Split Dollar Agreement. Reference is made to the Split Dollar Agreement, dated January 27, 2009, by and between Executive and the Seller Bank (the “Split Dollar Agreement”), which the parties agree will remain in full force and effect following the Commencement Date. The parties agree to amend the Split Dollar Agreement to provide that Executive’s employment with the Corporation shall constitute continued employment for purposes of the Split Dollar Agreement and shall not trigger a “Termination of Employment” as defined therein.
Split Dollar Agreement a. The Company and the Executive agree to enter into the Split-Dollar Agreement attached as Exhibit A to this Agreement. The Company agrees to pay the first ten (10) annual premium payments of Five Hundred Thirty-Three Thousand Six Hundred Ten Dollars ($533,610) pursuant to Section 3 of the Split-Dollar Agreement, subject to adjustment as provided in this Agreement.
Split Dollar Agreement. You shall continue to maintain your “Executive’s Interest” in the Split Dollar Insurance Agreement, Policy No. 85998047 issued by Great West & Annuity Life Insurance Company.
Split Dollar Agreement. Contemporaneously with the execution of this Agreement, Company, Employee, and the KLL & LPL Family Partnership, Ltd. shall execute and enter into the Split Dollar Agreement attached to this Agreement as Exhibit B.
Split Dollar Agreement. The Trustee of Employee's Life ---------------------- Insurance Trust shall have entered into a split dollar agreement with Company, substantially in the form attached as Exhibit 1 to this Amendment pursuant to which the Company is entitled to be repaid the aggregate amount of the premiums paid under this Section 3.07 within 60 days following the earlier of the surrender of the life insurance policies with respect to which the Company has paid premiums, or the death of the Employee. If some, but fewer than all of such policies are surrendered, the Company will be entitled to be repaid that percentage of the aggregate premiums paid hereunder that the cash value received upon such surrender is of the total cash value of the policies upon with the Company has paid premiums hereunder.
Split Dollar Agreement. The Company agrees to use all reasonable efforts to obtain life insurance on the life of the Executive and enter into either, at the option of the Company, a split dollar insurance agreement (the "Split Dollar Agreement") or another non-qualified plan for the Executive with respect thereto on terms and conditions and with benefits comparable to those applicable and available to similarly situated executives of the Company. The Executive agrees to cooperate with the Company, its representatives and agents and any insurance companies and their respective agents and representatives, in order to execute such an agreement or plan and obtain such insurance. Notwithstanding the foregoing, the Company shall not be required to expend amounts in excess of 125 percent of the average premium cost for a person of the Executive's gender and age in order to obtain such insurance. Notwithstanding anything to the contrary contained herein, in the event a Split Dollar Agreement is entered into by the parties, the Company agrees to gross-up the compensation of the Executive in an amount determined by the Company's accountants as necessary to reimburse the Executive for (A) the sum of federal and Massachusetts income tax incurred by the Executive on account of the X.X.- 00 benefit in the insurance policy described under a Split Dollar Agreement, and (B) the cost of any rider that the Executive purchases on the insurance policy described in such Split Dollar Agreement for the waiver of premiums in the event of his disability, and (C) the tax effect of the reimbursements set forth in (A) and (B) hereof, and to pay such amounts to the Executive in a lump sum payment no later than three (3) business days prior to the earliest date on which any federal or Massachusetts income taxes are due on account of such P.S.-58 benefit and/or the cost for the waiver of premiums. This clause (i) of Section 4 shall remain in full force and effect and shall survive any termination of this Agreement by reason of the disability of the Executive.
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 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.
Split Dollar Agreement. Although the Bank is under no obligation to fund the benefits payable under this Agreement with any form of insurance, as of the date of this Agreement the Bank has purchased an Insurance Policy and has entered into that certain Split Dollar Agreement with the Executive of even date herewith, providing for the endorsement of the Insurance Policy so as to provide a death benefit to the Executive’s Beneficiary in an amount equal to the Compensation-Based Benefit. Any amounts received by the Executive’s Beneficiary with respect to the Insurance Policy shall be deducted from amounts otherwise payable by the Bank to the Executive’s Beneficiary pursuant to this Section 2.4.
Split Dollar Agreement. At the Retirement Date, Hillock will have no further interest in or entitlement to any benefits under any Split Dollar Agreement that was provided by the Company.
Split Dollar Agreement. Although the Bank is under no obligation to fund the benefits payable under this Agreement with any form of insurance, as of the date of this Agreement the Bank has purchased an Insurance Policy and has entered into that certain Split Dollar Agreement with the Executive of even date herewith, providing for the endorsement of the Insurance Policy so as to provide a death benefit to the Executive's Beneficiary in an amount equal to the Compensation-Based Benefit. Any amounts received by the Executive's Beneficiary with respect to the Insurance Policy shall be deducted from amounts otherwise payable by the Bank to the Executive's Beneficiary pursuant to this Section 2.4.
