Document:

exh10-8.htm

    EXHIBIT
      10.8

    

     

    
      	
              NATIONAL
                PENN BANCSHARES, INC.

              LONG-TERM
                INCENTIVE COMPENSATON
                PLAN

               

               

              
              

              RESTRICTED
                STOCK AGREEMENT

               

              
              

              BETWEEN

               

              
              

              NATIONAL
                PENN BANCSHARES, INC.

               

              
              

              AND

              
              

              
              

            
	
              _____________________

              (the
                Grantee)

               

              
              

              
              

              
              

            
	
              Date
                of Grant:  

               

              
              

            	
                
                February 25, 2008

              
              

              
              

            
	
              Number
                of Shares:  

               

              
              

            	
                
                400 shares

              
              

              
              

            
	
              End
                of Restricted Period   

              (Vesting
                Period): 

                 

            	
                
                February 25, 2009

            
	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    NATIONAL
      PENN BANCSHARES, INC.

    LONG-TERM
      INCENTIVE
      COMPENSATION PLAN

    

    RESTRICTED
      STOCK
      AGREEMENT

    

    

    This
      Restricted Stock Agreement dated
      as of February 25, 2008, between National Penn Bancshares, Inc. (the
      "Corporation") and ___________________ (the "Grantee"),

     

    WITNESSETH:

     

    1.           
      Grant of Restricted
      Stock

    

    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 400 shares of common stock (without par value) of the
      Corporation (“shares of Restricted Stock”).

    

    2.           
      Terms and
      Conditions

    

    It
      is understood and agreed that the
      grant of shares of Restricted Stock is subject to the following terms and
      conditions:

    

    (a)           
      Restricted (Vesting)
      Period.  The period of time during which the transfer of shares
      of Restricted Stock is restricted is from the date of this Agreement through
      February 25, 2009 (the “Restricted Period”).  The time period
      restrictions will lapse, and the Restricted Stock will vest, on February 25,
      2009, 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. In addition to the time restrictions set forth in Section
      2(a), the shares of Restricted Stock are issued subject to the following
      earnings per share performance goals for the Corporation for 2008 (the
“Performance Restrictions”), and shall only vest if and to the extent that the
      Performance Restrictions are satisfied.  Performance results shall be
      determined at the end of the Restricted Period and shall be interpolated as
      necessary between the various targets to determine vesting at that
      time:

    

    
      	
              ·  

            	
              Threshold
                - $1.20 per
                share                                                                     
                350

            

    

    

    
      	
              ·  

            	
              Stretch
                Target - $1.33 per
                share                                                               
                375

            

    

    

    
      	
              ·  

            	
              Optimum
                - $1.44 per
                share                                                                          400

            

    

    In
      the
      event of any stock dividend or stock split affecting the Corporation’s common
      stock, the aforesaid Performance Restrictions shall be adjusted appropriately
      and equitably, as shall be determined by the Committee.

    

    (c)           
      Escrow and Custody
      of
      Shares.  Unless and until the shares of Restricted Stock vest
      as provided in Section 2(a) and 2(b), such shares will be registered in the
      name
      of the Grantee and issued in certificate form, and such certificate or
      certificates will be held by the Secretary of the Corporation as escrow agent
      (“Escrow Agent”) and may not be sold, transferred, pledged, assigned or
      otherwise alienated, hypothecated or disposed of until the termination of the
      Restricted Period and the satisfaction of the Performance Restrictions. The
      Corporation may instruct the transfer agent for its common stock to place a
      legend on the certificates representing the shares of Restricted Stock or
      otherwise mark its records as to the restrictions on transfer set forth in
      this
      Agreement. The certificate or certificates representing such shares of
      Restricted Stock will not be delivered by the Escrow Agent to the Grantee unless
      and until the shares of Restricted Stock have vested and all other terms and
      conditions in this Agreement have been satisfied.

    

    (d)           
      Dividend and Voting
      Rights.  The shares of Restricted Stock shall be entitled to
      receive all dividends and other distributions paid with respect to shares of
      the
      Corporation’s common stock during the Restricted Period.  The Grantee
      may exercise full voting rights with respect to the shares of Restricted Stock
      during the Restricted Period.

    

    (e)           
      Forfeiture.   Notwithstanding
      any contrary provision of this Agreement, the balance of the shares of
      Restricted Stock 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
      transferred to and reacquired by the Corporation at no cost to the Corporation.
      The Grantee hereby appoints the Escrow Agent, with full power of substitution,
      as the Grantee’s true and lawful attorney-in-fact with irrevocable power and
      authority in the name and on behalf of the Grantee to take any action and
      execute all documents and instruments, including without limitation stock
      powers, which may be necessary to transfer the unvested shares of Restricted
      Stock and the certificate or certificates representing the same to the
      Corporation upon determination of such vesting.

    

    (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, but the Performance Restrictions shall remain in full force
      and effect.

    

    (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, but the Performance Restrictions shall remain in full force and
      effect. Shares that would otherwise vest under the Performance Restrictions
      shall only vest, pro rata, for that period of time preceding the Grantee’s
      termination of service as a director due to Retirement.

    

    (h)           
      Transferability. All
      rights with respect to the shares of Restricted Stock shall be exercisable
      during the Grantee’s lifetime only by the Grantee. Prior to the lapse of the
      Restricted Period and the Performance Restrictions, the shares of Restricted
      Stock 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 shares of Restricted Stock 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.

    

    (j)           
      No Right To Continued
      Directorship.  This grant of shares of Restricted Stock 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)           
      Compliance with
      Law
      and Regulations.  This grant of shares of Restricted Stock
      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.

    

    (l)           
      Change-in-Control.  If
      any "Change-in-Control" (as defined in the Plan) occurs, the Restricted Period
      shall immediately lapse and the Performance Restrictions shall be deemed
      immediately satisfied in full.

    

    3.           
      Investment
      Representation

    

    The
      Committee may require the Grantee
      to furnish to the Corporation, prior to the issuance of any shares of Restricted
      Stock, 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 Restricted Stock, or their
      release from the escrow established under Section 2(c), 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.

                     Chairman,
                Compensation Committee

            	
              (Signature)

              
              

            
	 	
              ___________________________________

              (Print
                Name

              
              

            
	 	
              ___________________________________

              (Print
                Address)exh10-9.htm

    EXHIBIT
      10.9

    

    

    

    

    
      	
              NATIONAL
                PENN BANCSHARES, INC.

              LONG-TERM
                INCENTIVE COMPENSATON
                PLAN

               

              
              

              RESTRICTED
                STOCK UNIT AGREEMENT

              
              

              BETWEEN

              
              

              NATIONAL
                PENN BANCSHARES, INC.

              
              

              AND

              
              

              
              

              
              

            
	
              _____________________

              (the
                Grantee)

              
              

              
              

              
              

            
	
              Date
                of Grant:    

              
              

            	
              February
                25, 2008

              
              

              
              

            
	
              Number
                of Restricted    

              Stock
                Units:    

              
              

              
              

            	
              400
                RSUs

            
	
              End
                of Restricted Period    

                
                (Vesting Period):    

            	
              February
                25, 2009

            
	 	 

    

    

    

    

    

    

    
      
        
          NPBank
            Restricted Stock RSU Agreement - 2008

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    NATIONAL
      PENN BANCSHARES,
      INC.

    LONG-TERM
      INCENTIVE
      COMPENSATION PLAN

    

    RESTRICTED
      STOCK UNIT
      AGREEMENT

    

    

    This
      Restricted Stock Unit Agreement
      dated as of February 25, 2008, 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 400 restricted stock units, each unit being a 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 25, 2009 (the “Restricted Period”).  The
      time period restrictions will lapse, and the RSUs will vest, on February 25,
      2009, 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. In addition to the time restrictions set forth in Section
      2(a), the RSUs are issued subject to the following earnings per share
      performance goals for the Corporation for 2008 (the “Performance Restrictions”),
      and shall only vest if and to the extent that the Performance Restrictions
      are
      satisfied.  Performance results shall be determined at the end of the
      Restricted Period and shall be interpolated as necessary between the various
      targets to determine vesting at that time:

    

    
      	
              ·  
                

            	
              Threshold

            	
              $
                1.20 per share

            	
              350

              
              

            
	
              ·  
                

            	
              Target

            	
              $
                1.33 per share

            	
              375

              
              

            
	
              ·  
                

            	
              Optimum

            	
              $
                1.44 per share

            	
              400

              
              

            

    

    

    In
      the
      event of any stock dividend or stock split affecting the Corporation’s common
      stock, the aforesaid Performance Restrictions shall be adjusted appropriately
      and equitably, as shall be determined by the Committee.

    

    (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.

    

    (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, but the Performance Restrictions shall remain in full force and
      effect.

    

    (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, but the Performance Restrictions shall remain in full force and
      effect. RSUs that would otherwise vest under the Performance Restrictions shall
      only vest, pro rata, for that period of time preceding the Grantee’s termination
      of service as a director due to Retirement.

    

    (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).

    

    (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 and the Performance Restrictions shall be deemed
      immediately satisfied in full.

    

    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.

    

    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.

                     Chairman,
                Compensation Committee

            	
              (Signature)

              _______________________________

            
	 	
              (Print
                Name

              _______________________________

            
	 	
              (Print
                Address)

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