Document:

ex10-15.htm

    
      

    

    Exhibit
10.15

    

    

    

    September
22, 2008

    

    

    

    Dr. Henry
A. Kissinger

    350 Park
Avenue, 26th
Floor

    New York,
NY 10022

    

    Dear Dr.
Kissinger:

    

    Supplemental
Agreement Providing an Extension to the

    Consulting
Agreement of May 1, 1989

    

    The
purpose of this letter is to confirm the automatic renewal of your Consulting
Agreement with FM Services.  Your contracts under both Kissinger
Associates, Inc. dated December 22, 1998, as amended and Kent Associates Inc.
dated May 1, 1989, as amended are considered renewed.

    

    Each
Agreement renews for an additional one-year period beginning January 1, 2009 and
ending December 31, 2009.  All other terms and conditions of the
Agreements as amended between you and FM Services shall remain the
same.

    

    Please
confirm that the foregoing correctly sets forth your understanding with respect
to this matter by signing both originals of this Supplemental Agreement and
returning one to me.

    

    Very
truly yours,

    

    

    /s/ Richard C.
Adkerson

    Richard
C. Adkerson

    Chairman
of the Board

    FM
Services Company

    

    

    AGREED
TO AND ACCEPTED

    

    BY: /s/ Dr. Henry A.
Kissinger                                                                

    Dr. Henry A. Kissinger

    

    DATE:    October
7,
2008ex10-22.htm

    
      

    

    Exhibit
10.22

    

    

    

    September
22, 2008

    

    

    

    Mr. J.
Bennett Johnston, Jr.

    1317
Merrie Ridge Road

    McLean,
Virginia  22101

    

    Dear Mr.
Johnston:

    

    Supplemental
Agreement Providing an Extension to the

    Consulting
Agreement of January 7, 1997

    

    This
Supplemental Agreement refers to the consulting agreement of January 7, 1997
(the "Consulting Agreement"), as amended, with the undersigned, FM Services
Company (the "Company"), with respect to your performance of consulting services
for FM Services and its subsidiaries and affiliates (collectively with FM
Services, the "Freeport Entities").

    

    By way of
this Supplemental Agreement, the Company would like to extend your Consulting
Agreement from January 1, 2009 through December 31, 2009.  All other
terms and conditions of the Consulting Agreement, as amended, shall remain
unchanged.

    

    Please
confirm that the foregoing correctly sets forth your understanding with respect
to this matter by signing both originals of this Supplemental Agreement and
returning one to me.

    

    Very
truly yours,

    

    

    /s/ Richard C.
Adkerson

    Richard
C. Adkerson

    Chairman
of the Board

    FM
Services Company

    

    

    AGREED
TO AND ACCEPTED

    

    

    BY:           /s/ J. Bennett Johnston,
Jr.

    J. Bennett Johnston, Jr.

    

    

    DATE:  October
6, 2008ex10-25.htm

    
      

    

    Exhibit
10.25

    

    

    

    

    

    

    September
22, 2008

    

    

    

    The
Honorable Gabrielle K. McDonald

    2001
Holcombe Boulevard, #3201

    Houston,
Texas 77030

    

    

    Dear
Judge McDonald:

    

    Supplemental
Agreement Providing an Extension to the

    Consulting
Agreement of November 1, 1999

    

    This
Supplemental Agreement refers to the consulting agreement of November 1, 1999
(the "Consulting Agreement"), as amended, with the undersigned, FM Services
Company (the "Company"), with respect to your performance of consulting services
for the Company and its subsidiaries and affiliates.

    

    By way of
this Supplemental Agreement, the Company would like to extend your Consulting
Agreement from January 1, 2009 through December 31, 2009.  All other
terms and conditions of the Consulting Agreement, as amended, shall remain
unchanged.

    

    Please
confirm that the foregoing correctly sets forth your understanding with respect
to this matter by signing both originals of this Supplemental Agreement and
returning one to me.

    

    Very
truly yours,

    

    

    /s/ Richard C.
Adkerson

    Richard
C. Adkerson

    Chairman
of the Board

    FM
Services Company

    

    

    AGREED
TO AND ACCEPTED:

    

    

    BY:  /s/ Gabrielle K.
McDonald                                                                

            The
Honorable Gabrielle K. McDonald

    

    DATE:     October
17,
2008modificationagreement.htm

    MODIFICATION
AND EXTENSION AGREEMENT

     

                    Note
#UNFUNDED

     

    This
MODIFICATION AND EXTENSION AGREEMENT (the "Agreement") is made this 9th day of
November
the year 2008 by and between:

     

    THE
BANKERS' BANK OF KENTUCKY

    107
Progress Drive

    P.O.
Box 713

    Frankfort,
Ky. 40601 ("Lender")

    And

     

    PREMIER
FINANCIAL BANCORP, INC.

    2883
51H
Avenue

    Huntington,
WV 25702("Borrower")

     

    Whereas,
Borrower is indebted to Lender as of the date hereof in the amount of $0.00
evidenced by a promissory note from Borrower to Lender in the original
face amount of three
million five hundred thousand and 00/100 ($3,500,000.00), dated November
10, 2006 (the "Note"), which is secured by 559,800 shares of
Citizens Deposit Bank & Trust (Vanceburg) stock and 18,750 shares of Farmers
Deposit Bank (Eminence) stock.

     

    Now,
Therefore, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Lender and Borrower hereby agree as
follows:

     

    
      	
              1.             

            	
              Amendment
      of Terms. Borrower and Lender desire to modify, renew and/or extend
      the Note by amending The terms thereof as follows, to be effective from
      and after the date hereof:

               

              LINE
      OF CREDIT BORROWING LIMIT DECREASED FROM $3,500,000.00
      TO $3,000,000.00

              
                 

                The
      Maturity Date of the
      Note, at which time all unpaid principal, accrued interest and other
      charges, fees and expenses shall be due and payable in full, shall be
      November
      9, 2009.

                 

                Interest
      shall accrue on the outstanding principal balance of the Note, based on
      the actual number of days elapsed over an assumed year of 360 days, at the
      rate per annum of 1.00% below the JP Morgan Chase Co. Prime, adjusted
      daily, with a floor rate of 3.00%.

                 

                Borrower
      shall make payments on the Note as follows:

                Interest
      due quarterly beginning January 5, 2009. 

                Principal
      and all outstanding interest due and payable at
      maturity.

              

               

            

     

    
      	
              2.             

            	
              Acknowledgements
      and Waivers of Borrower. Borrower acknowledges that it has no
      defense to repayment of the Note in full and Borrower further acknowledges
      that it is not aware of any claim or cause of action it currently has
      against Lender. Borrower hereby fully, finally and forever releases Lender
      from and against any and all claims Borrower has or may have against
      Lender directly or indirectly arising out of the negotiation, closing or
      administration of the loan evidenced by the Note or directly or indirectly
      arising out of the negotiation or execution of this Agreement. Borrower
      further acknowledges and agrees that any other waivers of rights or
      defenses contained in the Note or any of the Security Documents shall
      remain in full force and effect and are hereby remade and affirmed as if
      set forth in full herein.

            

    

     

    
      	
              3.              

            	
              No
      Novation. Lender and Borrower specifically agree that this
      Agreement represents a continuation and modification of credit previously
      extended and is not intended to constitute a novation. Except as expressly
      modified or amended herein, all of the terms and conditions of the Note
      shall remain in full force and
effect

            

    

     

    
      	
              4.             

            	
              LATE
      CHARGE AND DEFAULT RATE OF INTEREST. IF ANY PAYMENT DUE UNDER THE
      NOTE, AS AMENDED HEREBY, IS NOT RECEIVED BY LENDER WITHIN 20 DAYS OF THE
      DATE IT IS DUE, THEN
      A LATE CHARGE OF 3.00%  MAY
      BE CHARGED BY THE LENDER. UPON MATURITY OF THE NOTE, WHETHER BY
      ACCELERATION OR OTHERWISE, OR UPON THE OCCURRENCE OF AN EVENT OF DEFAULT
      UNDER THE NOTE, IN ADDITION TO ANY AND ALL OTHER REMEDIES TO WHICH THE
      LENDER MAY BE ENTITLED, THE APPLICABLE RATE OF INTEREST ON THIS NOTE SHALL
      BE INCREASED TO 5.00% PER ANNUM IN EXCESS OF THE RATE SET FORTH IN
      PARAGRAPH 1, ABOVE

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first set forth
above

    
       

      LENDER:                                  BANKERS'
BANK OF KENTUCKY

                                           
By: 
/s/
John B.
Clark                            

    

              
                                  John
B. Clark, Executive Vice President

     

    BORROWER                                                                                     PREMIER
FINANCIAL BANCORP, INC. 

                                           
By: 
/s/ Robert
W.
Walker                      

                                                   Robert
W. Walker, President & CEOq308exhibit103.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    July 7,
2008

    

    

    

    

    Mr.
Norman R. Bobins

    179 E.
Lake Shore Drive

    Apt.
21E

    Chicago,
IL  60611

    

    Dear
Norm:

     

    It is our
pleasure to extend to you an offer to become a member of the Board of Directors
of PrivateBancorp, Inc. and to become Chairman and a member of the Board of
Directors of The PrivateBank and Trust Company.  As more fully set
forth in the attached term sheet agreement, you will also be a member of various
Board committees.  As discussed, your compensation includes
significant equity awards consistent with our belief that your leadership will
help deliver significant long term value for our shareholders.  We are
very excited about the prospect of having you join our team, and we would like
you to start serving on the Boards as soon as possible.

     

    Please
signify your acceptance of this offer by signing as indicated
below.  You may return this offer letter to the following confidential
fax 312.683.1888.

     

    

     

    Sincerely,                                                                                     Sincerely,

    

    /s/ Ralph
B.
Mandell                                                                 /s/
James M. Guyette

    

    Ralph B.
Mandell                                                                       James
M. Guyette

    Chairman                                                                                     Chairman,
Compensation Committee

    

    

    Accepted:

     

    /s/
Norman R.
Bobins                                                                                                Date:
July 7, 2008

    Norman R.
Bobins

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Term
Sheet

    for

    Bank
Chairman

    

    
      	
              Positions

            	
              Chairman
      and a member of the Board of Directors of

              The PrivateBank and Trust Company
      (“Bank”)

              Member
      of the Board of Directors of PrivateBancorp, Inc. (“Holding Company”)

              (each
      a “Board” and collectively the “Boards”)

              Shall
      serve on such committees of the Holding Company and/or the Bank as
      mutually agreed by the parties and as determined by the applicable
      nominating and governance committee.

               

               

            
	
              Duties

            	
              The
      Chairman will preside at the meetings of the Board of Directors of the
      Bank, and he will be actively involved with the work of the committees for
      which he will be a member.  Subject to the requirements of
      certain obligations with his prior employer, and his other business, civic
      and charitable commitments, the Chairman will be significantly involved in
      activities to promote the interests of the Bank.

               

            
	
              Term

            	
              It
      is the expectation of the Chairman and the Bank that he will undertake
      these positions and duties for a minimum of three years.

               

            
	
              Annual
      Retainer

            	
              The
      Chairman will receive the same cash retainer and regular equity awards as
      do other directors.  In addition, the Chairman will receive such
      additional cash payments as may be required for the Chairman’s annual
      compensation (cash plus regular director equity) to be
      $150,000.

               

            
	
              Stock
      Options

            	
              100,000
      options to be granted on the date the Chairman commences Board
      membership.  One-half of the options (50,000) will be time
      vested (33 1/3% on each of December 31, 2008, December 31, 2009 and
      December 31, 2010).  One-half of the options (50,000) will vest
      on the attainment of the same EPS performance objectives under the 2007
      inducement option awards to senior executives.  See Exhibit A
      for further description of the stock option performance vesting
      provisions.

               

              Chairman
      will not sell any shares (net of taxes) acquired from these awards while
      serving as Chairman.

               

              Voluntary Termination:  Upon the
      Chairman’s voluntary termination from both Boards, (i) he will become
      vested in a pro rata portion of the time-vesting stock options then
      outstanding equal to the number of completed months during the vesting
      period divided by the number of full months necessary to achieve full
      vesting of such option, and (ii) if such voluntary termination occurs on
      or after January 1, 2009, the Chairman will continue to vest through
      December 31, 2012 in the unvested portion of the performance stock options
      and such previously unvested performance stock options will become
      exercisable if the performance vesting conditions relating to the awards
      are satisfied on any applicable  performance vesting date that
      follows the Chairman’s date of termination; provided, the Chairman will be
      vested in a minimum number of performance stock options as equals the
      product of (“Minimum Vesting”) (x) 5% multiplied by (y) the number of
      whole or partial years of service as a member of the Board  from
      January 1, 2008 through the date of termination, to the extent the
      Chairman had not previously become vested in at least such number of
      shares of performance stock options.  If the Chairman
      voluntarily terminates from both Boards prior to January 1, 2009, he will
      forfeit the performance stock options.

               

              Good Leaver Termination:  Upon
      the Chairman’s Good Leaver termination from both Boards, he will become
      vested in all time-vesting stock options and will continue to vest through
      December 31, 2012 in the unvested portion of the performance stock options
      and such previously unvested performance stock options will become
      exercisable if the performance vesting conditions relating to the awards
      are satisfied on any applicable  performance vesting date that
      follows the Chairman’s date of termination; provided, the performance
      stock options will be subject to Minimum Vesting.

               

              Exercise Period:  Upon a
      voluntary termination or Good Leaver termination, vested time-vesting
      stock options (including time-vesting stock options that become vested on
      the date of termination) and then-vested performance stock options will be
      exercisable until the later of December 31, 2012 or 1 year after the
      Chairman’s date of termination (but not beyond the last day of the stock
      option term).  Upon such termination of service, performance
      stock options that subsequently become vested upon attainment of the
      applicable performance objective will be exercisable until the later of
      December 31, 2012 or 1 year after such options become vested (but not
      beyond the last day of the stock option term).

               

            
	
              Restricted
      Shares

               

            	
              $600,000
      of fully vested shares of common stock of the Holding Company, granted and
      valued (rounded to the next highest 5 whole shares) on the date the
      Chairman commences Board membership.

               

              Provided
      he continues to serve as Chairman for 2009 and 2010, the Chairman will be
      granted restricted stock awards of $600,000, which will be granted and
      valued (rounded up to the next highest 5 whole shares) on the anniversary
      dates of the Chairman’s commencement of Board membership if he is a member
      of the Board on such dates.  Such grants will vest on the
      attainment of the same performance objectives under the 2007 inducement
      restricted stock awards to executives.  See Exhibit A for
      further description of the performance share award vesting
      provisions.

               

              Chairman
      will not sell any shares (net of taxes) acquired from these awards while
      serving as Chairman.

               

              Except
      as provided in the last sentence of this paragraph, upon the Chairman’s
      termination from both Boards (other than termination for Cause), he will
      continue to vest through December 31, 2012 in the unvested portion of the
      performance restricted stock if the performance vesting conditions
      relating to the awards are satisfied on any applicable performance vesting
      date that follows the Chairman’s date of termination; provided, the
      performance shares will be subject to Minimum
      Vesting.  Notwithstanding anything in the foregoing to the
      contrary, if the Chairman voluntarily terminates his service with both
      Boards on or before December 31 of the year in which performance
      restricted shares are granted, he will forfeit the performance restricted
      shares granted in that year.

               

            
	
              Staff/Clubs

            	
              Upon
      the expiration of his existing arrangements with his prior employer, the
      Bank shall cover, until July 7, 2011, the Chairman’s expenses as agreed
      for an automobile and driver, payment of certain annual club dues and
      annual operating surcharges (but not including special assessments
      relating to capital items), office space that is mutually agreeable
      between the parties, and secretarial support.  The secretarial
      support shall be selected by the Chairman and shall consist of a full-time
      administrative assistant, a part-time administrative assistant, and an
      assistant to provide staff support for his role at the Chicago Board of
      Education and similar civic activities.

               

              If
      the Chairman resigns as Chairman or as a director, the staff and club
      expense obligations shall cease upon such resignation.  In the
      event the Chairman is not re-elected Chairman of the Bank, he shall
      nevertheless continue to receive the staff and club reimbursement as
      provided above until the third anniversary of his initial election as
      Chairman, if applicable.

               

            
	
              Indemnification

            	
              The
      Chairman shall be provided with indemnification on a basis consistent with
      the other directors of the Bank and the Holding Company.  In
      addition, the Chairman has disclosed certain non-solicitation obligations
      with respect to his prior employer, together with his commitment to comply
      with those obligations.  He will be indemnified for any claims
      that might be brought by his prior employer (or any successor and/or any
      affiliate thereof) relating to his acceptance of the Chairman position
      with the Bank and the Holding Company or the performance of his duties for
      the Bank Board or the Holding Company
Board.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      
        	 
      	
                EQUITY GRANT FEATURE

              	
                PERFORMANCE SHARES

              	
                PERFORMANCE STOCK OPTIONS

              	
                TIME-VESTING STOCK
  OPTIONS

              
	
                1.

              	
                Allocation
      of Total Award

              	
                 

                · $600,000
      in face value in 2009 and 2010.

                 

              	
                 

                · 50,000
      options (value of approximately $550,000).

                 

              	
                 

                · 50,000
      shares (value of approximately $600,000)

                 

              
	
                2.

              	
                Time
      Vesting

              	
                 

                · N/A

                 

              	
                 

                · N/A

                 

              	
                 

                · 33
      1/3% per year on December 31, 2008, December 31, 2009 and December 31,
      2010.

                 

              
	
                3.

              	
                Performance
      Vesting

                    Year           Stock
      Price           
      EPS

                2008             $33.49                   $1.98

                2009             $40.19                   $2.38

                2010             $48.23                   $2.85

                2011             $57.87                   $3.42

                2012             $69.45                   $4.11

                 

                 

              	
                 

                · Based
      on stock price performance objectives: 20% compound annual stock price
      growth 2008-2012.

                 

                 

                · Stock
      price base is $27.91.

                 

                 

                · 20%
      of the Award vests per year, based on attainment of stock price objective
      for that year. Objective must be met for 20 consecutive trading days
      during that fiscal year to vest.

                 

                 

                · Determined
      as of 12/31 of performance year.

                 

              	
                 

                · Based
      on EPS performance objectives: 20% compound annual EPS growth 2008 -
      2012.

                 

                 

                · Earnings
      base is $1.65.

                 

                 

                · 20%
      of the Award vests per year, based on attainment of EPS objective for that
      year.

                 

                 

                · Determined
      as of 12/31 of performance year.

                 

              	
                 

                · None

                 

              
	
                4.

              	
                “Catch-Up”
      Performance Vesting

              	
                 

                · As
      of 12/31 each year: To extent not vested, Award will vest for prior years
      if later year stock price objective is attained.

                 

              	
                 

                · As
      of 12/31/2012: To extent not vested, Award will vest:

                 

                Cum. Cmpd.
      Growth                        Vested % of
      Award

                15.0%
      ($12.80)                                    50%

                17.5%
      ($13.75)                                    75%

                20.0%
      ($14.74)                                    100%

                 

              	
                 

                · N/A

                 

              
	
                5.

              	
                Minimum
      25% Vesting

              	
                 

                · As
      of 12/31/2012: To the extent less is vested, 25% of total Award will be
      vested (including previously vested shares).

                 

                 

                · Must
      be a Board member on 12/31/2012.

                 

              	
                 

                · As
      of 12/31/2012: To the extent less is vested, 25% of total Award will be
      vested (including previously vested options).

                 

                 

                · Must
      be a Board member on 12/31/2012.

                 

              	
                 

                · N/A

                 

              
	
                6.

              	
                Voluntary
      Termination

              	
                 

                · Forfeit
      award if voluntary terminate on or before 12/31 of the year of
      grant.

                 

                 

                · If
      voluntary terminate after the year of grant, continued vesting through
      12/31/2012 based on performance.

                 

                 

                · Minimum
      vesting of whole Award of 5% x whole or partial years as a Board member
      1/1/2008 to 12/31 of termination year.

                 

              	
                 

                · Forfeit
      award if voluntary terminate on or before 12/31/2008.

                 

                 

                · Continue
      to vest based on performance if voluntary terminate on or after
      1/1/2009.

                 

                 

                · Minimum
      vesting of whole Award of 5% x whole or partial years as a Board member
      1/1/2008 to 12/31 of termination year.

                 

                 

                · Vested
      options at termination exercisable until later of 12/31/2012 or 1 year
      after date of termination (but not beyond the end of the option
      term).

                 

                 

                · Options
      that vest in the future remain exercisable until the later of 12/31/2012
      or 1 year after such options become vested (but not beyond the end of the
      option term).

                 

              	
                 

                · Monthly
      pro rata vest.

                 

                 

                · Vested
      options exercisable until later of 12/31/2012 or 1 year after termination
      (but not beyond the end of the option term).

                 

              
	
                7.

              	
                “Good
      Leaver” Treatment

              	
                 

                · Continued
      vesting until 12/31/2012 based on performance.

                 

                 

                · Minimum
      vesting of whole Award of 5% x whole or partial years as a Board member
      1/1/2008 to 12/31 of termination year.

                 

              	
                 

                · Continued
      vesting until 12/31/2012 based on performance.

                 

                 

                · Minimum
      vesting of whole Award of 5% x whole or partial years employed 1/1/2008 to
      12/31 of termination year.

                 

                 

                · Vested
      options at termination exercisable until later of 12/31/2012 or 1 year
      after date of termination (but not beyond the end of the option
      term).

                 

                 

                · Options
      that vest in the future remain exercisable until the later of 12/31/2012
      or 1 year after such options become vested (but not beyond the end of the
      option term).

                 

              	
                 

                · Full
      accelerated vesting.

                 

                 

                · Vested
      options exercisable until later of 12/31/2012 or 1 year after termination
      (but not beyond the end of the option term).

                 

              

      

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    DEFINITIONS

     

    “Good Leaver” means
(i) your termination of service from both Boards due to your removal from or a
failure to nominate and elect you to both Boards other than due to Cause, (ii)
your resignation from the Boards for Good Reason, (iii) your resignation from
the Boards due to your Disability, or (iv) your death.

     

    “Cause” shall mean
your willful engaging in illegal conduct or gross misconduct which is materially
and demonstrably injurious to the Holding Company or the Bank.

     

    “Disability” means
your inability to carry on your duties as a member of both Boards, after receipt
of medical advice, as a result of a physical or mental injury or illness or
other such incapacity.

     

    “Good Reason” shall
mean the occurrence of a material breach of this term sheet agreement by the
Holding Company that is not remedied within a reasonable time after notice by
you to the Holding Company of such breach.

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