This EMPLOYMENT AGREEMENT (this “Agreement”), is made and entered into as of the 8 th day of
August 2007, between Abington Savings Bank, a Pennsylvania chartered, stock-form savings bank doing
business as “Abington Bank” (the “Bank” or the “Employer”), and Eric L. Golden (the “Executive”).
WHEREAS, the Executive is presently an officer of the Bank;
WHEREAS, the Bank desires to be ensured of the Executive’s continued participation in the business of
the Bank; and
WHEREAS, in order to induce the Executive to remain in the employ of the Bank and in consideration of
the Executive agreeing to remain in the employ of the Bank, the parties desire to specify the severance benefits
which shall be due the Executive in the event that his employment with the Bank is terminated under specified
NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the
Bank and the Executive hereby agree as follows:
Definitions. The following words and terms shall have the meanings set forth below for the
purposes of this Agreement:
Base Salary. “Base Salary” shall have the meaning set forth in Section 3(a) hereof.
Cause. Termination by the Employer 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, willful conduct which is materially
detrimental (monetarily or otherwise) to the Employer or material breach of any provision of this Agreement.
Change in Control. “Change in Control” shall mean a change in the ownership of the
Corporation or the Bank, a change in the effective control of the Corporation or the Bank or a cha