AMENDATORY AGREEMENT
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 XXXXX X.
XXXXXXX ("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. Xxxxx Xxxxxxxx,Xx.
|
By: |
/s/
Xxxxx X. Xxxxx
|
| Name: |
J.
Xxxxx Xxxxxxxx, Xx.
|
Name: |
Xxxxx
X. Xxxxx
|
| Title: |
Chairman,
Compensation Committee
|
Title: |
President
and Chief
|
|
Executive
Officer
|
|||
| Witness: |
/s/
Xxxxxx X. Xxxxx
|
/s/
Xxxxx X. Xxxxxxx
|
|
|
Xxxxxx
X. Xxxxx
|
Xxxxx
X. Xxxxxxx
|
||
