amend1rabbitrustsbv.htm


     

    
      

      

    

     

    
 

    


     

    Exhibit
10.20

     

     

    AMENDMENT
NO. ONE TO RABBI TRUST FOR SUMMIT COMMUNITY BANK, INC. (SUCCESSOR IN INTEREST TO
SOUTH BRANCH VALLEY NATIONAL BANK) 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 South Branch Valley National Bank, 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 June 25, 1999, (the “Trust Agreement”) to hold, manage, invest, reinvest
and dispose of the Trust Estates in accordance with the terms and conditions of
the Bank’s Director’s Deferral Plan effective July 1, 1999, and the Bank’s
Director’s Deferral Plan Agreements dated July 5, 1999, by and between the trust
department of the South Branch Valley National Bank, predecessor in interest to
Summit Community Bank, Inc., and members of the Board of Directors of said South
Branch Valley National Bank, predecessor in interest to Summit Community Bank,
Inc., and which Directors Deferral Plan Agreements follow from and replace those
certain Deferred Compensation Plan for Directors Agreements dated June 17, 1994,
as amended

     

    December
30, 2005, and as further amended in 2008 and as they 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;

     

     

    
      
        
        

      

      
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    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:

     

    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 Director’s Deferral Plan Agreements 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. Charles Maddy,
      III___________

            


    

     

    
      	
               
      

            	
              Its:  Co-Chairman____________________

            


    

    [SEAL]

    


    


    
      	
               
      

            	
              SUMMIT
      COMMUNITY BANK, INC., Trustee

            


    

     

    
      	
               
      

            	
              By:  /s/ H. Charles Maddy,
      III____________

            


    

     

    
      	
               
      

            	
              Its:  Co-Chairman_____________________

            


    

    
      	 
      


    

    [SEAL]



    


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