TABLE OF CONTENTS Page ARTICLE I CERTAIN DEFINITIONS .............................................................. A-1 1.1. Certain Definitions ............................................................... A-1 ARTICLE II THE MERGER ....................................................................... A-9 2.1. Merger ......................................................................... A-9 2.2. Effective Time; Closing ........................................................... A-9 2.3. Articles of Incorporation and Bylaws ............................................... A-9 2.4. Directors and Officers ............................................................ A-10 2.5. Effects of the Merger ............................................................. A-10 2.6. Tax Consequences ............................................................... A-10 2.7. Bank Merger .................................................................... A-11 ARTICLE III CONSIDERATION; EXCHANGE PROCEDURES .......................................... A-11 3.1. Merger Consideration; Effect on Shares ............................................. A-11 3.2. Procedures for Exchange of William Penn Common Stock ............................. A-14 3.3. Dissenting Shareholders .......................................................... A-15 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF WILLIAM PENN ............................. A-15 4.1. Organization .................................................................... A-16 4.2. Capitalization ................................................................... A-17 4.3. Authority; No Violation ........................................................... A-17 4.4. Consents ....................................................................... A-18 4.5. Financial Statements; Undisclosed Liabilities ......................................... A-18 4.6. Taxes .......................................................................... A-20 4.7. No Material Adverse Effect ........................................................ A-21 4.8. Material Contracts; Leases; Defaults ................................................ A-21 4.9. Ownership of Property; Insurance Coverage ......................................... A-23 4.10. Legal Proceedings .............................................................. A-24 4.11. Compliance With Applicable Law ................................................. A-24 4.12. Employee Benefit Plans .......................................................... A-25 4.13. Environmental Matters .......................................................... A-27 4.14. Brokers, Finders and Financial Advisors ........................................... A-28 4.15. Loan Matters .................................................................. A-28 4.16. Related Party Transactions ....................................................... A-29 4.17. Credit Card Accounts and Merchant Processing ..................................... A-29 4.18. Required Vote .................................................................. A-29 A-i
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