HUGHES MICHAEL J 4
4 · NATIONAL PENN BANCSHARES INC · Filed Jan 26, 2011
Insider Transaction Report
Form 4
HUGHES MICHAEL J
CHIEF FINANCIAL OFFICER
Transactions
- Award
Common Stock
2011-01-24+24,856→ 89,704.423 total
Footnotes (2)
- [F1]Also includes shares acquired through the Company's exempt Employee Stock Purchase Plan during 2010 and includes shares acquired upon reinvestment of cash dividends under the Company's exempt Dividend Reinvestment Plan.
- [F2]Restricted stock award that is subject to forfeiture, with certain exceptions, if the reporting person terminates employment before the later of the second anniversary of the date of the award and (i) for the first 25% of the restricted stock, at the time the Company repurchases at least 25% of its preferred stock from the U.S. Treasury purchased pursuant to the TARP Capital Purchase Program, (ii) for the next 25% of the restricted stock, at the time the Company repurchases 50% of such preferred stock, (iii) for the next 25% of the restricted stock, at the time the Company repurchases 75% of such preferred stock, and (iv) for the last 25% of the restricted stock, at the time the Company repurchases 100% of such preferred stock. Notwithstanding the foregoing, all restrictions will lapse when the Company repurchases 100% of such preferred stock.