JEFFERSON BANKSHARES, INC.
AMENDMENT TO THE AMENDED AND RESTATED
EXECUTIVE SPLIT DOLLAR LIFE INSURANCE AGREEMENT
This AMENDMENT TO THE AMENDED AND RESTATED EXECUTIVE SPLIT DOLLAR LIFE
INSURANCE AGREEMENT is made as of March 3, 1997, between JEFFERSON BANKSHARES,
INC., a Virginia corporation (the "Company") and O. XXXXXX XXXXXXXXX, an
executive employed by the Company or one of its subsidiary corporations (the
"Executive").
A. The Company has adopted a Split Dollar Life Insurance Plan (the
"Plan") to provide certain executive employees with additional life insurance
protection under split dollar life insurance policies.
B. The Company and Executive have entered into an Amended and Restated
Split Dollar Life Insurance Agreement dated as of October 29, 1993, as amended
(the "Split Dollar Agreement"), pursuant to which Executive has received Four
Hundred Fifty-Seven Thousand Dollars ($457,000) of life insurance protection
under the Plan.
C. The Company has selected Executive to receive an additional
Two Hundred Eighty-Five Thousand Dollars ($285,000) of life insurance
protection under the Plan and Executive has elected to receive such
additional protection
Now, therefore, in consideration of the foregoing and other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties
hereto agree as follows:
1. Exhibit A to the Split Dollar Agreement is hereby replaced,
in its entirety, by Exhibit A attached hereto.
2. Except as set forth in this Amendment, the Split Dollar Agreement
will remain unchanged and unaltered and will continue in full force and effect.
In consideration of the foregoing, the Company and Executive have
executed and sealed this Agreement as of the day and year first written above.
(SEAL) JEFFERSON BANKSHARES, INC.
By: /s/ Xxxxxxx X. Xxxxxx, Xx.
Title:General Counsel and Secretary
/s/ O. Xxxxxx XxXxxxxxx (SEAL)
Exhibit A
Specification of Certain Terms of the Policy
Policy Number: 6,913,222
Face Amount: $242,000
Executive Death Benefit: $220,000
Policy Number: 7,710,332
Face Amount: $95,000
Executive Death Benefit: $81,000
Policy Number: 6,913,414
Face Amount: $110,000
Executive Death Benefit: $92,000
Policy Number: 7,712,531
Face Amount: $80,000
Executive Death Benefit: $64,000
Policy Number: 9,649,870
Face Amount: $335,000
Executive Death Benefit: $285,000
