SEC Contract Filing

Filing Date: 2015-03-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>2
<FILENAME>v404362_ex10-10.htm
<DESCRIPTION>EXHIBIT 10.10
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.10</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SEPARATION, NON-COMPETITION AND
CONSULTING AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIS SEPARATION, NON-COMPETITION
AND CONSULTING AGREEMENT (the &ldquo;Agreement&rdquo;) is made this 2nd day of March, 2015, by and between WSFS Financial Corporation
(the &ldquo;WSFS&rdquo;), Alliance Bancorp, Inc. of Pennsylvania (&ldquo;Alliance&rdquo;), and Dennis D. Cirucci (the &ldquo;Executive&rdquo;)
on the terms and conditions set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Executive
has been employed by Alliance and will remain an employee of Alliance through the closing of the merger (the &ldquo;Merger&rdquo;)
and the other transactions contemplated by the Agreement and Plan of Reorganization by and between WSFS and Alliance, dated March
2, 2015 (the &ldquo;Merger Agreement&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Alliance,
WSFS and their respective affiliates are engaged in the business of acting as a commercial or retail banking business (the &ldquo;Business&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Executive
will terminate his employment with Alliance effective and contingent upon the closing of the Merger (the &ldquo;Termination Date&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Executive
has agreed to become a consultant to WSFS for a period of six (6) months, effective and contingent upon the closing of the Merger;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Executive,
Alliance and WSFS wish to settle, compromise and resolve any and all claims that the Executive may have against Alliance and/or
WSFS, including claims under the Executive&rsquo;s employment agreement with Greater Delaware Valley Savings Bank (doing business
as Alliance Bank) dated December 17, 2014 (the &ldquo;Employment Agreement&rdquo;), in order to facilitate completion of the Merger;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, WSFS has,
as part of this agreement, agreed to provide the Executive with certain special benefits that it was not otherwise obligated to
provide, including that WSFS will not dispute the Executive&rsquo;s claim that he has &ldquo;Good Reason&rdquo; (as that term is
defined in the Employment Agreement) to terminate employment as of the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, the
Executive, Alliance, and WSFS hereby agree to the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#9;<FONT STYLE="font-size: 10pt"><U>Effective
Date and Contingency</U>. This Agreement shall be effective upon the closing of the Merger. None of the parties to this Agreement
shall have any rights or obligations set forth in this Agreement before it becomes effective. This Agreement shall be null and
void if, and at such time as, the Merger Agreement is terminated and the Merger is abandoned for any reason prior to the Effective
Time of the Merger (as defined in the Merger Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#9;<FONT STYLE="font-size: 10pt"><U>Separation
from Employment</U>. The Executive&rsquo;s employment with Alliance shall terminate as of the Termination Date. Alliance will pay
the Executive all salary and vacation benefits payable through the Termination Date, subject to standard withholdings and deductions,
in accordance with its normal payroll processes. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#9;<FONT STYLE="font-size: 10pt"><U>Compensation
and Benefits</U>. WSFS agrees to provide the Executive with the following payments and benefits i