Amendatory Agreement to Executive Supplemental Benefit Agreement between National Penn Bancshares, National Penn Bank, and Wayne R. Weidner

Contract Categories: Business Finance › Modification Agreements
Summary

National Penn Bancshares, National Penn Bank, and executive Wayne R. Weidner have agreed to amend their previous Executive Supplemental Benefit Agreement. The amendment changes the payment period from 120 months to 180 months, extending the duration of monthly payments to the executive. All other terms of the original agreement remain in effect. This amendment is governed by Pennsylvania law.

Read More Arrow
EX-10.25 12 0012.txt AMENDATORY AGREEMENT AMENDATORY AGREEMENT dated February 23, 1994, between NATIONAL PENN BANCSHARES, INC., a Pennsylvania business corporation ("NPB"), NATIONAL PENN BANK, formerly named National Bank of Boyertown, a national banking association ("Bank"), and WAYNE R. WEIDNER ("Executive"). BACKGROUND 1. NPB, Bank and Executive entered into a certain Executive Supplemental Benefit Agreement dated as of December 27, 1989 (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. All references to "one hundred twenty (120) months" and to "one hundred twenty (120) monthly payments" contained in Section 2 of the Agreement are hereby changed to be references to "one hundred eighty (180) months" and "one hundred eighty (180) monthly payments", respectively. 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/John A. Cenerazzo ----------------------------- Name: John A. Cenerazzo Title: Chairman, Compensation Committee NATIONAL PENN BANK By:/s/John A. Cenerazzo ----------------------------- Name: John A. Cenerazzo Title: Chairman, Compensation Committee /s/Lawrence T. Jilk, Jr. ---------------------------- Lawrence T. Jilk, Jr. Witness: /s/Sandra L. Spayd ----------------------