Document:

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                                                                    Exhibit 10.4

                 FIRST COMMUNITY BANCSHARES, INC. AND AFFILIATES

                            EXECUTIVE RETENTION PLAN

                                  AND AGREEMENT

         THIS PLAN AND AGREEMENT is made and entered into this ______day of
____________, ______, by and between First Community Bancshares, Inc., a
corporation, organized and existing under the laws of the State of Nevada,
(hereinafter, collectively with its affiliates, referred to as the "Company"),
and ______________________________, an Executive of the Company (hereinafter
referred to as the "Executive").

         WHEREAS, the Executive has faithfully served the Company and it is the
consensus of the Board of Directors (hereinafter referred to as the "Board"),
that the Executive's services have been of exceptional merit, in excess of the
compensation paid and an invaluable contribution to the profits and position of
the Company in its field of activity. The Board further believes that the
Executive's experience, knowledge of corporate affairs, reputation and industry
contacts are of such value, and the Executive's continued services so essential
to the Company's future growth and profits, that it would suffer severe
financial loss should the Executive terminate his service with the Company.

         WHEREAS, the Board has adopted this First Community Bancshares, Inc..
Executive Retention Plan and Agreement (hereinafter referred to as the
"Retention Plan and Agreement") and it is the desire of the Company and
Executive to enter into this plan and agreement by which the Company will agree
to make certain payments to the Executive upon the Executive's retirement or
disability and to the Executive's beneficiary(ies) in the event of the
Executive's death.

         WHEREAS, it is the intent of the parties hereto that this Retention
Plan and Agreement be considered an unfunded arrangement maintained primarily to
provide supplemental retirement benefits for the Executive, and to be considered
a non-qualified benefit plan for purposes of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"). The Executive is fully advised of
the Company's financial status and has had substantial input in the design and
operation of this benefit plan.

         NOW THEREFORE, in consideration of services the Executive has performed
in the past and those to be performed in the future, and based upon the mutual
promises and covenants herein contained, the Company and the Executive agree as
follows:

I.       DEFINITIONS

         A.       Effective Date:

                  The Effective Date of the Plan shall be ____________________.

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         B.       Plan Year:

                  Any reference to the "Plan Year" shall mean a calendar year
                  from January 1st to December 31st.

         C.       Retirement Date:

                  Retirement Date shall mean retirement from service with the
                  Company which becomes effective on the first day of the
                  calendar month following the month in which the Executive
                  reaches age sixty two (62) or such later date as the Executive
                  may actually retire.

         D.       Termination of Service:

                  Termination of Service shall mean the Executive's voluntary
                  resignation or the Company's discharge of the Executive, in
                  either case, prior to Normal Retirement Age, death or
                  disability.

         E.       Pre-Retirement Account:

                  A Pre-Retirement Account shall be established as a liability
                  reserve account on the books of the Company for the benefit of
                  the Executive. Prior to the Executive's Termination of Service
                  or the Executive's Retirement, whichever event shall first
                  occur, or Prior to the Executive's Retirement Date, such
                  liability reserve account shall be increased or decreased each
                  Plan Year, until the aforestated event occurs, by the Index
                  Retirement Benefit. For further reference on the definition(s)
                  as set forth herein, please see Exhibit "A" attached hereto.
                  Said Exhibit "A" is referred to herein for illustrative
                  purposes only. The Company does not promise any amounts as set
                  forth in Exhibit "A".

         F.       Index Retirement Benefit:

                  The Index Retirement Benefit for each Executive in the
                  Retention Plan for each Plan Year shall be equal to the excess
                  (if any) of the Index for that Plan Year over the Cost of
                  Funds Expense for that Plan Year. For further reference on the
                  definition(s) as set forth herein, please see Exhibit "A"
                  attached hereto. Said Exhibit "A" is referred to herein for
                  illustrative purposes only. The Company does not promise any
                  amounts as set forth in Exhibit "A".

         G.       Index:

                  The Index for any Plan Year shall be the aggregate annual
                  after-tax income from the life insurance contract(s) described
                  hereinafter as defined by FASB Technical Bulletin 85-4. This
                  Index shall be applied as if such

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                  insurance contract(s) were purchased on the Effective Date of
                  the Executive Plan.

                  Insurance Company:
                  Policy Form:
                  Policy Name:
                  Insured's Age and Sex:
                  Riders:
                  Ratings:
                  Option:
                  Face Amount:
                  Premiums Paid:
                  Number of Premium Payments:
                  Purchase Date:

                  If such contracts of life insurance are not purchased or are
                  subsequently surrendered or lapsed, then the Bank shall
                  receive annual policy illustrations that assume the
                  above-described policies were purchased or had not
                  subsequently been surrendered or lapsed, which illustration
                  will be received from the respective insurance companies and
                  will indicate the increase in policy values for purposes of
                  calculating the amount of the Index.

                  In either case, references to the life insurance contracts are
                  merely for purposes of calculating a benefit. The Bank has no
                  obligation to purchase such life insurance and, if purchased,
                  the Executives and their beneficiary(ies) shall have no
                  ownership interest in such policy and shall never have a
                  greater interest in the benefits under this Retention Plan and
                  Agreement than that of an unsecured creditor of the Bank.

         H.       Opportunity Cost:

                  The Opportunity Cost for any Plan Year shall be calculated by
                  taking the sum of the amount of premiums for the life
                  insurance policies described in the definition of "Index" plus
                  the amount of any after-tax benefits paid to any Executive
                  pursuant to the Retention Plan and Agreement (Paragraph II
                  hereinafter) plus the amount of all previous years after-tax
                  Opportunity Costs, and multiplying that sum by the Average
                  Opportunity Cost. For further reference on the definition(s)
                  as set forth herein, please see Exhibit "A" attached hereto.
                  Said Exhibit "A" is referred to herein for illustrative
                  purposes only. The Company does not promise any amounts as set
                  forth in Exhibit "A".

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         I.       Change of Control:

                  For purposes of this Retention Plan and Agreement, change of
                  control shall mean the purchase or other acquisition by any
                  person, entity or group of persons, within the meaning of
                  Section 13(d)(3) of the Securities Exchange Act of 1934 (the
                  "Act"), or any comparable successor provision, of beneficial
                  ownership within the meaning of Rule 13(d)(3) promulgated
                  under the Act, within any twelve month period, of 30 percent
                  or more of the outstanding shares of common stock of First
                  Community Bancshares, Inc. (the "Holding Company"); or the
                  approval by the stockholders of the Holding Company of a
                  reorganization, merger, consolidation, share exchange or
                  similar transaction pursuant to which persons who were
                  stockholders of the Holding Company immediately prior to the
                  effective date of such transaction do not, immediately after
                  such date, own more than 60 percent of the combined voting
                  power entitled to vote generally in the election of directors
                  of the surviving or successor corporation; or a liquidation or
                  dissolution of the Holding Company; or the sale of all or
                  substantially all of its assets.

         J.       Normal Retirement Age:

                  Normal Retirement Age shall mean the date on which the
                  Executive attains age sixty-two (62).

         K.       Average Opportunity Cost:

                  Average Opportunity Cost is the average annual after tax cost
                  of interest-bearing deposit liabilities computed on a calendar
                  year basis.

         L.       For Cause:

                  The term for "cause" shall mean the commission of acts or
                  omissions by the executive which constitute fraud, dishonesty,
                  excessive absenteeism without approval of the employer
                  (provided such absenteeism is not caused by disability), a
                  criminal act involving the person or property of others or the
                  public generally, gross neglect of duty resulting in
                  substantial loss to the employer or any affiliate, or willful
                  failure to carry out reasonable and legal duties and
                  responsibilities consistent with his duties. If a dispute
                  arises as to discharge for "cause", such dispute shall be
                  resolved by arbitration as set forth in this Retention Plan
                  and Agreement.

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II.      INDEX BENEFITS

         A.       Retirement Benefits:

                  An Executive who remains employed by the Company until the
                  Normal Retirement Age shall be entitled to receive the balance
                  in the Pre-Retirement Account in one hundred twenty (120)
                  equal monthly installments commencing thirty (30) days
                  following the Executive's retirement. In addition to these
                  payments and commencing in conjunction therewith, the Index
                  Retirement Benefit, if any, for each Plan Year subsequent to
                  the Executive's retirement, and including the remaining
                  portion of the Plan Year following said retirement, shall be
                  paid to the Executive until the Executive's death.

         B.       Termination of Employment:

                  No benefits will be paid to the Executive or his
                  beneficiary(ies) in the event of termination of employment for
                  any reason other than the retirement, disability or death of
                  the Executive or pursuant to Article IV, hereinafter.

         C.       Death:

                  Should the Executive die prior to having received the balance
                  of the Pre-Retirement Account payable to the Executive under
                  the terms of this Retention Plan, the unpaid balance shall be
                  paid in a lump sum to the individual or individuals the
                  Executive may have designated in writing and filed with the
                  Company. In the absence of any effective designation of
                  beneficiary(ies), the unpaid balance shall be paid as set
                  forth herein to the duly qualified executor or administrator
                  of the Executive's estate. Said payment due hereunder shall be
                  made the first day of the second month following the death of
                  the Executive.

         D.       Death Benefits:

                  Except as set forth above, there is no death benefit provided
                  under this Agreement.

III.     RESTRICTION UPON FUNDING

         The Company shall have no obligation to set aside, earmark or entrust
         any fund or money with which to pay its obligations under this
         Retention Plan and Agreement. The Executive, his/her beneficiary(ies),
         or any successor in interest shall be and remain simply a general
         creditor of the Company in the same manner as any other creditor having
         a general claim for matured and unpaid compensation.

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         The Company reserves the absolute right, at its sole discretion, to
         either fund the obligations undertaken by this Retention Plan and
         Agreement or to refrain from funding the same and to determine the
         extent, nature and method of such funding. Should the Company elect to
         fund this Retention Plan, in whole or in part, at no time shall any
         Executive be deemed to have any lien nor right, title or interest in or
         to any specific funding investment or to any assets of the Company.

         If the Company elects to invest in a life insurance, disability or
         annuity policy upon the life of the Executive, then the Executive shall
         assist the Company by freely submitting to a physical exam and
         supplying such additional information necessary to obtain such
         insurance or annuities.

IV.      TERMINATION OF SERVICE AFTER A CHANGE OF CONTROL

         If the Executive suffers a Termination of Service, other than for
         cause, during the twelve months prior to a Change in Control, or at
         anytime thereafter, (unless the Executive voluntarily terminates his
         employment within 90 days following the effective date of the change in
         control), then the Executive shall receive all benefits provided for in
         this Retention Plan and Agreement upon death (if applicable),
         disability or attaining Normal Retirement Age, as if the Executive had
         been continuously employed by the Company until such event.

V.       COMPETITION AFTER TERMINATION OF SERVICE

         No benefits shall be payable if, at anytime within three (3) years
         following the Executive's Termination of Service or Retirement, the
         Executive, without the prior written consent of the Company, engages
         in, becomes interested in, directly or indirectly, as a sole
         proprietor, as a partner in a partnership, or as a substantial
         shareholder in a corporation, or becomes associated with, in the
         capacity of employee, director, officer, principal, agent, trustee or
         in any other capacity whatsoever, any enterprise conducted in the
         trading area (within a 50 mile radius from the Company's main office
         and 25 miles from any branch office) of the business of the Company,
         which enterprise is, or may be deemed to be, competitive with any
         business carried on by the Company as of the date of the Executive's
         Termination of Employment or retirement.

VI.      SOLICITATION AFTER TERMINATION OF EMPLOYMENT

         No benefits shall be payable if, at anytime within five (5) years
         following the Executive's Termination of Service or Retirement, the
         Executive, without prior written consent of the Company, solicits any
         employee of the Company for the purpose of hiring such employee away
         from the Company. Likewise, no benefits shall be payable if, during
         such five year period, the Executive, without the prior written consent
         of the Company, solicits any entity or person that was a customer of
         the Company within twelve months prior to such termination for the
         purpose of obtaining such customer's business relationship.

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VII.     MISCELLANEOUS

         A.       Alienability and Assignment Prohibition:

                  Neither the Executive, nor the Executive's surviving spouse,
                  nor any other beneficiary(ies) under this Retention Plan shall
                  have any power or right to transfer, assign, anticipate,
                  hypothecate, mortgage, commute, modify or otherwise encumber
                  in advance any of the benefits payable hereunder nor shall any
                  of said benefits be subject to seizure for the payment of any
                  debts, judgments, alimony or separate maintenance owed by the
                  Executive or the Executive's beneficiary(ies), nor be
                  transferable by operation of law in the event of bankruptcy,
                  insolvency or otherwise. In the event the Executive or any
                  beneficiary attempts assignment, commutation, hypothecation,
                  transfer or disposal of the benefits hereunder, the Company's
                  liabilities hereunder shall forthwith cease and terminate.

         B.       Binding Obligation of the Bank and any Successor in Interest:

                  The Company shall not merge or consolidate into or with
                  another bank or holding company or sell substantially all of
                  its assets to another bank, firm or person until such bank,
                  firm or person expressly agrees, in writing, to assume and
                  discharge the duties and obligations of the Company under this
                  Retention Plan. This Retention Plan shall be binding upon the
                  parties hereto, their successors, beneficiaries, heirs and
                  personal representatives.

         C.       Amendment or Revocation:

                  It is agreed by and between the parties hereto that, during
                  the lifetime of the Executive, this Retention Plan may be
                  amended or revoked at any time or times, in whole or in part,
                  by the mutual written consent of the Executive and the
                  Company.

         D.       Gender:

                  Whenever in this Retention Plan and Agreement words are used
                  in the masculine or feminine gender, they shall be read and
                  construed as in the masculine or feminine gender, whenever
                  they should so apply.

         E.       Effect on Other Bank Benefit Plans:

                  Nothing contained in this Retention Plan and Agreement shall
                  affect the right of the Executive to participate in or be
                  covered by any qualified or non-qualified pension,
                  profit-sharing, group, bonus or other supplemental
                  compensation or fringe benefit plan constituting a part of the
                  Company's existing or future compensation structure.

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         F.       Headings:

                  Headings and subheadings in this Retention Plan and Agreement
                  are inserted for reference and convenience only and shall not
                  be deemed a part of this Retention Plan and Agreement.

         G.       Applicable Law:

                  The validity and interpretation of this Retention Plan and
                  Agreement shall be governed by the laws of the Commonwealth of
                  Virginia.

         H.       12 U.S.C. Section 1828(k):

                  Any payments made to the Executive pursuant to this Retention
                  Plan and Agreement, or otherwise, are subject to and
                  conditioned upon their compliance with 12 U.S.C. Section
                  1828(k) or any regulations promulgated thereunder.

         I.       Partial Invalidity:

                  If any term, provision, covenant, or condition of this
                  Retention Plan and Agreement is determined by an arbitrator or
                  a court, as the case may be, to be invalid, void, or
                  unenforceable, such determination shall not render any other
                  term, provision, covenant, or condition invalid, void, or
                  unenforceable, and the Retention Plan and Agreement shall
                  remain in full force and effect notwithstanding such partial
                  invalidity.

         J.       Employment:

                  No provision of this Retention Plan and Agreement shall be
                  deemed to restrict or limit any existing employment agreement
                  by and between the Company and the Executive, nor shall any
                  conditions herein create specific employment rights to the
                  Executive nor limit the right of the Employer to discharge the
                  Executive with or without cause. In a similar fashion, no
                  provision shall limit the Executive's rights to voluntarily
                  sever the Executive's employment at any time.

         K.       Exhibit A:

                  For further reference on the definition(s) as set forth
                  herein, please see Exhibit "A" attached hereto. Said Exhibit
                  "A" is referred to herein for illustrative purposes only. The
                  Company does not promise any amounts as set forth in Exhibit
                  "A".

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VIII.    ERISA PROVISION

         A.       Named Fiduciary and Plan Administrator:

                  The "Named Fiduciary and Plan Administrator" of this Retention
                  Plan and Agreement shall be First Community Bank, N.A., until
                  its resignation or removal by the Board. As Named Fiduciary
                  and Plan Administrator, the Bank shall be responsible for the
                  management, control and administration of the Retention Plan
                  and Agreement. The Named Fiduciary may delegate to others
                  certain aspects of the management and operation
                  responsibilities of the Retention Plan and Agreement including
                  the employment of advisors and the delegation of ministerial
                  duties to qualified individuals.

         B.       Claims Procedure and Arbitration:

                  In the event a dispute arises over benefits under this
                  Retention Plan and Agreement and benefits are not paid to the
                  Executive (or to the Executive's beneficiary(ies) in the case
                  of the Executive's death) and such claimants feel they are
                  entitled to receive such benefits, then a written claim must
                  be made to the Named Fiduciary and Plan Administrator named
                  above within sixty (60) days from the date payments are
                  refused. The Named Fiduciary and Plan Administrator shall
                  review the written claim and if the claim is denied, in whole
                  or in part, they shall provide in writing within sixty (60)
                  days of receipt of such claim its specific reasons for such
                  denial, reference to the provisions of this Retention Plan and
                  Agreement upon which the denial is based and any additional
                  material or information necessary to perfect the claim. Such
                  written notice shall further indicate the additional steps to
                  be taken by claimants if a further review of the claim denial
                  is desired. A claim shall be deemed denied if the Named
                  Fiduciary and Plan Administrator fail to take any action
                  within the aforesaid sixty-day period.

                  If claimants dispute the benefit denial based upon completed
                  performance of this Retention Plan and Agreement or the
                  meaning and effect of the terms and conditions thereof, then
                  claimants may submit the dispute to an Arbitrator for final
                  arbitration. The Arbitrator shall be selected by mutual
                  agreement of the Company and the claimants. The Arbitrator
                  shall operate under any generally recognized set of
                  arbitration rules. The parties hereto agree that they and
                  their heirs, personal representatives, successors and assigns
                  shall be bound by the decision of such Arbitrator with respect
                  to any controversy properly submitted to it for determination.

                  Where a dispute arises as to the Company's discharge of the
                  Executive for "Cause", such dispute shall likewise be
                  submitted to arbitration as above-described; and the parties
                  hereto agree to be bound by the decision thereunder.

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         IN WITNESS WHEREOF, the parties hereto acknowledge that each has
carefully read this Retention Plan and Agreement and executed the original
thereof on the ______ day of _________, ______, and that, upon execution, each
has received a conforming copy.

                                         FIRST COMMUNITY BANCSHARES, INC.
                                         BLUEFIELD, VIRGINIA

                                         BY:____________________________________
                                             CHAIRMAN OF THE BOARD OF DIRECTORS

                                         BY:____________________________________
                                             EXECUTIVE

____________________________________
WITNESS

____________________________________
WITNESS

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                          BENEFICIARY DESIGNATION FORM
                                FOR THE EXECUTIVE
                          RETENTION PLAN AND AGREEMENT

PRIMARY DESIGNATION:

     NAME                       ADDRESS                    RELATIONSHIP
     ----                       -------                    ------------

------------------------------------------------------------------------

------------------------------------------------------------------------

------------------------------------------------------------------------

SECONDARY (CONTINGENT) DESIGNATION:

------------------------------------------------------------------------

------------------------------------------------------------------------

------------------------------------------------------------------------

All sums payable under the Executive Retention Plan and Agreement, by reason of
my death, shall be paid to the Primary Beneficiary, if he, she or they survive
me, and if no Primary Beneficiary shall survive me, then to the Secondary
(Contingent) Beneficiary.

----------------------------------          ------------------------------------
SIGNATURE OF PARTICIPANT                    DATE<PAGE>   1
                                                                    Exhibit 10.5

                        FIRST COMMUNITY BANCSHARES, INC.
                                 LIFE INSURANCE
                      ENDORSEMENT METHOD SPLIT DOLLAR PLAN
                                  AND AGREEMENT

Insurer:

Policy Number:

Company:                                    First Community Bancshares, Inc.
                                            and its Affiliates

Insured:

Relationship of Insured to Company:         Executive

The respective rights and duties of the Company and the Insured in the
above-referenced policy shall be pursuant to the terms set forth below:

I.       DEFINITIONS

         Refer to the policy contract for the definition of all terms in this
         Plan and Agreement not defined herein.

II.      POLICY TITLE AND OWNERSHIP

         Title and ownership shall reside in the Company for its use and for the
         use of the Insured all in accordance with this Plan and Agreement.
         Where the Company and the Insured (or assignee, with the consent of the
         Insured) mutually agree to exercise the right to increase the coverage
         under the subject Split Dollar policy, then, in such event, the rights,
         duties and benefits of the parties to such increased coverage shall
         continue to be subject to the terms of this Plan and Agreement.

III.     BENEFICIARY DESIGNATION RIGHTS

         The Insured (or assignee) shall have the right and power to designate a
         beneficiary or beneficiaries to receive the Insured's share of the
         proceeds payable upon the death of the Insured, and to elect and change
         a payment option for such beneficiary, subject to any right or interest
         the Company may have in such proceeds, as provided in this Plan and
         Agreement.

IV.      PREMIUM PAYMENT METHOD

         The Company shall pay, in a single deposit, an amount equal to the
         premiums calculated under provisions of the Executive Retention Plan
         and Agreement.

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V.       TAXABLE BENEFIT

         Annually the Insured will receive a taxable benefit equal to the
         assumed cost of insurance as required by the Internal Revenue Service.
         The Company (or its administrator) will report to the Insured the
         amount of imputed income each year on Form W-2 or its equivalent.

VI.      ENTITLEMENT TO THE CASH SURRENDER VALUE OF THE POLICY

         The Company shall be entitled to an amount equal to the policy's cash
         value, as that term is defined in the policy contract, less any
         applicable surrender charges. Such cash value shall be determined and
         paid as of the date of death.

VII.     DIVISION OF DEATH PROCEEDS

         Subject to Paragraphs VI, IX, and XIV herein, the division of the death
         proceeds of the policy is as follows:

         A.       Should the Insured be employed by the Company, disabled or
                  retired on the date of death, the Insured's beneficiary(ies),
                  designated in accordance with Paragraph III, shall be entitled
                  to an amount equal to eighty percent (80%) of the net at risk
                  insurance portion of the proceeds. The net at risk insurance
                  portion is the total proceeds less the cash value of the
                  policy.

         B.       The Company shall be entitled to the remainder of such
                  proceeds..

         C.       Should the Insured not be employed by the Company for reasons
                  other than disability or retirement at the time of his death,
                  no benefits will be paid the insured's beneficiary(ies).

         D.       The Company and the Insured (or assignees) shall share in any
                  interest due on the death proceeds on a pro rata basis as the
                  proceeds due each respectively bears to the total proceeds,
                  excluding any such interest.

VIII.    TERMINATION OF PLAN AND AGREEMENT

         This Plan and Agreement shall terminate upon the insured leaving the
         employment of the Company (voluntarily or involuntarily).

         Except as provided above, this Plan and Agreement shall terminate upon
         distribution of the death benefit proceeds and the cash value in
         accordance with Paragraph VI and VII above.

IX.      INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS

         The Insured may not, without the written consent of the Company, assign
         to any individual, trust or other organization, any right, title or
         interest in the subject policy nor any rights, options, privileges or
         duties created under this Plan and Agreement.

                                       2
<PAGE>   3

X.       PLAN AND AGREEMENT BINDING UPON THE PARTIES

         This Plan and Agreement shall bind the Insured and the Company, their
         heirs, successors, personal representatives and assigns.

XI.      ERISA PROVISIONS

         The following provisions are part of this Plan and Agreement and are
         intended to meet the requirements of the Employee Retirement Income
         Security Act of 1974 ("ERISA"):

         A.       Named Fiduciary and Plan Administrator.

         The "Named Fiduciary and Plan Administrator" of this Endorsement Method
         Split Dollar Plan and Agreement shall be First Community Bank, N.A.
         until resignation or removal by the Board of Directors. As Named
         Fiduciary and Plan Administrator, the Bank shall be responsible for the
         management, control and administration of this Split Dollar Plan and
         Agreement as established herein. The Named Fiduciary may delegate to
         others certain aspects of the management and operation responsibilities
         of the Plan, including the employment of advisors and the delegation of
         any ministerial duties to qualified individuals.

         B.       Funding Policy.

         The funding policy for this Split Dollar Plan and Agreement shall be to
         maintain the subject policy in force by purchasing a single premium
         insurance product.

         C.       Basis of Payment of Benefits.

         Direct payment by the Insurer is the basis of payment of benefits under
         this Plan and Agreement, with those benefits in turn being based on the
         payment of premiums as provided in the Executive Retention Plan and
         Agreement.

         D.       Claim Procedures.

         Claim forms or claim information as to the subject policy can be
         obtained by contacting Benmark. When the Named Fiduciary has a claim
         which may be covered under the provisions described in the insurance
         policy, they should contact the office named above, and they will
         either complete a claim form and forward it to an authorized
         representative of the Insurer or advise the named Fiduciary what
         further requirements are necessary. The Insurer will evaluate and make
         a decision as to payment. If the claim is payable, a benefit check will
         be issued in accordance with the terms of this Plan and Agreement.

                                       3
<PAGE>   4

         In the event that a claim is not eligible under the policy, the Insurer
         will notify the Named Fiduciary of the denial pursuant to the
         requirements under the terms of the policy. If the Named Fiduciary is
         dissatisfied with the denial of the claim and wishes to contest such
         claim denial, they should contact the office named above and they will
         assist in making inquiry to the Insurer. All objections to the
         Insurer's actions should be in writing and submitted to the office
         named above for transmittal to the Insurer.

XII.     GENDER

         Whenever in this Plan and Agreement words are used in the masculine or
         neuter gender, they shall be read and construed as in the masculine,
         feminine or neuter gender, whenever they should so apply.

XIII.    INSURANCE COMPANY NOT A PARTY TO THIS PLAN AND AGREEMENT

         The Insurer shall not be deemed a party to this Plan and Agreement, but
         will respect the rights of the parties as herein developed upon
         receiving an executed copy of this Plan and Agreement. Payment or other
         performance in accordance with the policy provisions shall fully
         discharge the Insurer for any and all liability.

XIV.     CHANGE OF CONTROL

         For purposes of this Plan and Agreement, Change of Control shall mean
         the purchase or other acquisition by any person, entity or group of
         persons, within the meaning of Section 13(d)(3) of the Securities
         Exchange Act of 1934 (the "Act"), or any comparable successor
         provision, of beneficial ownership within the meaning of Rule 13d-3
         promulgated under the Act, within any twelve month period, of 30
         percent or more of the outstanding shares of common stock of First
         Community Bancshares, Inc. (the "Holding Company"); or the approval by
         the stockholders of the Holding Company of a reorganization, merger,
         consolidation, share exchange or similar transaction pursuant to which
         persons who were stockholders of the Holding Company immediately prior
         to the effective date of such transaction or series of transactions do
         not, immediately after such date, own more than 60 percent of the
         combined voting power entitled to vote generally in the election of
         directors of the surviving or successor corporation; or a liquidation
         or dissolution of the Holding Company; or the sale of all or
         substantially all of its assets.

         Upon a Change of Control, if the Insured's employment is subsequently
         terminated, except for Cause, then the Insured shall be one hundred
         percent (100%) vested in the benefits promised in this Plan and
         Agreement. Therefore, upon the death of the Insured, the Insured's
         beneficiary(ies) (designated in accordance with Paragraph III) shall
         receive the death benefit provided herein as if the Insured had died
         while employed by the Company, whether or not such Insured remains
         employed by the Company.

                                       4
<PAGE>   5

         Cause for this Plan and Agreement shall mean, any of the following that
         result in a material adverse effect on the Company: (i) gross
         negligence or gross neglect; (ii) conviction for a felony involving
         fraud or dishonesty; (iii) a breach of fiduciary duty involving
         personal profit; or (iv) excessive absenteeism without approval of the
         employer (provided such absenteeism is not caused by disability). If a
         dispute arises as to discharge for "cause", such dispute shall be
         resolved by arbitration as set forth in the Executive Retention Plan
         and Agreement.

XV.      AMENDMENT OR REVOCATION

         It is agreed by and between the parties hereto that, during the
         lifetime of the Insured, this Plan and Agreement may be amended or
         revoked at any time or times, in whole or in part, by the mutual
         written consent of the Insured and the Company.

XVI.     EFFECTIVE DATE

         The Effective Date of this Plan and Agreement shall be
         ____________________.

XVII.    SEVERABILITY AND INTERPRETATION

         If a provision of this Plan and Agreement is held to be invalid or
         unenforceable, the remaining provisions shall nonetheless be
         enforceable according to their terms. Further, in the event that any
         provision is held to be overbroad as written, such provision shall be
         deemed amended to narrow its application to the extent necessary to
         make the provision enforceable according to law and enforced as
         amended.

XVIII.   APPLICABLE LAW

         The validity and interpretation of this Plan and Agreement shall be
         governed by the laws of the Commonwealth of Virginia.

Executed at ____________, ____________ this ______ day of _____________, ______.

                                            FIRST COMMUNITY BANCSHARES, INC.
                                            Bluefield, Virginia

___________________________                 By:_________________________________
Witness                                                                    Title

___________________________                 ____________________________________
Witness                                     Insured

                                       5
<PAGE>   6

                          BENEFICIARY DESIGNATION FORM
                      FOR THE INSURANCE ENDORSEMENT METHOD
                         SPLIT DOLLAR PLAN AND AGREEMENT

PRIMARY DESIGNATION:

      NAME                       ADDRESS                    RELATIONSHIP
      ----                       -------                    ------------

------------------------------------------------------------------------

------------------------------------------------------------------------

------------------------------------------------------------------------

SECONDARY (CONTINGENT) DESIGNATION:

------------------------------------------------------------------------

------------------------------------------------------------------------

------------------------------------------------------------------------

All sums payable under the Life Insurance Endorsement Method Split Dollar Plan
and Agreement by reason of my death shall be paid to the Primary Beneficiary, if
he or she survives me, and if no Primary Beneficiary shall survive me, then to
the Secondary (Contingent) Beneficiary.

----------------------------------          ------------------------------------
Signature of Participant                    Date

                                       6

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