EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN
AGREEMENT
This Agreement, made and entered into this 6th day of May, 1999, by and
between Ameriana Bank of Indiana, FSB, a Bank organized and existing under the
laws of the State of Indiana, hereinafter referred to as "the Bank", and Xxxxxxx
Xxxxxxx, a Key Employee and the Executive of the Bank, hereinafter referred to
as "the Executive".
The Executive has been in the employ of the Bank and has now and for
years past faithfully served the Bank. It is the consensus of the Board of
Directors of the Bank (the Board) that the Executive's services have been of
exceptional merit, in excess of the compensation paid and an invaluable
contribution to the profits and position of the Bank in its field of activity.
The Board further believes that the Executive's experience, knowledge of
corporate affairs, reputation and industry contacts are of such value and his
continued services are so essential to the Bank's future growth and profits that
it would suffer severe financial loss should the Executive terminate his
services.
Accordingly, it is the desire of the Bank and the Executive to enter
into this Agreement under which the Bank will agree to make certain payments to
the Executive upon the Executive's retirement and, alternatively, to the
Executive's beneficiary(ies) in the event of the Executive's premature death
while employed by the Bank.
It is the intent of the parties hereto that this Agreement be
considered an arrangement maintained primarily to provide supplemental
retirement benefits for the Executive, as a member of a select group of
management or highly-compensated employees of the Bank for purposes of the
Employee Retirement Security Act of 1974 (ERISA). The Executive is fully advised
of the Bank's financial status and has been fully advised to his satisfaction
regarding the design and operation of this benefit plan.
Therefore, in consideration of the Executive's services performed in
the past and those to be performed in the future and based upon the mutual
promises and covenants herein contained, the Bank and the Executive, agree as
follows:
I. DEFINITIONS
A. Effective Date:
--------------
The Effective Date of this Agreement shall be February 23,
1999.
B. Plan Year:
---------
Any reference to "Plan Year" shall mean a calendar year from
January 1 to December 31. In the year of implementation, the
term "Plan Year" shall mean the period from the effective date
to December 31 of the year of the effective date.
C. Retirement Date:
---------------
Retirement Date shall mean retirement from service with the
Bank which becomes effective on the first day of the calendar
month following the month in which the Executive reaches the
Executive's sixty-fifth (65) birthday, or such earlier or
later date as the Board may approve as the Executive's
Retirement Date.
D. Termination of Service:
----------------------
Termination of Service shall mean voluntary resignation of
service by the Executive or the Bank's discharge of the
Executive without cause ("cause" defined in Subparagraph III
(D) hereinafter), prior to the Normal Retirement Age
(described in Subparagraph I (J) hereinafter).
E. Pre-Retirement Account:
----------------------
A Pre-Retirement Account shall be established as a liability
reserve account on the books of the Bank for the benefit of
the Executive. Prior to termination of service or the
Executive's retirement, such liability reserve account shall
be increased or decreased each Plan Year (including the Plan
Year in which the Executive ceases to be employed by the Bank)
by an amount equal to the annual earnings or loss for that
Plan Year determined by the Index (described in Subparagraph I
(G) hereinafter), less the Cost of Funds Expense for that Plan
Year (described in Subparagraph I (H) hereinafter).
F. Index Retirement Benefit:
------------------------
The Index Retirement Benefit for the Executive for any year
shall be equal to the excess of the annual earnings (if any)
determined by the Index [Subparagraph I (G)] for that Plan
Year over the Cost of Funds Expense [Subparagraph I (H)] for
that Plan Year.
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G. Index:
-----
The Index for any Plan Year shall be the aggregate annual
after-tax income from the life insurance contracts described
hereinafter as defined by FASB Technical Bulletin 85-4. This
Index shall be applied as if such insurance contracts were
purchased on the effective date hereof.
Insurance Company: Xxxxxxxxx Xxxxxxxx
Policy Form: Flexible Premium Adjustable Life
Policy Name: Executive Security Plan IV
Insured's Age and Sex: 53, Male
Riders: None
Ratings: According to health of proposed
insured
Option: Level Death Benefit
Face Amount: $1,031,000
Premiums Paid: $452,500
Number of Premium Payments: One
Assumed Purchase Date: February 23, 1999
Insurance Company: Security Life of Denver
Policy Form: Whole Life
Policy Name: Corp IV
Insured's Age and Sex: 54, Male
Riders: None
Ratings: According to health of proposed
insured
Option: Level Death Benefit
Face Amount: $879,397
Premiums Paid: $452,500
Number of Premium Payments: One
Assumed Purchase Date: February 23, 1999
If such contracts of life insurance are actually purchased by
the Bank then the actual policies as of the dates they were
purchased shall be used in calculations under this Agreement.
If such contracts of life insurance are not purchased or are
subsequently surrendered or lapsed, then the Bank shall
receive annual policy illustrations that assume the
above-described policies were purchased from the above named
insurance company(ies) on the Effective Date from which the
increase in policy value will be used to calculate the amount
of the Index.
In either case, references to the life insurance contract are
merely for purposes of calculating a benefit. The Bank has no
obligation to purchase such life insurance and, if purchased,
the Executive and the Executive's beneficiary(ies) shall have
no ownership interest in such policy and shall
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always have no greater interest in the benefits under this
Agreement than that of an unsecured general creditor of the Bank.
H. Cost of Funds Expense:
---------------------
The Cost of Funds Expense for any Plan Year shall be calculated
by taking the sum of the amount of premiums set forth in the
Indexed policies described above plus the amount of any after-tax
benefits paid to the Executive pursuant to this Agreement
(Paragraph III hereinafter) plus the amount of all previous years
after-tax Costs of Funds Expense, and multiplying that sum by the
average after-tax cost of funds as published in the third quarter
Office of Thrift Supervision Annual Thrift Financial Report of
the Ameriana Bank of Indiana, FSB.
I. Change of Control:
-----------------
A Change of Control shall be deemed to have occurred if, at any
time during the period of employment of the Executive, more than
twenty five percent (25%) of the Parent's or Bank's outstanding
Common Stock, or equivalent in voting power of any class or
classes of outstanding securities of the Parent or Bank
ordinarily entitled to vote in elections of directors of Parent
or Bank, shall be acquired by any other corporations or other
person or group. "Group" shall mean persons who act in concert as
described in Section 13 (d) of the Securities Exchange Act of
1934, as amended.
J. Normal Retirement Aim
---------------------
Normal Retirement Age shall mean the date on which the Executive
attains age sixty-five (65).
II. EMPLOYMENT
No provision of this Agreement shall be deemed to restrict or limit any
existing employment agreement by and between the Bank and the Executive,
nor shall any conditions herein create specific employment rights to the
Executive nor limit the right of the Employer to discharge the Executive
with or without cause. In a similar fashion, no provision shall limit the
Executive's rights to voluntarily sever his employment at any time.
III. INDEX BENEFITS
The following benefits provided by the Bank to the Executive are in the
nature of a fringe benefit and shall in no event be construed to effect nor
limit the
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Executive's current or prospective salary increases, cash bonuses or
profit-sharing distributions or credits.
A. Retirement Benefits:
-------------------
Should the Executive continue to be employed by the Bank until "Normal
Retirement Age" defined in Subparagraph I (J), the Executive shall be
entitled to receive the balance in his Pre-Retirement Account [as
defined in Subparagraph I (E)] in ten (10) equal annual installments
commencing thirty (30) days following the Executive's Retirement Date.
In addition to these payments, commencing with the Plan Year in which
the Executive attains the Executive's Retirement Date, the Index
Retirement Benefit (as defined in Subparagraph I (F) above) for each
year shall be paid to the Executive until the Executive's death.
B. Termination of Service:
----------------------
Subject to Subparagraph III (D) hereinafter, should the Executive
suffer a Termination of Service [defined in Subparagraph I (D)], the
Executive shall be entitled to receive five percent (5%) times the
number of full years the Executive has served the Bank from the
Executive's fifth anniversary of service from the Effective Date of
this Agreement (to a maximum of 100%), times the balance in the
Pre-Retirement Account paid over ten (10) years in equal installments
commencing at the Normal Retirement Age [Subparagraph I (J)]. In
addition to these payments and commencing in the Plan Year in which
the Executive attains Normal Retirement Age, five percent (5%) times
the number of full years the Executive has served the Bank from the
Executive's fifth anniversary of service from the Effective Date of
this Agreement (to a maximum of 100%), times the Index Retirement
Benefit for each year shall be paid to the Executive until the
Executive's death.
C. Death:
-----
Should the Executive die prior to having received the full balance of
the Pre-Retirement Account, the unpaid balance of the Pre-Retirement
Account shall be paid in a lump sum to the beneficiary selected by the
Executive and filed with the Bank. In the absence of or a failure to
designate a beneficiary, the unpaid balance shall be paid in a lump
sum to the personal representative of the Executive's estate.
D. Discharge for Cause and Termination of Service:
----------------------------------------------
Should the Executive be discharged prior to five (5) full years of
employment from the Effective Date of this Agreement or be discharged
for cause at any time, all Benefits under this Agreement shall be
forfeited.
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A termination for "cause" shall include termination because of the
Executive's personal dishonesty, incompetence, willful misconduct,
breach of fiduciary duty involving personal profit, intentional
failure to perform stated duties, willful violation of any law, rule
or regulation (other than traffic violations or similar offenses) or
final cease-and-desist order, or material breach of any provision of
this Agreement.
E. Disability Benefit:
------------------
In the event the Executive becomes disabled prior to Termination of
Service, and the Executive's employment is terminated because of such
disability, he shall immediately begin receiving the benefits in
Subparagraph III (A) above. Such benefit shall begin without regard to
the Executive's Normal Retirement Age and the Executive shall be one
hundred percent (100%) vested in the entire benefit amount. The term
"disability" shall mean the complete inability of the Executive to
perform the Executive's duties as determined by an independent
physician selected with the approval of the Bank and the Executive.
F. Death Benefit:
-------------
Except as set forth above, there is no death benefit provided under
this Agreement.
IV. RESTRICTIONS UPON FUNDING
The Bank shall have no obligation to set aside, earmark or entrust any fund
or money with which to pay its obligations under this Agreement. The
Executive, the Executive's beneficiary(ies) or any successor in interest to
the Executive shall be and remain simply a general creditor of the Bank in
the same manner as any other creditor having a general claim for matured
and unpaid compensation.
The Bank reserves the absolute right, at its sole discretion, to either
fund the obligations undertaken by this Agreement or to refrain from
funding the same and to determine the exact nature and method of such
funding. Should the Bank elect to fund this Agreement, in whole or in part,
through the purchase of life insurance, mutual funds. disability policies
or annuities, the Bank reserves the absolute right, in its sole discretion,
to terminate such funding at any time, in whole or in part. At no time
shall the Executive be deemed to have any lien or right, title or interest
in or to any specific funding investment or to any assets of the Bank.
If the Bank elects to invest in a life insurance, disability or annuity
policy upon the life of the Executive, then the Executive shall assist the
Bank by freely submitting to a physical exam and supplying such additional
information necessary to obtain such insurance or annuities.
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V. CHANGE OF CONTROL AND COVENANT NOT TO COMPETE
(i) Change of Control:
-----------------
Upon a Change of Control (as defined in Subparagraph I (I) herein), if
the Executive's employment is subsequently terminated, except for
cause, or the present capacity or circumstances in which the Executive
is employed is changed or is reduced the Executive's responsibilities
or authority or compensation or other benefits provided under this
Agreement without the Executive's written consent, then the Executive
shall receive the benefits promised in this Agreement upon attaining
Normal Retirement Age, as if the Executive had been continuously
employed by the Bank until the Executive's Normal Retirement Age. The
Executive will also remain eligible for all promised death benefits in
this Agreement. In addition, no sale, merger or consolidation of the
Bank shall take place unless the new or surviving entity expressly
acknowledges the obligations under this Agreement and agrees to abide
by its terms.
(ii) Covenant Not to Compete:
-----------------------
Executive agrees during the term hereof and for five (5) years after
the termination of this Agreement that he will not directly or
indirectly engage in or become an owner, agent, officer, director or
shareholder, as defined hereinafter, of any business which competes
with any of the businesses conducted by Employer, Ameriana Bancorp or
any of the subsidiaries of either in any of the following states,
to-wit: Indiana, Ohio, Kentucky, Illinois, and/or Michigan. Employer
and Employee agree that the term of this Covenant against Competition
and the geographical area described here are reasonable, given the
nature of the businesses being conducted by Employer, its parent and
their subsidiaries, and given the plans for the conduct of business
which are being made by Employer in its strategic plans. In the event
Executive breaches this provision, Employer may cancel all benefits
provided herein upon giving Executive twenty-one (21) days written
notice and an opportunity to cure said breach. For purposes of this
paragraph, the Executive shall be deemed a shareholder if the
Executive acquires five percent (5%) or more of any publicly traded or
privately held entity.
VI. MISCELLANEOUS
A. Alienability and Assignment Prohibition:
---------------------------------------
Neither the Executive, his/her surviving spouse nor any other
beneficiary under this Agreement shall have any power or right to
transfer, assign, anticipate, hypothecate, mortgage, commute, modify
or otherwise
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encumber in advance any of the benefits payable hereunder nor shall
any of said benefits be subject to seizure for the payment of any
debts, judgments, alimony or separate maintenance owed by the
Executive or the Executive's beneficiary(ies), nor be transferable by
operation of law in the event of bankruptcy, insolvency or otherwise.
In the event the Executive or any beneficiary attempts assignment,
commutation, hypothecation, transfer or disposal of the benefits
hereunder, the Bank's liabilities shall forthwith cease and terminate.
B. Binding Obligation of Bank and any Successor in Interest:
--------------------------------------------------------
The Bank expressly agrees that it shall not merge or consolidate into
or with another bank or sell substantially all of its assets to
another bank, firm or person until such bank, firm or person expressly
agrees, in writing, to assume and discharge the duties and obligations
of the Bank under this Agreement. This Agreement shall be binding upon
the parties hereto, their successors, beneficiary(ies), heirs and
personal representatives.
C. Revocation:
----------
It is agreed by and between the parties hereto that, during the
lifetime of the Executive, this Agreement may be amended or revoked at
any time or times, in whole or in part, by the mutual written assent
of the Executive and the Bank.
D. Gender:
------
Whenever in this Agreement words are used in the masculine or neuter
gender, they shall be read and construed as in the masculine, feminine
or neuter gender, whenever they should so apply.
E. Effect on Other Bank Benefit Plans:
----------------------------------
Nothing contained in this Agreement shall affect the right of the
Executive to participate in or be covered by any qualified or
non-qualified pension, profit-sharing, group, bonus or other
supplemental compensation or fringe benefit plan constituting a part
of the Bank's existing or future compensation structure.
F. Headings:
---------
Headings and subheadings in this Agreement are inserted for reference
and convenience only and shall not be deemed a part of this Agreement.
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G. Applicable Law:
--------------
The validity and interpretation of this Agreement shall be governed by
the laws of the State of Indiana.
VII. ERISA PROVISION
A. Named Fiduciary and Plan Administrator:
--------------------------------------
The "Named Fiduciary and Plan Administrator" of this Plan shall be
Ameriana Bank of Indiana, FSB until its removal by the Board. As Named
Fiduciary and Administrator, the Bank shall be responsible for the
management, control and administration of the Salary Continuation
Agreement as established herein. The Named Fiduciary may delegate to
others certain aspects of the management and operation
responsibilities of the plan including the employment of advisors and
the delegation of ministerial duties to qualified individuals.
B. Claims Procedure and Arbitration:
--------------------------------
In the event a dispute arises over benefits under this Agreement and
benefits are not paid to the Executive (or to his beneficiary in the
case of the Executive's death) and such claimants feel they are
entitled to receive such benefits, then a written claim must be made
to the Plan Administrator named above within ninety (90) days from the
date payments are refused. The Plan Administrator shall review the
written claim and if the claim is denied, in whole or in part, they
shall provide in writing within ninety (90) days of receipt of such
claim their specific reasons for such denial, reference to the
provisions of this Agreement upon which the denial is based and any
additional material or information necessary to perfect the claim.
Such written notice shall further indicate the additional steps to be
taken by claimants if a further review of the claim denial is desired.
A claim shall be deemed denied if the Plan Administrator fails to take
any action within the aforesaid ninety-day period.
If claimants desire a second review they shall notify the Plan
Administrator in writing within ninety (90) days of the first claim
denial. Claimants may review this Agreement or any documents relating
thereto and submit any written issues and comments they may feel
appropriate. In its sole discretion, the Plan Administrator shall then
review the second claim and provide a written decision within ninety
(90) days of receipt of such claim. This decision shall likewise state
the specific reasons for the decision and shall include reference to
specific provisions of this Agreement upon which the decision is
based.
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If claimants continue to dispute the benefit denial based upon
completed performance of this Agreement or the meaning and effect of
the terms and conditions thereof, then claimants may submit the
dispute to a Board of Arbitration for final arbitration. Said Board
shall consist of one member selected by the claimant, one member
selected by the Bank, and the third member selected by the first two
members. The Board shall operate under any generally recognized set of
arbitration rules. The parties hereto agree that they and their heirs,
personal representatives, successors and assigns shall be bound by the
decision of such Board with respect to any controversy properly
submitted to it for determination.
Where a dispute arises as to the Bank's discharge of the Executive
"for cause", such dispute shall likewise be submitted to arbitration
as above described and the parties hereto agree to be bound by the
decision thereunder.
IN WITNESS WHEREOF, the parties hereto acknowledge that each has
carefully read this Agreement and executed the original thereof on the 6th day
of May, 1999 and that, upon execution, each has received a conforming copy.
AMERIANA BANK OF
INDIANA, FSB
New Castle, Indiana
/s/ Dauena X. Xxxxxxxx By: /s/ Xxxxx Xxxxxx
---------------------------------- -------------------------------------
Witness President Title
/s/ Xxxxxxx X. Xxxxx By:/s/ Xxxxxxx Xxxxxxx
----------------------------------- -------------------------------------
Witness Xxxxxxx Xxxxxxx
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LIFE INSURANCE
ENDORSEMENT METHOD SPLIT DOLLAR PLAN
AGREEMENT
Insurer: Xxxxxxxxx Xxxxxxxx Life Insurance Company
Security Life of Denver Life Insurance Company
Policy Number: AH5058522
001078475
Bank: Ameriana Bank of Indiana, FSB
Insured: Xxxxxxx Xxxxxxx
Relationship of Insured to Bank: Executive
The respective rights and duties of the Bank and the Insured in the
above-referenced policy shall be pursuant to the terms set forth below:
I. DEFINITIONS
Refer to the policy contract for the definition of all terms in this
Agreement.
II. 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.
III. 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.
IV. 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.
V. TAXABLE BENEFIT
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
Subject to Paragraph VII herein, the division of the death proceeds of the
policy is as follows:
A. Should the Insured be employed by the Bank, retired from the Bank, or
terminated from the Bank due to disability at the time of his or her
death, the Insured's beneficiary(ies), designated in accordance with
Paragraph III, shall be entitled to an amount equal to eighty percent
(80%) of the net at risk insurance portion of the proceeds. The net at
risk insurance portion is the total proceeds less the cash value of
the policy.
B. Should the Insured not be employed by the Bank at the time of his or
her death, the Insured's beneficiary(ies), designated in accordance
with Paragraph III, shall be entitled to the following percentage of
the proceeds described in Subparagraph VI (A) hereinabove that
corresponds to the number of full years the Insured has been employed
with the Bank from the date of this Agreement:
Total Years
of Employment
with the Bank Vested
------------- ------
0-4 0%
5 or more 5% per year
(to a maximum of 100%)
C. The Bank shall be entitled to the remainder of such proceeds.
D. The Bank and the Insured (or assignees) shall share in any interest
due on the death proceeds on a pro rata basis as the proceeds due each
respectively bears to the total proceeds, excluding any such interest.
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VII. DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY
The Bank shall at all times be entitled to an amount equal to the policy's
cash value, as that term is defined in the policy contract, less any policy
loans and unpaid interest or cash withdrawals previously incurred by the
Bank and any applicable surrender charges. Such cash value shall be
determined as of the date of surrender or death as the case may be.
VIII. RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS
In the event the policy involves an endowment or annuity element, the
Bank's right and interest in any endowment proceeds or annuity benefits, on
expiration of the deferment period, shall be determined under the
provisions of this Agreement by regarding such endowment proceeds or the
commuted value of such annuity benefits as the policy's cash value. Such
endowment proceeds or annuity benefits shall be considered to be like death
proceeds for the purposes of division under this Agreement.
IX. TERMINATION OF AGREEMENT
This Agreement shall terminate upon the occurrence of any one of the
following:
1. The Insured shall leave the employment of the Bank (voluntarily or
involuntarily) prior to five (5) full years of employment with the
Bank from the date of this Agreement, or
2. The Insured shall be discharged from employment with the Bank for
cause. A termination for "cause" shall include termination because of
the Executive's personal dishonesty, incompetence, willful misconduct,
breach of fiduciary duty involving personal profit, intentional
failure to perform stated duties, willful violation of any law, rule
or regulation (other than traffic violations or similar offenses) or
final cease-and-desist order, or material breach of any provision of
this Agreement.
Upon such termination, the Insured (or assignee) shall have a forty-five
(45) day option to receive from the Bank an absolute assignment of the
policy in consideration of a cash payment to the Bank, whereupon this
Agreement shall terminate. Such cash payment referred to hereinabove shall
be the greater of:
1. The Bank's share of the cash value of the policy on the date of such
assignment, as defined in this Agreement; or
2. The amount of the premiums which have been paid by the Bank prior to
the date of such assignment.
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If, within said forty-five (45) day period, the Insured fails to exercise
said option, fails to procure the entire aforestated cash payment, or dies,
then the option shall terminate, and the Insured (or assignee) agrees that
all of the Insured's rights. interest and claims in the policy shall
terminate as of the date of the termination of this Agreement.
Except as provided above, this Agreement shall terminate upon distribution
of the death benefit proceeds in accordance with Paragraph VI above.
X. INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS
The Insured may not, without the written consent of the Bank, assign to any
individual, trust or other organization, any right, title or interest in
the subject policy nor any rights, options, privileges or duties created
under this Agreement.
XI. AGREEMENT BINDING UPON THE PARTIES
This Agreement shall bind the Insured and the Bank, their heirs,
successors, personal representatives and assigns.
XII. NAMED FIDUCIARY AND PLAN ADMINISTRATOR
Ameriana Bank of Indiana, FSB is hereby designated the "Named Fiduciary"
until resignation or removal by the Board of Directors. As Named Fiduciary,
the Bank shall be responsible for the management, control, and
administration of this Split Dollar Plan as established herein. The Named
Fiduciary may allocate to others certain aspects of the management and
operation responsibilities of the Plan, including the employment of
advisors and the delegation of any ministerial duties to qualified
individuals.
XIII. FUNDING POLICY
The funding policy for this Split Dollar Plan shall be to maintain the
subject policy in force by paying, when due, all premiums required.
XIV. CLAIM PROCEDURES FOR LIFE INSURANCE POLICY AND SPLIT DOLLAR PLAN
Claim forms or claim information as to the subject policy can be obtained
by contacting The Benefit Marketing Group, Inc. (770-952-1529). When the
Named Fiduciary has a claim which may be covered under the provisions
described in the insurance policy, they should contact the office named
above, and they will either complete a claim form and forward it to an
authorized representative of the Insurer or advise the named Fiduciary what
further requirements are necessary. The Insurer will evaluate and make a
decision as to payment. If the claim is payable, a benefit check will be
issued to the Named Fiduciary.
4
In the event that a claim is not eligible under the policy, the Insurer
will notify the Named Fiduciary of the denial pursuant to the requirements
under the terms of the policy. If the Named Fiduciary is dissatisfied with
the denial of the claim and wishes to contest such claim denial, they
should contact the office named above and they will assist in making
inquiry to the Insurer. All objections to the Insurer's actions should be
in writing and submitted to the office named above for transmittal to the
Insurer.
XV. GENDER
Whenever in this Agreement words are used in the masculine or neuter
gender, they shall be read and construed as in the masculine, feminine or
neuter gender, whenever they should so apply.
XVI. INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT
The Insurer shall not be deemed a party to this Agreement, but will respect
the rights of the parties as herein developed upon receiving an executed
copy of this Agreement. Payment or other performance in accordance with the
policy provisions shall fully discharge the Insurer for any and all
liability.
Executed at New Castle, Indiana this 6th day of May, 1999.
AMERIANA BANK OF
INDIANA, FSB
New Castle, Indiana
/s/ Dauena X. Xxxxxxxx By: /s/ Xxxxx Xxxxxx
---------------------------------- -------------------------------------
Witness President Title
/s/ Xxxxxxx X. Xxxxx By:/s/ Xxxxxxx Xxxxxxx
----------------------------------- -------------------------------------
Witness Xxxxxxx Xxxxxxx
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