Exhibit 10.13
CHANGE IN CONTROL SEVERANCE AGREEMENT
THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (“Agreement”) entered into this 1
day of January, 2007 (“Effective Date”), by and between Third Federal Bank (the “Bank”) and Elizabeth
Kaspern (the “Employee”).
WHEREAS, the Employee is currently employed by the Bank as Senior Vice President and is
experienced in all phases of the business of the Bank; and
WHEREAS, the parties desire by this writing to set forth the rights and responsibilities of the Bank and
Employee if the Bank should undergo a change in control (as defined hereinafter in the Agreement) after the
Effective Date.
NOW, THEREFORE, it is AGREED as follows:
1. Employment . The Employee is employed in the capacity as the Senior Vice President. The
Employee shall render such administrative and management services to the Bank and TF Financial Corporation
(“Parent”) as are currently rendered and as are customarily performed by persons situated in a similar executive
capacity. The Employee’s employment shall be for no definite period of time, and the Employee or the Bank
may terminate such employment relationship at any time for any reason or no reason. The employment at-will
relationship remains in full force and effect regardless of any statements to the contrary made by company
personnel or set forth in any documents other than those explicitly made to the contrary and signed by the
President or the Chairman of the Bank. The Employee’s other duties shall be such as the President or the Board
of Directors for the Bank (the “Board of Directors” or “Board”) may from time to time reasonably direct,
including normal duties as an officer of the Bank.
2. Term of Agreement . The term of this Agreement shall be for the period commencing on the
Effective Date and ending twenty-four (24) months thereafter. Additionally, on, or before, each annual
anniversary date from the Effective Date, the term of this Agreement may be extended for an additional one year