Document:

Sample agreement pertaining to a split-dollar life insurance arrangement betw

 Exhibit 10(a) 
  
 THE FIRST NATIONAL BANK OF BLUEFIELD 
  

EXECUTIVE SPLIT DOLLAR LIFE INSURANCE AGREEMENT 
  
 This EXECUTIVE SPLIT DOLLAR LIFE INSURANCE AGREEMENT is made as of the 1st 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 Compensation. 
  
 (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 Executive’s life. 

 
 (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 Schedule A. 
  
 (i) Recoverable Amount: The Company’s annual premium, exclusive of any rating, less any amount received from the Executive, compounded at 6%
interest (compounded annually). 
  
 (j) Company Cumulative
Outlay: The Company’s cumulative total premiums paid to the Insurer, exclusive of ratings, less all amounts received from the Executive for the Policy. 
  

(k) Roll-out: Division of the policy into two separate policies, one to be retained by the Company, and the other to be transferred to the
Executive. 
  
 (l) Retirement: Termination of employment
(except for Cause) after attainment of age 55 with at least ten years of service. 
  
 2. Application of Insurance. The Company will apply to the Insurer for a Policy with a face amount at least equal to the amount of insurance to which the Executive is entitled under the Plan. The Company may apply for additional
insurance to insure payment to the Company of the Recoverable Amount. The Company and the Executive agree to take any action necessary to cause the Insurer to issue the Policy. The Policy shall be subject to the terms of this Agreement. 

 
 3. Amount or Insurance. Executive shall have the right to specify initially the
Amount, which shall not be more than 5 times Executive’s Compensation. Executive may thereafter increase the Amount as of April 1 of any subsequent year. If Executive is not then insurable at standard rates, the additional rating shall be paid
by the Company. Any increase in the Amount shall be not less than $50,000. 
  
 4.
Ownership. The Company shall be the owner of the Policy, and it may exercise all ownership rights granted to the owner by the terms of the Policy except as otherwise provided in this Agreement. The Company shall keep possession of the Policy.

  
 5. Dividend Option. All dividends declared by the Insurer on the Policy
shall be applied to purchase additional paid-up life insurance on the life of the Executive. The dividend option will not be changed without Executive’s written consent. 
  
 6. Payment of Premiums. 
  
 (a) The Company agrees to pay the total amount of each annual Policy premium on or before the due date of such premium, or within the grace period
provided, if any. 
  
 (b) Thirty (30) days prior to the due date
of each annual Policy premium, the Company shall notify the Executive of the exact amount due from the Executive to the Company as a premium payment. The amount due shall be equal to the lesser of (a) the annual cost of the term life insurance
protection on the life of 

 the Executive as measured by the PS-58 rate (or substitute table) published from time to time by the Internal Revenue
Service, and (b) the term rates published from time to time by the Insurer, as determined by the Insurer. The annual amount payable by Executive may be deducted ratably from Executive’s Compensation. 
  
 7. Death Benefits. 
  
 (a) Upon the Executive’s death, the Company will promptly take the appropriate action to obtain the death benefits
provided under the Policy, and 
  
 (i) The Company shall be
entitled to receive the excess of the total Policy proceeds over the Amount specified by Executive pursuant to Section 3. The receipt by the Company of the excess over the amount shall constitute satisfaction of the Executive’s obligation to
the Company under this Agreement; and 
  
 (ii) the beneficiary or
beneficiaries named under the Policy shall be entitled to receive the Amount which shall be paid in accordance with the settlement option elected by the Company at the Executive’s request. 
  
 (b) If at the time the Amount becomes payable because of Executive’s
death there is no effective beneficiary designation, the Amount shall be paid to the Executive’s estate. 
  
 (c) If any beneficiary who is entitled to receive a payment from the Company pursuant to this Agreement is a minor, the Company, in its discretion, may
dispose of such amount in any one or more of the following ways: 
  
 (i) By payment of the Amount directly to the minor; 
  
 (ii) By application of the Amount for the benefit of the minor; 
  
 (iii) By payment of the Amount to a parent of the minor or to any adult person with whom the minor is living at the time or to any person who is legally qualified and is acting as guardian of the minor or of the
property of the minor, provided that the parent or adult person to whom any amount is to be paid had advised the Company in writing that he or she will hold or use the Amount for the benefit of the minor. 
  
 (iv) By payment of the Amount to a custodian selected by the Company under
the appropriate Uniform Transfers to Minors Act. 
  
 (d) If a
beneficiary who is entitled to receive a payment from the Company under this Agreement is physically or mentally incapable of personally receiving and giving a valid receipt for any payment due, the payment may be made to the beneficiary’s
legal representative, the person’s spouse, son, daughter, parent, brother, sister or other person deemed by the Company to have incurred expense for the person otherwise entitled to payment. 
  
 (e) The selection of a method of distribution under this Section shall be in
the discretion of the Company, and the Company may not be compelled to select any method it does not deem to be in the best interest of the distributee. 
  
 8. Policy loans. 
  
 (a) The Company has the right to obtain loans secured by the Policy from the Insurer or from others. The Company also has the right to assign the Policy
as security for the repayment of such loans. The amount of such loans together with interest thereon shall at no time exceed the Company Cumulative Outlays. All interest charges with respect to any loans shall be paid by the Company. 
  
 (b) If the Policy is assigned or encumbered in any way, other than a Policy
Loan, on the date of the Executive’s death, the Company shall secure a release or discharge of the assignment or encumbrance to ensure the prompt payment of death proceeds under the Policy to the Executive’s beneficiary or beneficiaries.

  
 9. Timing of Roll-Out. Roll-out shall occur no later than the first
policy anniversary on which: 
  
 (1) the Company may retain a
policy with cash surrender value equal to the Company Cumulative Outlays and with death benefits at least equal to the Recoverable Amount, and 
  
 (2) the Executive may receive a policy with death benefits at least equal to the Amount of coverage specified by the Executive, with no outlays required
to sustain this Amount based on the Dividend schedule in effect on the Roll-out date, and with no loans. The Executives may elect an earlier Roll-out date provided that the Company receives a policy with cash surrender value equal to Company
Cumulative Outlays and with death benefits at least equal to the Recoverable Amount. 
  
 10. Amendment and Termination of Agreement. 
  
 (a) This Agreement may not be amended, altered, or modified except in writing and signed by the Company and the Executive. 
  
 (b) This Agreement shall terminate upon the earliest to occur of any of the following events: 
  
 (i) Roll-out 
  
 (ii) termination of the Executive’s employment other than by reason of the death, retirement, or disability (unless the
Company determines that Executive shall be treated as an active employee after a termination of employment); 
  

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 (iii) cessation of the Company’s business or the bankruptcy, receivership or dissolution of the
Company, unless the Company’s business is continued by a successor corporation or business entity; 
  
 (iv) termination of the Agreement by Executive upon written notice to the Company; or 
  
 (v) termination of the Plan by the Company. 
  
 (c) If the Executive’s termination of employment with the Company is by reason of disability (as determined by the
Company) or by reason of Retirement, this Agreement shall remain in full force and effect. 
  
 11. Disposition of Policy on Termination of Agreement. 
  
 (a) As of the Executive’s Roll-out date, the Company shall provide the Policy into two policies, retaining one policy with a cash surrender value equal to the Company Cumulative Outlays and a death benefit at
least equal to the Recoverable Amount. The Company shall transfer the remaining policy to the Executive. 
  
 (b) If this Agreement is terminated because of the Executive’s termination of employment for cause (as determined by the Company), the Executive
shall have no rights to the Policy and shall not be permitted to effectuate a Roll-out at any time. 
  
 (c) If this Agreement is terminated because of the Executive’s termination of employment for a reason other than cause, retirement, or a disability,
or pursuant to Section 10 (b) (iii) or (v) of this Agreement, the Executive, at any time within thirty (30) days after his termination of employment (or longer period as allowed by the Company) shall have the absolute right to purchase all of the
Company’s right, title and interest in the Policy free and clear of all liens, claims or encumbrances (including any Policy loans) for cash, by tendering to the Company an amount equal to the Company’s Recoverable Amount. The Executive may
direct the Company to borrow against the cash value of the Policy or surrender any paid-up additions to the Policy and purchase the Policy, subject to any such Policy loan, for an amount equal to the Company’s Recoverable Amount less such
borrowed or cashed-in values. 
  
 12. Miscellaneous. 
  
 (a) This Agreement shall not affect any rights the Executive may otherwise
have under any pension, profit sharing or other employee benefit plan established by the Company. 
  
 (b) This Agreement shall be binding on the Company, its successors and assigns, and it shall be interpreted in accordance with the laws of West Virginia.

  
 (c) Except as permitted by law or by the Company’s
written consent, any benefits to which the Executive or his beneficiaries may become entitled under this Agreement shall not be subject to anticipation, alienation, sale, transfer, assignment, or pledge. The Company shall not be liable for, or
subject to, the debts, contracts, liabilities, or torts of any person entitled benefit under this Agreement. 
  
 (d) This Agreement shall not confer upon the Executive any legal or equitable right against the Company except as expressly provided in this Agreement,
the Plan and the Policy. 
  
 (e) Neither this Agreement, the Plan
nor the Policy shall constitute an inducement or consideration for the employment of the Executive and shall not give the Executive any right to be retained in the employ of the Company, and the Company hereby retains the right to discharge the
Executive at any time, with or without cause. 
  
 (f) The
Executive’s interest under this Agreement, the Plan and the Policy, may be assigned by the Executive upon written notice to the Company. 
  
 (g) If a provision of this Agreement is not valid or enforceable, that fact in no way affects the validity of enforceability of any other provision.

  
 In consideration of the foregoing, the Company and the
Executive have executed this Agreement in duplicate, all as of the day and year first written above. 
  

			
	 THE FIRST NATIONAL BANK OF BLUEFIELD

		
	 By:
	 	  

  
  

 3Employment agreement between the Corporation and Byron K. Satterfield.

 Exhibit 10(b) 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) dated as of January 10, 2002, between First Century Bankshares, Inc. (the “Company”), and
Byron K. Satterfield (the “Executive”), provides: 
  
 1.
Employment and Term. 
  
 (a) The Company shall employ the
Executive part-time to perform for First Century Bank, National Association (the “Bank”) various banking services similar and related to those he has performed heretofore with the title and duties set forth in Section 2 below beginning on
the date set forth above and continuing through April 1, 2004, subject to Section 1(c) below (the “Term”). 
  
 (b) Subject to Section 1(c) below, beginning on April 2, 2004 and continuing until April 1, 2009 (the “Consulting Period”), the Company shall
retain Executive part-time as a consultant for the Bank performing tasks as set forth in Section 2(c) below. 
  
 (c) Notwithstanding the foregoing, the Term or Consulting Period shall be immediately terminated by the first to occur of the following: (i)
Executive’s death, (ii) resignation by Executive, (iii) fraudulent or criminal conduct of a material nature by Executive, (iv) Executive’s wilful material malfeasance or material neglect of duties assigned by the Bank, provided such
willful malfeasance or neglect is not cured by Executive within seven (7) days after written notice thereof by the Company, (v) Executive moving his primary domicile outside of the Bluefield, West Virginia area (vi) failure by Executive to support
Bank’s or Company’s strategic plans or any other management policies after such plans or policies have been approved by the Bank’s or Company’s Board of Directors as appropriate, or (vii) the incapacity of Executive by reason of
a physical or mental condition that prevents Executive from performing his duties as set forth herein for either (a) a period of 180 consecutive days or (b) a total of 180 days out of any 360-day period. To the extent the parties may disagree as to
the nature and/or extent of whether Executive is incapacitated by a physical or mental condition as set forth above, the parties shall defer to the opinion of a physician selected by mutual agreement of the Bank and Executive or Executive’s
guardian, as the case may be. 
  
 (d) In the event the Term or the
Consulting Period shall be terminated under subsections (c)(ii-vi) above, no further compensation shall accrue or benefits of any kind shall be payable to Executive hereunder except for any vested benefits or other benefits payable to Executive
under any employee benefit plan. 
  
 (e) Company hereby guarantees
Bank’s obligations and duties under this Agreement. 

 2. Duties. 
  
 (a) During the Term, the Executive agrees to use his best efforts to serve as Executive Vice President of Bank, Chairman of
the Bank’s Trust Investment Committee, member of the Bank’s Administrative Committee and to perform such other reasonable duties and assignments relating to the business of the Bank as the Bank may request, except that the Executive shall
not be required to hold any office or to perform any duties or assignments inconsistent with the Executive’s experience and qualification. 
  
 (b) During the Term, the Executive shall, except during periods of illness, devote reasonable time, attention and energies to the diligent performance of
his duties hereunder. 
  
 (c) During the Consulting Period, the
Executive shall perform such consulting tasks on a part-time basis relating to the business of the Bank as the Bank and Executive agree. 
  
 (d) Executive may (i) invest his personal assets and provide services to other business interests, provided they are not competitive with the Bank in its
normal trade areas, and (ii) devote such time as may be reasonably required for him to continue to maintain his current level of participation in and for various civic and charitable activities and organizations. Notwithstanding the foregoing,
Executive may not provide services in the Bank’s normal trade areas to any other financial institution during the term and/or Consulting Period. Executive acknowledges that the Bank’s business relationship with these various civic and
charitable activities and organizations is significant. Accordingly, Executive agrees to use his reasonable best efforts in good faith and commensurate with his fiduciary duty, to take, or cause to be taken, all actions, and to do or cause to be
done, all things necessary, proper or desirable so as to support and promote the Bank’s continuing business relationships. 
  
 3. Compensation. 
  
 (a) Term Compensation. The Bank shall pay to Executive as compensation for his services during the Term hereunder an annual salary equal to his
current salary with the Bank, which annual salary shall be paid in regular installments in accordance with the Bank’s general payroll practices, including those related to withholding for taxes, insurance and similar items. In no event shall
Executive’s annual salary for any year be less than his annual salary in effect for the year 2001. 
  
 (b) Consulting Period Compensation. During the Consulting Period, Bank shall pay Executive compensation in the amount of $50,000 per year, payable
in substantially equal monthly installments and consistent with general payroll practices of the Company. 
  
 (c) Additional Compensation in the Event of Death or Disability. In the event of the death or disability of Executive during the Term, Executive or
his estate shall be entitled to compensation in the amount of $250,000 to be paid in five equal annual installments of $50,000 each. In the event of the death or disability of the Executive during the Consulting Period, Executive or his estate shall
be entitled to the difference between $250,000 and the gross amount of compensation paid to Executive pursuant to Section 3(b) above. The first annual installment of payments hereunder shall be due no later than six (6) months after the date of
Executive’s death or disability. 
  

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 (d) Withholding Taxes. The Bank may withhold from any benefits payable under this Agreement all
federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling. 
  
 (e) Satisfaction of Obligations Under Split Dollar Insurance Agreement. Executive and Bank agree that Bank’s compliance with the terms of
Paragraph 4 of Exhibit A hereto and the compensation provided for in this Paragraph 3 fully satisfy the Bank’s obligations under the Executive Split Dollar Life Agreement and Plan. 
  
 4. Benefits. 
  
 (a) Fringe Benefits. During the Term, the Executive shall continue to receive or participate in all “fringe benefits” and employee
benefit plans, including any retirement plans, health insurance plans and disability insurance plans, now or hereafter provided or made available to Executive and the Bank’s executives or management personnel generally in similar positions,
subject to the terms and conditions of such plans. In addition to any plans described in the preceding sentence, Executive shall continue to receive the fringe benefits listed on Exhibit A attached hereto and incorporated herein by reference,
subject to the limitations set forth therein. 
  
 (b)
Reimbursement of Expenses. During the Term and the Consulting Period, the Executive shall be entitled to reimbursement for all expenses, including travel, promotion and entertainment expenses, which are reasonably incurred by the Executive in
furtherance of the Bank’s business in accordance with policies from time to time adopted by the Bank; provided that Executive maintains records thereof, and submits vouchers therefor, in form reasonably satisfactory to Bank. In addition to any
expenses described in the preceding sentence, during the Term the Bank shall pay any and all expenses incurred by Executive and his spouse to attend the annual National Trust Conference and annual West Virginia State Banker’s Conference.

  
 5. Position as Director of Bank. During the Term, the
Company shall promptly take all reasonable steps to enable Executive to continue to serve as a voting director on the Board of Directors of the Bank and of the Company. 
  
 6. Office. During the Term, the Bank shall continue to provide Executive with reasonable office space at the
Bank’s offices at Bluefield, West Virginia. Bank shall provide Executive with secretarial assistance sufficient to permit Executive to perform his duties as set forth above during the Term. 
  
 7. Covenants of Executive. 
  
 (a) Bank Property. Upon termination of the Term or the Consulting
Period, Executive, or his guardian or estate, as the case may be, shall deliver promptly to the Bank all records, manuals, books, blank forms, 
  

 3 

 documents, letters, memoranda, notes, notebooks, reports, data, tables, calculations or copies thereof that relate in any
way to the business, products, practices or techniques of the Bank, and all other property, trade secrets and confidential information of the Bank, including, but not limited to, all documents that in whole or in part contain any trade secrets or
confidential information of the Bank, which in any of these cases are in Executive’s possession or under Executive’s control. 
  
 (b) Confidential Information. Except as permitted or directed by the Bank’s Board of Directors, during the Term or at any time thereafter,
Executive shall not divulge, furnish or make accessible to anyone or use in any way (other than in the ordinary course of the business of the Bank) any confidential or secret knowledge or information of the Bank that Executive has acquired or become
acquainted with or will acquire or become acquainted with prior to the termination of the period of his employment by the Bank, whether developed by himself or by others, concerning any trade secrets, any customer or supplier lists of the Bank or
any other confidential information or secret aspects of the business of the Bank. The foregoing obligations of confidentiality shall not apply to any knowledge or information that is now published or which subsequently becomes generally publicly
known, other than as a direct or indirect result of the breach of this Agreement by Executive. 
  
 8. Bank’s Representations. Bank hereby represents and warrants to Employee that (i) the execution, delivery and performance of this Agreement by the Bank does not and will not conflict with, breach,
violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which the Bank is a party or by which the Bank is bound, and (ii) upon the execution and delivery of this Agreement by Employee, this Agreement shall
be the valid and binding obligation of the Bank, enforceable in accordance with its terms. 
  
 9. Miscellaneous. 
  
 (a)
Governing Law: Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of West Virginia, without regard to choice of law rules. Any action at law, suit in equity or judicial proceeding arising
directly, indirectly or otherwise in connection with, out of, related to or from this Agreement, or any provision hereof, shall be litigated only in the courts of the State of West Virginia. Each party to this Agreement hereby consents to the
jurisdiction of such courts over the subject matter hereof and waives any right to transfer or change the venue of any litigation brought against such party. 
  
 (b) Expenses. Should any party breach this Agreement, in addition to all other remedies available at law or in equity, such party shall pay all of
any other party’s costs and expenses resulting therefrom and/or incurred in enforcing this Agreement, including legal fees awarded by a court of competent jurisdiction. 
  
 (c) Binding Upon Successors. This Agreement shall be binding on the parties, their assigns and successors in
interest. 
  

 4 

 (d) Entire Agreement. This instrument contains the entire Agreement of the parties and shall
supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. No modification or revocation hereof shall be effective unless in writing, referring to this Agreement and signed
by both parties hereto. 
  
 (e) Notices. All notices given
hereunder shall be in writing and shall be sent by registered or certified mail or delivered by hand and, if intended for the Bank, shall be addressed to the Company at its Bluefield office at Post Office Box 1559, Bluefield, West Virginia 24701,
for the attention of R.W. “Buz” Wilkinson. If intended for the Executive, notices shall be delivered personally or shall be addressed (if sent by mail) to the Executive’s then current residence address on file with the Bank, or to
such other address as the Executive directs in a notice to the Bank. All notices shall be deemed to be given on the date received at the address of the addresses or, if delivered personally, on the date delivered. 
  
 (f) Severability and Reformation. This Agreement is intended to be
performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations. In the event any provision of this Agreement shall be judged unenforceable to the full extent as written, the parties hereby
consent and agree that the scope of such clause or provision may be modified in any enforcement proceeding to the extent necessary to permit the broadest enforcement permitted in equity or law as most nearly effectuates the understanding of the
parties as set forth in the language herein agreed upon. If any provision is adjudged void or unenforceable, or is modified as provided herein, all other clauses and provisions shall, in any case, be deemed severable and shall remain in full force
and effect. 
  
 (g) Headings. The headings contained in
this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written. 
  

			
	 FIRST CENTURY BANKSHARES, INC.

		
	 By:
	 	  

	 Its:
	 	  

	
	
 Byron K. Satterfield

  

 5 

 EXHIBIT A 
  

1. Bank Car. Simultaneously with the execution of this Agreement, the Bank will sign over the title of the automobile presently used by Executive to Executive
at a value of $14,668.28. 
  
 2. Dues. During the Term, the Bank shall
continue to pay Executive’s dues for the Rotary Club, the University Club, and Fincastle Country Club. 
  
 3. Defined Pension Benefit Plan. Executive shall continue to be eligible for and participate in the Bank’s Defined Pension Benefit Plan, subject to the terms and conditions of the plan. During the Term,
Executive shall be allowed to work such number of hours or time during each plan year of any employee benefit plan so as to remain eligible to participate in the Bank’s Defined Pension Benefit Plan and 401(k) Plan. 
  
 4. Life Insurance. During the Term and the Consulting Period, the Bank shall take all
steps to maintain the Executive Split Dollar Life Insurance Agreement and Plan (the “Agreement and Plan”) in compliance with the terms of the Agreement and Plan. During the Term, Company agrees to pay a bonus to the Executive equal to the
cost of the premium for such policy as set forth on Internal Revenue Service Table PS-58 (the “PS-58 Premium”). During the Consulting Period, Executive shall be solely responsible for payment of the PS-58 Premium. After the Consulting
Period, the Bank shall take all steps to maintain in force the policy(ies) of life insurance in place on the last date of the Consulting Period so long as Executive pays the PS-58 Premium. At any time during the Term or the Consulting Period,
Executive or his designee shall have the right to purchase the Executive Split Dollar Life Insurance Agreement and Plan for its cash surrender value and Company shall have no further rights to payment thereunder. Without in any way limiting the
Bank’s express obligations under this paragraph, Executive and Bank agree that it is the intent of this paragraph that Bank shall be responsible for the administration of the Agreement and Plan under the terms thereof. Bank’s obligation
hereunder does not include responsibility or liability for the investment performance of the Executive Split Dollar Life Insurance policy purchased under the Agreement and Plan. 
  
 5. Other Benefits. During the Term, Executive shall continue to be eligible to participate in the Bank’s 401(k) Plan and receive
the benefit of matching contributions, if any, under such Plan pursuant to the normal provisions of said Plan. 
  
 6. Medical Physicals. During the Term, the Bank shall continue to provide Executive with an annual medical physical with a doctor of his choice (less any such expenses payable by health insurance), a free
checking account at the Bank similar to the one presently provided Executive, and a free safety deposit box at the Bank’s branch office in Bluefield, West Virginia, identical to or similar in quality and size to that presently provided
Executive. 
  
 7. Participation in Flexible Spending Plan. Executive shall
continue during the Term to participate in the Flexible Spending Plan (Section 125 Plan) of Bank as he presently does. 
  
 8. Health Insurance. As stated above, the Executive shall continue to be covered under all health insurance plans of the Bank during the Term. During the
Consulting Period, Bank shall take all reasonable steps to allow Executive to elect to participate in such health insurance coverage as is made available to retired employees of the Bank, including but not limited to continued health insurance
and/or insurance supplemental to Medicare for Executive’s wife. In the event that Executive dies during the Term, the Bank shall provide Executive’s wife with coverage comparable to that available to spouses of retired employees, under
applicable terms and conditions. 
  
 9. Stock Option Plan. Nothing in this
Agreement shall amend or modify Executive’s rights and obligations under the Company’s Stock Option Plan and/or the Executive’s Stock Option Agreement with the company. 
  

 6

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