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                                                                  EXHIBIT 10.16

                               BANK OF TENNESSEE
                        SPLIT DOLLAR LIFE INSURANCE PLAN

         As authorized pursuant to the Resolution of the Board of Directors of
Bank of Tennessee, (the "Bank"), dated the 12th day of May, 1994, the Centura
Banks, Inc. Split Dollar Insurance Plan as Assumed by Bank of Tennessee, is
amended and restated, and shall be renamed the Bank of Tennessee Split Dollar
Life Insurance Plan, effective as of this 12th day of May, 1994 and shall read
as follows:

                              ARTICLE I - PURPOSE

1.1      The purpose of the Plan is to provide split dollar life insurance
         benefits to a limited group of employees and directors who contribute
         materially to the continued growth, development, and future business
         of Bank of Tennessee.

1.2      This Plan is intended to qualify as a life insurance employee benefit
         plan as described in Revenue Ruling 64-328, as revised or amplified
         and is further intended to comply with the exemption of Department of
         Labor Regulation Section 2520.104-20, and shall be construed
         accordingly.

                            ARTICLE II - DEFINITIONS

         For the purposes hereof, unless otherwise clearly apparent from the
context, the following phrases or terms shall have the following indicated
meanings:

2.1      "Bank" shall mean Bank of Tennessee.

2.2      "Beneficiary" shall mean the person(s), trust(s), or the estate of a
         Participant, entitled to receive any benefits under this Plan upon the
         death of a Participant.

2.3      "Committee" shall mean the Human Resources Committee of the Board of
         Directors, or such other committee designated by the Board of
         Directors of Bank of Tennessee to administer the Plan. The Committee
         will manage and administer the Plan in accordance with the provisions
         of Article X of this Plan.

2.4      "Employee" shall mean any person who is in the regular full time
         employment of the Bank as determined by the personnel rules and
         practices of the Bank.

2.5      "ERISA" shall mean the Employee Retirement Income Security Act of
         1974, as amended.

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2.6      "Insurer" shall mean the insurance company to which both the
         Participant and the Bank will apply for insurance on the Participant's
         life and which issues the Insurance Policy.

2.7      "Insurance Policy" shall mean a life insurance contract issued by the
         Insurer.

2.8      "Participant" shall mean an Employee or a member of the Bank's Board
         of Directors who is selected and elects to participate in the Plan as
         provided in Article III hereby.

2.9      "Plan" shall mean the Bank of Tennessee Split Dollar Life Insurance
         Plan, which shall be evidenced by this instrument and by each Plan
         Agreement.

2.10     "Plan Agreement" shall mean the form of written agreement, attached
         hereto, which is entered into by and between the Bank and a
         Participant, and to the extent required by the Committee, a
         Participant in the Plan prior to its assumption by Bank of Tennessee
         and its amendment and restatement, shall execute a new Plan Agreement.

                    ARTICLE III - ELIGIBILITY AND MEMBERSHIP

3.1      The Committee shall have the sole discretion to determine the
         Employees that are eligible to become Participants in accordance with
         the purposes of the Plan, and the top-hat exemption of ERISA.
         Participants in the Plan prior to its assumption by Bank of Tennessee
         and its amendment and restatement shall continue to participate in
         accordance with the terms of the Plan as amended and restated.

3.2      As a condition of participation, each Participant so selected shall
         complete, execute, and return to the Committee a Plan Agreement in the
         form attached hereto and will comply with such further conditions as
         may be established and in the sole discretion of the Committee.

                  ARTICLE IV - PROCUREMENT OF INSURANCE POLICY

4.1      In the form and manner determined by the Committee, the Bank and the
         Participant shall apply to the Insurer for an Insurance Policy on each
         Participant's life in the amount specified in his respective Plan
         Agreement. The Participant shall:

         (a)      furnish such information as the Insurer or Committee may
                  require;

         (b)      take such physical examinations as may be requested, and

         (c)      do any other legal or moral act which may be requested by the
                  Insurer.

4.2      If a Participant does not cooperate in the securing of such insurance,
         or if he is for any reason unable to obtain insurance in the specified
         amount of his life, the Bank shall have no further obligation to
         Participant under the Plan and such Participant's Plan Agreement shall
         terminate.

4.3      As determined by the Committee, the Bank and the Participant shall be
         the owners of any Insurance Policy acquired on Participant's life.
         Their respective interests in the Insurance

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         Policy shall be as they are set out in the Plan and Plan Agreement.
         Nothing herein shall prevent the Bank from owning the entire Insurance
         Policy.

4.4      The Bank shall have no obligation of any nature whatsoever to a
         Participant under the Plan or Plan Agreement, if the circumstances of
         the Participant's death preclude payment of death proceeds under the
         Insurance Policy.

4.5      On or before the due date of each insurance policy premium, or within
         the grace period provided therein, the Bank shall pay to the Insurer
         the premium due.

                            ARTICLE V - BENEFICIARY

5.1      The Participant shall designate his Beneficiary to receive benefits
         under the Plan and the Plan Agreement. If more than one Beneficiary is
         named, the shares and preference of each shall be indicated.

5.2      The Bank and the Participant shall execute a Beneficiary Designation
         Form used by the Insurer for such designations. It shall limit the
         rights of the Participant's designated Beneficiary to the amount of
         the death benefit proceeds specified in his Plan Agreement with the
         balance payable to the Bank. Such Beneficiary designation shall not be
         terminated, altered or amended by the Bank, without the express
         written consent of the Participant. The parties hereto agree to take
         all action necessary to cause such Beneficiary designation to conform
         to the provision of this Plan and Plan Agreement.

5.3      Participant shall have the right to change the Beneficiary by
         submitting a written direction to the Bank which will instruct the
         Bank to file with the Insurer a Change of Beneficiary form. Both the
         Bank and the Participant will execute that document.

5.4      No change in Beneficiary shall be effective until acknowledged in
         writing by the Insurer.

5.5      Any payment made by the Insurer in accordance with an acknowledged
         Beneficiary designation shall fully discharge the Insurer from all
         further obligations with respect to such payment.

5.6      The Participant may elect any settlement option under the Insurance
         Policy of his Beneficiary's portion of the death benefit proceeds and
         the Bank agrees to execute and deliver to the Insurer the necessary
         forms to elect the requested settlement options.

                   ARTICLE VI - RIGHTS TO BENEFITS OF POLICY

6.1      While the Participant's Agreement is in force, the Bank shall have the
         unqualified right to control the portion of the cash surrender value
         of the Insurance Policy equal to the amount it contributed out of its
         own funds pursuant to Section 4.5 of this Plan.

6.2      The Bank shall possess the right to borrow either directly or
         indirectly against each Insurance Policy or to repledge its collateral
         security interest in it for an amount not exceeding its interest.

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6.3      The Participant shall control all policy values over and above those
         reserved to the Bank, and all other policy rights not otherwise ceded
         to the Bank. However, the Participant agrees that he will not deal
         with the Insurance Policy other than in a manner expressly provided
         for in the Plan or the Plan Agreement until after this Plan or the
         Participant's Plan Agreement is terminated.

                    ARTICLE VII - NO CONTRACT OF EMPLOYMENT

7.1      This Agreement does not constitute a contract of employment between
         the Bank and the Participant. Employment and compensation may be
         terminated with or without cause at any time by the Bank or by the
         Participant.

                    ARTICLE VIII - AMENDMENT AND TERMINATION

8.1      Bank of Tennessee reserves the right to totally or partially amend,
         modify or supplement this Plan at any time.

8.2      Bank of Tennessee reserves the right to terminate this Plan, and each
         subsidiary reserves the right to terminate its participation herein.

8.3      The Bank reserves the right to terminate the Plan Agreement or any
         Participant.

8.4      The right to terminate, amend, modify or supplement the Plan or
         terminate any Plan Agreement shall be exercised for the Bank by the
         Committee.

8.5      No action to terminate, amend, modify or supplement the Plan or
         terminate any Plan Agreement shall be taken except upon written notice
         not less than thirty (30) days prior to such action to each
         Participant to be affected thereby.

8.6      If a termination occurs, the obligation of the Bank to make any
         premium payments shall cease and the rights of the parties shall be
         controlled by Article IX.

               ARTICLE IX - RELEASE OF BANK'S OWNERSHIP INTEREST

9.1      If the Participant's Plan Agreement is terminated, the Bank shall be
         entitled to withdraw funds from the Insurance Policy equal to the
         amount provided for in Section 6.1, reduced by all indebtedness and
         interest incurred by it that is owed to the Insurer as a lien against
         such Insurance Policy or in its discretion it may apply said net funds
         to exercise any other option provided by the Insurance Policy, but
         said application of funds shall not reduce the death benefit interest
         of the Participant's Beneficiary.

9.2      After the Bank has exercised its election under Section 9.1, it will
         no longer have any interest in the remaining Insurance Policy which
         thereafter shall be solely owned by the Participant or his assignee.
         The parties shall execute whatever documents are required by the
         Insurer to cause this change to occur.

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                     ARTICLE X - ADMINISTRATION OF THE PLAN

10.1     The sole right of construction, interpretation and general
         administration of the Plan shall be vested in the Committee. The
         Committee, as Plan Administrator, shall be deemed the Named Fiduciary
         of the Plan.

10.2     The Committee may act or adopt resolutions with or without a meeting.
         Any action take or resolution adopted without a meeting shall require
         the consent of all duly appointed and acting members. Any action taken
         or resolution adopted at a meeting of the Committee shall require
         approval of a majority of a quorum. A quorum shall consist of a
         majority of the duly appointed and acting members.

10.3     The Committee shall establish rules, forms and procedures for the
         administration of the Plan from time to time. The Committee shall have
         the exclusive right to interpret the Plan and to decide any and all
         matters arising thereunder or in connection with the administration of
         the Plan, and is specifically authorized to exercise its discretion in
         the administration of the Plan.

10.4     The following claims procedure shall apply to the Plan and shall be
         interpreted consistent with the requirements of ERISA:

         (a)      For claims procedure purposes, the "Claims Manager" shall be
                  the Committee. If for any reason a claim for benefits under
                  this Plan is denied by the Bank, the claims Manager shall
                  deliver to the Claimant a written explanation setting forth
                  the specific reasons for the denial, pertinent references to
                  the Plan section on which the denial is based, such other
                  data as may be pertinent and information on the procedures to
                  be followed by the claimant in obtaining a review of its
                  claim, all written in a manner calculated to be understood by
                  the claimant. For this purpose:

                  (1)      The claimant's claim shall be deemed filed when
                           presented orally or in writing to the Claims
                           Manager.

                  (2)      The Claims Manager's explanation shall be in writing
                           delivered to the claimant within 90 days of the date
                           the claim is filed.

         (b)      The claimant shall have 60 days following its receipt of the
                  denial of the claim to file with the Claims Manager a written
                  request for review of the denial. For such review, the
                  claimant or its representative may submit pertinent documents
                  and written issues and comments.

         (c)      The Claims Manager shall decide the issues on review and
                  furnish the claimant with a copy within 60 days of receipt of
                  the claimant's request for review of its claim. The decision
                  on review shall be in writing and shall include specific
                  reasons for the decisions written in a manner calculated to
                  be understood by the claimant, as well as specific references
                  to the pertinent Plan provisions on which the decision is
                  based. If a copy of the decision is not so furnished to the
                  claimant within such 60 days, the claim shall be deemed
                  denied on review.

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10.5     No member of the Committee shall be liable for any act or omission of
         any other member of the committee, nor for any act or omission on his
         part excepting only willful misconduct. The Bank shall indemnify and
         hold harmless each member of the Committee against any and all
         expenses and liabilities arising out of his membership on the
         Committee excepting only expenses and liabilities arising out of his
         own willful misconduct. Expenses against which a member of the
         Committee shall be so indemnified shall include, without limitation,
         the amount of any settlement or judgment costs, counsel fee, and
         related charges reasonably incurred in connection with a claim
         asserted, or a proceeding brought or settlement thereof. The foregoing
         right of indemnification shall be in addition to any other rights to
         which any such member may be entitled as a matter of law or under any
         other indemnification provisions now or hereafter adopted by the Bank.

10.6     The Bank shall supply full and timely information to the Committee on
         all matters relating to the employment of all Participants and such
         other pertinent facts as the Committee may require.

                     ARTICLE IX - PARTICIPANT'S ASSIGNMENT

11.1     The Participant shall have the right to make an absolute assignment of
         his entire interest under this Plan and Plan Agreement and of his
         interest in the Insurance Policy at any time to any person or persons.
         Upon delivery of a signed copy of the assignment to the Bank, all of
         the rights, obligations and duties of the Participant hereunder shall
         pass to and be binding upon such assignee (including the right to make
         further assignments) and the Participant shall have no further
         interest in this Plan or the Insurance Policy.

                       ARTICLE XII - INSURER'S LIABILITY

12.1     If this Plan or Plan Agreement is still in existence at the death of a
         Participant, the Insurer shall be discharged from all liability under
         the appropriate policy upon payment of the proceeds in the manner
         following:

         (a)      The amount provided for in Section 6.3 shall be paid in
                  accordance with both the Participant's final Beneficiary
                  Designation and any Optional Method of Settlement election
                  filed with it.

         (b)      The balance of the proceeds, if any, shall be paid to the
                  Bank.

                    ARTICLE XIII - MISCELLANEOUS PROVISIONS

13.1     Any notice which shall or may be given under the Plan or a Plan
         Agreement shall be in writing and shall be mailed by first class mail,
         postage prepaid. If notice is to be given to the Bank, such notice
         shall be addressed to the Bank at its general offices:

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                               Bank of Tennessee
                             301 East Center Street
                        Kingsport, Tennessee 37660-4801
                      Attention: Human Resources Committee
                        Split Dollar Life Insurance Plan

         If notice is to be given to a Participant, such notice shall e
         addressed to the address shown on such Participant's Plan Agreement or
         the Participant's last known address, if different.

13.2     Any party may change the address to which notices shall be mailed from
         time to time by giving written notice of such new address.

13.3     The Plan shall be binding upon the Bank and its successors and
         assigns, and upon a Participant, his Beneficiary, heirs, executors and
         administrators.

13.4     This Plan shall be construed and governed in all respects under and by
         the laws of the State of Tennessee, except to the extent preempted by
         ERISA. If any provision of this Plan shall be held by a court of
         competent jurisdiction to be invalid or unenforceable, the remaining
         provisions hereof shall continue to be fully effective.

13.5     Headings and subheadings in this Plan are inserted for convenience and
         reference only and do not constitute any part of this Plan.

13.6     This Plan may be executed in an original and any number of
         counterparts, each of which shall constitute an original of one and
         the same instrument.

13.7     This Plan shall be construed, where required, so that the masculine
         gender includes the feminine.

13.8     Notwithstanding the provisions of Article VII, upon:

         (a)      a dissolution, liquidation, merger, consolidation or
                  acquisition in which Bank of Tennessee is not the surviving
                  or resulting Bank;

         (b)      a sale of all or substantially all of the assets of Bank of
                  Tennessee; or

         (c)      any acquisition by any person or group of associated persons
                  of the ownership, control or voting power of twenty-five
                  percent (25%) or more of the voting securities of Bank of
                  Tennessee, other than a pro forma transaction for a purpose
                  such as changing the name or state of incorporation of Bank
                  of Tennessee, neither the Plan nor any Plan Agreement may be
                  terminated, amended or modified, unless Bank of Tennessee
                  specifically authorizes that as of the date of the Change in
                  Control, the Agreement may be assumed by the surviving or
                  resulting corporation in which case the surviving or
                  resulting corporation shall have all the rights and duties of
                  the Bank hereunder, subject to any conditions imposed by Bank
                  of Tennessee in authorizing the assumption of the Plan and
                  the Plan Agreements.

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This 12th day of May, 1994.

                                          BANK OF TENNESSEE

                                          /s/ Giles W. Morrill
                                          -------------------------------------
                                          Giles W. Morrill
                                          Chairman - Human Resources Committee

/s/ Peggy H. Cole
----------------------------
         Secretary

                                          /s/ Colon A. Terrell, Jr.
                                          -------------------------------------
                                          Colon A. Terrell, Jr.
(Corporate Seal)                          President and CEO<PAGE>   1

                                                                  EXHIBIT 10.17

                                 BANCTENN CORP.
                        SPLIT DOLLAR LIFE INSURANCE PLAN
                                 PLAN AGREEMENT

         THIS AGREEMENT, made and entered into this 1ST day of January, 1999,
by and between BANCTENN CORP. (the "Company") and COLON A. TERRELL, JR., an
employee or director of the Company (the "Participant"), pursuant to the terms
of the BancTenn Corp. Split Dollar Life Insurance Plan (the "Plan"), which Plan
is attached hereto and the terms of which are incorporated herein by reference.

         WHEREAS, Participant has been selected by the Committee (as defined in
the Plan) as an eligible Participant under the Plan; and

         WHEREAS, the Participant desires to participate in the Plan in
accordance with the terms and conditions stated in the Plan;

         NOW, THEREFORE, in consideration of the premises and the mutual
promises contained herein, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         1.       Pursuant to the terms of the Plan, and its predecessor
provisions and agreements, Company and Participant have heretofore acquired
Life Insurance Policy No. 13336792 issued by The Northwestern Mutual Life
Insurance Company on May 25, 1995, with a face value of $200,000, and Life
Insurance Policy No. 14779985 issued by The Northwestern Mutual Life Insurance
Company on September 14, 1998, with a face value of $700,000 (such life
insurance policies herein referred to collectively as the "Policy").

         2.       The Company and the Participant shall be the owners of the
Policy and any other insurance policy acquired on Participant's life pursuant
to the Plan and this Agreement (the Policy and any other insurance policy
herein collectively referred to as the "Policy"). Their respective interests in
the Policy shall be as they are set out in the Plan and this Agreement. While
this Agreement is in force, the Company shall have the unqualified right to
control the portion of the cash surrender value of the Policy equal to the
amount it contributed out of its own funds pursuant to Section 4 hereunder and
Section 4.5 of the Plan. The Company shall possess the right to borrow either
directly or indirectly against the Policy or to repledge its collateral
security interest in it for an amount not exceeding its interest. The
Participant shall control all Policy values over and above those reserved to
the Company, and all other Policy rights not otherwise ceded to the Company.
However, the Participant agrees that he will not deal with the Policy other
than in a manner expressly provided for in the Plan or this Agreement until
after the Plan or this Agreement is terminated.

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         3.       On or before the due date of each insurance policy premium,
or within the grace period provided therein, the Company shall pay to the
Insurer the premium due.

         4.       The Participant agrees to designate his Beneficiary to
receive benefits under the Plan and this Agreement. If more than one
Beneficiary is named, the shares and preference of each shall be indicated. The
Participant shall execute a Beneficiary Designation Form used by the Insurer
for such designations.

         5.       The Participant shall have the right to make an absolute
assignment of his entire interest under this Agreement and of his interest in
the Policy at any time to any person or persons. Upon delivery of a signed copy
of the assignment to the Company, all of the rights, obligations and duties of
the Participant hereunder shall pass to and be binding upon such assignee
(including the right to make further assignments) and the Participant shall
have no further interest in the Plan, this Agreement or the insurance policy.

         6.       Any notice which shall or may be given under the Plan or this
Agreement shall be in writing and shall be mailed by first class mail, postage
prepaid. If notice is to be given to the Company, such notice shall be
addressed to the Company at its general offices:

                                 BancTenn Corp.
                             301 East Center Street
                        Kingsport, Tennessee 37660-4801
                      Attention: Human Resources Committee
                        Split Dollar Life Insurance Plan

If notice is to be given to the Participant, such notice shall be addressed to:

                             Colon A. Terrell, Jr.
                              1000 Huntington Ct.
                           Kingsport, Tennessee 37660

Any party may change the address to which notices shall be mailed from time to
time by giving written notice of such new address.

         7.       This Agreement shall be binding upon the Company and its
successors and assigns, and upon the Participant, his Beneficiary, heirs,
executors and administrators.

         8.       This Agreement shall be construed and governed in all
respects under and by the laws of the State of Tennessee, except to the extent
preempted by ERISA. If any provision of this Agreement shall be held by a court
of competent jurisdiction to be invalid or unenforceable, the remaining
provision hereof shall continue to be fully effective.

         9.       This Agreement shall be construed, where required, so that
the masculine gender includes the feminine.

                                       2
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         10.      This Agreement may be terminated by the Company in accordance
with the provisions of Articles VIII and IX of the Plan.

         11.      This Agreement does not constitute a contract of employment
between the Company and the Participant. Employment and compensation may be
terminated with or without cause at any time by the Company or by the
Participant.

         IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the day and year first above written.

                                             BANCTENN CORP.

                                             By: /s/ Roy L. Harmon, Jr.
                                                -------------------------------
                                                   Authorized Representative

                                             PARTICIPANT:

                                             /s/ Colon A. Terrell, Jr.
                                             ----------------------------------
                                                 COLON A. TERRELL, JR.

                                       3

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