AMENDMENT NO. ONE TO RABBI TRUST FOR SUMMIT COMMUNITY BANK, INC. (SUCCESSOR IN INTEREST TO CAPITAL STATE BANK, INC.) DIRECTORS DEFERRAL PLAN
Exhibit
10.18
AMENDMENT
NO. ONE TO RABBI TRUST FOR SUMMIT COMMUNITY BANK, INC. (SUCCESSOR IN INTEREST TO
CAPITAL STATE BANK, INC.)
DIRECTORS
DEFERRAL PLAN
THIS AMENDMENT NO. ONE TO RABBI TRUST FOR THE DIRECTORS
DEFERRAL PLAN, is made and entered into this _13th_ day of _November___, 2008,
effective January 1, 2005, by and between Summit Community Bank, Inc., as
successor in interest to Capital State Bank, Inc., or any successor thereto
(hereinafter referred to as “Bank”), and the trust department of Summit
Community Bank, Inc., as successor in interest to South Branch Valley National
Bank, or any successor trust department (hereinafter refereed to as the
“Trustee”).
WHEREAS, Bank and the Trustee
entered into that certain Trust Agreement effective as of April 17, 2000 (the
“Trust Agreement”), to hold, manage, invest, reinvest and dispose of the Trust
Estate in accordance with the terms and conditions of the Bank’s Director’s
Deferral Plan dated August 1, 2000, as amended December 30, 2005, and as
further amended in 2008 and as it may be amended from time to time
thereafter;
WHEREAS, the Trust Agreement
may be amended pursuant to Section XII thereof by a written instrument executed
by the Trustee and the Bank;
WHEREAS, Bank and the Trustee
wish to amend the Trust Agreement as set forth herein to bring the terms of the
Trust Agreement into compliance with the requirements of Section 409A of the
Internal Revenue Code, as amended (the “Code”), said Section 409A having been
enacted pursuant to the American Jobs Creation Act of 2004 and generally
effective for the purposes herein as of January 1, 2005;
NOW
THEREFORE WITNESSETH:
1. Section
V(b)(i) of the Trust Agreement is hereby amended, effective as of January 1,
2005, by adding the following phrase to the end of said Section V(b)(i) as
follows:
1
provided, that in no event
shall the Trustee transfer or locate any Trust assets outside of the United
States.
2. The
right to further amendment is retained by Bank and Trustee, but notwithstanding
the foregoing, no such amendment shall conflict with the terms of the Director’s
Deferral Plan or shall make the trust revocable.
3. This
Amendment No. One may be executed in any number of counterparts, each of which
shall be deemed to be an original, but all of which shall together
constitute only one agreement.
IN WITNESS WHEREOF, this
Amendment No. One has been duly signed by an authorized officer of Bank and an
authorized officer of the Trustee, respectively, all as of this _13th__ day of _November___,
2008.
|
|
SUMMIT
COMMUNITY BANK, INC.
|
|
|
By: /s/_H. Xxxxxxx Xxxxx,
III _________
|
|
|
Its: Co-Chairman_______________________
|
[SEAL]
|
|
SUMMIT
COMMUNITY BANK, INC., Trustee
|
|
|
By: /s/ H. Xxxxxxx Xxxxx,
III____________
|
|
|
Its: Co-Chairman
_____________________
|
[SEAL]
2
