THIS AGREEMENT, is entered into this 1st day of July, 2003, ("Effective Date") by and between TF Financial
Corporation (the "TF") and John R. Stranford (the "Executive").
WHEREAS, the Executive has heretofore been employed by Third Federal Savings Bank ("Bank") as the
President and Chief Executive Officer and is experienced in all phases of the business of the Bank and TF; and
WHEREAS, the Executive has retired as an officer, employee and director of the Bank and continues to serve
TF as a director; and
WHEREAS, in order to induce the Executive to serve in the employ of the TF and in consideration of the
Executive's agreeing to be an employee of the TF, the parties desire to specify the employment relationship
between the TF and the Executive;
NOW THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties
hereby agree as follows:
TF hereby employs the Executive in the capacity of Senior Advisor to the President and Chairman of TF. The
Executive hereby accepts said employment and agrees to render consultation and advisory services to TF as are
requested by TF's President and Chairman from time to time during the term of this Agreement. The Executive
shall be available for service hereunder upon receipt of not less than five (5) business days' written notice from
2. Term of Employment.
The term of employment of the Executive under this Agreement shall be for the period commencing on the
Effective Date and ending on April 30, 2005, or such earlier date that the Executive shall retire or otherwise
cease to serve as a director of TF ("Term").
The TF shall compensate the Executive sole during the Term of this Agreement at the rate of $1,000 per month
("Base Salary"), payable in cash not less frequently than quarterly. While an employee of TF, the Executive shall
not be paid any additional compensation or fees for service as a director of TF. Except as otherwise provided by