Document:

Exhibit 10.1(b)

     

    
      

    

     

    Exhibit
      10.1(b)

    

    

    

    

    

    

    

    TRUST
      AGREEMENT

    

    BETWEEN

    

    BENEFICIAL
      MUTUAL SAVINGS BANK

    

    AND

    

    [____________________________]

    

    FOR
      THE

    

    BENEFICIAL
      MUTUAL SAVINGS BANK

    EMPLOYEE
      STOCK OWNERSHIP PLAN TRUST

    

    

    

    Effective
      as of _______________, 2007

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    CONTENTS

    

    

    

    

    

    

    
      	 	 	
              Page
                No.

            
	 	 	 
	
              Section
                1

            	
              Creation
                of Trust

            	
              1

            
	 	 	 
	
              Section
                2

            	
              Investment
                of Trust Fund and Administrative Powers of the Trustee

            	
              2

            
	 	 	 
	
              Section
                3

            	
              Compensation
                and Indemnification of Trustee and Payment of Expenses and
                Taxes

            	
              7

            
	 	 	 
	
              Section
                4

            	
              Records
                and Valuation

            	
              8

            
	 	 	 
	
              Section
                5

            	
              Instructions
                from Committee

            	
              9

            
	 	 	 
	
              Section
                6

            	
              Change
                of Trustee

            	
              10

            
	 	 	 
	
              Section
                7

            	
              Miscellaneous

            	
              10

            

    

    

     

     

     

     

     

     

     

    
 

    
      
        
           

        

        
          i

          
            

          

        

        
           

        

      

    

    

     

    THIS
      TRUST AGREEMENT
      dated
_____________,
      2007
      BETWEEN,
      Beneficial Mutual Savings Bank,
      with its
      administrative office at 510
      Walnut Street, Philadelphia, Pennsylvania 19106
      (hereinafter called the “Company”), and
      [_____________________] with
      its
      administrative office at [______________________]
      (hereinafter called the “Trustee”).

    

    W
      I T N E S S E T H   T H A T:

    

    WHEREAS,
      the
      Company has approved and adopted an employee stock ownership plan for the
      benefit of its employees, the Beneficial
      Mutual Savings Bank Employee Stock Ownership Plan
      (hereinafter called the “Plan”); and

    

    WHEREAS,
      the
      Company has authorized the execution of this Trust Agreement and has appointed
      [_____________________]
      as
      Trustee of the Trust Fund created pursuant to the Plan; and

    

    WHEREAS,
      [_____________________]
      has
      agreed to act as Trustee and to hold and administer the assets of the Plan
      in
      accordance with the terms of this Trust Agreement.

    

    NOW,
      THEREFORE,
      the
      Company and the Trustee agree as follows:

    

    Section
      1. Creation
      of Trust

    

    1.1    Trustee [_____________________]
      shall
      serve as Trustee of the Trust Fund created in accordance with and in furtherance
      of the Plan, and shall serve as Trustee until their removal or resignation
      in
      accordance with Section 6.

    

    1.2    Trust
      Fund
      The
      Trustee hereby agrees to accept contributions from the Employer as defined
      in
      the Plan and amounts transferred from other qualified retirement plans from
      time
      to time in accordance with the terms of the Plan. All such property and
      contributions, together with income thereon and increments thereto, shall
      constitute the “Trust Fund” to be held in accordance with the terms of the Trust
      Agreement.

    

    1.3    Incorporation
      of Plan.
      An
      instrument entitled “Beneficial Mutual Savings Bank Employee Stock Ownership
      Plan” is incorporated herein by reference, and this Trust Agreement shall be
      interpreted consistently with that Plan. All words and phrases defined in that
      Plan shall have the same meaning when used in this Trust Agreement.

    

    1.4    Name.
      The
      name of this trust shall be “Beneficial Mutual Savings Bank Employee Stock
      Ownership Plan Trust.”

    

    1.5    Nondiversion
      of Assets.
      In no
      event shall any part of the corpus or income of the Trust Fund be used for,
      or
      diverted to, purposes other than for the exclusive benefit of the Participants
      and their Beneficiaries prior to the satisfaction of all liabilities under
      the
      Plan, except to the extent that assets may be returned to the Employer in
      accordance with the Plan where the Plan fails to qualify initially under Section
      401(a) of the Internal Revenue Code (the “Code”), or where they are attributable
      to contributions made by mistake of fact or in excess of the deductibility
      allowed under the Code.

    

    
      
        
           

        

        
          1

          
            

          

        

        
           

        

      

    

    

    

    Section
      2. Investment
      of Trust Fund and Administrative Powers of the Trustee.

    

    2.1    Stock
      and Other Investments.
      The
      basic investment policy of the Plan shall be to invest primarily in Stock of
      the
      Employer for the exclusive benefit of the Participants and their Beneficiaries.
      The Committee shall have full and complete investment authority and
      responsibility with respect to the purchase, retention, sale, exchange, and
      pledge of Stock and the payment of Stock Obligations, and the Trustee shall
      not
      deal in any way with Stock except in accordance with their obligations pursuant
      to this Trust Agreement and the written instructions of the Committee. The
      Trustee shall invest, or keep invested, all or a portion of the Trust Fund
      in
      Stock, and shall pay Stock Obligations out of assets of the Trust Fund, as
      instructed from time to time by the Committee. The Trustee shall invest any
      balance of the Trust Fund (the “Investment Fund”) in such other property as the
      Committee, in its sole discretion, shall deem advisable, subject to any
      delegation of such investment responsibility pursuant to Section 2.2. Nothing
      contained herein shall provide investment discretion authority or any like
      kind
      responsibility in regard to the assets of the Trust Fund.

    

    In
      connection with instructions to acquire Stock, the Trustee may purchase newly
      issued or outstanding Stock from the Employer or any other holders of Stock,
      including Participants, Beneficiaries, and Plan fiduciaries. All purchases
      and
      sales of Stock shall be made by the Trustee at fair market value as determined
      by the Committee in good faith and in accordance with any applicable
      requirements under the Employee Retirement Income Security Act of 1974, as
      amended (“ERISA”). Such purchases may be made with assets of the Trust Fund,
      with funds borrowed for this purpose (with or without guarantees of repayment
      to
      the lender by the Employer), or by any combination of the
      foregoing.

    

    Notwithstanding
      any other provision of this Trust Agreement or the Plan, neither the Committee
      nor the Trustee shall make any purchase, sale, exchange, investment, pledge,
      valuation, or loan, or take any other action involving those assets for which
      they are responsible which (i) is inconsistent with the policy of the Plan
      and
      Trust, (ii) is inconsistent with the prudence and diversification requirements
      set forth in Sections 404(a)(1)(B) and (C) of ERISA (to the extent such
      requirements apply to an employee stock ownership plan and trust), (iii) is
      prohibited by Section 406 or 407 of ERISA, or (iv) would impair the
      qualification of the Plan or the exemption of the Trust under Sections 401
      and
      501, respectively, of the Code.

    

    2.2    Delegation
      of Investment Responsibility.
      The
      Committee may, by written notice and in accordance with the Plan, direct the
      Trustee to segregate any portion or all of the Investment Fund into one or
      more
      separate accounts for each of which full investment responsibility will be
      delegated to an investment manager appointed in such notice pursuant to Section
      402(c)(3) of ERISA (hereinafter a “Manager”). For any separate account where the
      Trustee is to maintain custody of the assets, the Trustee and the Manager shall
      agree upon procedures for the transmittal of investment instructions from the
      Manager to the Trustee, and the Trustee may provide the Manager with such
      documents as may be necessary to authorize the Manager to effect transactions
      directly on behalf of the segregated account.

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    

    Further,
      the Committee may, by written notice and in accordance with the Plan, direct
      the
      Trustee to segregate any portion or all of the Investment Fund into one or
      more
      separate accounts for each of which full investment responsibility will be
      delegated to an insurance company through one or more group annuity contracts,
      deposit administration contracts, or similar contracts, which may provide for
      investments in any commingled separate accounts established under such
      contracts. An insurance company shall be a Manager with respect to any amounts
      held under such a contract except to the extent the insurer’s assets are not
      deemed assets of the Plan and Trust Fund pursuant to Section 401(b)(2) of ERISA.
      The allocation of amounts held under such a contract among the insurer’s general
      account and one or more individual or commingled separate accounts shall be
      determined by the Committee except as otherwise agreed by the Committee and
      the
      insurer.

    

    Any
      Manager shall have all of the powers given to the Trustee pursuant to Section
      2.3 with respect to the portion of the Trust Fund committed to its investment
      discretion and control. The Trustee shall be responsible for the safekeeping
      of
      any assets which remain in their custody, but in no event shall the Trustee
      be
      under any duty to question or make any inquiry or suggestion regarding the
      action or inaction of a Manager or an insurer or the advisability of acquiring,
      retaining, or disposing of any asset of a segregated account. The Employer
      shall
      indemnify and hold the Trustee harmless from any and all costs, damages,
      expenses, and liabilities which the Trustee may incur by reason of any action
      taken or omitted to be taken by the Trustee upon directions from the Committee,
      a Manager, or an insurer pursuant to this Section 2.2.

    

    2.3    Trustee
      Powers.
      In
      addition to and not by way of limitation upon the fiduciary powers granted
      to it
      by law, the Trustee shall have the following specific powers, subject to the
      limitations set forth in Section 2.1:

    

    2.3-1        
      to receive, hold, manage, invest and reinvest the money or other property which
      constitutes the Trust Fund, without distinction between principal and
      income;

    

    2.3-2        
      to hold funds uninvested temporarily, provided it is a period of time that
      is
      not unreasonable, without liability for interest thereon, and to deposit funds
      in one or more savings or similar accounts with any banks and savings and loan
      associations which are insured by an instrumentality of the federal government,
      including the Trustee if it is such an institution;

    

    2.3-3        
      at the direction of the Committee, to invest or reinvest the whole or any
      portion of the money or other property which constitutes the Trust Fund in
      such
      common or preferred stocks, investment trust shares, mutual funds, commingled
      trust funds, partnership interests, bonds, notes, or other evidences of
      indebtedness, and real and personal property as the Trustee in their absolute
      judgment and discretion may deem to be for the best interests of the Trust
      Fund,
      regardless of nondiversification to the extent that such nondiversification
      is
      clearly prudent, and regardless of whether any such investment or property
      is
      authorized by law regarding the investment of trust funds, of a wasting asset
      nature, temporarily nonincome producing, or within or without the United
      States;

    

    2.3-4        
      to invest in common and preferred stocks, bonds, notes, or other obligations
      of
      any corporation or business enterprise in which an Employer or its owners may
      own an interest;

    

    
      
        
           

        

        
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    2.3-5        
      at the direction of the Committee, to exchange any investment or property,
      real
      or personal, for other investments or properties at such time and upon such
      terms as the Trustee shall deem proper;

    

    2.3-6        
      at the direction of the Committee, to sell, transfer, convey or otherwise
      dispose of any investment or property, real or personal, for cash or on credit,
      in such manner and upon such terms and conditions as the Trustee shall deem
      advisable, and no person dealing with the Trustee shall be under any duty to
      inquire as to the validity, expediency, or propriety of any such sale or as
      to
      the application of the purchase money paid to the Trustee;

    

    2.3-7        
      to hold any investment or property in the name of the Trustee, with or without
      the designation of any fiduciary capacity, or in the name of a nominee, or
      unregistered, or in such other form that title may pass by delivery; provided,
      however, that the Trustee’s records always show that such investment or property
      belongs to the Trust Fund and the Trustee shall not be relieved hereby of its
      responsibility to maintain safe custody of such investment or
      property;

    

    2.3-8        
      to organize one or more corporations to hold, manage, or liquidate any property,
      including real estate, owned or acquired by the Trust Fund if in the sole
      discretion of the Trustee the organization of such corporation or corporations
      is for the best interests of the Trust and the Plan Participants and
      Beneficiaries;

    

    2.3-9        
      to extend the time for payment of, to modify, to renew, or to release security
      from any mortgage, note or other evidence of indebtedness, or to take advantage
      of or waive any default; to foreclose mortgages and bid on property under
      foreclosure or to take title to property by conveyance in lieu of foreclosure,
      either with or without the payment of additional consideration;

    

    2.3-10       to
      vote in person or by proxy all stocks and other securities having voting
      privileges; to exercise or refrain from exercising any option or privilege
      with
      respect to stocks and other securities, including any right or privilege to
      subscribe for or otherwise to acquire stocks and other securities; or to sell
      any such right or privilege; to assent to and join in any plan of refinance,
      merger, consolidation, reorganization or liquidation of any corporation or
      other
      enterprise in which this Trust may have an interest, to deposit stocks and
      other
      securities with any committee formed to effectuate the same, to pay any expense
      incidental thereto, to exchange stocks and other securities for those which
      may
      be issued pursuant to any such plan, and to retain as an investment the stocks
      and other securities received by the Trustee; and to deposit any investment
      in a
      voting trust; notwithstanding the preceding, Participants and Beneficiaries
      shall be entitled to direct the manner in which stock allocated to their
      respective accounts are to be voted on all matters. All stock which has been
      allocated to Participants’ Accounts for which the Trustee has received no
      written direction and all unallocated Employer securities will be voted by
      the
      Trustee in direct proportion to any Participant’s directions received and solely
      in the interest of the Participants and Beneficiaries. Whenever such voting
      rights are to be exercised, the Employer, the Committee and the Trustee shall
      see that all Participants and Beneficiaries are provided with adequate
      opportunity to deliver their instructions to the Trustee regarding voting of
      stock allocated to their accounts. The instructions of the Participants with
      respect to the voting of allocated shares hereunder shall be
      confidential;

    

    
      
        
           

        

        
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    2.3-11      
      to abandon any property, real or personal, which the Trustee shall consider
      to
      be worthless or not of sufficient value to warrant its keeping or protecting;
      to
      abstain from the payment of taxes, water rents, assessments, repairs,
      maintenance, and upkeep of any such property; to permit any such property to
      be
      lost by tax sale or other proceedings, and to convey any such property for
      a
      nominal consideration or without consideration;

    

    2.3-12      
      to borrow money from the Employer or from others (including the Trustee), and
      to
      enter into installment contracts, for the purchase of Stock upon such terms
      and
      conditions and at such reasonable rates of interest as the Committee may deem
      to
      be advisable, to issue its promissory notes as Trustee to evidence such debt,
      to
      secure the payment of such notes by pledging any property of the Trust Fund,
      and
      to authorize the holders of any such notes to pledge them to secure obligations
      of the holders and in connection therewith to repledge any assets of the Trust
      as security therefor; provided that, with respect to any extension of credit
      to
      the Trust involving, as a lender or guarantor, the Employer or other
“disqualified person” within the meaning of Section 4975(e)(2) of the Code
      --

    

    
      	 	
              (a)

            	
              each
                loan or installment contract is primarily for the benefit of Participants
                and Beneficiaries of the Plan;

            

    

    
      	 	
              (b)

            	
              any
                interest on a loan or installment contract does not exceed a reasonable
                rate;

            

    

    
      	 	
              (c)

            	
              the
                proceeds of any loan shall be used only to acquire Stock, to repay
                the
                loan, or to repay a previous loan meeting these conditions, and the
                subject of any installment contract shall be only the Trust’s purchase of
                Stock;

            

    

    
      	 	
              (d)

            	
              any
                collateral pledged to a creditor by the Trustee shall consist only
                of
                qualifying employer securities as that term is defined under Section
                4975(e)(8) of the Code and the creditor shall have no recourse against
                the
                Trust Fund except with respect to the collateral (although the creditor
                may have recourse against an Employer as
                guarantor);

            

    

    
      	 	
              (e)

            	
              payments
                with respect to a loan or installment contract shall be made only
                from
                those amounts contributed by the Employer to the Trust Fund, from
                amounts
                earned on such contributions, and from cash dividends received on
                unallocated Stock held by the Trust as collateral for such an obligation;
                and

            

    

    
      	 	
              (f)

            	
              upon
                the payment of any portion of balance due on a loan or upon any
                installment payment, a proportionate part of any qualified employer
                securities originally pledged as collateral for such indebtedness
                shall be
                released from encumbrance in accordance with Section 4.2 of the Plan
                and
                the Committee shall at least annually advise the Trustee of the number
                of
                shares of Stock so released and the proper allocation of such shares
                under
                the terms of the Plan;

            

    

    

    2.3-13       to
      manage and operate any real property which shall at any time constitute an
      asset
      of the Trust Fund; to make repairs, alterations, and improvements thereto;
      to
      insure such property against loss by fire or other casualty; to lease or grant
      options for the sale of such property, which lease or option may be for a period
      of time which may extend beyond the life of this Trust; and to take any other
      action or enter into any other contract respecting such property which is
      consistent with the best interests of the Trust;

    

    
      
        
           

        

        
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    2.3-14      
      to pay any and all reasonable and normal expenses incurred in connection with
      the exercise of any power, right, authority or discretion granted herein, and,
      upon prior notice to the Company, to employ and compensate agents, investment
      counsel, custodians, actuaries, attorneys, and accountants in such
      connection;

    

    2.3-15      
      to employ and consult with any legal counsel, who also may be counsel to an
      Employer or the Administrator, with respect to the meaning or construction
      of
      this Trust Agreement, the extent of the Trustee’s obligations and duties
      hereunder, and whether the Trustee should take or decline to take a particular
      action hereunder, and the Trustee shall be fully protected with respect to
      any
      action taken or omitted by such Trustee in good faith pursuant to such
      advice;

    

    2.3-16      
      to defend any action or proceeding instituted against the Trust Fund, to
      institute any action on behalf of the Trust Fund, and to compromise or submit
      to
      arbitration any dispute concerning the Trust Fund;

    

    2.3-17      
      to make, execute, acknowledge and deliver any and all documents of transfer
      and
      conveyance and any and all other instruments that may be necessary or
      appropriate to carry out the powers herein granted;

    

    2.3-18      
      to commingle the Trust Fund created pursuant hereto, in whole or in part, in
      a
      single trust with all or any portion of any other trust fund, assigning an
      undivided interest to each such commingled trust fund, provided that such
      commingled trust is itself exempt from taxation pursuant to Section 501(a)
      of
      the Code, or its successor Section; and provided further that the trust
      agreement governing such commingled trust shall be deemed incorporated by
      reference in the Plan;

    

    2.3-19     
      where two or more trusts governed by this Trust Agreement have an undivided
      interest in any property, to credit the income from such property to such trusts
      in proportion to their undivided interests, and when non pro rata distributions
      of property or money are made from such trusts, to make appropriate adjustments
      to the undivided fractional interests of such trusts;

    

    2.3-20      
      to invest all or any portion of the Trust Fund in one or more group annuity
      contracts, deposit administration contracts, and other such contracts with
      insurance companies, including any commingled separate accounts established
      under such contracts;

    

    2.3-21     
      generally, with respect to all cash, stocks and other securities, and property,
      both real and personal, received or held in the Trust Fund by the Trustee,
      to
      exercise all the same rights and powers as are or may be lawfully exercised
      by
      persons owning cash, or stocks and other securities, or such property in their
      own right; and to do all other acts, whether or not expressly authorized, which
      it may deem necessary or proper for the protection of the Trust Fund;
      and

    

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    

    2.3-22     
      whenever more than two persons shall qualify to act as co-Trustee, to exercise
      and perform every power (including discretionary powers), authority or duty
      by
      the concurrence of a majority of them the same effect as if all had joined
      therein, except that the unanimous vote of such persons shall be necessary
      to
      determine the number (one or more) and identity of persons who may sign checks,
      make withdrawals from financial institutions, have access to safe deposit boxes,
      or direct the sale of trust assets and the disposition of the
      proceeds.

    

    2.4    Brokerage.
      If
      permitted in writing by the Committee the Trustee shall have the power and
      authority, to be exercised in their sole discretion at any time and from time
      to
      time, to issue and place orders for the purchase or sale of securities with
      qualified brokers and dealers. Such orders may be placed with such qualified
      brokers and/or dealers who also provide investment information or other research
      or statistical services to the Trustee in its capacity as a fiduciary or
      investment manager for other clients. 

    

    Section
      3. Compensation
      and Indemnification of Trustee and Payment of Expenses and Taxes.

    

    3.1    Fees
      and Expenses from Fund.
      In
      consideration for rendering services pursuant to this Trust Agreement the
      Trustee shall be paid fees in accordance with the Trustee’s fee schedule as in
      effect from time to time. Fee changes resulting in fee increases shall be
      effective upon not less than 30 days’ notice to the Company. In addition, the
      Trustee shall be reimbursed for any reasonable expenses, including reasonable
      attorneys’ fees, incurred in the administration of the Trust created hereby.
      Fees and expenses shall be allocated to Participants’ Accounts, if any, unless
      paid directly by the Employer. All compensation and expenses of the Trustee
      shall be paid out of the Trust Fund or by the Employer as specified in the
      Plan.
      If and to the extent the Trust Fund shall not be sufficient, such compensation
      and expenses shall be paid by the Employer upon demand. If payment is due but
      not paid by the Employer, such amount shall be paid from the assets of the
      Trust
      Fund. The Trustee is hereby empowered to withdraw all such compensation and
      expenses which are 60 days past due from the Trust Fund, and, in furtherance
      thereof, liquidate any assets of the Trust Fund, without further authorization
      or direction from or by any person. Notwithstanding the foregoing, in the event
      any officer or director of Beneficial Mutual Savings Bank serves as trustee
      of
      the Plan, no compensation shall be paid to the officer or director in exchange
      for his or her services as trustee.

    

    3.2    Indemnification.
      Notwithstanding any other provision of this Trust Agreement, any individual
      designated as a trustee hereunder shall be indemnified and held harmless by
      the
      Employer to the fullest extent permitted by law against any and all costs,
      damages, expenses and liabilities including, but not limited to attorneys’ fees
      and disbursements reasonably incurred by or imposed upon such individual in
      connection with any claim made against him or in which he may be involved by
      reason of his being, or having been, a trustee hereunder, to the extent such
      amounts are not satisfied by insurance maintained by the Employer, except
      liability which is adjudicated to have resulted from the gross negligence or
      willful misconduct of the Trustee by reason of any action so taken. Further,
      any
      corporate trustee and its officers, directors and agents may be indemnified
      and
      held harmless by the Employer to the fullest extent permitted by law against
      any
      and all costs, damages, expenses and liabilities including, but not limited
      to,
      attorneys’ fees and disbursements reasonably incurred by or imposed upon such
      persons and/or corporation in connection with any claim made against it or
      them
      or in which such persons and/or corporation may be involved by reason of its
      being, or having been, a trustee hereunder as may be agreed between the Employer
      and such trustee, except liability which is adjudicated to have resulted from
      the gross negligence or willful misconduct of the Trustee by reason of any
      action so taken.

    

    
      
        
           

        

        
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    3.3    Expenses.
      All
      expenses of administering the Trust and the Plan, whether incurred by the
      Trustee or the Committee, shall be paid by the Trustee from the Trust Fund
      to
      the extent such expenses shall not have been assumed by the
      Employer.

    

    3.4    Taxes.
      All
      taxes that may be levied or assessed upon or in respect of the Trust Fund shall
      be paid from the Trust Fund. The Trustee shall notify the Committee of any
      proposed or final assessments of taxes and may assume that any such taxes are
      lawfully levied or assessed unless the Committee advises it in writing to the
      contrary within fifteen days after receiving the above notice from the Trustee.
      In such case, the Trustee, if requested by the Committee in writing, shall
      contest the validity of such taxes in any manner deemed appropriate by the
      Committee; the Employer may itself contest the validity of any such taxes,
      in
      which case the Committee shall so notify the Trustee and the Trustee shall
      have
      no responsibility or liability respecting such contest. If either party to
      this
      Agreement contests any such proposed levy or assessments, the other party shall
      provide such information and cooperation as the party conducting the contest
      shall reasonably request. 

    

    Section
      4. Records
      and Valuation.

    

    4.1    Records.
      The
      Trustee, and any investment manager appointed pursuant to Section 2.2, shall
      maintain accurate and detailed records and accounts of all investments,
      receipts, disbursements and other transactions made by it with respect to the
      Trust Fund, and all accounts, books and records relating thereto shall be open
      at all reasonable time to inspection and audit by the Committee and the
      Employer.

    

    4.2    Valuation.
      From
      time to time upon the request of the Committee, but at least annually as of
      the
      last day of each Plan Year, the Trustee shall prepare a balance sheet of the
      Investment Fund in accordance with the Plan and shall deliver copies of the
      balance sheet to the Committee and the Employer. 

    

    4.3    Discharge
      of Trustee.
      Ninety
      days after the filing of any balance sheet under Section 4.2 or any accounting
      under Section 6, the Trustee shall be forever released and discharged from
      any
      liability or accountability other than for gross negligence or wilful misconduct
      on the part of the Trustee to anyone with respect to the transactions shown or
      reflected in such balance sheet or accounting, except with respect to any acts
      or transactions as to which the Committee, within such ninety-day period, files
      written objections with the Trustee. The written approval of the Committee
      of
      any balance sheet or accounting so filed by the Trustee, or the Committee’s
      failure to file written objections within ninety days, shall be a settlement
      of
      such balance sheet or accounting as against all persons, and shall forever
      release and discharge the Trustee from any liability of accountability to anyone
      with respect to the transactions shown or reflected in such balance sheet or
      accounting other than liability arising out of the Trustee’s gross negligence or
      wilful misconduct. If a statement of objections is filed by the Committee and
      the Committee is satisfied that its objections should be withdrawn or if the
      

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    balance
      sheet or accounting is adjusted to its satisfaction, the Committee shall
      indicate its approval of the balance sheet or accounting in a written statement
      filed with the Trustee and the Trustee shall be forever released and discharged
      from any liability of accountability to anyone in accordance with the
      immediately preceding sentence. If an objection is not settled by the Committee
      and the Trustee, the Trustee may start a proceeding for a judicial settlement
      of
      the balance sheet or accounting in any court of competent jurisdictions; the
      only parties that need be joined in such a proceeding are the Trustee, the
      Committee, the Employer and any other parties whose participation is required
      by
      law. 

    

    4.4    Right
      to Judicial Settlement.
      Nothing
      in this Agreement shall prevent the Trustee from having its account settled
      by a
      court of competent jurisdiction at any time. The only parties that need be
      joined in any such proceeding are the Employer, the Committee, the Trustee
      and
      any other parties whose participation is required by law. 

    

    Section
      5. Instructions
      from Committee.

    

    5.1 Certification
      of Members of the Committee.
      From
      time to time the Company shall certify to the Trustee in writing the names
      of
      the individuals comprising the Committee and shall furnish to the Trustee
      specimens of their signatures and the signatures of their agents, if any. The
      Trustee shall be entitled to presume that the identities of such individuals
      and
      their agents are unchanged until it receives a certification from the Company
      notifying it of any changes.

    

    5.2    Instructions
      to Trustee.
      

    

    (a)  
      The Trustee shall pay benefits and administrative expenses under the Plan only
      when it receives (and in accordance with) written instructions of the Committee
      indicating the amount of the payment and the name and address of the recipient
      in accordance with the terms of the Plan. The Trustee need not inquire into
      whether any payment the Committee instructs the Trustee to make is consistent
      with the terms of the Plan or applicable law or otherwise proper. Any payment
      made by the Trustee in accordance with such instructions shall be a complete
      discharge and acquaintance to the Trustee. If the Committee advises the Trustee
      that benefits have become payable with respect to a Participant’s interest in
      the Trust Fund but does not instruct the Trustee as to the manner of payment,
      the Trustee shall hold the Participant’s interest in the Trust until the Trustee
      receives written instructions from the Committee as to the manner of payment.
      The Trustee shall not pay benefits from the Trust Fund without such
      instructions, even though it may be informed from other sources, including,
      without limitation, a Participant or Beneficiary, that benefits are payable
      under the Plan. The Trustee shall have no responsibility to determine when,
      to
      whom or in what amount benefits and expenses are payable under the Plan.
      Further, the Trustee shall have no power, authority or duty to interpret the
      Plan or inquire into the decisions or determinations of the Committee, or to
      question the instructions given to it by the Committee. If the Committee so
      directs, the Trustee shall segregate amounts payable with respect to the
      interest in the Plan of any Participant and administer them separately from
      the
      rest of the Trust Fund in accordance with the Committee’s instructions.

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

    

    

    (b)  
      The Trustee may require the Committee to certify in writing that any payment
      of
      benefits or expenses it instructs the Trustee to make pursuant to Section 5.2(a)
      above is: (i) in accordance with the terms of the Plan and/or (ii) one which
      the
      Committee is authorized by the Plan and any other applicable instruments to
      direct and/or (iii) made for the exclusive purpose of providing benefits to
      Participants and Beneficiaries, or defraying reasonable expenses of Plan
      administration and/or (iv) not made to a party in interest (within the meaning
      of ERISA Section 3(14)), and/or (v) not a prohibited transaction (within the
      meaning of Code Section 4975 and ERISA Section 406). If the Trustee requests,
      instructions to pay benefits shall be made by the Committee on forms prepared
      by
      the Trustee to include any or all of the above representations. The Trustee
      shall be fully protected in relying on the truth of any such representation
      by
      the Committee and shall have no duty to investigate whether such representations
      are correct or to see to the application of any amounts paid to and received
      by
      the recipient. 

    

    5.3    Plan
      Change.
      In the
      event of an amendment, merger, division, or termination of the Plan, the Trustee
      shall continue to disburse funds and to take other proper actions in accordance
      with the instructions of the Committee.

    

    Section
      6. Change
      of Trustee.

    

    The
      Company may at any time remove any person or entity serving as a Trustee
      hereunder by giving to such person or entity written notice of removal and,
      if
      applicable, the name and address of the successor trustee. Any person or entity
      serving as a Trustee hereunder may resign at any time by giving written notice
      to the Company. Any such removal or resignation shall take effect within 30
      days
      after notice has been given by the Trustee or by the Company, as the case may
      be. Within those 30 days, the removed or resigned Trustee shall transfer, pay
      over and deliver any portion of the Trust Fund in its possession or control
      (less an appropriate reserve for any unpaid fees, expenses, and liabilities)
      and
      all pertinent records to the successor or remaining trustee; provided, however,
      that any assets which are invested in a collective fund or in some other manner
      which prevents their immediate transfer shall be transferred and delivered
      to
      the successor trustee as soon as may be practicable. Thereafter, the removed
      or
      resigned Trustee shall have no liability for the Trust Fund or for its
      administration by the successor or remaining trustee, but shall render an
      accounting to the Committee of its administration of the Trust Fund through
      the
      date on which its Trusteeship shall have been terminated. The Company may also,
      upon 30 days’ notice to each person currently serving as a trustee, appoint one
      or more persons to serve as co-Trustee hereunder.

    

    Section
      7. Miscellaneous.

    

    7.1    Right
      to Amend.
      This
      Trust Agreement may be amended from time to time by an instrument executed
      by
      the Company; provided, however, that any amendment affecting the powers, duties
      or liabilities of the Trustee must be approved by the Trustee, and provided,
      further, that no amendment may divert any portion of the Trust Fund to purposes
      other than the exclusive benefit of the Participants and their Beneficiaries
      prior to the satisfaction of all liabilities for benefits. Any amendment shall
      apply to the Trust Fund as constituted at the time of the amendment as well
      as
      to that portion of the Trust Fund which is subsequently acquired.

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

    

    

    7.2    Compliance
      with ERISA.
      In the
      exercise of its powers and the performance of its duties, the Trustee shall
      act
      in good faith and in accordance with the applicable requirements under ERISA.
      Except as may be otherwise required by ERISA, the Trustee shall not be required
      to furnish any bond in any jurisdiction for the performance of their duties
      and,
      if a bond is required despite this provision, no surety shall be required on
      it.

    

    7.3    Nonresponsibility
      for Funding.
      The
      Trustee shall be under no duty to enforce the payment of any contributions
      and
      shall not be responsible for the adequacy of the Trust Fund to satisfy any
      obligations for benefits, expenses, and liabilities under the Plan.

    

    7.4    Reports.
      The
      Trustees shall file any report which they are required by law to file with
      any
      governmental authority with respect to this Trust, and the Committee shall
      furnish to the Trustee whatever information is necessary to prepare the
      report.

    

    7.5    Dealings
      with the Trustee.
      Persons
      dealing with the Trustee, including, but not limited to, banks, brokers,
      dealers, and insurers, shall be under no obligation to inquire concerning the
      validity of anything which the Trustee purports to do, nor need any person
      see
      to the proper application of any money paid or any property transferred upon
      the
      order of the Trustee or to inquire into the Trustee’s authority as to any
      transaction.

    

    7.6    Limitation
      Upon Responsibilities.
      The
      Trustee shall have no responsibilities with respect to the Plan or Trust other
      than those specifically enumerated or explicitly allocated to it under this
      Trust Agreement or the provisions of ERISA. All other responsibilities are
      retained and shall be performed by one or more of the Employer, the Committee,
      and such advisors or agents as they choose to engage.

    

    The
      Trustee may execute any of the trusts or powers hereof and perform any of its
      duties by or through attorneys, agents, receivers or employees and shall not
      be
      answerable for the conduct of the same if chosen with reasonable care and shall
      be entitled to advice of counsel concerning all matters of trust hereof and
      the
      duties hereunder, and may in all cases pay such reasonable compensation to
      all
      such attorneys, agents, receivers and employees as may reasonably be employed
      in
      connection with the trusts hereof. The Trustee may act upon the opinion or
      advice of any attorney (who may be the attorney for the Trustee or attorney
      for
      the Committee), approved by the Trustee in the exercise of reasonable care.
      The
      Trustee shall not be responsible for any loss or damage resulting from any
      action or non-action in good faith in reliance upon such opinion or
      advice.

    

    The
      Trustee shall be protected in acting upon any notice, request, consent,
      certificate, order, affidavit, letter, telegram or other paper or document
      believed to be genuine and correct and to have been signed or sent by the proper
      person or persons, and the Trustee shall be under no duty to make any
      investigation or inquiry as to any statement contained in any such writing
      but
      may accept the same as conclusive evidence of the truth and accuracy of the
      statements therein contained.

    

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    The
      Trustee shall not be liable for other than their gross negligence or willful
      misconduct. Except in the case of gross negligence or wilful misconduct on
      the
      part of the Trustee, the Trustee in its corporate capacity shall not be liable
      for claims of any persons in any manner regarding the Plan; such claims shall
      be
      limited to the Trust Fund. Unless the Trustee participates knowingly in, or
      knowingly undertakes to conceal, an act or omission of the Committee or any
      other fiduciary, knowing such act or omission to be a breach of fiduciary
      responsibility, the Trustee shall be under no liability for any loss of any
      kind
      which may result by reason of such act or omission. 

    

    Before
      taking any action hereunder at the request or direction of the Committee, the
      Trustee may require that indemnity in form and amount satisfactory to the
      Trustee be furnished for the reimbursement of any and all costs and expenses
      to
      which they may be put including, without limitation, reasonable attorneys’ fees
      and to protect them against all liability, except liability which is adjudicated
      to have resulted from the gross negligence or willful misconduct of the Trustee
      by reason of any action so taken.

    

    No
      provision of this Trust Agreement shall require the Trustee to expend or risk
      their own funds or otherwise incur any financial liability in the performance
      of
      any of their duties hereunder, or in the exercise of any of their rights or
      powers, if they shall have reasonable grounds for believing that repayment
      of
      such funds or adequate indemnity against such risk or liability is not
      reasonably assured to them.

    

    7.7    Qualification
      of the Plan and Trust.
      The
      Trustee shall be fully protected in assuming that the Plan and Trust meet the
      requirements of Code Sections 401 and 501, respectively, and all the applicable
      provisions of ERISA, unless they are advised to the contrary in writing by
      the
      Committee or a governmental agency. 

    

    7.8    Party
      in Interest Information.
      The
      Employer shall provide the Trustee with such information concerning the
      relationship between any person or organization and the Plan as the Trustee
      reasonably requests in order to determine whether such person or organization
      is
      a party in interest with respect to the Plan within the meaning of ERISA Section
      3(14). 

    

    7.9    Disputes.
      If a
      dispute arises as to the payment of any funds or delivery of any assets by
      the
      Trustee, the Trustee may withhold such payment or delivery until the dispute
      is
      determined by a court of competent jurisdiction or finally settled in writing
      by
      the parties concerned. 

    

    7.10         
      Successor
      Trustee.
      This
      Trust Agreement shall apply to any person who shall be appointed to succeed
      the
      person currently appointed as the Trustee; and any reference herein to the
      Trustee shall be deemed to include any one or more individuals or corporations
      or any combination thereof who or which have at any time acted as a co-trustee
      or as the sole trustee.

    

    7.11         
      Governing
      State Law.
      This
      Trust Agreement shall be interpreted in accordance with the laws of the
      Commonwealth of Pennsylvania to the extent those laws may be applicable under
      the provisions of ERISA.

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

    

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Trust Agreement as of
      the
      day and year first above written.

    

    
      	
              ATTEST:

            	
              BENEFICIAL
                MUTUAL SAVINGS BANK

            
	 	 
	 	 
	 	 
	
              ___________________________

            	
              By:
                _______________________________

            
	 	
                    
                For the Entire Board of Directors

            
	 	 
	 	 
	 	 
	 	 
	
              ATTEST:

            	
              [_____________________]

            
	 	
              as
                TRUSTEE

            
	 	 
	 	 
	
              
                ___________________________

              

            	
              __________________________________

            
	 	
              Duly
                authorized Trust Officer

            

    

    

    

    
 

     

     

     

     

     

     

    13Exhibit 10.2

    
      

    

     

    Exhibit
      10.2

    

      LOAN
        AGREEMENT

      

      

      THIS
        LOAN AGREEMENT
        (“Loan
        Agreement”) is made and entered into as of the ___ day of ______________, 2007,
        by and between the
        BENEFICIAL MUTUAL SAVINGS BANK EMPLOYEE STOCK OWNERSHIP PLAN
        TRUST
        (“Borrower”), a trust forming part of the Beneficial Mutual Savings Bank
        Employee Stock Ownership Plan (“ESOP”); and
        BENEFICIAL MUTUAL BANCORP, INC.
        (“Lender”), a corporation organized and existing under the laws of the United
        States of America.

      

      W
        I T N E
        S S E T H

      

      WHEREAS,
        the Borrower is authorized to purchase shares of common stock of Beneficial
        Mutual Bancorp, Inc. (“Common Stock”), either directly from Beneficial Mutual
        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 which 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
        effected. Each such determination shall be evidenced in a writing which 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 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.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      

      (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
        which
        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 which
        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, interest, other charges (including indemnities) and
        other
        amounts payable by the Borrower 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,
        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 ESOP to cease
        to
        be an employee stock ownership plan within the meaning of section 4975(e)(7)
        of
        the Code or qualified under section 401(a) of the Code or 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 ESOP.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      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. 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.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      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 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    ESOP;
        Contributions.

      

      As
        of the
        effective date of the ESOP sponsor’s conversion, the ESOP and the Borrower will
        be duly created, organized and maintained by the ESOP sponsor in compliance
        with
        all applicable laws, regulations and rulings. The ESOP will qualify as an
        “employee stock ownership plan” as defined in section 4975(e)(7) of the Code.
        The ESOP provides that the ESOP sponsor may make contributions to the ESOP
        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
        ESOP
        under section 401(a) of the Code.

      

      Section
        3.7    Trustee.

      

      The
        trustee of the ESOP has been duly appointed by the ESOP 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 ESOP 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 

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      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.

       

      

      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
        ESOP 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 (without regard to amounts
        owing
        solely as a result of any acceleration of the Loan); (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.

      

      
        
          
          

        

        
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      ARTICLE
        VI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        6.1    Payments
        Due to the Lender.

      

      If
        any
        amount is payable by the Borrower to the Lender pursuant to any indemnity
        obligation contained herein, then the Borrower shall pay, at the time or
        times
        provided therefor, any such amount and shall indemnify the Lender against
        and
        hold it harmless from any loss or damage resulting from or arising out of
        the
        nonpayment or delay in payment of any such amount. If any amounts as to which
        the Borrower has so indemnified the Lender hereunder shall be assessed or
        levied
        against the Lender, the Lender may notify the Borrower and make immediate
        payment thereof, together with interest or penalties in connection therewith,
        and shall thereupon be entitled to and shall receive immediate reimbursement
        therefor from the Borrower, together with interest on each such amount as
        provided for in section 2.2(c). Notwithstanding any other provision contained
        in
        this Loan Agreement, the covenants and agreements of the Borrower contained
        in
        this section 6.1 shall survive: (a) payment of the Promissory Note and (b)
        termination of this Loan Agreement.

      

      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.

      

      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 

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      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:

       

      (b)  If
        to the
        Lender:

      

       

      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.

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      

      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.

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      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
                  STOCK OWNERSHIP PLAN TRUST

                

                

                

                ___________________________________________

                Authorized
                  Trust Officer

                

                

                

                BENEFICIAL
                  MUTUAL BANCORP, INC.

                

                

                

                By:_______________________________________

                    
                  President and Chief Executive
                  Officer

              

      

    

     

     

     

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    

      PLEDGE
        AGREEMENT

      

      

      THIS
        PLEDGE AGREEMENT (“Pledge
        Agreement”) is made as of the ___ day of _________________, 2007, by and between
        the
        BENEFICIAL MUTUAL SAVINGS BANK EMPLOYEE STOCK OWNERSHIP PLAN
        TRUST
        (“Pledgor”), and BENEFICIAL
        MUTUAL 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.

      

      ESOP
        shall
        mean the Beneficial Mutual Savings Bank Employee Stock Ownership
        Plan.

      

      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, howsoever created,
        arising or evidenced, whether direct or indirect, absolute or contingent,
        now or
        hereafter existing, or due or to become due, under the Loan Agreement and
        the
        Promissory Note.

      

      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;

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

      

      (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 (without regard to any amounts owing solely as the result of an
        acceleration of the Loan Agreement) 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 ESOP. 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)    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 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.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      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. Subject to section 13 below, any proceeds of any
        disposition of Eligible Collateral may be applied by the Pledgee to the payment
        of expenses in connection with the Eligible Collateral, including, without
        limitation, reasonable attorneys’ fees and legal expenses, and any balance of
        such proceeds may be applied by the Pledgee toward the payment of such of
        the
        Liabilities as are in Default, and in such order of application, as the Pledgee
        may from time to time elect. No action of the Pledgee permitted hereunder
        shall
        impair or affect its rights in and to the Eligible Collateral. 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.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      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.

      

      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
                  Mutual Bancorp, Inc.

                510
                  Walnut Street

                Philadelphia,
                  Pennsylvania 19106

              

      

      

      
        	
              	(b)	
                If
                  to the Pledgor:

                Beneficial
                  Mutual Savings Bank

                Employee
                  Stock Ownership Plan Trust

                510
                  Walnut Street

                Philadelphia,
                  Pennsylvania 19106

              

      

      

      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) the ESOP as 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.

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      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
                  STOCK OWNERSHIP PLAN TRUST

                 

                
 

                _____________________________________

                Authorized
                  Trust Officer

                

                

                

                BENEFICIAL
                  MUTUAL BANCORP, INC.

                

                

                

                By:
                  ___________________________________       

                      
                  President and Chief Executive
                  Officer

              

      

      

       

       

      
 

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

     

     

    

      PROMISSORY
        NOTE

      

      

      FOR
        VALUE RECEIVED,
        the
        undersigned,
        BENEFICIAL MUTUAL SAVINGS BANK EMPLOYEE STOCK OWNERSHIP PLAN
        TRUST
        (the
“Borrower”), hereby promises to pay to the order of BENEFICIAL
        MUTUAL 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
        (“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”).

      

      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 which may be charged
        or
        collected by the Lender. Any such payments on interest which 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 which 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
                  STOCK OWNERSHIP PLAN TRUST

                

                

                

                 

                __________________________

                Authorized
                  Trust Officer

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