|   | NATIONAL PENN BANCSHARES,    INC.          |   |
|--------|--------------------------------------------|--------|
|   |                                       |   |
|   | LONG-TERM INCENTIVE COMPENSATION      PLAN |   |
|   |                                       |   |
|   | PERFORMANCE      BASED                     |   |
|   |                                       |   |
|   | RESTRICTED      STOCK AGREEMENT            |   |
|   | BETWEEN                                    |   |
|   | NATIONAL      PENN BANCSHARES, INC.        |   |
|   |                                       |   |
|   | AND                                        |   |
|   |                                       |   |
|   | _________________________                  |   |
|   | (the      Grantee)                         |   |

|   | Date of Grant:                                      |   | February      23, 2009  |
|--------|-----------------------------------------------------|--------|------------------------------|
|   |                                                |   |                         |
|   | Number      of Shares:                              |   | ______      shares      |
|   |                                                |   |                         |
|   | End      of Restricted Period(Vesting      Period): |   |  February      15,2012  |

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| Weight                            | Measure                                                                                                                                                                                                                                                                                | Award      Achievement Scale                                                                                                                                                                                                                          |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      50% | Maintain      Strong Asset Quality(Measure      for entire two year periodJanuary      1, 2009 to December 31, 2010)1.  Loan      loss reserve as % of NPA’s2.  NPA’s      as % of total loans3.  Net      charge-offs as % of average loans | Threshold      – one measure in top peer quartile and two in the secondTarget      – two measures in top peer quartile and one in the secondMaximum      – all three measures in top quartile                                       |
| 50%                               | Improve      Liability Acquisition and Costs–      Interest expense on deposits to average deposits                                                                                                                                                                              | Threshold      – improve to fourth peer quintile for six month period July      1, 2010      through December 31, 2010Target      – third quintile for same six month periodMaximum      – second quintile for same six monthperiod |

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| NATIONAL      PENN BANCSHARES, INC.                                             |   | GRANTEE              |
|---------------------------------------------------------------------------------|--------|----------------------|
|                                                                            |   |                 |
| By:                                                                             |   |                 |
|        J.      Ralph Borneman, Jr.           |   | (Signature)          |
|        Chairman,      Compensation Committee |   |                 |
|                                                                            |   |                 |
|                                                                            |   | (Print      Name)    |
|                                                                            |   |                 |
|                                                                            |   |                 |
|                                                                            |   | (Print      Address) |

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