Amendatory Agreement to Employment Agreement between National Penn Bancshares, Inc., National Penn Bank, and H. Anderson Ellsworth

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement, dated January 1, 2007, amends a previous employment agreement between National Penn Bancshares, Inc., National Penn Bank, and H. Anderson Ellsworth. The amendment increases the reference to the executive's base salary in Section 7 of the original agreement from 100% to 150%, reflecting the executive's increased duties. All other terms of the original agreement remain in effect. The agreement is governed by Pennsylvania law.

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EX-10.74 5 ex10-74.htm EXHIBIT 10.74 Unassociated Document
 
Exhibit 10.74

AMENDATORY AGREEMENT

AMENDATORY AGREEMENT dated as of January 1, 2007, between NATIONAL PENN BANCSHARES, INC., a Pennsylvania business corporation (“NPB”), NATIONAL PENN BANK, a national banking association (“Bank”), and H. Anderson Ellsworth (“Executive”).

BACKGROUND

1. NPB, Bank and Executive entered into a certain Employment Agreement dated as of October 18, 2004 (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 100% of Executive’s “Base Salary” contained in
Section 7 of the Agreement is hereby changed to be a reference to 150% of Executive’s “Base Salary”.

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 as of the date first above written.

 
NATIONAL PENN BANCSHARES, INC.
   
   
 
By: /s/ Sandra L. Spayd
   
 
Name: Sandra L. Spayd
 
Title: Corporate Secretary
   
   
 
NATIONAL PENN BANK
   
 
By: /s/ Sandra L. Spayd
 
Name: Sandra L. Spayd
 
Title: GEVP
   
Witness:/s Deborah M. Johnson
/s/ H. Anderson Ellsworth
 
H. Anderson Ellsworth