Document:

Restructuring, Royalty, and Joint Venture Termination Agreement

   Agreement dated as of December 19, 2006 (this "Agreement") among Caucasus
Resources Pty Ltd., an Australian company ("CR"); Global Gold Mining, LLC, a
Delaware, USA limited liability company ("GGM"); CR's parent company, Iberian
Resources Limited, an Australian company ("Iberian"); and Aigedzor Mining
Company, LLC, a Delaware, USA limited liability company ("Aigedzor LLC").

                                    Recitals

                  CR and GGM are parties to a Joint Venture Agreement (the "JV
Agreement") and a Limited Liability Company Agreement (the "LLC Agreement"),
both dated August 15, 2005 under which Aigedzor LLC was established.

                  Aigedzor LLC owns 100% of the shares of Sipan 1, LLC, an
Armenian limited liability company (the "Sipan Shares"). Sipan 1, LLC ("Sipan")
is the licensee of the Lichkvadz-Tei and Terterasar mines and associated
processing plant, equipment and other assets in Armenia (collectively with any
other properties acquired within a twenty kilometer radius of Aigedzor, Armenia,
the "Armenian Properties").

                  The parties now wish to restructure their relationship,
provide for royalties to GGM, and terminate the JV Agreement and Aigedzor LLC on
the terms and conditions stated herein.

                                    Agreement

                  NOW THEREFORE, the parties hereto hereby agree as follows:

                  1. Termination. (a) Subject to Section 6 below, the JV
Agreement is hereby terminated as of the date hereof and shall be of no force
and effect from this date. (b) The parties shall promptly and diligently
following execution of this Agreement proceed to dissolve and liquidate Aigedzor
LLC in accordance with Article 13 of the LLC Agreement. (c) Upon its
dissolution, any of the managers of Aigedzor, LLC or its counsel is hereby
authorized to execute and file a Certificate of Cancellation for Aigedzor, LLC
in Delaware and its Cancellation of Registration in Connecticut. (d) Upon its
liquidation, the LLC Agreement shall automatically terminate; provided that the
parties thereafter shall diligently take all further action, if any, necessary
to carry out the intention of the present agreement.

                  2. Distribution. Upon its dissolution, Aigedzor, LLC shall
transfer all of its right, title and interest in the Sipan Shares to CR.

                                       1

<PAGE>
                  3. Consideration. For GGM's consent to the restructuring and
distribution of the Sipan Shares to CR, GGM shall receive the following
consideration:

                           3.1(a) Commencing three months from the date hereof,
         CR and /or Iberian shall cause Sipan to pay and Sipan shall pay to GGM
         a production royalty of 2.5% of the net smelter returns ("NSR") from
         all minerals and mineral containing product produced from the Armenian
         Properties after the date hereof ("Royalty"). This Royalty shall be
         paid quarterly, and shall be accompanied by (i) a statement summarizing
         the computation of NSR and (ii) copies of any and all original
         settlement statements issued by each buyer for their purchase of the
         products. The settlement statements shall include the total weight of
         product purchased; the contained payable elements within the product;
         the market prices of the elements; deduction of all processing and
         penalties; and the total amount due to be remitted to the seller on a
         provisional and final settlement basis. The quarterly Royalty payments
         will be provisional and subject to adjustment at the end of Sipan's
         accounting year. The term "NSR" as used herein shall mean the full
         value received by Sipan from any buyer for any and all products sold
         from the Armenian Properties, reflective of the point of sale after
         deductions for all of the following charges from third parties, if any:
         custom smelting costs, treatment charges and penalties including, but
         without being limited to, metal losses, penalties for impurities and
         charges or deductions for refining, selling, and transportation from
         smelter to refinery and from refinery to market.

                           3.1.(b) Upon reasonable notice and within no less
         than thirty days from such notice but no more than two times per year,
         GGM shall be entitled to inspect and audit production and sales records
         from the Armenian Properties.

                           3.2      Within five business days of the date
hereof, CR shall make a cash payment to GGM by wire transfer in the amount of
US$1,000,000.

                           3.3      Within five business days of the date hereof
Iberian shall issue 5,000,000 shares (the "5 Million Shares") of its common
equity stock (the "Common Stock") to GGM. The stock certificate representing the
5 Million Shares shall be registered in the name of
GGM but shall, on the date hereof, be delivered to Ivey, Barnum & O'Mara, LLC,
170 Mason Street, Greenwich, CT 06830 as Escrow Agent, to hold such shares in
escrow for a period of 12 months from the date hereof (the "Lock-Up Period").
Promptly after the Lock-Up Period, the Escrow Agent will deliver this stock
certificate to GGM, unrestricted and without legend, subject only to applicable
securities law requirements. Further provisions with respect to the duties of
the Escrow Agent hereunder are set forth in Addendum A hereto.

                                       2

<PAGE>

                  4. Lock-Up. Without the prior written consent of Iberian, GGM
shall not, during the Lock-Up Period: (i) offer, issue, pledge, sell, contract
to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, lend or
otherwise transfer or dispose of, directly or indirectly, any shares of Common
Stock or any securities convertible into or exercisable or exchangeable for
Common Stock, or (ii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of
Common Stock, whether any such transaction described in clause (i) or (ii) above
is to be settled by delivery of Common Stock or such other securities, in cash
or otherwise.

                  5. Additional Shares. In the event that the average closing
market price for Common Stock (or if there is no organized market, the last
trade of the day) for any consecutive period of thirty trading days during the
Lock-Up Period shall drop below AUS$0.50, GGM shall, subject to the receipt by
Iberian of any necessary approvals under the Listing Rules of Australian Stock
Exchange Limited, promptly receive from Iberian an additional 2.5 million shares
of Common Stock (the "2.5 Million Shares", and with the 5 Million Shares,
collectively the "Iberian Shares"). These 2.5 million Shares shall likewise be
subject to the provisions of Section 4 above.

                  6. Further Projects. GGM or one of its affiliates shall have
the right to participate up to 20%, on reasonably negotiated terms, in any other
exploration or mining related projects undertaken by CR or its affiliates in
Armenia (excluding any new projects in the area of the Armenian Properties as
defined in this Agreement) during the period ending August 15, 2015.

                  7. Releases. GGM and CR mutually release each other from all
future obligations under the JV Agreement and from and against third party
actions, claims, suits, demands, damages, costs, interest and expenses brought
against or incurred by the first such party, respectively, which, but for the
execution of this Agreement, may now or at any time in the future be made
against the second party arising from the JV Agreement or the early termination
of the JV Agreement, except as provided herein. Any party may plead this
Agreement in bar against any third party action, suit or other proceeding for
any claim for breach of the JV Agreement which occurs following the date of this
Agreement.

                  8. Securities Law Representations. GGM makes the following
representations to Iberian and Caucasus:

                           8.1      GGM has no present plans or intention to
sell, transfer, pledge or hypothecate or otherwise dispose of any of the
Iberian Shares.

                           8.2      GGM understands that the Iberian Common
Stock may not be transferable without registration under the United States
Securities Act of 1933 or an applicable exemption therefrom.

                                       3

<PAGE>

                           8.3      GGM has sufficient knowledge and experience
 in financial and business matters and general familiarity with Iberian so as to
 be capable of evaluating the merits and risks
of the Iberian Common Stock, and GGM has sufficient assets and liquidity or a
reasonable expectation of sufficient income to meet GGM's needs, both in the
short and the long term, without relying on any distribution of cash or other
assets from Iberian. GGM is able to bear the economic risk of holding the
Iberian Common Stock for an indefinite period, including the possible risk of
loss of their entire value.

                           8.4      GGM has been given the opportunity to ask
questions of, and receive answers from Iberian concerning the Iberian Common
Stock and concerning the Iberian situation generally, and all such questions
have been answered to the satisfaction of the GGM.

                  9.       Miscellaneous

                           9.1      This Agreement contains the entire
understanding among the parties with respect to the subject
matter of this Agreement and supersedes any prior understandings, agreements or
representations, written or oral, relating to the subject matter of this
Agreement.

                           9.2      This Agreement may be executed in separate
counterparts, each of which will be an original and all
of which taken together shall constitute one and the same agreement, and any
party hereto may execute this Agreement by signing any such counterpart in ink
or by facsimile.

                           9.3      Whenever possible, each provision of this
Agreement shall be interpreted in such a manner as to be
effective and valid under applicable law; but if any provision of this Agreement
is held to be invalid, illegal or unenforceable under any applicable law or
rule, the validity, legality and enforceability of the other provisions of this
Agreement will not be affected or impaired thereby.

                           9.4      This Agreement shall be binding upon the
successors and assigns of the parties to this Agreement and to the Armenian
Properties.

                           9.5      All notices and other communications
relating to this Agreement will be in writing and will be
deemed to have been given when personally delivered, or delivered by facsimile
or electronic submission (confirmed as having been

                                       4

<PAGE>

sent on the sender's machine), or five Business Days following delivery to a
reliable international courier addressed as follows:

                  For CR:
                                    Caucasus Pty Ltd.
                                    c/o Iberian Resources Limited
                                    Level 2, 675 Murray Street
                                    West Perth WA 6005
                                    Australia
                                    Attn:  Managing Director
                                    fax: 618-9226-2027
                                    e-mail: mwood@iberianresources.com

                  For GGM:

                                    Global Gold Mining, LLC
                                    c/o Global Gold Corporation
                                    Suite 118
                                    45 East Putnam Avenue
                                    Greenwich, CT  06830
                                    United States of America
                                    Attn: Van Krikorian
                                    fax: (203) 422-2330
                                    e-mail: vkrikorian@globalgoldcorp.com

                  For Iberian:

                                    Iberian Resources Limited
                                    Level 2, 675 Murray St.
                                    West Perth WA 6005
                                    Australia
                                    Attn:  Managing Director
                                    fax:  618-9226-2027
                                    e-mail: mwood@iberianresources.com

                  For Aigedzor LLC:

                                    Aigedzor Mining Company, LLC
                                    c/o Global Gold Corporation
                                    Suite 118
                                    45 East Putnam Avenue
                                    Greenwich, CT  06830
                                    United States of America
                                    Attn: Van Krikorian
                                    fax: (203)422-2330
                                    e-mail: vkrikorian@globalgoldcorp.com

                                       5

<PAGE>

                           9.6      All matters relating to the interpretation,
construction, validity and enforcement of this Agreement shall be governed by
the internal laws of the State of New York, USA,
without giving effect to any choice of law provisions thereof.

                           9.7      The parties agree to execute and deliver
any further instruments or perform any acts that are or may become necessary to
carry out the provisions of this Agreement or to effectuate its purposes.

                           9.8      It may be impossible to measure in money the
damages that would accrue to any party by reason of a
failure to perform any of the obligations under this Agreement. Therefore, if
any party brings any action or proceeding to enforce the provisions of this
Agreement, any person against whom such action or proceeding is brought waives
the claim or defense that such party has an adequate remedy at law, and such
person shall not urge in any such action or proceeding the claim or defense that
such remedy at law exists, and hence a prevailing party may be entitled to
specific performance of any such obligations.

                           9.9      All pronouns shall be deemed to refer to the
masculine, feminine, neuter, singular or plural, as the identity of the
antecedent may require.

                           9.10     Any claim or dispute arising hereunder
(including any issue as to the arbitrability thereof) shall
be determined by arbitration before a single arbitrator (subject to the last
sentence of this paragraph) in the New York City metropolitan area, in
accordance with the Commercial Arbitration Rules then obtaining of the American
Arbitration Association ("AAA"). Each party shall, no later than fifteen (15)
days before the date set for hearing, provide to the other parties and to the
arbitrator a copy of all documents that that party intends to submit at the
hearing and a list of all persons that party intends to call at the hearing,
unless the arbitrator shall permit otherwise in his sole discretion. The
arbitrator may adopt such procedures and rules of evidence as he shall deem
appropriate to achieve a fair, prompt and cost-effective result. The award
rendered in such arbitration may provide for equitable remedies, an accounting
and/or reimbursement for attorneys', accountants', consultants' witnesses' or
the arbitrator's fees, as the arbitrator shall see fit, with a presumption in
favor of awarding attorneys' fees. The award shall be final, and judgment on it
may be entered in or enforced by any court, state, federal or foreign, having
jurisdiction with respect thereto. Any party may apply to an appropriate court
of law for a preliminary injunction, attachment or similar remedy available to
it in aid of the arbitration proceeding provided for herein. This provision
shall not, however, preclude the impleading or joining of one of the parties
hereto by another party in an action brought by a third party. In the event the
total amount in controversy, including (not net of) any meritorious
counterclaim, exceeds $1,000,000 (determined in the sole discretion of the AAA
administrator), the arbitration shall be held before a panel of three
independent arbitrators (none single-party appointed).

                                       6

<PAGE>

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

CAUCASUS RESOURCES PTY LTD          GLOBAL GOLD MINING, LLC

By:____________________________             By:_________________________
         Matthew Wood                             Van Krikorian
         Managing Director                        Manager

IBERIAN RESOURCES LIMITED                   AIGEDZOR MINING COMPANY,
LLC

By: ___________________________             By:__________________________
         Matthew Wood                            Van Krikorian
         Managing Director                       Manager

                                       7

<PAGE>

                                   ADDENDUM A

                            FURTHER ESCROW PROVISIONS

         1.       Escrow Agent's Duties.

                  1.1 The duties and obligations of the Escrow Agent are
strictly ministerial in nature and shall be determined solely by this Agreement.
The Escrow Agent shall not be liable except for the performance of such duties
and obligations as are specifically set forth in this Agreement.

                  1.2 In the performance of its duties hereunder, the Escrow
Agent shall be entitled to rely upon any document, instrument or signature
believed by it in good faith to be genuine and signed by, or on behalf of, the
individual or organization purporting to sign it, and shall not be required to
investigate the truth or accuracy of any statement contained in any such
document or instrument. The Escrow Agent may assume that any person purporting
to give any notice relating to this Agreement has been duly authorized to do so.

                  1.3 The Escrow Agent shall not be liable for any error of
judgment, or any action taken, suffered or omitted to be taken, hereunder except
in the case of its own reckless disregard of care or willful misconduct. The
Escrow Agent may consult with counsel of its own choice (including any attorneys
associated with the Escrow Agent) and shall have full and complete authorization
and protection for any action taken or suffered by it hereunder in good faith
and in accordance with the advice of such counsel.

                  1.4 The Escrow Agent shall have no duty or obligation beyond
the safe custody of the stock certificate(s) actually in its possession (the
"Stock Certificate"), and subject to the standards set forth in Section 1.3
above. Without limiting the generality of the foregoing, it shall have no duty
or obligation as to the collection or other protection of the escrow fund, the
preservation of any rights pertaining thereto, or the receipt of any necessary
orders of any court or governmental agency.

                  1.5 GGM, CR and Iberian shall, jointly and severally,
indemnify the Escrow Agent, and its successors, assigns, members, partners,
associates, employees, agents, and representatives, and hold each of them
harmless, from and against any and all liabilities, losses, damages, costs or
expenses (including attorneys' fees and costs and expenses incurred in enforcing
their rights hereunder) which any of them may suffer or incur or be required to
pay by reason of any of their activities or omissions hereunder, except, and to
the extent, that such liability or loss is caused by their own reckless
disregard of care or willful misconduct.

                  1.6 Notwithstanding any provision of this Agreement to the
contrary, the Escrow Agent is authorized in its sole discretion to disregard any
and all notices or instructions given by any person or entity, except any
orders, decrees, writs, judgments or other judicial process of any state,
federal or foreign court believed by the Escrow Agent to have competent
jurisdiction over the matters set forth herein (a "Governmental Order"). The
Escrow Agent shall be authorized, in its sole discretion, to rely upon and
comply with such Governmental Order, unless enforcement thereof has been stayed
or enjoined by a court with competent jurisdiction over the same. The Escrow
Agent will provide prompt notice to the parties hereto of its receipt of any
Governmental Order, but failure to do so shall not impair the Escrow Agent's
rights or their obligations hereunder. If the Escrow Agent complies with any
such Governmental Order, the Escrow Agent shall not be liable to the parties
hereto by reason of such compliance, even if such Governmental Order is
subsequently reversed, overturned, modified, annulled, set aside or otherwise
vacated.

                                       8

<PAGE>

                  1.7 The Escrow Agent may at any time resign by giving thirty
(30) days' prior written notice of resignation to the parties hereto. The
parties hereto jointly may at any time remove the Escrow Agent by giving ten
(10) days' written notice to the Escrow Agent. If the Escrow Agent shall resign
or be removed, a successor Escrow Agent, which shall be either a law firm
practicing law in Fairfield County, Connecticut or New York City or a bank or
trust company having assets in excess of $2 billion, shall be appointed by them
by written instrument executed by them and delivered to the Escrow Agent and to
such successor Escrow Agent. Thereupon, the resignation or removal of the
predecessor Escrow Agent shall become effective, and such successor Escrow
Agent, without any further act, deed or conveyance, shall become vested with all
right, title and interest to all cash and property held hereunder of such
predecessor Escrow Agent. Such predecessor Escrow Agent shall, on the written
request of the parties hereto or the successor Escrow Agent, execute and deliver
to such successor Escrow Agent a document or documents evidencing transfer of
all the right, title and interest hereunder in and to the escrow fund of such
predecessor Escrow Agent and all other rights hereunder of such predecessor
Escrow Agent. If no successor Escrow Agent shall have been appointed within
twenty (20) days of a notice of resignation by the Escrow Agent, the Escrow
Agent's sole responsibility shall thereafter be to hold the Stock Certificate
until the earlier of receipt of (i) written designation of a successor Escrow
Agent by the parties hereto, (ii) a written instruction by the parties hereto or
(iii) termination of this Agreement in accordance with its terms, subject to the
Escrow Agent's other rights set forth elsewhere in this Agreement.

                  1.8 The Escrow Agent's responsibilities and liabilities
hereunder, except as a result of the Escrow Agent's willful misconduct or
reckless disregard of care, will terminate upon the delivery of the Stock
Certificate in accordance with the terms and conditions of this Agreement.

                  1.9 The parties hereto represent and warrant to the Escrow
Agent that neither they nor any of their managers, officers, employees, agents
or anyone else on its behalf has stated to any individual or entity that the
Escrow Agent's duties will include anything other than those duties stated in
this Agreement.

                                       9

<PAGE>

         2.       Adverse Claims.

                  2.1 In the event an adverse claim or demand shall arise or
appear to arise in connection with the Escrow Agent's duties hereunder, the
Escrow Agent may, in its sole discretion, take such action, or refuse to act, as
it shall in good faith deem appropriate.

                  2.2      Without limiting the generality of the provisions of
Section 2.1 above, the following actions are hereby authorized:

                           (a) If authorized by the Escrow Agent, any party may
assume the defense of any such claim or demand,
or the Escrow Agent may require one of the parties to do so. Upon either party's
assuming such defense, the Escrow Agent shall follow the instructions given to
it by that party, upon assurance, satisfactory to the Escrow Agent that its
rights under Section 1.5 above are adequately protected, which assurance may
entail the unconditional guarantee from an affiliate of that party having
substantial financial resources or other assurances to be determined by the
Escrow Agent. The Escrow Agent shall not be required to defend any legal
proceedings which may be instituted against it in respect of its duties
hereunder unless requested to do so by one of the parties and unless indemnified
to its satisfaction against the cost and expense of such defense. The Escrow
Agent shall not be required to institute legal proceedings of any kind.

                           (b) The Escrow Agent shall be entitled to assume that
no claim or demand has arisen, unless the Escrow
Agent shall have received a written notice to that effect referring specifically
to this Agreement and identifying by name and address the adverse claimant.

                           (c)      As provided in Section 1.3 above, the Escrow
Agent may act on the advice of any counsel it may select.

                           (d) The Escrow Agent may institute such interpleader
or other proceedings as it deems proper.

                  2.3 The Escrow Agent may disregard any claim or demand which
shall not have matured into a lawsuit or similar legal proceeding within 90 days
after receipt by the Escrow Agent of written notice of the existence of such
claim.

                  2.4 Inasmuch as the duties of the Escrow Agent are intended to
be strictly ministerial hereunder, it may continue to serve as counsel to
Iberian (and any affiliates thereof) in connection with any pending or future
transactions

                                       10

<PAGE>

between it and GGM or any of its affiliates, including any dispute in connection
therewith and other related or unrelated matters, and may separately represent
GGM or any of its affiliates in any unrelated matter.

ACCEPTED:

Ivey, Barnum & O'Mara, LLC

By: _____________________________
                , Member<PAGE>

                                                                    Exhibit 10.1

                                    [FORM OF]
                             PRUDENTIAL SAVINGS BANK
                            ENDORSEMENT SPLIT DOLLAR
                               INSURANCE AGREEMENT

THIS ENDORSEMENT SPLIT DOLLAR INSURANCE AGREEMENT (the "Agreement") is made as
of the 1st day of January, 2006, by and between PRUDENTIAL SAVINGS BANK, a state
bank (the "Bank"), located at 1834 West Oregon Avenue, Philadelphia, PA 19145,
and __________, an employee of the Bank (the "Employee").

                                    RECITALS:

         In consideration of the faithful performance of services by the
Employee as an employee of the Bank, the Bank wishes to benefit the Employee by
entering into a split-dollar life insurance arrangement in accordance with the
terms and conditions set forth herein.

         NOW, THEREFORE, the parties mutually agree as follows:

         1. GENERAL. This Agreement describes the terms and conditions of a
split dollar arrangement between the Bank and the Employee relating to that
certain life insurance policy issued by
_________________________________________, with a policy number of ________ on
the life of the Employee in the initial face amount of $________ (hereinafter
collectively referred to as "Policy" or "Policies").

         2. ACQUISITION OF POLICY; PAYMENT OF PREMIUMS. The parties shall
cooperate in applying for and obtaining the Policy. The Policy shall be issued
to the Bank as the sole and exclusive owner of the Policy, subject to an
endorsement in favor of the Employee as hereinafter provided. The Bank shall pay
all of the net premiums due on the Policy and shall be solely responsible for
the calculation of the economic benefit to the Employee resulting from its
payment of such premiums.

         3. ENDORSEMENT.

            (a) Upon issuance of the Policy, the Bank and the Employee shall
                execute, in form acceptable to the parties and to the Insurer,
                an endorsement to the Policy in favor of the Employee (the
                "Endorsement Plan"). The Endorsement Plan shall give the
                Employee the right, upon the Employee's death while this
                Agreement is in force, to designate the beneficiary (the
                "Beneficiary") of a specified amount of proceeds from the Policy
                in excess of the Policy's cash surrender value (the "Endorsement
                Amount"). In no event shall the Endorsement Amount exceed the
                endorsement portion as provided for in Section II of the
                Employee's applicable Beneficiary Designation and Limited
                Assignment of Rights. As between the parties hereto, in the
                event of any conflict between the terms of the Endorsement Plan
                and this Agreement, the terms of this Agreement shall prevail.

            (b) In no event shall the Endorsement Plan grant to the Employee
                the right to surrender the Policy or borrow against the cash
                surrender value of the Policy or any other right or power
                constituting an incident of ownership in the Policy. Except for
                the rights granted to the Employee in the Endorsement Plan, the
                Employer shall have all of the rights of the owner under the
                Policy and shall be entitled to exercise all of such rights,
                options and privileges without the consent

<PAGE>

                of the Employee. Without limiting the generality of the
                foregoing, the Employee understands and agrees that the cash
                surrender value of the Policy shall at all times be the property
                of the Employer.

         4. DEATH OF THE EMPLOYEE. In the event of the Employee's death while
this Agreement is in force, the Bank and the Beneficiary shall take steps to
collect the proceeds of the Policy by submitting the proper claim forms to the
Insurer. That portion of the proceeds of the Policy equal to the Endorsement
Amount shall be paid directly to the Beneficiary. That portion of the proceeds
of the Policy in excess of the Endorsement Amount shall be paid to the
beneficiary designated by the Bank.

         5. TERMINATION OF AGREEMENT.

            (a) Subject to fulfillment of the obligations arising upon
                termination hereinafter set forth, this Agreement shall
                terminate on the first to occur of the following events (each
                referred to herein as a "Termination Event"):

                (i)      delivery of written notice of termination of this
                         Agreement by the Bank to the Employee;

                (ii)     delivery of written notice of termination of this
                         Agreement by the Employee to the Bank; or

                (iii)    at the election of the Bank upon termination of the
                         Employee's service as a Employee of the Bank for any
                         reason by either the Bank or the Employee.

            (b) Within thirty (30) business days following a Termination Event,
                the Bank, in its sole discretion, may surrender the Policy and
                collect its cash surrender value;

            (c) At any time following a Termination Event, the Bank may, without
                notice to the Employee and without the Employee's consent,
                cancel the Endorsement Plan. In addition, the Employee shall
                cooperate in effecting any full or partial policy surrender or
                policy loan requested by the Bank in connection with the Bank's
                exercise of any option described under subparagraph (b) above.

         6. PROVISIONS REGARDING THE INSURER. The parties acknowledge and agree
as follows:

            (a) The Insurer shall be bound only by the provisions of the Policy
                and any endorsement thereto.

            (b) Any payment made or actions taken by the Insurer in accordance
                with the provisions of the Policy and any endorsement thereto
                shall fully discharge the Insurer from all claims, suits and
                demands of all persons whatsoever.

            (c) The Insurer shall not be deemed a party to, or to have notice
                of, this Agreement or the provisions hereof and shall have no
                obligation to see to the performance of the obligations of the
                parties hereunder.

         7. DISABILITY WAIVER OF PREMIUMS. The parties may, by mutual agreement,
add an agreement or rider to the Policy providing for the waiver of premiums in
the event of the insured's

                                                                               2

<PAGE>

disability. Any additional premium attributable to such agreement or rider shall
be payable by the Employee or in such other manner as the parties agree.

         8. AMENDMENT. This Agreement may be altered, amended or modified,
including the addition of any extra policy provisions, but only by a written
instrument signed by all of the parties.

         9. NOTICE PROVISION. Each notice and other communication hereunder
shall be in writing and shall be delivered or mailed by registered mail, return
receipt requested, and shall be deemed to have been given on the date of its
delivery, if delivered, and on the fifth full business day following the date of
the mailing if mailed to each of the parties thereto at the following respective
addresses or such other address as may be specified in any notice delivered or
mailed as above provided:

            (a) If to the Bank to:

                Prudential Savings Bank
                1834 W. Oregon Avenue
                Philadelphia, PA 19145
                Attention: Joe Corrato

            (b) If to the Employee:

                To the address on record with the Payroll Department of the
                Bank.

         10. ASSIGNMENT. A party may assign such party's interests and
obligations under this Agreement at any time subject to the terms and conditions
of this Agreement.

         11. GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania, without regard to
any principles of conflicts of law of such State.

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

         13. STATUS OF PLAN UNDER ERISA. The parties acknowledge and agree (a)
that the split dollar arrangement described in this Agreement is an "employee
welfare benefit plan" with the meaning of Section 3(1) of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"); (b) that the
Employee participated in the negotiation of such arrangement and had significant
influence on its design; and (c) that as a result, the arrangement is intended
to qualify as a plan maintained primarily for purposes of providing benefits for
a select group of management and highly compensated employees within the meaning
of Labor Regulations Section 2520.104-24.

         14. ERISA PROVISIONS. The following provisions are intended to meet the
requirements of ERISA and shall be interpreted in a manner consistent therewith:

             (a) NAMED FIDUCIARY. The "Named Fiduciary" is the Bank.

             (b) CLAIMS PROCEDURE. Any person claiming a benefit under the
                 Agreement (a "Claimant") shall present the claim, in writing,
                 to the Bank, and the Bank shall respond in writing. If the
                 claim is denied, the written notice of denial shall state, in a
                 manner calculated to be understood by the Claimant:

                                                                               3

<PAGE>

                 (i)   The specific reason or reasons for denial, with specific
                       references to the Agreement provisions on which the
                       denial is based;

                 (ii)  A description of any additional material or information
                       necessary for the Claimant to perfect his, her or its
                       claim and an explanation of why such material or
                       information is necessary; and

                 (iii) An explanation of the Agreement's claims review
                       procedure.

         Upon receipt of any written claim for benefits, the Bank shall be
notified and shall give due consideration to the claim presented. If any
Claimant claims to be entitled to benefits under the Agreement and the Bank
determines that the claim should be denied in whole or in part, the Bank shall,
in writing notify such claimant within ninety (90) days of receipt of the claim
that the claim has been denied. The Bank may extend the period of time for
making a determination with respect to any claim for a period of up to ninety
(90) days, provided that the Bank determines that such an extension is necessary
because of special circumstances and notifies the claimant, prior to the
expiration of the initial ninety (90) day period, of the circumstances requiring
the extension of time and the date by which the Plan expects to render a
decision.

         Any Claimant whose claim is denied, or deemed to be denied under the
preceding sentence, or such Claimant's authorized representative, may, within
sixty (60) days after the Claimant's receipt of notice of the denial, or after
the date of the deemed denial, request a review of the denial by notice given,
in writing, to the Bank. Upon such a request for review, the claim shall be
reviewed by the Bank (or its designated representative). In connection with the
review, the Claimant may have representation, may examine pertinent documents,
and may submit issues and comments in writing.

         Upon receipt of an appeal the Bank shall promptly take action to give
due consideration to the appeal. Such consideration may include a hearing of the
parties involved, if the Bank feels such a hearing is necessary. In preparing
for this appeal the Claimant shall be given the right to review pertinent
documents and the right to submit in writing a statement of issues and comments.
After consideration of the merits of the appeal the Bank shall issue a written
decision which shall be binding on all parties subject to arbitration below. The
decision shall specifically state its reasons and pertinent Plan provisions on
which it relies. The Bank's decision shall be issued within sixty (60) days
after the appeal is filed, except that the Bank may extend the period of time
for making a determination with respect to any claim for a period of up to sixty
(60) days, provided that the Bank determines that such an extension is necessary
because of special circumstances and notifies the Claimant, prior to the
expiration of the initial sixty (60) day period, of the circumstances requiring
the extension of time and the date by which the Plan expects to render a
decision.

         The Bank may designate any other person of its choosing to make any
determination otherwise required under this Article. Any person so designated
shall have the same authority and discretion granted to the Bank hereunder.

         A claimant whose appeal has been denied under this Section 14 shall
have the right to submit said claim to final and binding arbitration pursuant to
the rules of the American Arbitration Association in the state of Governing Law
as provided for in Section 11 herein above. Any such requests for arbitration
must be filed by written demand to the American Arbitration Association within
sixty (60) days after receipt of the decision regarding the appeal. The costs
and expenses of arbitration, including the fees of the arbitrators, shall be
borne by the losing party. The prevailing party shall recover as expenses all
reasonable attorneys' fees incurred by it in connection with the arbitration
proceeding or any appeals therefrom.

                                                                               4

<PAGE>

         If a Claimant brings a lawsuit for benefits hereunder, to enforce any
right hereunder or for other relief arising out of the terms of the Plan, the
costs and expenses of litigation by any party shall be borne by the losing
party. The prevailing party shall recover as expenses all reasonable attorney's
fees incurred by it in connection with the proceedings or any appeals therefrom.

         IN WlTNESS WHEREOF, the parties have signed this Agreement as of the
day and year first above written.

                                    EMPLOYER:

                                    PRUDENTIAL SAVINGS BANK

                                    By:
                                        ----------------------------------------
                                    Title:
                                           -------------------------------------

                                    EMPLOYEE:

                                    Signature:
                                                 -------------------------------

                                    --------------------------------------------
                                    Name of Employee

                                                                               5

<PAGE>

                             PRUDENTIAL SAVINGS BANK
                          ENDORSEMENT SPLIT DOLLAR PLAN
            BENEFICIARY DESIGNATION AND LIMITED ASSIGNMENT OF RIGHTS

OWNER:   PRUDENTIAL SAVINGS BANK, and its successors and assigns
         -------------------------------------------------------
         (EMPLOYER)

ENDORSEE:                        , and his/her successors and assigns (Employee)
          -----------------------------------------------------------

INSURER:
         -----------------------------------------------------

POLICY No.:
                  ------------------

INSURED:                    (Employee)
         ------------------

In consideration of the PRUDENTIAL SAVINGS BANK Endorsement Split Dollar Life
Insurance Agreement (the "Agreement") entered into between the above named Owner
and Endorsee, Owner and Endorsee agree as follows:

The above numbered Policy is subject to an Endorsement Split Dollar Plan
Beneficiary Designation and Limited Assignment of Rights (the "Endorsement
Plan") as referenced in the Agreement and specified herein, and shall be subject
to all terms and conditions of the Policy and to all liens, if any, which the
Insurer may have against the Policy.

         I.       PURPOSE:

                  This Endorsement Plan grants the Endorsee a right to name a
                  beneficiary of death proceeds, in an amount specified below,
                  and does not give the Endorsee any other rights.

         II.      BENEFICIARIES:

                  Endorsee's beneficiary designated for a fixed amount; Owner
                  designated for the remaining proceeds.

                  (a)  The Insured's designated beneficiary(ies), shall be
                       entitled to an aggregate amount, derived from all
                       Policies subject to the Agreement, equal to [2 -
                       JOSEPH CORRATO AND DAVID KRAUTER] [1 - THOMAS VENTO]
                       times the Employee's base salary, determined as of
                       the date of death. The aforementioned amount shall be
                       derived from the cumulative net amount at risk
                       insurance portion of death benefit proceeds from all
                       Employer owned life insurance policy(ies) on the life
                       of the Endorsee, subject to the above referenced
                       Agreement. In no event shall the Endorsee's
                       distributable benefit exceed [2 - JOSEPH CORRATO AND
                       DAVID KRAUTER] [1 - THOMAS VENTO] times the
                       Employee's base salary determined as of the date
                       death.

                  (b)  In the event that the net amount at risk insurance
                       portion of the proceeds is not sufficient to fully
                       cover the amount defined in Paragraph II(a) above,
                       the Insured's beneficiary(ies) shall only be entitled
                       to the remaining net amount at risk insurance portion
                       which does exist in the Policy. The net amount at
                       risk insurance portion is the total death benefit
                       proceeds less the cash value of the Policy.

<PAGE>

                  (c)  The Bank shall be entitled to the remainder of such
                       death benefit proceeds.

         III      AGREEMENT:

                  The undersigned hereby agree that the Insurer may rely on the
                  Owner's written statement of the amount due to be paid to the
                  beneficiaries upon the death of the Insured. Upon payment of
                  the death proceeds based on such statement, the Insurer shall
                  be fully released under the Policy and the respective
                  beneficiaries shall indemnify the Insurer to that effect. If
                  the Insurer is made, or elects to become, a party to any
                  litigation concerning the proper apportionment of the net
                  death proceeds, the Insurer's litigation expenses, including
                  attorney fees, shall be deducted from the net death proceeds.
                  This Endorsement Plan shall be binding upon the parties and
                  their successors, heirs, assigns, devisees, personal
                  representatives and other legal representatives. The Insurer
                  will not be liable for any action it takes before this
                  Endorsement Plan is received and acknowledged at the Insurer's
                  Home Office. In the event of any conflict between this
                  Endorsement Plan and the terms in the Agreement, the Agreement
                  shall prevail.

         IV       ENDORSEE'S DESIGNATION OF BENEFICIARY:

                  The Endorsee, subject to the rights of the Owner as stated
                  above and in the Agreement, designates the following as the
                  primary and contingent beneficiaries of the proceeds described
                  in Section II above. The beneficiaries designated by the
                  Endorsee are revocable and the identity of the Beneficiaries
                  may be changed upon Endorsee's signature alone.

Primary Beneficiary(ies) are:

<TABLE>
<CAPTION>

<S>         <C>                       <C>             <C>                  <C>
FULL NAME   RELATIONSHIP TO INSURED   DATE OF BIRTH   SOCIAL SECURITY #    % OF BENEFITS
---------   -----------------------   -------------   -----------------    -------------

----------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------

</TABLE>

If no primary beneficiary survives the Insured, CONTINGENT BENEFICIARY(IES) are:

<TABLE>
<CAPTION>

<S>         <C>                       <C>             <C>                  <C>
FULL NAME   RELATIONSHIP TO INSURED   DATE OF BIRTH   SOCIAL SECURITY #    % OF BENEFITS
---------   -----------------------   -------------   -----------------    -------------

----------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------

</TABLE>

If there is no living beneficiary at the death of the Insured, then the proceeds
described in Section II will be paid to Endorsee or Endorsee's estate.

Signed this                 day of                            , 2006
            ---------------        ---------------------------

                                                                               2

<PAGE>

If signing for an entity, the undersigned represents that s/he has the authority
to bind the entity.

Prudential Savings Bank
---------------------------------------------------------------
OWNER - PRINT ENTITY OR INDIVIDUAL OWNER

---------------------------------------------------------------
SIGNATURE OF OWNER - AND IF ENTITY PRINT TITLE OF AUTHORIZED SIGNOR

1834 W. Oregon Avenue, Philadelphia, Pennsylvania 19145
---------------------------------------------------------------
ADDRESS

---------------------------------------------------------------
ENDORSEE - PRINT NAME

---------------------------------------------------------------
SIGNATURE OF ENDORSEE

---------------------------------------------------------------
ADDRESS OF ENDORSEE

---------------------------------------------------------------

                                                                               3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}]]