exhibit 10 ( b ) split dollar life insurance agreement collateral assignment plan this agreement, made as of this 13th day of june 1980, by and between the city national bank, a national bank hereinafter called the bank, and the goldsmith 1980 insurance trust hereinafter called the trust. whereas, bram goldsmith, hereinafter called the employee, has rendered competent and faithful efforts on behalf of the bank resulting in substantial growth and profits to the bank, and, whereas, the bank highly values the efforts, abilities, and accomplishments of the employee as an important member of management and wishes to provide a death benefit for the employee ’ s designee through a split dollar life insurance program, and, whereas, the trust agrees to participate in such program to the extent hereinafter provided, now, therefore, it is mutually agreed that : 1. in furtherance of the purposes of this agreement, the parties hereto shall utilize the following personal insurance policy owned by the trust on the life of bram goldsmith ( hereinafter call the insured ) : policy no. 3837807 in the face amount of $ 1, 500, 000 issued by connecticut mutual life insurance company. 2. as security for the bank ’ s premium payments on the insurance policy as provided in article 4 below, the trust shall execute, on a form provided by the insurance company, a collateral assignment of the policy to the bank. the policy shall be delivered to the bank to hold for purposes of this agreement. the bank shall make the policy available to the insurance company in order to effectuate any change desired by the trust, as to the designation of a beneficiary, election of an income settlement option or assignment with respect to the risk element as defined in article 3 below. 3. it is understood by the parties hereto that, as provided under the terms of the policy, ownership of the policy is actually divided into two separate and distinct elements. the “ cash value ” element is owned by the bank and the “ risk ” element is owned by the trust. except as modified by the following paragraph, the bank has all incidents of ownership and privileges in the policy with respect only to the cash value element, which is defined as an amount equal to the premiums it has paid, excluding premiums for any extra benefit agreements or riders issued under the policy, but reduced by any indebtedness ( along with any unpaid interest ) on the policy, or if greater, an