Document:

EXHIBIT 10.2

ALLIANCE BANCORP, INC. OF PENNSYLVANIA

2011 STOCK OPTION PLAN

COMPENSATORY STOCK OPTION AGREEMENT

A COMPENSATORY STOCK OPTION (“Option”) for a total of ____________ shares of common stock, par value $0.01 per share (“Common Stock”), of Alliance Bancorp, Inc. of Pennsylvania, a Pennsylvania corporation (the “Corporation”), is hereby granted this 20th  day of July 2011 (hereinafter referred to as the “Date of Grant”) to _______________________ (the “Optionee”) pursuant to the Corporation’s 2011 Stock Option Plan (the “Plan”).  The Option granted hereby is subject in all respects to the terms and provisions of the Plan and this Agreement.  The Option granted hereby is a compensatory or Non-Qualified Option, and is not an Incentive Stock Option.  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan.

1.           Option Price.  The option price shall be $11.05 for each share of Common Stock eligible to be exercised hereunder, which price is not less than the greater of: (i) 100% of the Fair Market Value of the Common Stock on the Date of Grant of this Option or (ii) $10.00.

2.           Exercise of Option.  This Option shall become vested and be exercisable pursuant to the provisions of Section 8.03 of the Plan, as follows:

(a)           Schedule of Right of Exercise.

	
Date on Which the Option

May First be Exercised

	  	
Number of Shares of Common Stock Subject

to the Option Which May be Exercised

	
July 20, 2012

	  	
 

	
July 20, 2013

	  	
 

	
July 20, 2014

	  	
 

	
July 20, 2015

	  	
 

	
July 20, 2016

	  	  
	  	  	  

The right to exercise the Option pursuant to the above schedule is cumulative.  In accordance with the provisions of Section 8.03(b) of the Plan, the above vesting schedule shall not apply, and vesting shall be accelerated, in the event of the Optionee's death or Disability or in the event of a Change in Control.

(b)           Method of Exercise.  This Option shall be exercisable by written notice to the Secretary of the Corporation on the Compensatory Stock Option Exercise Form provided herewith which shall:

	
  

	
(i)

	
state the election to exercise the Option, the number of shares with respect to which it is being exercised, the person in whose name the stock certificate or certificates for such shares of Common Stock is to be registered, his or her address and Social Security number (or if more than one, the names, addresses and Social Security numbers of each of such persons);

 

  

  

  

 

Compensatory Stock Option Agreement

Page 2

	 	
(ii)

	
be signed by the person or persons entitled to exercise the Option and, if the Option is being exercised by any person or persons other than the Optionee, be accompanied by proof, satisfactory to counsel for the Corporation, of the right of such person or persons to exercise the Option;

	
  

	
(iii)

	
be in writing and delivered in person or by certified mail to the Secretary of the Corporation at its main office; and

	
  

	
(iv)

	
be accompanied by payment for the shares of Common Stock with respect to which the Option is being exercised.

Payment of the purchase price of any shares with respect to which the Option is being exercised shall be made in accordance with the provisions of Section 8.07 of the Plan.

(c)          Restrictions on Exercise.  This Option may not be exercised if the issuance of the shares of Common Stock upon such exercise would constitute a violation of any applicable federal or state securities law or regulation or any other law or valid regulation.  As a condition to the exercise of this Option, the Corporation may require the person exercising this Option to make any representation or warranty to the Corporation as may be required by any applicable law or regulation.

3.          Non-transferability of Option.  This Option may not be transferred except as provided in Section 8.05 of the Plan.  The terms of this Option shall be binding upon the executors, administrators, heirs, successors, assigns or legal representative of the Optionee.

4.          Term of Option.  Subject to the exceptions provided in Sections 8.04(b) and 8.09(b) of the Plan, this Option may be exercised at any time on or after it vests and becomes exercisable until the earlier of (i) ten (10) years after the date hereof or (ii) six months after the date on which the Optionee terminates employment and/or service as a Non-Employee Director. Provided, however, in the event the Optionee terminates his employment or service as a director with the Corporation or a Subsidiary Company following a Change in Control without having fully exercised this Option, the Optionee will have a right to exercise this Option during the period ending on the earlier of: (i) the last day of the original ten (10) year term or (ii) the day which is eighteen (18) months after the date on which employment or service as a director terminates.

5.          Withholding.  In accordance with Article XII of the Plan, the Corporation shall be entitled to withhold from any compensation or other payments then or thereafter due to the Optionee such amounts as may be necessary to satisfy any withholding requirements of federal or state law or regulation and, further, to collect from the Optionee any additional amounts which may be required for such purpose.

 

  

  

  

 

Compensatory Stock Option Agreement

Page 3

 

6.             Terms and Conditions.  The terms and conditions included in the Plan are incorporated herein by reference, and to the extent that any conflict may exist between the terms and conditions included in the Plan and the terms of this Agreement, the terms and conditions included in the Plan shall control.

 

	
ATTEST:

	  	
ALLIANCE BANCORP, INC. OF  PENNSYLVANIA

	  	  	  	  
	
  

	  	
By: 

	
  

	
Kathleen P. Lynch

	  	  	
Dennis D. Cirucci

	
Secretary

	  	  	
President and Chief Executive Officer

	  	  	  	  
	  	  	
OPTIONEE

	  	  	  	  
	  	  	
By:

	
  

  

  

  

ALLIANCE BANCORP, INC. OF PENNSYLVANIA

2011 STOCK OPTION PLAN

COMPENSATORY STOCK OPTION EXERCISE FORM

	
ATTN:

	
Secretary of the Corporation

Alliance Bancorp, Inc. of Pennsylvania

Dear Sir or Madam:

The undersigned elects to exercise his/her Compensatory Stock Option to purchase __________ shares of Common Stock pursuant to the 2011 Stock Option Plan (the “Plan”).  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan.

In accordance with Section 8.07 of the Plan, delivered herewith in satisfaction of the required purchase price is (select applicable choice(s)):

	
___ (a)

	
cash or a check payable to Alliance Bancorp, Inc. of Pennsylvania in the amount of $_________;

	
___ (b)

	
irrevocable instructions to a broker to sell the Option Shares and then to properly deliver to the Corporation the amount of sale proceeds to pay the exercise price and any applicable tax withholding; or

	
___ (c)

	
if previously approved by the Board or the Committee, certificate(s) for ________ shares of Common stock having a value of $_____________ as of the date hereof, and/or Option Shares having a value of $_____________as of the date hereof shall be withheld.

If Common Stock is enclosed in full or partial consideration of the purchase price pursuant to choice (c), above, I am attaching a notification from the Board of Directors or the Committee advising:  (i) that such means of payment has been authorized and (ii) as to the fair market value of the shares proposed to be tendered by me as required by the provisions of the Plan.

The name or names to be on the stock certificates and the address and Social Security number or addresses and Social Security numbers of such person or persons is as follows:

	
Name:

	  	  	  
	
Address: 

	  	  	  
	  	  	  	  
	  	
City

	
State

	
Zip Code

	
Social Security number: 

	
  

	  	  	
Very truly yours,

 

	
Date:  _______________________

	  	  
	  	  	
(Signature of Person or Persons

	  	  	
 exercising the Option)EXHIBIT 10.3

ALLIANCE  BANCORP,  INC.  OF  PENNSYLVANIA

2011 RECOGNITION AND RETENTION PLAN AND TRUST AGREEMENT

PLAN SHARE AWARD AGREEMENT

THIS AGREEMENT is made as of this 20th day of July 2011 (hereinafter referred to as the “Date of Grant”) by and between Alliance Bancorp, Inc. of Pennsylvania (the “Corporation”) and ___________________ (the “Recipient”).  Capitalized terms, unless otherwise defined herein, shall have the same meanings as set forth in the Plan (as hereinafter defined).

WHEREAS, the Corporation has adopted the 2011 Recognition and Retention Plan and Trust Agreement (the “Plan”); and

WHEREAS, the Corporation desires to grant a Plan Share Award to the Recipient.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the Corporation and the Recipient hereby agree as follows:

1.           Plan Share Award.  The Corporation hereby grants to the Recipient a non-transferable Plan Share Award consisting of a total of _________ shares of the Corporation’s common stock, par value $0.01 per share (“Common Stock”), upon the terms and conditions set forth herein.

2.           Vesting of Plan Share Award.  The Plan Share Award granted by this Agreement shall vest over a period of five years from the Date of Grant, except as otherwise provided herein and in the Plan.  In general, the shares of Common Stock subject to the Plan Share Award shall vest and then be released from restriction and distributed to the Recipient from the Trust as follows:

	
Date on Which the Restricted Stock

is Released and Distributed

	  	
Number of Shares of

Common Stock

	
July 20, 2012

	  	  
	
July 20, 2013

	  	  
	
July 20, 2014

	  	  
	
July 20, 2015

	  	  
	
July 20, 2016

	  	  

Notwithstanding the general vesting schedule set forth above, in accordance with Section 7.01(b) of the Plan, all shares of Common Stock subject to a Plan Share Award shall become vested and be released from restriction upon the Recipient’s death or Disability or upon a Change in Control.

3.           Terms and Conditions.  The terms and conditions included in the Plan are incorporated herein by reference, and to the extent that any conflict may exist between the terms and conditions included in the Plan and the terms of this Agreement, the terms and conditions included in the Plan shall control.

 

  

  

  

 

4.           Withholding.  In accordance with Section 7.03(c) of the Plan, the Trustee, in its discretion, may withhold from any cash payment or Common Stock distribution made to the Recipient under the Plan sufficient amounts to cover any applicable withholding and employment taxes, and if the amount of a cash payment is insufficient, the Trustee may require the Recipient or the Recipient=s beneficiary to pay to the Trust the amount required to be withheld as a condition of delivering the shares of Common Stock.

IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed by its duly authorized officers, and the Recipient has hereunto set his or her hand, all as of the day first written above.

	
ATTEST:

	  	
ALLIANCE BANCORP, INC. OF PENNSYLVANIA

	  	  	  
	
  

	  	
By: 

	
  

	
Kathleen P. Lynch

	  	  	
Dennis D. Cirucci

	
Secretary

	  	  	
President and Chief Executive Officer

	  	  	  
	  	  	
RECIPIENT

	  	  	  
	  	  	
  

 

  

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