UNION BANK ENDORSEMENT SPLIT DOLLAR LIFE INSURANCE AGREEMENTEndorsement Split Dollar Life Insurance Agreement • April 10th, 2015 • Union Bankshares Inc • State commercial banks
THIS ENDORSEMENT SPLIT DOLLAR LIFE INSURANCE AGREEMENT (“Agreement”) is made and entered into this 7th day of April, 2015, by and between Union Bank (“Bank”), a bank located at 20 Lower Main Street Morrisville, VT 05661, and David S. Silverman (“Executive”). The purpose of this Agreement is to retain and reward the Executive, by dividing the death proceeds of certain life insurance policies which are owned by the Bank on the life of the Executive with the designated beneficiary of the Executive. The Bank will pay the life insurance premiums from its general assets.
