AMENDATORY AGREEMENT
AMENDATORY AGREEMENT dated August 26, 1998, among NATIONAL PENN BANCSHARES,
INC., a Pennsylvania business corporation ("NPB"), NATIONAL PENN BANK, formerly
named National Bank of Boyertown, a national banking association ("Bank"), and
XXXXXXXX X. XXXX, XX. ("Executive").
BACKGROUND
1. NPB, Bank and Executive entered into a certain Executive Supplemental
Benefit Agreement dated as of December 27, 1989, as amended by an Amendatory
Agreement dated February 23, 1994 (as amended, 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. The final paragraph of Section 3 of the Agreement captioned
"Resignation of Executive" is hereby amended to delete the words "each and every
of the foregoing events" and to insert in lieu thereof the words "any of the
foregoing events".
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
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Name: Xxxxx X. Xxxxxxx
Title: President
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NATIONAL PENN BANK
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: President & CEO
/s/ Xxxxxxxx X. Xxxx, Xx.
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Xxxxxxxx X. Xxxx, Xx.
Witness: /s/ Xxxxxx X. Xxxxxxxxxxxx
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