NOT AFFECT THE
REMAINING PROVISIONS OF THIS AGREEMENT.
[F]
INTERPRETATION.
FULL POWER AND AUTHORITY TO CONSTRUE, INTERPRET
AND ADMINISTER THIS AGREEMENT IS VESTED IN THE CORPORATION.
ANY INTERPRETATION
OF THE AGREEMENT BY THE CORPORATION OR ANY ADMINISTRATIVE ACT BY THE CORPORATION
WILL BE FINAL AND BINDING ON THE EMPLOYEE.
[G]
COMPLIANCE WITH CODE SECTION 409A.
THE PROVISIONS OF THIS
AGREEMENT SHALL BE READ CONSISTENT WITH CODE SECTION 409A AND THE FINAL
REGULATIONS ISSUED THEREUNDER.
TO THE EXTENT ANY PROVISION OF THIS AGREEMENT
WOULD RESULT IN TAXATION UNDER CODE SECTION 409A(A)(1)(A), SUCH PROVISION SHALL
HAVE NO EFFECT.
TO THE EXTENT APPLICABLE, THE CORPORATION MAY NOT ACCELERATE
THE PAYMENT OF BENEFITS PROVIDED UNDER THIS AGREEMENT EXCEPT AS EXPRESSLY
PERMITTED UNDER CODE SECTION 409A AND THE FINAL REGULATIONS ISSUED THEREUNDER.
[H]
ECONOMIC BENEFIT TAX TREATMENT.
THIS AGREEMENT SHALL BE
INTERPRETED AND ENFORCED TO COMPLY WITH THE SPLIT DOLLAR FINAL REGULATIONS SO
THAT IT IS TREATED AS AN ECONOMIC BENEFIT TRANSACTION FOR TAX PURPOSES IN WHICH,
AT ALL TIMES, THE ONLY ECONOMIC BENEFIT TO EMPLOYEE SHALL BE THE VALUE OF THE
CURRENT LIFE INSURANCE PROTECTION ATTRIBUTABLE TO NAMING THE BENEFICIARY UNDER
THE POLICY.
EMPLOYEE SHALL NOT HAVE ANY CURRENT ACCESS TO THE POLICY'S CASH
VALUES WITHIN THE MEANING OF THE SPLIT DOLLAR FINAL REGULATIONS OR ANY OTHER
ECONOMIC BENEFIT OTHER THAN THE COST OF CURRENT LIFE INSURANCE PROTECTION.
[I]
NO ANTICIPATION OR ALIENATION.
THE EMPLOYEE'S RIGHTS UNDER THIS
AGREEMENT SHALL NOT BE SUBJECT IN ANY MANNER TO ANTICIPATION, ALIENATION, SALE,
TRANSFER, ASSIGNMENT, PLEDGE, ENCUMBRANCE, CHARGE, GARNISHMENT, EXECUTION OR
LEVY OF ANY KIND.
[J]
ENTIRE AGREEMENT.
THIS AGREEMENT CONSTITUTES THE ENTIRE
AGREEMENT BETWEEN THE PARTIES HERETO PERTAINING TO THE SUBJECT MATTER HEREOF AND
SUPERSEDE ALL PRIOR OR CONTEMPORANEOUS UNDERSTANDINGS, NEGOTIATIONS OR
DISCUSSIONS, WHETHER ORAL OR WRITTEN OF THE PARTIES HERETO.
[K]
COUNTERPARTS.
THIS AGREEMENT MAY BE EXECUTED IN SEVERAL
COUNTERPARTS, BUT ALL OF WHICH TOGETHER SHALL CONSTITUTE ONE AND THE SAME
AGREEMENT. THIS AGREEMENT MAY BE SIGNED AND DELIVERED BY FACSIMILE AND ANY SUCH
SIGNATURE SHALL BE DEEMED AN ORIGINAL.
IN WITNESS WHEREOF, the parties have executed this Agreement, in duplicate, as
of the day and year first above written.
COBIZ BANK
Dated:
By:
Dated:
"Employee_first" "Employee_middle"
"Employee_last"
10