TERMINATION AGREEMENTTermination Agreement • December 1st, 2014 • Malvern Bancorp, Inc. • Savings institution, federally chartered • Pennsylvania
THIS TERMINATION AGREEMENT (the “Agreement”), dated this 25th day of November 2014, is by and among Malvern Bancorp, Inc. (the “Company”) and Malvern Federal Savings Bank (the “Bank,” and collectively with the Company, “Malvern”), Stilwell Value Partners VI, L.P. (“Stilwell Value Partners”), Stilwell Activist Fund, L.P. (“Activist Fund”), Stilwell Activist Investments, L.P. (“Activist Investments”), Stilwell Associates, L.P. (“Associates”), Stilwell Partners, L.P., Stilwell Value LLC and Joseph Stilwell, an individual (collectively, the “Stilwell Group,” and individually, a “Stilwell Group Member”), John P. O’Grady, an individual, and Gregg H. Kanter, an individual.
