AMENDED AND RESTATED EMPLOYMENT AGREEMENT BETWEEN GREATER DELAWARE VALLEY SAVINGS BANK (doing business as Alliance Bank) and Dennis D. Cirucci
EXHIBIT 10.1
AMENDED
AND RESTATED EMPLOYMENT AGREEMENT BETWEEN
GREATER
DELAWARE VALLEY SAVINGS BANK
(doing
business as Alliance Bank)
and
Xxxxxx
X. Xxxxxxx
THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is dated this
21st day of
May 2008 between Greater Delaware Valley Savings Bank, a Pennsylvania-chartered
savings bank doing business as Alliance Bank (the “Bank”), and Xxxxxx X. Xxxxxxx
(the “Executive”). The Bank is a wholly owned subsidiary of Alliance
Bancorp, Inc. of Pennsylvania, a mid-tier holding company of the Bank (“Alliance
Bancorp”), which is a majority-owned subsidiary of Alliance Mutual Holding
Company, a federally-chartered mutual holding company (the
“MHC”). Alliance Bancorp and the Bank are collectively referred to
herein as the “Employers”.
WITNESSETH
WHEREAS,
the Executive is presently employed as the President and Chief Executive Officer
of each of the Employers;
WHEREAS,
the Bank desires to be ensured of the Executive’s continued active participation
in the business of the Employers;
WHEREAS,
the Bank and the Executive have previously entered into an employment agreement
originally dated June 21, 2001 (the “Prior Agreement”);
WHEREAS,
the Bank desires to amend and restate the Prior Agreement in order to make
changes to comply with Section 409A of the Internal Revenue Code of 1986, as
amended, as well as certain other changes; and
WHEREAS,
in order to induce the Executive to remain in the employ of the Employers and in
consideration of the Executive’s agreeing to remain in the employ of the
Employers, the parties desire to specify the severance benefits which shall be
due the Executive in the event that his employment with the Employers is
terminated under specified circumstances.
NOW
THEREFORE, in consideration of the mutual agreements herein contained, and upon
the other terms and conditions hereinafter provided, the parties hereby agree as
follows:
1. Definitions. The
following words and terms shall have the meanings set forth below for the
purposes of this Agreement:
(a) Annual
Compensation. The Executive’s “Average Annual Compensation”
for purposes of this Agreement shall be deemed to mean the average level of
compensation paid to the Executive by the Employers or any subsidiary thereof
during the most recent five taxable years preceding the year in which the Date
of Termination occurs and which was either (i) included in the Executive’s gross
income for tax purposes, including but not limited to Base Salary, bonuses and
amounts taxable to the Executive under any qualified or non-qualified employee
benefit plans of the Employers, or (ii) deferred at the election of the
Executive.
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(b) Base
Salary. “Base Salary” shall have the meaning set forth in
Section 3(a) hereof.
(c) Cause.
Termination of the Executive’s employment for “Cause” shall mean termination
because of personal dishonesty, incompetence, willful misconduct, breach of
fiduciary duty involving personal profit, intentional failure to perform stated
duties, willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) or final cease-and-desist order or a material
breach of any provision of this Agreement.
(d) Change in
Control. “Change in Control” shall mean a change in the
ownership of Alliance Bancorp or the Bank, a change in the effective control of
Alliance Bancorp or the Bank or a change in the ownership of a substantial
portion of the assets of Alliance Bancorp or the Bank, in each case as provided
under Section 409A of the Code and the regulations thereunder; provided,
however, that any second-step conversion and reorganization pursuant to which
the MHC ceases to exist shall not be deemed to be a Change in
Control.
(e) Code. “Code”
shall mean the Internal Revenue Code of 1986, as amended.
(f) Date of
Termination. “Date of Termination” shall mean (i) if the
Executive’s employment is terminated for Cause or for Disability, the date on
which the Notice of Termination is given, and (ii) if the Executive’s employment
is terminated for any other reason, the date specified in the Notice of
Termination.
(g) Disability. Termination
by the Employers of the Executive’s employment based on “Disability” shall mean
termination because of any medically determinable physical or mental impairment
which qualifies the Executive for disability benefits under the applicable
long-term disability plan maintained by the Employers or any subsidiary or, if
no such plan applies, which would qualify the Executive for disability benefits
under the Federal Social Security System, provided that in each case the
medically determinable physical or mental impairment can be expected to result
in death or can be expected to last for a continuous period of not less than 12
months.
(h) Good
Reason. Termination by the Executive of the Executive’s
employment for “Good Reason” shall mean termination by the Executive based upon
the occurrence of any of the following events:
(i) any
material breach of this Agreement by the Bank, including without limitation any
of the following: (A) a material diminution in the Executive’s base
compensation, (B) a material diminution in the Executive’s authority, duties or
responsibilities as prescribed in Section 2, or (C) any requirement that the
Executive report to a corporate officer or employee of the Employers instead of
reporting directly to the Boards of Directors of the Employers, or
(ii) any
material change in the geographic location at which the Executive must perform
his services under this Agreement;
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provided,
however, that prior to any termination of employment for Good Reason, the
Executive must first provide written notice to the Employers within ninety (90)
days of the initial existence of the condition, describing the existence of such
condition, and the Employers shall thereafter have the right to remedy the
condition within thirty (30) days of the date the Employers received the written
notice from the Executive. If the Employers remedy the condition
within such thirty (30) day cure period, then no Good Reason shall be deemed to
exist with respect to such condition. If the Employers do not remedy
the condition within such thirty (30) day cure period, then the Executive may
deliver a Notice of Termination for Good Reason at any time within sixty (60)
days following the expiration of such cure period.
(i) IRS. IRS
shall mean the Internal Revenue Service.
(j) Notice of
Termination. Any purported termination of the Executive’s
employment by the Bank for any reason, including without limitation for Cause,
Disability or Retirement, or by the Executive for any reason, including without
limitation for Good Reason, shall be communicated by a written “Notice of
Termination” to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a dated notice which (i)
indicates the specific termination provision in this Agreement relied upon, (ii)
sets forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive’s employment under the provision so
indicated, (iii) specifies a Date of Termination, which shall be not less than
thirty (30) nor more than ninety (90) days after such Notice of Termination is
given, except in the case of the Bank’s termination of the Executive’s
employment for Cause, which shall be effective immediately; and (iv) is given in
the manner specified in Section 10 hereof.
(k) Retirement. “Retirement”
shall mean voluntary termination by the Executive in accordance with the
Employers’ retirement policies, including early retirement, generally applicable
to their salaried employees.
2. Term of
Employment.
(a) The
Bank hereby employs the Executive as its President and Chief Executive Officer,
and the Executive hereby accepts said employment and agrees to render such
services to the Bank on the terms and conditions set forth in this
Agreement. The initial term of this Agreement shall expire June 30,
2010, subject to earlier termination as provided herein. Beginning on
June 30, 2009, and on each annual anniversary thereafter, the term of this
Agreement shall be extended for a period of one year (such that at any time
thereafter the remaining term of this Agreement shall be from one to two years),
provided that neither the Bank nor the Executive has given notice to the other
party hereto in writing at least 60 days prior to such June 30 annual
anniversary date that the term of this Agreement shall not be extended
further. References herein to the term of this Agreement shall refer
to both such initial term and such extended terms. The Board of
Directors of the Bank shall review on a periodic basis (and no less frequently
than annually) whether to permit further extensions of the term of this
Agreement. If either party hereto gives timely notice that the term
will not be extended as of any June 30 annual anniversary date, then this
Agreement shall terminate at the conclusion of its remaining term. As part of
such review, the Board of Directors shall consider all relevant factors,
including the Executive’s performance hereunder, and shall either expressly
approve further extensions of the term of this Agreement or decide to provide
notice to the contrary.
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(b) During
the term of this Agreement, the Executive shall perform such executive services
for the Bank as may be consistent with his titles and from time to time assigned
to him by the Bank’s Board of Directors.
3. Compensation and
Benefits.
(a) The
Bank shall compensate and pay the Executive for his services during the term of
this Agreement at a minimum base salary of $267,000 per year (“Base Salary”),
which may be increased from time to time in such amounts as may be determined by
the Bank’s Board of Directors and may not be decreased without the Executive’s
express written consent. In addition to his Base Salary, the
Executive shall be entitled to receive during the term of this Agreement such
bonus payments as may be determined by the Bank’s Board of
Directors.
(b) During
the term of this Agreement, the Executive shall be entitled to participate in
and receive the benefits of any pension or other retirement benefit plan, profit
sharing, stock option, restricted stock grant plan, employee stock ownership, or
other plans, benefits and privileges given to employees and executives of the
Employers, to the extent commensurate with his then duties and responsibilities,
as fixed by the Boards of Directors of the Employers. The Bank shall
not make any changes in such plans, benefits or privileges which would adversely
affect the Executive’s rights or benefits thereunder, unless such change occurs
pursuant to a program applicable to all executive officers of the Employers and
does not result in a proportionately greater adverse change in the rights of or
benefits to the Executive as compared with any other executive officer of the
Employers. Nothing paid to the Executive under any plan or
arrangement presently in effect or made available in the future shall be deemed
to be in lieu of the salary payable to the Executive pursuant to Section 3(a)
hereof.
(c) During
the term of this Agreement, the Executive shall be entitled to paid annual
vacation in accordance with the policies as established from time to time by the
Boards of Directors of the Employers. The Executive shall not be
entitled to receive any additional compensation from the Bank for failure to
take a vacation, nor shall the Executive be able to accumulate unused vacation
time from one year to the next, except to the extent authorized by the Boards of
Directors of the Employers.
(d) In
the event the Executive’s employment is terminated due to Disability or
Retirement, the Bank shall provide continued life, medical, dental and
disability coverage substantially similar to the coverage maintained by the
Employers for the Executive immediately prior to his termination, in each case
subject to Section 3(f) below. Such coverage shall be
provided for the period otherwise remaining in the term of this Agreement
but for such Disability or Retirement; however, nothing contained in this
Agreement shall reduce any rights the Executive may have to continuation of
insurance coverage beyond the period otherwise remaining in the term of this
Agreement pursuant to any policy of the Employers in existence from time to
time.
(e) In
the event of the Executive’s death during the term of this Agreement, the Bank
shall provide to the Executive’s spouse until such spouse reaches age 65
continued medical and dental coverage substantially similar to the coverage
maintained by the Employers for the Executive immediately prior to his death,
subject to Section 3(f) below.
(f) Any
insurance premiums payable by the Employers or any successors pursuant to
Section 3(d) or 3(e) above shall be payable at such times and in such amounts
(except that the coverage pursuant to Section 3(e) above shall be based on the
costs of providing individual spousal benefits) as if the Executive was still an
employee of the Employers, subject to any increases in such amounts imposed by
the insurance company or COBRA, and the amount of insurance premiums required to
be paid by the Employers in any taxable year shall not affect the amount of
insurance premiums required to be paid by the Employers in any other taxable
year; and provided further that if the participation of the Executive or his
spouse in any group insurance plan is barred, the Employers shall either arrange
to provide the Executive (or his spouse with respect to Section 3(e)) with
insurance benefits substantially similar to those which the Executive (or his
spouse with respect to Section 3(e)) was entitled to receive under such group
insurance plan or, if such coverage cannot be obtained, pay a lump sum cash
equivalency amount within thirty (30) days following the Date of Termination
based on the annualized rate of premiums being paid by the Employers as of the
Date of Termination.
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4. Expenses. The
Bank shall reimburse the Executive or otherwise provide for or pay for all
reasonable expenses incurred by the Executive in furtherance of or in connection
with the business of the Employers, including, but not by way of limitation,
automobile expenses and other traveling expenses, and all reasonable
entertainment expenses (whether incurred at the Executive’s residence, while
traveling or otherwise), subject to such reasonable documentation and other
limitations as may be established by the Boards of Directors of the
Employers. If such expenses are paid in the first instance by the
Executive, the Bank shall reimburse the Executive therefor. Such
reimbursement shall be paid promptly by the Bank and in any event no later than
March 15 of the year immediately following the year in which such expenses were
incurred.
5. Termination.
(a) The
Bank shall have the right, at any time upon prior Notice of Termination, to
terminate the Executive’s employment hereunder for any reason, including without
limitation termination for Cause, Disability or Retirement, and the Executive
shall have the right, upon prior Notice of Termination, to terminate his
employment hereunder for any reason.
(b) In
the event that (i) the Executive’s employment is terminated by the Bank for
Cause or (ii) the Executive terminates his employment hereunder other than for
Disability, Retirement, death or Good Reason, the Executive shall have no right
pursuant to this Agreement to compensation or other benefits for any period
after the applicable Date of Termination.
(c) In
the event that the Executive’s employment is terminated as a result of
Disability or Retirement or the Executive’s death during the term of this
Agreement, the Executive shall have no right pursuant to this Agreement to
compensation or other benefits for any period after the applicable Date of
Termination except as provided in Section 3 hereof.
(d) In
the event that either before or after a Change in Control (i) the Executive’s
employment is terminated by the Bank for other than Cause, Disability,
Retirement or the Executive’s death or (ii) such employment is terminated by the
Executive for Good Reason, then the Bank shall:
(A) pay
to the Executive, in a lump sum within ten business days following the Date of
Termination, a cash severance amount equal to two (2) times the Executive’s
Average Annual Compensation;
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(B) maintain
and provide for a period ending at the earlier of (i) the expiration of the
remaining term of this Agreement as of the Date of Termination or (ii) the date
of the Executive’s full-time employment by another employer (provided that the
Executive is entitled under the terms of such employment to benefits
substantially similar to those described in this subparagraph (B)), at no cost
to the Executive, the Executive’s continued participation in all group
insurance, life insurance, health and accident insurance, and disability
insurance plans offered by the Employers in which the Executive was
participating immediately prior to the Date of Termination; provided that any
insurance premiums payable by the Bank or any successors pursuant to this
Section 5(d)(B) shall be payable at such times and in such amounts (except that
the Bank shall also pay any employee portion of the premiums) as if the
Executive was still an employee of the Employers, subject to any increases in
such amounts imposed by the insurance company or COBRA, and the amount of
insurance premiums required to be paid by the Bank in any taxable year shall not
affect the amount of insurance premiums required to be paid by the Bank in any
other taxable year; and provided further that if the Executive’s participation
in any group insurance plan is barred, the Bank shall either arrange to provide
the Executive with insurance benefits substantially similar to those which the
Executive was entitled to receive under such group insurance plan or, if such
coverage cannot be obtained, pay a lump sum cash equivalency amount within
thirty (30) days following the Date of Termination based on the annualized rate
of premiums being paid by the Bank as of the Date of Termination;
and
(C) pay
to the Executive, in a lump sum within thirty (30) days following the Date of
Termination, a cash amount equal to the projected cost to the Employers of
providing benefits to the Executive until the expiration of the remaining term
of this Agreement as of the Date of Termination pursuant to any other employee
benefit plans, programs or arrangements offered by the Employers in which the
Executive was entitled to participate immediately prior to the Date of
Termination (excluding (w) stock option and restricted stock plans of the
Employers, (x) bonus and other items of cash compensation included in Average
Annual Compensation, (y) retirement plans of the Employers and (z) other
benefits, or portions thereof, included in Average Annual Compensation), with
the projected cost to the Employers to be based on the costs incurred for the
calendar year immediately preceding the year in which the Date of Termination
occurs and with any automobile-related costs to exclude any depreciation on
Bank-owned automobiles.
6. Payment
of Additional Benefits under Certain Circumstances.
(a) If
the payments and benefits pursuant to Section 5 hereof, either alone or together
with other payments and benefits which the Executive has the right to receive
from the Employers, would constitute a “parachute payment” as defined in Section
280G(b)(2) of the Code (the “Initial Parachute Payment”), then the Bank shall
pay to the Executive, in a lump sum within ten business days
following the Date of Termination, a cash amount equal to the sum of
the following:
(A) twenty
(20) percent (or such other percentage equal to the tax rate imposed by
Section 4999 of the Code) of the amount by which the Initial Parachute
Payment exceeds the Executive’s “base amount” from the Employers, as defined in
Section 280G(b)(3) of the Code, with the difference between the Initial
Parachute Payment and the Executive’s base amount being hereinafter referred to
as the “Initial Excess Parachute Payment”; and
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(B)
such
additional amount (tax allowance) as may be necessary to compensate the
Executive for the payment by the Executive of state, local and federal income
and excise taxes on the payment provided under clause (A) above and on any
payments under this clause (B). In computing such tax allowance, the
payment to be made under clause (A) above shall be multiplied by the “gross up
percentage” (“GUP”). The GUP shall be determined as
follows:
|
GUP
=
|
Tax
Rate
|
|
1 -
Tax Rate
|
The Tax
Rate for purposes of computing the GUP shall be the highest marginal federal,
state and local income and employment-related tax rate (including Social
Security and Medicare taxes), including any applicable excise tax rate under
clause (A) above, applicable to the Executive in the year in which the payment
under clause (B) above is made, and shall also reflect the phase-out of
deductions and the ability to deduct certain of such taxes.
(b) Notwithstanding
the foregoing, if it shall subsequently be determined in a final judicial
determination or a final administrative settlement to which the Executive is a
party that the actual excess parachute payment as defined in Section 280G(b)(1)
of the Code is different from the Initial Excess Parachute Payment (such
different amount being hereafter referred to as the “Determinative Excess
Parachute Payment”), then the Bank’s independent tax counsel or accountants
shall determine the amount (the “Adjustment Amount”) which either the Executive
must pay to the Bank or the Bank must pay to the Executive in order to put the
Executive (or the Bank, as the case may be) in the same position the Executive
(or the Bank, as the case may be) would have been if the Initial Excess
Parachute Payment had been equal to the Determinative Excess Parachute
Payment. In determining the Adjustment Amount, the independent tax
counsel or accountants shall take into account any and all taxes (including any
penalties and interest) paid by or for the Executive or refunded to the
Executive or for the Executive’s benefit. As soon as practicable
after the Adjustment Amount has been so determined, and in no event more than
thirty (30) days after the Adjustment Amount has been so determined, the Bank
shall pay the Adjustment Amount to the Executive or the Executive shall repay
the Adjustment Amount to the Bank, as the case may be.
(c) In
each calendar year that the Executive receives payments of benefits under this
Section 6, the Executive shall report on his state, local and federal
income tax returns such information as is consistent with the determination made
by the independent tax counsel or accountants of the Bank as described
above. The Bank shall indemnify and hold the Executive harmless from
any and all losses, costs and expenses (including without limitation, reasonable
attorneys’ fees, interest, fines and penalties) which the Executive incurs as a
result of so reporting such information, with such indemnification to be paid by
the Bank to the Executive as soon as practicable and in any event no later than
March 15 of the year immediately following the year in which the amount subject
to indemnification was determined. The Executive shall promptly
notify the Bank in writing whenever the Executive receives notice of the
institution of a judicial or administrative proceeding, formal or informal, in
which the federal tax treatment under Section 4999 of the Code of any amount
paid or payable under this Section 6 is being reviewed or is in
dispute. The Bank shall assume control at its expense over all legal
and accounting matters pertaining to such federal tax treatment (except to the
extent necessary or appropriate for the Executive to resolve any such proceeding
with respect to any matter unrelated to amounts paid or payable pursuant to this
Section 6) and the Executive shall cooperate fully with the Employers in
any such proceeding. The Executive shall not enter into any
compromise or settlement or otherwise prejudice any rights the Bank may have in
connection therewith without the prior consent of the Bank.
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7. Mitigation;
Exclusivity of Benefits.
(a) The
Executive shall not be required to mitigate the amount of any benefits hereunder
by seeking other employment or otherwise, nor shall the amount of any such
benefits be reduced by any compensation earned by the Executive as a result of
employment by another employer after the Date of Termination or otherwise,
except as set forth in Section 5(d)(B)(ii) hereof.
(b) The
specific arrangements referred to herein are not intended to exclude any other
benefits which may be available to the Executive upon a termination of
employment with the Employers pursuant to employee benefit plans of the
Employers or otherwise.
8. Withholding. All
payments required to be made by the Bank hereunder to the Executive shall be
subject to the withholding of such amounts, if any, relating to tax and other
payroll deductions as the Bank may reasonably determine should be withheld
pursuant to any applicable law or regulation.
9. Assignability. The
Bank may assign this Agreement and its rights and obligations hereunder in
whole, but not in part, to any corporation, bank or other entity with or into
which either of the Employers may hereafter merge or consolidate or to which
either of the Employers may transfer all or substantially all of its respective
assets, if in any such case said corporation, bank or other entity shall by
operation of law or expressly in writing assume all obligations of the Bank
hereunder as fully as if it had been originally made a party hereto, but may not
otherwise assign this Agreement or its rights and obligations
hereunder. The Executive may not assign or transfer this Agreement or
any rights or obligations hereunder.
10. Notice. For
the purposes of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly
given when delivered or mailed by certified or registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses set forth
below:
To the
Bank: Secretary
Greater
Delaware Valley Saving Bank
(doing
business as Alliance Bank)
000
Xxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxxxxxx 00000
To the
Executive: Xxxxxx X.
Xxxxxxx
At his
last address on file with
the
Employers
11. Amendment;
Waiver. No provisions of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by the Executive and such officer or officers as may be
specifically designated by the Bank’s Board of Directors to sign on its
behalf. No waiver by any party hereto at any time of any breach by
any other party hereto of, or compliance with, any condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. In addition, notwithstanding anything in this
Agreement to the contrary, the Bank may amend in good faith any terms of this
Agreement, including retroactively, in order to comply with Section 409A of the
Code.
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12. Governing
Law. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the United States
where applicable and otherwise by the substantive laws of the Commonwealth of
Pennsylvania.
13. Nature of
Obligations. Nothing contained herein shall create or require
the Bank to create a trust of any kind to fund any benefits which may be payable
hereunder, and to the extent that the Executive acquires a right to receive
benefits from the Bank hereunder, such right shall be no greater than the right
of any unsecured general creditor of the Bank.
14. Headings. The
section headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this
Agreement.
15. Validity. The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this Agreement,
which shall remain in full force and effect.
16. Changes in Statutes
or Regulations. If any statutory or regulatory provision referenced
herein is subsequently changed or re-numbered, or is replaced by a separate
provision, then the references in this Agreement to such statutory or regulatory
provision shall be deemed to be a reference to such section as amended,
re-numbered or replaced.
17. Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original and all of which together will constitute one and the
same instrument.
18. Regulatory
Prohibition. Notwithstanding any other provision of this
Agreement to the contrary, any payments made to the Executive pursuant to this
Agreement, or otherwise, are subject to and conditioned upon their compliance
with Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. §1828(k)) and
the regulations promulgated thereunder, including 12 C.F.R.
Part 359.
19. Payment of Costs and
Legal Fees and Reinstatement of Benefits. In the event any
dispute or controversy arising under or in connection with the Executive’s
termination is resolved in favor of the Executive, whether by judgment,
arbitration or settlement, the Executive shall be entitled to the payment of (a)
all legal fees incurred by the Executive in resolving such dispute or
controversy, and (2) any back-pay, including Base Salary, bonuses and any other
cash compensation, fringe benefits and any compensation and benefits due to the
Executive under this Agreement, within thirty (30) days following the date such
judgment, arbitration or settlement becomes final and
non-appealable.
20. Indemnification. The
Bank shall provide the Executive (including his heirs, executors and
administrators) with coverage under a standard directors’ and officers’
liability insurance policy at its expense, or in lieu thereof, shall indemnify
the Executive (and his heirs, executors and administrators) to the fullest
extent permitted under Pennsylvania law against all expenses and liabilities
reasonably incurred by him in connection with or arising out of any action, suit
or proceeding in which he may be involved by reason of his having been a
director or officer of the Bank, Alliance Bancorp or any of their subsidiaries
or affiliates (whether or not he continues to be a director or officer at the
time of incurring such expenses or liabilities). Such expenses and
liabilities shall include, but shall not be limited to, judgments, court costs
and attorneys’ fees and the cost of reasonable settlements.
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21. Entire
Agreement. This Agreement embodies the entire agreement
between the Bank and the Executive with respect to the matters agreed to
herein. All prior agreements between the Bank and the Executive with
respect to the matters agreed to herein are hereby superseded and shall have no
force or effect, including the Prior Agreement.
IN
WITNESS WHEREOF, this Agreement has been executed as of the date first written
above.
| Attest: | GREATER DELAWARE VALLEY | ||
| SAVINGS BANK | |||
|
(doing
business as Alliance Bank)
|
|||
| /s/Xxxxxxxx X. Xxxxx | By: | /s/Xxxx X. Xxxxx | |
| Xxxxxxxx X. Xxxxx, Corporate Secretary | Xxxx X. Xxxxx | ||
| Chairman of Independent Directors | |||
| Attest: | EXECUTIVE | ||
| /s/Xxxxxxxx X. Xxxxx | By: | /s/Xxxxxx X. Xxxxxxx | |
| Xxxxxxxx X. Xxxxx, Corporate Secretary | Xxxxxx X. Xxxxxxx | ||
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