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FIRST
AMENDMENT
TO THE
PLUMAS BANK
ADDENDUM B
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 B 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 2.2
of the Agreement shall be deleted in its entirety and replaced by
the following:
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2.2
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Executive’s
Interest .
The Executive shall have the right to designate the beneficiary of
death proceeds of the Policy in the amount of one hundred thousand
dollars ($100,000). 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
Restated Executive Salary Continuation Agreement between the
Employer and the Execu
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