AMENDMENT NO. ONE TO RABBI TRUST FOR SUMMIT FINANCIAL GROUP, INC. DIRECTORS DEFERRAL PLAN
Exhibit
10.17
AMENDMENT
NO. ONE TO RABBI TRUST FOR
SUMMIT
FINANCIAL GROUP, INC. DIRECTORS DEFERRAL PLAN
THIS AMENDMENT NO. ONE TO RABBI TRUST FOR THE SUMMIT FINANCIAL GROUP, INC.
DIRECTORS DEFERRAL
PLAN, is made and entered into this _9th____ day of _October___, 2008,
effective January 1, 2005, by and between Summit Financial Group, Inc., a
company having its principal place of business in West Virginia, or any
successor thereto (hereinafter referred to as “Company”), and the trust
department of Summit Community Bank, as successor in interest to South Branch
Valley National Bank, a banking corporation with its principal place of business
in West Virginia, or any successor corporation (hereinafter refereed to as the
“Trustee”).
WHEREAS, Company and the
Trustee entered into that certain Rabbi Trust for the Directors Deferral Plan
effective as of April 4, 2000, (the “Trust Agreement”) to hold, manage, invest,
reinvest and dispose of the Trust Estate in accordance with the terms thereof
and with the terms and conditions of the Company’s Directors Deferral
Plan dated April 25, 2000, as such Directors Deferral Plan was amended
December 30, 2005, further amended in 2008 and as it may be amended from time to
time thereafter; and
WHEREAS, the Trust Agreement
may be amended pursuant to Section XII thereof by a written instrument executed
by the Trustee and the Company; and
WHEREAS, Company and the
Trustee wish to amend the Trust Agreement as set forth herein to bring the terms
of the Trust Agreement into compliance with the requirements of Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”), said Section 409A
having been enacted pursuant to the American Jobs Creation Act of 2004 and
generally effective for the purposes herein as of January 1, 2005;
NOW
THEREFORE WITNESSETH:
1. Section
V(b)(i) of the Trust Agreement is hereby amended, effective as of January 1,
2005, by adding the following phrase to the end of said Section V(b)(i) as
follows:
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provided, that in no event
shall the Trustee transfer or locate any Trust assets outside of the United
States.
2. The
right to further amendment is retained by Company and Trustee, but
notwithstanding the foregoing, no such amendment shall conflict with the terms
of the Director’s Deferral Plan or shall make the Trust Agreement
revocable. This Amendment No. One may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which
shall together constitute only one agreement.
IN WITNESS WHEREOF, this
Amendment No. One has been duly signed by an authorized officer of Company and
an authorized officer of the Trustee, respectively, all as of this _9th__ day of __October___,
2008.
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SUMMIT
FINANCIAL GROUP, INC.
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By: _/s/ H. ▇▇▇▇▇▇▇ ▇▇▇▇▇,
III______________
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Its: __President and
CEO__________________
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[SEAL]
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SUMMIT
COMMUNITY BANK, Trustee
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By: _/s/ H. ▇▇▇▇▇▇▇ ▇▇▇▇▇,
III___________
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Its: _Co-Chairman____________________
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[SEAL]
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