Document:

EXHIBIT 4.0

 Exhibit 4.0 
  

			
	COMMON STOCK	  	COMMON STOCK
	CERTIFICATE NO.     	  	SEE REVERSE FOR CERTAIN DEFINITIONS
		  	CUSIP                     

 BENEFICIAL BANCORP, INC. 

INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND 
  

					
	THIS CERTIFIES THAT	  	[SPECIMEN]	  	

 is the owner of: 

FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK, 

$0.01 PAR VALUE PER SHARE, OF BENEFICIAL BANCORP, INC. 

The shares represented by this certificate are transferable only on the stock transfer books of Beneficial Bancorp, Inc. (the
“Company”) by the holder of record hereof, or by his duly authorized attorney or legal representative, upon the surrender of this certificate properly endorsed. This certificate and the shares represented hereby are issued and shall be
held subject to all the provisions of the Articles of Incorporation of the Company and any amendments thereto (copies of which are on file with the Corporate Secretary of the Company), to all of which provisions the holder by acceptance hereof,
assents. This certificate is not valid until countersigned and registered by the Company’s Transfer Agent and Registrar. 
 The
shares evidenced by this certificate are not of an insurable type and are not insured by the Federal Deposit Insurance Corporation. 

IN WITNESS WHEREOF, BENEFICIAL BANCORP, INC. has caused this certificate to be executed by the facsimile signatures of its duly
authorized officers and has caused a facsimile of its corporate seal to be hereunto affixed. 
  

							
	Dated:	 	  
	 		  	[SEAL]

  

					
	  
	 		  	  

	President and Chief Executive Officer	 		  	Corporate Secretary

 The shares represented by this certificate are subject to a limitation contained in the Articles
of Incorporation to the effect that in no event shall any record owner of any outstanding common stock which is beneficially owned, directly or indirectly, by a person who beneficially owns in excess of 10% of the outstanding shares of common stock
(the “Limit”) be entitled or permitted to any vote in respect of shares held in excess of the Limit. 
 The Board of Directors of
the Company is authorized by resolution(s), from time to time adopted, to provide for the issuance of serial preferred stock in series and to fix and state the voting powers, designations, preferences and relative, participating, optional, or other
special rights of the shares of each such series and the qualifications, limitations and restrictions thereof. The Company will furnish to any shareholder upon request and without charge a full description of each class of stock and any series
thereof. 
 The shares represented by this Certificate may not be cumulatively voted on any matter. 

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

 

 TEN COM - as tenants in common 

TEN ENT - as tenants by the entireties 
  

			
	JT TEN -	 	as joint tenants with right of survivorship and not as tenants in common

 

							
	UNIF GIFTS MIN ACT - 	  	                    	  	custodian	  	                    
		  	(Cust)	  		  	(Minor)

			
	under Uniform Gifts to Minors Act	  	  

		  	(State)

 
 

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

For value received                      hereby sell,
assign and transfer unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFICATION NUMBER OF ASSIGNEE 
  

 
 Please print or typewrite name and address including
postal zip code of assignee. 

                          
               shares of the common stock represented by this certificate and do hereby irrevocably constitute and appoint
                                        ,
attorney, to transfer the said stock on the books of the within-named corporation 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 certificate in every particular without alteration or enlargement or any change whatever.

  

					
	SIGNATURE GUARANTEED:	  	  
	  	
		  	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION, (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO
S.E.C. RULE 17Ad-15EXHIBIT 10.1

 Exhibit 10.1 

FORM OF 
 PROMISSORY
NOTE 
 FOR VALUE RECEIVED, the undersigned, BENEFICIAL MUTUAL SAVINGS BANK EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
TRUST (the “Borrower”), hereby promises to pay to the order of BENEFICIAL BANCORP, INC. (the “Lender”) up to $         payable in accordance with the Loan Agreement made and
entered into between the Borrower and the Lender of even date herewith (the “Loan Agreement”) pursuant to which this Promissory Note is issued. 

The Principal Amount of this Promissory Note shall be payable in accordance with the schedule attached hereto (“Schedule I”), which
sets for the principal and interest payments due pursuant to this Promissory Note. 
 This Promissory Note shall bear interest at the rate
per annum set forth or established under the Loan Agreement, such interest to be payable in accordance with Schedule I. 
 Anything herein
to the contrary notwithstanding, the obligation of the Borrower to make payments of interest shall be subject to the limitation that payments of interest shall not be required to be made to the Lender to the extent that the Lender’s receipt
thereof would not be permissible under the law or laws applicable to the Lender limiting rates on interest that may be charged or collected by the Lender. Any such payments on interest that are not made as a result of the limitation referred to in
the preceding sentence shall be made by the Borrower to the Lender on the earliest interest payment date or dates on which the receipt thereof would be permissible under the laws applicable to the Lender limiting rates of interest that may be
charged or collected by the Lender. Such deferred interest shall not bear interest. 
 Payments of both principal and interest on this
Promissory Note are to be made at the principal office of the Lender or such other place as the holder hereof shall designate to the Borrower in writing, in lawful money of the United States of America in immediately available funds. 

Failure to make any payments of principal on this Promissory Note when due, or failure to make any payment of interest on this Promissory Note
not later than five (5) Business Days after the date when due, shall constitute a default hereunder, whereupon the principal amount of accrued interest on this Promissory Note shall immediately become due and payable in accordance with the
terms of the Loan Agreement. 
 This Promissory Note is secured by a Pledge Agreement between the Borrower and the Lender of even date
herewith and is entitled to the benefits thereof. 
  

	
	 BENEFICIAL MUTUAL SAVINGS BANK

EMPLOYEE SAVINGS AND STOCK OWNERSHIP

PLAN TRUST
  

 

	 Duly Authorized Trust Officer of Pentegra Trust Company

 FORM OF 

LOAN AGREEMENT 

THIS LOAN AGREEMENT (“Loan Agreement”) is made and entered into as of the
             day of                     , 20     by and between
the BENEFICIAL MUTUAL SAVINGS BANK EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN TRUST (“Borrower”), a trust forming part of the Beneficial Mutual Savings Bank Employee Savings and Stock Ownership Plan, as amended and restated
(“KSOP”); and BENEFICIAL BANCORP, INC. (the “Lender”), a corporation organized and existing under the laws of the State of Maryland. 

W I T N E S S E T H 

WHEREAS, the Borrower is authorized to purchase shares of common stock of Beneficial Bancorp, Inc. (“Common Stock”), either
directly from Beneficial Bancorp, Inc. or in open market purchases in an amount not to exceed             shares of Common Stock. 

WHEREAS, the Borrower is authorized to borrow funds from the Lender for the purpose of financing authorized purchases of Common Stock;
and 
 WHEREAS, the Lender is willing to make a loan to the Borrower for such purpose. 

NOW, THEREFORE, the parties agree hereto as follows: 

ARTICLE I 

DEFINITIONS 
 The
following definitions shall apply for purposes of this Loan Agreement, except to the extent that a different meaning is plainly indicated by the context: 

Business Day means any day other than a Saturday, Sunday or other day on which banks are authorized or required to close under
federal or local law or regulation. 
 Code means the Internal Revenue Code of 1986, as amended (including the corresponding
provisions of any succeeding law). 
 Default means an event or condition that would constitute an Event of Default. The
determination as to whether an event or condition would constitute an Event of Default shall be determined without regard to any applicable requirements of notice or lapse of time. 

ERISA means the Employee Retirement Income Security Act of 1974, as amended (including the corresponding provisions of any
succeeding law). 
 Event of Default means an event or condition described in Article 5. 

Loan means the loan described in section 2.1. 

Loan Documents means, collectively, the Loan Agreement, the Promissory Note and the Pledge Agreement and all other documents now
or hereafter executed and delivered in connection with such documents, including all amendments, modifications and supplements of or to all such documents. 

 Pledge Agreement means the agreement described in section 2.8(a). 

Principal Amount means the face amount of the Promissory Note, determined as set forth in section 2.1(c). 

Promissory Note means the promissory note described in section 2.3. 

Register means the register described in section 2.9. 

ARTICLE II 
 THE
LOAN; PRINCIPAL AMOUNT; 
 INTEREST; SECURITY; INDEMNIFICATION 

Section 2.1 The Loan; Principal Amount. 

(a) The Lender hereby agrees to lend to the Borrower such amount, and at such time, as shall be determined under this section 2.1;
provided, however, that in no event shall the aggregate amount lent under this Loan Agreement from time to time exceed the greater of (i) $         or (ii) the aggregate amount paid by the Borrower
to purchase up to              shares of Common Stock. 
 (b) Subject to the
limitations of Section 2.1(a), the Borrower shall determine the amounts borrowed under this Agreement, and the time at which such borrowings are affected. Each such determination shall be evidenced in a writing that shall set forth the amount
to be borrowed and the date on which the Lender shall disburse such amount, and such writing shall be furnished to the Lender by notice from the Borrower. The Lender shall disburse to the Borrower the amount specified in each such notice on the date
specified therein or, if later, as promptly as practicable following the Lender’s receipt of such notice; provided, however, that the Lender shall have no obligation to disburse funds pursuant to this Agreement following the occurrence of a
Default or an Event of Default until such time as such Default or Event of Default shall have been cured. 
 (c) For all purposes of this
Loan Agreement, the Principal Amount on any date shall be equal to the excess, if any, of: 
  

	 	(i)	the aggregate amount disbursed by the Lender pursuant to section 2.1(b) on or before such date; over 

  

	 	(ii)	the aggregate amount of any repayments of such amounts made before such date. 

 The Lender shall maintain on
the Register a record of, and shall record in the Promissory Note, the Principal Amount, any changes in the Principal Amount and the effective date of any changes in the Principal Amount. 

Section 2.2 Interest. 

(a) The Borrower shall pay to the Lender interest on the Principal Amount, for the period commencing with the first disbursement of funds
under this Loan Agreement and 

  
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continuing until the Principal Amount shall be paid in full, at the rate of              percent (    %) per
annum. Interest payable under this Agreement shall be computed on the basis of a year of 365 days and actual days elapsed (including the first day but excluding the last) occurring during the period to which the computation relates. 

(b) Accrued interest on the Principal Amount shall be payable by the Borrower on the dates set forth in Schedule I to the Promissory Note. All
interest on the Principal Amount shall be paid by the Borrower in immediately available funds. 
 (c) Anything in the Loan Agreement or the
Promissory Note to the contrary notwithstanding, the obligation of the Borrower to make payments of interest shall be subject to the limitation that payments of interest shall not be required to be made to the Lender to the extent that the
Lender’s receipt thereof would not be permissible under the law or laws applicable to the Lender limiting rates of interest that may be charged or collected by the Lender. Any such payment referred to in the preceding sentence shall be made by
the Borrower to the Lender on the earliest interest payment date or dates on which the receipt thereof would be permissible under the laws applicable to the Lender limiting rates of interest that may be charged or collected by the Lender. Such
deferred interest shall not bear interest. 
 Section 2.3 Promissory Note. 

The Loan shall be evidenced by the Promissory Note of the Borrower attached hereto as an exhibit payable to the order of the lender in the
Principal Amount and otherwise duly completed. 
 Section 2.4 Payment of Trust Loan. 

The Principal Amount of the Loan shall be repaid in accordance with Schedule I to the Promissory Note on the dates specified therein until
fully paid. 
 Section 2.5 Prepayment. 

The Borrower shall be entitled to prepay the Loan in whole or in part, at any time and from time to time; provided, however, that the Borrower
shall give notice to the Lender of any such prepayment; and provided, further, that any partial prepayment of the Loan shall be in an amount not less than $1,000. Any such prepayment shall be: (a) permanent and irrevocable; (b) accompanied
by all accrued interest through the date of such prepayment; (c) made without premium or penalty; and (d) applied on the inverse order of the maturity of the installment thereof unless the Lender and the Borrower agree to apply such
prepayments in some other order. 
 Section 2.6 Method of Payments. 

(a) All payments of principal and interest payable hereunder shall be made in lawful money of the United States, in immediately available
funds, to the Lender at the address specified in or pursuant to this Loan Agreement for notices to the Lender (Section 6.7(b)), on the date on which such payment shall become due. Any such payment made on such date but after such time shall, if the
amount paid bears interest, and except as expressly provided to the contrary herein, be deemed to have been made on, and interest shall continue to accrue and be payable thereon until, the next succeeding Business Day. If any payment of principal or
interest becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day, and when paid, such payment shall include interest to the day on which payment is in fact made. 

  
 3 

 (b) Notwithstanding anything to the contrary contained in this Loan Agreement or the Promissory
Note, the Borrower shall not be obligated to make any payment, repayment or prepayment on the Promissory Note if doing so would cause the Borrower to cease to be a tax exempt trust under section 501(a) of the Code or if such act or failure to act
would cause the Borrower to engage in any “prohibited transaction” as such term is defined in the section 4975(c) of the Code and the regulations promulgated thereunder which is not exempted by section 4975(c)(2) or (d) of the Code
and the regulations promulgated thereunder or in section 406 of ERISA and the regulations promulgated thereunder which is not exempted by section 408(b) of ERISA and the regulations promulgated thereunder; provided, however, that in each case, the
Borrower, may act or refrain from acting pursuant to this section 2.6(b) on the basis of an opinion of counsel, and any opinion of such counsel. The Borrower may consult with counsel, and any opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such opinion of counsel. Nothing contained in this section 2.6(b) shall be construed as imposing a duty on the
Borrower to consult with counsel. Any obligation of the Borrower to make any payment, repayment or prepayment on the Promissory Note or refrain from taking any other act hereunder or under the Promissory Note which is excused pursuant to this
section 2.6(b) shall be considered a binding obligation of the Borrower, or both, as the case may be, for the purposes of determining whether a Default or Event of Default has occurred hereunder or under the Promissory Note and nothing in this
section 2.6(b) shall be construed as providing a defense to any remedies otherwise available upon a Default or an Event of Default hereunder (other than the remedy of specific performance). 

Section 2.7 Use of Proceeds of Loan. 

The entire proceeds of the Loan shall be used solely for acquiring shares of Common Stock, and for no other purpose whatsoever. 

Section 2.8 Security. 

(a) In order to secure the due payment and performance by the Borrower of all of its obligations under this Loan Agreement, simultaneously
with the execution and delivery of this Loan Agreement by the Borrower, the Borrower shall: 
  

	 	(i)	pledge to the Lender as Collateral (as defined in the Pledge Agreement), and grant to the Lender a first priority lien on and security interest in, the Common Stock purchased with the Principal Amount, by the execution
and delivery to the lender of the Pledge Agreement attached hereto as an exhibit; and 

  

	 	(ii)	execute and deliver, or cause to be executed and delivered, such other agreement, instruments and documents as the Lender may reasonably require in order to effect the purposes of the Pledge Agreement and this Loan
Agreement. 

 (b) The Lender shall release from encumbrance under the Pledge Agreement and transfer to the Borrower, as of the
date on which any payment or repayment of the Principal Amount is made, a number of shares of Common Stock held as Collateral determined pursuant to the applicable provisions of the KSOP. 

Section 2.9 Registration of the Promissory Note. 

(a) The Lender shall maintain a Register providing for the registration of the Principal Amount and any stated interest and of transfer and
exchange of the Promissory Note. 

  
 4 

 
Transfer of the Promissory Note may be effected only by the surrender of the old instrument and either the reissuance by the Borrower of the old instrument to the new holder or the issuance by
the Borrower of a new instrument to the new holder. The old Promissory Note so surrendered shall be canceled by the Lender and returned to the Borrower after such cancellation. 

(b) Any new Promissory Note issued pursuant to section 2.9(a) shall carry the same rights to interest (unpaid and to accrue) carried by the
Promissory Note so transferred or exchanged so that there will not be any loss or gain of interest on the note surrender. Such new Promissory Note shall be subject to all of the provisions and entitled to all of the benefits of this Agreement. Prior
to due presentment for registration or transfer, the Borrower may deem and treat the registered holder of any Promissory Note as the holder thereof for purposes of payment and other purposes. A notation shall be made on each new Promissory Note of
the amount of all payments of principal and interest theretofore paid. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE BORROWER 

The Borrower hereby represents and warrants to the Lender as follows: 

Section 3.1 Power, Authority, Consents. 

The Borrower has the power to execute, deliver and perform this Loan Agreement, the Promissory Note and Pledge Agreement, all of which have
been duly authorized by all necessary and proper corporate or other action. 
 Section 3.2 Due Execution, Validity,
Enforceability. 
 Each of the Loan Documents, including, without limitation, this Loan Agreement, the Promissory Note and the
Pledge Agreement, has been duly executed and delivered by the Borrower; and each constitutes the valid and legally binding obligation of the Borrower, enforceable in accordance with its terms. 

Section 3.3 Properties, Priority of Liens. 

The liens which have been created and granted by the Pledge Agreement constitute valid, first liens on the properties and assets covered by
the Pledge Agreement, subject to no prior or equal lien. 
 Section 3.4 No Defaults, Compliance with Laws. 

The Borrower is not in default in any material respect under any agreement, ordinance, resolution, decree, bond, note, indenture, order or
judgment to which it is a party or by which it is bound, or any other agreement or other instrument by which any of the properties or assets owned by it is materially affected. 

Section 3.5 Purchase of Common Stock. 

Upon consummation of any purchase of Common Stock by the Borrower with the proceeds of the Loan, the Borrower shall acquire valid, legal and
marketable title to all of the Common Stock so purchased, free and clear of any liens, other than a pledge to the Lender of the Common Stock so purchased pursuant to the Pledge Agreement. Neither the execution and delivery of the Loan Documents nor
the performance of any obligation thereunder violates any 

  
 5 

 
provisions of law or conflicts with or results in a breach of or creates (with or without the giving of notice of lapse of time, or both) a default under any agreement to which the Borrower is a
party or by which it is bound or any of its properties is affected. No consent of any federal, state, or local governmental authority, agency, or other regulatory body, the absence of which could have a materially adverse effect on the Borrower or
the Trustee, is or was required to be obtained in connection with the execution, delivery, or performance of the Loan Documents and the transaction contemplated therein or in connection therewith, including without limitation, with respect to the
transfer of the shares of Common Stock purchased with the proceeds of the Loan pursuant thereto. 
 Section 3.6 KSOP;
Contributions. 
 The KSOP provides that the KSOP sponsor may make contributions to the KSOP in an amount necessary to enable the
Trustee to amortize the Loan in accordance with the terms of the Promissory Note; provided, however, that no such contributions shall be required if they would adversely affect the qualification of the KSOP under section 401(a) of the Code. 

Section 3.7 Trustee. 

The trustee of the KSOP has been duly appointed by the KSOP sponsor. 

Section 3.8 Compliance with Laws; Actions. 

Neither the execution and delivery by the Borrower of this Loan Agreement or any instruments required thereby, nor compliance with the terms
and provisions of any such documents by the lender, constitutes a violation of any provision of any law or any regulation, order, writ, injunction or decree of any court or governmental instrumentality, or an event of default under any agreement, to
which the Borrower is a party, to which the Borrower is bound or to which the Borrower is subject, which violation or event of default would have a material adverse effect on the Borrower. There is no action or proceeding pending or threatened
against either the KSOP or the Borrower before any court or administrative agency. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE LENDER 

The Lender hereby represents and warrants to the Borrower as follows: 

Section 4.1 Power, Authority, Consents. 

The Lender has the power to execute, deliver and perform this Loan Agreement, the Pledge Agreement and all documents executed by the Lender in
connection with the Loan, all of which have been duly authorized by all necessary and proper corporate or other action. No consent, authorization or approval or other action by any governmental authority or regulatory body, and no notice by the
Lender to, or filing by the Lender with, any governmental authority or regulatory body is required for the due execution, delivery and performance of this Loan Agreement. 

Section 4.2 Due Execution, Validity, Enforceability. 

This Loan Agreement and the Pledge Agreement have been duly executed and delivered by the Lender, and each constitutes a valid and legally
binding obligation of the Lender, enforceable in accordance with its terms. 

  
 6 

 ARTICLE V 

EVENTS OF DEFAULT 

Section 5.1 Events of Default under Loan Agreement. 

Each of the following events shall constitute an “Event of Default” hereunder: 

(a) Failure to make any payment or mandatory prepayment of principal of the Promissory Note when due, or failure to make any payment of
interest on the Promissory Note not later than five (5) Business Days after the date when due. 
 (b) Failure by the Borrower to
perform or observe any term, condition or covenant of this Loan Agreement or of any of the other Loan Documents, including, without limitation, the Promissory Note and the Pledge Agreement. 

(c) Any representation or warranty made in writing to the Lender in any of the Loan Documents, or any certificate, statement or report made or
delivered in compliance with this Loan Agreement, shall have been false or misleading in any material respect when made or delivered. 

Section 5.2 Lender’s Rights upon Event of Default. 

If an Event of Default under this Loan Agreement shall occur and be continuing, the Lender shall have no rights to assets of the Borrower
other than: (a) contributions (other than contributions of Common Stock) that are made by the KSOP sponsor to enable the Borrower to meet its obligations pursuant to this Loan Agreement and earnings attributable to the investment of such
contributions and (b) “Eligible Collateral” (as defined in the Pledge Agreement); provided, however, that: (i) the value of the Borrower’s assets transferred to the Lender following an Event of Default in satisfaction of the
due and unpaid amount of the Loan shall not exceed the amount in default; (ii) the Borrower’s assets shall be transferred to the Lender following an Event of Default only to the extent of the failure of the Borrower to meet the payment
schedule of the Loan; and (iii) all rights of the Lender to the Common Stock purchased with the proceeds of the Loan covered by the Pledge Agreement following an Event of Default shall be governed by the terms of the Pledge Agreement. 

ARTICLE VI 

MISCELLANEOUS PROVISIONS 

Section 6.1 RESERVED 

Section 6.2 Payments. 

All payments hereunder and under the Promissory Note shall be made without set-off or counterclaim and in such amounts as may be necessary in
order that all such payments shall not be less than the amounts otherwise specified to be paid under this Loan Agreement and the Promissory Note, subject to any applicable tax withholding requirements. Upon payment in full of the Promissory Note,
the Lender shall mark such Promissory Note “Paid” and return it to the Borrower. 

  
 7 

 Section 6.3 Survival. 

All agreements, representations and warranties made herein shall survive the delivery of this Loan Agreement and the Promissory Note. 

Section 6.4 Modifications, Consents and Waivers; Entire Agreement. 

No modification, amendment or waiver of or with respect to any provision of this Loan Agreement, the Promissory Note, the Pledge Agreement, or
any of the other Loan Documents, nor consent to any departure from any of the terms or conditions thereof, shall in any event be effective unless it shall be in writing and signed by the party against whom enforcement thereof is sought. Any such
waiver or consent shall be effective only in the specific instance and for the purpose for which given. No consent to or demand on a party in any case shall, of itself, entitle it to any other or further notice or demand in similar or other
circumstances. This Loan Agreement embodies the entire agreement and understanding between the Lender and the Borrower and supersedes all prior agreements and understandings relating to the subject matter hereof. 

Section 6.5 Remedies Cumulative. 

Each and every right granted to the Lender hereunder or under any other document delivered hereunder or in connection herewith, or allowed it
by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of the Lender or the holder of the Promissory Note to exercise, and no delay in exercising, any right shall operate as a waiver thereof, nor shall
any single or partial exercise of any right preclude any other or future exercise thereof or the exercise of any other right. The due payment and performance of the obligations under the Loan Documents shall be without regard to any counterclaim,
right of offset or any other claim whatsoever which the Borrower may have against the Lender and without regard to any other obligation of any nature whatsoever which the Lender may have to the Borrower, and no such counterclaim or offset shall be
asserted by the Borrower in any action, suit or proceeding instituted by the Lender for payment or performance of such obligations. 

Section 6.6 Further Assurances; Compliance with Covenants. 

At any time and from time to time, upon the request of the Lender, the Borrower shall execute, deliver and acknowledge or cause to be
executed, delivered and acknowledged, such further documents and instruments and do such other acts and things as the Lender may reasonably request in order to fully effect the terms of this Loan Agreement, the Promissory Note, the Pledge Agreement,
the other Loan Documents and any other agreements, instruments and documents delivered pursuant hereto or in connection with the Loan. 

Section 6.7 Notices. 

Except as otherwise specifically provided for herein, all notice, requests, reports and other communications pursuant to this Loan Agreement
shall be in writing, either by letter (delivered by hand or commercial messenger service or sent by registered or certified mail, return receipt requested, except for routine reports delivered in compliance with Article VI hereof which may be sent
by ordinary first-class mail) or telex or telecopier addressed as follows: 
  

	 	(a)	If to the Borrower: 

 Beneficial Mutual Savings Bank 

Employee Stock Ownership Plan Trust 

c/o Pentegra Trust Company 

  
 8 

	 	(b)	If to the Lender: 

 Beneficial Bancorp, Inc. 

1818 Market Street 
 Philadelphia,
Pennsylvania 19103 
 Attn: Gerard P. Cuddy 

Any notice, request or communication hereunder shall be deemed to have been given on the day on which it is delivered by hand or by commercial messenger
service, or sent by telex or telecopier, to such party at its address specified above, or, if sent by mail, on the third Business Day after the day deposited in the mail, postage prepaid, addressed as aforesaid. Any party may change the person or
address to whom or which notices are to be given hereunder, by notice duly given hereunder; provided, however, that any such notice shall be deemed to have been given only when actually received by the party to whom it is addressed. 

Section 6.8 Counterparts. 

This Loan Agreement may be signed in any number of counterparts which, when taken together, shall constitute one and the same document. 

Section 6.9 Construction; Governing Law. 

The headings used in the table of contents and in this Loan Agreement are for convenience only and shall not be deemed to constitute a part
hereof. All uses herein of any gender or of singular or plural terms shall be deemed to include uses of the other genders or plural or singular terms, as the context may require. All references in this Loan Agreement of an Article or section shall
be to an Article or section of this Loan Agreement, unless otherwise specified. This Loan Agreement, the Promissory Note, the Pledge Agreement and the other Loan Documents shall be governed by, and construed and interpreted in accordance with, the
laws of the Commonwealth of Pennsylvania. 
 Section 6.10 Severability. 

Wherever possible, each provision of this Loan Agreement shall be interpreted in such manner as to be effective and valid under applicable
law; however, the provisions of this Loan Agreement are severable, and if any clause or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such
clause or provision, or part thereof, in such jurisdiction and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provisions in this Loan Agreement in any jurisdiction. Each of the covenants,
agreements and conditions contained in this Loan Agreement are independent, and compliance by a party with any of them shall not excuse non-compliance by such party with any other. The Borrower shall not take any action the effect of which shall
constitute a breach or violation of any provision of this Loan Agreement. 
 Section 6.11 Binding Effect: No Assignment or
Delegation. 
 This Loan Agreement shall be binding upon and inure to the benefit of the Borrower and its successors and the Lender
and its successors and assigns. The rights and obligations of the Borrower under this Agreement shall not be assigned or delegated without the prior written consent of the Lender, and any purported assignment or delegation without such consent shall
be void. 

  
 9 

 IN WITNESS WHEREOF, the parties have caused this Loan Agreement to be executed as of the date
first written above. 
  

			
	 BENEFICIAL MUTUAL SAVINGS BANK

EMPLOYEE SAVINGS AND STOCK OWNERSHIP

PLAN TRUST
  

 

	 Duly Authorized Trust Officer for Pentegra Trust Company

	
	 BENEFICIAL BANCORP, INC., AS LENDER

		
	 By:
	 	  

		 	 Gerard P. Cuddy

		 	 President and Chief Executive Officer

  
 10 

 FORM OF 

PLEDGE AGREEMENT 

THIS PLEDGE AGREEMENT (“Pledge Agreement”) is made as of the
             day of                     , 20    , by and between the
BENEFICIAL MUTUAL SAVINGS BANK EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN TRUST (“Pledgor”), and BENEFICIAL BANCORP, INC. (“Pledgee”). 

W I T N E S S E T H 

WHEREAS, this Pledge Agreement is being executed and delivered to the Pledgee pursuant to the terms of a Loan Agreement (“Loan
Agreement”), by and between the Pledgor and the Pledgee; 
 NOW, THEREFORE, in consideration of the mutual agreements contained
herein and in the Loan Agreement, the parties hereto do hereby covenant and agree as follows: 
 Section 1. Definitions.
The following definitions shall apply for purposes of this Pledge Agreement, except to the extent that a different meaning is plainly indicated by the context; all capitalized terms used but not defined herein shall have the respective meanings
assigned to them in the Loan Agreement: 
 Collateral shall mean the Pledged Shares and, subject to section 5 hereof, and to
the extent permitted by applicable law, all rights with respect thereto, and all proceeds of such Pledged Shares and rights. 

KSOP shall mean the Beneficial Mutual Savings Bank Employee Savings and Stock Ownership Plan, as amended. 

Event of Default shall mean an event so defined in the Loan Agreement. 

Liabilities shall mean all the obligations of the Pledgor to the Pledgee under the Loan Agreement and the Promissory Note
entered into on                     , 20    , and any amendments thereto. 

Pledged Shares shall mean all the Shares of Common Stock of the Pledgee purchased by the Pledgor with the proceeds of the loan
made by the Pledgee to the Pledgor pursuant to the Loan Agreement, but excluding any such shares previously released pursuant to section 4. 

Section 2. Pledge. To secure the payment of and performance of all the Liabilities, the Pledgor hereby pledges to the
Pledgee, and grants to the Pledgee, a security interest in, and lien upon, the Collateral. 
 Section 3. Representations and
Warranties of the Pledgor. The Pledgor represents, warrants, and covenants to the Pledgee as follows: 
 (a) the execution, delivery
and performance of this Pledge Agreement and the pledging of the Collateral hereunder do not and will not conflict with, result in a violation of, or constitute a default under, any agreement binding upon the Pledgor; 

 (b) the Pledged Shares are and will continue to be owned by the Pledgor free and clear of any
liens or rights of any other person except the lien hereunder and under the Loan Agreement in favor of the Pledgee, and the security interest of the Pledgee in the Pledged Shares and the proceeds thereof is and will continue to be prior to and
senior to the rights of all others; 
 (c) this Pledge Agreement is the legal, valid, binding and enforceable obligation of the Pledgor in
accordance with its terms; 
 (d) the Pledgor shall, from time to time, upon request of the Pledgee, promptly deliver to the Pledgee such
stock powers, proxies, and similar documents, satisfactory in form and substance to the Pledgee, with respect to the Collateral as the Pledgee may reasonably request; and 

(e) subject to the first sentence of section 4(b), the Pledgor shall not, so long as any Liabilities are outstanding, sell, assign, exchange,
pledge or otherwise transfer or encumber any of its rights in and to any of the Collateral. 
 Section 4. Eligible
Collateral. 
 (a) As used herein the term “Eligible Collateral” shall mean the amount of Collateral which has an
aggregate fair market value equal to the amount by which the Pledgor is in default or such lesser amount of Collateral as may be required pursuant to section 13 of this Pledge Agreement. 

(b) The Pledged Shares shall be released from this Pledge Agreement in a manner conforming to the requirements of Treasury Regulations
Section 54.4975-7(b)(8), as the same may be from time to time amended or supplemented, and the applicable provisions of the KSOP. Subject to such Regulations, the Pledgee may from time to time, after any Default or Event of Default, and without
prior notice to the Pledgor, transfer all or any part of the Eligible Collateral in the name of the Pledgee or its nominee, without disclosing that such Eligible Collateral is subject to any rights of the Pledgor and may from time to time, whether
before or after any of the Liabilities shall become due and payable, without notice to the Pledgor, take all or any of the following actions: (i) notify the parties obligated on any of the Eligible Collateral to make payment to the Pledgee of
any amounts due or due to become due thereunder, (ii) release or exchange all or any part of the Eligible Collateral, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature
of any party with respect thereto, and (iii) take control of any proceeds of the Eligible Collateral. 
 Section 5.
Delivery. 
 (a) Unless otherwise determined by the parties, the Pledgor shall deliver to the Pledgee upon execution of this
Pledge Agreement (i) either (A) certificates for the Pledged Shares, each certificate duly signed in blank by the Pledgor or accompanied by a stock transfer power duly signed in blank by the Pledgor and each such certificate accompanied by
all required documentary or stock transfer tax stamps or (B) if the Trustee does not yet have possession of the Pledged Shares, an assignment by the Pledgor of all the Pledgor’s rights to and interest in the Pledged Shares and (ii) an
irrevocable proxy, in form and substance satisfactory to the Pledgee, signed by the Pledgor with respect to the Pledged Shares. 
 (b) So
long as no Default or Event of Default shall have occurred and be continuing, (i) the Pledgor shall be entitled to exercise any and all voting and other rights pertaining to the 

  
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Collateral or any part thereof for any purpose not inconsistent with the terms of this Pledge Agreement, and (ii) the Pledgor shall be entitled to receive any and all cash dividends or other
distributions paid in respect of the Collateral. 
 Section 6. Events of Default. 

(a) If a Default or Event Default shall be existing, in addition to the rights it may have under the Loan Agreement, the Promissory Note, and
this Pledge Agreement, or by virtue of any other instrument, (i) the Pledgee may exercise, with respect to the Eligible Collateral, from time to time, any rights and remedies available to it under the Uniform Commercial Code as in effect from
time to time in the Commonwealth of Pennsylvania or otherwise available to it and (ii) the Pledgee shall have the right, for and in the name, place and stead of the Pledgor, to execute endorsement, assignments, stock powers and other
instruments of conveyance or transfer with respect to all or any of the Eligible Collateral. Written notification of intended disposition of any of the Eligible Collateral shall be given by the Pledgee to the Pledgor at least three (3) Business
Days before such disposition. All rights and remedies of the Pledgee expressed hereunder are in addition to all other rights and remedies possessed by it, including, without limitation, those contained in the documents referred to in the definition
of Liabilities in section 1 hereof. 
 (b) In any sale of any of the Eligible Collateral after a Default or an Event of Default shall have
occurred, the Pledgee is hereby authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel if necessary in order to avoid violation of applicable law (including, without limitation,
compliance with such procedures as may restrict the number of prospective bidders and purchasers or further restrict such prospective bidders or purchasers to persons who will represent and agree that they are purchasing for their own account for
investment and not with a view to the distribution or resale of such Eligible Collateral), or in order to obtain such required approval of the sale or of the purchase by any governmental regulatory authority or official, and the Pledgor further
agrees that such compliance shall not result in such sale’s being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Pledgee be liable or accountable to the Pledgor for any discount allowed by reason
of the fact that such Eligible Collateral is sold in compliance with any such limitation or restriction. 
 Section 7. Payment in
Full. Upon the payment in full of all outstanding Liabilities, this Pledge Agreement shall terminate and the Pledgee shall forthwith assign, transfer and deliver to the Pledgor, against receipt and without recourse to the Pledgee, all
Collateral then held by the Pledgee pursuant to the Pledge Agreement. 
 Section 8. No Waiver. No failure or delay in the
part of the Pledgee in exercising any right or remedy hereunder or under any other document which confers or grants any rights to the Pledgee in respect of the Liabilities shall operate as a waiver thereof nor shall any single or partial exercise of
any such rights or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy of the Pledgee. 

Section 9. Binding Effect; No Assignment or Delegation. This Pledge Agreement shall be binding upon and inure to the
benefit of the Pledgor, the Pledgee and their respective successors and assigns, except that the Pledgor may not assign or transfer its rights hereunder without the prior written consent of the Pledgee (which consent shall not unreasonably be
withheld). Each duty or obligation of the Pledgor to the Pledgee pursuant to the provisions of this Pledge Agreement shall be performed in favor of any person or entity designated by the Pledgee, and any duty or obligation of the Pledgee to the
Pledgor may be performed by any other person or entity designated by the Pledgee. 

  
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 Section 10. Governing Law. This Pledge Agreement shall be governed by and
construed in accordance with the laws of the Commonwealth of Pennsylvania applicable to agreements to be performed wholly within the Commonwealth of Pennsylvania. 

Section 11. Notices. All notices, requests, instructions or documents hereunder shall be in writing and delivered
personally or sent by United States mail, registered or certified, return receipt requested, with proper postage prepaid as follows: 
  

	 	(a)	If to the Pledgee: 

	 	  	Beneficial Bancorp, Inc. 

	 	  	1818 Market Street 

	 	  	Philadelphia, Pennsylvania 19103 

  

	 	(b)	If to the Pledgor: 

	 	  	Beneficial Mutual Savings Bank Employee Savings and Stock Ownership 

	 	  	Plan, as amended and restated 

	 	  	c/o Pentegra Trust Company 

 or at such other address as either of the parties may designate by written notice
to the other party. If delivered personally, the date on which a notice, request, instruction or document is delivered shall be the date on which such delivery is made, and, if delivered by mail, the date on which such notice, request, instruction,
or document is deposited in the mail shall be the date of delivery. Each notice, request, instruction or document shall bear the date on which it is delivered. 

Section 12. Interpretation. Wherever possible each provision of this Pledge Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision herein shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder
of such provision or the remaining provisions hereof. 
 Section 13. Construction. All provisions hereof shall be
construed so as to maintain (a) that a portion of the KSOP is a qualified leveraged employee stock ownership plan under section 401(a) and 4975(e)(7) of the Internal Revenue Code of 1986 (the “Code”), (b) the Trust as exempt from
taxation under section 501(a) of the Code and (c) the Trust Loan as an exempt loan under section 54.4975-7(b) of the Treasury Regulations and as described in Department of Labor Regulation section 2550.408b-3. 

  
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 IN WITNESS WHEREOF, this Pledge Agreement has been duly executed by the parties hereto as of the
day and year first above written. 
  

			
	 BENEFICIAL MUTUAL SAVINGS BANK

EMPLOYEE SAVINGS AND STOCK OWNERSHIP

PLAN TRUST
  

 

	 Duly Authorized Trust Officer of Pentegra Trust Company

	
	 BENEFICIAL BANCORP, INC.

		
	 By:
	 	  

		 	 Gerard P. Cuddy

		 	 President and Chief Executive Officer

  
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