EX-10.34
from 10-Q
15 pages
1 Heritage Bank Endorsement Method Split Dollar Agreement (By and Between Heritage Bank and ) Insurer/Policy: Employer/Bank Insured: Relationship of Insured to Bank: Effective Date: Heritage Bank Executive , 2021 the Respective Rights and Duties of Heritage Bank (Hereinafter the “Bank”), a State Chartered Commercial Bank With Its Principal Offices Located in the City of Olympia, Washington, and (“Insured”) in the Above-Referenced Policy(ies) Shall Be Pursuant to the Terms Set Forth Below: A. Insured Is Currently an Employee and Officer of the Bank and the Bank Desires to Retain the Services of the Insured for a Considerable Period. B. the Bank Desires to Provide Insured With Certain Death Benefits Under a Life Insurance Policy That the Bank Has Purchased on the Life of Insured. Now, Therefore, the Parties Hereto, for and in Consideration of the Mutual Promises Contained Herein and for Other Good and Valuable Consideration, the Receipt and Sufficiency of Which Are Hereby Acknowledged, Intending to Be Legally Bound Hereby, Do Hereby Agree as Follows: 1. Definitions. Refer to the Policy’s(ies’) Contract for the Definition of Any Terms in This Heritage Bank Endorsement Method Split Dollar Agreement (Hereinafter, This “Agreement”) That Are Not Defined Herein. if the Definition of a Term in the Policy(ies) Is Inconsistent With the Definition of a Term in This Agreement, Then the Definition of the Term as Set Forth in This Agreement Shall Supersede and Replace the Definition of the Terms as Set Forth in the Policy(ies). A. Accelerated Benefit. the Term “Accelerated Benefit” Shall Mean Amounts Requested and Received Pursuant to Any Policy(ies’) Rider Permitting the Policy Owner or Insured Access to Portions of the Eligible Death Benefit in the Event the Insured Is Diagnosed With a Chronic or Terminal Illness [As Required by The
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