Section 5.02 - Departure of Directors or Principal Officers; Election of
Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain
Officers.
On October 8, 2009, based upon the recommendations of Glenn E. Moyer, President
and Chief Executive Officer, and Scott V. Fainor, Senior Executive Vice
President and Chief Operating Officer, the Compensation Committee of the Board
of Directors of National Penn Bancshares, Inc. set a base salary for Sandra L.
Bodnyk, Group Executive Vice President and Chief Risk Officer of $300,000 per
year, effective October 15, 2009. This increased base salary reflects Ms.
Bodnyk's growing responsibilities to National Penn as Chief Risk Officer, and is
based on comparable salary ranges for similar executive management
positions. Under Ms. Bodnyk's employment agreement, this base salary amount
becomes the minimum base salary for future years.
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