Amendment to Employment Contract of Richard M. Adams with United Bankshares, Inc.
United Bankshares, Inc. and Richard M. Adams, its Chairman and CEO, have an employment contract originally effective from April 11, 1986, with a five-year term and annual one-year extensions. The contract was amended in November 2002 to extend the term through March 31, 2008, with further annual extensions possible. In November 2003 and again in November 2004, the Board extended the contract by one year each time, most recently through March 31, 2010. The agreement outlines Mr. Adams' continued employment and the process for extending his contract.
Exhibit 10.13
Summary of Amendment to Richard M. Adams’ Employment Contract
United Bankshares, Inc. (the “Company”) entered into an employment contract with Richard M. Adams, the Chairman of the Board of Directors and Chief Executive Officer of the Company effective April 11, 1986. The original term of Mr. Adams’ employment contract was five years commencing March 31, 1986, with the provision that the contract could be extended annually for one (1) year to maintain a rolling five (5) year contract. This contract was amended in November 2002, to extend the initial term of the contract through March 31, 2008, with the provision for additional one (1) year term extensions by the Executive Committee with the approval of Mr. Adams. In November 2003, the Board of Directors of the Company extended Mr. Adams’ employment contract for an additional year until March 31, 2009.
At its meeting on November 4, 2004, the Committee agreed to recommend to the Board of Directors that Mr. Adams’ employment contract be extended for an additional year until March 31, 2010. The Board of Directors approved this recommendation at a meeting on November 22, 2004.
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