SEC Contract Filing

Filing Date: 2021-12-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.22
<SEQUENCE>2
<FILENAME>pbip-20210930xex10d22.htm
<DESCRIPTION>EX-10.22
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 9.11.0.85--><!--Created on: 12/17/2021 05:13:42 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Bookman Old Style';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 10_22</b></p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Split-Dollar Endorsement Agreement</b></p><p style="font-family:'Bookman Old Style';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">THIS AGREEMENT</b> is made and entered into this 1<sup style="font-size:7.5pt;vertical-align:top;">st</sup> day of May, 2019 by and between Prudential Bank (hereinafter referred to as the &quot;Employer&quot;), located in Philadelphia, Pennsylvania and Matthew Graham, (hereinafter referred to as the &quot;Employee&quot;), residing at <u style="text-decoration:underline;text-decoration-color:#000000;white-space:pre-wrap;">1115 Allston Road, Havertown, PA 19083</u>.</p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">WHEREAS, </b>the Employee has performed his duties in an efficient and capable manner; and</p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">WHEREAS</b>, the Employer is desirous of retaining the services of the Employee; and</p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">WHEREAS</b>, the Employer is desirous of assisting the Employee in obtaining life insurance on his own life; and</p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">WHEREAS</b>, the Employer has determined that this assistance can best be provided under a &quot;split-dollar&quot; arrangement; and</p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">WHEREAS</b>, the Employer and the Employee have applied for insurance policies issued by various insurance companies; and</p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">WHEREAS</b><font style="white-space:pre-wrap;">, it is now understood and agreed that this split-dollar agreement is to be effective as of the date first listed above. Additionally, it is now understood that this agreement shall supersede any previous split dollar agreements that are currently in place between the Employer and Employee.</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">NOW, THEREFORE, </b>for value received and in consideration of the mutual covenants contained herein, the parties agree as follows:</p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">ARTICLE I</b></p><p style="font-family:'Bookman Old Style';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&quot;Definitions&quot;</b></p><p style="font-family:'Bookman Old Style';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;">For purposes of this Agreement, the following terms will have the meanings set forth below:</p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Bookman Old Style';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">&#8220;Base Salary&#8221; </b>means the Employee&#8217;s total base salary as of each January 1st exclusive of special payments such as bonuses or