Document:

NPBC 12.31.2013 EX 10.24

Exhibit 10.24

                            
NATIONAL PENN BANCSHARES, INC.

LONG-TERM INCENTIVE COMPENSATION PLAN

    

RESTRICTED STOCK AGREEMENT
BETWEEN
NATIONAL PENN BANCSHARES, INC.

AND

«FIRST_NAME» «LAST_NAME»
(Grantee)

	
			
	Date of Grant:
	 
	January 21, 2014

	Number of Restricted
Stock Shares:
	 
	 «SHARES» shares

	 
	 
	 

	Restricted (Vesting) Period:
	 
	25% on each Anniversary Date (or upon death, Disability, Retirement or Change in Control)

        

NATIONAL PENN BANCSHARES, INC.
LONG-TERM INCENTIVE COMPENSATION PLAN

RESTRICTED STOCK AGREEMENT

This Restricted Stock Agreement dated as of January 21, 2014, between National Penn Bancshares, Inc. (the "Corporation") and «FIRST_NAME» «LAST_NAME» (the "Grantee").
    
WITNESSETH:

1.    Grant of Restricted Stock

Pursuant to the National Penn Bancshares, Inc. Long-Term Incentive Compensation Plan (the "Plan"), this Agreement confirms the Corporation's grant to the Grantee, subject to the terms and conditions of the Plan and to the terms and conditions set forth herein, of an aggregate of «SHARES» shares of common stock (without par value) of the Corporation (“shares of Restricted Stock”).

2.    Terms and Conditions

It is understood and agreed that the grant of shares of Restricted Stock is subject to the following terms and conditions:

(a)    Restricted (Vesting) Period.  The transfer of shares of Restricted Stock shall be restricted until the date on which such shares vest, which shall occur as to 25% of the shares on each anniversary of the Date of Grant (the “Restricted Period”), but only if the Grantee remains continuously employed by the Corporation or a subsidiary of the Corporation through such vesting date. 

(b)    Escrow and Custody of Shares.  Unless and until the shares of Restricted Stock vest as provided in Section 2(a), such shares will be registered in the name of the Grantee and issued in certificate form, and such certificate or certificates will be held by the Secretary of the Corporation as escrow agent (“Escrow Agent”) and may not be sold, transferred, pledged, assigned or otherwise alienated, hypothecated or disposed of until such shares become vested. The Corporation may instruct the transfer agent for its common stock to place a legend on the certificates representing the shares of Restricted Stock or otherwise mark its records as to the restrictions on transfer set forth in this Agreement. The certificate or certificates representing such shares of Restricted Stock will not be delivered by the Escrow Agent to the Grantee unless and until the shares of Restricted Stock have vested and all other terms and conditions in this Agreement have been satisfied.  The Escrow Agent may, in its discretion, elect to enter into alternative arrangements for the escrow of the shares of Restricted Stock, if, in the Escrow Agent’s discretion, such shares are issued in book-entry form. 

(c)    Dividend and Voting Rights.  The shares of Restricted Stock shall be entitled to receive all dividends and other distributions paid with respect to shares of the Corporation’s common stock during the Restricted Period.  The Grantee may exercise full voting rights with respect to the shares of Restricted Stock during the Restricted Period.

(d)    Forfeiture.   Notwithstanding any contrary provision of this Agreement, the balance of the shares of Restricted Stock that do not vest during the Restricted Period pursuant to Section 2(a) will thereupon be forfeited and automatically transferred to and reacquired by the Corporation at no cost to the Corporation. The Grantee hereby appoints the Escrow Agent, with full power of substitution, as the Grantee’s true and lawful attorney-in-fact with irrevocable power and authority in the name and on behalf of the Grantee to take any action and execute all documents and instruments, including without limitation stock powers, which may be necessary to transfer the unvested shares of Restricted Stock and the certificate or certificates representing the same to the Corporation upon determination of such vesting. 

(e)    Death, Disability, Retirement or other Termination of Employment.  If the Grantee's employment with the Corporation or a subsidiary terminates due to death, Disability (as defined in the Plan) or Retirement (as defined in the Plan and also including a voluntary termination of employment at age 60 or more), or if the Corporation or a subsidiary terminates the Grantee’s employment not for Cause (as defined in the Plan), the continued employment requirement set forth in Section 2(a) shall be deemed satisfied, and the Restricted Stock shall vest on the date of his or her termination of employment.  

(f)    Termination for Cause.  If the Corporation or a subsidiary terminates the Grantee’s employment for Cause (as defined in the Plan), any unvested shares of Restricted Stock during Restricted Period shall automatically be forfeited and returned to the Corporation.

(g)    Transferability. All rights with respect to the shares of Restricted Stock shall be exercisable during the Grantee’s lifetime only by the Grantee. Prior to such shares becoming vested, the shares of Restricted Stock shall be transferable only by Will or by the laws of descent and distribution.  

(h)    Adjustment and Substitution of Shares.  If any merger, reorganization, consolidation, recapitalization, separation, liquidation, stock dividend, split-up, share combination, or other change in the corporate structure of the Corporation affecting the Corporation’s shares of common stock shall occur, the number and class of shares of Restricted Stock shall be adjusted or substituted for, as the case may be, as shall be determined by the Committee to be appropriate and equitable to prevent dilution or enlargement of rights, and provided that the number of shares shall always be a whole number. Any adjustment or substitution pursuant to this Section 2(h) shall meet the requirements of Section 409A of the Code and shall be final and binding upon the Grantee. 
 
(i)    No Right To Continued Employment.  This grant of shares of Restricted Stock shall not confer upon the Grantee any right to continue as an employee of the Corporation or subsidiary, nor shall it interfere in any way with the right of his or her employer to terminate his or her employment at any time.

(j)    Compliance with Law and Regulations.  This grant of shares of Restricted Stock shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required.  The Corporation shall not be required to issue or deliver any certificates for common shares prior to (1) the effectiveness of a registration statement under the Securities Act of 1933, as amended, with respect to such shares, if deemed necessary or appropriate by counsel for the Corporation, (2) the listing of such shares on any stock exchange on which the common shares may then be listed, or upon the
Nasdaq Stock Market if the common shares are then listed thereon, and (3) compliance with all other applicable laws, regulations, rules and orders which may then be in effect.

(k)    Change-in-Control.  If any "Change-in-Control" (as defined in the Plan) occurs, the continued employment requirement set forth in Section 2(a) shall be deemed satisfied, and the Restricted Stock shall vest upon the date on which the "Change-in-Control" occurs.

3.    Investment Representation

The Committee may require the Grantee to furnish to the Corporation, prior to the issuance of any shares of Restricted Stock, an agreement (in such form as such Committee may specify) in which the Grantee represents that the shares acquired by him or her are being acquired for investment and not with a view to the sale or distribution thereof.

4.    Grantee Bound by Plan

The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions of the Plan, as in effect on the date hereof and as it may be amended from time to time in accordance with its terms, all of which terms and provisions are incorporated herein by reference.  If there shall be any inconsistency between the terms and provisions of the Plan, as in effect from time to time, and those of this Agreement, the terms and provisions of the Plan, as in effect from time to time, shall control.

		
	1.
	Committee

All references herein to the “Committee” mean the Compensation Committee of the Board of Directors of the Corporation (or any successor committee designated by the Board of Directors to administer the Plan).

6.    Section 83(b) Election

The Grantee acknowledges that an election under Section 83(b) of the Code may be available to the Grantee for Federal income tax purposes and that such election, if desired, must be made within thirty (30) days of the date of this Agreement. The Grantee acknowledges that whether to make such election is the responsibility of the Grantee, not the Corporation, and that the Grantee should consult the Grantee’s tax advisor with respect to the election and all other tax aspects associated with this Agreement. The Grantee may make the election as to any or all of the Restricted Stock.

7.    Withholding of Taxes

The Corporation may require as a condition precedent to the issuance of any shares of Restricted Stock, or their release from the escrow established under Section 2(b), that appropriate arrangements be made for the withholding of any applicable Federal, state and local taxes.

8.    Governing Law

This Agreement shall be construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania, other than any choice of law provisions calling for the application of laws of another jurisdiction. 

9.    Notices

Any notice hereunder to the Corporation shall be addressed to it at its office, Philadelphia and Reading Avenues, Boyertown, Pennsylvania 19512, Attention: Corporate Secretary, and any 
notice hereunder to Grantee shall be addressed to him or her at the address below, subject to the right of either party to designate at any time hereafter in writing some other address.

IN WITNESS WHEREOF, National Penn Bancshares, Inc. has caused this Agreement to 
be executed and the Grantee has executed this Agreement, both as of the day and year first above written.

NATIONAL PENN BANCSHARES, INC.                

SCOTT V. FAINOR                        
President & CEOFCF-EX10.24_2013.12.31-10K

EX 10.24

FIRST COMMONWEALTH FINANCIAL CORPORATION
DIRECTOR RETAINER PLAN
(As Amended and Restated on November 18, 2013)

		
	1.
	Name and Purpose. 

(a)This plan shall be known as the First Commonwealth Financial Corporation Director Retainer Plan (the “Plan”).  This Plan is adopted by Board of Directors of First Commonwealth Financial Corporation (the “Company”) pursuant to the First Commonwealth Financial Corporation Incentive Compensation Plan (the “Master Plan”) and shall be subject to the terms and conditions of the Master Plan.  Each capitalized term that is not otherwise defined in this Plan shall have the meaning given to such term in the Master Plan.

(b)The purpose of this Plan is to enable the Company to attract and retain qualified persons to serve as Directors of the Company by providing a competitive retainer and to further align the interests of Directors with shareholders of the Company by providing for the payment of a portion of the retainer in shares of Common Stock.
 
		
	2.
	Administration. 

The Plan shall be administered by the Governance Committee of the Board of Directors (the “Committee”).  The Committee shall, subject to the applicable provisions of the Plan and the Master Plan, have full authority and discretion to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, to prepare forms to use with respect to the Plan, and to make all determinations necessary or advisable for the administration of the Plan.  The Committee’s determination as to any matter relating to the interpretation of the Plan shall be conclusive on all persons. 
		
	3.
	Eligible Participants. 

For purposes of the Plan, a “Director” refers to, as of any date, a person who is serving as a director of First Commonwealth Financial Corporation who is not an employee of the Company or any Subsidiary. 
		
	4.
	Retainer.

 
(a)Each Director shall be paid a retainer in the amount of $48,000 per year.  Except for a Director who exercises his or her right to opt out of receiving shares of Common Stock in accordance with paragraph (b) of this Section 4, each Director shall receive the annual retainer in cash and shares of Common Stock as follows:

(i)$24,000 in cash payable in four installments of $6,000 on the date of each quarterly meeting of the Board of Directors in January, April, July and October (or the last day of the month if no meeting is held in that month); and

(ii)A number of shares of Common Stock determined by dividing (x) $24,000 by (y) the Fair Market Value of the Common Stock as of the Determination Date.  The “Determination Date” shall mean the date of the Annual Meeting of Shareholders (or April 30 if the Annual Meeting is not held prior to that date), provided that if the Annual Meeting (or April 30, as applicable) occurs during a period when trading of the Common Stock is restricted by an insider trading or similar Company 

EX 10.24

policy, the Determination Date shall be the first business day following the expiration of the trading restriction.  The shares issuable pursuant to this Section 4(a)(ii) shall be issued in book entry form as soon as administratively practicable following the determination of Fair Market Value and shall not be subject to transfer restrictions or other Vesting Conditions.

(b)Notwithstanding Section 4(a) above, any Director who owns at least 50,000 shares of Common Stock may elect to receive his or her entire retainer in cash.  That election must be made pursuant to a written notice delivered to the Secretary of the Company not later than February 28 of the year in which the election is to be effective.  Each Director who has elected to receive his or her entire retainer in cash pursuant to this Section 4(b) shall receive his or her retainer in four installments of $12,000 on the date of each quarterly meeting of the Board of Directors in January, April, July and October (or the last day of the month if no meeting is held in that month).  An election made pursuant to this Section 4(b) shall remain in effect unless and until the Director rescinds the election by written notice to the Secretary of the Company.

(c)Any Director who is elected or appointed to the Board after January 1 shall be entitled to receive a prorated retainer based upon the number of whole or partial months of the year during which he or she serves as a Director.  One-half of the prorated retainer shall be paid in cash and one-half of the prorated retainer shall be paid in shares of Common Stock using the same Fair Market Value as is used to calculate the number of shares issuable to Directors who are entitled to receive a full retainer under this Plan.  The first installment of the prorated cash retainer will be paid on the date of the first meeting of the Board of Directors that the Director attends, and the prorated Common Stock retainer will be paid on the later of the date of the first meeting of the Board of Directors that the Director attends or the Determination Date.  By way of illustration, a Director who is elected on April 24 will be entitled to receive a retainer in the amount of $36,000, consisting of $18,000 in cash and shares of Common Stock having a Fair Market Value of $18,000 as of the Determination Date used to calculate the number of shares of Common Stock issued to Directors who have served as Directors since January 1 of that year.  

		
	5.
	Miscellaneous Provisions. 

(a)The Committee may amend, suspend, or terminate this Plan at any time.  

(b)This Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania except to the extent such laws are superseded by the federal laws of the United States.

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