Exhibit 10.85
SPLIT DOLLAR LIFE INSURANCE AGREEMENT
THIS AGREEMENT (the “Agreement”) is made and entered into this 19th day of November, 2018, by and between Wilson Bank & Trust, a banking corporation, located in Wilson County, Tennessee (the “Bank”), and TAYLOR WALKER, a current employee of the Bank (hereinafter referred to as the “Employee”).
INTRODUCTION
WHEREAS, Employee is an officer or other highly paid employee of the Bank;
WHEREAS, the Bank is purchasing insurance policies (hereinafter referred to as the “Insurance Policy(ies)”), with Tennessee Farm Bureau (hereinafter collectively referred to as the “Insurer”), on the life of the Employee;
WHEREAS, the Bank desires to induce Employee to continue to utilize Employee’s best efforts on behalf of the Bank by its payment of premiums due on the Insurance Policy(ies); and
WHEREAS, the Bank is the sole owner of the Insurance Policy(ies) and elects to endorse a portion of the death benefit of the Insurance Policy(ies) to Employee, or Employee’s designated beneficiary.
NOW, THEREFORE, in consideration of the mutual undertakings set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank and the Employee agree as follows:
(a) Written notice given by either party to the other;
(b) Termination of the employment of Employee (whether voluntary or involuntary); or
(c) Bankruptcy, receivership or dissolution of the Bank.
(a) The specific reason or reasons for such denial;
(b) The specific reference to pertinent provisions of this Agreement on which such denial is based;
(c) A description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such material or such information is necessary;
(d) Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; and
(e) The time limits for requesting a review under Section 10.3 and for review under Section 10.4 hereof.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.
WILSON BANK & TRUST, BANK: |
| TAYLOR WALKER, EMPLOYEE: | ||
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By: | /s/ John C. McDearman III |
| By: | /s/ Taylor Walker |
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Print Name: | John C. McDearman III |
| Print Name: | Taylor Walker |
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Title: | President |
| Address: |
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WILSON BANK & TRUST
SPLIT DOLLAR LIFE INSURANCE AGREEMENT
BENEFICIARY DESIGNATION FORM
Executive: TAYLOR WALKER
Social Security Number: ______ ____ ______
Definitions:
Primary Beneficiary means the person(s) who will receive the Benefits in the event of the Executive’s death. Proceeds will be divided in equal shares if multiple primary beneficiaries are named, unless otherwise indicated. If percentages are listed, the total must equal 100%.
Contingent Beneficiary means the person(s) who will receive the Benefits if the primary beneficiary is not living at the time of the Executive’s death.
Trust as Beneficiary Designation can be done by using the following written statement:“To [name of trustee], trustee of the[name of trust], under a trust agreement dated [date of trust].”
Primary Beneficiary DOB Social Security # Address % of Proceeds
____________________ ____ _______________ ___________________________ _______
____________________ ____ _______________ ___________________________ _______
Contingent Beneficiary DOB Social Security # Address % of Proceeds
____________________ ____ _______________ ___________________________ _______
____________________ ____ _______________ ___________________________ _______
The undersigned Executive acknowledges that WILSON BANK & TRUST (“Bank”) is providing this Death Benefit subject to the terms and conditions of the Agreement entered into with Executive; only to the extent that the Death Benefit is actually paid by the Insurer, and that Bank is also entitled to separate benefits in the Policy.
/s/ Taylor Walker 11-26-2018
TAYLOR WALKER Date
Acknowledged Receipt by the Bank:
/s/ Lisa Pominski
Officer
WILSON BANK & TRUST
SPLIT DOLLAR LIFE INSURANCE AGREEMENT
SCHEDULE OF POLICIES
TAYLOR WALKER
Insurer: Tennessee Farmers Life Insurance Company
Policy Number: BK0352024