Document:

exh10-6.htm

    EXHIBIT
10.6

    2009 DIRECTOR
FEES

    
      
        	
                NATIONAL PENN BANCSHARES

              	
                 

              
	
                Outside
      Directors only

              	 
      
	
                Retainers:  Board
      members must attend in person or by phone 75% of meetings (Board and
      Committee Meetings combined) to be paid retainer. Committees
      include:  Audit, Executive, Compensation, Nominating/Corp.
      Governance, Director Enterprise Risk Management and
      Technology Risk Sub-Committee.

              	
                Paid
      Quarterly

              
	
                Chairperson
      of Audit Committee

                Chairperson
      of Executive Committee

                Chairperson
      of Compensation Committee

                Chairperson
      of Nominating/Corporate Governance Committee

                Chairperson
      of Directors Risk Management Committee

                Chairperson
      of Technology Risk Sub-Committee

                Lead
      Independent Director

                All
      Other Board Members

              	
                $16,200

                  13,700

                  13,700

                  13,700

                  13,700

                  12,700

                  21,200

                  11,200

              
	
                Board Meeting Fees (per meeting
      attended)

                 

              	
                $1,500

              
	
                Committee Fees (per meeting
      attended)

              	 
      
	
                Audit
      Committee members, including Chairperson

                Audit
      Committee Meeting by Conference Call

                Chairperson
      of Audit Committee also receives fee per phone

                   meeting
      with accountants

                Audit
      Committee Chairperson attendance at Subsidiary Board

                   meeting

                Audit
      Committee Member attendance at Executive Disclosure

                   Committee
      meeting

                Board
      Member attendance at ALCO meeting

                All
      Other Committee Members, including Chairperson (Executive,

                   Compensation,
      Nominating/Corp Governance, Risk and

                   Technology
      Risk Sub-Committee)

                All
      Other Committee Phone Meetings

                 

              	
                $750

                750

                 

                250

                 

                750

                 

                750

                500

                 

                                           
      500

                500

              
	
                Director Education

              	
                $750
      per day (includes travel day)

              
	
                Strategic Planning
Workshops

              	
                $1,000

                (entire
      workshop)

              
	 
      	 
      
	
                NATIONAL PENN BANK

              	
                Paid
      Quarterly

              
	
                Outside
      Directors only (per meeting attended)

              	 
      
	
                Board
      meetings (held quarterly)

                Phone
      meeting

                Travel
      expense allowance-annual

              	
                $1,000

                $1,000

                $500

              
	 
      	 
      
	
                DIRECTOR EMERITUS

              	 
      
	
                This
      retainer covers all meetings attended. Includes Bank and Bancshares Board
      Meetings and any committee meetings the director emeritus may
      attend.

              	
                $2,000

              
	
                 

                NATIONAL PENN BANK

              	
                 

              
	
                ADVISORY BOARDS

              	 
      
	
                Outside
      directors only

              	 
      
	
                Meeting Fees (per meeting unless otherwise
      noted)

                Berks
      County Advisory Board

                FirstService
      Bank

                HomeTowne
      Heritage Advisory Board

                Nittany
      Bank

                Nittany
      Advisory - Bellefonte

                Nittany
      Advisory - State College

                KNBT
      Advisory – Northern

                KNBT
      Advisory - Northeastern

              	
                 

                $250

                250

                6,000/yr

                18,000/yr

                100

                100

                250

                250

              
	
                NATIONAL PENN INVESTORS TRUST
      COMPANY

              	 
      
	
                Outside
      directors only

              	 
      
	
                Retainer
      for all non-bank board members

                Meeting Fees (per meeting
      attended)

                Chairperson

                Board
      Meetings

                Phone
      Meetings

              	
                $1,000

                 

                750

                500

                500

              
	
                CHRISTIANA BANK AND TRUST
      COMPANY

              	 
      
	
                Outside
      Directors only

                Meeting Fees (per meeting
      attended)

                Board
      Meetings

                Audit
      Committee members, including Chairperson

                Trust
      Committee, including Chairperson

                Travel
      expense allowance-annual

              	
                 

                 

                $1,000

                750

                500

                500

              
	
                OTHER NATIONAL PENN BANK SUBSIDIARY
      BOARDS

                Outside Directors only

                Board Meeting Fee (per meeting attended)

              	
                 

                $
  500

              

      

    

    

    

    
      
         

      

      
        28exh10-7.htm

    EXHIBIT
10.7

    

    NATIONAL PENN BANCSHARES,
INC.

    

    LONG-TERM INCENTIVE
COMPENSATION PLAN

    

    

    

    RESTRICTED STOCK UNIT
AGREEMENT

    BETWEEN

    NATIONAL PENN BANCSHARES, INC.

     

    AND

     

    ________________________

    (the
Grantee)

    

    

    

    

     

    
      	 	
               Date of
      Grant:

               

            	 	 February 23,
      2009	 
	 	
               Number of
      Restricted

               Stock Units:

               

            	 	 _______
      RSUs	 
	 	
               End
      of Restricted Period

              (Vesting Period);

            	 	 February 23,
      2010	 

    

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    NATIONAL
PENN BANCSHARES, INC.

    LONG-TERM INCENTIVE
COMPENSATION PLAN

    

    

    RESTRICTED STOCK UNIT
AGREEMENT

    

    

    This Restricted Stock Unit Agreement
dated as of February 23, 2009, between National Penn Bancshares, Inc. (the
"Corporation") and ___________________ (the "Grantee"),

     

    WITNESSETH:

    

    1.           Grant of Restricted Stock
Units

    

    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 ____________ restricted stock units, each unit being the right
to receive in the future one share of common stock (without par value) of the
Corporation (“RSUs”).

    

    2.           Terms and
Conditions

    

    It is understood and agreed that the
grant of RSUs is subject to the following terms and conditions:

    

    (a)           Restricted (Vesting)
Period.  The restricted period of time is from the date of this
Agreement through February 23, 2010 (the “Restricted Period”).  The
time period restrictions will lapse, and the RSUs will vest, on February 23,
2010, but only if the Grantee continually remains in office as a director of the
Corporation or its subsidiary, National Penn Bank (the “Bank”), through the end
of the Restricted Period.

    

    (b)           Crediting of RSUs to
Account.  The RSUs will be credited to an account in the name
of the Grantee.  Neither the account nor any RSUs credited to the
account may be sold, transferred, pledged, assigned or otherwise alienated,
hypothecated or disposed of.  Prior to actual payment of the RSUs in
shares of the Corporation’s common stock pursuant to Section 2(e), the RSUs
shall represent an unsecured obligation of the Corporation payable, if at all,
from the general assets of the Corporation.

    

    (c)           Dividend and Voting
Rights.  The RSUs shall be entitled to receive equivalents of
all dividends and other distributions paid with respect to shares of the
Corporation’s common stock during the Restricted Period and thereafter until
actual payment is made to the Grantee of the RSUs as issued shares of common
stock.  Dividend equivalents shall be deemed invested in additional
RSUs on each dividend payment date, based on the fair market value of the
Corporation’s common stock on the dividend payment date.  RSUs shall
have no voting rights.

    

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    

    

    (d)           Forfeiture.   Notwithstanding
any contrary provision of this Agreement, the balance of the RSUs that do not
vest at the end of the Restricted Period pursuant to Section 2(a) will thereupon
be forfeited and automatically cancelled at no cost to the
Corporation.

    

    (e)           Payment of RSUs as
Stock.   All RSUs that become vested pursuant to Section
2(a) shall be paid to the Grantee in actual shares of the Corporation’s common
stock (one share for each RSU), upon the Grantee’s termination of service as a
director of the Corporation or the Bank.

    

    (f)           Death or
Disability.   If the Grantee's service as a director of
the Corporation or the Bank terminates due to death or Disability (as defined in
the Plan), any remaining Restricted Period shall automatically terminate and
lapse immediately, but the Performance Restrictions shall remain in full force
and effect.

    

    (g)           Retirement.  If
the Grantee's service as a director of the Corporation or the Bank terminates
due to Retirement (as defined in the Plan, including a resignation in accordance
with the mandatory retirement provisions of the Corporation’s or Bank’s Bylaws),
any remaining Restricted Period shall automatically terminate and lapse
immediately, but the Performance Restrictions shall remain in full force and
effect. RSUs that would otherwise vest under the Performance Restrictions shall
only vest, pro rata, for that period of time preceding the Grantee’s termination
of service as a director due to Retirement.

    

    (h)           Transferability. All
rights with respect to the RSUs shall be exercisable during the Grantee’s
lifetime only by the Grantee. Prior to the payment of the RSUs in actual shares
pursuant to Section 2(e), the RSUs shall be transferable only by Will or by the
laws of descent and distribution.

    

    (i)           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 RSUs 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 so made shall be final
and binding upon the Grantee.

    

    (j)           No Right To Continued
Directorship.  This grant of RSUs shall not confer upon the
Grantee any right to continue as a director of the Corporation, the Bank or any
other subsidiary, nor shall it interfere in any way with the rights of the
shareholders of the Corporation or the Board of Directors to elect and remove
directors.

    

    (k)           No Rights As
Shareholder.  This grant of RSUs shall not confer upon the
Grantee any rights as a shareholder of the Corporation, and the Grantee shall
acquire such rights only upon the payment of the RSUs in actual shares pursuant
to Section 2(e).

    

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    (l)           Compliance with Law and
Regulations.  This grant of RSUs 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.

    

    (m)       Change-in-Control.  If
any "Change-in-Control" (as defined in the Plan) occurs, the Restricted Period
shall immediately lapse and the Performance Restrictions shall be deemed
immediately satisfied in full.

    

    3.           Investment
Representation

    

    The Committee may require the Grantee
to furnish to the Corporation, prior to the issuance of any shares of common
stock in payment of the RSUs, 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.

    

    5.        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.           Withholding of
Taxes

    

    The Corporation may require as a
condition precedent to the issuance of any shares of common stock in payment of
the RSUs that appropriate arrangements be made for the withholding of any
applicable Federal, state and local taxes.

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    

    7.           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.

    

    8.           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.

    
    

    GRANTEE

    
      	 By:
      _________________________________	 	
               ______________________________________

                     
      (Signature)

            	 	 
	
                     
      J. Ralph Borneman, Jr.

                      Chairman,
      Compensation Committee

            	 	
               ______________________________________

                       (Print
      Name)

            	 	 
	 	 	
               ______________________________________

                       (Print
      Address)

            	 	 

    

     

                                                           

    
      
         

      

      
        33

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