EX-10.10
Hometown Financial Group, Inc./MD
Beverly Bank
Endorsement Split-Dollar Life Insurance
Participation Agreement
I, Michael Wheeler, hereby elect to participate in Beverly Bank’s Endorsement Split-dollar Life Insurance Agreement as of December 1, 2017.
1. If I am employed by Beverly Bank (“Employer”) upon my death, my beneficiary will be entitled to receive the lesser of three (3) times my then-annual salary or the net amount at risk at the time of death from the proceeds of the following life insurance policies (“Policy”). If I am not employed or retired from Employer upon my death, my Beneficiary will be entitled to receive the lesser of $500,000.00 or the net amount at risk at the time of death from the proceeds of the life insurance Policy. Net amount at risk is defined as the death benefit of the Policy minus the cash surrender value. Such benefit will be paid from the Policy provided the Policy and the Plan are effective and in force on the date of my death. Employer will have no obligation to provide this benefit if the Policy is not in force on the date of my death.
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