ENDORSEMENT METHOD SPLIT DOLLAR AGREEMENT
Insurer: Beneficial Life Insurance Company
Policy Number: BL2116558
Insurer: Massachusetts Mutual Life Insurance Company
Policy Number: 0050309
Owner: FAR WEST BANK
Insured: H. Don Norton
Effective Date: February 1, 2003
This Agreement is by and between Far West Bank (referred to herein as the “Company”), and H. Don Norton, a member of the
Board of Directors of the Company.
The term “Policy” shall refer to the above-cited policies as well any policies obtained, by means of 1035 exchange, to
replace the above-cited policies. Policy definitions shall govern.
The respective rights and duties of the Company and the Insured in the Policy shall be as follows:
Title and ownership shall reside in the Company for its use and for the use of the Insured all in accordance with this
Agreement. The Company alone may, to the extent of its interest, exercise the right to borrow or withdraw the Policy cash
values or to terminate the Policy. Where the Company and the Insured, mutually agree to exercise the right to increase
coverage under the Policy, then, in such event, the rights, duties and benefits of the parties to such increased coverage
shall continue to be subject to the terms of this Agreement.
The Insured shall have the right and power to designate beneficiaries to receive his/her share of death proceeds, as
provided in this Agreement. Likewise, the Insured shall have the right and power to elect and change a payment option for
The Company shall pay premiums and the Insured shall not be responsible for any portion thereof.
Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal
Revenue Service. The Company (or its administrator) will report to the Insured such imputed income on Form W-2 or its
The Company shall be entitled to the death proceeds of the Policy except that, subject to Paragraph VII