Document:

Unassociated Document

    EXHIBIT
      10.8

    NATIONAL
      PENN BANCSHARES, INC.

    

    LONG-TERM
      INCENTIVE COMPENSATION PLAN

    

    

    

    RESTRICTED
      STOCK UNIT AGREEMENT

    BETWEEN

    NATIONAL
      PENN BANCSHARES, INC.

    

    AND

    

    _________________

    (the
      Grantee)

    

    

    

    

    
      	 	
              Date
                of Grant:

            	
              January
                25, 2006

            
	 	 	 
	 	 	 
	 	
              Number
                of Restricted

            	 
	 	
              Stock
                Units:

            	
              800
                RSUs

            
	 	 	 
	 	 	 
	 	
              End
                of Restricted Period

            	 
	 	
              (Vesting
                Period):

            	
              March
                29, 2006

            

    

    

    

    

    

    

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    NATIONAL
      PENN BANCSHARES, INC.

    LONG-TERM
      INCENTIVE COMPENSATION PLAN

    

    

    RESTRICTED
      STOCK UNIT AGREEMENT

    

    

    This
      Restricted Stock Unit Agreement dated as of January 25, 2006, 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 800 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 March
      29,
      2006 (the “Restricted Period”). The time period restrictions will lapse, and the
      RSUs will vest, on March 29, 2006, but only if the Grantee 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) Performance
      Restrictions.
      Intentionally omitted.

    

    (c) 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(f), the RSUs shall represent an unsecured obligation of the
      Corporation payable, if at all, from the general assets of the
      Corporation.

    

    (d) 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.

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (e) 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) and 2(b) will thereupon be forfeited and automatically cancelled at no
      cost
      to the Corporation.

    

    (f) Payment
      of RSUs as Stock.
      All
      RSUs that become vested pursuant to Section 2(a) and 2(b) 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.

    

    (g) 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.

    

    (h) 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.

     

    (i) 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(f), the RSUs shall be transferable only by Will or by
      the
      laws of descent and distribution. 

    

    (j) 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.

     

    (k) 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.

    

    (l) 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(f).

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
 

    (m) 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.

    

    (n) Change-in-Control.
      If any
      "Change-in-Control" (as defined in the Plan) occurs, the Restricted Period
      shall
      immediately lapse.

    

    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.

     

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
 

    7. 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:
                                                                        

            	
                                              

            
	
                    J.
                Ralph Borneman, Jr.

            	
              (Signature)

            
	
                    Chairman,
                Compensation Committee

            	 
	 	
                                             

            
	 	
              (Print
                Name)

            
	 	
                                             

            
	 	
              (Print
                Address)

            

    

     

     

    5Unassociated Document

    EXHIBIT
      10.9

    NATIONAL
      PENN BANCSHARES, INC.

    

    LONG-TERM
      INCENTIVE COMPENSATION PLAN

    

    

    

    RESTRICTED
      STOCK UNIT AGREEMENT

    BETWEEN

    NATIONAL
      PENN BANCSHARES, INC.

    

    AND

    

    ______________

    (the
      Grantee)

    

    

    

    

    
      	 	
              Date
                of Grant:

            	
              January
                25, 2006

            
	 	 	 
	 	 	 
	 	
              Number
                of Restricted

            	 
	 	
              Stock
                Units:

            	
              200
                RSUs

            
	 	 	 
	 	 	 
	 	
              End
                of Restricted Period

            	 
	 	
              (Vesting
                Period):

            	
              March
                29, 2006

            

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    NATIONAL
      PENN BANCSHARES, INC.

    LONG-TERM
      INCENTIVE COMPENSATION PLAN

    

    

    RESTRICTED
      STOCK UNIT AGREEMENT

    

    

    This
      Restricted Stock Unit Agreement dated as of January 25, 2006, 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 200 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 March
      29,
      2006 (the “Restricted Period”). The time period restrictions will lapse, and the
      RSUs will vest, on March 29, 2006, but only if the Grantee 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) Performance
      Restrictions.
      Intentionally omitted.

    

    (c) 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(f), the RSUs shall represent an unsecured obligation of the
      Corporation payable, if at all, from the general assets of the
      Corporation.

    

    (d) 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.

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (e) 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) and 2(b) will thereupon be forfeited and automatically cancelled at no
      cost
      to the Corporation.

    

    (f) Payment
      of RSUs as Stock.
      All
      RSUs that become vested pursuant to Section 2(a) and 2(b) 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.

    

    (g) 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.

    

    (h) 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.

     

    (i) 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(f), the RSUs shall be transferable only by Will or by
      the
      laws of descent and distribution. 

    

    (j) 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.

     

    (k) 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.

    

    (l) 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(f).

     

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
 

    (m) 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.

    

    (n) Change-in-Control.
      If any
      "Change-in-Control" (as defined in the Plan) occurs, the Restricted Period
      shall
      immediately lapse.

    

    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).

     

    
 

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    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.

    

    7. 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:
                                                                        

            	
                                              

            
	
                    J.
                Ralph Borneman, Jr.

            	
              (Signature)

            
	
                    Chairman,
                Compensation Committee

            	 
	 	
                                             

            
	 	
              (Print
                Name)

            
	 	 
	 	
              (Print
                Address)

            

    

     

     

     

    5

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