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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Promistar Financial Corp

Date:

2001

Size:

Preview shows 5KB of 51KB total

Price:

$44

ID:

#1254312

 

 

► Employment ► Employment Agreements

 

 

Start of Preview


                               FEBRUARY 20, 2001


EMPLOYMENT AGREEMENT

PROMISTAR FINANCIAL CORPORATION ("PROMISTAR"), and J. William Smith
("Executive") agree to enter into this EMPLOYMENT AGREEMENT dated as of January
24, 2001 as follows:


1. Employment.

PROMISTAR hereby agrees to continue to employ Executive, and Executive
hereby agrees to continue to be employed by PROMISTAR, upon the terms and
subject to the conditions set forth in this Agreement.


2. Term of Employment.

The initial term of Executive's employment under this Agreement shall be
for a period of two (2) years, beginning on January 24, 2001 and ending on
January 23, 2003. On each anniversary of the initial commencement date
while Executive remains employed hereunder, such term will be automatically
extended one more year, unless PROMISTAR provides written notice of its
intent not to so extend this Agreement at least thirty (30) days prior to
any anniversary date hereof; provided, however, that notwithstanding any
such notice by PROMISTAR not to extend, the term of this Agreement shall
not expire prior to the expiration of twelve (12) months on or after the
occurrence of a Change of Control which occurs while this Agreement is in
effect.


3. Duties and Responsibilities.

(a) PROMISTAR will continue to employ Executive as its Executive Vice
President and Treasurer, Corporate Services Group Manager. In such
capacity, Executive shall perform the customary duties and have the
customary responsibilities of such position and such other duties as
may be assigned to Executive from time to time by the Chief Executive
Officer of PROMISTAR or his designee.

(b) Executive agrees to faithfully serve PROMISTAR, devote his full
working time, attention and energies to the business of PROMISTAR, its
subsidiaries and affiliated entities, and perform the duties under
this Agreement to the best of his abilities. Executive may perform
services without direct compensation therefor in connection with the
management of personal investments or in connection with charitable or
civic organizations.

-1-
<PAGE>

(c) Executive agrees:

(i) To comply with all applicable laws, rules and regulations, and
all requirements of all applicable regulatory, self-regulatory,
and administrative bodies;

(ii) To comply with PROMISTAR's rules, procedures, policies,
requirements, and directions; and

(iii) Not to engage in any other business or employment without the
written consent of PROMISTAR, except as otherwise specifically
provided herein.


4. Compensation and Benefits.

(a) Base Salary. During the Employment Term, PROMISTAR shall pay Executive
a base salary at the annual rate of $189,060 per year or such higher
rate as may be determined from time to time by PROMISTAR ("Base
Salary"). Such Base Salary shall be paid in accordance with PROMISTAR's
standard payroll practice for executives.

(b) Incentive Compensation Plans. During the Employment Term, Executive
shall be eligible to participate in PROMISTAR's incentive compensation
plan(s) in accordance with PROMISTAR's normal practice for executives.

(c) Expense Reimbursement. PROMISTAR shall promptly reimburse Executive for
the ordinary and necessary business expenses incurred by Executive in
the performance of the duties under this Agreement in accordance with
PROMISTAR's customary practices applicable to executives, provided that
such expenses are incurred and accounted for in accordance with
PROMISTAR's policy.

(d) Benefit Plans, Fringe Benefits and Vacations. Executive shall be
eligible to participate in or receive benefits under any pension plan,
401(k) savings plan, nonqualified deferred compensation plan,
supplemental executive retirement plan, medical and dental benefits
plan, life insurance plan, short-term and long-term disability plans,
supplemental and/or incentive compensation plans, or any other employee
benefit or fringe benefit plan, generally made available by PROMISTAR
to executives in accordance with the eligibility requirements of such
plans and subject to the terms and conditions set forth in such plans
and this Agreement.


5. Termination of Employment

Executive's employment under this Agreement may be terminated under any of
the circumstances set forth in this Section 5. Upon termination, Executive
(or his beneficiary or estate, as the case may be) shall be entitled to

 

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