Document:

exh10-7.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:

                        	 
      	
                           

                          4,000
      RSUs

                           

                        
	 
      	 
      	 
      
	 	
                          End
      of Restricted Period

                          (Vesting
      Period):

                        	 
      	
                           

                          February
      23,
2012

                        

                

              

            

          

        

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        
          
             

          

           

        

        
          56

          
            

          

        

        
           

        

      

      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 4,000 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, 2012 (the “Restricted Period”).  The
time period restrictions will lapse, and the RSUs will vest, on February 23,
2012, 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.

      
        
           

        

        
          57

          
            

          

        

        
           

        

      

          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.

      

      (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.

      

      (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.

      

      (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.

      
        
           

        

        
          58

          
            

          

        

        
           

        

      

      

      (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).

      

      (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.

      

      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.

      

      
        
           

        

        
          59

          
            

          

        

        
           

        

      

      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.

      

      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:

                  	 
      	 
      
	
                           J.
      Ralph Borneman, Jr.

                  	 
      	
                    (Signature)

                  
	
                           Chairman,
      Compensation Committee

                  	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                    (Print
      Name)

                  
	 
      	 
      	 
      

          

        

      

      

      

      

      

      

      
        
           

        

        
          60ex10_57.htm

 

EXHIBIT 10.57

 

PROMISSORY NOTE

 

March 12, 2009

 

$12,910,386.14

 

FOR VALUE RECEIVED, WEINGARTEN REALTY INVESTORS, a real estate investment trust organized under the laws of the State of Texas and having its principal office and place of business in Houston, Texas (the "Maker") HEREBY PROMISES TO PAY to the order of RELIANCE
TRUST COMPANY, Trustee of the TRUST UNDER THE WEINGARTEN REALTY INVESTORS DEFERRED COMPENSATION PLAN,  SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AND RETIREMENT BENEFIT RESTORATION PLAN (the "Holder"), the principal sum of TWELVE MILLION NINE HUNDRED TEN THOUSAND THREE HUNDRED EIGHTY-SIX AND 14/100 DOLLARS
($12,910,386.14), with interest on the outstanding principal balance hereof at the rate of seven and five one-hundredths percent (7.5%) per annum, as set forth below.

 

The entire principal unpaid balance of this Note shall be due and payable one (1) year from the date of this Note.

 

Interest on the principal balance of this Note shall accrue from the date hereof until this Note is paid in full. Interest shall be payable annually on each anniversary of this Note.  Any past due principal and, to the extent permitted by applicable law, interest, shall bear interest at the rate of  seven and five one-hundredths
percent (7.5%) and shall be payable on demand.

 

Payments of principal and interest shall be made in lawful money of the United States of America in immediately available funds.

 

This Note may be prepaid in whole or in part at any time without premium or penalty.

 

The occurrence of the following event shall be an "Event of Default" hereunder:

 

Default in payment of any installment of principal or interest of this Note as the same becomes due, if such default is not cured within ten (10) days from the mailing of written notice by certified or registered mail to Maker at Maker's principal place of business or such other address as Maker supplies Holder in writing.

 

Upon the occurrence of an Event of Default, this Note and all accrued, unpaid interest hereon shall immediately become due and payable without further notice or demand, and Holder may exercise any and all remedies available with respect to such Event of Default.

 

Maker and any and all endorsers severally waive grace, demand presentment for payment, notice of dishonor or default or intent to accelerate, protest and notice of protest and diligence in collecting and bringing of suit against any party hereto, and agree to all renewals, extensions or partial payments hereon and to any release or substitution
of security therefor, in whole or in part, with or without notice, before or after maturity.

 

This Note shall be construed and enforced in accordance with the laws of the State of Texas and applicable federal law.

 

	
MAKER:
	  
	  	  
	
WEINGARTEN REALTY INVESTORS

	  	  
	
By:
	
/s/ Stephen C. Richter

	  	
Stephen C. Richter, Authorized Officer

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