FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit
10.1
FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS
FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT (this
“Agreement”), entered into as of the 2nd day of May, 2006, and effective as of
December 6, 2005, by and between SUMMIT FINANCIAL GROUP, INC., a West Virginia
corporation and bank holding company (“Summit”) and H. XXXXXXX XXXXX, III,
(“Maddy”).
W
I T N E S
S E T H:
WHEREAS,
on
March 4, 2005, Summit and Maddy entered into that certain Employment Agreement
whereby Summit agreed to employ Maddy and Maddy accepted employment as the
Chief
Executive Officer of Summit (the “Employment Agreement”); and
WHEREAS,
the
term of the Employment Agreement commenced on March 4, 2005, and extends until
March 4, 2008; and
WHEREAS,
the
Board of Directors of Summit or a committee designated by the Board of Directors
of Summit is required by the terms of the Employment Agreement to review the
Employment Agreement at least annually, and the Board of Directors of Summit
may, with the approval of Maddy, extend the term of the Employment Agreement
annually for one (1) year periods (so that the actual term of the Employment
Agreement will always be between two and three years); and
WHEREAS,
on
December 6, 2005, the Compensation and Nominating Committee of the Board of
Directors of Summit met to review the Employment Agreement and extended the
term
of the Employment Agreement for an additional one (1) year until March 4, 2009;
and
WHEREAS,
Maddy approved the extension of the Employment Agreement for an additional
one
(1) year until March 4, 2009; and
WHEREAS,
Maddy and Summit desire to enter into this Agreement to evidence the extension
of the Employment Agreement for an additional one (1) year until March 4,
2009.
NOW
THEREFORE, for in consideration of the premises and mutual covenants, agreements
and undertakings, and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties covenant and agree
as
follows:
1. Amendment
to Employment Agreement.
Effective
as of the date of this Agreement, the term of the Employment Agreement shall
be
until March 4, 2009.
2. Enforceable
Documents.
Except as
modified herein, all terms and conditions of the Employment Agreement, as the
same may be supplemented, modified, amended or extended from time to time,
are
and shall remain in full force and effect.
3. Authority.
The
undersigned are duly authorized by all required action or agreement to enter
into this Agreement.
4. Modifications
to Agreement.
This
Agreement may be amended or modified only by an instrument or document in
writing signed by the person or entity against whom enforcement is
sought.
5. Governing
Law.
This
Agreement, and any documents executed in connection herewith or as required
hereunder, and the rights and obligations of the undersigned hereto and thereto,
shall be governed by, construed and enforced in accordance with the laws of
the
State of West Virginia.
IN
WITNESS
WHEREOF, the parties hereto have duly executed and delivered this Agreement
as
of the date first written above.
SUMMIT
FINANCIAL
GROUP, INC.
By: /s/
Xxxxx
X. Xxxx
Xxxxx
X. Xxxx
Its: Chairman
/s/
H.
Xxxxxxx Xxxxx, III
H.
Xxxxxxx
Xxxxx, III
