Exhibit 10.1
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AGREEMENT
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THIS AGREEMENT, made and entered into this 28th day of May,
2003. by and between WESBANCO BANK, INC., hereinafter referred to
as "Bank" and XXXXX X. XXXXXXXX, hereinafter referred to as
"Employee", and WESBANCO, INC., a West Virginia corporation,
hereinafter referred to as "Wesbanco".
WHEREAS, Employee is serving as an executive officer of the
Bank as of the date hereof; and
WHEREAS, the Bank wishes to assure itself of the Employee's
full time employment and continuing services in an executive
capacity.
WITNESSETH THAT: In consideration of the mutual promises
and undertakings hereinafter set forth, the parties hereto agree
as follows:
1. OFFER OF EMPLOYMENT. The Bank agrees to, and hereby
does, continue the employment of Employee at Bank in an executive
capacity. In that capacity, Employee shall be answerable to the
Board of Directors of the Bank and such other officers of
Wesbanco, the parent company of the Bank, as the Board of
Directors of Wesbanco shall direct. Employee shall perform such
duties, compatible with his employment under the Agreement, as
the Bank, and Wesbanco, from time to time may assign to him.
2. COMPENSATION. As compensation for the performance of
the services specified in Paragraph (1) and the observance of all
of the provisions of this Agreement, the
Bank agrees to pay Employee, and Employee agrees to accept, the
following amounts and benefits during his term of employment:
(A) Salary at a rate to be determined by
the Board of Directors of the Bank, with notice to
be given to employee in May of each calendar year,
but in no event shall Employee's salary be less
than One Hundred Twenty-five Thousand Dollars
($125,000.00) per year, plus any increases granted
by the Board of Directors after the date hereof,
and payable in equal biweekly installments; and
(B) Such other miscellaneous benefits and
perquisites as the Bank provides to its executive
employees generally.
3. ACCEPTANCE OF EMPLOYMENT. Employee accepts the
employment provided for herein, at the salary set forth above,
and agrees to devote his talents and best efforts to the
diligent, faithful, and efficient discharge of the duties of his
employment, and in furtherance of the operations and best
interests of Bank, and observe and abide by all rules and
regulations promulgated by Bank for the guidance and direction of
its employees and the conduct of its business, operations, and
activities.
4. TERM OF AGREEMENT. The employment term provided for
herein shall consist of a revolving period of three years, with
the initial term beginning on the 28th day of May, 2003, and
ending on the 27th day of May, 2006. The term of this Agreement
shall automatically be extended on each anniversary of the
beginning date of the term hereof for an additional one year,
thereby creating a new three year term, unless written notice of
termination hereof is given by either party at least ninety (90)
days prior to the anniversary date of the
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beginning date of this Agreement. Any such notice of non-renewal
shall not affect the continuation of the term of this Agreement
existing at the time of such non-renewal.
5. CONFIDENTIALITY. Employee agrees that such information
concerning the business, affairs, and records of Bank as he may
acquire in the course of, or as incident to, his employment
hereunder, shall be regarded and treated as being of a
confidential nature, and that he will not disclose any such
information to any person, firm, or corporation, for his own
benefit or to the detriment of Bank, during the term of his
employment under this Agreement or at any time following the
termination thereof.
6. MISCELLANEOUS BENEFITS. This Agreement is not
intended, and shall not be deemed to be in lieu of any rights,
benefits, and privileges to which Employee may be entitled as an
Employee of Bank under any retirement, pension, profit sharing,
insurance, hospital, bonus, vacation, or other plan or plans
which may now be in effect or which may hereafter be adopted by
Bank, it being understood that Employee shall have the same
rights and privileges to participate in such plans and benefits,
as any other employee, during the period of his employment.
7. BINDING EFFECT. This Agreement shall inure to the
benefit of and be binding upon Bank's successors and assigns,
including, without limitation, any company or corporation which
may acquire substantially all of Bank's assets or business, or
with, or into which Bank may be merged or otherwise consolidated.
8. TERMINATION. The Employee's employment hereunder shall
terminate upon the earliest to occur of any one of the following:
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(A) The expiration of the initial term of
this Agreement, or any extended term of this
Agreement by written notice of termination as
provided in Paragraph (4) hereof; or
(B) By the Bank for cause, after thirty (30)
days written notice to Employee. Cause for
purposes of this Agreement shall mean as follows:
(i) An act of dishonesty, willful
disloyalty or fraud by the Employee that
the Bank determines is detrimental to
the best interests of the Bank; or
(ii) The Employee's continuing
inattention to, neglect of, or inability
to perform, the duties to be performed
under this Agreement, or
(iii) Any other breach of the
Employee's covenants contained herein or
of any of the other terms and provisions
of this Agreement, or
(iv) The deliberate and intentional
engaging by the Employee in gross
misconduct which is materially and
demonstrably injurious to the Bank.
(C) Employee shall have the right to
terminate this Agreement and his active employment
hereunder at any time upon ninety (90) days written
notice to the Bank.
(D) Upon the death of Employee, this
Agreement shall automatically terminate.
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9. EFFECT OF TERMINATION. In the event of a termination
of this Agreement, Employee shall be paid the following severance
benefits, payable promptly after the date of termination of his
employment, in the following manner:
(A) In the event that this Agreement is
terminated by the death of Employee, this Agreement
shall be deemed to have been terminated as of the
date of such death except, however, that Bank shall
pay to the surviving spouse of Employee, or in lieu
thereof, to Employee's estate, an amount equal to
six months of the base salary at his then current
base rate, provided, however, that if such death
occurs within six months of the normal retirement
date as provided by the Bank's defined benefit
pension plan, or after such normal retirement date,
so that a pension distribution or benefit is
payable to the surviving spouse of Employee, such
payment shall be reduced to an amount equal to one
month of the base salary at his then current base
rate.
(B) In the event that this Agreement is
terminated by Employee and Bank by mutual
agreement, then Bank shall pay such severance
benefits, if any, as shall have been agreed upon by
Bank and Employee.
(C) In the event that Bank attempts to
terminate this Agreement, other than for cause,
death of Employee, or by mutual agreement with
Employee, in addition to any other rights or
remedies which Employee may have, Employee shall
receive an amount equal to the greater of (i) six
months of base salary at his then current base
rate, or (ii) the base salary Employee would have
received had he continued to be employed pursuant
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to this Agreement throughout the end of the then
existing term of employment hereunder.
(D) In the event Bank terminates this
Agreement for cause, no severance benefits shall be
payable hereunder.
10. ENTIRE UNDERSTANDING; AMENDMENT. This Agreement
supersedes all previous agreements between Employee and Bank and
contains the entire understanding and agreement between the
parties with respect to the subject matter hereof, and cannot be
amended, modified, or supplemented in any respect except by a
subsequent written agreement executed by both parties.
11. APPLICABLE LAW. This Agreement shall be governed by
and construed in accordance with the laws of the State of West
Virginia.
12. CERTAIN OBLIGATIONS OF WESBANCO. While the parties
acknowledge that certain provisions of this Agreement may be
unenforceable in some respects against the Bank, pursuant to
applicable banking law, it is nonetheless the intention of the
parties to create pursuant to this Agreement a valid employment
for a definite term with specified benefits. As an inducement
for Employee and Bank to enter into this Agreement whereby
Employee would be employed by Bank for a definite term, Wesbanco
hereby undertakes the independent, separate and unconditional
obligation to Employee to pay all amounts which are or may become
due to Employee under this Agreement as set forth herein,
regardless of the status of the direct or indirect enforceability
or validity of Bank's obligation to pay any or all such amounts
as may be due hereunder to Employee; provided, however, that for
purposes of this Paragraph 12, Wesbanco shall be obligated to the
Employee for any bonuses or any increases in base salary in
excess of the rate of One Hundred Twenty-five Thousand Dollars
($125,000.00) per annum only
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to the extent that it has consented to such bonuses or increases.
Wesbanco also acknowledges that it may or may not be entitled to
indemnification or contribution from Bank or to be subrogated to
the claim of Employee hereunder for any payments Wesbanco may make
to Employee; and Wesbanco hereby specifically waives any rights it
may otherwise have to indemnification or contribution from Bank or
to be subrogated to the claim of Employee hereunder in the event that
such payments as are made by Wesbanco would be unenforceable or invalid
for any reason against Bank.
13. MISCELLANEOUS. The invalidity or unenforceability of
any term or provision of this Agreement as against any one or
more parties hereto, shall not impair or effect the other
provisions hereof or the enforceability of said term or provision
against the other parties hereto, and notwithstanding any such
invalidity or unenforceability, each term or provision hereof
shall remain in full force and effect to the full extent
consistent with law.
IN WITNESS WHEREOF, Bank and Wesbanco have caused these
presents to be signed and their corporate seals to be hereto
affixed, and Employee has hereto affixed his signature and seal,
at Wheeling, West Virginia, as of the day and year first above
written.
WESBANCO BANK, INC.
By /s/ Xxxx X. Xxxxxxx
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Its Chairman
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(SEAL)
ATTEST:
/s/ Xxxxx X. Xxxxxxx
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Secretary
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/s/ Xxxxx X. Xxxxxxxx
----------------------------(SEAL)
XXXXX X. XXXXXXXX
WESBANCO, INC.
By /s/ Xxxx X. Xxxxxxx
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Its President & CEO
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(SEAL)
ATTEST:
/s/ Xxxxx X. Xxxxxxx
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Secretary
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