EXHIBIT 10.26
AMENDATORY AGREEMENT
AMENDATORY AGREEMENT dated February 24, 1999, among NATIONAL PENN
BANCSHARES, INC., a Pennsylvania business corporation ("NPB"), NATIONAL PENN
BANK, a national banking association ("Bank"), and XXXX X. XXXXXX ("Executive").
BACKGROUND
1. NPB, Bank and Executive entered into a certain Executive Agreement
dated 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
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Name:
Title:
NATIONAL PENN BANK
By:/s/Xxxxx X. Xxxxxxx
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Name:
Title:
Witness:/s/Xxxxxx X. Xxxxx /s/Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx