First 12 months

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Agreement made this 1^st day of July 2003 between BENEFICIAL MUTUAL SAVINGS BANK (hereinafter referred to as Bank) and _______________________ (Hereinafter referred to as Employee).

1.

Employee is employed by Bank

2.

Bank and Employee desire to enter into Agreement whereby, if Employee dies while in Bank’s employ, before attaining the age of sixty-five (65) years, certain payments will be made to Employee’s family as more fully set forth herein.

NOW, THEREFORE, intending to be legally bound hereby, the parties agree as follows:

If Employee’s death occurs before Employee has attained the age of fifty-five (55) years, and while Employee is an active Employee of the Bank, Bank will pay to the Beneficiary (as identified in Paragraph 9 hereof) _________ per month for twelve (12) months commencing with the first month following the date of Employee’s death and _________ per month commencing with the thirteenth (13th) month following Employee’s death through the month during which Employee would have attained the age of sixty-five (65) years had Employee lived to such date.

If Employee’s death occurs after Employee attains the age of fifty-five (55) years, but while Employee is an active Employee of Bank, Bank will pay to the Beneficiary (as identified in Paragraph 9 hereof) _________ per month for twelve (12) months commencing with the first month following the date of Employee’s death and _________ per month commencing with the thirteenth (13th) month following Employee’s death through the one hundred and twentieth (120th) month following Employee’s death.

Upon his or her retirement at age sixty-five (65) Employee shall receive a life insurance policy in the amount of _________ (“Life Insurance Benefit”). The policy is intended to be a continuation of the current policy held by the Bank to fund the Employee Benefits under this Plan. The policy delivered to Employee, as the Life Insurance Benefit shall contain all of the attributes of the then current policy in the same proportion as the Life Insurance Benefit bears to the face amount of the policy. The formula for determining the attribute shall be as follows:

 

Attributes of Then Current Policy

x

Life Insurance Benefit Face Amount of Current Policy

=

Attributes of Life Insurance Benefit

 

 

(a)

the term “then current policy” shall mean all of the policies held by the Employer to provide funding for the Employee’s obligation under the Plan.

(b)

the term “attributes” shall include, but not be limited to (1) cash value, (2) outstanding policy loans, and (3) premiums due.

As of the date in which he or she attained the age of sixty-five (65) years, Employee’s rights under this Agreement, except to the extent provided in the first section of Section (3), shall terminate. Other termination provisions are found in paragraph’s 6, 9 and 11 hereof. Should Employee terminate her employment with Bank or should Employee be terminated for any reasons, except for dishonesty, or should this Plan be terminated, Employee shall be entitled to a life insurance policy with a death benefit to be the lesser of the (a) Life Insurance Benefit or (b) an amount calculated by multiplying the Life Insurance Benefit by a fraction, the denominator of which shall be twenty-five (25) and the numerator shall be the number of consecutive calendar years during which the Employee was in the employment for a full twelve (12) months.

Employee acknowledges that she has not been required to make any monetary payment to the Bank or give any consideration, other than employment to Bank in return for this Agreement.

Bank shall not be required to fund its potential obligations under this Agreement or pledge assets as security for its performance hereunder.

This Agreement shall not in any way constitute any employment Agreement between Employee and Bank and shall in no way obligate Bank to continue the employment of Employee with Bank, nor shall this Agreement limit the right of Bank to terminate Employee’s employment with Bank for any reason. Termination of Employee’s employment with Bank for any reason, whether by action of Bank, Employee, or in any other manner, shall immediately terminate this Agreement and all of Bank’s obligations hereunder. For purposes of Paragraphs 1 and 2, the word “termination” shall not be defined to include termination occasioned by death of Employee.

The benefits provided for Employee hereunder are in addition to any other benefits Employee may have under any other plan or program of Bank and, except as otherwise expressly provided for herein, this Agreement shall supplement and shall not supersede any other Agreement between Bank and Employee or any provisions contained therein.

Neither Employee nor the Beneficiary hereunder shall have any right to commute, sell, transfer, assign or otherwise convey the right to receive any payments under the terms of this Agreement. Any such attempted assignment or transfer shall at the option of the Bank terminate this Agreement and Bank shall have no further liability hereunder.

The following person(s) shall be deemed the Beneficiary or Beneficiaries under this Agreement in the percentages set forth as follows:

 

	Name		Percentages

Notwithstanding anything set forth herein to the contrary, the Employee’s Beneficiary or Beneficiaries must be members of the Employee’s family, including parents, siblings, aunts, uncles nieces and nephews.

If any payments or portions of payments remain due under the Agreement at the death of a Beneficiary, such remaining payments or portion of payment shall be paid to Beneficiary’s living children equally. If no living children survive such deceased Beneficiary, then such remaining payments or portions of payments shall be divided among the remaining beneficiaries in the percentages indicated in the foregoing paragraph.

In the event that at Employee’s death or at the death of a Beneficiary, there are no other Beneficiaries or children of Beneficiaries, Banks obligation to make payments under this Agreement is terminated.

Employee shall notify Bank in a form and manner acceptable to Bank of the names and addresses of his or her beneficiaries and children of such beneficiaries. Attached hereto as Exhibit “A” is a form of notice of names and addresses of Employee’s Beneficiaries and children of Beneficiaries acceptable to Bank. In the absence of such notice, or in the event of an incomplete notice, Bank shall be under no obligation to make payments to any spouse, child or grandchild of whom it has no notice.

 

 

Any notice which shall be or may be given hereunder shall be in writing and shall be mailed by certified mail, postage prepaid, addressed as follows:

(A)	Notice to Employee		(B)	Notice to Bank
				510 Walnut Street
				Philadelphia, PA 19106

Any party hereto may from time to time change the address to which notices to it shall be mailed by giving notice thereof in the manner provided for herein.

 

 

 

IN WITNESS WHEREOF, The parties hereto have set their hands and seals the day first written above.