Document:

EX-10.15

 

EXHIBIT 10.15

CENTRA FINANCIAL HOLDINGS, INC.

DEFERRED COMPENSATION PLAN

FOR

DIRECTORS

(Effective December 30 2005)

	1.	 	Purpose. The purpose of the Deferred Compensation Plan for Directors (the “Plan”) is
to provide Directors of Centra Financial Holdings, Inc., and its subsidiaries (collectively,
the “Corporation”) a vehicle for the deferral of certain of their compensation as a Director.
	 
	2.	 	Effective Date. The Plan shall become effective as of December 30, 2005.
	 
	3.	 	Eligibility. All Directors of the Corporation or of any subsidiary of the
Corporation shall participate in the Plan.
	 
	4.	 	Voluntary Deferral of Compensation.
	 
	 	 	(a) Amount of Voluntary Deferral. A participant may defer receipt of all or a
specified portion of the annual retainer and meeting fees receivable for service as a
Director of the Corporation (“Fees”), but not any other compensation or expense
reimbursement under this Plan. Deferrals under this paragraph 4 shall be known as
“Voluntary Deferrals.”
	 
	 	 	(b) Manner of Electing Voluntary Deferral. A participant shall elect to make a
Voluntary Deferral by giving written notice to the Corporation on the applicable election
form, attached hereto as Exhibit A (the “Election Form”), specifying (i) the amount of the
Voluntary Deferral, expressed as a percentage of Fees.
	 
	 	 	(c) Time of Election. Elections with respect to Voluntary Deferrals may be made at
the following times:

     (i) A nominee for election for Director (who is not at the time of nomination a sitting
Director) may elect a Voluntary Deferral any time before election to the Board and before being
entitled to receive any Fees or a committee. A Voluntary Deferral shall be effective upon such
person’s election to the Board.

     (ii) A sitting Director who has never elected to make a Voluntary Deferral may
elect to make a Voluntary Deferral at any time during the year. Such Voluntary
Deferral election shall not, however, be effective until January 1 of the following
year.

     (iii) A sitting Director who has discontinued a Voluntary Deferral under
subparagraph 4(d), may again elect to make a Voluntary Deferral at any time during
the year, but the election will not be effective until January 1 of the following
year.

(d) Change in, or Discontinuance of, Voluntary Deferral Election. A participant may
elect to change a prior election with respect to his or her Voluntary Deferral by completing
a new Election Form, but such election shall not, however, be effective until January 1 of
the following year. A participant may elect to discontinue a Voluntary Deferral at any
time, but such election shall not be effective until the first day of the next calendar
quarter.

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(e) Term of Election. Unless discontinued pursuant to subparagraph (d) above, a
Voluntary Deferral shall continue in effect until the end of the participant’s service as a
Director.

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

     (i) A participant shall, at the same time as he or she first makes a Voluntary Deferral
Election, specify on the Election Form the date the payment shall be made and whether
payment of his or her Account will be in the form of a lump-sum or installments. For
purposes of this Plan, “Payment Event” means the earlier of the date specified on the
Election Form or the participant’s death. A participant may change, at any time which is at
least twelve months prior to the date of the first scheduled payment to the participant
under the Plan, his or her election regarding the commencement of the payment or form of the
payment of his or her Account; however, the new election will be effective only after twelve
months from when the new election is made and only if the first payment with respect to
which such election is made is deferred for a period of not less than 5 years from the date
such payment would otherwise have been made.

     (ii) If no valid election has been made, the Board shall make a lump-sum payment as
soon as reasonably possible following the participant’s retirement from the Board in the
case of a participant who is not an employee of the Corporation and in the case of a
participant who is an employee of the Corporation, as of the first day of the month
following six months after the employee’s termination of employment with the Corporation.

	7.	 	Amount Payable on Death. In the event of a participant’s death, prior to a total
distribution of his or her Deferred Compensation Account, the balance in such account shall be
determined as of the date of death, and the balance shall be paid in cash as soon as
reasonably possible thereafter to the beneficiary or

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	 	 	beneficiaries previously designated by the participant. Any such designation shall be in
writing and delivered to the Secretary of the Corporation or the Office of the General
Counsel and may be changed by a later-dated designation. The last designation received by
the Corporation shall be controlling; provided, however, that no such designation, or change
or revocation thereof, shall be effective unless received by the Corporation prior to the
participant’s death, and in no event shall it be effective as of a date prior to such
receipt. If there is no designation in effect, the balance of the participant’s Deferred
Compensation Account shall be paid to the following persons in the following order of
priority:

	 	(a)	 	The participant’s surviving spouse;
	 
	 	(b)	 	The participant’s surviving children, in equal shares; or
	 
	 	(c)	 	The legal representative of the participant’s estate.

	8.	 	Notwithstanding Section 6(c), a participant may receive a distribution from his or her
Deferred Compensation Account upon the occurrence of an Unforeseeable Emergency. For purposes
of this Plan, “Unforeseeable Emergency” means (a) a severe financial hardship of the
participant resulting from an illness or accident of the participant; (b) the participant’s
spouse, or the participant’s dependent (as defined in Internal Revenue Code Section 152(a));
(c) loss of the participant’s property due to casualty; or (d) other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the
participant. The definition of Unforeseeable Emergency shall be interpreted consistently with
Treas. Reg. §1.409A-3(g)(3). A distribution on account of an Unforeseeable Emergency may not
be made to the extent that such Unforeseeable Emergency is or may be relieved through
reimbursement or compensation from insurance or otherwise, by liquidation of the participant’s
assets, to the extent the liquidation of such assets would not cause severe financial
hardship, or by cessation of deferrals under this Plan. Distribution because of an
Unforeseeable Emergency must be limited to the amount reasonably necessary to satisfy the
emergency need (which may include amounts necessary to pay any Federal, state, or local income
taxes or penalties reasonably anticipated to result from the distribution).

	9.	 	Accelerated Tax Distributions. In the event a participant’s Deferred Compensation
Account is determined to be income taxable to the participant prior to any Payment Event, the
Deferred Compensation Account shall be distributable to the participant. The participant
shall notify the Corporation of the final determination of taxability and will provide all
information required by the Corporation.

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

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

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income tax purposes. No participant shall have any rights to or interest in any specific
assets or shares of common stock of the Corporation by reason of the Plan, and his or her
only rights to enforce payment of the obligations of the Corporation hereunder shall be
those of a general creditor of the Corporation.

	12.	 	Nonassignability. The right of a participant to receive any unpaid portion of the
participant’s Deferred Compensation Account shall not be assigned, transferred, pledged or
encumbered or be subject in any manner to alienation of anticipation.

	13.	 	Administration. This Plan shall be administered by the Compensation Committee of the
Board of Directors, who shall have the authority to adopt rules and regulations for carrying
out the Plan and to interpret, construe and implement the provisions thereof.

	14.	 	Amendment and Termination. This Plan may be amended, modified or terminated at any
time by the Board of Directors of the Corporation; provided, however, that no such amendment,
modification or termination shall, without the consent of a participant, adversely affect such
participant’s rights with respect to amounts theretofore accrued to the participant’s Deferred
Compensation Account.

	 	 	 	 	 
	DATED: December 15, 2005	 	Centra Financial Holdings, Inc.
	 
	 	 	 	 
	 

	 	By:
	 	Douglas J. Leech
	 

	 	Its:
	 	Chairman, President and CEO

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EXHIBIT A

CENTRA FINANCIAL HOLDINGS, INC.

DEFERRED COMPENSATION PLAN

FOR

DIRECTORS

ELECTION FORM

TO THE COMPENSATION COMMITTEE OF CENTRA FINANCIAL HOLDINGS, INC. (the “Corporation”).

     Pursuant to the Deferred Compensation Plan for Directors of Centra Financial Holdings, Inc.
and its subsidiaries (the “Plan”), I hereby elect to defer ___% of all future payments of annual
retainer fees and meeting fees for service on the Board of Directors of the Corporation.

     1. I hereby understand that 100% of the amounts so deferred be credited to a Deferred
Compensation Account and earn interest each year at a rate equal to the rate paid by Centra Bank,
Inc., to its customers for a one-year Certificate of Deposit as determined on the first day of
January of each year.

     2. I hereby elect to have my Deferred Compensation Account paid to me (check one):

                         
in a single lump-sum payment of cash on                                         

                          in annual cash payments over                      years (Must select a number of years between two (2)
and ten (10) years).

     3. In the event of my death before I have received payment of all deferred compensation
payable to me, payments from the Plan are to be made to (check one):

                          my estate

                          the following:                                          (I understand that if I do not specify otherwise,
the payments from the Plan after my death will be made to my estate.)

	 	 	 	 	 	 	 	 	 	 	 
	 

Signature of Director

	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	Date:	 	 
	 

	 	 	 	 

	 	 	 	 
	 	 

5EX-10.16

 

EXHIBIT 10.16

EMPLOYMENT AND CHANGE-OF-CONTROL AGREEMENT

     THIS EMPLOYMENT AND CHANGE-OF-CONTROL AGREEMENT (“Agreement”) made as of the 6th day of July,
2005, by and between CENTRA BANK, INC., a West Virginia corporation (“Employer”), and Karla J.
Strosnider (“Employee”), joined in by CENTRA FINANCIAL HOLDINGS, INC., a West Virginia corporation
(“Centra Financial”), and by CENTRA FINANCIAL CORPORATION-MORGANTOWN, INC., a West Virginia
corporation (“CFC”).

WITNESSETH THAT:

     WHEREAS, Employer desires to retain the services of Employee as its Senior Vice President, 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 Senior Vice President, 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.

     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 $80,000,
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.
Employee shall be entitled to four (4) weeks of vacation per year.

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          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, will continue to be paid
by Employer for a period of two (2) years. 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
on an occurrence of a Change of Control as provided for in Section 4(d) and 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.

          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, or (vi) a material breach by Employee of this
Agreement or any employment agreement with Employer. 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,

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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 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

3

 

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.

               (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.

     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. Joinder by Centra Financial and CFC. Centra Financial and CFC join into this
Agreement to evidence their consent to the terms hereof.

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     7. 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, together with any Stock Option Agreements and Non-Solicitation and
Confidentiality Agreements among any of the parties hereto, 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:

Corporate Secretary

Centra Bank, Inc.

990 Elmer Prince Drive

P. O. Box 656

Morgantown, WV 26507-0656

               with a copy to:

Corporate Secretary

Centra Financial Holdings, Inc.

Centra Financial Corporation – Morgantown, Inc.

990 Elmer Prince Drive

P.O. Box 656

Morgantown, WV 26507-0656

               To Employee:

Karla J. Strosnider

67 Smith Road

Morgantown, WV 26501

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.

5

 

          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—

MORGANTOWN, INC.
	 
	 	 
	 

	 	Douglas J. Leech
	 

	 	President and CEO
	 
	 	 
	 

	 	EMPLOYEE:
	 
	 	 
	 

	 	Karla J. Strosnider
	 

	 	Senior Vice President

6

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