SEC Contract Filing

Filing Date: 2016-12-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>2
<FILENAME>s104879_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 2.6pt; text-align: center; margin-bottom: 0; color: #313131"><B>CHANGE OF CONTROL AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 6.7pt 0 6.5pt; text-indent: 71.6pt; color: #313131">THIS CHANGE
OF CONTROL AGREEMENT (this <FONT STYLE="letter-spacing: -0.05pt">&quot;Agreement&quot;),</FONT> is made on this <FONT STYLE="font-size: 10pt; line-height: 103%">23rd
</FONT>day of May, <FONT STYLE="font-size: 10pt; line-height: 103%">2016,</FONT> by and between Malvern Federal Savings Bank (the
<FONT STYLE="letter-spacing: -0.05pt">&quot;Company&quot;)</FONT> and William Boylan (the <FONT STYLE="letter-spacing: -1.35pt">&quot;</FONT>Employee&quot;).</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 6.7pt 0 6.5pt; text-indent: 71.6pt; color: #313131">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 6.7pt 0 6.5pt; text-indent: 71.6pt; color: #313131">WHEREAS,
the Employee serves as an employee of the Company; and</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 6.7pt 0 6.5pt; text-indent: 71.6pt; color: #313131">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 6.7pt 0 6.5pt; text-indent: 71.6pt; color: #313131">WHEREAS, the Company and the Employee desire to enter into this Agreement
to establish certain protections for the Employee in the event of Employee's termination of employment under the circumstances
described herein; and</P>

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<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 6.7pt; text-indent: 70.65pt; color: #313131">NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants and promises contained herein, and intending to be bound hereby, the
parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 181.7pt 0 0; text-align: center; color: #313131">SECTION
1&#9;<U>Definitions.</U> As used herein:</P>

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<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 11.8pt 0 6.25pt; text-indent: 72.8pt; color: #313131"><FONT STYLE="font-size: 10pt; line-height: 104%">1.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>&quot;<U>Affiliate</U>&quot; means, with respect to any specified Person, any other Person that directly or indirectly,
through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person, provided
that, in any event, any business in which the Company has any direct ownership interest shall be treated as an Affiliate of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 11.8pt 0 6pt; text-indent: 73.05pt"><FONT STYLE="font-size: 10pt; color: #313131; line-height: 104%">1.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: #313131; letter-spacing: -1.3pt">&quot;</FONT><FONT STYLE="color: #313131"><U>Base Salary</U>&quot;
means, as of any given date, the annual base rate of salary payable to the Employee by the Company, as then in effect; <I>provided,
however,</I> that in the case of a resignation by the Employee for the Good Reason described in Section 1.9</FONT><FONT STYLE="color: #464646">.3,
</FONT><FONT STYLE="color: #313131">&quot;Base Salary&quot; will mean the annual base rate of salary payable to the Employee by
the Company, as in effect immediately prior to the reduction giving rise to the Good Reason.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 113.7pt; text-indent: -34.65pt; color: #313131"><FONT STYLE="font-size: 10pt">1.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>&quot;Board&quot; </U>means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 6.7pt 0 5.75pt; text-indent: 73.1pt; color: #313131"><FONT STYLE="font-size: 10pt; line-height: 104%">1.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>&quot;Cause&quot;</U> means (i) indictment, commission of, or the entry of a plea of guilty or no contest to,
(A) a felony or (B) any crime (other than a felony) that causes the Company or its Affiliates public disgrace or disrepute, or
adversely affects the Company's or its Affiliates' operations or financial performance or the relationship the Company has with
its Affiliates, (ii) gross negligence or willful misconduct with respect to the Company or any of its Affiliates, includi ng,
without limitation fraud, embezzlement, theft or proven dishonesty in the course of his employment; (iii) alcohol abuse or use
of controlled substances (other than prescription drugs taken in accordance with a physician's prescription); (iv) refusal or
failure to perform any material obligation or fulfill any duty (other than any duty or obligation of the type described in cl