Document:

Exhibit 10.a.

 

EMPLOYMENT
AGREEMENT

BETWEEN

LOGAN
COUNTY BANCSHARES, INC.,

LOGAN BANK
& TRUST COMPANY,

AND

EDDIE D.
CANTERBURY

 

THIS AGREEMENT is
effective as of the 1st day of October, 1998, by and between LOGAN COUNTY BANCSHARES, INC., a West
Virginia corporation (hereinafter referred to as the “CORPORATION”); LOGAN BANK & TRUST COMPANY, a West Virginia banking
corporation, having its principal office in Logan, West  Virginia
(hereinafter referred to as the “BANK”);
and EDDIE D. CANTERBURY
(hereinafter referred to as “EMPLOYEE”).  The Corporation and the Bank are collectively
referred to herein as the “EMPLOYERS”;

 

W I T N E S S E T H:

 

WHEREAS, Employee is
the Executive Vice President and Chief Executive Officer of each of the
Employers and has developed an intimate and thorough knowledge of the Employers’
business methods and operations; and

 

WHEREAS, the
retention of Employee’s services, for and on behalf of the Employers, is of
material importance to the preservation and enhancement of the value of the
Employers’ business;

 

NOW, THEREFORE, in
consideration of the mutual covenants herein set forth, the Employers and the
Employee do hereby agree as follows:

 

 

I.                                         TERM
OF EMPLOYMENT.

 

1.1                               The
Employers hereby employ the Employee as Executive Vice President and Chief
Executive Officer of each of the Employers, and Employee hereby accepts said
employment and agrees to render such services to the Employers on the terms and
conditions set forth in this Agreement.  The
initial term of employment under this Agreement shall commence on October 1,
1998, and shall terminate on September 30, 2001, unless further extended
or sooner terminated in accordance with the terms and conditions hereinafter
set forth.  On October 1, 1999, and
on each October 1 thereafter (the “Annual Anniversary Date”), the term of
employment under this Agreement shall be renewed automatically for an
additional year  (so that the
actual term of employment hereunder always will be between two [2] and three
[3] years), unless either the Boards of Directors of the Employers or the
Employee gives contrary written notice to the other not less than forty-five
(45) days in advance of such anniversary date; in no event, however, shall the
term of the Employee’s employment pursuant to this Agreement extend beyond the
end of the calendar month in which the Employee’s sixty-fifth (65th) birthday
occurs. References herein to the term of this Agreement shall refer both to the
initial term and successive terms.

 

1.2                               During
the term of this Agreement, the Employee shall perform such executive services
for  the Employers as may be
consistent with his title and from time to time be assigned to him by the
Employers’ Board of Directors.

 

1.3                               During
the term of this Agreement, Employee shall devote his best efforts, including
such portion of his time and effort to the affairs and business of the
Employers as he has customarily provided as Chief Executive Officer.

 

II.                                     COMPENSATION.

 

2.1                               The
Employers will compensate and pay Employee for Employee’s services during the term
of the Agreement at a minimum base salary of One Hundred Ten Thousand Dollars
($110,000.00) per year, which may be increased from time to time in such
amounts as may be determined by the Boards of Directors (“Base Salary”).

 

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III.                                 BENEFITS.

 

3.1                               Employee’s
present benefits will continue unchanged unless such change occurs pursuant to
a change of benefit(s) applicable to all of Bank’s employees.

 

IV.                                EXPENSES.

 

4.1                               The
Employers shall reimburse Employee or otherwise provide for or pay for all
reasonable expenses incurred by Employee in furtherance or in connection with
the business of the Employers, to the same extent and in the same manner as
such expense reimbursement has heretofore been made by Employers to Employee.  If such expenses are paid in the first
instance by Employee, the Employers will reimburse Employee therefor.

 

V.                                    COMPETITIVE
ACTIVITIES.

 

5.1                               Employee
agrees that during the term of his employment hereunder, except with the
express consent of the Boards of Directors of the Employers, he will not,
directly or indirectly, engage in or make any financial investment in any firm,
corporation, business entity or business enterprise competitive with or to any
business of the Employers; provided, however, that Employee shall not
thereby be precluded or prohibited from owning passive investments, including
investments  in the securities of
other financial institutions of not more than two percent (2%) of its
outstanding capital stock, so long as such ownership does not require him to
devote substantial time to management or control of the business or activities
in which he has invested.

 

5.2                               Employee
agrees and acknowledges that by virtue of his employment hereunder, he will
maintain an intimate knowledge of the activities and affairs of the Employers,
including trade secrets and other confidential matters.  As a result, and also because of the special,
unique, and extraordinary services that Employee is capable of performing for
the Employers or one of its competitors, Employee recognizes that the services
to be rendered by him hereunder are of a character giving them a peculiar
value, the loss of which cannot be adequately or reasonably compensated for by
damages.  Employee therefore agrees that if
he fails to render to the Employers the services required hereunder, the
Employers shall he entitled to immediate injunctive or other equitable relief
to restrain

 

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Employee from failing to render his services hereunder, in addition to
any other remedies to which the Employers may be entitled under law; provided,
however, that the right to such injunctive or other equitable relief shall
not survive the termination of Employee’s employment.

 

VI.                                TERMINATION.

 

6.1                               The
Employers shall have the right, at any time upon prior written Notice of
Termination satisfying the requirements of Section 6.5(c) hereunder, to
terminate Employee’s employment hereunder, including termination for just
cause and termination because the Employee becomes subject to a Total and
Permanent Disability.  For the purpose of
this Agreement, “termination for just cause” shall mean termination for
personal dishonesty, incompetence, willful misconduct, breach of fiduciary
duty, willful failure to perform lawful duties assigned and prescribed by
Employers’ Boards of Directors, willful violation of any law, rule or
regulation (other than traffic violations or similar offenses) or final
cease-and-desist order, or material breach of any provision of this Agreement.  For purposes of this paragraph, no act, or
failure to act, on the Employee’s part shall be considered “willful” unless
done, or omitted to be done, by him not in good faith and without reasonable
belief that his action or omission was in the best interest of the Employers;
provided that any act or omission to act on the Employee’s behalf in reliance
upon an opinions of counsel to the Employers or counsel to the Employee shall
not be deemed to be willful.

 

6.2                               In
the event employment is terminated for just cause or Total and Permanent Disability
pursuant to Section 6.1 hereof, Employee shall have no right to
compensation or other benefits for any period after such date of termination.  If Employee is terminated by the Employers
other than for just cause or Total and Permanent Disability pursuant to Section 6.1
hereof, Employee’s right to compensation and other benefits under this
Agreement shall be as set forth in Section 6.5(e) hereof.

 

6.3                               Employee
shall have the right, upon prior written Notice of Termination of not less than
thirty (30) days satisfying the requirements of Section 6.5(c) hereof; to
terminate his employment hereunder, but in such event.  Employee shall have no right after the date
of termination to compensation or other benefits as provided in this Agreement,
unless such

 

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termination is for good reason, as defined, pursuant to Section 6.5(a)
hereof.  If Employee provides a Notice of
Termination for good reason, as defined, the date of termination shall be the
date on which a Notice of Termination is given.

 

6.4                               In
the event that Employee is terminated in a manner which violates the provision
of Section 6.1, as determined by a Court of competent jurisdiction,
Employee shall be entitled to reimbursement for all reasonable costs, including
attorney’s fees in challenging such termination.  Such reimbursement shall be in addition to
all rights to which Employee is otherwise entitled under this Agreement.

 

6.5                               (a)  Employee may terminate his employment
hereunder for good reason.  For purposes of
this Agreement, “good reason” shall mean (A) a failure by the Employers to
comply with any material provision of this Agreement, which failure has not
been cured within twenty-five (25) days after a notice of such noncompliance
has been given by Employee to the Employers; (B) subsequent to a change in
control of the Employers and without Employees express written consent, (i) the
assignment to Employee of any duties inconsistent with Employee’s positions,
duties, responsibilities and status with the Employers immediately prior to a
change in control of the Employers, or a change in Employee’s reporting
responsibilities, titles or offices as in effect immediately prior to a change
in control of the Employers, (ii) any removal of Employee from, or any failure
to re-elect Employee to, any of the positions held by Employee, except in
connection with a termination of employment for just cause, disability, death,
retirement or pursuant to Section 6.1 hereof, (iii) a reduction by the
Employers in Employee’s Base Salary as in effect immediately prior
to a change in control of the Employers or as the same may be increased from
time to time, (iv) a requirement that Employee be relocated to an office which
is more than one hundred (100) miles from the currently principal executive
offices of the Bank, (v) the taking of any action by the Employers which would
adversely affect Employee’s benefits mentioned in Sub-part 3.1 hereof, which
Employee has at the time of a change in control of the Employers or (vi) any
purported termination of Employee’s employment which is not effected pursuant
to a Notice of Termination satisfying the requirements of paragraph (c) hereof
(and for purposes of this Agreement, no such purported termination shall be
effective); or (C) any purported termination of Employee’s employment which is

 

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not effected pursuant to a Notice of Termination satisfying the
requirements of paragraph (c) hereof (and for purposes of this Agreement no
such purported termination shall be effective).

 

(b)                                 For purposes of this
Agreement, a “change in control of the Employers” shall mean a change in control
of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A promulgated under the Securities Exchange Act of 1934 (the “Exchange
Act”); provided that, without limitation, such a change in control shall be
deemed to have occurred if (A) any “person” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act in effect on the date first written above)
other than the Employers is or becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Employers representing twenty-five percent (25%) or more of
the  combined voting power of the
Corporation’s or the Bank’s then outstanding securities, or (B) during any
period of two (2) consecutive years during the term of this Agreement,
individuals who at the beginning of such period constitute the Boards of
Directors of the Employers cease for any reason to constitute at least a
majority thereof; unless the election of each Director who was not a Director
at the beginning of such period has been approved in advance by Directors
representing at least two-thirds (2/3rds) of the Directors then in office who
were Directors at the beginning of the period.

 

Anything contained in this Article (ARTICLE VI.  TERMINATION.) to the contrary
notwithstanding, a “change in control of  the
Employers” (as used in this Article) shall not be deemed to have occurred if
such change of stock ownership results from the death of a shareholder and his
distributees or legatees succeed to such ownership, by way  of his Last Will and Testament or by
intestate succession.

 

(c)                                  Any termination of
Employee’s employment by the Employers or by Employee shall be communicated by
written Notice of Termination to the other party hereto.  For purposes of this Agreement, a “Notice of
Termination” shall mean a dated notice which shall (i) indicate the specific
termination provision in this Agreement relief upon; (ii) set forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of Employee’s employment under the provision so indicated; (iii)
specify a date

 

6

 

of termination, which shall be not less than thirty (30) nor more than
ninety (90) days after such Notice of Termination is given, except in the case
of the Employers’ termination of Employee’s employment for just cause pursuant
to Section 6.1 hereof, in which case the Notice of Termination may specify
a date of termination as of the date such Notice of Termination is given; and
(iv) be given in the manner specified in. Section 7.3 hereof.

 

(d)                                 If Employee shall
terminate his Employment for good reason pursuant to Sub-part (B) of Section 6.5(a)
hereof, then in lieu of any further salary payments to Employee for periods
subsequent to the date of termination, the Employers shall pay as severance to
Employee a sum equal to three (3) times the average annual salary paid to
Employee, as reflected on Internal Revenue Service Form W-2, for the three (3)
years immediately preceding Employee’s termination.  At the discretion of Employee, such payment
shall be made in a lump sum within fifteen (15) days of the date of termination
of Employee’s employment or paid in equal monthly installments during the
twenty-four (24) months following such termination.

 

(e)                                  If Employee shall
terminate his employment for good reason as defined in Sub-part (A) or (C) of Section 6.5(a)  hereof or if this Agreement or the
employment of the Employee is terminated by the Employers for other than just
cause or Total and Permanent Disability pursuant to Section 6.1 hereof,
then in lieu of any further salary payments to Employee for periods subsequent
to the date of termination, the Employers shall pay as severance to Employee an
amount equal to the product of (A) Employee’s current Base Salary in effect as
of the date of termination, multiplied by (B) the greater of the number of
years (including partial years) remaining in the term of employment hereunder
or the number 2.99, such payment to be made at the discretion of Employee in a
lump sum within fifteen (15) days of the date of termination of Employee’s
employment or paid in equal monthly installments during the twenty-four (24)
months following such termination.

 

(f)                                    Employee shall not
be required to mitigate the amount of any payment provided for in paragraph (d)
or (e) of this Section 6.5 by seeking other employment or otherwise.

 

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VII.                            MISCELLANEOVS.

 

7.1                               This
Agreement may not be modified, changed, amended, or altered except by mutual
written consent.

 

7.2                               All
notices given or required to be given herein shall be in writing or sent by
United States first-class certified or registered mail, postage prepaid, to
Employee (or to Employee’s spouse or estate upon Employee’s death) at Employee’s
last known address, and to the Employers at their principal offices.  All such notices shall be effective when
deposited in the mail in the manner specified in this Section 7.2.  Either party, by a notice in writing, may
change or designate the place for receipt of all such notices.

 

7.3                               No
delay or omission of the Employers or Employee to exercise any right or power
given under this Agreement shall: (i) impair the subsequent exercise of any
right or power, or, (ii) be construed to be a waiver of any default or any
acquiescence in or consent to the curing of any default while any other default
shall continue to exist, or be construed to be a waiver of such continuing
default or of any other right or power that shall theretofore have arisen; and,
every power and remedy granted by law and by this Agreement to any party hereto
may be raised from time to time, and as often as may be deemed expedient All
such rights and powers shall be cumulative to the fullest extent permitted by
law.

 

VIII.                        SUCCESSORS,
ETC., OF THE EMPLOYERS.

 

8.1                               This
Agreement shall inure to the benefit of and be binding upon Employee, and, to
the extent applicable, his heirs, assigns, executors, and personal
representatives and the Employers, their successors and assigns, including,
without limitation, any person, partnership, or corporation which may acquire
all or substantially all of the Corporation’s or the Bank’s assets and
business, or with or into which the Bank or the Corporation may be consolidated
or merged.

 

8.2                               This
Agreement is personal to each of the parties and none of the parties may assign
or delegate any of its rights or Obligations under this Agreement without the
prior written consent of the other parties.

 

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IX.                                APPLICABLE
LAW.

 

9.1                               This
Agreement shall be governed in all respects and be interpreted by and under the
laws of the State of West Virginia.

 

IN WITNESS WHEREOF, LOGAN  COUNTY BANCSHARES, INC. and LOGAN BANK
& TRUST COMPANY, both corporations as aforesaid, have caused these presents
to be signed by their respective proper officer, and their respective corporate
seal to be affixed hereunto, by authority duly given, and WITNESS, ALSO, the signature and seal of
the said EDDIE D.  CANTERBURY, all as of this the 22 day
of September, 1998:

 

 

	
   

  	
  LOGAN COUNTY BANCSHARES, INC.,

  
	
   

  	
  a West Virginia corporation,

  
	
   

  	
   

  
	
  (CORPORATE SEAL)

  	
  BY:

  	
  /s/ Harvey Oakley

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chairman

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LOGAN BANK & TRUST COMPANY,

  
	
   

  	
  a West Virginia corporation,

  
	
   

  	
   

  
	
  (CORPORATE SEAL)

  	
  BY:

  	
  /s/ Harvey Oakley

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chairman

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Eddie D. Canterbury

  	
   

  
	
   

  	
  EDDIE D. CANTERBURY

  

 

9Exhibit 10.b.

 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT

BY AND BETWEEN

LOGAN BANK & TRUST COMPANY AND

EDDIE D. CANTERBURY

 

LOGAN BANK & TRUST COMPANY
(the “Company”) hereby enters into this Supplemental Executive Retirement Plan
Agreement (the “Agreement”) with EDDIE D.
CANTERBURY (the “Participant”) in accordance with the terms set
forth below, effective as of this 28th day of October, 2003.

 

WHEREAS, the
Participant is the President and CEO of
the Company; and

 

WHEREAS, the
Participant has provided many years of dedicated service to the Company,  which has contributed greatly to the
Company’s success; and

 

WHEREAS, the Company
is hopeful that the Participant will continue to contribute to the future
success of the Company; and

 

WHEREAS, the company
desires to reward the
Participant for such past services and to encourage the Participant to continue
in his dedicated service for the Company; and

 

WHEREAS, the
Participant desires to receive benefits under this Agreement for his years of
dedicated service and continuing responsibilities to the Company;

 

NOW, THEREFORE, the
Company and Participant agree to the following terms of this Agreement;

 

Section  1.  Definitions.  Except as otherwise provided herein, the
terms with initial capitalization set forth below shall be defined as follows:

 

(a)                                  Bass Salary.  The Participant’s annual Base Salary, as
determined by the Board of Directors of the Company for the year of the
Participant’s Entitlement

 

 

Date shall not
be less than One Hundred Thirty Thousand Dollars ($130,000.00) or exceed One
Hundred Seventy Thousand Dollars ($170,000.00), excluding bonus, any
contributions to a qualified or non-qualified retirement plan or health
insurance coverage.

 

(b)                                 Beneficiary.  The participant’s Beneficiary shall be the
individual(s) designated by the Participant in writing on the form attached to
this Agreement as “APPENDIX A” and
communicated to the Company.  If the
Participant fails to designate a Beneficiary, the Beneficiary shall be the
Participant’s spouse if then living and if not living, then to the Participant’s
estate,

 

(c)                                  Change of Control.  A Change of Control of the Company shall be
deemed to have occurred in the event of a cumulative transfer of more than fifty percent (50%) of
the voting stock of the Company from the effective date of the Agreement.  For purposes of this Agreement, however,
transfers on account of deaths or gifts, transfers between family members or
transfers to a qualified retirement plan maintained by the Company shall not be
considered in determining whether there has been a Change of Control.

 

(d)                                 Code.  The
Internal Revenue Code of 1986, as amended.

 

(e)                                  Committee.  The Board of Directors
of the Company, except that the Participant may not be involved in decisions
regarding the payment of the Participants own benefit.

 

(f)                                    Company.  LOGAN BANK
& TRUST COMPANY and its successors or assigns.

 

(g)                                 Disability.  Disability shall mean the inability of a
Participant to engage in the duties of his present employment by reason of any
medically determinable physical or mental impairment that can be expected to
result in death, or which has lasted or can be expected to last for a
continuous period of not less than twelve (12) months.  The permanence and degree of such  impairment shall
be

 

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supported by
medical evidence.  The determination as
to whether the Participant has terminated as an employee of the Company on
account of a Disability shall be made by the Company in its sole discretion.

 

(h)                                 Effective Date.  The
Effective Date of this Agreement shall be the date first written above.

 

(i)                                     Entitlement Date.  The Participant’s sixty-fifth (65th)
birthday.

 

(j)                                     ERISA. 
The Employee Retirement Income Security Act of 1974, as amended.

 

(k)                                  Participant.  EDDIE D. CANTERBURY.

 

(l)                                     Supplemental Retirement Benefit.  The annual benefit payable to the
Participant, as determined under Section 2 of this Agreement

 

Section  2.   Payment of Benefits.

 

(a)                                  Supplemental Retirement Benefits.  A Participant shall be entitled to benefits
under this Agreement on the Participant’s Entitlement Date.  The Participant may continue to serve as an
employee of the Company after his Entitlement Date.  The Participant shall receive an annual
Supplemental Retirement Benefit in the amount equal to fifty-eight percent
(58%) of the Participant’s Base Salary for the calendar year of the Participant’s
termination, which shall be paid monthly beginning the month following the
Participant’s Entitlement Date and shall be paid monthly each year thereafter
until the Participant’s death, except that if the Participant dies prior to
receiving payment for fourteen (14) full years, the Participants Beneficiary
shall receive payment in the same manner as the Participant until fourteen (14)
years of complete payments have been made.

 

(b)                                 Supplemental Disability Benefits.  If,
prior to the Participant’s Entitlement Date, the Participant terminates as an
employee of  the Company on account
of a Disability, the Company shall pay the Participant the Supplemental

 

3

 

Retirement
Benefit as described in paragraph “(a)” of this Section 2, multiplied by
the percentage represented by 1.00 minus the product of 0.05 times a whole
number equal to the positive difference between sixty-five (65) and the
Participant’s age when the Participant terminates on account of a Disability.  To illustrate using the case in which
termination on account of a Disability occurs: when the Participant is age
sixty-one (61), the positive difference between sixty-five (65) and sixty-one
(61) is four (4), and 0.05 times 4 is 0.20. The percentage represented by 1.00
minus 0.20 is eighty percent (80%), and according to paragraph “(a)” of this Section 2,
eighty percent (80%) of the Supplemental Retirement Benefit or forty-six
percent (46%) of the Participant’s Base Salary for the calendar year of the
Participant’s termination.  This benefit
shall commence as soon as practicable after, the Participant’s termination as
an employee of the Company on account of a Disability and shall be paid monthly
each year until the Participant’s death, except that if the Participant dies
prior to receiving payments for fourteen (14) full years, the Participant’s
Beneficiary shall receive payments in the same manner as the Participant until
fourteen (14) years of complete payments have been made.

 

(c)                                  Death Benefits.

 

(i)                                     If
the Participant dies prior to the Participant’s Entitlement Date, the Company
shall pay the Participant’s Beneficiary the Supplemental Retirement Benefit
described in paragraph “(a)”.  This
benefit shall commence as soon as practicable after the date which would have
been the Participant’s Entitlement Date and shall be paid monthly each year
until fourteen (14) years  of
complete payments have been made.

 

(ii)                                  If
the Participant dies  after the
Participants Entitlement Date, the Company shall pay the Participant’s
Beneficiary the remaining payments under paragraph “(a)” above until the
Participant and

 

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Beneficiary
have received a combined fourteen (14) years of annual payments.

 

(iii)                               If
the Participant’s Beneficiary dies  before
all payments have been made, then the present value of the remaining benefits
shall be paid in a lump-sum cash payment to the Contingent Beneficiary
designated by the Participant, if that person is alive, and if not, then to the
Beneficiary’s estate.

 

(iv)                              The
Participants Beneficiary may elect to receive the death benefit payable under
this paragraph “(c)” in the form of a lump-sum cash payment in accordance with
the election form set forth in “APPENDIX B”
to this Agreement In such event, the lump-sum amount shall be determined in
accordance with actuarial assumptions and interest based on Moody’s Aa
Corporate Bond Yield.  The election by
Beneficiary must be made prior to the first payment to the Beneficiary after
the Participant’s death.

 

Section  3. 
Funding of Benefits.  The Company purchased a single premium life
insurance policy on the life of Mr. Canterbury for Two Million Dollars
($2,000,000.00) to fund completely the cost of the Supplemental Retirement
Benefit under Section 2 of this Agreement. 
The single premium will continue for the duration of Mr. Canterbury’s
lifetime.  In the event of Mr. Canterbury’s
premature death, all death proceeds will be payable to the Bank, out of which
the Bank will utilize an amount sufficient to fund the remaining retirement
plan obligations; it being expressly understood and agreed that all retirement
obligations of the Company, and all retirement benefits payable to the
Participant or his Beneficiary or to Participant’s estate, pursuant to this
Supplemental Executive Retirement Plan Agreement, will be paid entirely from
the aforementioned single premium life insurance policy on the life of Mr.
Canterbury, which Company has purchased on the life of Participant, which
policy is owned by Company.

 

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The Participant shall have only the unsecured
and unfunded promise to be paid benefits under this Agreement.  Therefore, this Agreement shall not create a
transfer of “property” for Federal income tax purposes.  Also, because the Participant is a member of
a select group of management or Highly Compensated Employees, the Agreement is exempt from 201, 301,
and 401 of Title I of ERISA.

 

Section  4. Administration. 
This Agreement shall be
administered by the Committee.  All
determinations of the Committee as to any questions arising under this
Agreement, including questions of construction and interpretation, shall be
final, binding and conclusive upon all persons. 
The Committee may delegate any of its responsibilities under this
Agreement to another committee of the Company or to any other delegee, except
that the Participant may not make any decisions with regard to the payment of
benefits under this Agreement.

 

Section  5.  Interest Not Transferable.  All benefits provided under this Agreement may not
be assigned, alienated, attached or encumbered by the Participant or his
Beneficiary.

 

Section  6. 
Effect on Other Benefit Plans. 
Amounts credited or paid
under this Agreement shall not be considered to be compensation for the
purposes of any qualified retirement plans maintained by the Company.  The treatment of such amounts under other
benefit plans will be determined pursuant to the provisions of such plans.

 

Section  7.  lncompetency.  In the event the Participant is
determined by a Court to be incompetent, the Committee may, in its discretion,
pay the benefits provided herein to the Participant’s legal guardian for the
benefit of the Participant.

 

Section  8.  Claims Provision.  The Participant may make a claim to  the
Committee with regard to a payment of benefits provided herein.  If the Committee receives a claim in writing,
the Committee must  give notice to
the Participant in writing within a reasonable period of time after  receipt of the claim (not to exceed
ninety [90] days or, under special circumstances, one hundred twenty [120] days).  If
the Participant’s claim is denied, the notice of denial shall set forth the
following information:

 

(a)                                  The
specific reasons for such denial;

 

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(b)                                 Specific
reference to pertinent Agreement provisions on which the denial is based;

 

(c)                                  A
description of any additional material or information necessary for the
Participant to perfect a claim and an explanation of why such material or
information is necessary; and

 

(d)                                 An
explanation of the Agreement’s claim review procedure.

 

If the company fails to provide a notice to
the Participant with respect to his claim for benefits after one hundred eighty
(180) days, the Participant may treat his claim as denied,

 

If the Participant’s claim for benefits is
denied (or deemed denied), the Participant may request a review of a denial (or
deemed denial) by filing  with the
Committee a written request for such review. 
The request must be filed within sixty (60) days after the notice of
denial is received, or within sixty (60) days after the denial is deemed to
have occurred.  The Participant may
review pertinent documents and submit issues and comments in writing within the
same sixty (60) day period.  If a request
for review is filed, such review shall be made by the Committee within sixty
(60) days after receipt of such request, unless special circumstances require
an extension of time for processing, in which case the Participant shall be so
notified and a decision shall be rendered as soon as possible, but not later  than one hundred twenty (120) days after
receipt of the request for review.  Upon
completion of the review, the Participant shall be give written notice of the
decision resulting from such review, which notice shall include specific
reasons for the decision and  specific
references to the pertinent Agreement provisions on which the decision is
based.

 

Section  9. 
Employment Agreement.  The terms of this Agreement shall not affect in
any way the Participant’s Employment Agreement with the Company.  Also, this Agreement shall not be construed
as to require the Participant’s termination at any specific date.

 

Section  10. 
Severability.  In the event that any provision of the Agreement shall
be held invalid or illegal for any reason, any illegality or invalidity shall
not affect the remaining parts of the Agreement.  Instead, the Agreement shall be construed and
enforced as if the

 

7

 

illegal or invalid provision had never been
inserted, and the Company shall have the privilege and opportunity to correct
and remedy such questions of illegality or invalidity by amendment.

 

Section  11. 
Applicable Law.  To the extent that State law applies, the
Agreement shall be governed and construed in accordance with the laws of the
State of West Virginia

 

Section  12. 
Amendment.  The Company expressly reserves the right to
amend this Agreement at any time.  This
Agreement may be amended at any time by a written consent by all  parties.

 

Section  13.  Termination.  The Company expressly reserves the right to terminate this Agreement.  Upon such termination, if the Participant has
already begun receiving benefits under this Agreement, the Company shall
continue paying monthly benefits of the total remaining benefits under this
Agreement each year until the Participant’s death, except that if the
Participant dies prior to receiving payments for fourteen (14) full years, the
Participant’s Beneficiary shall receive payment in the same manner as the
Participant until fourteen (14) years of complete payments have been made.  Upon such termination, if the Participant has
not already begun receiving benefits under this Agreement, the Company shall
continue accruing for the Participant’s Supplemental Retirement Benefit as
described in paragraph 2(a).  This
benefit shall commence as soon as practicable after the Participant’s
Entitlement Date or by the election of Participant a lump-sum payment of the
present value of his benefits under this Agreement.  The present value of benefits shall be
determined in accordance with the Moody Aa Corporate Bond Yield in effect as of
the date of termination or such other mutually agreed upon rate by the Company
and the Participant.

 

8

 

IN WITNESS WHEREOF, the
Company has caused this Agreement to be executed and attested by its officers,
all duly authorized, and has caused its corporate seal to be hereunto affixed,
and WITNESS, ALSO, the signature
and seal of the Participant, all as of the date first written above:

 

 

	
   

  	
  LOGAN
  BANK & TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/
  Harvey Oakley

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Chairman

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Eddie D. Canterbury

  	
   

  
	
   

  	
  EDDIE D.
  CANTERBURY

  
					

 

9

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