National Penn Bancshares, Inc. Performance-Restricted Stock and RSU Award Terms for Directors (2006)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This document outlines the terms for awarding restricted stock or restricted stock units (RSUs) to directors of National Penn Bancshares, Inc. and National Penn Bank. The number of shares or units granted depends on the achievement of specific performance goals, measured by share price targets. Awards increase as higher performance thresholds are met, with separate amounts specified for holding company and bank directors. These goals align with the company's Executive Incentive Plan.

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EX-10.2 3 ex10-2.htm EXHIBIT 10.2 Exhibit 10.2
 
EXHIBIT 10.2

 
Performance-Restricted Restricted Stock
Or Restricted Stock Units-Performance Goals - 2006


     
     
 
Number of Shares of Restricted
Stock or Restricted Stock Units (RSUs)
     
 
Performance Goal*
Holding Co.
Directors
National Penn
Bank Directors
     
     
Threshold - $1.20 per share
400
100
     
     
Market Target - $ 1.33 per share
800
200
     
     
NPB Target - $ 1.47-$1.49 per share
900
225
     
     
Optimum - $ 1.62 per share
1,100
275
     

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*These performance goals are consistent with the performance goals established under the National Penn Bancshares, Inc. Executive Incentive Plan.