THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT
10.1
THIRD
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (this
“Agreement”), entered into as of the 14th day of December, 2007, 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,
on December 14, 2006, 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,
2010;
WHEREAS,
on December 14, 2007, 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, 2011;
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,
2011.
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,
2011.
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. Bean__________________
Its: Chairman
of the Board of Directors
/s/
H.
Xxxxxxx Xxxxx, III__________________
H.
Xxxxxxx Xxxxx,
III
