INVESTMENT AGREEMENTInvestment Agreement • November 1st, 2013 • Royal Bancshares of Pennsylvania Inc • State commercial banks • Pennsylvania
THIS INVESTMENT AGREEMENT (“Agreement”) is made as of September 4, 2013, by and between ROYAL BANCSHARES OF PENNSYLVANIA, INC., a Pennsylvania corporation (“Issuer”), and EMERALD ADVISERS, INC., a Pennsylvania business corporation (“Investor”). Investor is entering into this agreement on behalf of accounts that it manages or advises and for which it has discretionary authority to buy or sell shares.
