AMENDATORY AGREEMENT
EXHIBIT
10.1
AMENDATORY
AGREEMENT
AMENDATORY AGREEMENT dated as of March
28, 2008, by and between NATIONAL PENN BANK, a national banking association
("Employer"); and XXXXXX X. XXXXXXXXXXX ("Employee").
BACKGROUND
1. Employee
is presently employed as an executive officer of Employer, pursuant to an
employment agreement with Employer dated September 24, 2002 (the “Employment
Agreement”).
2. Employer
and Employee desire to amend Section 8 of the Employment Agreement to extend the
term of the Employment Agreement by one year.
AGREEMENT
NOW, THEREFORE, in consideration of the
mutual promises contained herein, and each intending to be legally bound,
Employer and Employee 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 Provision. Section 8 of the Employment Agreement is
hereby amended to read in its entirety as follows:
“8. If the Employment
Agreement referenced in Paragraph 1 of this
Agreement, as amended and supplemented
by this Agreement, is not
terminated on or before March 24, 2009,
then, on such date, the term
of this Agreement shall be
automatically extended by adding one year
to the term so that the term shall then
end on March 24, 2010.”
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 BANK
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Attest:
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_______________________
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By:
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_____________________
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Name:
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Name:
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Xxxxx
X. Xxxxx
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Title:
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Title:
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Chairman
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Witness:
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_______________
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_______________________
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Xxxxxx
X. Xxxxxxxxxxx
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