AMENDATORY AGREEMENT
AMENDATORY AGREEMENT dated September 24, 1997, between NATIONAL PENN
BANCSHARES, INC., a Pennsylvania business corporation ("NPB"), NATIONAL PENN
BANK, a national banking association ("Bank"), and XXXXXX X. XXXXXX
("Executive").
BACKGROUND
1. NPB, Bank and Executive entered into a certain Executive Agreement dated
as of July 23, 1997 (the "Agreement").
2. Executive has been assigned increased duties and responsibilities.
Therefore, 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:
1. Amendment. The reference to "150% of Executive's Base Amount" contained
in Section 3.a of the Agreement is hereby changed to be a reference to "200% of
Executive's Base Amount".
2. Ratification. As amended hereby, the Agreement is hereby ratified,
confirmed and approved.
3. 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.
By: /s/Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Title: Executive Vice President
NATIONAL PENN BANK
By: /s/Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Title: President and CEO
Witness: /s/Xxxxxx X. Xxxxx /s/Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx
