Document:

Exhibit 10.1

    EXHIBIT
      10.1

    AMENDATORY
      AGREEMENT

    

    AMENDATORY
      AGREEMENT dated as of June 5, 2006, among NATIONAL PENN BANCSHARES, INC., a
      Pennsylvania business corporation and registered bank holding company ("NPB");
      NATIONAL PENN BANK, a national banking association ("Bank"); and WAYNE R.
      WEIDNER ("Executive") (NPB and Bank are sometimes referred to herein
      collectively as "Employer").

    BACKGROUND

    

    1. Executive
      is presently employed by NPB as Chairman and Chief Executive Officer and by
      Bank
      as Chairman, pursuant to an employment agreement with Employer dated as of
      February 4, 2003 (the “Employment Agreement”).

    

    2. It
      is the
      desire of the Boards of Directors of NPB and Bank to amend the Employment
      Agreement to extend the term of Executive’s employment through December 28,
      2007. 

     

    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:

    

    1. Background.
      The
      matters set forth in the "Background" section of this Amendatory Agreement
      are
      incorporated by reference herein.

    

    2. Amendment
      to Term of Agreement.
      Section
      2(b) of the Employment Agreement is hereby amended to revise the last sentence
      to read as follows: “Effective June 5, 2006, the term of this Agreement is
      extended so as to end on December 28, 2007.”

    

    3. Ratification.
      As
      amended hereby, the Employment 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
      as
      of the date first above written.

    

      
        	 	 	 	 
	NATIONAL
                PENN BANCSHARES, INC.	NATIONAL
                PENN BANK
	 	 	 	 
	By:  	
                /s/
                  J. Ralph Borneman,Jr.

              	By: 	
                /s/
                  Glenn E. Moyer

              
	Name:  	
                J.
                  Ralph Borneman, Jr.

              	Name: 	
                Glenn
                  E. Moyer 

              
	Title:  	
                Chairman,
                  Compensation Committee 

              	Title:  	
                President
                  and Chief 

              
	 	 	 	
                Executive
                  Officer

              
	 	 	 	 
	Witness:  	
                /s/
                  Sandra L. Spayd

              	 	
                /s/
                  Wayne R. Weidner

              
	 	
                Sandra
                  L. Spayd

              	 	
                Wayne
                  R. WeidnerExhibit 10.2

    EXHIBIT
      10.2

     

    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 GLENN E. MOYER
      (“Executive”).

     

    

     

    BACKGROUND

     

    
      	1.  	
              NPB,
                Bank and Executive entered into a certain Executive Agreement dated
                December 18, 2002, as amended by an Amendatory Agreement dated May
                25, 2005 (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 to amend the
      Agreement as follows:

     

    
      	1.  	
              Amendment.
                The language of Section 8(a)(4) is deleted in its entirety and
                replaced with the following:

            

    

     

    (4)  Such
      payments shall commence on the first day of the calendar month following
      Executive’s termination of employment. Such payments shall be made for one
      hundred eighty (180) consecutive months.

     

    
      	2.  	
              Amendment.
                The language of Section 8(a)(5) is deleted in its entirety and replaced
                with the following:

            

    

     

    (5)  Notwithstanding
      the foregoing, if the Employer is a publicly traded corporation and the
      Executive is a “key employee” (as determined under Section 409A of the
      Code) at the time of termination of employment, the commencement of payments
      under this Section 8(a) to the Executive shall be delayed. The delayed
      commencement of payments shall be for six full calendar months from the
      Participant’s date of termination of employment as required under
      Section 409A of the Code and the regulations thereto, as amended from time
      to time, with the payments for such six calendar months and the payment for
      the
      seventh calendar month paid on the first day of the seventh calendar month
      following Executive’s termination of employment.

     

    
      	3.  	
              Amendment.
                The language of Section 9(a) is deleted in its entirety and replaced
                with the following:

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (a)  Payment

     

    (1) If
      a
      Change in Control (defined in Section 9(b)) shall occur during the time
      this Agreement is in effect, then, at the option of Executive, exercisable
      by
      Executive at any time within three years after a Change in Control occurs,
      Executive may resign from employment (or, if involuntarily terminated from
      employment, give notice of intention to collect benefit hereunder) by delivering
      a notice in writing to Employer, in which case Executive shall be entitled
      to a
      lump sum cash severance payment equal to 299% of Executives’ Base Amount
      (defined in Section 9(c)), which Employer shall pay to Executive within
      fifteen (15) days of Executive’s termination of employment. 

     

    (2) In
      the
      event that the amounts and benefits payable under Subsection 9(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.

     

    
      	4.  	
              Amendment.
                The language of Section 9(c) is deleted in its entirety and replaced
                with the following:

            

    

     

    (c)  “Base
      Amount” means the sum of (i) the average of the amount of the Executive’s
      Salary (as defined in Section 8(a)(6)) as of date of the Change in Control
      (annualized) and for each of two immediately preceding calendar years plus
      (ii) the highest annual incentive bonus paid during or with respect to any
      of the three calendar years prior to the year in which a Change in Control
      occurs (without regard to any mandatory or other deferral of any portion of
      such
      bonus).

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	5.  	
              Amendment.
                The language of Section 9(e) is deleted in its entirety and replaced
                with the following:

            

    

     

    (e)  If,
      after
      a Change in Control: (1) Executive terminates his employment in accordance
      with
      Section 9(a) above, or (2) Executive’s employment is terminated without
      cause in accordance with Section 14, in calculating the payments to which
      Executive is entitled to pursuant to Section 8(a), the fraction referred to
      in Section 8(a)(1) shall be 21/21. 

     

    
      	6.  	
              Amendment.
                Section 28 is hereby amended to add the following
                paragraph:

            

    

     

    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.

     

    
      	7.  	
              Ratification.
                As amended hereby, the Agreement is hereby ratified, confirmed and
                approved. 

            

    

     

    
      	8.  	
              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/
                J. Ralph Borneman,Jr.

            	By:  	
              /s/
                Wayne R. Weidner

            
	Name:  	
              J.
                Ralph Borneman, Jr.

            	Name:  	
              Wayne
                R. Weidner

            
	Title:  	
              Chairman,
                Compensation Committee 

            	Title:  	
              Chairman
                

            
	 	 	 	
              Executive
                Officer

            
	 	 	 	 
	Witness:  	
              /s/
                Sandra L. Spayd

            	 	
              /s/
                Glenn
                E. Moyer

            
	 	
              Sandra
                L. Spayd

            	 	
              Glenn
                E. Moyer

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