##### 



EXHIBIT 10.15
 CENTRA FINANCIAL HOLDINGS, INC.
 
  1.
    
    Purpose. The purpose of the Deferred Compensation Plan for Directors (the Plan) is
to provide Directors of Centra Financial Holdings, Inc., and its subsidiaries (collectively,
the Corporation) a vehicle for the deferral of certain of their compensation as a Director.2.
    
    Effective Date. The Plan shall become effective as of December 30, 2005.3.
    
    Eligibility. All Directors of the Corporation or of any subsidiary of the
Corporation shall participate in the Plan.4.
    
    Voluntary Deferral of Compensation.(a) Amount of Voluntary Deferral. A participant may defer receipt of all or a
specified portion of the annual retainer and meeting fees receivable for service as a
Director of the Corporation (Fees), but not any other compensation or expense
reimbursement under this Plan. Deferrals under this paragraph 4 shall be known as
Voluntary Deferrals.(b) Manner of Electing Voluntary Deferral. A participant shall elect to make a
Voluntary Deferral by giving written notice to the Corporation on the applicable election
form, attached hereto as Exhibit A (the Election Form), specifying (i) the amount of the
Voluntary Deferral, expressed as a percentage of Fees.(c) Time of Election. Elections with respect to Voluntary Deferrals may be made at
the following times:
    Change in, or Discontinuance of, Voluntary Deferral Election
 1




---



##### 



Term of Election
 5.
    
    Deferred Compensation Accounts. The Corporation shall establish on its books and
records a Deferred Compensation Account, as provided in this Section. All Voluntary Deferrals
shall be credited to the participants Deferred Compensation Account as of the date the Fees
would have been paid if the participant had not elected a Voluntary Deferral. Balances in the
Deferred Compensation Account shall be credited with interest each year at the rate paid by
Centra Bank, Inc., to similarly situated customers for an one-year certificate of deposit
during such year as determined on the first day of January of each year.6.
    
    Payment of Deferred Compensation.(a) Form of Payment. Payments from the Deferred Compensation Account will be paid
either in a lump-sum cash payment upon the occurrence of a Payment Event, or in installments
upon the occurrence of a Payment Event as set forth in (b) below. The election as to form
shall be made at the time of the Directors initial voluntary Deferral and may be amended
(and such amendment effective) only as set forth in (c) below.(b) Installments. In annual cash payments over an initial period of time between
two (2) and ten (10) years as selected by the Director at the time of his initial voluntary
deferral. Actual annual installment payments shall be calculated by multiplying (I) the
balance in the Deferred Compensation Account as of the end of the month preceding the annual
installment payment, times (II) a fraction equal to the reciprocal of the number of years
remaining in the annual installment period elected by the Director. The initial installment
payment shall be made as soon as administratively possible in the month following the
Payment Event and each subsequent payment upon the anniversary of such first payment.(c) Payment Events and Form of Payment.
   7.
    
    Amount Payable on Death. In the event of a participants death, prior to a total
distribution of his or her Deferred Compensation Account, the balance in such account shall be
determined as of the date of death, and the balance shall be paid in cash as soon as
reasonably possible thereafter to the beneficiary or
 2




---



##### 



beneficiaries previously designated by the participant. Any such designation shall be in
writing and delivered to the Secretary of the Corporation or the Office of the General
Counsel and may be changed by a later-dated designation. The last designation received by
the Corporation shall be controlling; provided, however, that no such designation, or change
or revocation thereof, shall be effective unless received by the Corporation prior to the
participants death, and in no event shall it be effective as of a date prior to such
receipt. If there is no designation in effect, the balance of the participants Deferred
Compensation Account shall be paid to the following persons in the following order of
priority:
 (a)
    
    The participants surviving spouse;(b)
    
    The participants surviving children, in equal shares; or(c)
    
    The legal representative of the participants estate.
 8.
    
    Notwithstanding Section 6(c), a participant may receive a distribution from his or her
Deferred Compensation Account upon the occurrence of an Unforeseeable Emergency. For purposes
of this Plan, Unforeseeable Emergency means (a) a severe financial hardship of the
participant resulting from an illness or accident of the participant; (b) the participants
spouse, or the participants dependent (as defined in Internal Revenue Code Section 152(a));
(c) loss of the participants property due to casualty; or (d) other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the
participant. The definition of Unforeseeable Emergency shall be interpreted consistently with
Treas. Reg. §1.409A-3(g)(3). A distribution on account of an Unforeseeable Emergency may not
be made to the extent that such Unforeseeable Emergency is or may be relieved through
reimbursement or compensation from insurance or otherwise, by liquidation of the participants
assets, to the extent the liquidation of such assets would not cause severe financial
hardship, or by cessation of deferrals under this Plan. Distribution because of an
Unforeseeable Emergency must be limited to the amount reasonably necessary to satisfy the
emergency need (which may include amounts necessary to pay any Federal, state, or local income
taxes or penalties reasonably anticipated to result from the distribution).
 9.
    
    Accelerated Tax Distributions. In the event a participants Deferred Compensation
Account is determined to be income taxable to the participant prior to any Payment Event, the
Deferred Compensation Account shall be distributable to the participant. The participant
shall notify the Corporation of the final determination of taxability and will provide all
information required by the Corporation.
 10.
    

    Compensation Committee Deferral of Distributions. The Corporation shall defer any
distribution required by this Plan to a future date if the Corporation reasonably anticipates
that the Corporations deduction with respect to such distribution will be limited or
eliminated by application of Internal Revenue Code Section 162(m).Any distributions deferred under this Section 10 shall be made upon the earliest date at
which the Corporation anticipates that the deduction of the payment of the amount will not
be limited or eliminated by application of Internal Revenue Code §162(m).
 11.
    

    Unfunded Promise to Pay; No Segregation of Funds or Assets. The right of a
participant to receive any unpaid portion of the participants Deferred Compensation Account
shall be an unsecured claim against the general assets of the Corporation. Neither anything
contained in the Agreement nor the establishment or maintenance of the Deferred Compensation
Account shall require the segregation of any assets of the Corporation or any type of funding
by the Corporation of such account or the amounts payable there from, it being the intention
of the parties that the Plan be an unfunded arrangement for federal
 3




---



##### 



12.
    
    Nonassignability. The right of a participant to receive any unpaid portion of the
participants Deferred Compensation Account shall not be assigned, transferred, pledged or
encumbered or be subject in any manner to alienation of anticipation.
 13.
    
    Administration. This Plan shall be administered by the Compensation Committee of the
Board of Directors, who shall have the authority to adopt rules and regulations for carrying
out the Plan and to interpret, construe and implement the provisions thereof.
 14.
    
    Amendment and Termination. This Plan may be amended, modified or terminated at any
time by the Board of Directors of the Corporation; provided, however, that no such amendment,
modification or termination shall, without the consent of a participant, adversely affect such
participants rights with respect to amounts theretofore accrued to the participants Deferred
Compensation Account.
 DATED: December 15, 2005
    
    Centra Financial Holdings, Inc.By:
    
    Douglas J. LeechIts:
    
    Chairman, President and CEO
 4




---



##### 



EXHIBIT A
 CENTRA FINANCIAL HOLDINGS, INC.
 
     (check one )
 (Must select a number of years between two (2)
and ten (10) years)
 (check one ):
 (I understand that if I do not specify otherwise,
the payments from the Plan after my death will be made to my estate.)
 Signature of DirectorName:
    
    
    
    
    
    Date:
 5