Document:

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Exhibit 4(d)

SUBORDINATED CONTRACT VALUE INTERESTS GUARANTEE

          SUBORDINATED CONTRACT VALUE INTERESTS GUARANTEE (the “Subordinated Guarantee”) dated as of
June 27, 2011, by MANULIFE FINANCIAL CORPORATION, a corporation organized under the laws of Canada
(the “Guarantor”), in connection with certain deferred fixed annuity contracts subject to market
value adjustments on early withdrawals (hereinafter, the “Contracts”) issued by JOHN HANCOCK LIFE
INSURANCE COMPANY (U.S.A.), a stock life insurance company existing under the laws of the State of
Michigan (“JHUSA”).

WITNESSETH:

          WHEREAS, JHUSA will be the issuer of Contracts pursuant to which holders thereof will earn
guaranteed rates of return on contract values (such values, inclusive of earnings, referred to as
“Contract Value Interests”) that JHUSA will determine from time to time with reference to a widely
known index, such as a Consumer Price Index published by the United States Department of Labor; and

          WHEREAS, JHUSA intends to register the offer and sale of such Contract Value Interests under
the U.S. Securities Act of 1933, as amended (the “Securities Act”), by JHUSA and the Guarantor
intends to register the issuance of this Subordinated Guarantee under the Securities Act; and

          WHEREAS, this Subordinated Guarantee is intended to enable JHUSA to be exempt from filing
certain periodic reports under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange
Act”),which will relieve JHUSA of costs and inconvenience; and

          WHEREAS, as the indirect owner of all of JHUSA’s outstanding stock, the Guarantor also will
indirectly benefit from JHUSA’s exemption from reporting.

          NOW, THEREFORE, in consideration of the premises set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Guarantor hereby
agrees as follows:

          SECTION 1. Guarantee. The Guarantor hereby unconditionally guarantees, as a
principal and not merely as a surety, the full and punctual payment when due of all Contract Value
Interests payable by JHUSA pursuant to or from the Contracts to any holder, owner, annuitant or
beneficiary under any Contract creating such interest, to any successor, legatee, heir, or assignee
of any such person or entity, to any other account or option under the Contract, or to any other
account of any such person or entity (all of the foregoing persons, entities, accounts and options
being referred to herein as “Payees”). For this purpose, Contract Value Interests payable by JHUSA
to a Payee from a Contract

	 	(a)	 	upon a full or partial withdrawal, a cancellation, a loan, a full or partial
conversion of account value to annuity payments, or similar removal of assets,

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	 	 	 	will be a net amount equal to the Contract’s then current account value after (i)
increase for any positive market value adjustment that would be credited to a Payee
under the terms of the Contract for the transaction in question and (ii) reduction for
any interest, fees, charges, outstanding loans, and negative market value adjustments
that would be charged against a Payee under the terms of the Contract for the
transaction in question; or
	 
	 	(b)	 	upon payment of any other amount as a consequence of the death of any owner,
holder, or annuitant under a Contract prior to a complete conversion of account value
to annuity payments, will be a net amount equal to the Contract’s then current account
value after (i) increase to reflect any accrued but uncredited statutory interest
attributable thereto and (ii) reduction for any interest, fees, charges, and
outstanding loans that would be charged against a Payee under the terms of the
Contract for the transaction in question.

For this purpose, Contract Value Interests include net amounts removed in connection with the above
transactions and amounts remaining in the Contract, but do not include annuity payments that are
made following the complete or partial conversion of account value to annuity payments.

          SECTION 2. Gross Up. All payments made by the Guarantor to any Payee under this
Subordinated Guarantee shall be made in full, free of and without withholding or deduction for, or
on account of, any present or future Canadian Taxes (as defined below) (other than Excluded Taxes,
as defined below) unless the withholding or deduction of such taxes by the Guarantor is required by
law or by the administration or interpretation of such law and provided that, if the Guarantor
shall be required by law to deduct or withhold any Canadian Taxes (other than Excluded Taxes) from
or in respect of any payment or sum payable to the Payees, the payment or sum payable shall be
increased as may be necessary so that after making all required deductions or withholdings
(including deductions or withholdings applicable to additional amounts payable under this Section)
the Payee receives an amount equal to the sum it would have received if no deduction or withholding
had been made (the “Guarantor Additional Amounts”), and the Guarantor shall pay the full amount
deducted or withheld to the relevant taxation or other authority in accordance with applicable law.

          For the purposes of this Section, “Canadian Taxes” means “any taxes, duties, assessments or
governmental charges of whatever nature imposed or levied by or on behalf of the Government of
Canada, or any province, territory or political subdivision thereof, or any authority therein or
thereof having power to tax” and “Excluded Taxes” means any Canadian Taxes which are imposed on a
Payee with respect to any Contract: (a) (i) by reason of his being a person with whom JHUSA or the
Guarantor is not dealing at arm’s length for the purposes of the Income Tax Act (Canada), or (ii)
by reason of his having a connection with Canada or any province or territory thereof other than
the mere holding, use or ownership or deemed holding, use or
ownership of such Contract; (b) where the Payee would not be  liable
for or subject to such withholding or deduction by making a claim for
exemption to the relevant tax authority; or (c) more than 10
days after

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the Relevant Date (as defined below) except to the extent that the Payee thereof would
have been entitled to Guarantor Additional Amounts on presenting the same for payment on the last
day of such period of 10 days. For the purposes of this Section, “Relevant Date” means the date on
which such payment first becomes due.

          SECTION 3. Guarantee Absolute. The Guarantor agrees that this Subordinated Guarantee
is a guarantee of payment and not of collection or collectibility, and that the obligations of the
Guarantor hereunder shall be primary, absolute and unconditional and, without limiting the
generality of the foregoing, shall not be released, discharged or otherwise affected by:

	 	(i)	 	any extension, renewal, settlement, compromise, waiver or release in respect
of any obligation of JHUSA under the Contracts, or by operation of law or otherwise;
	 
	 	(ii)	 	any modification, amendment, supplement, endorsement or rider to the
Contracts;
	 
	 	(iii)	 	any change in the corporate existence, structure or ownership of JHUSA, or
any insolvency, bankruptcy, reorganization or other similar proceeding affecting JHUSA
or its assets or any resulting release or discharge of any obligation of JHUSA
contained in the Contracts;
	 
	 	(iv)	 	the existence of any defense, claim, set-off or other rights which the
Guarantor may have at any time against JHUSA, or any other person, whether in
connection herewith or any unrelated transactions, provided that nothing herein shall
prevent the assertion of any such claim by separate suit or compulsory counterclaim or
with respect to obligations of the Guarantor other than obligations hereunder;
	 
	 	(v)	 	any invalidity or unenforceability relating to or against JHUSA for any
reason under the Contracts, or any provision of applicable law or regulation
purporting to prohibit the payment by JHUSA of any amount payable by JHUSA under the
Contracts; or
	 
	 	(vi)	 	any other act or omission to act or delay of any kind by JHUSA or any other
person or any other circumstance whatsoever which might, but for the provisions of
this paragraph, constitute a legal or equitable discharge of the Guarantor’s
obligations hereunder.

          SECTION 4. Representations and Warranties. The Guarantor hereby represents and
warrants that:

          (a) Authorization; No Contravention. The execution, delivery and performance by the
Guarantor of this Subordinated Guarantee is within the Guarantor’s powers, has been duly authorized
by all necessary action, requires no action by or in respect of, or filing with, any governmental
body, agency or official to be effective and does not contravene, or constitute a default under,
any provision of applicable law or regulation, as amended from time to time, or the Letters Patent
of Incorporation or by-laws of the Guarantor or of any agreement, judgment, injunction, order,
decree or other instrument

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binding upon the Guarantor or result in or require the creation or imposition of any lien on
any asset of the Guarantor.

          (b) Binding Effect. This Subordinated Guarantee constitutes a valid and binding
agreement of the Guarantor, enforceable against the Guarantor in accordance with its terms.

          SECTION 5. Enforcement of Guarantee. Without limiting any other provision of this
Subordinated Guarantee, in no event shall any Payee have any obligation to proceed against JHUSA or
any other person or property before seeking satisfaction from the Guarantor. Any Payee may enforce
this Subordinated Guarantee directly against the Guarantor, subject to no preconditions other than
failure by JHUSA to pay when due any guaranteed amount.

          SECTION 6. Waiver. Without limiting any other provision of this Subordinated
Guarantee, the Guarantor hereby irrevocably waives promptness, diligence, or notice of acceptance
hereof, presentment, demand, protest and any and all other notice not provided for herein and any
requirement that at any time a Payee or any other person exhaust any right or take any action
against JHUSA and any other circumstances whatsoever that might otherwise constitute a legal or
equitable discharge, release or defense of the Guarantor or that might otherwise limit recourse
against the Guarantor.

          SECTION 7. Compliance with Regulation S-X. This Subordinated Guarantee shall be
interpreted in such a manner that it will be “full and unconditional” as those words are used in
Rule 3-10 of Regulation S-X of the United States Securities and Exchange Commission, as currently
in effect, and as they may be amended from time to time.

          SECTION 8. No Waiver; Remedies. No failure on the part of a Payee to exercise, and
no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise of any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law.

          SECTION 9. Continuing Guarantee; Reinstatement in Certain Circumstances. This
Subordinated Guarantee is a continuing guarantee and the Guarantor’s obligations hereunder shall
(i) remain in full force and effect until the indefeasible payment in full of all Contract Value
Interests payable by JHUSA pursuant to or under the Contracts prior to a complete conversion of
account value to annuity payments and (ii) be binding upon the Guarantor and its successors and
assigns. If at any time any payment by JHUSA of any amounts payable by JHUSA pursuant to or under
the Contracts is rescinded or must otherwise be restored or returned upon the insolvency,
bankruptcy or reorganization of JHUSA or otherwise, the Guarantor’s obligations hereunder with
respect to such payment shall be reinstated as though such payment had been due but not made at
such time.

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          SECTION 10. Termination. The Guarantor may terminate this Subordinated Guarantee as
it would apply to Contract Value Interests in any Contracts issued after the effective termination
date (the “Termination Date”) by giving written notice to JHUSA at least 14 days prior to the
effective Termination Date specified in such notice. The termination of this Subordinated
Guarantee with respect to Contract Value Interests in Contracts to be issued after the effective
Termination Date shall not in any way affect, modify, alter or amend the Guarantor’s obligations
with respect to guarantees of Contract Value Interests in Contracts issued hereunder prior to the
effective Termination Date.

          SECTION 11. Successor Guarantor. In the event of any amalgamation or consolidation by
the Guarantor with or merger by the Guarantor into any other corporation or any transaction
involving the transfer of all or substantially all of the Guarantor’s assets to any corporation or
other entity and which as a matter of law or contract results in the successor corporation or
entity becoming bound by or assuming the Guarantor’s obligations under this Subordinated Guarantee,
such successor corporation or other entity formed by such amalgamation or consolidation or into
which the Guarantor is merged or to which such transfer is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Guarantor under this Subordinated
Guarantee, with the same effect as if it had been named herein as the Guarantor, and thereafter,
the predecessor corporation or entity shall be relieved of all obligations and covenants under this
Subordinated Guarantee.

          SECTION 12. Stay of Time of Payment. Without limiting any other provision of this
Subordinated Guarantee, if the time for payment of any amount payable by JHUSA under a Contract is
stayed upon the insolvency, bankruptcy or reorganization of JHUSA, all such amounts otherwise
subject to payment under the terms of this Subordinated Guarantee shall nonetheless be payable by
the Guarantor hereunder forthwith on demand by the Payee.

          SECTION 13. Subordination. The obligations under this Subordinated Guarantee shall be
unsecured obligations of the Guarantor, and shall be subordinated in right of payment in the event
of bankruptcy, liquidation, dissolution, winding up or reorganization, or upon the acceleration of
any senior indebtedness of the Guarantor and shall be subordinate in right of payment to the prior
payment in full of all other obligations of the Guarantor except for other guarantees or
obligations of the Guarantor which by their terms are designated as ranking equally in right of
payment with or subordinate to this Subordinated Guarantee. This Subordinated Guarantee shall rank
equally in right of payment with all other guarantees issued or to be issued by the Guarantor in
favor of the holders of any securities (including, without limitation, any notes, annuities or
market value adjustments) issued or to be issued by any of the Guarantor’s subsidiaries, which
guarantees are issued to enable such subsidiaries to be exempt from filing periodic reports under
the Exchange Act.

          SECTION 14. Governing Law. This Subordinated Guarantee shall be governed by, and
construed in accordance with, the laws of the Commonwealth of Massachusetts.

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          SECTION 15. Agent for Service; Submission to Jurisdiction: Waiver of Immunities.
The Guarantor: (i) acknowledges that it has, by separate written instrument, irrevocably designated
and appointed John Hancock Life Insurance Company (U.S.A.), 601 Congress Street, Boston,
Massachusetts 02210, as authorized agent for service (the “Agent for Service”) upon whom process
may be served in any legal action or proceeding against it arising out of or in connection with
this Subordinated Guarantee that may be instituted in any state or federal court located in the
City of Boston, Massachusetts (a “Massachusetts Court”); (ii) acknowledges that the Agent for
Service has accepted such designation; and (iii) agrees that service of process upon the Agent for
Service shall be deemed in every respect effective service of process upon the Guarantor in any
such action or proceeding.

          The Guarantor irrevocably: (i) agrees that any legal action or proceeding against it arising
out of or in connection with this Subordinated Guarantee or for recognition or enforcement of any
judgment rendered against it in connection with this Subordinated Guarantee may be brought in any
Massachusetts Court; (ii) agrees that by execution and delivery of this Subordinated Guarantee, the
Guarantor hereby irrevocably accepts and submits to the non-exclusive jurisdiction of any
Massachusetts Court in personam, generally and unconditionally with respect to any such action or
proceeding for itself and in respect of its property, assets and revenues; (iii) waives, to the
fullest extent permitted by law, any objection which it may now or hereafter have to the laying of
venue of any such action or proceeding brought in any Massachusetts Court and any claim that any
such action or proceeding has been brought in an inconvenient forum.

          SECTION 16. Severability. Any provision of this Subordinated Guarantee which is
illegal, invalid, prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such illegality, invalidity, prohibition or unenforceability
without invalidating the remaining provisions hereof and any such illegality, invalidity,
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

          SECTION 17. Entire Agreement. This Subordinated Guarantee embodies the entire
undertaking of the Guarantor with respect to the subject matter hereof and supersedes any prior
written or oral agreements and understandings relating to the subject matter hereof.

          SECTION 18. Amendment. No term or provision of this Subordinated Guarantee may be
waived, amended, supplemented or otherwise modified except in a writing signed by the Guarantor.

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          SECTION 19. Notices. All notices and other communications provided for herein shall
be made in writing and mailed by certified or registered mail, delivered by hand or overnight
courier service as follows:

			
	          (a)	 	If to the Guarantor

Manulife Financial Corporation

200 Bloor Street East

Toronto, Ontario

M4W 1E5

Attention:     Treasurer

			
	          (b)	 	If to JHUSA:

John Hancock Life Insurance Company (U.S.A.)

601 Congress Street

Boston, Massachusetts

02210

Attention:     General Manager, Fixed Products

     Notices mailed by certified or registered mail or sent by hand or overnight courier service
shall be deemed to have been given when received.

     SECTION 20. Counterparts. This Subordinated Guarantee and any amendments, waivers,
consents or supplements hereto may be executed in counterparts, each of which shall constitute an
original, but all of which together shall constitute one and the same instrument.

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          IN WITNESS WHEREOF, the Guarantor has caused this Subordinated Guarantee to be duly executed
and delivered by its officer thereunto duly authorized as an instrument under seal as of the date
first above written.

	 	 	 	 	 
	 	MANULIFE FINANCIAL CORPORATION

 	 
	 	By:  	/s/ Peter J. Levitt	 
	 	 	Name:  	Peter J. Levitt	 
	 	 	Title:  	Executive Vice President & 

Treasurer	 
	 

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          IN WITNESS WHEREOF, the Guarantor has caused this Subordinated Guarantee to be duly executed
and delivered by its officer thereunto duly authorized as an instrument under seal as of the date
first above written.

	 	 	 	 	 
	 	MANULIFE FINANCIAL CORPORATION

 	 
	 	By:  	/s/
Michael W. Bell	 
	 	 	Name:  	Michael W. Bell	 
	 	 	Title:  	Senior Executive Vice President 

& Chief Financial Officer	 
	 

9Exhibit 10.54

Exhibit 10.54

EMPLOYMENT AND CHANGE-OF-CONTROL AGREEMENT

THIS EMPLOYMENT AND CHANGE-OF-CONTROL AGREEMENT (“Agreement”) made as of the 1st day
of June, 2011, by and between CENTRA BANK, INC., a West Virginia corporation (“Employer”),
and Henry M. Kayes, Jr. (“Employee”), joined in by CENTRA FINANCIAL HOLDINGS, INC., a West Virginia
corporation (“Centra Financial”), and by CENTRA FINANCIAL CORPORATION-MARTINSBURG, INC., a West
Virginia corporation (“CFC”).

WITNESSETH THAT:

WHEREAS, Employer desires to retain the services of Employee as its Executive Vice President
and Chief Credit Officer and President — Centra Financial Corporation-Martinsburg, Inc., and
Employee is willing to make his or her services available to Employer, on the terms and subject to
the conditions set forth herein; and

WHEREAS, Employee acknowledges that this Agreement is a benefit to him or her, that this
Agreement is not required for continued employment with Employer or any affiliate and that Employee
is executing this Agreement voluntarily and of his or her free will and volition.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto
agree as follows:

1. Employment. Employee is hereby employed as Executive Vice President and Chief
Credit Officer of Employer and President — Centra Financial Corporation-Martinsburg, to have such
duties and responsibilities as are commensurate with such position. Employee hereby accepts and
agrees to such employment, subject to the general supervision and pursuant to the orders, advice,
and direction of Employer and its Board of Directors. Employee shall perform such duties as are
customarily performed by one holding such position in other same or similar businesses or
enterprises as that engaged in by Employer, and shall also additionally render such other services
and duties as may be reasonably assigned to him or her from time to time by Employer, consistent
with his position.

2. Term of Agreement. The term of this Agreement (Term) shall commence from and after
the date hereof, and shall terminate on the day next preceding the second anniversary of the date
hereof, except for the provisions of Subsection 4(d), which will survive the term of this Agreement
and shall be for a term of two (2) years (Change-of-Control Term). The Change-of-Control Term will
be automatically extended for one month, on each monthly anniversary date after the date hereof,
that Employee is employed by Employer.

 

 

 

3. Compensation; Other Benefits.

a. For all services rendered by Employee to Employer under this Agreement, Employer shall pay
to Employee, for the two-year period beginning on the date hereof, an annual salary of $198,267.28,
payable in accordance with the payroll practices of Employer applicable to all officers. This
salary may be reviewed for an increase sooner if approved by Employee’s Board of Directors. Any
salary increase payable to Employee shall be determined based on a review of Employee’s total
compensation package, Employer’s performance, the performance of Employee and market
competitiveness. Employee’s annual salary, as it may be adjusted from time to time, will be his or
her base salary for purposes of future calculations of benefits. The base salary for purposes of
future calculation of benefits may not be reduced.

b. Except as modified by this Agreement, Employee shall be entitled to participate in all
compensation or employee benefit plans or programs for which Employee may legally be eligible, and
to receive all benefits, perquisites and emoluments for which executive officers of Employer
generally are eligible under any plan or program now or hereafter established and maintained by
Employer, including group hospitalization, health, dental care, life insurance, travel or accident
insurance, disability plans, tax-qualified or non-qualified pension, savings, thrift,
profit-sharing, bonus and incentive plans, deferred compensation plans, sick-leave plans, and
executive incentive compensation plans, including, without limitation, capital accumulation
programs and stock purchase plans. Employee shall be entitled to four (4) weeks of vacation per
year.

c. Employer shall pay or reimburse Employee for all reasonable travel and other expenses
incurred by Employee (and his or her spouse where there is a legitimate business reason for his or
her spouse to accompany him or her) in connection with the performance of his or her duties and
obligations under this Agreement, subject to Employee’s presentation of appropriate vouchers in
accordance with such procedures as Employer may from time to time establish for executive officers
generally.

4. Termination.

a. Termination of Employment. Except for Just Cause, in the event that Employee shall
suffer a termination of employment by Employer or a material change in title, position, status, pay
or benefits, location of employment or authority or duties, the Employee shall be entitled to
receive two year’s compensation, including base salary for purposes of benefit calculation, and
customary and usual incentives and bonuses (based on the average of the incentives and bonuses paid
to Employee during or for the previous two full years, or if less than two full years the amount of
said incentives and bonuses so paid divided by two, prior to termination) payable to Employee
within ninety (90) days after termination, and all benefits as set forth in this Agreement,
including the benefits provided for in Section 3 hereof, except use of an automobile and country
club membership, will continue to be paid by Employer for a period of two (2) years or until
Employee is employed by a third party who provides or makes available such benefits to its
employees, generally, whichever is earlier. At the time of said termination, this Agreement shall
terminate and the Employer shall be obligated to make the payments as set forth in this Subsection
4(a) as severance compensation to the Employee.
Provided, however, that the payments provided for herein shall not be payable to Employee in
the event of voluntary termination by Employee, except a voluntary termination by Employee
following a material change in title, position, status, pay or benefits, location of employment or
authority or duties by Employer without Just Cause.

 

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b. Death. If Employee shall die during the Term, this Agreement and the employment
relationship hereunder will automatically terminate on the date of death, which date shall be the
last date of the Term. Notwithstanding this Subsection 4(b), if Employee dies while employed by
Employer, Employee’s estate shall receive Employee’s Compensation as defined in Section 3 herein
for a period of two years. If the Employee shall die while terminated from the Bank and is
receiving payments as set forth in Subsection 4(a) hereinabove, then the Employee’s beneficiaries
shall, at their option, be entitled to receive the remainder of payments due hereunder in a lump
sum. Said amount shall be payable on the first day of the second month following the decease of the
Employee.

c. Just Cause. Employer shall have the right to terminate Employee’s employment under
this Agreement at any time for Just Cause, which termination shall be effective immediately.
Termination for “Just Cause” shall be defined as (i) the willful and/or continued failure of
Employee to perform substantially his or her duties with the Employer to the Employer’s reasonable
satisfaction (other than any such failure resulting from Employee’s incapacity due to illness),
(ii) the willful engaging by Employee in illegal conduct, personal dishonesty, gross personal
misbehavior, or gross misconduct that is demonstrably injurious to Employer, Centra Financial, or
CFC, (iii) the Employee’s conviction of, or plea of guilty or nolo contendere to, a felony
involving moral turpitude, (iv) breach of any fiduciary duty involving personal profit, (v) failure
to pass any legal drug test given by or on behalf of the Employer pursuant to a drug testing policy
applicable to Employer’s employees generally, (vi) a material breach by Employee of this Agreement
or any employment agreement with Employer, or (vii) breach of Section 6 hereof, with a breach to be
determined in Employer’s sole discretion. In the event Employee’s employment under this Agreement
is terminated for Just Cause, Employee shall have no right to receive compensation or other
benefits under this Agreement for any period after such termination.

d. Change of Control. In the event of a Change of Control (as defined below) of
Employer at any time after the date hereof, and there is a termination as defined in Section 4(a)
within 24 months after the Change of Control, Employee shall be entitled to receive any
compensation due but not yet paid through the date of termination and all compensation and benefits
as set forth in Section 4(a) of this Agreement payable within ninety (90) days following such
termination.

A “Change of Control” shall be deemed to have occurred if (i) any person or group of persons
(as defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934) together with its
affiliates, excluding employee benefit plans of Employer, is or becomes, directly or indirectly,
the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Securities Exchange Act of
1934) of securities of Employer or Centra Financial representing 50% or more of the combined voting
power of Employer’s then outstanding securities; provided, however, that any public or private
stock issuance by Employer shall not constitute a change of control for purposes hereunder; or (ii)
during the term of this Agreement: (X) as a result of a tender offer or exchange offer for the

 

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 purchase of securities of Employer (other than such an
offer by Employer for its own securities), or (Y) as a result of a proxy contest, merger,
consolidation or sale of assets, and (Z) as a result of either or any combination of the foregoing,
there is a change in the composition of at least one-half of the members of Employer’s Board of
Directors, except new directors whose election or nomination for election by Employer’s
shareholders is approved by a vote of at least a majority of the directors still in office who were
directors at the beginning of such two-year period; or (iii) the shareholders of Employer or Centra
Financial approve a merger or consolidation of Employer or Centra Financial with and into any other
corporation or entity, which entity is the survivor, other than a merger or consolidation which
would result in the voting securities of Employer or Centra Financial outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or being converted into voting
securities of the surviving entity) at least 50% of the combined voting power of the voting
securities of Employer or Centra Financial or such surviving entity outstanding immediately after
such merger or consolidation.

e. Non-Competition. During any period in which or for which Employee receives
compensation pursuant to this Agreement, including any period represented by payments under Section
4(a) hereof, Employee will not directly or indirectly, either as a principal, agent, employer,
stockholder, co-partner or in any other individual or representative capacity whatsoever, engage in
the banking and financial services business, which includes consumer, savings, commercial banking
and the insurance and trust businesses, or the savings and loan or mortgage banking business, or
any other business in which Employer or its Affiliates are engaged, anywhere in any county in which
Employer or its Affiliates have an office, and in any county contiguous to any county in which
Employer or its Affiliates have an office, nor will Employee solicit, or assist any other person in
soliciting, any depositors or customers of Employer or its Affiliates or induce any then or former
employee of Employer or its Affiliates to terminate their employment with Employer or its
Affiliates. The term Affiliate as used in this Agreement means a Person that directly or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with,
another Person. The term Person as used in this Agreement means any person, partnership,
corporation, group or other entity.

f. No Mitigation. In receiving any payments pursuant to this Section 4, Employee shall
not be obligated to seek other employment or take any other action by way of mitigation of the
amounts payable to Employee hereunder and such amounts shall not be reduced or terminated whether
or not Employee obtains other employment.

g. Parachute Payments.

(1) Notwithstanding anything in this Agreement to the contrary, in the event it shall be
determined that any payment, award, benefit or distribution (or any acceleration of any payment,
award, benefit or distribution) by Employer (or any of its affiliated entities) or any entity which
effectuates a Change of Control (or any of its affiliated entities) to or for the benefit of
Employee (whether pursuant to the terms of this Agreement or otherwise) (the Payments) would be
subject to the excise tax (the Excise Tax) under Section 4999 of the Internal Revenue Code of 1986,
as amended (the Code), then the amounts payable to Employee under this Agreement shall be reduced
(reducing first the payments under Section 3(b), unless an alternative method of reduction is
elected by Employee) to the maximum amount
as will result in no portion of the Payments being subject to such Excise Tax (the Safe Harbor
Cap). For purposes of reducing the Payments of the Safe Harbor Cap, only amounts payable under this
Agreement (and no other Payments) shall be reduced, unless consented to by Employee.

 

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(2) All determinations required to be made under this Subsection 4(g) shall be made by the
public accounting firm that is generally retained by Employer (the Accounting Firm). In the event
that the Accounting Firm is serving as accountant or auditor for any individual, entity or group
effecting a Change of Control (or if the Accounting Firm fails to make the Determination), Employee
may appoint another nationally recognized public accounting firm to make the determinations
required hereunder (which accounting firm shall then be referred to as the Accounting Firm
hereunder). If payments are reduced to the Safe Harbor Cap, the Accounting Firm shall provide a
reasonable opinion to Employee that he or she is not required to report any Excise Tax on his
federal income tax return. All fees, costs and expenses (including, but not limited to the costs of
retaining experts) of the Accounting Firm shall be borne by Employer, and the determination by the
Accounting Firm shall be binding upon Employer and Employee (except as provided in Subsection (3)
below).

(3) If it is established pursuant to a final determination of a court or an Internal Revenue
Service (the IRS) proceeding which has been finally and conclusively resolved, that Payments have
been made to, or provided for the benefit of, Employee by Employer, which are in excess of the
limitations provided in this Section 4 (hereinafter referred to as an Excess Payment), such Excess
Payment shall be deemed for all purposes to be a loan to Employee made on the date Employee
received the Excess Payment and Employee shall repay the Excess Payment to Employer on demand,
together with interest on the Excess Payment at the applicable federal rate (as defined in Section
1274(d) of the Code) from the date of Employee’s receipt of such Excess Payment until the date of
such repayment. As a result of the uncertainty in the application of Section 4999 of the Code at
the time of the determination, it is possible that Payments which will not have been made by
Employer shall have been made (an Underpayment), consistent with the calculations required to be
made under this Subsection 4(g). In the event that it is determined (i) by the Accounting Firm,
Employer (which shall include the position taken by Employer, or together with its consolidated
group, on its federal income tax return) or the IRS, or (ii) pursuant to a determination by a
court, that an Underpayment has occurred, Employer shall pay an amount equal to such Underpayment
to Employee within ten (10) days of such determination together with interest on such amount at the
applicable federal rate from the date such amount would have been paid to Employee until the date
of payment.

h. Key Employee. To the extent that Employee is a “key employee” (as defined under
Section 416(i) of the Internal Revenue Code, disregarding Section 416(i)(5) of the Internal Revenue
Code) of the Company, no payment of Termination Compensation may be made under this Section 4 prior
to the earlier of (i) the expiration of the six (6) month period measured from the date of
Employee’s separation from service, or (ii) the date of the Employee’s death; provided, however,
that the six (6) month delay required under this Section 4(i) shall not apply to the portion of any
payment resulting from the Employee’s “involuntary separation from service” (as defined in Treas.
Reg. 1.409A 1(n) and including a “separation from service for good reason” as defined in Treas.
Reg. 1.409A i(n)(2) that (a) is payable no later than the last
day of the second year following the year in which the separation of service occurs, and (b)
does not exceed two times the lesser of (i) the Employee’s annualized compensation for the year
prior to the year in which the separation from services occurs, or (ii) the dollar limit described
in Section 401 (a)(17) of the Code. To the extent Termination Compensation payable in monthly
installments under this Section 4 is required to be deferred under the preceding sentence, the
first six months of monthly installments shall be payable in month seven following Employee’s
separation from service and the remaining monthly payments shall be made when otherwise scheduled.

 

5

 

i. Termination of Employment. Any reference in this Agreement to a termination of
employment, severance from employment or separation from employment shall be deemed to mean a
“Termination of Employment.” A “Termination of Employment” means the termination of the Employee’s
employment with the Company and its Affiliates for reasons other than death or disability. Whether
a Termination of Employment takes place is determined based on the facts and circumstances
surrounding the termination of the Employee’s employment. A Termination of Employment will be
considered to have occurred if it is reasonably anticipated that:

(i) the Employee will not perform any services for the Company or its
Affiliates after Termination of Employment, or

(ii) the Employee will continue to provide services for the Company or its
Affiliates at an annual rate that is less than fifty percent (50%) of the bona fide
services rendered during the immediately preceding twelve (12) months of employment.

5. Other Employment. Employee shall devote all of his or her business time, attention,
knowledge and skills solely to the business and interest of Employer and its Affiliates, and
Employer and its Affiliates shall be entitled to all of the benefits, profits and other emoluments
arising from or incident to all work, services and advice of Employee, and Employee shall not,
during the Term hereof, become interested directly or indirectly, in any manner, as partner,
officer, director, stockholder, advisor, employee or in any other capacity in any other business
similar to Employer’s business; provided, however, that nothing herein contained shall be deemed to
prevent or limit the right of Employee to invest in a business similar to Employer’s business if
such investment is limited to less than 5% of the capital stock or other securities of any
corporation or similar organization whose stock or securities are publicly owned or are regularly
traded on any public exchange or less than 1% of the capital stock of any other entity.

6. Nondisparagement. Employee agrees that during the Term of this Agreement and for five
(5) years thereafter not to make any statements that disparage Employer, its respective affiliates,
employees, officers, directors, products or services. Notwithstanding the foregoing, statements
made in the course of sworn testimony in administrative, judicial or arbitral proceedings
(including, without limitation, depositions in connection with such proceedings) shall not be
subject to this Section 6. For the purposes of this Agreement the term “disparagement”,
“disparaging” or “disparage” shall mean a comment, remark, statement or implication, direct or
indirect, made orally, in writing or by any other medium that has the effect
of: (i) casting doubt on the quality of goods or services of a person or entity; (ii) influencing,
or tending to influence, another not to conduct business or associate with a person or entity;
(iii) derogating, belittling, discrediting, casting in a bad light or defaming a person or entity;
or (iv) taking away, casting doubt on, or reducing, or detracting from, the general reputation,
veracity, competency, character or worth of a person or entity or the quality of the products or
services of a person or entity.

 

6

 

7. Arbitration. Except as otherwise provided in this Section 7, all disputes arising
out of or relating to this Agreement, the interpretation or application of this Agreement, or
Employee’s employment with Employer (hereinafter “Covered Disputes”), shall be resolved solely and
exclusively by binding arbitration, applying the law of West Virginia.

Unless otherwise agreed in writing by the parties:

	 	(i)	 	the arbitration will be conducted before a single arbitrator of
the American Arbitration Association (“AAA”), in accordance with the rules of
the AAA then in effect regarding arbitration of employment disputes, which
arbitrator shall be independent of and from all of the parties, and the
arbitrator, any immediate family member living in the arbitrator’s household or
any entity controlled by the arbitrator or any immediate family member living
in the arbitrator’s household shall not be a customer, supplier, contractor or
shareholder of Employer or any affiliate thereof; and

	 
	 	(ii)	 	the arbitration will be conducted in Morgantown, West Virginia.

For purposes of the foregoing, “control” shall mean the direct or indirect ownership of a
majority of an entity’s capital stock, ownership units or other ownership interests, or the direct
or indirect ownership of an interest in a partnership as a general partner. The award rendered by
the arbitrator shall be binding on the parties, and judgment on such award may be entered by any
court of competent jurisdiction.

a. Injunctions to Enforce Arbitration and to Restrain Violations Pending
Arbitration. Notwithstanding the foregoing, either party may file a lawsuit to compel
arbitration of disputes between the parties and to enjoin violations of this Agreement
pending arbitration. Such lawsuit may be brought only in the Circuit Court of Monongalia
County, West Virginia, or the United States District Court for the Northern District of West
Virginia, and Employee and Employer hereby waive any right that they might have to challenge
the selection of those forums, including but not limited to challenges to personal
jurisdiction, venue, or the convenience of the forum. Specifically, by executing this
Agreement, Employee and Employer agree, consent, and stipulate that, in any action to compel
arbitration of a Covered Dispute or to enjoin violations of this Agreement pending
arbitration: (i) the aforesaid courts have personal jurisdiction over Employee and
Employer, (ii) venue is proper in those courts, (iii) those courts provide a convenient
forum for that action; and (iv) neither the Employer nor the Employee shall be required to
provide a bond or surety pursuant to West Virginia Code Section 53-5-9, and in the event
such bond or such surety is required that the amount of such bond or such surety be as
little as possible.

 

7

 

To the maximum extent permitted by the law, the parties stipulate and agree that this
provision supersedes any analysis of choice of laws. To the extent that a choice-of-laws analysis
is required, the parties stipulate and agree that West Virginia and Federal law shall govern such
analysis.

b. Arbitration Costs. Employer shall pay all costs and fees charged by AAA for the
arbitration, including the arbitrator’s fees and expenses (“Arbitration Costs”) provided, however,
the arbitrator shall apportion the award of Arbitration Costs between the parties based upon their
relative degree of success.

8. Joinder by Centra Financial and CFC. Centra Financial and CFC join into this
Agreement to evidence their consent to, and their agreement to be bound by, the terms hereof. CFC
further agrees to employ Employee as its Executive Vice President and Chief Credit Officer of
Employer and President — Centra Financial Corporation-Martinsburg, Inc. during all times that
Employee is Executive Vice President of Employer, with compensation to Employee to be made by
Employer until such time as Employer, Employee, CFC, and Centra Financial agree to the contrary.

9. Miscellaneous.

a. This Agreement shall be governed by and construed in accordance with the laws of the State
of West Virginia without regard to conflicts of law principles thereof.

b. This Agreement constitutes the entire Agreement between Employee and Employer, with respect
to the subject matter hereof, and supersedes all prior agreements with respect thereto.

c. This Agreement may be executed in one or more counterparts, all of which, taken together,
shall constitute one and the same instrument.

d. Any notice or other communication required or permitted under this Agreement shall be
effective only if it is in writing and delivered in person or by reliable overnight courier service
or deposited in the mails, postage prepaid, return receipt requested, addressed as follows:

To Employer:

President

Centra Bank, Inc.

990 Elmer Prince Drive

P. O. Box 656

Morgantown, WV 26507-0656

 

8

 

with a copy to:

President

Centra Financial Holdings, Inc.

Centra Financial Corporation-Morgantown, Inc.

990 Elmer Prince Drive

P.O. Box 656

Morgantown, WV 26507-0656

Corporate Secretary

Centra Financial Corporation-Martinsburg, Inc.

P.O. Box 1109

Martinsburg, WV 25402

To Employee:

Henry M. Kayes, Jr.

122 N. Rosemont Avenue

Martinsburg, WV 25401

with a copy (which shall not constitute notice) to:

Henry M. Kayes

Jenkins Fenstermaker, PLLC

Suite 100, Coal Exchange Building

Fourth Avenue and Eleventh Street

PO Box 2688

Huntington, WV 25726-2688

Notices given in person or by overnight courier service shall be deemed given when delivered
to the address required by this Section 8(d), and notices given by mail shall be deemed given three
days after deposit in the mails. Any party hereto may designate by written notice to the other
party in accordance herewith any other address to which notices addressed to him shall be sent.

e. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof. It is understood and agreed that no failure or delay by Employer or Employee in
exercising any right, power or privilege under this Agreement shall operate as a waiver thereof,
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any other right, power or privilege hereunder.

f. The Employer shall not merge or consolidate into or with another bank or sell substantially
all its assets to another bank, firm or person until such bank, firm or person expressly agrees, in
writing, to assume and discharge the duties and obligations of the Bank under this Agreement. This
Agreement shall be binding upon the parties hereto, their successors, beneficiaries, heirs and
personal representatives.

 

9

 

g. It is agreed by and between the parties hereto that, during the lifetime of the Employee,
this Agreement may be amended or revoked at any time or times, in whole or in part, by the mutual
written consent of the Employee and the Employer.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year
first above written.

	 	 	 	 	 

	 

	 	CENTRA BANK, INC.	 	 
	 
	 	 	 	 
	 

	 	 

Douglas J. Leech
	 	 
	 

	 	President and CEO	 	 
	 
	 	 	 	 
	 

	 	CENTRA FINANCIAL HOLDINGS, INC.	 	 
	 
	 	 	 	 
	 

	 	 	 
	 

	 	Douglas J. Leech	 	 
	 

	 	President and CEO	 	 
	 
	 	 	 	 
	 

	 	CENTRA FINANCIAL CORPORATION-MARTINSBURG, INC.	 	 
	 
	 	 	 	 
	 

	 	 	 
	 

	 	Douglas J. Leech	 	 
	 

	 	Vice President	 	 
	 
	 	 	 	 
	 

	 	EMPLOYEE:	 	 
	 
	 	 	 	 
	 

	 	 	 
	 

	 	Henry M. Kayes, Jr.	 	 

 

10

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