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Exhibit 10.54
FIRST
AMENDMENT
TO THE
PLUMAS BANK
ADDENDUM A
SPLIT DOLLAR AGREEMENT
DATED JANUARY 24, 2002
FOR
DOUGLAS N. BIDDLE
THIS FIRST
AMENDMENT is adopted this 17th day of December, 2008, by and
between PLUMAS BANK, a state-chartered commercial bank located in
Quincy, California (the “Employer”), and DOUGLAS N.
BIDDLE (the “Executive”).
The
Employer and the Executive executed the Addendum A Split Dollar
Agreement on January 24, 2002 (the
“Agreement”).
The
undersigned hereby amends the Agreement for the purpose of bringing
the Agreement into compliance with section 409A of the Internal
Revenue Code. In accordance with section III(D)(2) of IRS Notice
2007-34, such amendments shall not be considered a material
modification of the Agreement under Treasury Regulations section
1.61-22(j). Therefore, the following changes shall be
made:
Section 1.1
of the Agreement shall be deleted in its entirety and replaced by
the following:
1.1
“ Insurer ”
means Lincoln National Life Insurance Company.
Section 2.2
of the Agreement shall be deleted in its entirety and replaced by
the following:
2.2
Executive’s
Interest.
The Executive shall have the right to designate the beneficiary of
death proceeds of the Policy in the amount of four hundred
fifty-seven thousand three hundred forty-six dollars ($457,346).
The Executive shall also have the right to elect and change
settlement options that may be permitted. However, the Executive,
the Executive’s transferee or the Executive’s
beneficiary shall have no rights or interests in the Policy with
respect to that portion of the death proceeds designated in this
section 2.2 if the Executive ceases to be employed by the Employer
for any reason whatsoever prior to Normal Retirement Age (other
than by reason of a leave of absence which is approved by the
Employer) and has received or had the opportunity to receive any
benefit under the Executive Salary Continuation Agreement dated
June 2, 1994 and a first and second Amendment thereto
(Grandfathered Agreement) as well as the Amended and
Rest
