Document:

<PAGE>
                                                                     EXHIBIT 4.2

                               FIRST AMENDMENT TO
                AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

        THIS FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
(this "Amendment") is made as of July 31, 2002, by and between AMERICAN NATIONAL
BANK AND TRUST COMPANY OF CHICAGO (the "Lender"), VITA FOOD PRODUCTS, INC., a
Nevada corporation ("Vita"), and VIRGINIA HONEY COMPANY, INC., a Virginia
corporation ("Virginia Honey") (Vita and Virginia Honey are collectively
hereinafter referred to as the "Borrowers" and each individually a "Borrower").

                              W I T N E S S E T H:

        WHEREAS, Borrowers and Lender entered into an Amended and Restated Loan
and Security Agreement dated as of August 15, 2001 (the "Credit Agreement"); and

        WHEREAS, Borrowers have requested certain modifications to the Credit
Agreement; and

        WHEREAS, Lender is willing to grant such modifications on the terms and
conditions contained herein;

        NOW, THEREFORE, in consideration of the mutual promises herein
contained, and other good and valuable consideration, the receipt and
sufficiency of which is acknowledged by the parties hereto, it is hereby agreed
as follows:

        1. The recitals hereinabove contained shall form a part of this
Amendment and this Amendment shall be construed in the light thereof. All
capitalized terms contained herein and not otherwise defined shall have the same
meaning as contained in the Credit Agreement.

        2. Section 1.4 of the Credit Agreement is deleted in its entirety and
replaced with the following:

                1.4 "Adjusted EBITDA" means, with respect to the Borrowers for
        any period, the consolidated net income (or loss) of the Borrowers on a
        consolidated basis for such period, excluding (a) any gains from Asset
        Sales, (b) any extraordinary gains and (c) any gains from discontinued
        operations, plus, to the extent deducted in determining such
        consolidated net income, (i) interest expense (including but not limited
        to imputed interest on capitalized leases), (ii) income tax expense,
        (iii) depreciation and (iv) amortization for such period.

        3. Section 1.7 of the Credit Agreement is deleted in its entirety and
replaced with the following:

                1.7 "Applicable Margin" means: (a) with respect to Prime Rate
        Loans and with respect to LIBOR Rate Loans, the applicable LIBOR margin
        or Prime Rate margin in effect from time to time, determined based upon
        the applicable

<PAGE>

        ratio of Funded Debt to Adjusted EBITDA then in effect pursuant to the
        appropriate column under the table below:

<TABLE>
<CAPTION>
                               Revolving
Funded Debt to                   LIBOR        Revolving Prime     Term LIBOR         Term Prime
Adjusted EBITDA                  Margin         Rate Margin          Margin          Rate Margin
----------------               ----------     ---------------     -----------        ------------
<S>                            <C>            <C>                 <C>                <C>
Greater than 2.90 to 1.0          2.65%            -.10%             3.10%              .20%
(LEVEL III)

2.40 to 1.0 or greater,
but less than or equal to         2.40%            -.35%             2.75%             -.05%
2.90 to 1.0 (LEVEL  II)

Less than 2.40 to 1.0             2.15%            -.60%             2.45%             -.30%
(LEVEL  I)
</TABLE>

        The Applicable Margin shall be adjusted from time to time upon delivery
        to the Lender of the annual and semiannual financial statements required
        to be delivered pursuant to Sections 10.1(D) (i) and (ii) hereof
        accompanied by a written calculation of the Funded Debt to Adjusted
        EBITDA Ratio certified by a chief financial officer as of the end of the
        fiscal period for which such financial statements are delivered. If such
        calculation indicates that the Applicable Margin shall increase or
        decrease, then one (1) Business Day after the date of delivery of such
        financial statements and written calculation the Applicable Margin shall
        be adjusted in accordance therewith; provided, however, that if
        Borrowers shall fail to deliver any such financial statements for any
        such fiscal period by the date required pursuant to Sections 10.1(D) (i)
        and (ii), then, effective as of the first Business Day following the end
        of the fiscal period for which such financial statements were to have
        been delivered, and continuing through the date which is one (1)
        Business Day after the date (if ever) when such financial statements and
        such written calculation are finally delivered, the Applicable Margin
        shall be conclusively presumed to equal the highest Applicable Margin
        specified in the pricing table set forth above. Notwithstanding anything
        to the contrary above, Subject to Sections 2.5 and 2.10 below, until at
        least April 1, 2003, the Applicable Margin shall be fixed at the Level
        II margins.

        4. Section 1.61 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

        1.61 "Revolving Loan Commitment" shall mean (i) $7,000,000 from and
        including August 1 up to and including January 31 of each calendar year,
        and (ii) $5,000,000 from and including February 1 up to and including
        July 31 of each calendar year.

                                       2
<PAGE>

        5. Section 1.63 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

        1.63 "Revolving Loan Termination Date" shall mean July 31, 2004.

        6. Section 4.2(C) of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

                (C) Prepayments. Subject to Section 2.12, Borrowers may from
        time to time voluntarily prepay the Term Loan in whole or in part;
        provided that the Borrowers shall give the Lender notice thereof not
        later than 11:00 A.M., Chicago time, on the day of such prepayment
        (which shall be a Business Day), specifying the date and amount of
        prepayment. Concurrently with the receipt by the Borrowers of the
        aggregate cash proceeds received by the Borrowers from any Asset Sale,
        Borrowers shall make prepayments of the Term Loan in the amount of such
        proceeds. All prepayments of the Term Loan shall be applied in the
        inverse order of maturity to the remaining installments thereof, and no
        prepayments shall reduce the dollar amount of fixed principal
        installments required to be paid, until such Term Loan is paid in full.

        7. Section 10.3(A) of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

        (A) Maintain a minimum Tangible Net Worth, as determined at the end of
        each month to be less than the minimum amount specified for such month:

<TABLE>
<CAPTION>
             Testing Period                                       Minimum Amount
             --------------                                      ---------------
<S>                                                               <C>
             June 2002 through December 2002                      ($1,000,000)
             January 2003 through December 2003                   ($  600,000)
             January 2004 and thereafter                           $  100,000
</TABLE>

        8. Effective as of the twelve-month period ending on September 30, 2003,
Section 10.3(B) of the Credit Agreement is hereby deleted in its entirety and
replaced with the following:

                (B) Not permit the ratio of (i) Adjusted EBITDA for the previous
        twelve months (minus, for such period (1) all internally funded Capital
        Expenditures, (2) dividends and distributions, and (3) the amount of
        taxes actually paid in cash) to (ii) Total Debt Service for the previous
        twelve months to be less than 1.15 to 1.00, as tested at the end of each
        month.

        9. Section 10.3(C) of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

                (C) Not make more than $1,400,000 of Capital Expenditures in any
        fiscal year.

        10. The Revolving Note is amended and restated in its entirety by the
Replacement Revolving Note, a copy of which is attached hereto as Schedule 1,
and all references to the

                                       3
<PAGE>

Revolving Note contained in the Credit Agreement shall mean and be references to
said Replacement Revolving Note.

        11. Borrower agrees to execute and deliver to Lender this Amendment, the
Replacement Revolving Note, and such additional documents, including financing
statements, as may be necessary to effectuate the purpose of this Amendment.

        12. Borrower shall pay to Lender the reasonable legal fees and expenses
of counsel incurred in connection with the preparation of this Amendment and
related documentation.

        13. Borrower expressly acknowledges and agrees that all collateral,
security interests, liens, pledges, and mortgages heretofore, under this
Amendment, or hereafter granted to Lender, including, without limitation, such
collateral, security interests, liens, pledges and mortgages granted under the
Credit Agreement, and all other supplements to the Credit Agreement, extend to
and cover all of the obligations of Borrower to Lender, now existing or
hereafter arising including, without limitation, those arising in connection
with the Credit Agreement, as amended by this Amendment, upon the terms set
forth in such agreements, all of which security interests, liens, pledges, and
mortgages are hereby ratified, reaffirmed, confirmed and approved.

        14. Borrower represents and warrants to Lender that (i) it has all
necessary power and authority to execute and deliver this Amendment and perform
its obligations hereunder, (ii) this Amendment and the Credit Agreement, as
amended hereby, constitute the legal, valid and binding obligations of Borrower
and are enforceable against Borrower in accordance with their terms, except as
enforceability may be limited by bankruptcy, insolvency or other similar laws of
general application affecting the enforcement of creditors' rights or by general
principles of equity limiting the availability of equitable remedies, and (iii)
all representations and warranties of Borrower contained in the Credit
Agreement, as amended, and all other agreements, instruments and other writings
relating thereto, are true, correct and complete as of the date hereof.

        15. The parties hereto acknowledge and agree that the terms and
provisions of this Amendment amend, add to and constitute a part of the Credit
Agreement. Except as expressly modified and amended by the terms of this
Amendment, all of the other terms and conditions of the Credit Agreement and all
documents executed in connection therewith or referred to or incorporated
therein remain in full force and effect and are hereby ratified, reaffirmed,
confirmed and approved.

        16. If there is an express conflict between the terms of this Amendment
and the terms of the Credit Agreement, or any of the other agreements or
documents executed in connection therewith or referred to or incorporated
therein, the terms of this Amendment shall govern and control.

        17. This Amendment may be executed in one or more counterparts, each of
which shall be deemed to be an original.

        18. This Amendment was executed and delivered in Chicago, Illinois and
shall be governed by and construed in accordance with the internal laws (without
regard to conflicts of law provisions) of the State of Illinois.

                                       4
<PAGE>

            (THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY BLANK)

                                       5
<PAGE>

        IN WITNESS WHEREOF, this First Amendment to Amended and Restated Loan
and Security Agreement has been duly executed as of the day and year specified
at the beginning hereof.

                                       VITA FOOD PRODUCTS, INC., a  Nevada
                                       corporation

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       VIRGINIA HONEY COMPANY, INC., a  Virginia
                                       corporation

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       AMERICAN NATIONAL BANK AND TRUST
                                       COMPANY OF CHICAGO

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

<PAGE>

                                   SCHEDULE 1

                           REPLACEMENT REVOLVING NOTE

$7,000,000                                                as of July 31, 2002
                                                               Chicago, Illinois

        FOR VALUE RECEIVED, VITA FOOD PRODUCTS, INC., a Nevada corporation and
VIRGINIA HONEY COMPANY, INC., a Virginia corporation (collectively the
"Borrowers" and each individually a "Borrower"), jointly and severally, hereby
promise to pay to the order of AMERICAN NATIONAL BANK AND TRUST COMPANY OF
CHICAGO ("Lender"), the principal sum of up to SEVEN MILLION DOLLARS
($7,000,000), or so much thereof as is outstanding on the date this Replacement
Revolving Note (this "Note") becomes due, together with interest thereon and any
other charges applicable thereto, all as set forth more fully in the Loan
Agreement referred to below.

        1. This Note is delivered by Borrowers to Lender pursuant to and in
accordance with that certain Amended and Restated Loan and Security Agreement
dated as of August 15, 2001 (as the same is being amended by that certain First
Amendment to Amended and Restated Loan and Security Agreement dated as of July
31, 2002, and as it may be further amended, restated, modified or supplemented
and in effect from time to time, the "Loan Agreement") by and among Borrowers
and Lender and to evidence a Revolving Loan (this term and all other capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to
them in the Loan Agreement) made by Lender to Borrowers in the principal amount
of this Note. Reference is hereby made to the Loan Agreement, the terms and
conditions of which are incorporated herein by reference as fully and with the
same effect as if set forth herein at length.

        2. Interest shall accrue on the outstanding principal balance of the
Revolving Loan at the rates and upon the terms set forth in the Loan Agreement.
All payments of principal and interest due under this Note shall be made in
accordance with the applicable provisions of the Loan Agreement.

        3. This Note is entitled to the benefit of certain collateral security,
all as more fully set forth in the Loan Agreement.

        4. No holder hereof shall, by any act of omission or commission, be
deemed to waive any of its rights, remedies or powers hereunder or otherwise
unless such waiver is in writing and signed by the holder hereof, and then only
to the extent specifically set forth therein. The rights, remedies and powers of
the holder hereof, as provided in this Note, in the Loan Agreement and in the
other Ancillary Agreements are cumulative and concurrent, and may be pursued
singly, successively or together against either Borrower and any other security
given at any time to secure the repayment hereof, all at the sole discretion of
the holder hereof. If any suit or action is instituted or attorneys are employed
to collect this Note or any part thereof, Borrowers jointly and severally
promise and agree to pay all costs of collection, including, without limitation,
reasonable attorneys' fees, fees of expert witnesses and court costs.

<PAGE>

        5. Each Borrower hereby (i) waives presentment and demand for payment,
notices of nonpayment and of dishonor, protest of dishonor, and notice of
protest; (ii) waives any and all notices in connection with the delivery and
acceptance hereof and all other notices in connection with the performance,
default, or enforcement of the payment hereof or hereunder; (iii) waives any and
all lack of diligence and delays in the enforcement of the payment hereof; (iv)
agrees that the liability of each Borrower shall be unconditional and without
regard to the liability of any other person or entity for the payment hereof,
and shall not in any manner be affected by any indulgence or forbearance granted
or consented to by Lender with respect hereto; (v) consents to any and all
extensions of time, renewals, waivers, or modifications that may be granted by
Lender with respect to the payment or other provisions hereof, and to the
release of any security at any time given for the payment hereof, or any part
thereof, with or without substitution, and to the release of any person or
entity liable for the payment hereof; and (vi) consents to the addition of any
and all other makers, endorsers, guarantors, and other obligors for the payment
hereof, and to the acceptance of any and all other security for the payment
hereof, and agrees that the addition of any such makers, endorsers or other
obligors, or security shall not affect the liability of either Borrower for all
or any part of the obligations evidenced hereby.

        6. The Revolving Loan evidenced by this Note is a business loan which
comes within the purview of Section 205/4, paragraph (1)(c) of Chapter 815 of
the Illinois Compiled Statutes, as amended. Borrowers agree that the obligation
evidenced by this Note is an exempted transaction under the Truth In Lending
Act, 15 U.S.C., Section 1601, et seq.

        7. Time is of the essence hereof.

        8. This Note is governed and controlled as to validity, enforcement,
interpretation, construction, effect and in all other respects by the statutes,
laws and decisions of the State of Illinois without regard to its conflicts of
law provisions. This Note may not be changed or amended orally but only by an
instrument in writing signed by the party against whom enforcement of the change
or amendment is sought.

        9. The obligations and liabilities of each Borrower under this Note
shall be binding upon and enforceable against each Borrower and its successors
and assigns. This Note shall inure to the benefit of and may be enforced by
Lender, its successors and assigns.

        10. In the event that any provision of this Note is deemed to be invalid
by reason of the operation of law, or by reason of the interpretation placed
thereon by any administrative agency or any court, Borrowers and Lender shall
negotiate an equitable adjustment in the provisions of the same in order to
effect, to the maximum extent permitted by law, the purpose of this Note and the
validity and enforceability of the remaining provisions, or portions or
applications thereof, shall not be affected thereby and shall remain in full
force and effect.

        11. This Note amends, extends, re-evidences and restates the obligations
and loan balances contained in that certain Revolving Note dated as of August
15, 2001, in the original principal amount of $7,000,000, payable by the
Borrowers to the order of the Lender. Nothing contained herein shall be
construed as a novation of the foregoing obligation, all of which is
re-evidenced and restated hereby.

<PAGE>

        IN WITNESS WHEREOF, Borrowers have executed this Replacement Revolving
Note as of the day and year first written above.

                                             VITA FOOD PRODUCTS, INC., a Nevada
                                             corporation

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                             VIRGINIA HONEY COMPANY, INC., a
                                             Virginia corporation

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------<PAGE>

Exhibit 10.1 Deferred Compensation Agreement and Split Dollar Insurance
Agreement for Donald E. Smith

                         DEFERRED COMPENSATION AGREEMENT

        THIS AGREEMENT made and entered into as of the 22nd day of December,
1994, by and between DONALD E. SMITH ("EMPLOYEE"), the Employee's wife, MARY
FRANCES SMITH ("Wife") and TERRE HAUTE FIRST NATIONAL BANK and FIRST FINANCIAL
CORPORATION (collectively "Employers").

        WITNESSETH THAT:

        WHEREAS, Employee has been employed by Employers for several years and
is now the President and Chief Executive Officer of Terre Haute First National
Bank and President and Chief Executive Officer of First Financial Corporation;

        WHEREAS, Employers recognize the valuable service heretofore performed
by Employee and wish to encourage his continued employment by offering
compensation and benefits beyond his current salary and benefits;

        WHEREAS, Employee wishes to be assured that he or his Wife will be
entitled to a certain amount of compensation and benefits continuing after his
retirement from active service with Employers; and

        WHEREAS, The parties wish to provide the terms and conditions upon which
Employers shall pay such additional compensation to Employee or his wife during
his employment and after his retirement or termination of his employment.

        NOW, THEREFORE, The parties hereby agree as follows:

                                   ARTICLE I.
                                   EMPLOYMENT

        Employers currently employ Employee as President and Chief Executive
Officer. Employee shall have such powers and shall perform such duties in that
capacity or in any future capacity as may be determined by Employers' Board of
Directors.

                                   ARTICLE II.
                                  COMPENSATION

        During his employment, Employers shall pay to Employee compensation as
set by the Employers' Board of Directors. In consideration of Employee's past
distinguished service to Employers and his remaining in Employers' employ,
Employers agree that from January 1, 1995, and continuing after the retirement
of Employee from active service of Employers, in addition to the compensation
determined by the Board of Directors, each year Employers shall pay to Employee
the amount required of the Employee under the Split Dollar Insurance Agreement
executed in conjunction herewith during Employee's lifetime ("BONUS AMOUNT"). In
the event of the death of Employee survived by his wife, the Bonus Amount shall
be paid by Employers to the Wife for her lifetime.

                                  ARTICLE 111.
                             SPLIT DOLLAR AGREEMENT

        The Employers simultaneously herewith have established a Split Dollar
Life Insurance Agreement to be executed in conjunction herewith. Under said
Agreement, Employer shall pay the Premium Advance as defined in

<PAGE>

Paragraph 2b of said Agreement and the Employee or his wife shall be responsible
for contributing the Bonus Amount as his or her portion of the premium.

                                   ARTICLE IV.
                                    TAXATION

        The Employee and his Wife each agree to pay federal, state or local
taxes, if any, which may be required by law to be paid with respect to this
Bonus Amount. Any payments made to the Employee or his Wife pursuant to the
terms of this Agreement shall be reduced by such amounts as are required to be
withheld with respect thereto under all present and future federal, state and
local regulations and other laws and regulations.

                                   ARTICLE V.
                                EMPLOYEE'S DUTIES

        In consideration of the foregoing agreements of Employers and of the
payments to be made by Employers thereto, Employee shall, for so long as he
remains in the active employ of Employers, devote his full business time and
efforts to the business and affairs of Employers or their successors, and after
his retirement, Employee shall consult with Employers in an advisory capacity
when requested to do so by Employers. Employee will not, directly or indirectly,
own, manage, operate, control, be employed by or participate in the ownership,
management, operation or control of, or be connected in any manner with any
business of the type and character engaged in and competitive with that
conducted by the Employers. Notwithstanding the foregoing, Employee shall not be
precluded from serving as a director or member of a committee or board of any
entity or from serving in any other capacity for an entity that involves no
conflict of interest with Employers or their successor.

                                   ARTICLE Vl.
                           NO ASSIGNMENT OF AGREEMENT

        Neither Employee, his Wife nor any other beneficiary under this
Agreement shall have any power or right to transfer, assign, anticipate,
hypothecate, or otherwise encumber any part or all of the amounts payable
hereunder, nor shall such amounts be subject to seizure by any creditor or any
such beneficiary, by a proceeding at law or in equity, and no such benefit shall
be transferable by operation of law in the event of bankruptcy, insolvency or
death of Employee, his spouse, or any other beneficiary hereunder. Any such
attempted assignment or transfer shall be void and shall terminate this
Agreement, and Employers shall thereupon have no further liability hereunder.

                                  ARTICLE Vll.
                               ASSETS OF EMPLOYERS

        This Agreement is an unfunded deferred compensation arrangement solely
for Employee and the payments to Employee, his wife or any other beneficiary
hereunder shall be made from assets which shall continue, for all purposes, to
be a part of the general assets of Employers, and no person acquires a right to
receive payments from Employers under the provisions hereof, such right shall be
no greater than the right of any unsecured general creditor of Employers.

                                  ARTICLE VIII.
                         AMOUNT PAYABLE BY EACH EMPLOYER

        Wherever in this Agreement the terms require payment by or to the
Employers, the amount payable by or to each of the Employers shall be determined
by mutual agreement of the Boards of Directors of the Employers.

                                   ARTICLE IX.
                           NOT AN EMPLOYMENT CONTRACT

        Nothing contained herein shall be construed to be a contract of
employment for any term of years, nor as conferring upon Employee the right to
continue in the employ of Employers in any capacity. It is expressly

<PAGE>

understood by the parties hereto that this Agreement relates exclusively to
additional compensation for Employee's services and is not intended to be an
employment contract.

                                   ARTICLE X.
                                  ARBITRATION

        All claims or disputes between Employers and Employee or his wife
arising out of, or relating to, this Agreement or the breach thereof shall be
decided by arbitration following the Rules of the American Arbitration
Association unless the parties mutually agree otherwise. Notice of the demand
for arbitration shall be filed in writing with the other party to this Agreement
and with the American Arbitration Association and shall be made within a
reasonable time after the dispute has arisen. The award rendered by the
arbitrator shall be final, and judgment may be entered upon it according to
applicable law in any court having jurisdiction thereof.

                                   ARTICLE Xl.
                                     NOTICES

        All notices to be given under this Agreement shall be in writing, and
shall be deemed to have been given and served when delivered in person, by UPS
(or a similar overnight carrier), via facsimile transmission, or by United
States mail, postage prepaid to the addressee at the following addresses:

Employers:
        Attention: President
        Terre Haute First National Bank
        Post Office Box 540
        Terre Haute, Indiana 47808~540

Employee and Wife:
        Donald E. and Mary Frances Smith
        94 Allendale
        Terre Haute, Indiana 47802

Facsimile No: (812) 428-9167                      Facsimile No: (

Or Employee's last known address shown on the records of Employers.

Any party may change its mailing address by serving written notice of such
change and of such new address upon the other party.

                                  ARTICLE XII.
                                  GOVERNING LAW

        This Agreement shall be governed by and construed in accordance with the
laws of the State of Indiana, and each party hereto by execution of this
Agreement, consents to the exercise of jurisdiction over any matter arising in
connection with this Agreement in the Superior Court of Vigo County, State of
Indiana (but this provision shall not be construed as inconsistent with the
parties' agreement to resolve all disputes arising hereunder by final and
binding arbitration pursuant to Article X.)

                                  ARTICLE XIII.
                                  MISCELLANEOUS

        This Agreement and any Agreement executed simultaneously herewith
contain the entire agreement between the parties concerning the subject matter
hereof, and supersede all prior oral or written understandings, agreement or
contracts, formal or informal, between the parties hereto with respect to such
matters.

        This Agreement shall inure to the benefit of, and shall be binding upon,
the respective successors and assigns of each of the parties.

<PAGE>

        All headings set forth herein are included for the convenience of
reference only and shall not affect the interpretation hereof, nor shall any
weight or value be given to the relative position of any part or provision
hereof in relation to any other provision in determining such construction. As
used in this Agreement, the plural shall be substituted for the singular, and
the singular for the plural, where appropriate, and words and pronouns of any
gender shall include any other gender. THE PROVISIONS OF THIS ARTICLE XIII, AND
EACH AND EVERY OTHER PROVISION OF THIS AGREEMENT MAY NOT UNDER ANY CIRCUMSTANCES
BE MODIFIED, CHANGED, AMENDED OR PROVISIONS HEREUNDER WAIVED VERBALLY, BUT MAY
ONLY BE MODIFIED, CHANGED, AMENDED OR WAIVED BY AN AGREEMENT IN WRITING EXECUTED
BY ALL PARTIES HERETO.

      IN WITNESS WHEREOF the parties have signed this Agreement as of the date
first written above.

Donald E. Smith

"EMPLOYEE,'

 Mary Frances Smith

"Wife"

TERRE HAUTE FIRST NATIONAL BANK

By:  John W. Perry, Sr. V.P. & Cashier
(Printed Name and Title)

FIRST FINANCIAL CORPORATION

By:

By:  John W. Perry, Sr. V.P. & Cashier
(Printed Name and Title)

 "EMPLOYERS"

<PAGE>

                        SPLIT DOLLAR INSURANCE AGREEMENT

        THIS AGREEMENT made and entered into as of the 22nd day of December,
1994, by and between TERRE HAUTE FIRST NATIONAL BANK and FIRST FINANCIAL
CORPORATION (collectively "EMPLOYERS"), TERRE HAUTE FIRST NATIONAL BANK OF TERRE
HAUTE, INDIANA ("OWNER"), as trustee of MARY FRANCES SMITH AND DONALD E. SMITH
IRREVOCABLE TRUST ("Trust");

WITNESSETH:

WHEREAS, Donald E. Smith ("Employee") is employed by Employers;

        WHEREAS, Employee wishes to provide life insurance protection for his
family under a policy of life insurance ("Policy) insuring his life and the life
of his wife, MARY FRANCES SMITH, Jointly "INSUREDS") in the face amount of $5
million which was issued by Pacific Mutual Life Insurance Company ("INSURER") as
Policy No.

        WHEREAS, Employers are willing to pay a portion of the premiums due on
the Policy as an additional employment benefit for the Employee, which the Owner
agrees to repay to Employers on the terms and conditions hereinafter set forth;

        WHEREAS, the Owner, as trustee of the Trust, is the owner of the Policy
and, as such, possesses all incidents of ownership in and to the Policy;

        WHEREAS, Employers wish to have the Policy collaterally assigned to them
by the Owner, in order to secure the repayment of the amounts which they will
pay toward the premiums on the Policy; and

        WHEREAS, the parties intend that by such collateral assignment the
Employers shall receive only the right to such repayment, with the Owner
retaining all other ownership rights in the Policy as specified herein.

        NOW, THEREFORE, the parties hereto agree as follows:

1.      Purchase of Policy. The Owner has purchased the Policy from the Insurer.
The parties hereto have taken all necessary action to cause the Insurer to issue
the Policy and shall take any further action which may be necessary to cause the
Policy to conform to the provisions of this Agreement and of the collateral
assignment filed with the Insurer relating to the Policy.

2.      Ownership of Policy.

   a.   The Owner shall be the sole and absolute owner of the Policy, and may
        exercise all ownership rights granted to the owner thereof by the teens
        of the Policy, except as may otherwise be provided herein

   b.   It is the intention of the parties to this Agreement and the collateral
        assignment executed by the Owner to the Employers in connection herewith
        (attached hereto as Exhibit "A") that the Owner shall retain all rights
        which the Policy grants to the owner thereof; the sole right of the
        Employers hereunder shall be to be repaid the amounts which they have
        paid toward the premiums on the Policy (less any amounts previously
        repaid to Employers by the Owner) ("PREMIUM ADVANCE"). Specifically, but
        without limitation, the Employers shall neither have nor exercise any
        right as collateral assignees of the policy which could in any way
        defeat or impair the Owner's right to receive the cash surrender value
        or the death proceeds of the Policy in excess of the amount due the
        Employers hereunder. All provisions of this Agreement and of such
        collateral assignment shall be construed to carry out such intention.

   c.   .It is agreed that benefits may be paid under the Policy by the Insurer
        either by separate checks to the parties entitled thereto, or by a joint
        check. In the latter instance, the Owner and the Employers agree that
        the benefits shall be divided as provided herein.

<PAGE>

3.     Premium Payments.

        a.      Each annual premium on the Policy shall be paid as follows:

                i       The Owner or Employee shall pay the amount required to
                        be paid to the Insurer as set forth in Exhibit "B". This
                        amount is subject to adjustment ratably in relation to
                        the premiums paid by the Employers if and when the
                        premiums charged by the Insurer change. This premium
                        portion will also be remitted by the Employers and
                        treated as additional employee compensation in
                        accordance with the Deferred Compensation Agreement
                        executed in conjunction herewith.

                ii.     The Employers shall be responsible for the gross annual
                        premium reduced by any amount contributed by the Owner
                        or Employee in accordance with subparagraph i above.

                iii.    The Employers shall remit to the Insurer the full
                        premium due.

        b       Dividends on the Policies shall be applied to purchase paid-up
                additions.

4.      Repayment of the Employers on Collection of the Policy Death Proceeds.

        a. Upon the death of the survivor of the Insureds, the Owner shall take
        whatever action is necessary to collect the death benefit provided under
        the Policy; when such benefit has been collected and paid as provided
        herein, this Agreement shall thereupon terminate.

        b. Upon the death of the survivor of the Insureds, the Employers shall
        have the unqualified right to receive the Premium Advance from the
        Owner.

 5      Termination of the Agreement During the Lifetime of the Insureds.

        a. This Agreement shall terminate, while either of the Insureds is
        alive, without notice, upon the occurrence of any of the following
        events: (a) total cessation of both Employers' businesses; (b)
        bankruptcy, receivership or dissolution of both Employers; or (c)
        failure of both the Employee and the Owner to timely pay to the
        Employers the Employee's portion of the premium, if any, due hereunder,
        unless the Employers elect to make such payment on behalf of the
        Employee and the Owner, as provided herein.

        b. In addition, Owner may terminate this Agreement, while either of the
        Insureds is alive and while no premium under the Policy is overdue, by
        written notice to the other parties hereto. Such termination shall be
        effective as of the date of such notice.

6   Repayment of the Employers on Termination of the Agreement During the
    Lifetime of the Insureds - Within sixty (60) days of the date of the
    termination of this Agreement during the lifetime of the Insureds, the Owner
    shall repay to the Employers the Premium advance.

7.  The Insurer - The Insurer shall be bound only by the provisions of and
    endorsements on the Policy, and any payments made or actions taken by it in
    accordance therewith shall fully discharge it from all claims, suits and
    demands of all persons whatsoever. It shall in no way be bound by or be
    deemed to have notice of the provisions of this Agreement.

8   Amendment of Agreement - The Owner and the Employers can mutually agree
    to amend this Agreement and such amendment shall be in writing and signed by
    the Owner and the Employers.

9.  Special Provisions - The following provisions are part of this Agreement and
    are intended to meet the requirement of the Employee Retirement Income
    Security Act of 1974:

    a. The named fiduciary: The Secretary of the Employer.

<PAGE>
    b. The funding policy under this Agreement is that all premiums on the
       Policies be remitted to the Insurer when due.

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

    d.  For claims procedure purposes, the "Claims Manager`' shall be John
        Perry.

        (1)     If for any reason a claim for benefits under this Agreement is
                denied by the Employers, the Claims Manager shall deliver to the
                claimant a written explanation setting forth the specific
                reasons for the denial, pertinent references to the Agreement
                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 his claim, all written in
                a manner calculated to be understood by the claimant. For this
                purpose:

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

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

        (2)     The claimant shall have 60 days following his 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 his representative may submit pertinent documents and written
                issues and comments.

        (3)     The Claims Manager shall decide the issue on review and furnish
                the claimant with a copy within 60 days of receipt of the
                claimant's request for review of his claim. The decision on
                review shall be in writing and shall include specific reasons
                for the decision, written in a manner calculated to be
                understood by the claimant, as well as specific references to
                the pertinent Agreement 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.

10  This Agreement and any Agreement executed simultaneously herewith contain
    the entire agreement between the parties concerning the subject matter
    hereof, and supersede all prior oral or written understandings, agreement or
    contracts, formal or informal, between the parties hereto with respect to
    such matters.

11. This Agreement shall inure to the benefit of, and shall be binding upon, the
    respective successors and  assigns of each of the parties.

12. This Agreement shall be governed by and construed in accordance with the
    laws of the State of Indiana, and each party hereto by execution of this
    Agreement, consents to the exercise of jurisdiction over any matter arising
    in connection with this Agreement in the Superior Court of Vigo County,
    State of Indiana.

13. All headings set forth herein are included for the convenience of reference
    only and shall not affect the interpretation hereof, nor shall any weight or
    value be given to the relative position of any part or provision hereof in
    relation to any other provision in determining such construction. As used in
    this Agreement, the plural shall be substituted for the singular, and the
    singular for the plural, where appropriate, and words and pronouns of any
    gender shall include any other gender. THE PROVISIONS OF THIS ARTICLE AND
    EACH AND EVERY OTHER PROVISION OF THIS AGREEMENT MAY NOT UNDER ANY
    CIRCUMSTANCES BE MODIFIED, CHANGED, AMENDED OR PROVISIONS HEREUNDER WAIVED
    VERBALLY, BUT MAY ONLY BE MODIFIED, CHANGED, AMENDED OR WAIVED BY AN
    AGREEMENT IN WRITING EXECUTED BY ALL PARTIES HERETO.
<PAGE>

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

TERRE HAUTE FIRST NATIONAL BANK OF TERRE HAUTE, INDIANA as trustee of THE MARY
FRANCES SMITH AND DONALD E. SMITH IRREVOCABLE TRUST

    By: Fred P. Rubey
    (Printed Name and Title)  Fred P. Rubey,  Sr. Vice President & Trust Officer

                                     "OWNER"

                     TERRE HAUTE FIRST NATIONAL BANK

                    By: Signed John W. Perry
                    (Printed Name and Title)  John W. Perry, Sr. V. P. & Cashier

                    FIRST FINANCIAL CORPORATION

                    By.  Signed John W. Perry

                    (Printed Name and Title) John W. Perry, Secretary

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