THE FIRST NATIONAL BANK OF BLUEFIELD
EXECUTIVE SPLIT DOLLAR LIFE INSURANCE AGREEMENT
This EXECUTIVE SPLIT DOLLAR LIFE INSURANCE AGREEMENT is made as of the 1 st day of April, 1988, by and
between The First National Bank of Bluefield, a West Virginia corporation (the “Company”) and , an
executive employed by the Company (the “Executive”).
1. Definitions . Where indicated by initial capital letters, the following terms shall have the following meaning:
(a) Agreement : The Executive Split Dollar Life Insurance Agreement (including Schedules and attachments) entered into
between the Company and Executive pursuant to the Plan.
(b) Amount : The level of insurance specified by Executive in Schedule A which shall not be more than 5 times Executive’s
(c) Beneficiary : The person or persons designated in writing by Executive to receive the Amount.
(d) Cause : Cause means, but is not limited to, a determination by the Company that Executive may have been guilty of
criminal conduct (regardless of whether proven or admitted), gross negligence or willful misconduct in the performance of his
duties or otherwise, or has engaged in conduct which, if generally known, would bring discredit to or give rise to adverse
publicity to the Company.
(e) Compensation : Compensation means the Executive’s annual rate of total cash compensation as in effect on January 1
of any year of an election to increase the Amount.
(f) Insurer : Crown Life Insurance Company, or any other insurance company issuing a life insurance contract on
(g) Plan : The First National Bank of Bluefield Executive Split Dollar Life Insurance Plan.
(h) Policy : One or more life insurance contracts issued on the life of Executive pursuant to the Plan as identified on
(i) Recoverable Amount: The Company’s annual premium, exclusive of any rating, less any amount received from the