Document:

AMENDMENT TO
                         NATIONAL PENN BANCSHARES, INC.
                                  PENSION PLAN

          WHEREAS, the National Bank of Boyertown established a Pension Plan and
trust effective January 1, 1974 known as The National Bank of Boyertown Pension
Plan for Full-Time Employees; and

          WHEREAS, the National Bank of Boyertown Pension Plan for Full-Time
Employees has since been amended and restated, most recently effective January
1, 1989, as the National Penn Bancshares, Inc. Pension Plan (the "Plan"); and

          WHEREAS, the Corporation desires to amend the Plan pursuant to Section
10.1;

          NOW, THEREFORE, effective January 1, 1991, the Corporation hereby
amends Section 2.3 and Section 3.3 of the Plan, each in its entirety, to read as
follows:

          "2.3 Year of Eligibility Service. An Employee shall be credited with a
          Year of Eligibility Service upon his completion of 1,000 Hours of
          Service within any single computation period irrespective of whether
          the computation period has ended. An individual's computation period
          shall be the 12-consecutive-month period beginning on the date he is
          first credited with an Hour of Service and each Plan Year thereafter.
          Notwithstanding any Plan provision to the contrary, all periods of
          employment with Sellersville Savings & Loan Association shall be
          considered when determining Years of Eligibility Service.

          3.3 Additional Rules.

               (a) Notwithstanding any provisions of this Plan to the contrary,
          an Employee shall not be credited with any Years of Credited Service
          or Years of Vesting Service for service (1) prior to the date on which
          the

<PAGE>
          vesting rules contained in ERISA and in the Code, as amended by ERISA,
          became effective with respect to the Plan, or (2) prior to the first
          day of the first Plan Year beginning on or after January 1, 1985, if
          such service prior to the effective date of ERISA or prior to the
          first day of such Plan Year would have been disregarded under the
          rules of the Plan with regard to breaks in service as in effect on the
          applicable date.

               (b) Years of Vesting Service and Years of Credited Service shall
          be credited with respect to service with First National Bank of Oley
          and First National Bank of Boyertown.

               (c) For purposes of determining a Participant's Years of Vesting
          Service, service prior to his attainment of Age 18 shall be
          disregarded.

               (d) Notwithstanding any Plan provision to the contrary, Years of
          Vesting Service shall include all periods of service with Sellersville
          Savings & Loan Association and Years of Credited Service shall only
          include periods of service with Sellersville Savings & Loan
          Association on and after January 1, 1991."

          Executed this 24th day of April, 1991.

                                       National Penn Bancshares, Inc.
                                       (as the Corporation)

                                       BY: /s/Sandra L.Spayd
                                          ------------------EXHIBIT A

                         NATIONAL PENN BANCSHARES, INC.
                                  PENSION PLAN

                                AMENDMENT 1993-1

          The National Penn Bancshares, Inc. Pension Plan (the "Plan") is
amended as follows:

          1. Article V of the Plan is amended by deleting Section 5.13 in its
entirety and replacing it with the following:

          5.13 Suspension of Benefits on Continued Employment or Reemployment.

          (a) (1) If a Participant continuously remains an Employee after his
          Normal Retirement Date, no benefits shall be paid during his
          "qualified employment" (as defined in Subsection (d)) until his
          Required Beginning Date. The rules relating to such a suspension of
          benefits and the subsequent resumption of benefits are described in
          this Section.

               (2) The Committee shall notify the Participant by personal
          delivery or first class mail of the suspension of his benefits during
          the first month in which such suspension of benefits occurs.

               (3) The Committee shall have the right to use all reasonable
          efforts to determine whether any employment relationship which such
          Participant has with a Participating Company or any Affiliated Company
          constitutes qualified employment. The Committee shall also have the
          right to require the Participant to provide information sufficient to
          prove that such employment is not qualified employment.

               (4) A Participant may ask the Committee in writing to make a
          determination as to whether specific contemplated employment will be
          qualified employment. The Committee shall respond to such a request in
          writing within 60 days of its receipt of the request.

<PAGE>
               (5) Benefit payments suspended under this Section shall commence
          no later than the earlier of (A) the first day of the third calendar
          month following the month in which the Participant's qualified
          employment ceases or, if later, the first day of the calendar month
          following receipt by the Committee of the Participant's notice that
          his qualified employment has ceased, or (B) the Participant's Required
          Beginning Date. The initial payment shall include payment for the
          current month and for any previous calendar months since the cessation
          of the Participant's qualified employment.

               (6) Benefit payments shall be calculated on the basis of
          Compensation earned and Years of Credited Service credited (if any)
          during such period of qualified employment and the provisions of the
          Plan as then in effect. The benefit payments shall be paid in the form
          determined pursuant to Section 7.4.

          (b) If a Participant is reemployed before his Normal Retirement Date
          as an Employee, benefits otherwise payable to the Participant shall be
          suspended during his period of reemployment. Upon his subsequent
          Separation from Service, his pension shall be recalculated on the
          basis of his current Age, Compensation earned and Years of Credited
          Service credited (if any) during such period of reemployment, and the
          provisions of the Plan as then in effect, but shall be reduced by the
          Actuarial Equivalent of payments previously made prior to his Normal
          Retirement Date. The resumed benefit payments shall be paid in the
          form determined pursuant to Section 7.4.

          (c) (1) If a Participant is employed or reemployed by a Participating
          Company or an Affiliated Company under any circumstances other than as
          described in Subsection (a) or (b), the benefits otherwise payable to
          the Participant shall be continued during such period of employment or
          reemployment, adjusted as of each January 1 up until his subsequent
          Separation from Service. The adjustment shall include any increase
          (but not any decrease) determined in accordance with Section 5.1 to
          reflect Years of Credited Service and Compensation earned during the
          Participant's reemployment.

<PAGE>
               (2) If a Participant is employed or reemployed by a
          Participating Company or an Affiliated Company under any
          circumstances other than as described in Subsection (a) or (b), and
          the Participant had already received full payment of his benefit from
          the Plan, his pension shall be calculated upon his subsequent
          Separation from Service, but shall be reduced by the Actuarial
          Equivalent of payments previously made.

          (d) "Qualified employment" shall mean the employment of a Participant
          by any Participating Company or Affiliated Company in such a capacity
          that the Participant receives pay for or is entitled to be paid for at
          least 40 Hours of Service (not including Hours of Service credited as
          a result of back pay) during a calendar month.

          2. Section 7.4 is amended by deleting paragraph (a)(2) in its entirety
and replacing it with the following:

               (2) Each Participant whose benefits have been suspended during a
          period of reemployment pursuant to Section 5.13 may make the election
          described in Paragraph (1) of this Subsection upon the commencement or
          resumption of benefit payments, with respect to his entire Accrued
          Benefit. For purposes of applying Paragraph (1) to the preceding
          sentence, the Participant's Benefit Commencement Date shall be the
          date on which suspended benefits resume or begin.

          The foregoing amendment shall be effective as of January 1, 1993.

                                       NATIONAL PENN BANCSHARES, INC.

Dated: June 23, 1993                   By:/s/ Sandra L. Spayd
                                          -------------------
                                          SecretaryNATIONAL PENN BANCSHARES, INC.
                                  PENSION PLAN

                                AMENDMENT 1994-1

          The National Penn Bancshares, Inc. Pension Plan (the "Plan") is
amended as follows:

          1. Article I of the Plan is amended by deleting paragraph (d) of the
definition of "Compensation" and replacing it with the following:

          "(d) (1) With respect to any Plan Year ending before January 1, 1994,
          only the first $200,000 (or such other amount as may be applicable
          under Code section 401(a)(17) for the Plan Year) of the amount
          otherwise described in Subsections (a) and (b) of this definition
          shall be taken into account, except that this Subsection (d)(1) shall
          not apply for purposes of Section 5.12. In applying the $200,000 limit
          of the preceding sentence, a Participant's Accrued Benefit, determined
          as of any date prior to January 1, 1994, shall be the greater of (A)
          the sum of (i) his Accrued Benefit as of December 31, 1988, calculated
          without regard to the $200,000 limit of the preceding sentence, plus
          (ii) his Accrued Benefit attributable to participation in the Plan
          after December 31, 1988 through the date of determination, calculated
          subject to the $200,000 limit of the preceding sentence, or (B) the
          greater of (i) his Accrued Benefit as of December 31, 1988 calculated
          without regard to the $200,000 limit of the preceding sentence, or
          (ii) his entire Accrued Benefit attributable to all years of
          participation in the Plan through the date of determination,
          calculated subject to the $200,000 limit of the preceding sentence.

          (2) With respect to any Plan Year beginning on or after January 1,
          1994, only the first $150,000 (or such other amount as may be
          applicable under Code Section 401(a)(17) for the Plan Year) of the
          amount otherwise described in Subsections (a) and (b) of this
          definition shall be taken into account, except that this Subsection
          (d)(2) shall not apply for purposes of Section 5.12. In applying the
          $150,000 limit of the preceding sentence, a Participant's Accrued
          Benefit, determined as of any date on or after January 1, 1994, shall
          be the greater of (A) the sum of (i) his Accrued Benefit as of
          December 31, 1993, calculated without regard to the $150,000 limit of
          the preceding sentence, plus (ii) his Accrued Benefit attributable to

                                       1

<PAGE>
          participation in the Plan after December 31, 1993 calculated subject
          to the $150,000 limit of the preceding sentence, or (B) the greater of
          (i) his Accrued Benefit as of December 31, 1993, calculated without
          regard to the $150,000 limit of the preceding sentence, or (ii) his
          entire Accrued Benefit attributable to all years of participation in
          the Plan calculated subject to the $150,000 limit of the preceding
          sentence.

          (3) In applying the rules of section 414(q)(6) of the Code, the limit
          of this Subsection (d) shall be allocated among family members in
          proportion to their compensation as defined in Subsection (a) without
          regard to this Subsection (d)."

          2. Article I of the Plan is amended by deleting the definition of
"Covered Compensation" in its entirety and replacing it with the following:

          "'Covered Compensation' means, for any Participant for any Plan Year,
          the average of the taxable wage bases in effect for each calendar year
          during the 35-year period ending with the last day of the calendar
          year in which the Participant attains or will attain his retirement
          age under the federal Social Security Act determined using a table
          rounded in $600 increments. Effective January 1, 1994, the table will
          be rounded in $3000 increments. In determining a Participant's
          Covered Compensation for a Plan Year, the taxable wage base for the
          Plan Year of reference and any subsequent Plan Year shall be assumed
          to be the same as the taxable wage base in effect as of the beginning
          of the Plan Year of reference. A Participant's Covered Compensation
          for any Plan Year commencing after the 35-year period described above
          is the Participant's Covered Compensation for the Plan Year during
          which the Participant attained his retirement age under the federal
          Social Security Act. A Participant's Covered Compensation for a Plan
          Year commencing prior to the 35-year period described above is the
          taxable wage base in effect as of the beginning of such Plan Year. For
          purposes of this Section, "taxable wage base" means the maximum amount
          of earnings which may be considered wages for Social Security purposes
          under section 3121(a) (1) of the Code."

          3. Article I of the Plan is amended by deleting the definition of
"Participating Company" in its entirety and replacing it with the following:

                                        2

<PAGE>
          "Participating Company' means the Company, National Penn Bank
          (formerly the National Bank of Boyertown), and each other organization
          which is authorized by the Board of Directors to adopt this Plan by
          action of its board of directors or other governing body, and which
          adopts this Plan, as listed in Schedule B."

          4. Article I of the Plan is amended by adding a new definition of
"Predecessor Employer" to read as follows:

          "`Predecessor Employer' means, with respect to any Participating
          Company or Affiliated Company, any company to which such Participating
          Company or Affiliated Company is a successor in interest by merger,
          consolidation, asset acquisition, stock acquisition, or
          reincorporation, and any other company designated as such for purposes
          of this Plan by the Board of Directors."

          5. Article II of the Plan is amended by deleting Section 2.3 in its
entirety and replacing it with the following:

          "(a) An Employee shall be credited with a Year of Eligibility Service
          upon completion of 1,000 Hours of Service within any single
          computation period irrespective of whether the computation period has
          ended. An individual's computation period shall be the
          12-consecutive-month period beginning on the date he is first credited
          with an Hour of Service and each Plan Year thereafter.

          (b) Notwithstanding any Plan provision to the contrary, periods of
          employment with a Predecessor Employer shall be counted in determining
          Years of Eligibility Service as described in Schedule C."

          6. Section 3.3 of the Plan is amended by deleting (d) in its entirety
and replacing it with the following:

          "(d) Notwithstanding any Plan provision to the contrary, Years of
          Vesting Service and Years of Credited Service shall include periods of
          service with a Predecessor Employer beginning on the date listed on
          Schedule C."

          7. Article VII is amended by adding a new Section 7.12 to read as
follows:

                                        3

<PAGE>
          "7.12 Transfers.

          (a) Effective January 1, 1993, if a Participant entitled to receive a
          distribution under this Article VII (or a spouse or former spouse of a
          Participant who is entitled to receive a single sum distribution from
          the Plan pursuant to a qualified domestic relations order) directs the
          Committee to have the Trustee transfer all or a portion (not less than
          $500) of the amount to be distributed directly to:

          (1) an individual retirement account described in section 408(a) of
          the Code,

          (2) an individual retirement annuity described in section 408(b) of
          the Code (other than an endowment contract),

          (3) a qualified defined contribution retirement plan described in
          section 401(a) of the Code the terms of which permit the acceptance of
          rollover contributions, or

          (4) an annuity plan described in section 403(a),

          all or a portion (not less than $500) of the amount to be distributed
          shall be so transferred.

          (b) In addition, if a Participant's surviving Spouse or former spouse
          is scheduled to receive a single sum distribution from the Plan, and
          the spouse directs the Committee to have the Trustee transfer all or a
          portion (not less than $500) of the amount to be distributed directly
          to:

          (1) an individual retirement account described in section 408(a) of
          the Code, or

          (2) an individual retirement annuity described in section 408(b) of
          the Code (other than an endowment contract),

          all or a portion of the amount to be distributed shall be so
          transferred.

          (c) The Participant (or spouse) must specify the name of the plan to
          which the Participant (or spouse) wishes to have the amount
          transferred, on a form and in a manner prescribed by the Committee,
          plus such other information as may be requested by the Committee.

                                        4

<PAGE>
          (d) Subsections (a) and (b) shall not apply to the following
          distributions:

          (1) that portion of any distribution after the Participant's Required
          Beginning Date that is required to be distributed to the Participant
          by the minimum distribution rules of section 401(a)(9) of the Code,

          (2) any distribution that is less than $200, or

          (3) such other distributions as may be exempted by applicable statute
          or regulation from the requirements of section 401(a)(31) of the
          Code."

          8. Article X is amended by deleting paragraph (a) of Section 10.1 and
replacing it with the following:

               "(a) It is the intention of each Participating Company that this
          Plan will be permanent. However, each Participating Company reserves
          the right to terminate its participation in this Plan at any time by
          or pursuant to a resolution of its board of directors or other
          governing body. Furthermore, the Company reserves the power to amend
          or terminate the Plan at any time by or pursuant to a resolution of
          the Board of Directors. Action to amend the Plan may be taken either
          by resolution duly adopted by the Board of Directors, or by an
          instrument in writing executed by an officer of the Company to whom
          authority to adopt or approve amendments to the Plan has been
          delegated pursuant to a resolution duly adopted by the Board of
          Directors."

          9. The Plan is amended by adding Schedule B ("Participating
Employers") and Schedule C ("Service with Predecessor Employers"), in the form
attached to this amendment, to the end of the Plan.

          Executed this 28th day of September, 1994.

                                       NATIONAL PENN BANCSHARES, INC.

                                       By:/s/ Wayne R. Weidner
                                          -------------------

                                       5

<PAGE>
                                   SCHEDULE B

                            PARTICIPATING COMPANIES

Effective April 21 1991:
------------------------

Sellersville Savings & Loan Association

<PAGE>
                                   SCHEDULE C

                       SERVICE WITH PREDECESSOR EMPLOYERS

                                     Eligibility                Credited
                                     and Vesting                Service
                                     Service
                                     -----------                --------

Sellersville Savings & Loan          all service               January 1, 1991
     Association

First Lehigh Bank                    all service               July 1, 1993

Chestnut Hill National Bank          all service               January 1, 1994

Central Penn Savings Association     all service               July 1, 1994

                                        2

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