National Penn Bancshares, Inc. Executive Incentive Plan (2001)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2001 Executive Incentive Plan for National Penn Bancshares, Inc., specifying eligible participants, performance goals, and payout formulas. Executives are eligible for incentive awards based on the company's financial performance compared to prior years and a peer group of banks. The plan also allows participants to defer receipt of their awards, with options for lump sum or installment payments upon retirement or termination. The plan is governed by the company's board and compensation committee, with specific eligibility and payout conditions detailed for the 2001 plan year.

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EX-10.11 6 0006.txt NATIONAL PENN BANCSHARES, INC. EXECUTIVE INCENTIVE PLAN Adopted by Board of Directors December 26, 1984 PLAN YEAR 2001 As Amended By Board Dec. 16, 1998 Replaces previous Plan of Feb. 20, 1991 Amended Schedule B as approved by Board on May 10, 1999 As Amended By Compensation Committee And Approved By Board December 20, 2000 Effective January 1, 2001 SCHEDULE A Participants for the 2001 Plan Year consist of Types A, B, and C as defined in the Plan document. It is anticipated that the following named persons will meet the eligibility requirements for participation as of December 31, 2001. It is expected that there could be additional individuals whose eligibility could be determined later in the year, who would be named a participant as of December 31, 2001. Named participants are classified accordingly: CLASS A (3 persons) (name and grade level) Lawrence T. Jilk, Jr. 999 Wayne R. Weidner 999 Glenn E. Moyer 999 CLASS B (26 persons) (name and grade level)
Bruce G. Kilroy 999 Todd A. Alderfer 111 Garry D. Koch 999 Brian T. Appleton 111 Frederick C. Peters II 999 Nancy R. Corson 111 Kathy B. Schauer 999 Lloyd H. Reichenbach 111 Algot F. Thorell, Jr. 999 Michael L. Wummer 111 Joseph C. Walter, Jr. 999 Sharon L. Weaver 999 Carol P. Franklin 110 Sandra L. Hoffman 110 Gary L. Rhoads 119 P. Robert Keeley 110 Tarrie L. Miller 110 Ronald L. Bashore 113 Larry A. Rush 110 Timothy A. Day 113 Sandra L. Spayd 110 Scott L. Gruber 113 Michael R. Reinhard 113 Dennis E. Moyer 109 Joseph C. Walker 113 John J. Mikus, Jr. 112 12/4/00 CLASS C (30 persons) (name and grade level) E. Harry McGuirk 111 Rich Gentile 107 W. Scott Labenberg 111 Eugene Guinther 107 John Tucker 111 Dick Haddock 107 Robert Latshaw 107 Earl Houseknecht 110 Cheryl Morris 107 Ed Shin 110 Donna Wentzel 107 Linda S. Stark 110 Roxanne Dittman 106 Lew Freeman 109 Frank Gehringer 106 Robin Hitchcock 109 Steve Kunkel 106 Hugh (Skip) Marshall 109 Sandra Massaro 106 Clarence Martindell 109 Janice McCracken 106 Steve Olson 109 Marcia Stark 106 Cindy Rankin 109 Teresa Steuer 106 Dan Tempesco 109 Sharon McMichael 105 Michelle Debkowski 108 Richard Sutton 108 Patricia Angstadt 104
12/4/00 SCHEDULE B NATIONAL PENN BANCSHARES, INC. EXECUTIVE INCENTIVE PLAN 2001 PERFORMANCE GOALS Awards pursuant to the Plan will not be made unless the internal and external performance goals set forth below are met. INTERNAL PERFORMANCE GOALS FOR THE 2001 PLAN YEAR - ------------------------------------------------- The diluted per share operating income of NPBC for 2001 must exceed the diluted per share operating income for 2000. EXTERNAL PERFORMANCE GOALS FOR THE 2001 PLAN YEAR - ------------------------------------------------- The net operating income of NPB before securities transactions on realized return on average common equity for 2001 must exceed the average of the net operating income before securities transactions on realized return on average common equity for 2001 for the banks or bank holding companies in the peer group set forth on Schedule B-2 A. Internal Performance Goals amended 5/10/99 SCHEDULE B-1 PAY OUT FORMULA 1. Obtaining an operating return on average equity triggers an incentive pay out as follows: 100% of peer group $0 100.1% of peer group .031% of average assets 130% of peer group .11% of average assets Interpolation is required between 100.1% and 130%. 2. Obtaining #1 in return on equity triggers an added pay out of $25,000. SCHEDULE B-2 There is a change in the peer group from last year. The list of the nine banking companies which form the peer group are: Univest (Souderton) Fulton Financial Corp. Susquehanna Bancshares Harleysville National Corp. S & T Bancorp BT Financial Corporation Omega Financial Corp. F.N.B. Corporation (Hermitage, PA) First Commonwealth Financial Corp. (Indiana, PA) National Penn Bancshares, Inc. Plan Year 2001, as of December 2000 SCHEDULE C NATIONAL PENN BANCSHARES, INC. EXECUTIVE INCENTIVE PLAN DEFERRAL ELECTION LETTER TO THE COMMITTEE: In accordance with National Penn Bancshares, Inc., Executive Incentive Plan, effective January 1, 1984, I hereby request to defer receipt of that portion of any award earned by me (to the extent provided in Paragraph 2 below) for services rendered as an eligible Participant in the Plan during the calendar year specified below and eligible to be received in cash. This election shall be governed by all of the provisions of the Plan. 1. This request shall be effective beginning with calendar year 2001. 2. This voluntary deferral request shall apply to ____________% of my award. 3. My deferred award and the interest thereon shall become payable on the January 1 next following the date I retire or otherwise cease to be employed by NPB or an Affiliate of NPB. 4. I irrevocably elect that, when payable, my deferred award and the interest thereon shall be paid to me as indicated below: ( ) In one lump sum. ( ) In a series of five annual installments. ( ) In a series of ten annual installments. I agree that such terms and conditions shall be binding upon my beneficiaries, distributees, and personal representatives. Unless noted below, my beneficiaries shall be the same as designated for my group life insurance. - ------------------------- -------------------------------- Date Signature of Participant Approved By: - ------------------------- -------------------------------- Date Signature of the Chairman of the Committee - ------------------------- Name of Participant