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EXHIBIT
10.1
SECOND
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT (this "Agreement"), entered into as of the
20 th day of December, 2006, and effective as of
December 14, 2006, by and between SUMMIT FINANCIAL GROUP,
INC., a West Virginia corporation and bank holding company
("Summit") and H. CHARLES MADDY, III, ("Maddy").
W I T N E S S
E T H:
WHEREAS, on March 4, 2005,
Summit and Maddy entered into that certain Employment Agreement
whereby Summit agreed to employ Maddy and Maddy accepted employment
as the Chief Executive Officer of Summit (the "Employment
Agreement"); and
WHEREAS, the term of the
Employment Agreement commenced on March 4, 2005, and extends until
March 4, 2008; and
WHEREAS, the Board of
Directors of Summit or a committee designated by the Board of
Directors of Summit is required by the terms of the Employment
Agreement to review the Employment Agreement at least annually, and
the Board of Directors of Summit may, with the approval of Maddy,
extend the term of the Employment Agreement annually for one (1)
year periods (so that the actual term of the Employment Agreement
will always be between two and three years); and
WHEREAS, on December 6, 2005,
the Compensation and Nominating Committee of the Board of Directors
of Summit met to review the Employment Agreement and extended the
term of the Employment Agreement for an additional one (1) year
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