Document:

ex10-5.htm

    
      

    

    EXHIBIT
10.5

    

    AMENDED
AND RESTATED

    DENISE
KASSEKERT

    EMPLOYMENT
AGREEMENT

    

    THIS AGREEMENT (the
“Agreement”) by and between
BENEFICIAL MUTUAL BANCORP, INC., a federally-chartered corporation (the “Company”), BENEFICIAL MUTUAL SAVINGS BANK,
a Pennsylvania chartered savings bank (the “Bank”), and DENISE KASSEKERT (the
“Executive”) is hereby amended and restated in its entirety effective March 17,
2009.  This Agreement was originally executed on May 15, 2008 (the
“Effective Date”).

    

    WHEREAS, Executive serves in a
position of substantial responsibility; and

    

    WHEREAS, the Company and the
Bank wish to assure the services of Executive for the period provided in this
Agreement; and

    

    WHEREAS, Executive is willing
to continue to  serve in the employ of the Bank on a full-time basis
for said period.

    

    NOW, THEREFORE, in
consideration of the mutual covenants herein contained, and upon the other terms
and conditions hereinafter provided, the parties hereby agree as
follows:

    

    1.            
Employment.  Executive is
employed as Executive Vice President of the Company and the
Bank.  Executive shall perform all duties and shall have all powers
which are commonly incident to the office of Executive Vice President or which,
consistent with the office, are delegated to her by the Chief Executive Officer
of the Bank.  (All
subsequent references herein to the Board shall be the Board of the Bank, unless
otherwise indicated).

    

    2.            
Location
and Facilities.  Executive will be
furnished with the working facilities and staff as are necessary for her to
perform her duties.  The location of such facilities and staff shall
be at the principal administrative offices of the Bank, or at such other site or
sites customary for such offices.

    

    3.            
Term.

    

    
      	
               
      

            	
              a.

            	
              The
      term of this Agreement shall include: (i) the initial term, consisting of
      the period commencing on the date of this Agreement (the “Effective Date”)
      and ending on January 7, 2010, plus (ii) any and all extensions of the
      initial term made pursuant to this Section
3.

            

    

    

    
      	
               
      

            	
              b.

            	
              Commencing
      on January 7, 2009 and continuing on each January 7th
      thereafter, the disinterested members of the Boards of Directors may
      extend the Agreement term for an additional year, so that the remaining
      term of the Agreement again becomes two (2) years, unless Executive elects
      not to extend the term of this Agreement by giving proper written
      notice.  The Board of Directors will review the Agreement and
      Executive’s performance annually for purposes of determining whether to
      extend the Agreement term and will include the rationale and results of
      its review in the minutes of the meetings.  The Board of
      Directors will notify Executive as soon as possible after each annual
      review whether it has determined to extend the
  Agreement.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    4.           
 Base
Compensation.

    

    
      	
               
      

            	
              a.

            	
              Effective
      January 1, 2009,  the Bank agrees to pay Executive a base salary
      at the rate of $225,000 per year, payable in accordance with customary
      payroll practices.

            

    

    

    
      	
               
      

            	
              b.

            	
              The
      Board shall review the rate of Executive’s base salary based upon factors
      it deems relevant, and may maintain or increase her salary, provided that
      no such action shall reduce the rate of salary below the rate set forth in
      paragraph a. of this Section 4.  All salary reviews will
      take place in connection with Executive’s annual performance
      review.

            

    

    

    
      	
               
      

            	
              c.

            	
              In
      the absence of action by the Board, Executive shall continue to receive
      salary at the annual rate specified in paragraph a. of this Section
      4. or, if another rate has been established under the provisions of this
      Section 4, the rate last properly established by action of the Board under
      the provisions of this Section 4.

            

    

    

    5.           
Bonuses.  Executive shall
be entitled to participate in discretionary bonuses or other incentive
compensation programs that the Company and the Bank may award from time to time
to senior management employees pursuant to bonus plans or
otherwise.

    

    6.           
Benefit
Plans.  Executive shall
also be eligible to participate in such medical, dental, pension, profit
sharing, retirement and stock-based compensation plans and other programs and
arrangements as may be approved from time to time by the Company and the Bank
for the benefit of their employees.

    

    7.           
Vacation and
Leave.

    

    
      	
               
      

            	
              a.

            	
              Executive
      shall be entitled to vacation and other leave in accordance with the
      Bank’s policy for senior executives, or otherwise as approved by the
      Board.

            

    

    

    
      	
               
      

            	
              b.

            	
              In
      addition to paid vacations and other leave, Executive shall be entitled,
      without loss of pay, to absent herself voluntarily from the performance of
      her employment for such additional periods of time and for such valid and
      legitimate reasons as the Board may, in its discretion,
      determine.  Further, the Board may grant to Executive a leave or
      leaves of absence, with or without pay, at such time or times and upon
      such terms and conditions as the Board in its discretion may
      determine.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    8.           
Expense
Payments and Reimbursements.  Executive shall
be reimbursed for all reasonable out-of-pocket business expenses that she shall
incur in connection with her services under this Agreement upon substantiation
of such expenses in accordance with applicable policies of the
Bank.

    

    9.           Automobile
Allowance.  During the term of this Agreement, Executive shall
be entitled to use of a Bank-owned automobile.  Executive shall comply
with reasonable reporting and expense limitations on the use of such automobile
as may be established by the Bank from time to time, and the Bank shall include
on Executive's Form W-2 any amount of income attributable to Executive’s
personal use of such automobile.

    

    10.           Loyalty and
Confidentiality.

    

    
      	
               
      

            	
              a.

            	
              During
      the term of this Agreement Executive:  (i) shall devote all her
      time, attention, skill, and efforts to the faithful performance of her
      duties hereunder; provided, however, that from time to time, Executive may
      serve on the boards of directors of, and hold any other offices or
      positions in, companies or organizations which will not present any
      conflict of interest with the Company and the Bank or any of their
      subsidiaries or affiliates, unfavorably affect the performance of
      Executive’s duties pursuant to this Agreement, or violate any applicable
      statute or regulation and (ii) shall not engage in any business or
      activity contrary to the business affairs or interests of the Company and
      the Bank.

            

    

    

    
      	
               
      

            	
              b.

            	
              Nothing
      contained in this Agreement shall prevent or limit Executive’s right to
      invest in the capital stock or other securities of any business dissimilar
      from that of the Company and the Bank, or, solely as a passive, minority
      investor, in any business.

            

    

    

    
      	
               
      

            	
              c.

            	
              Executive
      agrees to maintain the confidentiality of any and all information
      concerning the operation or financial status of the Company and the Bank;
      the names or addresses of any of its borrowers, depositors and other
      customers; any information concerning or obtained from such customers; and
      any other information concerning the Company and the Bank to which she may
      be exposed during the course of her employment.  Executive
      further agrees that, unless required by law or specifically permitted by
      the Board in writing, she will not disclose to any person or entity,
      either during or subsequent to her employment, any of the above-mentioned
      information which is not generally known to the public, nor shall she
      employ such information in any way other than for the benefit of the
      Company and the Bank.

            

    

    

    11.           Termination
and Termination Pay.  Subject to
Section 12 of this Agreement, Executive’s employment under this Agreement may be
terminated in the following circumstances:

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              a.

            	
              Death.  Executive’s
      employment under this Agreement shall terminate upon her death during the
      term of this Agreement, in which event Executive’s estate shall be
      entitled to receive the compensation due to Executive through the last day
      of the calendar month in which her death
  occurred.

            

    

    

    
      	
               
      

            	
              b.

            	
              Retirement.  This
      Agreement will terminate on Executive’s Retirement Date.  For
      purposes of this Agreement, Retirement Date is defined as the date the
      Executive retires from the Bank under the retirement benefit plan or plans
      in which she participates pursuant to Section 6 of this
      Agreement.

            

    

    

    c.            
Disability.

    

    
      	
               
      

            	
              i.

            	
              The
      Board or Executive may terminate Executive’s employment after having
      determined Executive has a Disability.  For purposes of this
      Agreement, “Disability” means a physical or mental infirmity that impairs
      Executive’s ability to substantially perform her duties under this
      Agreement and that results in Executive becoming eligible for long-term
      disability benefits under any long-term disability plans of the Company
      and the Bank (or, if there are no such plans in effect, that impairs
      Executive’s ability to substantially perform her duties under this
      Agreement for a period of one hundred eighty (180) consecutive
      days).  The Board shall determine whether or not Executive is
      and continues to be permanently disabled for purposes of this Agreement in
      good faith, based upon competent medical advice and other factors that
      they reasonably believe to be relevant.  As a condition to any
      benefits, the Board may require Executive to submit to such physical or
      mental evaluations and tests as it deems reasonably
      appropriate.

            

    

    

    
      	
               
      

            	
              ii.

            	
              In
      the event of such Disability, Executive’s obligation to perform services
      under this Agreement will terminate.  The Bank will pay
      Executive, as Disability pay, an amount equal to sixty-six and two thirds
      percent (66 2/3%) of Executive’s
      bi-weekly rate of base salary in effect as of the date of her termination
      of employment due to Disability.  Disability payments will be
      made on a monthly basis and will commence on the first day of the month
      following the effective date of Executive’s termination of employment for
      Disability and end on the earlier of:  (A) the date Executive
      returns to full-time employment at the Bank in the same capacity as she
      was employed prior to her termination for Disability; (B) Executive’s
      death; (C) Executive’s attainment of age 65; or (D) the date the
      Agreement would have expired had Executive’s employment not terminated by
      reason of Disability.  Such payments shall be reduced by the
      amount of any short- or long-term disability benefits payable to Executive
      under any other disability programs sponsored by the Company and the
      Bank.  In addition, during any period of Executive’s Disability,
      Executive and her dependents shall, to the greatest extent possible,
      continue to be covered under all benefit plans (including, without
      limitation, retirement plans and medical, dental and life insurance plans)
      of the Company and the Bank, in which Executive participated prior to her
      Disability on the same terms as if Executive were actively employed by the
      Company and the Bank.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    d.           
Termination for
Cause.

    

    
      	
               
      

            	
              i.

            	
              The
      Board may, by written notice to Executive in the form and manner specified
      in this paragraph, immediately terminate her employment at any time, for
      “Cause.”  Executive shall have no right to receive compensation
      or other benefits for any period after termination for Cause except for
      vested benefits.  Termination for Cause shall mean termination
      because of, in the good faith determination of the Board,
      Executive’s:

            

    

    

    
      	
               
      

            	
              (1)

            	
              Personal
      dishonesty;

            

    

    

    
      	
               
      

            	
              (2)

            	
              Incompetence;

            

    

    

    
      	
               
      

            	
              (3)

            	
              Willful
      misconduct;

            

    

    

    
      	
               
      

            	
              (4)

            	
              Breach
      of fiduciary duty involving personal
profit;

            

    

    

    
      	
               
      

            	
              (5)

            	
              Intentional
      failure to perform stated duties under this
  Agreement;

            

    

    

    
      	
               
      

            	
              (6)

            	
              Willful
      violation of any law, rule or regulation (other than traffic violations or
      similar offenses) that reflects adversely on the reputation of the Company
      and the Bank, any felony conviction, any violation of law involving moral
      turpitude, or any violation of a final cease-and-desist order;
      or

            

    

    

    
      	
               
      

            	
              (7)

            	
              Material
      breach by Executive of any provision of this
  Agreement.

            

    

    

    
      	
               
      

            	
              ii.

            	
              Notwithstanding
      the foregoing, Executive shall not be deemed to have been terminated for
      Cause by the Company and the Bank unless there shall have been delivered
      to Executive a copy of a resolution duly adopted by the affirmative vote
      of a majority of the entire membership of the Board at a meeting of such
      Board called and held for the purpose (after reasonable notice to
      Executive and an opportunity for Executive to be heard before the Board
      with counsel), of finding that, in the good faith opinion of the Board,
      Executive was guilty of the conduct described above and specifying the
      particulars thereof.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              e.

            	
              Voluntary Termination
      by Executive.  In addition to her other rights to
      terminate under this Agreement, Executive may voluntarily terminate
      employment during the term of this Agreement upon at least sixty (60) days
      prior written notice to the Board, in which case Executive shall receive
      only her compensation, vested rights and employee benefits up to the date
      of her termination.

            

    

    

    f.            
Without Cause or With
Good Reason.

    

    
      	
               
      

            	
              i.

            	
              In
      addition to termination pursuant to Sections 11a. through 11e., the Board
      may, by written notice to Executive, immediately terminate her employment
      at any time for a reason other than Cause (a termination “Without Cause”)
      and Executive may, by written notice to the Board, immediately terminate
      this Agreement at any time within ninety (90) days following an event
      constituting “Good Reason,” as defined below (a termination “With Good
      Reason”).

            

    

    

    
      	
               
      

            	
              ii.

            	
              Subject
      to Section 12 of this Agreement, in the event of termination under this
      Section 11f., Executive shall be entitled to receive a severance benefit
      equal to two (2) times the sum of Executive’s (i) current base salary and
      (ii) the most recent bonus paid to Executive by the Company and/or the
      Bank.  Executive’s severance benefit shall be payable ratably
      over a two (2) year period through the Bank’s regular
      payroll.  In addition, Executive shall receive continued
      medical, dental and life insurance coverage, upon terms no less favorable
      than the most favorable terms provided to senior executives of the Company
      and the Bank during the twenty-four (24) month period following her
      termination date.  In the event that the Company and the Bank
      are unable to provide such coverage by reason of Executive no longer being
      an employee, the Company and the Bank shall provide Executive with
      comparable coverage on an individual policy basis.  The
      severance payments and benefits provided under this subparagraph (ii) are
      subject to Section 11f.(v) of this
Agreement.

            

    

    

    
      	
               
      

            	
              iii.

            	
              “Good
      Reason” shall exist if, without Executive’s express written consent, the
      Company and the Bank materially breach any of their respective obligations
      under this Agreement.  Without limitation, such a material
      breach shall be deemed to occur upon any of the
  following:

            

    

    

    
      	
               
      

            	
              (1)

            	
              A
      material reduction in Executive’s responsibilities or authority in
      connection with her employment with the Company or the
    Bank;

            

    

    

    
      	
               
      

            	
              (2)

            	
              Assignment
      to Executive of duties of a non-executive nature or duties for which she
      is not reasonably equipped by her skills and
  experience;

            

    

     

    
      
        
        

      

      
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              (3)

            	
              A
      reduction in salary or benefits contrary to the terms of this Agreement,
      or, following a Change in Control as defined in Section 12 of this
      Agreement, any reduction in salary or material reduction in benefits below
      the amounts to which Executive was entitled prior to the Change in
      Control;

            

    

    

    
      	
               
      

            	
              (4)

            	
              Termination
      of incentive and benefit plans (other than the Bank’s tax-qualified
      plans), programs or arrangements, or reduction of Executive’s
      participation to such an extent as to materially reduce their aggregate
      value below their aggregate value as of the Effective
  Date;

            

    

    

    
      	
               
      

            	
              (5)

            	
              A
      relocation of Executive’s principal business office by more than thirty
      (30) miles from its current location;
or

            

    

    

    (6)           Liquidation
or dissolution of the Company or the Bank.

    

    
      	
               
      

            	
              iv.

            	
              Notwithstanding
      the foregoing, a reduction or elimination of Executive’s benefits under
      one or more benefit plans maintained by the Company or the Bank as part of
      a good faith, overall reduction or elimination of such plans or benefits
      thereunder applicable to all participants in a manner that does not
      discriminate against Executive (except as such discrimination may be
      necessary to comply with law) shall not constitute an event of Good Reason
      or a material breach of this Agreement, provided that benefits of the same
      type or to the same general extent as those offered under such plans are
      not available to other officers of the Company and the Bank, or any
      company that controls either of them, under a plan or plans in or under
      which Executive is not entitled to participate subsequent to such
      reduction or elimination of
benefits.

            

    

    

    
      	
               
      

            	
              v.

            	
              The
      parties to this Agreement intend for the payments to satisfy the
      short-term deferral exception under Section 409A of the Code or, in the
      case of health and welfare benefits, not constitute deferred compensation
      (since such amounts are not taxable to Executive).  However,
      notwithstanding anything to the contrary in this Agreement, to the extent
      payments do not meet the short-term deferral exception of Section 409A of
      the Code and, in the event Executive is a “Specified Employee” (as defined
      herein) no payment shall be made to Executive under this Agreement prior
      to the first day of the seventh month following the Event of Termination
      in excess of the “permitted amount” under Section 409A of the
      Code.  For these purposes the “permitted amount” shall be an
      amount that does not exceed two times the lesser of: (A) the sum of
      Executive’s annualized compensation based upon the annual rate of pay for
      services provided to the Company for the calendar year preceding the year
      in which Executive has an Event of Termination, or (B) the maximum amount
      that may be taken into account under a tax-qualified plan pursuant to
      Section 401(a)(17) of the Code for the calendar year in which occurs the
      Event of Termination.  The payment of the “permitted amount”
      shall be made within sixty (60) days of the occurrence of the Event of
      Termination.  Any payment in excess of the permitted amount
      shall be made to Executive on the first day of the seventh month following
      the Event of Termination.  “Specified Employee” shall be
      interpreted to comply with Section 409A of the Code and shall mean a key
      employee within the meaning of Section 416(i) of the Code (without regard
      to paragraph 5 thereof), but an individual shall be a “Specified Employee”
      only if the Company is a publicly-traded institution or the subsidiary of
      a publicly-traded holding company.

            

    

     

    
      
        
        

      

      
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              g.

            	
              Continuing Covenant
      Not to Compete or Interfere with
      Relationships.  Regardless of anything herein to the
      contrary, following a termination by the Company and the Bank or Executive
      pursuant to Section 11f.:

            

    

    

    
      	
               
      

            	
              i.

            	
              Executive’s
      obligations under Section 10c. of this Agreement will continue in effect;
      and

            

    

    

    
      	
               
      

            	
              ii.

            	
              During
      the period ending one year after such termination of employment, Executive
      shall not serve as an officer, director or employee of any bank holding
      company, bank, savings bank, savings and loan holding company, or mortgage
      company (any of which, a “Financial Institution”) which Financial
      Institution offers products or services competing with those offered by
      the Bank from any office within thirty (30) miles from the main office or
      any branch of the Bank and shall not interfere with the relationship of
      the Company and the Bank and any of its employees, agents, or
      representatives.

            

    

    

    12.          Termination in Connection
with a Change in Control.

    

    
      	
               
      

            	
              a.

            	
              For
      purposes of this Agreement, a “Change in Control” means any of the
      following events:

            

    

    

    
      	
               
      

            	
              i.

            	
              Merger:  The
      Company or the Bank merges into or consolidates with another corporation,
      or merges another corporation into the Company or the Bank, and as a
      result less than a majority of the combined voting power of the resulting
      corporation immediately after the merger or consolidation is held by
      persons who were stockholders of the Company or the Bank immediately
      before the merger or consolidation.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              ii.

            	
              Acquisition of
      Significant Share Ownership:  There is filed, or required
      to be filed, a report on Schedule 13D or another form or schedule (other
      than Schedule 13G) required under Sections 13(d) or 14(d) of the
      Securities Exchange Act of 1934, if the schedule discloses that the filing
      person or persons acting in concert has or have become the beneficial
      owner of 25% or more of a class of the Company’s voting securities, but
      this clause (b) shall not apply to beneficial ownership of Company voting
      shares held in a fiduciary capacity by an entity of which the Company
      directly or indirectly beneficially owns 50% or more of its outstanding
      voting securities.

            

    

    

    
      	
               
      

            	
              iii.

            	
              Change in Board
      Composition:  During any period of two consecutive years,
      individuals who constitute the Company’s or the Bank’s Board of Directors
      at the beginning of the two-year period cease for any reason to constitute
      at least a majority of the Company’s or the Bank’s Board of Directors;
      provided, however, that for purposes of this clause (iii), each director
      who is first elected by the board (or first nominated by the board for
      election by the stockholders) by a vote of at least two-thirds (2/3) of
      the directors who were directors at the beginning of the two-year period
      shall be deemed to have also been a director at the beginning of such
      period; or

            

    

    

    
      	
               
      

            	
              iv.

            	
              Sale of
      Assets:  The Company or the Bank sells to a third party
      all or substantially all of its
assets.

            

    

    

    Notwithstanding
anything in this Agreement to the contrary, in no event shall the reorganization
of the Bank from the mutual holding company form of organization to the full
stock holding company form of organization (including the elimination of the
mutual holding company) constitute a “Change in Control” for purposes of this
Agreement.

    

    
      	
               
      

            	
              b.

            	
              Termination.  If
      within the period ending  twelve (12) months after a Change in
      Control, (i) the Company and the Bank shall terminate Executive’s
      employment Without  Cause, or (ii) Executive voluntarily
      terminates her employment With Good Reason, the Company and the Bank
      shall, within ten (10) calendar days of the termination of Executive’s
      employment, make a lump-sum cash payment to her equal to three (3) times
      the sum of Executive’s (i) base salary and (ii) the most recent bonus paid
      by the Company and/or Bank.  Also, in such event, Executive
      shall, for a thirty-six (36) month period following her termination of
      employment, receive continued medical, dental and life insurance coverage
      upon terms no less favorable than the most favorable terms provided to
      senior executives of the Bank during such period.  In the event
      that the Company or the Bank is unable to provide such coverage by reason
      of Executive no longer being an employee, the Company and the Bank shall
      provide Executive with comparable coverage under an individual
      policy.  The parties to this Agreement intend for the payments
      to satisfy the short-term deferral exception under Section 409A of the
      Code or, in the case of health and welfare benefits, not constitute
      deferred compensation (since such amounts are not taxable to
      Executive).  However, notwithstanding anything to the contrary
      in this Agreement, to the extent payments do not meet the short-term
      deferral exception of Section 409A of the Code and, in the event Executive
      is a “Specified Employee” (as defined herein) no payment shall be made to
      Executive under this Agreement prior to the first day of the seventh month
      following the Event of Termination in excess of the “permitted amount”
      under Section 409A of the Code.  For these purposes the
      “permitted amount” shall be an amount that does not exceed two times the
      lesser of: (A) the sum of Executive’s annualized compensation based upon
      the annual rate of pay for services provided to the Company for the
      calendar year preceding the year in which Executive has an Event of
      Termination, or (B) the maximum amount that may be taken into account
      under a tax-qualified plan pursuant to Section 401(a)(17) of the Code for
      the calendar year in which occurs the Event of Termination.  The
      payment of the “permitted amount” shall be made within sixty (60) days of
      the occurrence of the Event of Termination.  Any payment in
      excess of the permitted amount shall be made to Executive on the first day
      of the seventh month following the Event of
      Termination.  “Specified Employee” shall be interpreted to
      comply with Section 409A of the Code and shall mean a key employee within
      the meaning of Section 416(i) of the Code (without regard to paragraph 5
      thereof), but an individual shall be a “Specified Employee” only if the
      Company is a publicly-traded institution or the subsidiary of a
      publicly-traded holding company.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              c.

            	
              The
      provisions of Section 12 and Sections 14 through 27, including the defined
      terms used in such sections, shall continue in effect until the later of
      the expiration of this Agreement or one (1) year following a Change in
      Control.

            

    

    

    
      	
               
      

            	
              13.

            	
              Indemnification and
      Liability Insurance.

            

    

    

    
      	
               
      

            	
              a.

            	
              Indemnification.  The
      Company and the Bank agree to indemnify Executive (and her heirs,
      executors, and administrators), and to advance expenses related thereto,
      to the fullest extent permitted under applicable law and regulations
      against any and all expenses and liabilities reasonably incurred by her in
      connection with or arising out of any action, suit, or proceeding in which
      she may be involved by reason of her having been a director or Executive
      of the Company, the Bank or any of their subsidiaries (whether or not she
      continues to be a director or Executive at the time of incurring any such
      expenses or liabilities) such expenses and liabilities to include, but not
      be limited to, judgments, court costs, and attorneys’ fees and the costs
      of reasonable settlements, such settlements to be approved by the Board,
      if such action is brought against Executive in her capacity as an
      Executive or director of the Company and the Bank or any of their
      subsidiaries.  Indemnification for expenses shall not extend to
      matters for which Executive has been terminated for
      Cause.  Nothing contained herein shall be deemed to provide
      indemnification prohibited by applicable law or
      regulation.  Notwithstanding anything herein to the contrary,
      the obligations of this Section 13 shall survive the term of this
      Agreement by a period of six (6)
years.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              b.

            	
              Insurance.  During
      the period in which indemnification of Executive is required under this
      Section, the Company and the Bank shall provide Executive (and her heirs,
      executors, and administrators) with coverage under a directors’ and
      officers’ liability policy at the expense of the Company and the Bank, at
      least equivalent to such coverage provided to directors and senior
      executives of the Company and the
Bank.

            

    

    

    14.           Reimbursement
of Executive’s Expenses to Enforce this Agreement.  The Company and
the Bank shall reimburse Executive for all out-of-pocket expenses, including,
without limitation, reasonable attorneys’ fees, incurred by Executive in
connection with successful enforcement by Executive of the obligations of the
Company and the Bank to Executive under this Agreement.  Successful
enforcement shall mean the grant of an award of money or the requirement that
the Company and the Bank take some action specified by this
Agreement:  (i) as a result of court order; or (ii) otherwise by the
Company and the Bank following an initial failure of the Company and the Bank to
pay such money or take such action promptly after written demand therefor from
Executive stating the reason that such money or action was due under this
Agreement at or prior to the time of such demand.

    

    15.           Limitation
of Benefits under Certain Circumstances.  If the payments
and benefits pursuant to Section 12 of this Agreement, either alone or together
with other payments and benefits which Executive has the right to receive from
the Company and the Bank, would constitute a “parachute payment” under Section
280G of the Code, the payments and benefits pursuant to Section 12 shall be
reduced or revised, in the manner determined by Executive, by the amount, if
any, which is the minimum necessary to result in no portion of the payments and
benefits under Section 12 being non-deductible to the Company and the Bank
pursuant to Section 280G of the Code and subject to the excise tax imposed under
Section 4999 of the Code.  The determination of any reduction in the
payments and benefits to be made pursuant to Section 12 shall be based upon the
opinion of the Company and the Bank’s independent public accountants and paid
for by the Company and the Bank.  In the event that the Company, the
Bank and/or Executive do not agree with the opinion of such counsel, (i) the
Company and the Bank shall pay to Executive the maximum amount of payments and
benefits pursuant to Section 12, as selected by Executive, which such opinion
indicates there is a high probability do not result in any of such payments and
benefits being non-deductible to the Company and the Bank and subject to the
imposition of the excise tax imposed under Section 4999 of the Code and (ii) the
Company and the Bank may request, and Executive shall have the right to demand
that they request, a ruling from the IRS as to whether the disputed payments and
benefits pursuant to Section 12 have such consequences.  Any such
request for a ruling from the IRS shall be promptly prepared and filed by the
Company and the Bank, but in no event later than thirty (30) days from the date
of the opinion of counsel referred to above, and shall be subject to Executive’s
approval prior to filing, which shall not be unreasonably
withheld.  The Company, the Bank and Executive agree to be bound by
any ruling received from the IRS and to make appropriate payments to each other
to reflect any such rulings, together with interest at the applicable federal
rate provided for in Section 7872(f)(2) of the Code.  Nothing
contained herein shall result in a reduction of any payments or benefits to
which Executive may be entitled upon termination of employment other than
pursuant to Section 12 hereof, or a reduction in the payments and benefits
specified in Section 12 below zero.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    16.           Injunctive
Relief.  If there is a
breach or threatened breach of Section 11g. of this Agreement or the
prohibitions upon disclosure contained in Section 10c. of this Agreement, the
parties agree that there is no adequate remedy at law for such breach, and that
the Company and the Bank shall be entitled to injunctive relief restraining
Executive from such breach or threatened breach, but such relief shall not be
the exclusive remedy hereunder for such breach.  The parties hereto
likewise agree that Executive, without limitation, shall be entitled to
injunctive relief to enforce the obligations of the Company and the Bank under
this Agreement.

     

    17.           Successors and
Assigns.

    

    
      	
               
      

            	
              a.

            	
              This
      Agreement shall inure to the benefit of and be binding upon any corporate
      or other successor to the Company and the Bank which shall acquire,
      directly or indirectly, by merger, consolidation, purchase or otherwise,
      all or substantially all of the assets or stock of the Company and the
      Bank.

            

    

    

    
      	
               
      

            	
              b.

            	
              Since
      the Company and the Bank are contracting for the unique and personal
      skills of Executive, Executive shall be precluded from assigning or
      delegating her rights or duties hereunder without first obtaining the
      written consent of the Company and the
Bank.

            

    

    

    18.           No
Mitigation.  Executive shall
not be required to mitigate the amount of any payment provided for in this
Agreement by seeking other employment or otherwise and no such payment shall be
offset or reduced by the amount of any compensation or benefits provided to
Executive in any subsequent employment.

    

    19.           Notices.  All notices,
requests, demands and other communications in connection with this Agreement
shall be made in writing and shall be deemed to have been given when delivered
by hand or 48 hours after mailing at any general or branch United States Post
Office, by registered or certified mail, postage prepaid, addressed to the
Company and/or the Bank at their principal business offices and to Executive at
her home address as maintained in the records of the Company and the
Bank.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    20.           No Plan
Created by this Agreement.  Executive, the
Company and the Bank expressly declare and agree that this Agreement was
negotiated among them and that no provision or provisions of this Agreement are
intended to, or shall be deemed to, create any plan for purposes of the Employee
Retirement Income Security Act or any other law or regulation, and each party
expressly waives any right to assert the contrary.  Any assertion in
any judicial or administrative filing, hearing, or process that such a plan was
so created by this Agreement shall be deemed a material breach of this Agreement
by the party making such an assertion.

    

    21.           Amendments.  No amendments or
additions to this Agreement shall be binding unless made in writing and signed
by all of the parties, except as herein otherwise specifically
provided.

    

    22.           Applicable
Law.  Except to the
extent preempted by federal law, the laws of the Commonwealth of Pennsylvania
shall govern this Agreement in all respects, whether as to its validity,
construction, capacity, performance or otherwise.

    

    23.           Severability.  The provisions of
this Agreement shall be deemed severable and the invalidity or unenforceability
of any provision shall not affect the validity or enforceability of the other
provisions hereof.

    

    24.           Headings.  Headings
contained herein are for convenience of reference only.

    

    25.           Entire
Agreement.  This Agreement,
together with any understanding or modifications thereof as agreed to in writing
by the parties, shall constitute the entire agreement among the parties hereto
with respect to the subject matter hereof, other than written agreements with
respect to specific plans, programs or arrangements described in Sections 5 and
6.

    

    26.           Arbitration.  Any dispute or
controversy arising under or in connection with this Agreement shall be settled
exclusively by arbitration, conducted before a panel of three arbitrators
sitting in Philadelphia, Pennsylvania, in accordance with the rules of the
American Arbitration Association then in effect.  Judgment may be
entered on the arbitrator’s award in any court having jurisdiction; provided,
however, that Executive shall be entitled to seek specific performance of her
right to be paid until the date of termination during the pendency of any
dispute or controversy arising under or in connection with this
Agreement.

    

    27.           Required
Provisions.  In the event any
of the foregoing provisions of this Section 26 are in conflict with the terms of
this Agreement, this Section 27 shall prevail.

    

    
      	
                 
      a.

            	
              The
      Bank’s board of directors may terminate Executive’s employment at any
      time, but any termination by the Bank, other than termination for Cause,
      shall not prejudice Executive’s right to compensation or other benefits
      under this Agreement.  Executive shall not have the right to
      receive compensation or other benefits for any period after termination
      for Cause.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
                 
      b.

            	
              If
      Executive is suspended from office and/or temporarily prohibited from
      participating in the conduct of the Bank’s affairs by a notice served
      under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12
      U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this Agreement
      shall be suspended as of the date of service, unless stayed by appropriate
      proceedings.  If the charges in the notice are dismissed, the
      Bank may in its discretion:  (i) pay Executive all or part of
      the compensation withheld while its contract obligations were suspended;
      and (ii) reinstate (in whole or in part) any of the obligations which
      were suspended.

            

    

    

    
      	
                 
      c.

            	
              If
      Executive is removed and/or permanently prohibited from participating in
      the conduct of the Bank’s affairs by an order issued under Section 8(e)(4)
      or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or
      (g)(1), all obligations of the Bank under this Agreement shall terminate
      as of the effective date of the order, but vested rights of the
      contracting parties shall not be
affected.

            

    

    

    
      	
                 
      d.

            	
              If
      the Bank is in default as defined in Section 3(x)(1) of the Federal
      Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank
      under this Agreement shall terminate as of the date of default, but this
      paragraph shall not affect any vested rights of the contracting
      parties.

            

    

    

    
      	
                 
      e.

            	
              All
      obligations under this Agreement shall be terminated, except to the extent
      determined that continuation of the contract is necessary for the
      continued operation of the Bank:  (i) by the Director of the OTS
      (or his or her designee), at the time the Federal Deposit Insurance
      Corporation (FDIC) enters into an agreement to provide assistance to or on
      behalf of the Bank under the authority contained in Section 13(c) of the
      Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director
      of the OTS (or his or her designee) at the time the Director (or his
      designee) approves a supervisory merger to resolve problems related to the
      operations of the Bank or when the Bank is determined by the Director to
      be in an unsafe or unsound condition.  Any rights of the parties
      that have already vested, however, shall not be affected by such
      action.

            

    

    

    
      	
                 
      f.

            	
              Any
      payments made to Executive pursuant to this Agreement, or otherwise, are
      subject to and conditioned upon their compliance with 12 U.S.C. §1828(k)
      and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and
      Indemnification Payments.

            

    

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    IN WITNESS WHEREOF, the
parties hereto have executed this amended and restated Agreement
effective  March 17, 2009.

    

    

    
      
        
          
            
              
                
                  
                    	
                            ATTEST:

                          	 
      	
                            BENEFICIAL
      MUTUAL BANCORP, INC.

                          	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	/s/
      Thomas M. Topley	 
      	
                            By:

                          	/s/
      Frank A. Farnesi	 
      
	
                            Corporate
      Secretary

                          	 
      	 
      	
                            For
      the Entire Board of Directors

                          	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                            ATTEST:

                          	 
      	
                            BENEFICIAL
      MUTUAL SAVINGS BANK

                          	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	/s/
      Thomas M. Topley	 
      	
                            By:

                          	/s/
      Frank A. Farnesi	 
      
	
                            Corporate
      Secretary

                          	 
      	 
      	
                            For
      the Entire Board of Directors

                          	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                            WITNESS:

                          	 
      	
                            EXECUTIVE

                          	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	/s/
      Charles Silverman	 
      	
                            By:

                          	/s/
      Denise Kassekert	 
      
	 
      	 
      	 
      	
                            Denise
      Kassekert

                          	 
      

                  

                

              

            

          

        

      

    

     

     

    15ex10-6.htm

    
      

    

    EXHIBIT
10.6

     

    

     

    AMENDMENT
TO AGREEMENT

     

    BENEFICIAL
MUTUAL SAVINGS BANK

     

    EXECUTIVE

     

    SALARY
CONTINUATION PLAN

     

    FOR

     

    JOSEPH
F. CONNERS

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    AMENDMENT TO
AGREEMENT

     

    The
Agreement between BENEFICIAL
MUTUAL SAVINGS BANK (hereinafter referred to as Bank) and Joseph F.
Conners (hereinafter referred to as Employee), dated April 1, 2006, is amended
this 31st day of December 2008.

     

    BACKGROUND

     

    
      
        
          
            
              
                	 
      	 	
                        1.

                      	
                        Employee
      is employed by Bank

                      
	 	 	 	 
	 
      	 	
                        2.

                      	
                        Bank
      and Employee have entered into Agreement whereby if Employee dies while in
      Bank’s employ before attaining the age of sixty-five (65) years certain
      payments will be made to Employee’s spouse or children.

                      
	 	 	 	 
	 
      	 	
                        3.

                      	
                        The
      Agreement provides for deferred compensation in the form of a life
      insurance policy or cash that is payable to Employee upon termination of
      employment or retirement.

                      
	 	 	 	 
	 
      	 	
                        4.

                      	
                        The
      Agreement must be amended to conform to the requirements of Section 409A
      of the Internal Revenue Code of 1986, as amended, and the regulations
      issued
thereunder.

                      

              

            

          

        

      

    

     

    NOW, THEREFORE, intending to
be legally bound hereby, the parties amend the Agreement as
follows:

     

    
      
        
          
            
              	
                      1.

                    	
                      EMPLOYEE DEATH BENEFITS PRIOR TO ATTAINING AGE
      55

                    
	 	 
	 
      	
                      If
      Employee’s death occurs before Employee has attained the age of fifty-five
      (55) years, and while Employee is an active Employee of the Bank, Bank
      will pay to the Beneficiary (as identified in Section 9 hereof) $20,416.67 per month for
      twelve (12) months commencing with the first month following the date of
      Employee’s death and $13,617.92 per month
      commencing with the thirteenth (13th) month following Employee’s death
      through the month during which Employee would have attained the age of
      six-five (65) years had Employee lived to such date.

                    
	 	 
	
                      2.

                    	
                      EMPLOYEE’S DEATH BENEFITS AFTER ATTAINING AGE 55
      BUT PRIOR TO ATTAINING AGE 65

                    
	 	 
	 
      	
                      If
      Employee’s death occurs after Employee attains the age of fifty-five (55)
      years, but while Employee is an active Employee of Bank, Bank will pay to
      the Beneficiary (as identified in Section 9 hereof) $20,416.67 per month for
      twelve (12) months commencing with the first month following the date of
      Employee’s death and $13,617.92 per month
      commencing with the thirteenth (13th)
      month following Employee’s death through the one hundred and twentieth
      (120th)
      month following Employee’s
death.

                    

            

          

        

      

    

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  3.

                	
                  BENEFITS AFTER EMPLOYEE’S TERMINATION OR EMPLOYEE
      ATTAINING THE AGE OF 65

                
	 	 
	 
      	
                  Upon
      his/her retirement on or after age sixty-five (65), Employee shall be
      entitled to receive a life insurance policy in the amount of $490,000.00 (“Life
      Insurance Benefit”). The policy is intended to be a continuation of the
      current policy held by the Bank to fund the Employee’s benefits under this
      Plan. The policy delivered to Employee shall contain all of the attributes
      of the then current policy in the same proportion as the Life Insurance
      Benefit bears to the face amount of the policy. The formula for
      determining the attributes shall be as
follows:

                

        

      

    

     

    
      
        	
                Attributes
      of

              	 
      	
                Life Insurance Benefit

              	 
      	
                Attributes
      of

              
	
                Then
      Current

              	
                X

              	
                Face
      Amount of

              	
                =

              	
                Life
      Insurance

              
	
                Policy

              	 
      	
                Current
      Policy

              	 
      	
                Benefit

              
	 
      	 
      	 
      	 
      	 
      

      

    

     

    
      
        	 
      	
                Alternatively,
      the Employee may elect to receive a cash payment equal to the cash
      surrender value of the life insurance policy that the Employee is
      otherwise entitled to receive upon his/her retirement. The Bank shall
      deliver such insurance policy or pay the cash value of the policy to the
      Employee in accordance with his/her election as soon as practicable
      following the date that is six months after Employee’s separation from
      service. In no event, however, shall such policy be delivered or the cash
      value paid to the Employee later than two and one half months following
      the date that is six months after the Employee’s separation from service
      or by the end of the Employee’s taxable year that contains such date,
      whichever is later. The Employee shall not be permitted, directly or
      indirectly, to designate the taxable year of the delivery or
      payment.

              

      

    

     

    When Used In This
Section

     

    
      
        
          
            
              	 
      	
                      (a)

                    	
                      the
      term “then current policy” shall mean all of the policies held by the
      Employer to provide funding for the Employee’s obligation under the
      Plan.

                    
	 	 	 
	 
      	
                      (b)

                    	
                      the
      term “attributes” shall include, but not limited to (1) cash value, (2)
      outstanding policy loans, and (3) premiums due.

                    
	 	 	 
	 
      	
                      As
      of the date on which Employee retires on or after the age of sixty-five
      (65), Employee’s rights under this Agreement, except to the extent
      provided in the first section of Section 3, shall terminate. Other
      termination provisions are found in Sections 6, 9 and 11
      hereof.

                    
	 	 
	 
      	
                      Should
      Employee terminate his/her employment with Bank prior to age 65 or should
      Employee be terminated for any reason, except for dishonesty, prior to age
      65. Employee shall be entitled to a life insurance policy with a death
      benefit to be the lesser of the (a) Life Insurance Benefit or (b) an
      amount calculated by multiplying the Life Insurance Benefit by a fraction,
      the denominator of which shall be twenty-five (25) and the numerator shall
      be the number of consecutive calendar years during which the Employee was
      in the employment of the Bank for a full twelve (12) months.
      Alternatively, such Employee may elect to receive a cash payment, equal to
      the cash surrender value of the policy multiplied by a fraction, the
      denominator of which is twenty-five (25) and the numerator shall be the
      number of consecutive calendar years during which the Employee was in the
      employment of the Bank. The Bank shall deliver such insurance policy or
      pay the cash value of the policy to the Employee, in accordance with
      his/her election, as soon as practicable following the date that is six
      months after the Employee’s separation from service. In no event, however,
      shall such policy be delivered or the cash value paid to the Employee
      later than two and one-half months following the date that is six months
      after Employee’s separation from service or by the end of the Employee’s
      taxable year that contains such date, whichever is later. The Employee
      shall not be permitted, directly or indirectly, to designate the taxable
      year of the delivery or
payment.

                    

            

          

        

      

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  4.

                                	
                                  EMPLOYEE CONTRIBUTION

                                
	 	 
	 
      	
                                  Employee
      acknowledges that Employee has not been required to make any monetary
      payment to the Bank or give any consideration, other than employment to
      Bank, in return for this Agreement.

                                
	 	 
	
                                  5.

                                	
                                  BANK’S FUNDING

                                
	 	 
	 
      	
                                  Bank
      shall not be required to fund its potential obligations under this
      Agreement or pledge assets as security for it performance
      hereunder.

                                
	 	 
	
                                  6.

                                	
                                  TERMINATION OF
EMPLOYMENT

                                
	 	 
	 
      	
                                  This
      Agreement shall not in any way constitute an employment agreement between
      Employee and Bank and shall in no way obligate Bank to continue the
      employment of Employee with Bank, nor shall this Agreement limit the right
      of Bank to terminate Employee’s employment with Bank for any reason.
      Termination of Employee’s employment with Bank for any reason, whether by
      action of Bank, Employee, or in any other manner, shall immediately
      terminate this Agreement and all of Bank’s obligations hereunder. For
      purposes of Sections 1 and 2, the word “termination” shall not be defined
      to include termination occasioned by death of Employee.

                                
	 	 
	
                                  7.

                                	
                                  OTHER BENEFIT AND
  AGREEMENTS

                                
	 	 
	 
      	
                                  The
      benefits provided for Employee hereunder are in addition to any other
      benefits Employee may have under any other plan or program of Bank and,
      except as otherwise expressly provided for herein, this Agreement shall
      supplement and shall not supersede any other Agreement between Bank and
      Employee or any provisions contained therein.

                                
	 	 
	
                                  8.

                                	
                                  ASSIGNMENT

                                
	 	 
	 
      	
                                  Neither
      Employee nor the Beneficiary hereunder shall have any right to commute,
      sell, transfer, assign or otherwise convey the right to receive any
      payments under the terms of this Agreement. Any such attempted assignment
      or transfer shall at the option of the Bank terminate this Agreement and
      Bank shall have no further liability
hereunder.

                                

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    	
                            9.

                          	
                            BENEFICIARY

                          
	 	 
	 
      	
                            The
      Beneficiary under this Agreement shall be the spouse of the Employee at
      Employee’s time of death. If any payments remain due under this Agreement
      at the death of the Spouse, such remaining payments shall be paid to the
      living children and the living children of deceased children of Employee.
      Such payments shall be divided into equal shares, one for each living
      child and one for each deceased child, with living children, such deceased
      child’s share to be divided equally among his/her living
      children.

                          
	 	 
	 
      	
                            If
      at the time of the Employee’s death, Employee has no spouse, the
      beneficiaries shall be his/her living children and the living children of
      his/her deceased children. The payments shall be divided among the
      beneficiaries in the manner specified in the foregoing Section. If any
      payments or portions of payments remain due under the Agreement at the
      death of a Beneficiary, such remaining payments or portions of payment
      shall be paid to such Beneficiary’s living children equally. If no living
      children survive such deceased beneficiary, then such remaining payments
      or portions of payments shall be divided among the remaining beneficiaries
      in the manner specified in the foregoing Section.

                          
	 	 
	 
      	
                            In
      the event that at Employee’s death or at the death of a Beneficiary there
      are no other living grandchildren of Employee, Bank’s obligation to make
      payments under this Agreement is terminated.

                          
	 	 
	 
      	
                            Employee
      shall notify Bank in a form and manner acceptable to Bank of the names and
      addresses of his/her spouse, children and children of deceased children.
      Attached hereto as Exhibit “A” is a form of notice of names and addresses
      of Employee’s spouse, children and children of deceased children
      acceptable to Bank. In the absence of such notice, or in the event of an
      incomplete notice, Bank shall be under no obligation to make payments to
      any spouse, child or grandchild of whom it has no
  notice.

                          
	 	 
	
                            10.

                          	
                            NOTICE

                          
	 	 
	 
      	
                            Any
      notice which shall be or may be given hereunder shall be in writing and
      shall be mailed by certified mail, postage prepaid, addressed as
      follows:

                          

                  

                

              

            

          

        

      

    

     

    
      
        	
                (A)

              	
                Notice
      to Employee

              	
                (B)

              	
                Notice
      to Bank

              
	 
      	
                [OMITTED]

              	 
      	
                510 Walnut Street

              
	 
      	
                 

              	 
      	
                Philadelphia, PA
  19106

              

      

    

    

    
      
        
          
            	 
      	
                    Any
      part hereto may from time to time change the address to which notices to
      it shall be mailed by giving notice thereof in the manner provided for
      herein.

                  
	 	 
	
                    11.

                  	
                    MISCELLANEOUS

                  
	 	 
	 
      	
                    (a)

                  	
                    If
      Bank liquidates or is otherwise dissolved due to insolvency or any other
      event, this Agreement shall terminate and shall be considered null, void
      and of no legal
effect.

                  

          

        

      

    

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  	 
      	
                          (b)

                        	
                          This
      Agreement shall be binding upon and insure the benefits of the parties
      hereto, their respective heirs, executors, administrators, and
      Beneficiaries and Bank’s successors and assigns.

                        
	 	 	 
	 
      	
                          (c)

                        	
                          This
      Agreement represents the entire understanding between the parties here and
      may be amended only by an instrument in writing signed by such
      parties.

                        
	 	 	 
	 
      	
                          (d)

                        	
                          The
      parties hereto consent to the exclusive jurisdiction of the court of the
      Commonwealth of Pennsylvania in any and all actions arising
      hereunder.

                        
	 	 	 
	 
      	
                          (e)

                        	
                          This
      Agreement shall be governed and construed under the laws of the
      Commonwealth of Pennsylvania as in effect at the time of the execution of
      this Agreement.

                        
	 	 	 
	 
      	
                          (f)

                        	
                          All
      headings preceding the text of the several Sections hereof are inserted
      solely for reference and shall not constitute a part of this Agreement,
      nor affect its meaning, construction of effect.

                        
	 	 	 
	 
      	
                          (g)

                        	
                          The
      payment of any amounts or the delivery of any insurance policies under
      this Agreement shall be subject to all applicable tax withholding
      requirements. If Employee elects to receive an insurance policy upon
      his/her retirement or termination of employment Employee agrees to remit
      to the Bank all taxes that the Bank is required to withhold with respect
      to any such insurance policy (ies) that the Bank delivers to the
      Employee.

                        

                

              

            

          

        

      

    

     

    IN WITNESS WHEREOF, The
parties hereto have set their hands and seals the day first written
above.

     

    
      
        
          
            
              
                
                  
                    
                      
                        	 	
                                CORPORATE
      SEAL

                              	BENEFIT
      MUTUAL SAVINGS BANK	 
      
	 	 
      	 	 
      	 
      
	 	 
      	
                                By:
      /s/

                              	
                                Marion S.
      Blow

                              	 
      
	 	 
      	 	 
      	 
      
	 	 
      	EMPLOYEE	 
      
	 	 
      	 	 
      	 
      
	 	 
      	/s/ Joseph Conners	 
      

                      

                    

                  

                

              

            

          

        

      

    

     

     

     

    5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}]]