ENDORSEMENT METHOD SPLIT DOLLAR PLAN
The respective rights and duties of the Bank and the Insured in the above-referenced policy shall be pursuant to the terms set
Crescent Bank and Trust Company
Relationship of Insured to Bank: Executive
Refer to the policy contract for the definition of all terms in this Agreement.
POLICY TITLE AND OWNERSHIP
Title and ownership shall reside in the Bank for its use and for the use of the Insured all in accordance with this
Agreement. The Bank alone may, to the extent of its interest, exercise the right to borrow or withdraw on the policy cash
values. Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the
right to increase the coverage under the subject Split Dollar 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.
BENEFICIARY DESIGNATION RIGHTS
The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the
Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for
such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.
PREMIUM PAYMENT METHOD
The Bank shall pay an amount equal to the planned premiums and any other premium payments that might become
necessary to keep the policy in force.
Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal
Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on
Form W-2 or its equivalent.
VI. DIVISION OF DEATH PROCEEDS