Exhibit 4.1
DECLARATION OF TRUST
OF
NPB CAPITAL TRUST IV
THIS DECLARATION OF TRUST is made as of March 22, 2004 (this
"Declaration"), by and between National Penn Bancshares, Inc., a Pennsylvania
corporation, as sponsor (the "Sponsor"), and Wilmington Trust Company, a
Delaware banking corporation, as Delaware trustee (the "Trustee"). The Sponsor
and the Trustee hereby agree as follows:
1. The trust created hereby shall be known as "NPB Capital Trust IV"
(the "Trust"), in which name the Trustee or the Sponsor, to the extent provided
herein, may conduct the business of the Trust, make and execute contracts, and
xxx and be sued.
2. The Sponsor hereby assigns, transfers, conveys and sets over to the
Trust the sum of $10. The Trustee hereby acknowledges receipt of such amount in
trust from the Sponsor, which amount shall constitute the initial trust estate.
The Trustee hereby declares that it will hold the trust estate in trust for the
Sponsor. It is the intention of the parties hereto that the Trust created hereby
constitute a statutory trust under Chapter 38 of Title 12 of the Delaware Code,
12 Del. C. ss. 3801, et seq. (the "Statutory Trust Act"), and that this
Declaration constitute the governing instrument of the Trust. The Trustee is
hereby authorized and directed to execute and file a certificate of trust with
the Secretary of State of the State of Delaware in the form attached to this
Declaration.
3. The Sponsor and the Trustee will enter into an Amended and Restated
Declaration of Trust satisfactory to each such party to provide for the
contemplated operation of the Trust created hereby and the issuance by the Trust
of the Capital Securities and Common Securities referred to therein. Prior to
the execution and delivery of such Amended and Restated Declaration of Trust,
(i) the Trustee shall not have any duty or obligation hereunder or with respect
to the trust estate, except as otherwise required by applicable law, and (ii)
the Sponsor shall take or cause to be taken any action as may be necessary to
obtain prior to such execution and delivery any licenses, consents or approvals
required by applicable law or otherwise. Notwithstanding the foregoing, the
Trustee may take all actions which the Sponsor deems necessary, convenient or
incidental to effect the transactions contemplated herein. The Trustee shall not
have any duty or obligation under or in connection with this Declaration or any
document contemplated hereby, except as expressly provided by the terms of this
Declaration, and no implied duties or obligations shall be read into this
Declaration against the Trustee. The right of the Trustee to perform any
discretionary act enumerated herein shall not be construed as a duty.
4. The Sponsor hereby agrees to (i) reimburse the Trustee for all
reasonable expenses (including reasonable fees and expenses of counsel and other
experts), (ii) indemnify, defend and hold harmless the Trustee and the officers,
directors, employees and agents of the Trustee (collectively, including the
Trustee in its individual capacity, the "Indemnified Persons") from and against
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any and all losses, damages, liabilities, claims, actions, suits, costs,
expenses, disbursements (including the reasonable fees and expenses of counsel),
taxes and penalties of any kind and nature whatsoever (collectively,
"Expenses"), to the extent that such Expenses arise out of or are imposed upon
or asserted at any time against such Indemnified Persons with respect to the
performance of this Declaration, the creation, operation, administration or
termination of the Trust, or the transactions contemplated hereby; provided,
however, that the Sponsor shall not be required to indemnify an Indemnified
Person for Expenses to the extent such Expenses result from the willful
misconduct, bad faith or gross negligence of such Indemnified Person. The
obligations of the Sponsor under this Section 4 shall survive the resignation or
removal of the Trustee and shall survive the termination, amendment, supplement,
and/or restatement of this Declaration.
5. The Sponsor, as sponsor of the Trust, is hereby authorized, in its
discretion, (i) to prepare, execute and file on behalf of the Trust, such
applications, reports, surety bonds, irrevocable consents, appointments of
attorney for service of process and other papers and documents that shall be
necessary or desirable to register or establish the exemption from registration
of the Capital Securities of the Trust under the securities or "Blue Sky" laws
of such jurisdictions as the Sponsor, on behalf of the Trust, may deem necessary
or desirable, (ii) to negotiate, execute, deliver and perform on behalf of the
Trust one or more placement agent agreements, dealer/manager agreements, escrow
agreements, subscription agreements and other similar or related agreements
providing for or relating to the sale and issuance of the Capital Securities of
the Trust and/or any other interests in the Trust, (iii) to prepare, execute and
deliver on behalf of the Trust any and all documents, certificates, papers,
instruments and other writings as it deems desirable in connection with any of
the foregoing, (iv) to prepare, execute and deliver letters or documents to, or
instruments for filing with, a depository relating to the Capital Securities of
the Trust as it deems necessary or desirable and (v) to appoint one or more
administrators for the Trust and cause such person or persons to execute and
deliver on behalf of the Trust any and all of the foregoing, including, without
limitation, any placement agreements.
In the event that any filing referred to in this Section 5 is required
by the rules and regulations of Securities and Exchange Commission (the
"Commission") or state securities or Blue Sky laws to be executed on behalf of
the Trust by a trustee, the Trustee, in its capacity as a trustee of the Trust,
so required to execute such filings is hereby authorized and, to the extent so
required, directed to join in any such filing and to execute on behalf of the
Trust any and all of the foregoing, it being understood that the Trustee, in its
capacity as a trustee of the Trust, shall not be required to join in any such
filing or execute on behalf of the Trust any such document unless required to do
so by the rules and regulations of the Commission or applicable state securities
or Blue Sky laws.
6. The Trustee is authorized to take such action or refrain from taking
such action under this Declaration as it may be directed in writing by the
Sponsor from time to time; provided, however, that the Trustee shall not be
required to take or refrain from taking any such action if the Trustee shall
have determined, or shall have been advised by counsel, that such performance is
likely to involve the Trustee in personal liability or is contrary to the terms
of this Declaration or of any document contemplated hereby to which the Trust or
the Trustee is a party or is otherwise contrary to law. If at any time the
Trustee determines that it requires or desires guidance regarding the
application of any provision of this Declaration or any other document, or
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regarding compliance with any direction it received hereunder, then the Trustee
may deliver a notice to the Sponsor requesting written instructions as to the
course of action desired by the Sponsor, and such instructions shall constitute
full and complete authorization and protection for actions taken and other
performance by the Trustee in reliance thereon. Until the Trustee has received
such instructions after delivering such notice, it may refrain from taking any
action with respect to the matters described in such notice.
7. This Declaration may be executed in two or more counterparts.
8. The number of trustees of the Trust initially shall be one (1), and
thereafter the number of trustees of the Trust shall be such number as shall be
fixed from time to time by a written instrument signed by the Sponsor which may
increase or decrease the number of trustees of the Trust; provided, however, to
the extent required by the Statutory Trust Act, there shall at all times be one
trustee of the Trust that shall either be a natural person who is a resident of
the State of Delaware or, if not a natural person, an entity which has its
principal place of business in the State of Delaware and otherwise meets the
requirements of applicable Delaware law. Subject to the foregoing, the Sponsor
is entitled to appoint or remove without cause any trustee of the Trust at any
time. Any trustee of the Trust may resign upon thirty (30) days' prior notice to
the Sponsor.
9. The Sponsor is hereby authorized, in its discretion, to appoint one
or more administrators for the Trust, and each administrator so appointed shall
have the full power and authority, and is hereby authorized, to execute and
deliver on behalf of the Trust agreements, documents, certificates, papers,
instruments and other writings (including, without limitation, a capital
securities subscription agreement, a placement agreement and/or a purchase
agreement), in each case as determined or directed by the Sponsor in its
discretion.
10. This Declaration shall be governed by, and construed in accordance
with, the laws of the State of Delaware (without regard to conflict of laws
principles).
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties hereto have caused this Declaration of
Trust to be duly executed as of the day and year first above written.
NATIONAL PENN BANCSHARES, INC.
as Sponsor
By:_____________________________
Name:
Title:
WILMINGTON TRUST COMPANY
as Trustee
By:_____________________________
Name:
Title:
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