                                   would account for no more than 12 months of
                                   the 24 month minimum commitment. To clarify,
                                   irrespective of the value of the accelerated
                                   vesting, EVP would get 12 months severance
                                   pay plus the value of the accelerated vesting
                                   even if the value of this accelerated vesting
                                   exceeded 12 months of base pay.

                                   Associate would be eligible for medical and
                                   dental benefits at the Associate rate for the
                                   24 month period. However, any excess flex may
                                   not spill to the 401(k) nor may contribution
                                   to the 401(k) occur during the severance
                                   period consistent with the 401(k) Summary
                                   Plan Description.

---------------
(1) Specifically excluding Presidents or the equivalent of WSFS subsidiaries
    (e.g. Cash Connect, Wilmington National Finance, Inc.)
(2) Definition of "cause" is contained in Attachment A.
(3) Under the terms of the WSFS Stock Option Plan, all unvested stock options
    become vested upon a change in control.

<PAGE>

                                   Twelve months of Executive level outplacement
                                   will be offered.

                                   If EVP is offered same salary and bonus
                                   opportunity and position is within 35 miles
                                   of WSFS work location, but EVP decides to
                                   leave:

                                   Accelerated vesting of stock options and
                                   severance pay will equal at least 12 months
                                   base pay. If the value of the accelerated
                                   vesting is less than 12 months of base pay,
                                   then severance pay will be added to the value
                                   of the accelerated options to equal 12 months
                                   of base pay. If the value of accelerated
                                   vesting is greater than or equal to 12 months
                                   of base pay, then no additional severance
                                   would be paid. Six months of professional
                                   level outplacement will be offered with
                                   medical and dental benefits at Associate rate
                                   for 12 months in each case.

Receipt of Benefits                To receive any of the severance benefits
                                   outlined in this policy, with the exception
                                   of accelerated vesting of options, the
                                   executive must execute a release form
                                   acceptable to WSFS.

                                   The severance pay will be paid consistent
                                   with WSFS regular pay schedule.

<PAGE>

                                  Attachment A
                 Severance Policy; WSFS Executive Vice President
                                   March 2001

         (a) Cause. The Company may terminate Executive's employment during the
Employment Period with or without Cause. For purposes of Section I of this
Policy, "Cause" shall mean:

                  (i) the willful and continued failure of Executive to perform
substantially Executive's duties with the Company or one of its affiliates
(other than any such failure resulting from incapacity due to physical or mental
illness) after a written demand for substantial performance is delivered to
Executive by the President or the Board of Directors of the Company which
specifically identifies the manner in which such Chief Executive Officer or the
Board believes that Executive has not substantially performed Executive's
duties, or

                  (ii) the willful engaging by Executive in illegal conduct or
gross misconduct which is materially and demonstrably injurious to the Company.

         For purposes of this provision, no act or failure to act, on the part
of Executive, shall be considered "willful" unless it is done, or omitted to be
done, by Executive in bad faith or without reasonable belief that Executive's
action or omission was in the best interests of the Company. The cessation of
employment of Executive shall not be deemed to be for Cause [under paragraph (i)
or (ii) above] unless and until there shall have been delivered to Executive a
copy of a resolution duly adopted by the affirmative vote of not less than a
majority of the entire membership of the Board at a meeting of the Board called
and held for such purpose, finding that, in the good faith opinion of the Board,
Executive is guilty of the conduct described in subparagraph (i) or (ii) above,
and specifying the particulars thereof in detail, or

                  (iii) the consistent failure of Executive to meet reasonable
performance expectations (other than any such failure resulting from incapacity
due to physical or mental illness); provided, however, that termination of
Executive's employment under this subparagraph (iii) shall not be effective
unless at least 90 days prior to such termination Executive shall have received
written notice from the Chief Executive Officer or the Board which specifically
identifies the manner in which the Board or the Chief Executive Officer believes
that Executive has consistently failed to meet reasonable performance
expectations and Executive shall have failed after receipt of such notice to
resume the diligent performance of his duties to the reasonable satisfaction of
the Chief Executive Officer or the Board.

<PAGE>

                                  Attachment B
                 Severance Policy; WSFS Executive Vice President
                                   March 2001

         (a) Cause. The Company may terminate Executive's employment during the
Employment Period with or without Cause. For purposes of Section I of this
Policy, "Cause" shall mean:

                  (i) the willful and continued failure of Executive to perform
substantially Executive's duties with the Company or one of its affiliates
(other than any such failure resulting from incapacity due to physical or mental
illness) after a written demand for substantial performance is delivered to
Executive by the President or the Board of Directors of the Company which
specifically identifies the manner in which such Chief Executive Officer or the
Board believes that Executive has not substantially performed Executive's
duties, or

                  (ii) the willful engaging by Executive in illegal conduct or
gross misconduct which is materially and demonstrably injurious to the Company.

         For purposes of this provision, no act or failure to act, on the part
of Executive, shall be considered "willful" unless it is done, or omitted to be
done, by Executive in bad faith or without reasonable belief that Executive's
action or omission was in the best interests of the Company. The cessation of
employment of Executive shall not be deemed to be for Cause [under paragraph (i)
or (ii) above] unless and until there shall have been delivered to Executive a
copy of a resolution duly adopted by the affirmative vote of not less than a
majority of the entire membership of the Board at a meeting of the Board called
and held for such purpose, finding that, in the good faith opinion of the Board,
Executive is guilty of the conduct described in subparagraph (i) or (ii) above,
and specifying the particulars thereof in detail.<PAGE>   1
                                                                   Exhibit 4(x)

REGISTERED                                                            REGISTERED

                       AMERICAN INTERNATIONAL GROUP, INC.
                     FIXED RATE MEDIUM-TERM NOTE, SERIES F

   THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED
IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY.

   UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

NO.                                                   $
<TABLE>
<S>                                                    <C>
        ORIGINAL ISSUE DATE:                           INTEREST RATE:
        PRINCIPAL AMOUNT:          U.S.$

<S>                                                    <C>
                                                       MATURITY DATE:
                                                       REDEMPTION DATE:
                                                       REDEMPTION PRICE:
</TABLE>

   AMERICAN INTERNATIONAL GROUP, INC., a corporation duly organized and existing
under the laws of Delaware (herein called the "Company", which term includes any
successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to Cede & Co. or registered assigns, the
principal amount shown above on the Maturity Date shown above, and to pay
interest thereon from the Original Issue Date shown above or from the most
recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually on December 1 and June 1 in each year, commencing on the
first Interest Payment Date succeeding the Original Issue Date of this Note
(unless the Original Issue Date shown above is after November 15 and on or
before the immediately following December 1 or after May 15 and on or before the
immediately following June 1, in which case interest payments will commence on
the next succeeding Interest Payment Date), at the interest rate per annum shown
above, until the principal hereof is paid or made available for payment. The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Notes) is registered at the close of
business on the Regular Record Date for such interest, which shall be the
November 15 or May 15 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Note
(or one or more Predecessor Notes) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Notes not less than 10
days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in said Indenture.
   Payment of the principal of (and premium, if any) and interest on this Note
will be made at the office or agency of the Company maintained for that purpose
in the Borough of Manhattan, The City of New York, in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of
the Company payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security
Register.
   Reference is hereby made to the further provisions of this Note set forth on
the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.
   Unless the certificate of authentication hereof has been executed by the
Trustee referred to on the reverse hereof, by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for
any purpose.
   IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.
                                               AMERICAN INTERNATIONAL GROUP,
                                               INC.
DATED:                                         By

<TABLE>
<S>                                                           <C>

   TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

                  THE BANK OF NEW YORK                                                          Chairman
                              as Trustee
                                                              Attest
            By
                        Authorized Signatory                                                   Secretary

</TABLE>
<PAGE>   2

                       AMERICAN INTERNATIONAL GROUP, INC.
                     FIXED RATE MEDIUM-TERM NOTE, SERIES F

   This Note is one of a duly authorized series of securities of the Company,
issued and to be issued in one or more series under an Indenture dated as of
July 15, 1989 (herein called the "Indenture"), between the Company and The Bank
of New York, as Trustee (herein called the "Trustee", which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Notes and the terms upon which the Notes are,
and are to be, authenticated and delivered. This Note is one of the series
designated on the face hereof (herein called the "Notes"), which is limited in
aggregate principal amount to $780,546,000.
   Unless a Redemption Commencement Date is specified on the face hereof, this
Note shall not be redeemable at the option of the Company before the Maturity
Date. If a Redemption Commencement Date is so specified, and unless otherwise
specified on the face hereof, this Note is subject to redemption upon not less
than 30 days' nor more than 60 days' notice at any time and from time to time on
or after the Redemption Commencement Date, in each case as a whole or in part,
at the election of the Company and at the applicable Redemption Price specified
on the face hereof (expressed as a percentage of the principal amount of this
Note to be redeemed), together with accrued interest to the Redemption Date, but
interest installments due on or prior to such Redemption Date will be payable to
the Holder of this Note, or one or more Predecessor Notes, of record at the
close of business on the relevant record date, all as provided in the Indenture.
   If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture.
   The Indenture contains provisions for defeasance at any time of (i) the
entire indebtedness of this Note or (ii) certain covenants with respect to this
Note, in each case upon compliance with certain conditions set forth therein.
   As set forth in, and subject to, the provisions of the Indenture, no Holder
of this Note will have any right to institute any proceeding with respect to the
Indenture or for any remedy thereunder, unless such Holder shall have previously
given to the Trustee written notice of a continuing Event of Default, the
Holders of not less than 25% in principal amount of the Outstanding Notes shall
have made written request, and offered reasonable indemnity, to the Trustee to
institute such proceeding as trustee, and the Trustee shall not have received
from the Holders of a majority in principal amount of the Outstanding Notes a
direction inconsistent with such request and shall have failed to institute such
proceeding within 60 days; provided, however, that such limitations do not apply
to a suit instituted by the Holder hereof for the enforcement of payment of the
principal of (and premium, if any) or any interest on this Note on or after the
respective due date expressed herein.
   The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than 66 2/3% in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.
   No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of (and premium, if any) and interest
(if any) on this Note at the times, place and rate, and in the coin or currency,
herein prescribed.
   As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note is registrable in the Security Register, upon
surrender of this Note for registration of transfer at the office or agency of
the Company in any place where the principal of (and premium, if any) and
interest (if any) on this Note are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.
   The Notes are issuable only in registered form without coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Notes are exchangeable for a like aggregate principal amount of Notes of a
different authorized denomination as requested by the Holder surrendering the
same.
   No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
   Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note is overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.
   All terms used in this Note which are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

                      ------------------------------------
<PAGE>   3

                                 ABBREVIATIONS

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

  TEN COM  --  as tenants in common         UNIF GIFT MIN ACT -- ___Custodian___
  TEN ENT  --  as tenants by the                                 (Cust)  (Minor)
   JT TEN  --  as joint tenants with right                      Under Uniform
               of survivorship and not as                       Gifts to Minors
               tenants in common                                Act ____________
                                                                        (State)

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

                      _________________________________

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE
________________________________________________________________________________

________________________________________________________________________________
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

________________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing ____________________________________________________________ attorney
to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated:  __________________________   ___________________________________________
                                     NOTICE: The signature to this assignment
                                     must correspond with the name as written
                                     upon the face of the within instrument in
                                     every particular, without alteration or
                                     enlargement or any change whatever.

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