SEC Contract Filing

Filing Date: 2023-07-21

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d539631dex101.htm
<DESCRIPTION>EX-10.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Execution Version </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AMENDED
AND RESTATED EMPLOYMENT AGREEMENT </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS AGREEMENT</B>, is made and entered into effective as of the 1<SUP
STYLE="font-size:75%; vertical-align:top">st</SUP> day of August, 2023, by and between <B>WESBANCO BANK, INC.</B>, hereinafter referred to as &#147;Bank&#148; and <B>JEFFREY H. JACKSON</B>, hereinafter referred to as &#147;Employee&#148;, and
<B>WESBANCO, INC.,</B> a West Virginia corporation, hereinafter referred to as &#147;Wesbanco&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> Employee is serving
as an executive officer of the Bank as of the date hereof pursuant to an Employment Agreement dated the 5<SUP STYLE="font-size:75%; vertical-align:top">th </SUP>day of July, 2022, providing for a specific term of employment which the parties agree
shall expire as of the Effective Date (as hereinafter defined) hereof (the &#147;2022 Agreement&#148;), and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> the Bank
wishes to assure itself of the Employee&#146;s full time employment and continuing services in an executive capacity and, therefore, the parties desire to amend and restate the 2022 Agreement by converting the term from a fixed term expiring on the
Effective Date hereof to a revolving term of three years and to update the compensation payable thereunder, all as hereinafter set forth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WITNESSETH THAT:</B> In consideration of the mutual promises and undertakings hereinafter set forth, the parties hereto agree as follows:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1. </B><B><U>OFFER OF EMPLOYMENT</U></B><B>.</B> The Bank agrees to, and hereby does, continue the employment of Employee at WesBanco
and the Bank as President and Chief Executive Officer, effective as of August&nbsp;1, 2023 (the &#147;Effective Date&#148;). In that capacity, Employee shall be answerable to the Board of Directors of WesBanco, the parent company of the Bank, and
the Board of Directors of the Bank. Employee shall perform such duties, compatible with his employment under this Agreement, as the Board of Directors of the Bank, and Wesbanco, from time to time may assign to him. </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2. </B><B><U>COMPENSATION</U></B><B>.</B> As compensation for the performance of the
services specified in Paragraph (1)&nbsp;and the observance of all of the provisions of this Agreement, the Bank agrees to pay Employee, and Employee agrees to accept, the following amounts and benefits during his term of employment: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Salary at a rate to be determined by the Board of Directors of the Bank, with notice to be given to employee in May of each
calendar year, but in no event shall Employee&#146;s base salary be less than Eight Hundred Fifty Thousand Dollars ($850,000.00) per year, plus any increases granted by the Board of Directors after the date hereof, and payable in equal biweekly
installments; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) Participation in the WesBanco, Inc. Key Executive Bonus, Option and Restricted Stock Plan (the
&#147;Plan&#148;), Annual Incentive Award, at 75% of the base compensation as set forth in Paragraph (A)&nbsp;hereof based upon performance metrics as determined annually by the Compensation Committee of the Board of Directors with the ability to
earn a higher percentage in accordance with the terms of the Plan based on actual performance; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) Participation in such
annual awards of Stock Options and Restricted Stock under the Plan as may be granted by the Compensation Committee each year, with the Restricted Stock award target at 90% of base salary with a mixture of performance based and time based grants as
determined by the Compensation Committee each year; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) Election to the Board of Directors of Wesbanco and the Bank to be
effective as of August&nbsp;1, 2023, and agreement to include Employee as a recommended nominee so long as he continues to serve as Chief Executive Officer; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) Such other miscellaneous benefits and perquisites as the Bank provides to its executiv