First Amendment to Cortland Bancorp Split Dollar Agreements with Directors

Contract Categories: Business Finance › Modification Agreements
Summary

Cortland Bancorp and several of its directors, including David Cole, Timothy Woofter, Richard Thompson, Karl Mahan, James Hoffman III, and George Gessner, have agreed to amend their existing Split Dollar Agreements. The amendments update the definitions of "Insurer" and "Policy" to clarify that any life insurance carrier with a Split Dollar Policy Endorsement and any specific policy issued by such carriers are covered. No other terms of the original agreements are changed. The amendments take effect upon signing by both the company and each director.

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EX-10.12 3 l23826aexv10w12.htm EX-10.12 EX-10.12  

Exhibit 10.12
FIRST AMENDMENT
TO THE
CORTLAND BANCORP.
SPLIT DOLLAR AGREEMENT
DATED FEBRUARY 23, 2001
      THIS FIRST AMENDMENT is adopted this                       day of                                            , 20                      , by and between CORTLAND BANCORP., a holding company located in Cortland, Ohio (the “Company”) and David Cole (the “Director”).
     On February 23, 2001, the Company and the Director executed the Split Dollar Agreement (the “Agreement”).
     According to the terms of Article 7, the undersigned hereby amend, in part, said Agreement for the purpose of updating (1) the definition of Insurer and (2) the definition of Policy. Therefore,
     Section 1.1 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.1 as follows:
1.1   “Insurer” means each life insurance carrier for which there is a Split Dollar Policy Endorsement for this Agreement.
     Section 1.2 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.2 as follows:
1.2   “Policy” means the specific life insurance policy or policies issued by the Insurer(s).
     IN WITNESS OF THE ABOVE, the Company and Director hereby consent to this First Amendment.
                 
DIRECTOR:       CORTLAND BANCORP.    
 
                
 
      By:        
 
DAVID COLE
      Title:  
 
 		   
 
         
 
 		   

 

 

FIRST AMENDMENT
TO THE
CORTLAND BANCORP.
SPLIT DOLLAR AGREEMENT
DATED FEBRUARY 23, 2001
     THIS FIRST AMENDMENT is adopted this                     day of                                        , 20                    , by and between CORTLAND BANCORP., a holding company located in Cortland, Ohio (the “Company”) and Timothy Woofter (the “Director”).
     On February 23, 2001, the Company and the Director executed the Split Dollar Agreement (the “Agreement”).
     According to the terms of Article 7, the undersigned hereby amend, in part, said Agreement for the purpose of updating (1) the definition of Insurer and (2) the definition of Policy. Therefore,
     Section 1.1 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.1 as follows:
1.1   “Insurer” means each life insurance carrier for which there is a Split Dollar Policy Endorsement for this Agreement.
     Section 1.2 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.2 as follows:
1.2   “Policy” means the specific life insurance policy or policies issued by the Insurer(s).
     IN WITNESS OF THE ABOVE, the Company and Director hereby consent to this First Amendment.
                 
DIRECTOR:       CORTLAND BANCORP.    
 
                
 
      By:        
 
TIMOTHY WOOFTER
      Title:  
 
 		   
 
         
 
 		   

 

 

FIRST AMENDMENT
TO THE
CORTLAND BANCORP.
SPLIT DOLLAR AGREEMENT
DATED OCTOBER 1, 2001
     THIS FIRST AMENDMENT is adopted this                     day of                                           , 20                    , by and between CORTLAND BANCORP., a holding company located in Cortland, Ohio (the “Company”) and Richard Thompson (the “Director”).
     On October 1, 2001, the Company and the Director executed the Split Dollar Agreement (the “Agreement”).
     According to the terms of Article 7, the undersigned hereby amend, in part, said Agreement for the purpose of updating (1) the definition of Insurer and (2) the definition of Policy. Therefore,
     Section 1.1 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.1 as follows:
1.1   “Insurer” means each life insurance carrier for which there is a Split Dollar Policy Endorsement for this Agreement.
     Section 1.2 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.2 as follows:
1.2   “Policy” means the specific life insurance policy or policies issued by the Insurer(s).
     IN WITNESS OF THE ABOVE, the Company and Director hereby consent to this First Amendment.
                 
DIRECTOR:       CORTLAND BANCORP.    
 
                
 
      By:        
 
RICHARD THOMPSON
      Title:  
 
 		   
 
         
 
 		   

 

 

FIRST AMENDMENT
TO THE
CORTLAND BANCORP.
SPLIT DOLLAR AGREEMENT
DATED FEBRUARY 23, 2001
     THIS FIRST AMENDMENT is adopted this                      day of                                          , 20                    , by and between CORTLAND BANCORP., a holding company located in Cortland, Ohio (the “Company”) and Karl Mahan (the “Director”).
     On February 23, 2001, the Company and the Director executed the Split Dollar Agreement (the “Agreement”).
     According to the terms of Article 7, the undersigned hereby amend, in part, said Agreement for the purpose of updating (1) the definition of Insurer and (2) the definition of Policy. Therefore,
     Section 1.1 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.1 as follows:
1.1   “Insurer” means each life insurance carrier for which there is a Split Dollar Policy Endorsement for this Agreement.
     Section 1.2 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.2 as follows:
1.2   “Policy” means the specific life insurance policy or policies issued by the Insurer(s).
     IN WITNESS OF THE ABOVE, the Company and Director hereby consent to this First Amendment.
                 
DIRECTOR:       CORTLAND BANCORP.    
 
                
 
      By:        
 
KARL MAHAN
      Title:  
 
 		   
 
         
 
 		   

 

 

FIRST AMENDMENT
TO THE
CORTLAND BANCORP.
SPLIT DOLLAR AGREEMENT
DATED FEBRUARY 23, 2001
     THIS FIRST AMENDMENT is adopted this                    day of                                          , 20                    , by and between CORTLAND BANCORP., a holding company located in Cortland, Ohio (the “Company”) and James Hoffman III (the “Director”).
     On February 23, 2001, the Company and the Director executed the Split Dollar Agreement (the “Agreement”).
     According to the terms of Article 7, the undersigned hereby amend, in part, said Agreement for the purpose of updating (1) the definition of Insurer and (2) the definition of Policy. Therefore,
     Section 1.1 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.1 as follows:
1.1   “Insurer” means each life insurance carrier for which there is a Split Dollar Policy Endorsement for this Agreement.
     Section 1.2 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.2 as follows:
1.2   “Policy” means the specific life insurance policy or policies issued by the Insurer(s).
     IN WITNESS OF THE ABOVE, the Company and Director hereby consent to this First Amendment.
                 
DIRECTOR:       CORTLAND BANCORP.    
 
                
 
      By:        
 
JAMES HOFFMAN III
      Title:  
 
 		   
 
         
 
 		   

 

 

FIRST AMENDMENT
TO THE
CORTLAND BANCORP.
SPLIT DOLLAR AGREEMENT
DATED FEBRUARY 23, 2001
     THIS FIRST AMENDMENT is adopted this                     day of                                         , 20                    , by and between CORTLAND BANCORP., a holding company located in Cortland, Ohio (the “Company”) and George Gessner (the “Director”).
     On February 23, 2001, the Company and the Director executed the Split Dollar Agreement (the “Agreement”).
     According to the terms of Article 7, the undersigned hereby amend, in part, said Agreement for the purpose of updating (1) the definition of Insurer and (2) the definition of Policy. Therefore,
     Section 1.1 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.1 as follows:
1.1   “Insurer” means each life insurance carrier for which there is a Split Dollar Policy Endorsement for this Agreement.
     Section 1.2 of the Agreement shall be deleted in its entirety and replaced by the new Section 1.2 as follows:
1.2   “Policy” means the specific life insurance policy or policies issued by the Insurer(s).
     IN WITNESS OF THE ABOVE, the Company and Director hereby consent to this First Amendment.
                 
DIRECTOR:       CORTLAND BANCORP.    
 
                
 
      By:        
 
GEORGE GESSNER
      Title: