EXHIBIT 10.1 NATIONAL PENN BANCSHARES, INC. LONG-TERM INCENTIVE COMPENSATION PLAN (APPROVED BY SHAREHOLDERS, APRIL 25, 2005) STOCK OPTION AGREEMENT BETWEEN NATIONAL PENN BANCSHARES, INC. ANDExecutive Compensation Plan Agreement |
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EXHIBIT 10.1
NATIONAL PENN BANCSHARES, INC.
LONG-TERM INCENTIVE COMPENSATION PLAN
(APPROVED BY SHAREHOLDERS, APRIL 25, 2005)
STOCK OPTION AGREEMENT
BETWEEN
NATIONAL PENN BANCSHARES, INC.
AND
_____________________________________ (the Optionee)
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Date of Grant: |
May 3, 2005 |
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Number of Shares: |
______________ shares |
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Purchase Price: |
$23.43 per share |
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Option Expires: |
June 3, 2015 |
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NATIONAL PENN BANCSHARES, INC.
LONG-TERM INCENTIVE COMPENSATION PLAN
STOCK OPTION AGREEMENT
This Stock Option Agreement dated May 3, 2005, between National Penn Bancshares, Inc. (the "Corporation") and _______________________ (the "Optionee"),
WITNESSETH:
1. Grant of Option
Pursuant to the National Penn Bancshares, Inc. Long-Term Incentive Compensation Plan (the "Plan"), this Agreement confirms the Corporation's grant to the Optionee, subject to the terms and conditions of the Plan and subject further to the terms and conditions herein set forth, of the right and option to purchase from the Corporation all or any part of an aggregate of ______________________________ (_______) common shares (without par value) of the Corporation at the purchase price of $23.43 per share, such option to be exercised as hereinafter provided.
2. Terms and Conditions
It is understood and agreed that the option evidenced hereby is subject to the following terms and cond
