Document:

exv4wxby

 

Exhibit 4(b)

March 20, 2007

The Bank of New York Trust Company, N.A. (the “Trustee”)

Corporate Trust Administration

550 Kearny Street, Suite 600

San Francisco, CA 94108

Attention: Ms. Johanna K. Tokunaga

			
	     Re:    	 	HEI Dividend Reinvestment Plan, Amended and Restated Trust Agreement

Ladies and Gentlemen:

     This letter will confirm the terms and conditions of a trust agreement pursuant to which you
have agreed to continue to act as Trustee for the Hawaiian Electric Industries, Inc. (“HEI”)
Dividend Reinvestment and Stock Purchase Plan (“the Plan”). You have previously acted in that
capacity as successor to Bank of Hawaii (a successor by merger to Hawaiian Trust Company, Limited)
under the operative terms of the trust agreement embodied in that certain letter from HEI to
Hawaiian Trust Company dated October 6, 1989. This letter agreement maintains the substance of the
trust agreement currently in effect but amends in certain respects, updates and restates the trust
agreement.

     Attached to this letter is a copy of the Plan, as most recently amended, together with a copy
of the most recent draft of a Registration Statement on Form S-3 (the “Registration Statement”).
This Registration Statement is expected to be filed and become effective this month, and we will
provide you with copies of the Registration Statement when it is filed. We also agree to provide
you from time to time with copies of any subsequent amendments to the Plan or the Registration
Statement and of any subsequent registration statements that may be filed to register additional
shares under the Plan.

     As Trustee, you agree that all HEI shares issued under the Plan and not registered in the
names of the beneficial owners thereof may be registered in your name, solely as Trustee under the
Plan, and not in your individual capacity. The shares to be registered in your name as Trustee
include shares issued under prior versions of the Plan and previous Registration Statements.

     Shares registered in the Trustee’s name under the Plan will be uncertificated and evidenced by
entries on the stock transfer books of HEI. However, should it be determined to issue to the
Trustee one or more certificates to evidence shares under the Plan, you agree to

 

 

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of New York Trust Company, N.A.

March 20, 2007

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safeguard such certificates, and you further agree to surrender any such certificates to HEI
from time to time with appropriate stock transfer powers, to permit transfers of shares pursuant to
the provisions of the Plan.

     You agree to vote the shares registered in your name in accordance with the directions of the
beneficial owners of said shares. You understand that such directions may be given in either of
two ways, which we hereby represent, warrant and certify are in accordance with the provisions of
the Plan: (a) for a participant who has other shares registered in his or her own name, said
participant’s shares registered in your name under the Plan will be voted in the same way that such
a participant votes the shares registered in his or her own name, unless the participant instructs
that the shares in the Plan are to be voted in another way, in which event said shares shall be
voted as instructed; and (b) for a participant who has no shares registered in his or her own name,
said participant’s shares shall be voted in accordance with the instructions of the participant on
a proxy form duly signed and returned by the participant. To the extent the beneficial owners fail
to direct in one of these ways the voting of the shares allocated to their accounts, you agree to
vote the shares registered in the names of such beneficial owners in the same proportion on each
issue as you vote those shares as to which any of these types of instructions have been given by
all other participants who have provided such instructions.

     It shall be the duty of the Administrator under the Plan, which will be HEI’s Shareholder
Services Division, to keep accurate books and records of each participant’s account under the Plan.
It will be HEI’s responsibility to furnish each participant with proxy statements, proxy cards and
any other materials required by law to be provided to beneficial owners of HEI Common Stock, and to
keep accurate records of all proxies given by participants. HEI shall certify to you the
directions given by beneficial owners in the manner provided for in the prior paragraph and the
number of shares with respect to which no directions have been given. You may rely on said
certification for voting the shares registered in your name as Trustee under the Plan. You shall
also rely upon any other certificates, notices, opinions, reports, requests, consents, instruments,
orders, approvals, or other papers, documents or directions purporting to have been signed on
behalf of HEI which you believe to be genuine and authorized.

     HEI will notify each participant of the commencement of any tender offer for securities which
include the HEI Common Stock held in participant’s accounts. HEI will use its best efforts to
distribute to participants in a timely manner the same information that is distributed to all HEI
shareholders in connection with the tender offer. After consulting with you, HEI will provide a
means by which participants may direct you whether or not to tender the HEI Common Stock credited
to their accounts. You agree that you will not tender shares held in any participant’s account for
which you have received no direction from the participant. You agree to follow a participant’s
instruction, at any time prior to a tender offer withdrawal date, to withdraw shares of HEI’s
Common Stock previously directed by participant to be tendered.

 

 

The Bank
of New York Trust Company, N.A.

March 20, 2007

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     For performance of your services under the agreement, you shall be entitled to receive such
reasonable compensation for your services and reimbursement for your expenses (including, without
limitation, reasonable legal fees and expenses) incurred hereunder as Trustee as we may agree upon
from time to time in writing.

     The Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this letter. The Trustee shall not have any duties or responsibilities except those
expressly set forth in this letter and no implied covenants or obligations shall be read into this
letter against the Trustee. None of the provisions of this letter shall require the Trustee to
expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the
performance of any of its duties hereunder, or in the exercise of any of its rights or powers
hereunder.

     Whenever in the administration of the provisions of this letter the Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking or suffering any
action to be taken hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of gross negligence or bad faith on the part of the
Trustee, be deemed to be conclusively proved and established by a certificate signed by one of the
officers of HEI, and delivered to the Trustee and such certificate, in the absence of gross
negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any
action taken, suffered or omitted by it under the provisions of this letter upon the faith thereof.
The Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
entitlement order, approval or other paper or document.

     The Trustee may consult with counsel selected with due care and the advice or any opinion of
such counsel shall be full and complete authorization and protection in respect of any action taken
or omitted by it hereunder in good faith and in accordance with such advice or opinion of counsel.
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents, attorneys, custodians or nominees appointed with due care,
and shall not be responsible for any willful misconduct or negligence on the part of any agent,
attorney, custodian or nominee so appointed; provided, however, that this disclaimer of
responsibility shall be for the benefit of the Trustee only and shall not abrogate any claims that
HEI may have against any such agent, attorney, custodian or nominee.

     Neither the Trustee nor any of its officers, directors, employees or agents shall be liable
for any action taken or omitted under this letter or in connection herewith except to the extent
caused by the Trustee’s gross negligence or willful misconduct, as determined by the final judgment
of a court of competent jurisdiction, no longer subject to appeal or review. Anything in this
letter to the contrary notwithstanding, in no event shall the Trustee be liable for special,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost

 

 

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March 20, 2007

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profits), even if the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action. The Trustee shall not be liable to the parties hereto or deemed
in breach or default hereunder if and to the extent its performance hereunder is prevented by
reason of force majeure. The term “force majeure” means an occurrence that is beyond the control
of the Trustee and could not have been avoided by exercising due care. Force majeure shall include
acts of God, terrorism, war, riots, strikes, fire, floods, earthquakes, epidemics or other similar
occurrences.

     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to the business of the Trustee shall be
the successor of the Trustee hereunder without the execution or filing of any paper with any party
hereto or any further act on the part of any of the parties hereto except on the part of any of the
parties hereto except where an instrument of transfer or assignment is required by law to effect
such succession, anything herein to the contrary notwithstanding.

     HEI shall indemnify, defend and hold harmless the Trustee and its officers, directors,
employees, representatives and agents, from and against and reimburse the Trustee for any and all
claims, expenses, obligations, liabilities, losses, damages, injuries (to person, property or
natural resources), penalties, stamp or other similar taxes, actions, suits, judgments, reasonable
costs and expenses (including reasonable attorneys’ and agents’ fees and expenses) of whatever kind
or nature regardless of their merit, demanded, asserted or claimed against the Trustee directly or
indirectly relating to, or arising from, claims against the Trustee by reason of its participation
in the transactions contemplated hereby, including without limitation all reasonable costs required
to be associated with claims for damages to persons or property, and reasonable attorneys’ and
consultants’ fees and expenses and court costs except to the extent caused by the Trustee’s
negligence or willful misconduct. The foregoing indemnity shall survive the termination of this
letter or the earlier resignation or removal of the Trustee.

     The Trustee agrees to accept and act upon instructions or directions pursuant to this
Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic
methods, provided, however, that: (a) subsequent to such transmission of written instructions
and/or directions the Trustee shall forthwith receive the originally executed instructions and/or
directions in a timely manner, (b) such originally executed instructions and/or directions shall be
signed by a person as may be designated and authorized to sign for the party signing such
instructions and/or directions, and (c) the Trustee shall have received an incumbency certificate
listing such designated persons and containing specimen signatures of such designated persons,
which such incumbency certificate shall be amended and replaced whenever a person is to be added or
deleted from the listing. If HEI elects to give the Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon
such instructions, the Trustee’s understanding of such

 

 

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March 20, 2007

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instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are inconsistent with a
subsequent written instruction. HEI agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk of
interception and misuse by third parties.

     You may resign as Trustee under this agreement, or HEI may remove you as Trustee or otherwise
terminate this agreement, upon sixty (60) days’ prior written notice, or at such earlier time as we
shall mutually agree.

     This letter shall be governed by the laws of the State of Hawaii, but the Trustee’s duties,
obligations, rights, protections, immunities and indemnities hereunder shall be governed by the
laws of the state of California. Each party hereto hereby agrees not to elect a trial by jury of
any issue triable of right by jury, and waives any right to trial by jury fully to the extent that
any such right shall now or hereafter exist with regard to this letter, or any claim, counterclaim
or other action arising in connection herewith. This waiver of right to trial by jury is given
knowingly and voluntarily by each party, and is intended to encompass individually each instance
and each issue as to which the right to a trial by jury would otherwise accrue.

     This letter may be amended or modified solely by a writing signed by both parties hereto.

     If the foregoing accurately sets forth our agreement with respect to this Trust, please so
indicate by having one of your duly authorized officers sign in the space provided below and return
the enclosed additional copies of this letter to the undersigned. This amended and restated trust
agreement shall become effective upon the filing and effectiveness of the Registration Statement.
Upon the effective date hereof, this letter will supersede the previous letter of agreement dated
October 6, 1989, but without affecting the validity of any actions taken pursuant to that letter,
and this letter shall hereafter govern all matters heretofore arising under the prior letter as
well as matters that shall arise in the future.

 

 

The Bank
of New York Trust Company, N.A.

March 20, 2007

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	 	HAWAIIAN ELECTRIC INDUSTRIES, INC.

 	 
	 	By:  	/s/ Eric K. Yeaman
 	 
	 	 	Eric K. Yeaman 	 
	 	 	Financial Vice President, Treasurer &

    Chief Financial Officer 	 
	 

Acceptance

     We accept the foregoing Trust and agree to the terms and conditions therefore set forth above.

	 	 	 	 	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.

 	 
	 	By:  	/s/ Johanna K. Tokunaga
 	 
	 	 	Johanna K. Tokunaga 	 
	 	 	Assistant Vice PresidentEX-10.22

 

EXHIBIT 10.22

EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN

EXECUTIVE AGREEMENT

     THIS AGREEMENT is made and entered into this 20th day of April, 2000, by and between
Centra Bank, Inc., a Bank organized and existing under the laws of the State of West Virginia,
(hereinafter referred to as the, “Bank”), and Douglas J. Leech, Jr. an Executive of the Bank
(hereinafter referred to as the, “Executive”).

     WHEREAS, the Executive is now in the employ of the Bank and it is the consensus of the Board
of Directors (hereinafter referred to as the, “Board”) that the Executive’s services are of
exceptional merit, in excess of the compensation paid and an invaluable contribution to the profits
and position of the Bank in its field of activity. The Board further believes that the Executive’s
experience, knowledge of corporate affairs, reputation and industry contacts are of such value, and
the Executive’s continued services so essential to the Bank’s future growth and profits, that it
would suffer severe financial loss should the Executive terminate his services;

     ACCORDINGLY, the Board has adopted the Centra Bank, Inc. Executive Supplemental Retirement
Plan (hereinafter referred to as the, “Executive Plan”) and it is the desire of the Bank and the
Executive to enter into this agreement which the Bank will agree to make certain payments to the
Executive upon the Executive’s retirement and to the Executive’s beneficiary(ies) in the event of
the Executive’s death pursuant to the Executive Plan;

     FURTHERMORE, it is the intent of the parties hereto that this Executive Plan be considered an
unfunded arrangement maintained primarily to provide supplemental retirement benefits for the
Executive, and to be considered a non-qualified benefit plan for purposes of the Employee
Retirement Security Act of 1974, as amended (“ERISA”). The Executive is fully advised of the
Bank’s financial status and has had substantial input in the design and operation of this benefit
plan; and

     NOW THEREFORE, in consideration of services the Executive has performed in the formation of
the Bank and those services to be performed in the future, and based upon the mutual promises and
covenants herein contained, the Bank and the Executive agree as follows:

	I.	 	DEFINITIONS

	 	A.	 	Effective Date:

The Effective Date of the Plan shall be March 29, 2000.

 

 

	 	B.	 	Plan Year:

Any reference to the “Plan Year” shall mean a calendar year from January 1st to
December 31st. In the year of implementation, the term the “Plan Year” shall mean
the period from the Effective Date to December 31st of the year of the Effective
Date.

	 	C.	 	Retirement Date:

Retirement Date shall mean retirement from service with the Bank which becomes
effective on the first day of the calendar month following the month in which the
Executive reaches age sixty-five (65) or such later date as the Executive may
actually retire.

	 	D.	 	Early Retirement Date:

Early Retirement Date shall mean a retirement from service which is effective prior
to the Normal Retirement Age stated herein, provided the Executive has attained age
sixty (60).

	 	E.	 	Termination of Service:

Termination of Service shall mean the Executive’s voluntary resignation of service
by the Executive or the Bank’s discharge of the Executive with or without cause,
prior to the Early Retirement Date [Subparagraph I(D)].

	 	F.	 	Pre-Retirement Account:

A Pre-Retirement Account shall be established as a liability reserve account on the
books of the Bank for the benefit of the Executive. Prior to the time when the
Executive begins receiving the benefits herein, such liability reserve account
shall be increased or decreased each Plan Year, until the aforestated event occurs,
by the Index Retirement Benefit [Subparagraph I (G)].

An illustration of the calculation of the Pre-Retirement Account liability balance
as set forth herein is attached hereto and marked as Exhibit “A”. The numbers
referred to in said Exhibit A are not actual nor representative of any
Pre-Retirement Account liability balance that may be actually calculated per this
Executive Agreement. Exhibit A is attached hereto merely for illustrative
purposes.

	 	G.	 	Index Retirement Benefit:

The Index Retirement Benefit for the Executive in the Executive Plan for each Plan
Year shall be equal to the excess (if any) of the Index

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[Subparagraph I (H)] for
that Plan Year over the Opportunity Cost [Subparagraph I (I)] for that Plan
Year.

An illustration of the calculation of the Index Retirement Benefit as set
forth herein is attached hereto and marked as Exhibit “A”. The numbers referred to
in said Exhibit A are not actual nor representative of any Index Retirement Benefit
that may be actually calculated per this Executive Agreement. Exhibit A is
attached hereto merely for illustrative purposes.

	 	H.	 	Index:

The Index for any Plan Year shall be the aggregate annual after-tax income from the
life insurance contract(s) described hereinafter as defined by FASB Technical
Bulletin 85-4. This Index shall be applied as if such insurance contract(s) were
purchased on the Effective Date of the Executive Plan.

	 	 	 	 	 
	 
	 	Insurance Company:	 	ING Southland Life Insurance Company
	 
	 	Policy Form:	 	Flexible Premium Adjustable Life
	 
	 	Policy Name:	 	IE Max Universal
	 
	 	Insured’s Age and Sex:	 	46/Male
	 
	 	Riders:	 	None
	 
	 	Ratings:	 	According to the health of the proposed insured
	 
	 	Option:	 	Level
	 
	 	Face Amount:	 	$1,660,982
	 
	 	Premiums Paid:	 	$526,000 Yr 1;  $1,000,000 Yr 2; $700,000 Yr 3
	 
	 	Number of Premium Payments:	 	Three (3)
	 
	 	Assumed Purchase Date:	 	March 29, 2000

If such contracts of life insurance are actually purchased by the Bank, then the
actual policies as of the dates they were actually purchased shall be used in
calculations under this Executive Plan. If such contracts of life insurance are
not purchased or are subsequently surrendered or lapsed, then the Bank shall
receive annual policy illustrations that assume the above-described policies were
purchased or had not subsequently surrendered or lapsed, which illustration will be
received from the respective insurance companies and will indicate the increase in
policy values for purposes of calculating the amount of the Index.

In either case, references to the life insurance contracts are merely for purposes
of calculating a benefit. The Bank has no obligation to purchase such life
insurance and, if purchased, the Executives and their beneficiary(ies) shall have
no ownership interest in such policy and shall always have no greater interest in the benefits under this Executive Plan than that
of an unsecured creditor of the Bank.

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	 	I.	 	Opportunity Cost:

The Opportunity Cost for any Plan Year shall be calculated by taking the sum of the
amount of premiums for the life insurance policies described in the definition of
“Index” plus the amount of any after-tax benefits paid to the Executive pursuant to
the Executive Plan (Paragraph II hereinafter) plus the amount of all previous years
after-tax Opportunity Cost, and multiplying that sum by the average after-tax yield
of the one year Treasury Bill minus fifty (50) basis points.

	 	J.	 	Change of Control:

Change of Control shall be defined in the Executive Employment Agreement in effect
on the date of said Change of Control.

	 	K.	 	Normal Retirement Age:

Normal Retirement Age shall mean the date on which the Executive attains age
sixty-five (65).

	II.	 	INDEX BENEFITS

	 	A.	 	Retirement Benefits:

An Executive who remains in the employ of the Bank until the Normal Retirement
Age [Subparagraph I (K)] shall be entitled to receive the balance in the
Pre-Retirement Account in, at the election of the Executive, either seven (7) or
fifteen (15) equal annual installments commencing thirty (30) days following the
Executive’s retirement. If the Executive shall not make said election, then the
Executive shall receive the payments in fifteen (15) equal annual installments as
set forth herein. The Executive may, at any time prior to receiving the total
balance in the Pre-Retirement Account, change said election to receive payments
from seven (7) to fifteen (15) or from fifteen (15) to seven (7). At such time
that the change is made, the number of payments that the Executive has received
shall be subtracted from the number of payments that the Executive elects to
receive and the balance that remains due in the Pre-Retirement Account shall be
divided equally and paid in the number of remaining payments. For example, if the
Executive initially elects to receive his payments in fifteen (15) annual
installments and after he has received two (2) such payments he elects to receive
his payments in seven (7) annual installments, then the Executive shall receive the
remaining balance in the Pre-Retirement Account at the time of said change in
election in five (5) equal annual installments. If, however, the Executive initially elects to receive
seven (7) annual installments and, after receiving two (2) payments he changes his
election to fifteen (15) annual installments, then

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the Executive would receive the
remaining balance in the Pre-Retirement Account in thirteen (13) annual
installments.

In addition to these payments and commencing in conjunction therewith, the Index
Retirement Benefit [Subparagraph I (G)] for each Plan Year subsequent to the
Executive’s retirement, and including the remaining portion of the Plan Year
following said retirement, shall be paid to the Executive until the Executive’s
death.

Notwithstanding the foregoing, the total amount of said benefit (i.e. the
Pre-Retirement Account and the Index Retirement Benefit combined for fifteen (15)
years, or the Index Retirement Benefit alone after the Pre-Retirement Account
Benefit expires in fifteen (15) years) to be received by the Executive said benefit
shall be a guaranteed minimum of One Hundred Fifty Thousand Dollars and NO/100
($150,000.00) for so long as the Executive receives a benefit hereunder. In the
first fifteen (15) years of payments, for purposes of calculating the amount of
benefit received, it shall be assumed that the Executive has elected to receive the
Pre-Retirement Account in fifteen (15) equal annual installments and said minimum
benefit provided hereunder shall be paid accordingly.

An illustration of the calculation of the Retirement Benefits as set forth herein
is attached hereto and marked as Exhibit “A”. Except for the $150,000.00 minimum
benefit set forth hereinabove, the numbers referred to in said Exhibit A are not
actual nor representative of any Retirement Benefits that may be actually
calculated per this Executive Agreement. Exhibit A is attached hereto merely for
illustrative purposes.

	 	B.	 	Early Retirement:

Should the Executive elect Early Retirement or be discharged by the Bank
subsequent to the Early Retirement Date [Subparagraph I (D)], the Executive shall
be entitled to receive the balance in the Pre-Retirement Account paid in, at the
election of the Executive, either seven (7) or fifteen (15) equal annual
installments commencing thirty (30) days following the Executive’s early
retirement. If the Executive shall not make said election, then the Executive
shall receive the payments in fifteen (15) equal annual installments as set forth
herein. The Executive may, at any time prior to receiving the total balance in the
Pre-Retirement Account, change said election to receive payments from seven (7) to
fifteen (15) or from fifteen (15) to seven (7). At such time that the change is
made, the number of payments that the Executive has received shall be subtracted
from the number of payments that the Executive elects to receive and the balance
that remains due in the Pre-Retirement Account shall be divided equally and paid in the number of remaining payments. For example, if the Executive
initially elects to receive his payments in fifteen (15) annual installments and
after he has received two (2) such payments he elects to receive his payments in
seven (7) annual

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installments, then the Executive shall receive the remaining
balance in the Pre-Retirement Account at the time of said change in election in
five (5) equal annual installments. If, however, the Executive initially elects to
receive seven (7) annual installments and, after receiving two (2) payments he
changes his election to fifteen (15) annual installments, then the Executive would
receive the remaining balance in the Pre-Retirement Account in thirteen (13) annual
installments.

In addition to these payments and commencing in conjunction therewith, the Index
Retirement Benefit for each Plan Year subsequent to the year in which the Executive
retires early, and including the remaining portion of the Plan Year in which the
Executive retires early, shall be paid to the Executive until the Executive’s
death.

Notwithstanding the foregoing, the total amount of said benefit (i.e. the
Pre-Retirement Account and the Index Retirement Benefit combined, or the Index
Retirement Benefit alone after the Pre-Retirement Account Benefit expires) to be
received by the Executive in the first fifteen (15) years of receipt of said
benefit shall be a guaranteed minimum of One Hundred Fifty Thousand Dollars and
NO/100 ($150,000.00). After the Executive has received fifteen (15) annual benefit
payments as set forth herein, then there shall not be any minimum guaranteed
benefit and the Executive shall continue to receive only those benefits set forth
hereinabove. In the first fifteen (15) years of payments, for purposes of
calculating the amount of benefit received, it shall be assumed that the Executive
has elected to receive the Pre-Retirement Account in fifteen (15) equal annual
installments and said minimum benefit provided hereunder shall be paid accordingly.

An illustration of the calculation of the Early Retirement Benefits as set forth
herein is attached hereto and marked as Exhibit “A”. Except for the $150,000.00
minimum benefit set forth hereinabove, the numbers referred to in said Exhibit A
are not actual nor representative of any Early Retirement Benefits that may be
actually calculated per this Executive Agreement. Exhibit A is attached hereto
merely for illustrative purposes.

	 	C.	 	Termination of Service:

Should an Executive suffer a Termination of Service the Executive shall be
entitled to receive the balance in the Pre-Retirement Account payable to the
Executive in, at the election of the Executive, either seven (7) or fifteen (15)
equal annual installments commencing thirty (30) days following the Executive’s
attaining age sixty (60). If the Executive shall not make said election, then the Executive shall receive the payments in fifteen
(15) equal annual installments as set forth herein. The Executive may, at any time
prior to receiving the total balance in the Pre-Retirement Account, change said
election to receive payments from seven (7) to

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fifteen (15) or from fifteen (15) to
seven (7). At such time that the change is made, the number of payments that the
Executive has received shall be subtracted from the number of payments that the
Executive elects to receive and the balance that remains due in the Pre-Retirement
Account shall be divided equally and paid in the number of remaining payments. For
example, if the Executive initially elects to receive his payments in fifteen (15)
annual installments and after he has received two (2) such payments he elects to
receive his payments in seven (7) annual installments, then the Executive shall
receive the remaining balance in the Pre-Retirement Account at the time of said
change in election in five (5) equal annual installments. If, however, the
Executive initially elects to receive seven (7) annual installments and, after
receiving two (2) payments he changes his election to fifteen (15) annual
installments, then the Executive would receive the remaining balance in the
Pre-Retirement Account in thirteen (13) annual installments.

In addition to these payments and commencing in conjunction therewith, the Index
Retirement Benefit for each Plan Year subsequent to the year in which the Executive
attains age sixty (60), and including the remaining portion of the Plan Year in
which the Executive attains age sixty (60), shall be paid to the Executive until
the Executive’s death.

Notwithstanding the foregoing, the total amount of said benefit (i.e. the
Pre-Retirement Account and the Index Retirement Benefit combined, or the Index
Retirement Benefit alone after the Pre-Retirement Account Benefit expires) to be
received by the Executive in the first fifteen (15) years of receipt of said
benefit shall be a guaranteed minimum of One Hundred Fifty Thousand Dollars and
NO/100 ($150,000.00). After the Executive has received fifteen (15) annual benefit
payments as set forth herein, then there shall not be any minimum guaranteed
benefit and the Executive shall continue to receive only those benefits set forth
hereinabove. In the first fifteen (15) years of payments, for purposes of
calculating the amount of benefit received, it shall be assumed that the Executive
has elected to receive the Pre-Retirement Account in fifteen (15) equal annual
installments and said minimum benefit provided hereunder shall be paid accordingly.

An illustration of the calculation of Termination of Service Benefits as set forth
herein is attached hereto and marked as Exhibit “A”. Except for the $150,000.00
minimum benefit set forth hereinabove, the numbers referred to in said Exhibit A
are not actual nor representative of any Termination of Service Benefits that may
be actually calculated per this Executive Agreement. Exhibit A is attached hereto
merely for illustrative purposes.

	 	D.	 	Death:

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Should the Executive die prior to having received the balance of the Pre-Retirement
Account the Executive shall be entitled to under the terms of this Executive Plan,
the entire unpaid balance of the Executive’s Pre-Retirement Account shall be paid
in a lump sum to the individual or individuals the Executive may have designated in
writing and filed with the Bank. In addition, after twelve (12) months from the
date of this Agreement, upon the death of the Executive, the Bank shall pay the
Executive’s beneficiary(ies) an amount equal to Two Million Five Hundred Thousand
Dollars ($2,500,000.00), less any death benefit payments received by the
Executive’s beneficiary(ies) under any other life insurance benefit provided by the
Bank except those benefits paid as a result of any term insurance or group term
insurance provided by the Bank. In the absence of any effective designation of
beneficiary(ies), the unpaid balance shall be paid as set forth herein to the duly
qualified executor or administrator of the Executive’s estate. Said payment due
hereunder shall be made the first day of the second month following the decease of
the Executive. Provided, however, that anything hereinabove to the contrary
notwithstanding, no death benefit shall be payable hereunder if the Executive dies
on or before the 29th day of March, 2000.

	 	E.	 	Disability Benefit:

In the event the Executive becomes disabled prior to any Termination of Service,
and the Executive’s employment is terminated because of such disability, he shall
begin receiving one hundred percent (100%) of the benefits in Subparagraph II (A)
above only should the Bank’s long term disability coverage payments to the
Executive cease, the Bank’s long term disability policy shall terminate, or when
the Executive attains age sixty-five (65), whichever event shall first occur. If
there is a dispute regarding whether the Executive is disabled, such dispute shall
be resolved by a physician selected by the Bank. a physician selected by the
Executive, and a third physician selected by each of the other two (2) physicians.
Such resolution shall be binding upon all parties to this Agreement.

	 	F.	 	Death Benefit:

Except as set forth above, there is no death benefit provided under this Agreement.

	III.	 	RESTRICTIONS UPON FUNDING

The Bank shall have no obligation to set aside, earmark or entrust any fund or money with
which to pay its obligations under this Executive Plan. The Executive, their
beneficiary(ies), or any successor in interest shall be and remain simply a general
creditor of the Bank in the same manner as any other creditor having a general claim for
matured and unpaid compensation.

8

 

The Bank reserves the absolute right, at its sole discretion, to either fund the
obligations undertaken by this Executive Plan or to refrain from funding the same and to
determine the extent, nature and method of such funding. Should the Bank elect to fund
this Executive Plan, in whole or in part, through the purchase of life insurance, mutual
funds, disability policies or annuities, the Bank reserves the absolute right, in its sole
discretion, to terminate such funding at any time, in whole or in part. At no time shall
any Executive be deemed to have any lien nor right, title or interest in or to any specific
funding investment or to any assets of the Bank.

If the Bank elects to invest in a life insurance, disability or annuity policy upon the
life of the Executive, then the Executive shall assist the Bank by freely submitting to a
physical exam and supplying such additional information necessary to obtain such insurance
or annuities.

	IV.	 	CHANGE OF CONTROL

Upon a Change of Control [Subparagraph I (J)], if the Executive subsequently suffers a
Termination of Service [Subparagraph I (E)], then the Executive shall receive the benefits
promised in this Executive Plan upon attaining Normal Retirement Age, as if the Executive
had been continuously employed by the Bank until the Executive’s Normal Retirement Age.
The Executive will also remain eligible for all promised death benefits in this Executive
Plan. In addition, no sale, merger, or consolidation of the Bank shall take place unless
the new or surviving entity expressly acknowledges the obligations under this Executive
Plan and agrees to abide by its terms.

	V.	 	MISCELLANEOUS

	 	A.	 	Alienability and Assignment Prohibition:

Neither the Executive, nor the Executive’s surviving spouse, nor any other
beneficiary(ies) under this Executive Plan shall have any power or right to
transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise
encumber in advance any of the benefits payable hereunder nor shall any of said
benefits be subject to seizure for the payment of any debts, judgments, alimony or
separate maintenance owed by the Executive or the Executive’s beneficiary(ies), nor
be transferable by operation of law in the event of bankruptcy, insolvency or
otherwise. In the event the Executive or any beneficiary attempts assignment,
commutation, hypothecation, transfer or disposal of the benefits hereunder, the Bank’s
liabilities shall forthwith cease and terminate.

	 	B.	 	Binding Obligation of the Bank and any Successor in Interest:

9

 

The Bank, or Centra Financial Holding, Inc., shall not merge or consolidate into or
with another bank or sell substantially all of 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 Executive Plan. This
Executive Plan shall be binding upon the parties hereto, their successors,
beneficiaries, heirs and personal representatives.

	 	C.	 	Amendment or Revocation:

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

	 	D.	 	Gender:

Whenever in this Executive Plan words are used in the masculine or neuter gender,
they shall be read and construed as in the masculine, feminine or neuter gender,
whenever they should so apply.

	 	E.	 	Effect on Other Bank Benefit Plans:

Nothing contained in this Executive Plan shall affect the right of the Executive to
participate in or be covered by any qualified or non-qualified pension,
profit-sharing, group, bonus or other supplemental compensation or fringe benefit
plan constituting a part of the Bank’s existing or future compensation structure.

	 	F.	 	Headings:

Headings and subheadings in this Executive Plan are inserted for reference and
convenience only and shall not be deemed a part of this Executive Plan.

	 	G.	 	Applicable Law:

The validity and interpretation of this Agreement shall be governed by the laws of
the State of West Virginia.

	 	H.	 	12 U.S.C. § 1828(k):

10

 

Any payments made to the Executive pursuant to this Executive Plan, or otherwise,
are subject to and conditioned upon their compliance with 12 U.S.C. § 1828(k) or
any regulations promulgated thereunder.

	 	I.	 	Partial Invalidity:

If any term, provision, covenant, or condition of this Executive Plan is determined
by an arbitrator or a court, as the case may be, to be invalid, void, or
unenforceable, such determination shall not render any other term, provision,
covenant, or condition invalid, void, or unenforceable, and the Executive Plan
shall remain in full force and effect notwithstanding such partial invalidity.

	 	J.	 	Employment:

No provision of this Executive Plan shall be deemed to restrict or limit any
existing employment agreement by and between the Bank and the Executive, nor shall
any conditions herein create specific employment rights to the Executive nor limit
the right of the Employer to discharge the Executive with or without cause. In a
similar fashion, no provision shall limit the Executive’s rights to voluntarily
sever the Executive’s employment at any time.

	 	K.	 	Exhibit A

An illustration of certain definitions, terms, and benefits as set forth herein is
attached hereto and marked as Exhibit “A”. The certain definitions, terms, and
benefits referred to in said Exhibit A are not actual nor representative of any
certain definitions, terms, and benefits that may be actually in this Executive
Agreement. Exhibit A is attached here to merely for illustrative purposes.

	VI.	 	ERISA PROVISION

	 	A.	 	Named Fiduciary and Plan Administrator:

The “Named Fiduciary and Plan Administrator” of this Executive Plan shall be Centra
Bank, Inc. until its resignation or removal by the Board. As Named Fiduciary and
Plan Administrator, the Bank shall be responsible for the management, control and
administration of the Executive Plan. The Named Fiduciary may delegate to others
certain aspects of the management and operation responsibilities of the Executive Plan including the employment of advisors and the delegation of ministerial duties
to qualified individuals.

	 	B.	 	Claims Procedure and Arbitration:

11

 

In the event a dispute arises over benefits under this Executive Plan and benefits
are not paid to the Executive (or to the Executive’s beneficiary(ies) in the case
of the Executive’s death) and such claimants feel they are entitled to receive such
benefits, then a written claim must be made to the Named Fiduciary and Plan
Administrator named above within sixty (60) days from the date payments are
refused. The Named Fiduciary and Plan Administrator shall review the written claim
and if the claim is denied, in whole or in part, they shall provide in writing
within thirty (30) days of receipt of such claim its specific reasons for such
denial, reference to the provisions of this Executive Plan upon which the denial is
based and any additional material or information necessary to perfect the claim.
Such written notice shall further indicate the additional steps to be taken by
claimants if a further review of the claim denial is desired. A claim shall be
deemed denied if the Named Fiduciary and Plan Administrator fail to take any action
within the aforesaid sixty-day period.

If claimants desire a second review they shall notify the Named Fiduciary and Plan
Administrator in writing within sixty (60) days of the first claim denial.
Claimants may review this Executive Plan or any documents relating thereto and
submit any written issues and comments it may feel appropriate. In their sole
discretion, the Named Fiduciary and Plan Administrator shall then review the second
claim and provide a written decision within thirty (30) days of receipt of such
claim. This decision shall likewise state the specific reasons for the decision
and shall include reference to specific provisions of the Plan Agreement upon which
the decision is based.

If claimants continue to dispute the benefit denial based upon completed
performance of this Executive Plan or the meaning and effect of the terms and
conditions thereof, then claimants may submit the dispute to an Arbitrator for
final arbitration. The Arbitrator shall be selected by mutual agreement of the
Bank and the claimants. The Arbitrator shall operate under any generally
recognized set of arbitration rules. The parties hereto agree that they and their
heirs, personal representatives, successors and assigns shall be bound by the
decision of such Arbitrator with respect to any controversy properly submitted to
it for determination.

Where a dispute arises as to the Bank’s discharge of the Executive for “cause”,
such dispute shall likewise be submitted to arbitration as above-described and the parties hereto agree to be bound by the decision thereunder.

     IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read this Agreement
and executed the original thereof on the 20th day of April, 2000, and that, upon execution, each
has received a conforming copy.

12

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	CENTRA BANK, INC.

Morgantown, West Virginia	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

Witness

	 	 	 	 	 	 

Title
	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Witness	 	 	 	Douglas J. Leech, Jr.	 	 

13

 

BENEFICIARY DESIGNATION FORM

FOR THE EXECUTIVE SUPPLEMENTAL

RETIREMENT PLAN AGREEMENT

PRIMARY DESIGNATION:

	 	 	 	 	 
	Name	 	Address	 	Relationship
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	SECONDARY (CONTINGENT) DESIGNATION:
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 

All sums payable under the Executive Supplemental Retirement Plan Executive Agreement by reason of
my death shall be paid to the Primary Beneficiary, if he or she survives me, and if no Primary
Beneficiary shall survive me, then to the Secondary (Contingent) Beneficiary.

	 	 	 	 	 
	 
	 	 	 	 
	 

Douglas J. Leech, Jr.

	 	 

Date
	 	 

14

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