Document:

Exhibit 10.3

    

      EXHIBIT
        10.3

       

      AMENDATORY
        AGREEMENT

       

      

       

      AMENDATORY
        AGREEMENT, dated June 5, 2006, between NATIONAL PENN BANCSHARES, INC., a
        Pennsylvania business corporation (“NPB”), NATIONAL PENN BANK, a national
        banking association (“Bank”), and GARY L. RHOADS
        (“Executive”).

       

      BACKGROUND

       

      1. NPB,
        Bank
        and Executive entered into a certain Executive Agreement dated July 23,
 1997,
        as
        amended by Amendatory Agreements dated August 26, 1998 and February 24,
 1999
        (as
        amended, the “Agreement”).

       

      2. NPB,
        Bank
        and Executive desire to amend the Agreement as hereinafter set
        forth.

       

      AGREEMENT

       

      Now,
        therefore, in consideration of the mutual promises contained herein, and
        each
        intending to be legally bound, NPB, Bank and Executive agree as follows to
        amend
        the Agreement as follows:

       

      1. Amendment.
        The language of Section 3(b) is deleted in its entirety and replaced with
         the
        following:

      

      “(b)
        In
        the event that the amounts and benefits payable under Subsection 3.a. of
        this
        Agreement, when added to other amounts and benefits which may become payable
        to
        the Executive by NPB, Bank or their successors and any affiliated company,
        are
        such that he becomes subject to the excise tax provisions of Code Section
        4999,
        NPB, Bank or their successors shall pay him such additional amount or amounts
        as
        will result in his retention (after the payment of all federal, state and
        local
        excise, employment and income taxes on such payments and the value of such
        benefits) of a net amount equal to the net amount he would have retained
        had the
        initially calculated payments and benefits been subject only to income and
        employment taxation. For purposes of the preceding sentence, the Executive
        shall
        be deemed to be subject to the highest marginal federal, relevant state and
        relevant local tax rates. All calculations required to be made under this
        subsection shall be made by independent public accountants retained by NPB,
        Bank
        or their successors, subject to the right of Executive's representative to
        review the same. All such amounts required to be paid shall be paid at the
        time
        any withholding may be required under applicable law, and any additional
        amounts
        to which the Executive may be entitled shall be paid or reimbursed no later
        than
        fifteen (15) days following confirmation of such amount by NPB, Bank or their
        successors' accountants. In the event any amounts paid hereunder are
        subsequently determined to be in error because estimates were required or
        otherwise, the parties agree to reimburse each other to correct such error,
        as
        appropriate, and to pay interest thereon at the applicable federal rate (as
        determined under Code Section 1274 for the period of time such erroneous
        amount
        remained outstanding and unreimbursed). The parties recognize that the actual
        implementation of the provisions of this subsection are complex and agree
        to
        deal with each other in good faith to resolve any questions or disagreements
        arising hereunder.”

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      2.
        Amendment. Section 13 is hereby added to read as follows:

       

      “13.
        Interpretation of Provisions. Wherever possible, each provision of this
        Agreement shall be interpreted in such manner as to be effective and valid
        under
        applicable law, but if any provision of this Agreement shall be prohibited
        by or
        invalid under applicable law, such provision shall be ineffective to the
        extent
        of such prohibition or invalidity, without invalidating the remainder of
        such
        provision or the remaining provisions of the Agreement.”  

       

      “Notwithstanding
        anything herein to the contrary, the provisions of this Agreement are subject
        to
        the conditions and provisions of Section 885 of the American Jobs Creation
        Act
        of 2004 and Code Section 409A implemented thereby. To the extent any provision
        hereof would violate the provisions of such laws, thereby potentially resulting
        in adverse tax consequences to the Executive, the parties agree to negotiate,
        in
        good faith and to the extent possible, to ameliorate or eliminate such potential
        adverse tax consequences to the Executive. In connection therewith, in the
        event
        the provision of payments or benefits is accelerated, the parties acknowledge
        and agree that NPB, Bank or their successors may take into account reasonable
        present value concepts in making any payments or providing accelerated benefits
        hereunder.”

       

      3. Ratification.
        As amended hereby, the Agreement is hereby ratified, confirmed and  approved.
        

       

      4. Governing
        Law. This Amendatory Agreement shall be governed by and construed in
 accordance
        with the domestic internal law of the Commonwealth of Pennsylvania. 

       

      IN
        WITNESS WHEREOF, the parties hereto have executed this Amendatory Agreement
        on
        the date first above written. 

       

      

       

      
        	 	 	 	 
	NATIONAL
                PENN BANCSHARES, INC.	NATIONAL
                PENN BANK
	 	 	 	 
	By:  	
                /s/
                  Wayne
                  R. Weidner

              	By:  	
                /s/
                  Wayne R. Weidner

              
	Name:  	
                Wayne
                  R. Weidner

              	Name:  	
                Wayne
                  R. Weidner

              
	Title:  	
                Chairman,
                  Chief
                  Executive Officer

              	Title:  	
                Chairman
                  

              
	 	 	 	
                Executive
                  Officer

              
	 	 	 	 
	Witness:  	
                /s/
                  Glenn
                  E. Moyer

              	 	
                /s/
                  Gary
                  L. Rhoads

              
	 	
                Glenn
                  E. Moyer

              	 	
                Gary
                  L. RhoadsExhibit 10.4

    EXHIBIT
      10.4

     

    AMENDATORY
      AGREEMENT

     

    

     

    AMENDATORY
      AGREEMENT, dated June 5, 2006, between NATIONAL PENN BANCSHARES, INC., a
      Pennsylvania business corporation (“NPB”), NATIONAL PENN BANK, a national
      banking association (“Bank”), and MICHAEL R. REINHARD
      (“Executive”).

     

    BACKGROUND

     

    1. NPB,
      Bank
      and Executive entered into a certain Executive Agreement dated July 22,
 2004
      (the
“Agreement”).

     

    2. NPB,
      Bank
      and Executive desire to amend the Agreement as hereinafter set
      forth.

     

    AGREEMENT

     

    Now,
      therefore, in consideration of the mutual promises contained herein, and each
      intending to be legally bound, NPB, Bank and Executive agree as follows to
      amend
      the Agreement as follows:

     

    1.
      Amendment. The language of Section 3(b) is deleted in its entirety and replaced
      with

    the
      following:

    

    “(b)
      In
      the event that the amounts and benefits payable under Subsection 3.a. of this
      Agreement, when added to other amounts and benefits which may become payable
      to
      the Executive by NPB, Bank or their successors and any affiliated company,
      are
      such that he becomes subject to the excise tax provisions of Code Section 4999,
      NPB, Bank or their successors shall pay him such additional amount or amounts
      as
      will result in his retention (after the payment of all federal, state and local
      excise, employment and income taxes on such payments and the value of such
      benefits) of a net amount equal to the net amount he would have retained had
      the
      initially calculated payments and benefits been subject only to income and
      employment taxation. For purposes of the preceding sentence, the Executive
      shall
      be deemed to be subject to the highest marginal federal, relevant state and
      relevant local tax rates. All calculations required to be made under this
      subsection shall be made by independent public accountants retained by NPB,
      Bank
      or their successors, subject to the right of Executive's representative to
      review the same. All such amounts required to be paid shall be paid at the
      time
      any withholding may be required under applicable law, and any additional amounts
      to which the Executive may be entitled shall be paid or reimbursed no later
      than
      fifteen (15) days following confirmation of such amount by NPB, Bank or their
      successors' accountants. In the event any amounts paid hereunder are
      subsequently determined to be in error because estimates were required or
      otherwise, the parties agree to reimburse each other to correct such error,
      as
      appropriate, and to pay interest thereon at the applicable federal rate (as
      determined under Code Section 1274 for the period of time such erroneous amount
      remained outstanding and unreimbursed). The parties recognize that the actual
      implementation of the provisions of this subsection are complex and agree to
      deal with each other in good faith to resolve any questions or disagreements
      arising hereunder.”

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.
      Amendment. Section 13 is hereby added to read as follows:

     

    “13.
      Interpretation of Provisions. Wherever possible, each provision of this
      Agreement shall be interpreted in such manner as to be effective and valid
      under
      applicable law, but if any provision of this Agreement shall be prohibited
      by or
      invalid under applicable law, such provision shall be ineffective to the extent
      of such prohibition or invalidity, without invalidating the remainder of such
      provision or the remaining provisions of the Agreement.”  

     

    “Notwithstanding
      anything herein to the contrary, the provisions of this Agreement are subject
      to
      the conditions and provisions of Section 885 of the American Jobs Creation
      Act
      of 2004 and Code Section 409A implemented thereby. To the extent any provision
      hereof would violate the provisions of such laws, thereby potentially resulting
      in adverse tax consequences to the Executive, the parties agree to negotiate,
      in
      good faith and to the extent possible, to ameliorate or eliminate such potential
      adverse tax consequences to the Executive. In connection therewith, in the
      event
      the provision of payments or benefits is accelerated, the parties acknowledge
      and agree that NPB, Bank or their successors may take into account reasonable
      present value concepts in making any payments or providing accelerated benefits
      hereunder.”

     

    3.
      Ratification. As amended hereby, the Agreement is hereby ratified, confirmed
      and
 approved.
      

    

    4.
      Governing Law. This Amendatory Agreement shall be governed by and construed
      in
 accordance
      with the domestic internal law of the Commonwealth of Pennsylvania. 

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Amendatory Agreement
      on
      the date first above written. 

     

     

    
      	NATIONAL
              PENN BANCSHARES, INC.	NATIONAL
              PENN BANK
	 	 	 	 
	 	 	 	 
	By:  	
              /s/
                Wayne R. Weidner

            	By:  	
              /s/
                Wayne R. Weidner

            
	Name:  	
              Wayne
                R. Weidner

            	Name: 	
              Wayne
                R. Weidner 

            
	Title:  	
              Chairman
                and Chief Executive Officer

            	Title:  	
              Chairman

            
	 	
               

            	 	 
	 	 	 	 
	Witness:  	
              /s/
                Glenn E. Moyer

            	 	
              /s/
                Michael R. Reinhard

            
	 	
              Glenn
                E. Moyer 

            	 	
              
                Michael
                  R. Reinhard

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]