AMENDMENT TO THE LIFE INSURANCE ENDORSEMENT METHOD SPLIT DOLLAR PLAN AGREEMENT
EXHIBIT
ITEM 10(ii)A(7)
Amendment to the Life Insurance Endorsement Method Split Dollar Plan Agreement
AMENDMENT
TO THE LIFE INSURANCE ENDORSEMENT
METHOD SPLIT DOLLAR PLAN AGREEMENT
This Amendment, made and entered into this 16th day of August, 2001, by and between Monterey County Bank, a Bank organized and existing under the laws of the State of California, hereinafter referred to as the, “Bank”, and Xxxxxxx X. Xxxxxxxxxxx, Xx., a Key Employee and Executive of the Bank, hereinafter referred to as the, “Executive”, shall effectively amend the Life Insurance Endorsement Method Split Dollar Plan Agreement as specifically set forth herein.
1.) The following “Insurer” and the “Policy Number” shall be added to page one (1) of said agreement:
Insurer: Xxxxxxxxx Xxxxxxxx
New York Life
Jefferson Pilot
Policy Number: 8658250
56600429
JP5209671
2.) To delete Subparagraphs VI (A) and (B) entirely and replace said Subparagraphs with the following as Subparagraph VI (A):
A.) Upon the death of the Insured, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the following amounts that correspond to the age of the Insured at the time of death, or one-hundred percent (100%) of the net-at-risk insurance portion of the life insurance proceeds of the respective policies listed hereinbelow, whichever amount is less. The net-at-risk insurance portion is the total proceeds less the cash value of the policy.
i) The amount set forth in Exhibit A-1, attached hereto and fully incorporated herein by reference, from insurance policies:
a.) Southland Life 0600087068
b.) Union Central U200000615 and U200000513; and
c.) Xxxxxxxxx Xxxxxxxx 8658250; AND
ii) The amount set forth in Exhibit A-2, attached hereto and fully incorporated herein by reference, from insurance policies:
a.) New York Life 56600429; and
b.) Jefferson Pilot JP5209671
All references in said Agreement shall be revised accordingly.
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3.) The following language shall be deleted from Paragraph XV: “... and, therefore, upon the death of the Insured, the Insured’s beneficiary(ies) (designated in accordance with Paragraph III) shall receive the death benefit provided herein as if the Insured had died while employed by the Bank [See Subparagraphs VI (A) and (B)].”
This Amendment shall be effective the 15th day of August, 2001.
To the extent that any paragraph, term, or provision of the January 6, 2000 agreement is not specifically amended herein, or in any other amendment thereto, said paragraph, term, or provision shall remain in full force and effect as set forth in said agreement.
IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read this Amendment and executed the original thereof on the first day set forth hereinabove, and that, upon execution, each has received a conforming copy.
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MONTEREY COUNTY BANK |
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Monterey, California |
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/s/ Xxxxxx Xxxx |
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By: |
/s/ Xxxxx X. Xxxxxx Xx. Vice President |
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Witness |
Title |
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/s/ Xxxxxx Xxxx |
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/s/ Xxxxxxx X. Xxxxxxxxxxx, Xx. |
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Witness |
Xxxxxxx X. Xxxxxxxxxxx, Xx. |
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EXHIBIT A-1
(for Xxxxxxx X. Xxxxxxxxxxx, Xx.)
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Age of Insured at the |
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Amount of Death Benefit, or 100% |
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60 |
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$ |
1,440,000 |
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61 |
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1,440,000 |
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62 |
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1,440,000 |
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63 |
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1,440,000 |
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64 |
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1,440,000 |
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65 |
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1,000,000 |
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66 |
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1,000,000 |
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67 |
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1,000,000 |
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68 |
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1,000,000 |
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69 |
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1,000,000 |
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70 |
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1,000,000 |
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71 |
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1,000,000 |
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72 |
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1,000,000 |
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73 |
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1,000,000 |
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74 |
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1,000,000 |
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75 |
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1,000,000 |
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76 |
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1,000,000 |
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77 |
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1,000,000 |
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78 |
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1,000,000 |
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79 |
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1,000,000 |
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80 |
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1,000,000 |
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81 |
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1,000,000 |
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82 |
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1,000,000 |
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83 |
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1,000,000 |
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Age 84 or older |
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1,000,000 |
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Policies: |
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Policy Number: |
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1) Southland Life |
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0600087068 |
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2) Xxxxx Xxxxxxx |
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X000000000 |
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0) Xxxxx Xxxxxxx |
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U200000513 |
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4) Xxxxxxxxx Xxxxxxxx |
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8658250 |
3
EXHIBIT A-2
(for Xxxxxxx X. Xxxxxxxxxxx, Xx.)
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Age of Insured at the |
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Amount of Death Benefit, or 100% |
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60 |
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$ |
1,500,000 |
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61 |
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1,500,000 |
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62 |
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1,500,000 |
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63 |
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1,500,000 |
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64 |
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1,500,000 |
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65 |
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1,500,000 |
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66 |
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1,500,000 |
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67 |
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1,494,118 |
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68 |
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1,491,175 |
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69 |
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1,486,506 |
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70 |
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807,157 |
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71 |
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750,742 |
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72 |
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744,984 |
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73 |
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731,249 |
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74 |
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722,617 |
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75 |
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713,595 |
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76 |
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709,537 |
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77 |
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695,233 |
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78 |
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680,565 |
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79 |
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673,313 |
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80 |
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664,438 |
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81 |
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654,198 |
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82 |
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642,120 |
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83 |
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628,183 |
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Age 84 or older |
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612,459 |
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Policies: |
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Policy Number: |
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1) New York Life |
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56600429 |
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2) Jefferson Pilot |
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JP5209671 |
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