AMENDATORY AGREEMENT
AMENDATORY AGREEMENT dated February 23, 1994, between NATIONAL PENN
BANCSHARES, INC., a Pennsylvania business corporation ("NPB"), NATIONAL PENN
BANK, formerly named National Bank of Boyertown, a national banking association
("Bank"), and XXXXX X. XXXXXXX ("Executive").
BACKGROUND
1. NPB, Bank and Executive entered into a certain Executive
Supplemental Benefit Agreement dated as of December 27, 1989 (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 as
follows:
1. Amendment. All references to "one hundred twenty (120) months" and
to "one hundred twenty (120) monthly payments" contained in Section 2 of the
Agreement are hereby changed to be references to "one hundred eighty (180)
months" and "one hundred eighty (180) monthly payments", respectively.
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/Xxxx X. Xxxxxxxxx
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Name: Xxxx X. Xxxxxxxxx
Title: Chairman, Compensation
Committee
NATIONAL PENN BANK
By:/s/Xxxx X. Xxxxxxxxx
-----------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Chairman, Compensation
Committee
/s/Xxxxxxxx X. Xxxx, Xx.
----------------------------
Xxxxxxxx X. Xxxx, Xx.
Witness: /s/Xxxxxx X. Xxxxx
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