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 the 1st day of June, 1997, between JEFFERSON
BANKSHARES, INC., a Virginia corporation (the "Company") and XXXXXXX X. XXXXXX,
XX., 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 (the "Split
Sollar Agreement"), pursuant to which Executive has received One Hundred
Eighty-Four Thousand Dollars ($184,000) of life insurance protection under the
Plan.
C. The Company has selected Executive to receive an additional
Fifty-Five Thousand Dollars ($55,000) 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/ O. Xxxxxx XxXxxxxxx
Title: President and
Chief Executive Officer
/s/ Xxxxxxx X. Xxxxxx, Xx. (SEAL)
Exhibit A
Specification of Certain Terms of the Policy
Policy Number: 7558862
Face Amount: $270,000
Executive Death Benefit $239,000
