Document:

Exhibit 10.1

    EXHIBIT
      10.1

     

    STOCK
      REPURCHASE AGREEMENT 

     

    THIS
      STOCK REPURCHASE AGREEMENT (the "Agreement") dated as of July 12, 2006, is
      by
      and between National Penn Bancshares, Inc., a Pennsylvania business corporation
      (“NPBC"), and the Estate of James K. Overstreet (the "Estate"). 

     

    WHEREAS,
      the Estate currently owns and desires to sell 500,000 shares of NPBC's common
      stock (the "Stock"); and 

     

    WHEREAS,
      NPBC desires to purchase the Stock (a) as part of its buy-back program in order
      to manage the shares of common stock it has in its Treasury for its various
      stock-based compensation plans, its dividend reinvestment plan, and for
      potential acquisitions; (b) because NPBC believes that an investment in NPBC
      is
      a prudent way to utilize cash currently available; and (c) in order to prevent
      a
      depressing impact of the sale of the Stock in the open market on NPBC's stock
      price; and 

     

    WHEREAS,
      the Estate desires to sell the Stock in order to increase its liquidity and
      to
      diversify its assets;

     

    WHEREAS,
      the Estate believes that a sale of the Stock directly to NPBC will result in
      the
      most cost-effective sale of the Stock; 

     

    WHEREAS,
      based on the foregoing, the Estate desires to sell the Stock directly to NPBC,
      and NPBC desires to purchase the Stock directly from the Estate, on the terms
      and conditions set forth herein. 

     

    NOW,
      THEREFORE, in consideration of the foregoing, in reliance upon the
      representations and warranties contained herein, and subject to the conditions
      contained herein, the parties hereto, intending to be legally bound hereby,
      agree as follows: 

     

    ARTICLE
      I 

    PURCHASE
      AND SALE OF STOCK

     

    Section
      1.1. Purchase
      and Sale of Common Stock.
      Subject
      to the terms and conditions set forth in this Agreement, the Estate hereby
      agrees to sell, transfer, convey and assign to NPBC, and NPBC
      hereby agrees to purchase from the Estate, the Stock at a cash purchase price
      determined in accordance with Section 1.2 below. 

     

    Section
      1.2. Purchase
      Price.
      NPBC
      shall pay to the Estate for the Stock (as more fully set forth in Section 1.3
      below), upon delivery by the Estate to NPBC of the Stock (whether electronically
      through the DWAC system or by delivery of one or more certificates representing
      the Stock), a per share price
      equal to Nineteen Dollars and Ninety Cents ($19.90) (the closing sale price
      of
      NPBC stock as of the last business day preceding the date of execution of this
      Agreement, as reported on The Nasdaq Stock Market, less ten cents per share).
      The total price payable by NPBC for the Stock shall be Nine Million Nine Hundred
      Fifty Thousand Dollars and No Cents ($9,950,000.00) (the "Purchase Price”).

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Section
      1.3. Closing.
      The
      consummation of the purchase and sale contemplated by this Agreement shall
      take
      place at the offices of NPBC, Philadelphia and Reading Avenues, Boyertown,
      Pennsylvania 19512 at a date and time mutually agreeable to the Estate and
      NPBC,
      and in any event as soon as reasonably practical after all of the conditions
      to
      closing set forth in this Agreement shall be satisfied (the "Closing Date").
      On
      the Closing Date, the Estate shall deliver or cause to be delivered to NPBC
      the
      Stock, either electronically through the DWAC system or by one or more NPBC
      stock certificates representing the Stock, duly endorsed for transfer or
      accompanied by duly executed stock powers; and NPBC shall deliver to the Estate
      the Purchase Price by direct deposit or wire transfer of various amounts equal
      in total to the Purchase Price to one or more accounts designated in writing
      by
      the Estate to NPBC. 

     

    ARTICLE
      II 

     

    REPRESENTATIONS
      AND WARRANTIES 

     

    Section
      2.1. Representations
      of NPBC.
      NPBC
      hereby represents and warrants to the Estate as follows: 

     

    (a)
       NPBC
      is a
      Pennsylvania business corporation validly subsisting under the laws of the
      Commonwealth of Pennsylvania and has all requisite corporate power and authority
      to enter into this Agreement and consummate the transactions contemplated
      hereby. 

     

    (b)
       Upon
      execution of this Agreement by NPBC, this Agreement will have been duly executed
      and delivered by NPBC, and will constitute a valid and binding obligation of
      NPBC, enforceable against NPBC in accordance with its terms, subject to
      applicable bankruptcy, reorganization, insolvency, moratorium or similar laws
      effecting creditors' rights generally and general principles of equity.

     

    (c)
       No
      authorization, consent or approval of (or filing with) any third person,
any
      court, any public body or any authority is necessary (or, if necessary, it
      has
      already been obtained) for the consummation by NPBC of the transactions
      contemplated by this Agreement.

     

    (d) 
      The
      execution, delivery and performance of this Agreement by NPBC will not
      constitute a breach, violation or default (or an event which, with notice or
      lapse of time or both, will constitute a default) under, or result in the
      termination of, accelerate the performance required by, result in the right
      of
      termination or acceleration under, or result in a creation of any lien or
      encumbrance upon any of the properties or assets of NPBC under, any note, bond,
      mortgage, indenture, deed of trust, license, lease, agreement or other
      instrument as to which NPBC is a party or by which its properties or assets
      are
      bound. 

     

    Section
      2.2. Representations
      of the Estate.
      The
      Estate hereby represents and warrants to NPBC as follows: 

     

    (a)
       The
      Estate has the power and authority to enter into this Agreement and to
consummate
      the transactions contemplated hereby. 

    

    (b)
       
      The
      Estate has good and valid title to the Stock free and clear of any
      lien,
      pledge, security interest or other encumbrance whatsoever, except for those
      liens and encumbrances identified on Exhibit A attached hereto and made a part
      hereof. 

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
 

    (c)
       Upon
      execution of this Agreement by the Estate, this Agreement will have been
      duly
      and validly executed and delivered by the Estate, and will constitute a valid
      and binding obligation of the Estate, enforceable against the Estate in
      accordance with its terms, subject to applicable bankruptcy, reorganization,
      insolvency, moratorium or similar laws effecting creditors' rights generally
      and
      general principles of equity. 

     

    (d)
       No
      authorization, consent or approval of (or filing with) any third person,
any
      court, any public body or any authority is necessary (or, if necessary, it
      has
      already been obtained) for the consummation by the Estate of the transactions
      contemplated by this Agreement.

     

    (e) The
      execution, delivery and performance of this Agreement by the Estate will not
      constitute a breach, violation or default (or an event which, with notice or
      lapse of time or both, will constitute a default) under, or result in the
      termination of, accelerate the performance required by, result in the right
      of
      termination or acceleration under, or result in a creation of any lien or
      encumbrance upon any of the properties or assets of the Estate under, any note,
      bond, mortgage, indenture, deed of trust, license, lease, agreement or other
      instrument as to which the Estate is a party or by which its properties or
      assets are bound. 

     

    Section
      2.3. Representations
      of Executrix of the Estate.
      The
      Executrix of the Estate hereby represents and warrants to NPBC as follows:
      

     

    (a)
       The
      Executrix, on behalf of the Estate, has the power and authority to enter
      into this Agreement and to consummate the transactions contemplated hereby.
      

     

    (b)
       The
      Executrix has such knowledge, experience and sophistication
      in financial and business matters as to be able to enter into the transactions
      contemplated by this Agreement without the assistance of an investor
      representative. 

     

    (c)
       The
      Executrix has entered into this Agreement, and the transactions contemplated
      by
      this Agreement, freely and without any pressure from NPBC to sell the Stock
      to
      NPBC. 

     

    (d) The
      Executrix has been advised by NPBC that it is entering into this Agreement
      pursuant to a Pre-Determined Stock Repurchase Plan adopted by NPBC pursuant
      to
      Securities and Exchange Commission Rule 10b5-1, and that as of the date of
      execution of this agreement, NPBC has not yet publicly released its financial
      results for the quarter ended June 30, 2006.

    ARTICLE
      III

     

    MISCELLANEOUS
      

     

    Section
      3.1. Governing
      Law.
      This
      Agreement shall be construed under and governed by the laws of the Commonwealth
      of Pennsylvania. 

     

    Section
      3.2. Further
      Instruments and Actions.
      Each
      party agrees to deliver any further instruments and to take any further actions
      that may be responsibly and reasonably requested by the other, or counsel to
      the
      other, in order to carry out the provisions and purposes of this Agreement.
      

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Section
      3.3. Entire
      Agreement. This
      Agreement constitutes the entire agreement between the parties with respect
      to
      the sale and transfer of the Stock, and there are no agreements, conditions
      or
      understandings, either oral or written, between NPBC and the Estate relating
      to
      these matters other than those contained in this Agreement. This Agreement
      may
      be altered or amended only by a written agreement signed by both NPBC and the
      Estate. 

     

    Section
      3.4. Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      agreement. 

     

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the day and
      year
      first above written. 

    

     

    

    
      	Attest:	NATIONAL PENN
              BANCSHARES, INC.
	 	 
	
              /s/:
                Sandra L. Spayd

            	
              By:
                /s/
                Wayne R. Weidner

            
	
              Sandra
                L. Spayd,

            	
              Wayne
                R. Weidner, Chairman and

            
	
              Secretary

            	
              Chief
                Executive Officer

            

    

     

    

    
      	 	THE ESTATE
              OF JAMES K.
              OVERSTREET
	 	 
	
              Witness:
                /s/
                Margaret Arsenich

            	
              By:
                /s/
                Elizabeth A. Fifer, Executrix

            
	 	
              Elizabeth
                A. Fifer, Executrix

            
	 	 
	 	 
	
              Witness:
                /s/
                Margaret Arsenich

            	
              Elizabeth
                A. Fifer

            
	 	
              Elizabeth
                A. Fifer,

            
	 	
              Individually
                (with respect to

            
	 	
              Section
                2.3 Only)

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    LIENS
      AND ENCUMBRANCES

     

    

    
      	Secured
              Party	
              Number
                of NPBC Shares

            
	 	 
	
              New
                Century Bank

            	
              (Two
                Hundred Sixty-Six Thousand, 

            
	 	
              Eight
                Hundred Seventy-Eight Shares)

            
	 	
              266,878

            
	 	 
	
              Wachovia
                Bank, N.A.

            	
              (Two
                Hundred Thirty-Three Thousand,

            
	 	
              One
                Hundred Twenty-Two Shares)

            
	 	
              233,122

            

    

    

    

    All
      shares are to be delivered free and clear of all liens and
      encumbrances.

    
 

    5EXHIBIT 10.2

                     FORM OF AMENDMENT TO PURCHASE AGREEMENT
                     ---------------------------------------

         AMENDMENT made as of the 10th day of July, 2006 (the "Amendment") to
the Purchase Agreement made as of November 9, 2005 by and between THE SAGEMARK
COMPANIES LTD., a New York corporation with offices at 1285 Avenue of the
Americas, 35th Floor, New York, New York 10019 ("Sagemark") and TRIDENT
ADVISORS, INC., a Texas corporation with offices at 700 Gemini Avenue, Suite
100, Houston, Texas 77058 ("Trident Advisors"), such agreement being hereafter
referred to as the "Agreement" .

                              W I T N E S S E T H :

1.       Incorporation by Reference. Reference is made to the Agreement, the
terms of which are incorporated herein by reference thereto. All capitalized
terms which are used, but not defined herein, shall have the meanings ascribed
to them in the Agreement.

2.       The Closing. The Closing shall take place on July 11, 2006 (the
"Closing Date").

3.       Regulatory Approval. Trident Advisors hereby represents and warrants to
Sagemark that it has obtained the Regulatory Approval.

4.       Book Value. Trident Advisors hereby represents and warrants to Sagemark
that the Book Value on the Closing Date will be $2,570,000.

5.       Purchase Price Payment Terms.
         ----------------------------

         (a)      Paragraph 1.2(b)(iv) of the Agreement is hereby amended to
read as follows:

                  "(iv)  Mandatory prepayments of principal and accrued interest
on or before the last day of each of the four years of the term of the Secured
Note in an amount equal to the greater of $486,250, or 75% of the amount of all
cash distributions and the mutually agreed upon cash value of all distributions
of property received by Trident Advisors from Trident with respect to the
Limited Partnership Interest in each of such years (the "Distribution
Entitlement")."

         (b)      The terms of the Secured Note will reflect the aforementioned
modification.

6.       Escrow.
         ------

         (a)      On the Closing Date, the following will be placed or deposited
in escrow with Robert L. Blessey, Esq. (the "Escrow Agent"):

                  (i)      All of the documents to be delivered by Sagemark at
                           the Closing pursuant to Paragraph 8 of the Agreement;

                                       5
<PAGE>

                  (ii)     all of the documents to be delivered by Trident
                           Advisors at the Closing pursuant to Paragraph 9 of
                           the Agreement; and

                  (iii)    the $625,000 cash portion of the Purchase Price
                           payable by Trident Advisors on the Closing Date (the
                           "Escrow Funds").

         (b)      The Escrow Agent will, without any further notice or action of
any kind whatsoever, release to Sagemark and Trident Advisors, as applicable,
all of the documents delivered to it pursuant to Sections 6(a)(i) and 6(a)(ii)
hereof and will release to Sagemark the Escrow Funds on July 31, 2006 unless,
prior to such date, Trident Advisors delivers to the Escrow Agent (or causes to
be delivered), the sum of $2,570,000 (the "Cash Purchase Price") from a
replacement purchaser of the Limited Partnership Interest selected by Trident
Advisors (the "Substitute Purchaser"), by wire transfer to the Escrow Agent's
special attorneys escrow account as hereinafter provided, together with the
Regulatory Approval with respect to such purchaser and all of the documents
required to be delivered at Closing under Paragraph 9 of the Agreement executed
by the Substitute Purchaser. If the Escrow Agent receives the aforementioned
documents and the Cash Purchase Price from the Substitute Purchaser prior to
July 31, 2006, the Escrow Agent will (i) return Trident Advisors' Closing
documents and the Escrow Funds to it, (ii) release the Cash Purchase Price and
the Substitute Purchaser's Closing documents to Sagemark and return to Sagemark
all of the Closing documents referred to in Section 6(a)(i) hereof, and (iii)
deliver to the Substitute Purchaser, within three (3) business days thereafter,
the documents to be delivered by Sagemark at the Closing as set forth in
Paragraph 8 of the Agreement issued to the Substitute Purchaser in lieu of such
documents previously issued to Trident Advisors.

         (c)      The Escrow Agent will serve in such capacity without
compensation therefor. The Escrow Agent's duties and obligations under this
Amendment shall be determined solely by the express provisions of this Amendment
and it shall have no other duties and no other duties shall be implied. For
greater certainty, the Escrow Agent is not charged with any duties or
responsibilities with respect to the Agreement. The Escrow Agent shall not be
required to notify or obtain the consent, approval, authorization, or order of,
any court or governmental body to perform its obligations under this Amendment
nor shall it be held liable to any party hereto in any manner whatsoever for
having carried out instructions it has received in accordance with this
Amendment or complying with its obligations hereunder.

         (d)      In the event the Escrow Agent shall be uncertain as to any of
its duties or rights hereunder or in the event of any disagreement among the
parties hereto or the presentation to the Escrow Agent of any adverse claim or
demand by Trident Advisors or Sagemark in connection with the disbursement of
the Escrow Funds, the Escrow Agent may, at its option after providing written
notice to Trident Advisors and Sagemark of such disagreement or adverse claim or
demand, refuse to comply with any such claim or demand during the continuance of
such disagreement or adverse claim or demand and may refrain from disbursing any
amount from the Escrow Funds, and in so doing, the Escrow Agent shall not become
liable to Trident Advisors or Sagemark due to its failure to comply with such
adverse claim or demand. In the event of any such disagreement or adverse claim
or demand, the Escrow Agent shall be entitled, at its option and without
liability, to file a lawsuit in interpleader and obtain a court order requiring
the parties to interplead and litigate a resolution of any such disagreement or

                                       6
<PAGE>

adverse claim or demand. In the event such interpleader lawsuit is commenced,
the Escrow Agent shall be fully released and discharged from all obligations to
further perform any and all duties or obligations imposed upon it in relation to
the disputed amount except as may be required by a court order in such lawsuit.
Trident Advisors and Sagemark each jointly and severally agree to reimburse the
Escrow Agent for all costs, expenses, and reasonable attorney's fees expended or
incurred by the Escrow Agent in connection with any such lawsuit.

         (e)      If Trident Advisors or Sagemark or any other person obtains a
judgment of a court of competent jurisdiction directing the Escrow Agent to
release the Escrow Funds, or any part thereof, in respect of which no right of
appeal lies or in respect of which the time for appeal therefrom has expired,
and delivers a copy of such judgment or order to the Escrow Agent, the Escrow
Agent shall promptly thereafter release the Escrow Funds in accordance with the
terms of such judgment or order and is hereby irrevocably authorized to do so by
Trident Advisors and Sagemark. Trident Advisors or Sagemark, as applicable,
agree to provide a copy of any such judgment to the other provided that the
failure to provide such copy will not affect any of the rights or obligations of
the Escrow Agent under this Agreement.

         (f)      The Escrow Agent shall not be liable to Trident Advisors or
Sagemark by reason of an error of judgment or for any act done or step taken or
omitted by it in good faith or for any mistake of fact or law or for anything
which it may do or refrain from doing in connection with this Amendment, except
for any liability to Trident Advisors or Sagemark caused by or arising out of
the Escrow Agent's judicially determined gross negligence or willful misconduct.
In no event, however, will the Escrow Agent be liable to Trident Advisors or
Sagemark for any indirect, special, consequential or punitive damages.

         (g)      The Escrow Agent shall be entitled to rely on, without any
independent inquiry, and shall be protected in acting in reliance upon, any
instructions or directions furnished to it in writing by Trident Advisors or
Sagemark pursuant to any provisions of this Amendment and shall be entitled to
treat as genuine, any letter, paper, or other document furnished to it and
believed by it to be genuine and to have been signed and presented by the proper
party or parties without any independent inquiry.

         (h)      Trident Advisors and Sagemark each hereby release and forever
discharge the Escrow Agent from any and all claims, demands, costs (including
legal fees and disbursements), damages, liabilities, obligations, actions or
causes of action incurred, sustained or made by or against any party hereto and
hereby jointly and severally agree to indemnify, defend, and hold the Escrow
Agent harmless from and against all losses, damages, costs, charges,
liabilities, and expenses, including all costs of litigation, investigation and
legal fees incurred by the Escrow Agent which arise directly or indirectly out
of its entering into this Amendment or its conduct as Escrow Agent pursuant to
this Amendment (the "Losses"), except with respect to any Losses which are
caused by the Escrow Agent's judicially determined willful misconduct or gross
negligence. The Escrow Agent may consult with counsel of its choice and shall
have full and complete authorization and protection for any action taken or
suffered by it hereunder in good faith and in accordance with the opinion of
such counsel.

                                       7
<PAGE>

         (i)      The Escrow Agent reserves the right to resign as the Escrow
Agent at any time upon five (5) business days notice thereof to Trident Advisors
and Sagemark. Upon any such notice of resignation by the Escrow Agent, Trident
Advisors and Sagemark shall appoint a replacement escrow agent within such five
(5) day period commencing on the date of any such notice of resignation. The
Escrow Agent will deliver the Escrow Funds to such replacement escrow agent upon
its receipt of notice from Trident Advisors and Sagemark of the appointment of
such replacement escrow agent. If no such replacement escrow agent has been
appointed within such five (5) day period, the Escrow Agent may, at the expense
of Trident Advisors and Sagemark, petition any court of competent jurisdiction
for the appointment of a successor escrow agent. Upon any such appointment of a
successor escrow agent, the escrow agent shall forward the Escrow Funds and all
documents held by it in escrow pursuant to the terms of this Amendment to such
successor escrow agent.

         (j)      Wire transfers of payments to the Escrow Agent under this
Amendment shall be made to:

                           [Redacted]

         (k)      The provisions of subparagraphs (c) through (h) of this
Section 6 will survive the expiration or termination of the Agreement or this
Amendment.

7.       No Other Amendment. Except as set forth herein, no other term or
provision of the Agreement is amended hereby and the Agreement will remain in
full force and effect in accordance with its terms. In the event of any
inconsistency between the terms hereof and the terms of the Agreement, the terms
hereof shall govern and control.

         IN WITNESS WHEREOF, the parties hereto have hereunto set their hands
and seals as of the day and year first above written.

ATTEST:                                THE SAGEMARK COMPANIES LTD.

/s/ ROBERT L. BLESSEY                  By: /s/ THEODORE B. SHAPIRO
----------------------------------         -------------------------------------
                                           Theodore B. Shapiro, President and
                                           Chief Executive Officer
Robert L. Blessey
----------------------------------
Print Name

ATTEST:                                TRIDENT ADVISORS, INC.

                                       By: /s/ FRANK DELAPE
----------------------------------         -------------------------------------
                                           Frank DeLape, President

----------------------------------
Print Name

                                       8

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