Document:

exhibit103

EXHIBIT 10.3 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                            THIRD AMENDMENT                           TO THE BENEFICIAL BANK                         STOCK-BASED DEFERRAL PLAN                              (Successor Amendment)               This amendment is adopted by the Board of Trustees (the "Board") of Beneficial Bank (the  "Bank") on February 14, 2019.                     WHEREAS,   the Bank maintains the Beneficial Bank Stock-Based Deferral Plan (the  "Plan") to enable the Bank's Trustees and selected executives to defer compensation earned for  their services at the Bank; and                     WHEREAS, the Bank desires to amend the Plan to clarify rights of any successor to the  Bank; and                     WHEREAS, Section 12 of the Plan provides that the Plan may be amended or modified  from time to time by the Board.                         NOW, THEREFORE, the Board hereby amends the Plan as follows:                                              FIRST CHANGE               The definition of Committee in Section 2 of the Plan is amended to provide as follows:                     Committee  means the Retirement Plan Committee of the Bank or the compensation        committee of any successor to the Bank by merger, purchase of stock or assets, or        otherwise.                                             SECOND CHANGE               Section 12 of the Plan is amended to provide as follows:                     12.   Amendment of the Plan.                           The Board (and the board of any successor to the Bank by merger, purchase of stock              or assets, or otherwise) may suspend or terminate the Plan or revise or amend the              Plan in any respect; provided, any amendment or termination of the Plan shall not              adversely affect a Participant with respect to any benefit previously deferred under              the Plan.                     IN WITNESS WHEREOF, the Bank has caused this Amendment to be executed by its  duly authorized officer on the 21 day of February, 2019.                                       BENEFICIAL BANK                                                                           /s/ Thomas Cestare                                                            For the Board of Trustees                            US2008 15153492 2  

 

                              AMENDMENT TO THE                         BENEFICIAL MUTUAL SAVINGS BANK                           STOCK-BASED DEFERRAL PLAN    This amendment is adopted by the Board of Directors (the “Board”) of Wilmington Savings Fund Society,  FSB (the “Bank”).            WHEREAS, on March 1, 2019, WSFS Financial Corporation and the Bank acquired Beneficial   Bancorp, Inc. and its wholly owned subsidiary, Beneficial Bank, in transactions pursuant to which   Beneficial Bank merged into the Bank, with the Bank continuing as the surviving entity (the “Merger”);            WHEREAS, immediately prior to the Merger Beneficial Bank maintained the Beneficial Mutual   Savings Bank Stock-Based Deferral Plan (the “Plan”), and, in connection with the Merger, the Bank   assumed sponsorship of the Plan effective as of the closing of the Merger; and            WHEREAS, the Board wishes to amend the Plan in connection with the Merger, so that as of the   effective time of the Merger, the Human Capital Management Department of Wilmington Savings Fund   Society, FSB shall serve as plan administrator; and            WHEREAS, Section 12 of the Plan provides that the Plan may be amended or modified from time   to time by the Board, provided that such amendment shall not adversely affect a participant in the Plan with   respect to any benefit previously deferred under the Plan.            NOW, THEREFORE, the Board hereby amends the Plan as follows, effective as of the effective   time of the Merger:      1.  The definition of Committee in Section 2 of the Plan is amended to provide as follows:                    Committee means the Human Capital Management Department of Wilmington Savings               Fund Society, FSB.                  2.  The following sentence is deleted from Section 10: “The Committee may act by a majority of its   members.”                                                     *     *     *     *                             

 

      IN WITNESS WHEREOF, the Bank has caused this amendment to be executed by its duly  authorized officer.                                       WILMINGTON SAVINGS FUND SOCIETY, FSB                                         /s/ Rodger Levenson                                       Duly Authorized Officerexhibit104

                                                        EXHIBIT 10.4     BENEFICIAL MUTUAL SAVINGS BANK   ELECTIVE DEFERRED COMPENSATION PLAN           AS AMENDED AND RESTATED       EFFECTIVE AS OF JANUARY 1, 2012  

 

                                                                                       BENEFICIAL MUTUAL SAVINGS BANK                              ELECTIVE DEFERRED COMPENSATION PLAN                                                                                              TABLE OF CONTENTS                                                                                                                                                           Page                                                                                                                                                                                                               ARTICLE I PURPOSE                                                                                       1                                                                                                                                                                                                                                                                                                                       ARTICLE II DEFINITIONS                                                                                  2                                                                                                                                                                                                                                                                                                                             2.1 401(k) Plan                                                                                   2                                                                                                             2.2 Basic Contributions                                                                           2                                                                                                             2.3 Beneficiary                                                                                   2                                                                                                             2.4 Board                                                                                         2                                                                                                             2.5 Code                                                                                          2                                                                                                             2.6 Committee                                                                                     2                                                                                                             2.7 Compensation                                                                                  2                                                                                                             2.8 Deferred Compensation                                                                         2                                                                                                             2.9 Deferred Compensation Account                                                                 2                                                                                                             2.10 Deferred Compensation Agreement                                                              3                                                                                                             2.11 Disability Retirement                                                                        3                                                                                                             2.12 Early Retirement                                                                             3                                                                                                             2.13 Effective Date                                                                               3                                                                                                             2.14 Eligible Employee                                                                            3                                                                                                             2.15 Employee                                                                                     3                                                                                                             2.16 Employer                                                                                     3                                                                                                             2.17 Employer Matching Contributions                                                              3                                                                                                             2.18 Employer Profit Sharing Contributions                                                        3                                                                                                             2.19 Entry Date                                                                                   3                                                                                                             2.20 Hour of Service                                                                              3                                                                                                                                                                                                               

 

         2.21 Late Retirement                                                                              3                                                                                                             2.22 Matching Contribution                                                                        4                                                                                                             2.23 Normal Retirement                                                                            4                                                                                                             2.24 Participant                                                                                  4                                                                                                             2.25 Plan Benefit                                                                                 4                                                                                                             2.26 Plan Year                                                                                    4                                                                                                             2.27 Profit Sharing Contribution                                                                  4                                                                                                             2.28 Salary Reduction Contributions                                                               4                                                                                                             2.29 Separation from Service                                                                      4                                                                                                             2.30 Specified Employee                                                                           4                                                                                                             2.31 Trust                                                                                        4                                                                                                                                                                                                                                                                                                                       ARTICLE III ELIGIBILITY AND PARTICIPATION                                                               4                                                                                                                                                                                                                                                                                                                             3.1 Eligibility                                                                                   4                                                                                                                                                                                                                    i                                                                                                              

 

            3.2 Participation                                                                                 5                                                                                                          3.3 Deferred Compensation Agreements                                                              5                                                                                                          3.4 Performance-Based Compensation                                                                5                                                                                                                                                                                                                                                                                                                 ARTICLE IV DEFERRED COMPENSATION ACCOUNT                                                                5                                                                                                                                                                                                                                                                                                                       4.1 Deferred Compensation                                                                         5                                                                                                          4.2 Employer Matching Contributions                                                               5                                                                                                          4.3 Employer Profit Sharing Contributions                                                         6                                                                                                          4.4 Vesting                                                                                       6                                                                                                          4.5 Participant-Directed Investment Options                                                       6                                                                                                          4.6 Statement of Account                                                                          6                                                                                                                                                                                                                                                                                                                 ARTICLE V PLAN DISTRIBUTIONS                                                                            7                                                                                                                                                                                                                                                                                                                       5.1 Termination Benefits                                                                          7                                                                                                          5.2 Retirement and Disability Benefits                                                            7                                                                                                          5.3 Death Benefits                                                                                7                                                                                                          5.4 Unforeseeable Emergency Distributions                                                         7                                                                                                          5.5 Election of Form of Benefit Payment                                                           8                                                                                                          5.6 Distribution Elections                                                                        8                                                                                                          5.7 Form of Benefit Payments                                                                      9                                                                                                          5.8 Withholding for Payroll Taxes                                                                 9                                                                                                          5.9 Commencement of Payments                                                                      9                                                                                                          5.10 Payment to Guardian                                                                          9                                                                                                          5.11 Transition Distribution Elections                                                            9                                                                                                          5.12 Distributions to Specified Employees                                                        10                                                                                                          5.13 Cashouts                                                                                    10                                                                                                          

 

                                                                                                           5.14 Separation from Service Prior to 2009                                                       10                                                                                                                                                                                                                                                                                                                 ARTICLE VI ~Heading 1~ BENEFICIARY DESIGNATION                                                         10                                                                                                                                                                                                                                                                                                                       6.1 Beneficiary Designation                                                                      10                                                                                                          6.2 Amendments                                                                                   10                                                                                                          6.3 No Beneficiary Designation                                                                   10                                                                                                          6.4 Effect of Payment                                                                            11                                                                                                          6.5 Death of Beneficiary                                                                         11                                                                                                                                                                                                                                                                                                                 ARTICLE VII ADMINISTRATION                                                                             12                                                                                                                                                                                                                                                                                                                       7.1 Committee                                                                                    12                                                                                                          7.2 Agents                                                                                       12                                                                                                          7.3 Binding Effect of Decisions                                                                  12                                                                                                          7.4 Indemnity of Committee                                                                       12                                                                                                                                                                                                                                                                                                                 ARTICLE VIII CLAIMS PROCEDURE                                                                          13                                                                                                                                                                                                                                                                                                                       8.1 Claim                                                                                        13                                                                                                                                                                                                                ii                                                                                                              

 

            8.2 Denial of Claim                                                                              13                                                                                                          8.3 Review of Claim                                                                              13                                                                                                          8.4 Final Decision                                                                               13                                                                                                                                                                                                                                                                                                                 ARTICLE IX AMENDMENT, MERGER AND TERMINATION OF PLAN                                                   14                                                                                                                                                                                                                                                                                                                       9.1 Amendment of Plan                                                                            14                                                                                                          9.2 Merger of Plan                                                                               14                                                                                                          9.3 Termination of Plan                                                                          14                                                                                                                                                                                                                                                                                                                 ARTICLE X MISCELLANEOUS                                                                                15                                                                                                                                                                                                                                                                                                                       10.1 Unfunded Plan                                                                               15                                                                                                          10.2 Unsecured General Creditor                                                                  15                                                                                                          10.3 Nonassignability                                                                            15                                                                                                          10.4 Not a Contract of Employment                                                                15                                                                                                          10.5 Participant Cooperation                                                                     15                                                                                                          10.6 Terms                                                                                       15                                                                                                          10.7 Captions                                                                                    15                                                                                                          10.8 Governing Law                                                                               16                                                                                                          10.9 Validity                                                                                    16                                                                                                          10.10 Notice                                                                                     16                                                                                                          10.11 Successors                                                                                 16                                                                                                          10.12 Prohibition on Acceleration of Payments                                                    16                                                                                                                                                                                   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                                     BENEFICIAL MUTUAL SAVINGS BANK                              ELECTIVE DEFERRED COMPENSATION PLAN                                     AS AMENDED AND RESTATED                                   EFFECTIVE AS OF JANUARY 1, 2012                                                                                                    ARTICLE I                                                                                                    PURPOSE                                                       The purpose of this Elective Deferred Compensation Plan (hereinafter referred to as the “Plan”) is to permit a select  group of management or highly compensated employees of Beneficial Mutual Savings Bank and its affiliates as  described herein (the “Employer”) to elect to defer compensation and to provide for the distribution of benefits at the  time and in the manner described herein. The Plan is designed to allow these employees to maximize their ability to  save on a tax-deferred basis and providing such key employees those benefits that would have been available under the  Beneficial Mutual Savings Bank Employees’ Savings and Stock Ownership Plan but have been curtailed by application  of - -     (a) the limitation on elective deferral contributions under the Plan or under Section 402(g) of the Code;     (b) the limitation on compensation taken into account under a qualified plan under Section 401(a)(17) of the Code;     (c) the limitation on annual additions to qualified retirement plans under Section 415(c) of the Code; and     (d) the nondiscrimination testing requirements under Section 401(k) and (m) of the Code.     The Plan is intended to constitute a nonqualified deferred retirement plan which, in accordance with ERISA §§ 201(2),  301(a)(3) and 401(a)(1), is “unfunded and maintained by an employer primarily for the purpose of providing deferred  compensation for a select group of management or highly compensated employees.” This Plan was amended and  restated, effective as of January 1, 2009, to conform to the requirements of Section 409A of the Code and the  regulations issued thereunder. This Plan is hereby further amended and restated, effective as of January 1, 2012, to  allow for greater flexibility with respect to non-elective contributions made by the Employer on behalf of participating  employees.     This amended and restated Plan shall apply to amounts deferred (including earnings thereon) by a Participant after  December 31, 2004. Amounts deferred by a Participant prior to January 1, 2005, including earnings thereon, shall be  governed by the terms of the Plan in effect on December 31, 2004.                                                                                                        1                                                                                                              

 

                                                                                                     ARTICLE II                                                                                                   DEFINITIONS                                                       For the purposes of this Plan, the following words and phrases shall have the meanings indicated, unless the context  clearly indicates otherwise:                2.1 401(k) Plan. “401(k) Plan” means the Beneficial Mutual Savings Bank Employees’ Savings and Stock             Ownership Plan, as sponsored by Beneficial Mutual Savings Bank, or any successor plan thereto             providing a cash or deferred arrangement described in Section 401(k) of the Code in which the             Participants in this Plan also participate and which is sponsored by the Employer.                           2.2 Basic Contributions. “Basic Contributions” shall have the same meaning as the definition of the term             in the 401(k) Plan.                           2.3 Beneficiary. “Beneficiary” means the person, persons, or entity designated by the Participant to             receive any amounts payable from the Participant’s Deferred Compensation Account after the             Participant’s death.                           2.4 Board. “Board” means the Board of Trustees of Beneficial Mutual Savings Bank.                           2.5 Code. “Code” means the Internal Revenue Code of 1986, as amended from time to time.                           2.6 Committee. “Committee” means those individuals appointed by Beneficial Mutual Savings Bank to             administer this Plan.                           2.7 Compensation. “Compensation” means the total compensation paid by the Employer to a Participant             during the Plan Year, including bonuses and amounts not includable in income by reason of a             Participant’s agreement to defer Compensation under the terms of this Plan or a Participant’s election             under a cash or deferred arrangement under Section 401(k) of the Code or a cafeteria plan described in             Section 125 of the Code.                           2.8 Deferred Compensation. “Deferred Compensation” means the amount of Compensation not yet earned             which the Participant and the Employer mutually agree shall be deferred pursuant to a Deferred             Compensation Agreement in accordance with the provisions of this Plan.                           2.9 Deferred Compensation Account. “Deferred Compensation Account” means the individual account             maintained in a Rabbi Trust established and maintained by the Employer to which Deferred             Compensation, Employer Matching Contributions and Employer Profit Sharing Contributions for each             Participant are credited, and to which interest, dividends, and investment gains are added to the account             and the amount of any distributions, investment loses, and expenses are deducted from the account.                                                                                                        2                                                                                                              

 

                                                                                                           2.10 Deferred Compensation Agreement. “Deferred Compensation Agreement” means the agreement  between the Employer and the Employee to defer Compensation under the terms of the Plan.     2.11 Disability Retirement. “Disability Retirement” means that the Participant is, by reason of any  medically determinable physical or mental impairment which can be expected to result in death or can be  expected to last for a continuous period of not less than 12 months, receiving income replacement benefits  for a period of not less than three months under an accident and health plan covering Employees of the  Employer.     2.12 Early Retirement. “Early Retirement” means retirement from service with the Employer which  becomes effective on the first day of the month immediately following the Plan Year quarter during which  the Participant attains age 55.     2.13 Effective Date. “Effective Date” of this amended and restated Plan means January 1, 2012. The  Effective Date of the original Plan was October 1, 1996.     2.14 Eligible Employee. “Eligible Employee” means a highly compensated employee or a select member  of management who the Compensation Committee of the Board of Directors of Beneficial Mutual  Bancorp, Inc. determines is eligible to participate in the Plan.     2.15 Employee. “Employee” means an individual employed as a common law employee of the Employer.     2.16 Employer. “Employer” means Beneficial Mutual Savings Bank, having its principal place of  business in the Commonwealth of Pennsylvania including all members of the controlled group of  corporations or trades or businesses under common control as defined under Code Section 414(b) and (c)  respectively, or any successors to the business thereof.     2.17 Employer Matching Contributions. “Employer Matching Contribution” means the contributions, if  any, that are credited to the Participant’s Deferred Compensation Account in accordance with the  matching contribution provisions of the Plan.     2.18 Employer Profit Sharing Contributions. “Employer Profit Sharing Contributions” means the  contributions, if any, that are credited to the Participant’s Deferred Compensation Account in accordance  with the profit sharing contribution provisions of the Plan.     2.19 Entry Date. “Entry Date” means the date on which an Employee becomes an Eligible Employee.     2.20 Hour of Service. “Hour of Service” shall have the same meaning as the definition of the term in the  401(k) Plan.     2.21 Late Retirement. “Late Retirement” means retirement from service with the Employer after the  Participant has attained age 65 which becomes effective on the first                                                                                  3                                                                                                     

 

                                day of the month immediately following the Plan Year quarter during which the Participant retires from  service with the Employer.     2.22 Matching Contribution. “Matching Contribution” (but not “Employer Matching Contribution”) shall  have the same meaning as the definition of the term in the 401(k) Plan.     2.23 Normal Retirement. “Normal Retirement” means retirement from service with the Employer which  becomes effective on the first day of the month immediately following the Plan Year quarter during which  the Participant attains age 65.     2.24 Participant. “Participant” means any individual who is participating or has participated in this Plan.     2.25 Plan Benefit. “Plan Benefit” means the benefit payable to a Participant as determined in accordance  with the provisions of this Plan.     2.26 Plan Year. “Plan Year” means the twelve (12) consecutive month period beginning January 1 and  ending December 31.     2.27 Profit Sharing Contribution. “Profit Sharing Contribution” (but not “Employer Profit Sharing  Contribution”) shall have the same meaning as the definition of the term in the 401(k) Plan.     2.28 Salary Reduction Contributions. “Salary Reduction Contribution” shall have the same meaning as  the definition of the term in the 401(k) Plan.     2.29 Separation from Service. “Separation from Service” or “Separates from Service” means the  severance of a Participant’s employment as determined in accordance with Section 409A of the Code.     2.30 Specified Employee. “Specified Employee” means an Employee who, as of the date of the  Employee’s Separation from Service is a key employee (as defined in Section 416(i) of the Code without  regard to paragraph (5) thereof) of the Employer, but only if any stock of the Employer is publicly-traded  on an established securities market or otherwise.     2.31 Trust. “Trust” means the Rabbi Trust established and maintained by the Employer for the purpose of  accepting contributions under the Plan and to which interest, dividends, and investment gains are added  and from which the amount of any distributions, investment losses, and expenses are deducted.                                      ARTICLE III                                                                  ELIGIBILITY AND PARTICIPATION                                            3.1 Eligibility. Participation in this Plan is limited to those Employees who are Eligible Employees.                                                                                  4                                                                                                     

 

                                                                                                           3.2 Participation. Participation in the Plan shall commence on the date that an Eligible Employee executes  a Deferred Compensation Agreement in the form and manner described in Section 3.3 or, if later, the date  as of which the Employer first determines that an Employer Matching Contribution or an Employer Profit  Sharing Contribution shall be credited to the Eligible Employee’s Deferred Compensation Account. In the  first Plan Year in which an Employee becomes an Eligible Employee, the Eligible Employee may execute  a Deferred Compensation Agreement with respect to Compensation paid for services to be performed in  that Plan Year subsequent to execution of that Agreement provided that the Deferred Compensation  Agreement is executed within 30 days after the date that the Employee became an Eligible Employee. In  all other instances, Deferred Compensation Agreements shall be executed before the beginning of the  Plan Year in which the Compensation is payable. Participation in this Plan is not predicated on  participation in the 401(k) Plan.     3.3 Deferred Compensation Agreements. A Deferred Compensation Agreement shall be effective as of  the first day of the payroll period beginning immediately following the first day of the Plan Year or the  first day of the payroll period beginning immediately following the Entry Date. A Deferred Compensation  Agreement will remain in effect for the initial Plan Year and each Plan Year thereafter. A Deferred  Compensation Agreement may not be changed with respect to the Plan Year. Any modification or  revocation of a Deferred Compensation Agreement shall only be effective beginning with the Plan Year  following the Plan Year in which the modification or revocation is made.     3.4 Performance-Based Compensation. In the case of any performance-based compensation, within the  meaning of Section 409A of the Code, that is based upon a performance period of at least 12 months, an  Eligible Employee may make a separate Deferred Compensation Agreement with respect to such  compensation no later than the date that is six months before the end of the performance period, provided  that the Eligible Employee performs services continuously from a date no later than the date upon which  the performance criteria are established through a date no earlier than the Deferred Compensation  Agreement with respect with such compensation. In no event shall a Deferred Compensation Agreement  be effective with respect to performance-based compensation if it made after such compensation has  become substantially certain to be paid and readily accertainable.                                      ARTICLE IV                                                                DEFERRED COMPENSATION ACCOUNT                                            4.1 Deferred Compensation. The amount of Compensation that a Participant elects to defer pursuant to a  properly executed Deferred Compensation Agreement shall be made by payroll deduction and credited to  the Participant’s Deferred Compensation Account as the non-deferred compensation becomes payable.     4.2 Employer Matching Contributions. For each Plan Year, the Employer will contribute an Employer  Matching Contribution on behalf of each Participant who is employed by the Employer on the last day of  the Plan Year and has completed at least                                                                                  5                                                                                                     

 

                                1,000 Hours of Service during the Plan Year in an amount equal to the excess of (a) the maximum  Matching Contribution which could have been allocated to the Participant under the 401(k) Plan, without  regard to the level of the Participant’s Salary Reduction Contributions to the 401(k) Plan for the Plan  Year, but for the limitations set forth in Sections 401(a)(17), 401(k), 401(m) and 415(c) of the Code, over  (b) the maximum Matching Contribution which could have been allocated to the Participant under the  401(k) Plan, without regard to the level of the Participant’s Salary Reduction Contributions to the 401(k)  Plan. The amount of such Employer Matching Contribution will be credited to the Participant’s Deferred  Compensation Account.     4.3 Employer Profit Sharing Contributions. For each Plan Year, the Employer will contribute an  Employer Profit Sharing Contribution on behalf of each Participant who is employed by the Employer on  the last day of the Plan Year and has completed at least 1,000 Hours of Service during the Plan Year in an  amount equal to the excess of (a) the sum of the Basic Contribution and Profit Sharing Contribution  which would have been allocated to the Participant under the 401(k) Plan but for the limitations set forth  in Sections 401(a)(17) and 415(c) of the Code, over (b) the sum of the Basic Contribution and Profit  Sharing Contribution actually allocated to the Participant under the 401(k) Plan for the Plan Year. The  amount of such Employer Profit Sharing Contribution will be credited to the Participant’s Deferred  Compensation Account.     4.4 Vesting. A Participant will always be 100% vested in the account balance of his Deferred  Compensation Account. However, all funds placed in the Rabbi Trust by the Employer will still be  subject to the claims of the Employer’s creditors. Participants have no beneficial ownership in or  preferred claim on their Deferred Compensation Accounts until actual payment. The rights of Participants  are those of an unsecured general creditor of the Employer as described in Section 10.2 of this Plan.     4.5 Participant-Directed Investment Options. Each Participant shall have the opportunity to direct the  investment of his Deferred Compensation Account among the investment options selected by the  Committee in multiples of 1%. Transfers among investment options may be made on a quarterly basis  throughout the Plan Year, to be effective as soon as administratively feasible. The right to direct  investment options shall in no way be interpreted to give the Participant any greater claim to those funds  so directed than that which has been granted to the Participant by the terms of this Plan and, specifically,  Section 4.4 above.     4.6 Statement of Account. The Committee shall submit to each Participant, within thirty (30) days after  the close of each calendar quarter and at such other time as determined by the Committee, a statement  setting forth the balance to the credit of the Deferred Compensation Account maintained for a Participant.                                                                                  6                                                                                                     

 

                                                                                                                                             ARTICLE V                                                                        PLAN DISTRIBUTIONS                                            5.1 Termination Benefits. The Employer shall pay a Plan Benefit equal to the amount of the Participant’s  Deferred Compensation Account to each Participant who Separates from Service prior to Early  Retirement. Except as provided in Section 5.12, the Plan Benefit shall be paid in a lump sum as soon as  practicable following the Participant’s Separation from Service, but not later than the last day of the  calendar year in which the Participant Separates from Service or, if later, by the 15th day of the third  calendar month following the Participant’s Separation from Service. A Participant shall not be  permitted, directly or indirectly, to designate the taxable year of the payment.     5.2 Retirement and Disability Benefits. The Employer shall pay a Plan Benefit equal to the amount of the  Participant’s Deferred Compensation Account to each Participant who Separates from Service on account  of Disability, Early, Normal, or Late Retirement in accordance with this Article V.     5.3 Death Benefits. Upon the death of a Participant, the Employer shall pay to the Participant’s  Beneficiary an amount determined as follows:          (a) If the Participant dies after Separation from Service with the Employer, the amount payable shall       be equal to the remaining unpaid balance of the Participant’s Deferred Compensation Account.       Benefits shall be paid in a lump sum to his Beneficiary, except as otherwise elected by the       Participant in accordance with this Article V.               (b) If the Participant dies prior to Separation from Service with the Employer, the amount payable       shall be the Participant’s Deferred Compensation Account balance at the time death occurs. Prior to       his death, a Participant may elect, in accordance with Section 5.6, that death benefits be paid to his       Beneficiary in a form described in Section 5.7. If the Participant does not elect a form of payment,       benefits shall be paid in a lump sum to his Beneficiary.          5.4 Unforeseeable Emergency Distributions. Upon a finding that a Participant has suffered an  unforeseeable emergency, the Committee may, in its sole discretion, allow a distribution from the  Participant’s Deferred Compensation Account prior to the time specified for payment of benefits under  the Plan. An “unforeseeable emergency” is a severe financial hardship to the Participant resulting from an  illness or accident of the Participant, the Participant’s spouse, Beneficiary or dependent (as defined in  Section 152 of the Code without regard to Section 152(b)(1), (b)(2) and (d)(1)(B)); loss of the  Participant’s property due to casualty (including the need to rebuild a home following damage not  otherwise covered by insurance); or other similar or unforeseeable circumstances arising as a result of  events beyond the control of the Participant. A distribution on account of an unforeseeable emergency  may not be made to the extent that such emergency is or may be relieved through reimbursement or  compensation from insurance or otherwise, by liquidation of the                                                                                  7                                                                                                     

 

                                                                                                           Participant’s assets, to the extent the liquidation of such assets would not cause severe financial hardship,  or by cessation of deferrals under the Plan. A distribution because of an unforeseeable emergency must be  limited to the amount reasonably necessary to satisfy the emergency need (which may include amounts  necessary to pay any federal, state, local or foreign income taxes or penalties reasonably anticipated to  result from the distribution). Following an emergency distribution, a Participant’s Deferred Compensation  Agreement will be canceled and no further Compensation may be deferred for the remainder of the Plan  Year.     5.5 Election of Form of Benefit Payment. With respect to a Participant who retires at Early, Normal or  Late Retirement, Plan Benefits shall be paid in one of the forms provided in Paragraph 5.7 as elected by  the Participant in accordance with Sections 5.6 or 5.11. A Participant who fails to elect the form of benefit  payment shall be deemed to have elected a Plan Benefit in the form of a lump-sum payment. The  Participant’s form of benefit election shall be irrevocable, unless the Participant changes his election in  accordance with Section 5.6. With respect to a Participant who Separates from Service prior to Early,  Normal or Late Retirement, Plan Benefits shall be paid in a lump sum.     5.6 Distribution Elections. Except as provided in Section 5.11, a Participant shall elect the form and time  of distribution of his Plan Benefit not later than the date by which the Participant makes his initial election  to defer Compensation under the Plan or, if later, the 30th day after the date as of which the Employer  first determines that an Employer Matching Contribution or an Employer Profit Sharing  Contribution shall be credited to the Participant’s Deferred Compensation Account. A Participant  shall be entitled to elect the form of payment of his Plan Benefit that is payable upon the  Participant’s Separation from Service after Early, Normal or Late Retirement. A Participant may  elect that his Plan Benefit be paid in a form listed in Section 5.7. A Participant shall also be  entitled to elect the form of payment to his Beneficiary in the event of the Participant’s death. If  the Participant does not elect a form of payment, benefits shall be paid in a lump sum. A  Participant may elect to change his distribution election provided that such election change  satisfies (a) through (c) below:         (a) The election change may not take effect until at least 12 months after the date on which such      election is made.             (b) In the case of an election related to a payment that is not on account of Disability or death, the      payment with respect to such election is made must be deferred for period of not less than five years      from the date such payment would otherwise have been paid (or in the case of installment payments,      five years from the date the first installment is scheduled to be paid).             (c) Any election related to a payment at a specified time or pursuant to a fixed schedule may not be      made less than 12 months prior to the date the payment is scheduled to be paid (or in the case of      installment payments, 12 months prior to the date of the first installment scheduled to be paid).                                                                                  8                                                                                                     

 

                                                                                                           5.7 Form of Benefit Payments.         (a) Monthly installments, either (i) over the Participant’s or Beneficiary’s life expectancy, whichever      is applicable, or (ii) over a period certain equal to the number of years specified by the Participant.      Payments that are made over a life expectancy period shall be calculated in the same manner that is      prescribed by Treasury Regulations Section 1.401(a)(9)-l through 1.401(a)(9)-9 for determining      minimum required distributions and by using the Single Life Table set forth in Section 1.401(a)(9)-9      of the Regulations. Payments that are made over a periodic certain shall be calculated each Plan Year      by multiplying the value of the Participant’s Deferred Compensation Account as of the end of the      prior Plan Year by a fraction, the numerator of which is one and the denominator of which is the      number of years that remain in the period certain elected by the Participant.             (b) A lump-sum payment.         5.8 Withholding for Payroll Taxes. The Employer shall withhold from Plan Benefits any income or  employment taxes required to be withheld from a Participant’s wages.     5.9 Commencement of Payments. Except as elected by a Participant in accordance with Sections 5.6 or  5.11 or as provided by Section 5.12, payment of benefits shall commence as soon as practicable after the  occurrence of the distributable event for which a Participant or Beneficiary becomes eligible to receive a  Plan Benefit, but not later than the last day of the Plan Year in which such event occurs or, if later, by the  15th day of the third calendar month following the occurrence of such event. A Participant or a  Beneficiary shall not be permitted, directly or indirectly, to designate the taxable year in which  payments shall commence.     5.10 Payment to Guardian. If a Plan Benefit is payable to a minor or a person declared incompetent or to a  person incapable of handling the disposition of property, the Committee may direct payment of such Plan  Benefit to the guardian, legal representative or person having the care and custody of such minor or  incompetent person. The Committee may require proof of incompetency, minority, incapacity or  guardianship as it may deem appropriate prior to distribution of the Plan Benefit. Such distribution shall  completely discharge the Committee and the Employer from all liability with respect to such Plan Benefit.     5.11 Transition Distribution Elections. Notwithstanding anything in the Plan to the contrary, a Participant  may make a distribution election on or before December 31, 2008, with respect to both the time and form  of payment of Plan Benefits that are payable upon the Participant’s Early, Normal or Late Retirement or  upon death. With respect to any such election, the election may only apply to an amount that would not  otherwise be payable in 2008 and may not cause an amount to be paid in 2008 that would not otherwise  be payable in 2008. Such election may specify the form of                                                                                  9                                                                                                     

 

                                                                                                           benefit payment in accordance with Section 5.7 as well as the timing of when such benefit payments shall  commence.     5.12 Distributions to Specified Employees. In the case of a Participant who is a Specified Employee on  the date of his Separation from Service, no distribution shall be made to the Participant before the date  which is six months after the date of such Separation from Service, except in the case of the Participant’s  death or Disability.     5.13 Cashouts. Notwithstanding anything in the Plan to the contrary and notwithstanding the Participant’s  distribution election, a mandatory lump sum payment shall be made to the Participant or to his  Beneficiary (in the case of the death of the Participant) if the value of the Participant’s Plan Benefit is not  greater than the applicable dollar amount under Section 402(g)(1)(B) of the Code. A mandatory lump sum  payment shall result in the termination and liquidation of the entirety of the Participant’s interest under the  Plan, including all agreements, methods, programs or other arrangements with respect to which the  deferrals of compensation are treated as having been deferred under a single non-qualified deferred  compensation plan under Section 1.409A-1(c)(2) of the Income Tax Regulations. Such lump sum  payment shall be made as soon as practicable after the occurrence of the distributable event for which a  Participant or Beneficiary becomes eligible to receive a Plan Benefit, but not later than the last day of the  Plan Year in which such event occurs or, if later, by the 15th day of the third calendar month following  the occurrence of the event. A Participant or Beneficiary shall not be permitted, directly or  indirectly, to designate the taxable year in which such payment shall be made.     5.14 Separation from Service Prior to 2009. If a Participant separated from service prior to 2009 and has  not commenced benefits by December 31, 2008, payment of benefits shall be made in a lump sum not  later than December 31, 2009.                                      ARTICLE VI                                                                     BENEFICIARY DESIGNATION                                            6.1 Beneficiary Designation. Each Participant shall have the right, at any time, to designate any person or  persons as his Beneficiary or Beneficiaries (both primary and contingent) to whom payment under this  Plan shall be paid in the event of death prior to complete distribution of the Participant’s Plan Benefit.  Each beneficiary designation shall be in a written form prescribed by the Committee and will be effective  only when filed with the Committee during the Participant’s lifetime.     6.2 Amendments. Any Beneficiary designation may be changed by a Participant without the consent of  any designated Beneficiary by the filing of a new Beneficiary Designation with the Committee. The filing  of a new Beneficiary Designation form will cancel all Beneficiary Designations previously filed.     6.3 No Beneficiary Designation. If any Participant fails to designate a Beneficiary in the manner provided  above, or if the Beneficiary designated by a deceased Participant predeceases the Participant, the  Committee, shall direct the Employer to distribute such                                                                                  10                                                                                                     

 

                                                          Participant’s Plan Benefit (or the balance thereof) in the following order of priority:         (a) to the Participant’s surviving spouse, if any; or             (b) if the Participant shall have no surviving spouse, then to the Participant’s surviving children in      equal shares; or             (c) if the Participant shall have no surviving spouse or children, then to the Participant’s estate; or             (d) in the absence of an estate, in accordance with the intestate statute of the Participant’s domicile.         6.4 Effect of Payment. Payment to the Beneficiary or as provided in Section 6.3 above, shall completely  discharge Employer’s obligations under this Plan.     6.5 Death of Beneficiary. Following commencement of payment of Plan Benefit to the Beneficiary, if the  Beneficiary dies before receiving a complete distribution of the Plan Benefit, the Committee shall direct  the Employer to distribute the balance of such Plan Benefit in a lump sum;         (a) as designated by the Beneficiary in a written form prescribed by the Committee which is effective      only when filed with the Committee during the Beneficiary’s lifetime; or             (b) if the Beneficiary shall not have made such designation, then to the Beneficiary’s estate.                                                                                  11                                                                                                     

 

                                                                                                                                            ARTICLE VII                                                                          ADMINISTRATION                                            7.1 Committee. This Plan shall be administered by the Committee. Members of the Committee may be  Participants under the Plan.     7.2 Agents. The Committee may appoint an individual to be the Committee’s agent with respect to the  day-to-day administration of the Plan. In addition, the Committee may, from time to time, employ other  agents and delegate to them such administrative duties as it sees fit, and may from time to time consult  with counsel who may be counsel to the Employer.     7.3 Binding Effect of Decisions. The decision or action of the Committee with respect to any question  arising out of or in connection with the administration, interpretation and application of the Plan and the  rules and regulations promulgated hereunder shall be final and binding upon all persons having any  interest in the Plan.     7.4 Indemnity of Committee. The Employer shall indemnify and hold harmless each of the members of  the Committee against any and all claims, loss, damage, expense or liability arising from any action or  failure to act with respect to this Plan, except in the case of gross negligence or willful misconduct by  such members of the Committee.                                                                                  12                                                                                                     

 

                                                                                           ARTICLE VIII                                                                         CLAIMS PROCEDURE                                            8.1 Claim. Any person claiming a Plan Benefit shall present the request in writing to the Committee  which shall respond in writing as soon as practicable.     8.2 Denial of Claim. If the claim is denied, the written notice of denial shall be made within ninety (90)  days of the date of receipt of such claim or request by the Committee and shall state:           (a) The reason for denial, with specific reference to the Plan provisions on which the denial is        based.                 (b) A description of any additional material or information required and an explanation of why it is        necessary.                 (c) An explanation of the Plan’s claim review procedure.           8.3 Review of Claim. Any person whose claim or request is denied or who has not received a response  within ninety (90) days may request review by notice given in writing to the Committee within sixty (60)  days of receiving a response or one hundred fifty (150) days from the date the claim was received by the  Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required  to, grant the claimant a hearing. On review, the claimant may have representation, examine pertinent  documents, and submit issues and comments in writing.     8.4 Final Decision. The decision on review shall normally be made within sixty (60) days after the  Committee’s receipt of a request for review. If an extension of time is required for a hearing or other  special circumstances, the claimant shall be notified and the time for the extension shall be limited to one  hundred twenty (120) days after the Committee’s receipt of a request for review. The decision shall be in  writing and shall state the reasons and relevant Plan provisions. All decisions on review shall be final and  bind all parties concerned.                                                                                  13                                                                                                     

 

                                                                                           ARTICLE IX                                                         AMENDMENT, MERGER AND TERMINATION OF PLAN                                            9.1 Amendment of Plan. The Board may at any time amend the Plan in whole or in part, provided,  however, that no amendment shall be effective to decrease or restrict any Deferred Compensation  Account maintained pursuant to any existing Deferred Compensation Agreement under the Plan.     9.2 Merger of Plan. The Board may at any time merge the Plan and its related Trust into another non- qualified plan maintained by the Employer or any member of a controlled group of corporations or trades  or businesses under common control as defined in Code Section 414(b) or (c), respectively.     9.3 Termination of Plan. The Board may at any time terminate the Plan if in its judgment, the tax,  accounting, or other effects of the continuance of the Plan, or potential payments thereunder would not be  in the best interests of the Employer, provided that the termination and liquidation of the Plan occur in  accordance with the requirements of Treasury Regulation Section 1.409A-3(j)(4)(ix)(A), (B), (C) or (D),  as applicable, in which case the value of each Participant’s Deferred Compensation Account shall be paid  to him or her (or his or her Beneficiary, if applicable) in a single lump sum.                                                                                  14                                                                                                     

 

                                                                                            ARTICLE X                                                                          MISCELLANEOUS                                            10.1 Unfunded Plan. This Plan is intended to be an unfunded plan that is maintained primarily to provide  deferred compensation benefits for a select group of management employees or highly compensated  employees. This Plan is not intended to create an investment contract, but to provide tax deferral  opportunities and retirement benefits to Eligible Employees who have elected to participate in the Plan.     10.2 Unsecured General Creditor. Employer’s obligation under the Plan shall be merely that of an  unfunded and unsecured promise of Employer to pay money in the future. Under the provisions of this  Plan, Participants’ rights will be those of unsecured general creditors of the Employer.     10.3 Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell,  assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in  advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are expressly  declared to be unassignable and nontransferable. No part of the amounts payable shall, prior to actual  payment, be subject to seizure or separation for the payment of any debts, judgments, alimony or separate  maintenance owed by a Participant or any other person, nor be transferable by operation of law in the  event of a Participant’s or an other person’s bankruptcy or insolvency.     10.4 Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to  constitute a contract of employment between the Employer and the Participant, and the Participant (or the  Participant’s Beneficiary) shall have no rights against the Employer except as may otherwise be  specifically provided herein. Moreover, nothing in this Plan shall be deemed to give a Participant the right  to be retained in the service of the Employer or to interfere with the right of the Employer to discipline or  discharge the Participant at any time.     10.5 Participant Cooperation. A Participant will cooperate with the Employer by furnishing any and all  information requested by the Employer in order to facilitate the payment of benefits hereunder and such  other action as may be requested by the Employer.     10.6 Terms. Whenever any words are used herein in the masculine, they shall be construed as though they  were used in the feminine in all cases where they would so apply; and wherever any words are used  herein in the singular or in the plural, they shall be construed as though they were used in the plural or the  singular, as the case may be, in all cases where they would so apply.     10.7 Captions. The captions of articles, sections and paragraphs of this Plan are for convenience only and  shall not control or affect the meaning or construction of any of its provisions.                                                                                  15                                                                                                     

 

                                                                   10.8 Governing Law. The provisions of this Plan shall be construed and interpreted according to the laws             of the Commonwealth of Pennsylvania.                           10.9 Validity. In case any provision of this Plan shall be held illegal or invalid for any reason, said             illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and             enforced as if such illegal and invalid provision had never been inserted herein.                           10.10 Notice. Any notice or filing required or permitted to be given to the Committee under the Plan shall             be sufficient if in writing and hand delivered, or sent by registered or certified mail, to any member of the             Committee or the President of the Employer. Such notice shall be deemed given as of the date of delivery             or, if delivery is made by mail, as of three (3) days following the date shown on the postmark or on the             receipt for registration or certification.                           10.11 Successors. The provisions of this Plan shall bind and inure to the benefit of the Employer and its             successors and assigns. The term successors as used herein shall include any corporate or other business             entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all             of the business and assets of the Employer, and successors of any such corporation or other business             entity.                           10.12 Prohibition on Acceleration of Payments. Except as provided by Section 409A of the Code and the             regulations thereunder, the Plan shall not permit the acceleration of the time or schedule of any payment             or amount scheduled to be paid pursuant to the terms fo the Plan, and no accelerated payment may be             made whether or not provided for under the terms of the Plan.                     IN WITNESS WHEREOF, and pursuant to resolution of the Board of Trustees of the undersigned corporation,  such corporation has caused this amended and restated Plan to be executed by its duly authorized officers, effective as  of January 1, 2012, on this 20th day of December, 2012.          ATTEST:                                             BENEFICIAL MUTUAL SAVINGS BANK                                                                                                                                                                                                                                                                                                                                         /s/ William J. Kline, Jr.                           By:   /s/ Thomas D. Cestare                                                                                                                                                                                                                                                                                    16                                                                                                                                                                        

 

                               AMENDMENT TO THE                       BENEFICIAL MUTUAL SAVINGS BANK                   ELECTIVE DEFERRED COMPENSATION PLAN                          AS AMENDED AND RESTATED                        EFFECTIVE AS OF JANUARY 1, 2012    This amendment is adopted by the Board of Trustees (the "Board") of Beneficial Bank (the  "Bank") on February 14, 2019.          WHEREAS,   the  Bank  adopted  the  Beneficial  Mutual  Savings  Bank  Elective  Deferred   Compensation Plan, as amended and restated effective as of January 1, 2012, ("Plan") to permit a   select group of management or highly compensated employees of the Bank and its affiliates to   elect to defer compensation; and           WHEREAS, the Bank desires to amend the Plan to clarify the rights of any successor to   the Bank; and          WHEREAS, Section 9.1 of the Plan provides that the Plan may be amended or modified   from time to time by the Board.          NOW, THEREFORE,  the Board hereby amends the Plan as follows:                                    FIRST CHANGE     Section 2.6 is amended to read as follows:                 2.6  Committee.  "Committee"  means  those  individuals  appointed  by  Beneficial         Mutual Savings Bank or any successor to the Bank by merger, purchase of stock or assets,         or otherwise to administer this Plan.                                   SECOND CHANGE     Section 9.1 is amended to read as follows:                 9.1  Amendment  of  Plan.  The  Board  or  any successor  to  the  Board  by  merger,         purchase of stock or assets, or otherwise may at any time amend the Plan in whole or in         part, provided, however, that no amendment shall be effective to decrease or restrict any         Deferred  Compensation  Account  maintained  pursuant  to  any  existing  Deferred         Compensation Agreement under the Plan.                                  *     *     *     *                                                                                        

 

            IN WITNESS WHEREOF, the Bank has caused this Amendment to be executed by its duly  authorized officer on the 21 day of February, 2019.                                        BENEFICIAL BANK                                        /s/ Thomas Cestare                                                                For the Board of Trustees                                                                                            

 

                                  AMENDMENT TO THE                           BENEFICIAL MUTUAL SAVINGS BANK                       ELECTIVE DEFERRED COMPENSATION PLAN                              AS AMENDED AND RESTATED                                              This amendment is adopted by the Board of Directors (the “Board”) of Wilmington Savings Fund Society, FSB (the  “Bank”).          WHEREAS, on March 1, 2019, WSFS Financial Corporation and the Bank acquired Beneficial Bancorp,  Inc. and its wholly owned subsidiary, Beneficial Bank, in transactions pursuant to which Beneficial Bank merged  into the Bank, with the Bank continuing as the surviving entity (the “Merger”);                WHEREAS, immediately prior to the Merger Beneficial Bank maintained the Beneficial Mutual Savings  Bank Elective Deferred Compensation Plan, as amended and restated (the “Plan”), and, in connection with the  Merger, the Bank assumed sponsorship of the Plan effective as of the closing of the Merger; and                WHEREAS, the Board wishes to amend the Plan in connection with the Merger, so that as of the effective  time of the Merger, the Human Capital Management Department of Wilmington Savings Fund Society, FSB shall  serve as plan administrator; and                WHEREAS, Section 9.1 of the Plan provides that the Plan may be amended or modified from time to time  by the Board, as successor to the Board of Trustees of Beneficial Bank, provided, however, that no amendment  shall be effective to decrease or restrict any Deferred Compensation Account maintained pursuant to any existing  Deferred Compensation Agreement under the Plan.          NOW, THEREFORE, the Board hereby amends the Plan as follows, effective as of the effective time of  the Merger:    Effective as of the effective time of the Merger, Section 2.6 is amended to read as follows:                2.6  Committee.  “Committee” means the  plan  administrator,  and  includes the  Human  Capital        Management Department of Wilmington Savings Fund Society, FSB.                                                 *     *     *     *                                                                                                                      

 

                                                            IN WITNESS WHEREOF, the Bank has caused this amendment to be executed by its duly authorized  officer.                                              WILMINGTON SAVINGS FUND SOCIETY, FSB                                                                                                                   /s/ Rodger Levenson                                                                                             Duly Authorized Officer

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