Document:

Exhibit
10.21

 

AMENDED AND RESTATED OFFERING DEPOSIT
ACCOUNT AGENCY AGREEMENT

 

This AMENDED AND
RESTATED OFFERING DEPOSIT ACCOUNT AGENCY AGREEMENT (this “Agreement”) dated as of this _ day of February,
2019, by and among Leaping Group Co., Ltd., its subsidiaries and affiliates or any other corporate entities that may be utilized
from time to time (the “Company”), having an address at Room 2010, Huaruntiexi Centre, No.158, Jianshe East
Road, Tiexi District, Shenyang City, Liaoning Province, P.R. China, and BOUSTEAD SECURITIES, LLC, serving as the representative
of the underwriters (the “Underwriter”), having an address at 6 Venture, Suite 265, Irvine, CA 92618 USA, and
FinTech Clearing, LLC (the “Deposit Account Agent”), a broker-dealer registered with the Securities and
Exchange Commission (“SEC”), having an office at 6 Venture, Suite 265, Irvine, CA 92618 USA. All capitalized
terms not herein defined shall have the meaning ascribed to them in that certain prospectus filed with the United States SEC dated
January 2, 2019, under File Number 333-229116, including all attachments, schedules and exhibits thereto, as amended from time
to time (the “Prospectus”).

 

WITNESSETH:

 

WHEREAS, the
Company, the Underwriter and the Deposit Account Agent entered into that certain Offering Deposit Account Agency Agreement dated
as of October 17, 2018 (“Original Agreement”);

 

WHEREAS, the
Company, the Underwriter and the Deposit Account Agent desire to amend and restate the Original Agreement in its entirety and enter
into this Agreement; WHEREAS, pursuant to the terms of the Prospectus the Company desires to sell (the “Offering”)
a minimum of $6,000,000 (the “Minimum Amount”) and a maximum of $20,000,000 (the “Maximum Amount”)
of its ordinary shares (the “Shares”). The minimum investment per subscriber is one hundred shares (which minimum
investment may be waived by Company); and

 

WHEREAS, unless
the Minimum Amount is sold by [] (the “Final Termination Date”), the Offering shall terminate, and all funds
shall be returned to the subscribers in the Offering, and if the Minimum Amount is met, the Offering may continue until the Final
Termination Date; and

 

WHEREAS, the
Company and Underwriter desire to establish a deposit account with the Deposit Account Agent into which the Company and Underwriter
shall instruct investors introduced to the Company by Underwriter (the “Investors”) to wire funds made payable
to the order of “FinTech Clearing, as Deposit Account Agent for the Investors in Leaping Group Co., Ltd.” and Deposit
Account Agent is willing to accept said wires for the payment of money in accordance with the terms hereinafter set forth;

 

WHEREAS, the
Company, as issuer, and Underwriter, as an introducing broker-dealer, represent and warrant to the Deposit Account Agent that they
will comply with all of their respective obligations under applicable state and federal securities laws and regulations with respect
to sale of the Offering;

 

     

     

    

 

WHEREAS, the
Company and Underwriter represent and warrant to the Deposit Account Agent that they have not stated to any individual or entity
that the Deposit Account Agent’s duties will include anything other than those duties stated in this Agreement; and

 

WHEREAS, the
Company and Underwriter warrant to the Deposit Account Agent that a copy of each document that has been delivered to Investors
and third parties that include Deposit Account Agent’s name and duties, has been attached hereto as Schedule I.

 

NOW, THEREFORE,
IT IS AGREED as follows:

 

		1.	Delivery of Deposit Funds.

 

(a)        Underwriter
and the Company shall instruct Investors to wire transfer to “FinTech Clearing, as Deposit Account Agent for the Investors
in Leaping Group Co., Ltd.” Account No. _____________, at Pacific Mercantile Bank, SWIFT Code PMERUS66 and ABA Routing Number
122242869 in each case, with the name and address of the individual or entity making payment. In the event any Investor’s
address is not provided to Deposit Account Agent by the Investor, then Underwriter and/or the Company agree to promptly provide
Deposit Account Agent with such information in writing. The wire transfers shall be deposited into a non-interest-bearing account
at Pacific Mercantile Bank (the “Deposit Account”).

 

(b)          The
collected funds deposited into the Deposit Account are referred to as the “Deposit Funds.”

 

(c)          The
Deposit Account Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into
the Deposit Account. If, for any reason, any check deposited into the Deposit Account shall be returned unpaid to the Deposit Account
Agent, the sole duty of the Deposit Account Agent shall be to return the check to the Investor and advise the Company and Underwriter
promptly thereof.

 

2.             Release
of Deposit Funds. The Deposit Funds shall be paid by the Deposit Account Agent in accordance with the following:

 

(a)          In
the event that the Company and Underwriter advise the Deposit Account Agent in writing that the Offering has been terminated (the
“Termination Notice”), the Deposit Account Agent shall promptly return the funds paid by each Investor to said
Investor without interest or offset within five (5) business days.

 

(b) If prior to
3:00 P.M. Pacific Time on the Final Termination Date, the Deposit Account Agent receives written notice, in the form of Exhibit
A, attached hereto and made a part hereof, and signed by the Company and Underwriter, stating that the Final Termination Date has
been extended (the “Extension Notice”), then the Final Termination Date shall be so extended and such date shall
be the new “Final Termination Date”. 

 

     

     

    

 

(c)        Provided
that the Deposit Account Agent does not receive the Termination Notice in accordance with Section 2(a) and there is the Minimum
Amount deposited into the Deposit Account on or prior to the Final Termination Date or the date stated in the Extension Notice,
if any, received by the Deposit Account Agent in accordance with Section 2(b) above, the Deposit Account Agent shall, upon receipt
of written instructions, in the form of Exhibit B, attached hereto and made a part hereof, or in a form and substance satisfactory
to the Deposit Account Agent, received from the Company and Underwriter, pay the Deposit Funds in accordance with such written
instructions, such payment or payments to be made by wire transfer within one (1) business day of receipt of such written instructions.
Such instructions must be received by the Deposit Account Agent no later than 3:00 PM Pacific Time on a Business Day for the Deposit
Account Agent to process such instructions that Business Day.

 

(d)          If
by 3:00 P.M. Pacific time on the later of the Final Termination Date or the date stated in the Extension Notice, if any, that the
Deposit Account Agent has received in accordance with Section 2(b) above, the Deposit Account Agent has not received written instructions
from the Company and Underwriter regarding the disbursement of the Deposit Funds or the total amount of the Deposit Funds is less
than the Minimum Amount, then the Deposit Account Agent shall promptly return the Deposit Funds to the Investors without interest
or offset within five (5) business days. The Deposit Funds returned to each Investor shall be free and clear of any and all claims
of the Deposit Account Agent.

 

(e)          The
Deposit Account Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

(f)          If
the Final Termination Date or any date that is a deadline under this Agreement for giving the Deposit Account Agent notice or instructions
or for the Deposit Account Agent to take action is not a Business Day, then such date shall be the Business Day that immediately
preceding that date. A “Business Day” is any day other than a Saturday, Sunday or a day that a SEC-registered
broker-dealer is not legally obligated to be opened.

 

3.            Acceptance
by Deposit Account Agent. The Deposit Account Agent hereby accepts and agrees to perform its obligations hereunder, provided
that:

 

(a)          The
Deposit Account Agent may act in reliance upon any signature believed by it to be genuine and may assume that any person who has
been designated by Underwriter or the Company to give any written instructions, notice or receipt, or make any statements in connection
with the provisions hereof has been duly authorized to do so. Deposit Account Agent shall have no duty to make inquiry as to the
genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions. The names
and true signatures of each individual authorized to act singly on behalf of the Company and Underwriter are stated in Schedule
II, which is attached hereto and made a part hereof. The Company and Underwriter may each remove or add one or more of its
authorized signers stated on Schedule II by notifying the Deposit Account Agent of such change in accordance with this Agreement,
which notice shall include the true signature for any new authorized signatories.

 

(b)          The
Deposit Account Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith.
The Deposit Account Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions
of any kind, unless caused by its willful misconduct or gross negligence.

 

     

     

    

 

(c)          Underwriter
and the Company agree to indemnify and hold the Deposit Account Agent harmless from and against any and all claims, losses, costs,
liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed
against or incurred by Deposit Account Agent arising out of or related, directly or indirectly, to this Agreement unless caused
by the Deposit Account Agent’s gross negligence or willful misconduct.

 

(d)          In
the event that the Deposit Account Agent shall be uncertain as to its duties or rights hereunder, the Deposit Account Agent shall
be entitled to (i) refrain from taking any action other than to keep safely the Deposit Funds until it shall be directed otherwise
by a court of competent jurisdiction, or (ii) deliver the Deposit Funds to a court of competent jurisdiction.

 

(e)          The
Deposit Account Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other
than Deposit Account Agent’s obligations hereunder, and the Deposit Account Agent shall not be required to make a request
that any monies be delivered to the Deposit Account, it being agreed that the sole duties and responsibilities of the Deposit Account
Agent shall be to the extent not prohibited by applicable law (i) to accept checks or other instruments for the payment of money
and wire transfers delivered to the Deposit Account Agent for the Deposit Account and deposit said checks and wire transfers into
the non-interest bearing Deposit Account, and (ii) to disburse or refrain from disbursing the Deposit Funds as stated above, provided
that the checks received by the Deposit Account Agent have been collected and are available for withdrawal.

 

4.            Term
of Deposits. This Agreement shall terminate upon the disbursement of all Deposit Funds in the Deposit Account pursuant
to Section 2(c), Section 2(d), Section 6 or Section 7 (except with respect to provisions hereof which are specifically intended
to survive such termination).

 

5.            Deposit
Account Statements and Information. The Deposit Account Agent agrees to send to the Company and/or the Underwriter a copy of
the Deposit Account periodic statement, upon request and to also provide the Company and/or Underwriter, or their designee, upon
request other deposit account information, including Deposit Account balances, by telephone or by computer communication, to the
extent practicable. The Company and Underwriter agree to complete and sign all forms or agreements required by the Deposit Account
Agent for that purpose. The Company and Underwriter each consent to the Deposit Account Agent’s release of such Deposit Account
information to any of the individuals designated by Company or Underwriter, which designation has been signed in accordance with
Section 3(a) by any of the persons in Schedule II.  Further, the Company and Underwriter have an option to receive
e-mail notification of incoming and outgoing wire transfers. If this e-mail notification service is requested and subsequently
approved by the Deposit Account Agent, the Company and Underwriter agrees to provide a valid e-mail address and other information
necessary to set-up this service and sign all forms and agreements required for such service. The Company and Underwriter each
consent to the Deposit Account Agent’s release of wire transfer information to the designated e-mail address(es). The Deposit
Account Agent’s liability for failure to comply with this section shall not exceed the cost of providing such information.

 

     

     

    

 

6.             Resignation
and Termination of the Deposit Account Agent. The Deposit Account Agent may resign at any time by giving 30 days’ prior
written notice of such resignation to Underwriter and the Company. Upon providing such notice, the Deposit Account Agent shall
have no further obligation hereunder except to hold as depositary the Deposit Funds that it receives until the end of such 30-day
period. In such event, the Deposit Account Agent shall not take any action, other than receiving and depositing Investors’
checks and wire transfers in accordance with this Agreement, until the Company has designated a banking corporation, trust company,
attorney or other person as successor. Upon receipt of such written designation signed by Underwriter and the Company, the Deposit
Account Agent shall promptly deliver the Deposit Funds to such successor and shall thereafter have no further obligations hereunder.
If such instructions are not received within 30 days following the effective date of such resignation, then the Deposit Account
Agent may deposit the Deposit Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending
the appointment of a successor. In either case provided for in this Section, the Deposit Account Agent shall be relieved of all
further obligations and released from all liability thereafter arising with respect to the Deposit Funds.

 

7.          Termination.
Except as otherwise specifically provided herein, this Agreement shall terminate on the later of the final closing date of the
Offering, or the Final Termination Date, as applicable (except with respect to provisions hereof which are specially intended to
survive such termination). The Company and Underwriter may terminate the appointment of the Deposit Account Agent hereunder upon
written notice specifying the date upon which such termination shall take effect, which date shall be at least 30 days from the
date of such notice. In the event of such termination, the Company and Underwriter shall, within 30 days of such notice, appoint
a successor deposit account agent and the Deposit Account Agent shall, upon receipt of written instructions signed by the Company
and Underwriter, turn over to such successor deposit account agent all of the Deposit Funds; provided, however, that
if the Company and Underwriter fail to appoint a successor deposit account agent within such 30-day period, such termination notice
shall be null and void and the Deposit Account Agent shall continue to be bound by all of the provisions hereof. Upon receipt of
the Deposit Funds, the successor deposit account agent shall become the deposit account agent hereunder and shall be bound by all
of the provisions hereof and Deposit Account Agent shall be relieved of all further obligations and released from all liability
thereafter arising with respect to the Deposit Funds and under this Agreement.

 

8.             Investment.
All funds received by the Deposit Account Agent shall be held only in non-interest-bearing accounts at Pacific Mercantile Bank.

 

9.             Compensation.
Deposit Account Agent shall be entitled, for the duties to be performed by it hereunder, to a fee as set forth on Schedule III.
In addition, the Company shall be obligated to reimburse Deposit Account Agent for all fees, costs and expenses incurred or that
become due in connection with this Agreement or the Deposit Account, including reasonable attorney’s fees. Neither the modification,
cancellation, termination or rescission of this Agreement nor the resignation or termination of the Deposit Account Agent shall
affect the right of Deposit Account Agent to retain the amount of any fee which has been paid, or to be reimbursed or paid any
amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation, termination,
resignation or rescission. To the extent the Deposit Account Agent has incurred any such expenses, or any such fee becomes due,
prior to any closing, the Deposit Account Agent shall advise the Company and the Company shall direct all such amounts to be paid
directly at any such closing.

 

     

     

    

 

10.           Notices.
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall
be deemed to have been duly given if sent by hand-delivery, by electronic mail (followed by first-class mail), by nationally recognized
overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

If to Underwriter:

 

Boustead
Securities, LLC

6 Venture,
Suite 265

Irvine, CA
92618 USA

Attention:
Keith Moore, CEO

Email: keith@boustead1828.com

 

If to the Company:

 

Leaping Group
Co., Ltd.

Room 2010,
Huaruntiexi Centre, No.158, Jianshe East Road

Tiexi District,
Shenyang City, Liaoning Province

P.R. China

Attention:
Mr. Tao Jiang, Chief Executive Officer

Email: jiangtao@mediayz.com

 

With a copy to:

 

Hunter Taubman
Fischer & Li, LLC

1450 Broadway,
26th Floor

New York,
NY 10018

Attn: Ying
Li, Esq.

Email: yli@htflawyers.com

 

If to Deposit Account
Agent:

 

FinTech Clearing,
LLC

6 Venture,
Suite 265

Irvine, CA
92618 USA

Attention:
Brian Park, President

Email: brian@fintechglobalmarkets.com

 

     

     

    

 

 

		11.	General.

 

(a)          This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to agreements
made and to be entirely performed within such State, without regard to choice of law principles and any action brought hereunder
shall be brought in the courts of the State of California, located in the County of Orange. Each party hereto irrevocably waives
any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of process
by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts. EACH OF THE PARTIES HERETO
HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT.

 

(b)          This
Agreement sets forth the entire
agreement and understanding of the parties with respect to the matters contained herein and supersedes all prior agreements, arrangements
and understandings relating thereto.

 

(c)          All
of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties
hereto, as well as their respective successors and assigns.

 

(d)          This
Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a
written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any
party at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to
enforce the same. No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by
conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any
such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement. No party may
assign any rights, duties or obligations hereunder unless all other parties have given their prior written consent.

 

(e)          If
any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining
provisions.

 

(f)          This
Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments
and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

12.           Form
of Signature. The parties hereto agree to accept an electronic mail transmission copy of their respective actual signatures
as evidence of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided,
however, that each party who produces an electronic mail signature agrees, by the express terms hereof, to place, promptly
after transmission of his or her signature by electronic mail, a true and correct original copy of his or her signature in overnight
mail to the address of the other party.

 

13.          No
Third-Party Beneficiaries.  This Agreement is solely for the benefit of the parties and their respective successors
and permitted assigns, and no other person has any right, benefit, priority, or interest under or because of the existence of this
Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
have duly executed this Agreement as of the date first set forth above.

 

	Leaping Group Co., Ltd.	 	Boustead Securities, LLC
	 	 	 
	By:	 	 	By:	 
	 	Name: Bo Jiang	 	 	Name: Keith Moore
	 	Title:  Chairman	 	 	Title: CEO

 

	FinTech Clearing, LLC	 
	 	 
	By:	 	 
	 	Name: Brian Park	 
	 	Title: President	 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

Schedule I

 

OFFERING DOCUMENTS

 

     

     

    

 

Schedule II

 

The Deposit Account
Agent is authorized to accept instructions signed or believed by the Deposit Account Agent to be signed by any one of the following
on behalf of the Company and Underwriter.

 

Leaping Group Co.,
Ltd.

 

	Name	True Signature
	 	 
	Bo Jiang, Chairman	 

 

Boustead Securities, LLC

 

	Name	True Signature
	 	 
	Keith Moore, CEO	 
	 	 
	Dan McClory, Managing Director	 

 

     

     

    

 

Schedule III

 

Fee Schedule

 

	Service	 	Fee	 
	Cash Management Fee	 	 	2.2% of the Minimum Amount 	 
	CIP/AML check (applied to each subscriber)	 	$	2.00	 
	Wire Transfers – Incoming (Domestic or Foreign)	 	$	5.00	 
	Wire Transfers – Outgoing (Domestic)	 	$	10.00	 
	Wire Transfers – Outgoing (Foreign)	 	$	25.00	 
	NACHA Upload per file	 	$	5.00	 
	ACH per transaction (incoming or outgoing)	 	$	0.50	 
	ACH Exceptions (incoming or outgoing)	 	$	2.00	 
	Check Processing (incoming or outgoing)	 	$	10.00	 

 

     

     

    

 

 

Exhibit A

 

EXTENSION NOTICE

 

Date:

 

FinTech Clearing, LLC

6 Venture, Suite 265 Irvine, CA 92618

Attention: Brian Park, President

 

Dear Mr. Park:

 

In accordance with the terms of Section
2(b) of a Deposit Account Agreement dated ___ _______, by and among [] (the “Company”), Boustead Securities, LLC
(the “Underwriter”), and FinTech Clearing, LLC (the “Deposit Account Agent”), the Company and Underwriter
hereby notifies the Deposit Account Agent that the Termination Date has been extended to ____________, 2018, the Final Termination
Date.

 

Very truly yours,

 

[           ]

 

	By:	 	 
	Name:	 
	Title:	 

 

	Boustead Securities, LLC	 
	 	 
	By:	     	 
	Name: Keith Moore	 
	Title: CEO	 
	 	 	 

     

     

    

 

Exhibit B

 

FORM OF DEPOSIT RELEASE NOTICE

 

Date:

 

FinTech Clearing, LLC

6 Venture, Suite 265

Irvine, CA 92618

Attention: Brian Park, President

 

Dear Mr. Park:

 

In accordance with the terms of Section
2(d) of the Amended and Restated Offering Deposit Account Agency Agreement dated as of ________ __, 2019 (the “Deposit Account
Agreement”), by and between [] (the “Company”), FinTech Clearing, LLC (the “Deposit Account Agent”)
and Boustead Securities, LLC (the "Underwriter"), the Company and Underwriter hereby notify the Deposit Account Agent
that the ________ closing will be held on ___________ for gross proceeds of $_________.

 

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER
AS FOLLOWS (wire instructions attached):

 

________________________:                                         $

 

________________________:                                         $

 

________________________:                                         $

 

Very truly yours,

 

[          ]

 

	By:	 	 
	Name:	 
	Title:	 

 

	Boustead Securities, LLC	 
	 	 
	By:	     	 
	Name: Keith Moore	 
	Title: CEOExhibit

EXHIBIT 10.64

LIFE INSURANCE
ENDORSEMENT METHOD SPLIT DOLLAR PLAN
AGREEMENT

Insurer:        Tennessee Farmers

Policy Number:    BK0286377

Bank:            Wilson Bank & Trust

Insured:                 CLARK OAKLEY

Relationship of Insured to Bank:    Executive

The respective rights and duties of the Bank and the Insured in the above-referenced policy shall be pursuant to the terms set forth below:

This Agreement shall constitute the entire agreement of the parties pertaining to this particular Life Insurance Endorsement Method Split Dollar Plan Agreement.

The purpose of this Agreement is to retain and reward the Executive who is a member of a group of certain management and highly compensated employees of the Bank who have contributed to the Bank’s success and are expected to continue to contribute to such success in the future.  As a result, the Agreement is deemed to cover certain employees of the Bank who are members of a “select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  The Bank shall have the authority to take any and all actions necessary or desirable in order for this Agreement to satisfy the requirements set forth in ERISA and the regulations thereunder applicable to plans maintained for employees who are members of a select group of management or highly compensated employees.  This Plan is intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) as a non-equity death benefit.

		
	I.
	DEFINITIONS

Refer to the policy contract for the definition of all terms in this Agreement.

		
	II.
	POLICY TITLE AND OWNERSHIP

Title and ownership shall reside solely in the Bank for its use and for the use of the Insured all in accordance with this Agreement.  The Bank alone may, to the extent of its interest, exercise the right to borrow or withdraw on the policy cash values.  Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject Split Dollar policy, then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement.  The Bank shall own all rights to any dividends declared under the policy.

		
	III.
	BENEFICIARY DESIGNATION RIGHTS

The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

		
	IV.
	PREMIUM PAYMENT METHOD

The Bank shall pay an amount equal to the planned premiums and any other premium payments that might become necessary to keep the policy in force.

		
	V.
	TAXABLE BENEFIT

Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service.  The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.

		
	VI.
	DIVISION OF DEATH PROCEEDS

Subject to Paragraphs VII and VIII herein, the division of the death proceeds of the policy is as follows:

		
	A.
	Upon the death of the Insured while employed by the Bank, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred percent (100%) of the net-at-risk insurance portion of the proceeds.  Notwithstanding the foregoing, or any other provision of this Agreement, upon the death of the Insured subsequent to a termination of service (except in the case of the Insured’s assumption of the Agreement pursuant to Section VIII herein), all proceeds (including any death benefit) payable hereunder shall be retained by the Bank and neither the Insured nor their beneficiary(ies) shall have any rights regarding the proceeds under this Agreement.  The net-at-risk insurance portion is the total proceeds less the cash value of the policy.

		
	B.
	The Bank shall be entitled to the remainder of such proceeds.

		
	C.
	The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

		
	VII.
	DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

The Bank shall at all times be entitled to an amount equal to the policy’s cash value, as that term is defined in the policy contract, less any policy loans and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable surrender charges.  Such cash value shall be determined as of the date of surrender or death as the case may be.  The Insured shall have no right to any portion of the cash surrender value of the policy.  Specifically, the Insured shall have no right to make a withdrawal from the policy, borrow from or against the policy, totally or partially surrender the policy, nor to anticipate, assign, alienate, pledge or otherwise encumber the cash surrender value of the policy.

		
	VIII.
	TERMINATION OF AGREEMENT

This Agreement shall terminate upon the occurrence of any one of the following:

		
	A.
	The Insured shall terminate employment with the Bank for any reason; or

		
	B.
	Surrender, lapse, or other termination of the policy by the Bank.

Upon such termination, the Insured (or assignee) shall have a fifteen (15) day option to receive from the Bank an absolute assignment of the policy in consideration of a cash payment to the Bank, whereupon this Agreement shall terminate.  Such cash payment referred to hereinabove shall be the greater of:

		
	A.
	The Bank’s share of the cash value of the policy on the date of such assignment, as defined in this Agreement; or

		
	B.
	The amount of the premiums that have been paid by the Bank prior to the date of such assignment.

If, within said fifteen (15) day period, the Insured fails to exercise said option, fails to procure the entire aforestated cash payment, or dies, then the option shall terminate and the Insured (or assignee) agrees that all of the Insured’s rights, interest and claims in the policy shall terminate as of the date of the termination of this Agreement.

The Insured expressly agrees that this Agreement shall constitute sufficient written notice to the Insured of the Insured’s option to receive an absolute assignment of the policy as set forth herein.

Except as provided above, this Agreement shall terminate upon distribution of the death benefit proceeds in accordance with Paragraph VI above.

		
	IX.
	INSURED’S OR ASSIGNEE’S ASSIGNMENT RIGHTS

The Insured may not, without the written consent of the Bank, assign to any individual, trust or other organization, any right, title or interest in the subject policy nor any rights, options, privileges or duties created under this Agreement.

		
	X.
	AGREEMENT BINDING UPON THE PARTIES

This Agreement shall bind the Insured and the Bank, their heirs, successors, personal representatives and assigns.

		
	XI.
	ERISA PROVISIONS

The following provisions are part of this Agreement and are intended to meet the requirements of ERISA:

		
	A.
	Named Fiduciary and Plan Administrator.

The ‘‘Named Fiduciary and Plan Administrator” of this Endorsement Method Split Dollar Agreement shall be Wilson Bank & Trust until its resignation or removal by the Board of Directors.  As Named Fiduciary and Plan Administrator, the Bank shall be responsible for the management, control, and administration of this Split Dollar Plan as established herein.  The Named Fiduciary may delegate to others certain aspects of the management and operation 

responsibilities of the Plan, including the employment of advisors and the delegation of any ministerial duties to qualified individuals.

		
	B.
	Funding Policy.

The funding policy for this Split Dollar Plan shall be to maintain the subject policy in force by paying, when due, all premiums required.

		
	C.
	Basis of Payment of Benefits.

Direct payment by the Insurer is the basis of payment of benefits under this Agreement, with those benefits in turn being based on the payment of premiums as provided in this Agreement.

		
	D.
	Claim Procedures.

Claim forms or claim information as to the subject policy can be obtained by contacting Lisa Pominski (615-443-6612).  When the Named Fiduciary has a claim which may be covered under the provisions described in the insurance policy, they should contact the office named above, and they will either complete a claim form and forward it to an authorized representative of the Insurer or advise the Named Fiduciary what further requirements are necessary.  The Insurer will evaluate and make a decision as to payment.  If the claim is payable, a benefit check will be issued in accordance with the terms of this Agreement.

In the event that a claim is not eligible under the policy, the Insurer will notify the Named Fiduciary of the denial pursuant to the requirements under the terms of the policy.  If the Named Fiduciary is dissatisfied with the denial of the claim and wishes to contest such claim denial, they should contact the office named above and they will assist in making an inquiry to the Insurer.  All objections to the Insurer’s actions should be in writing and submitted to the office named above for transmittal to the Insurer.

Notwithstanding the foregoing, the Bank shall make all determinations in its sole discretion as to the right of the Insured to a benefit under this Agreement.  Any denial by the Bank of a claim for benefits under this Agreement by a claimant shall be stated in writing by the Bank and delivered or mailed to the claimant within a reasonable period of time but not later than ninety (90) days after receipt by the Bank of his claim, unless special circumstances require an extension of time for processing the claim.  If such an extension is required, written notice thereof shall be provided to the claimant before the end of this ninety (90) day period which shall indicate the special circumstances requiring the extension and the date by which the Bank expects to render a decision.  In no event shall the extension exceed ninety (90) days from the end of the initial ninety (90) day period.  

If a claim for benefits under this Agreement is wholly or partially denied, the Bank shall notify the claimant of the denial of the claim in writing, delivered in person or mailed by first class mail to the claimant’s last known address.  Such notice of denial shall contain:

(a)    the specific reason or reasons for denial of the claim;

		
	(b)
	a reference to the relevant provisions of the Agreement upon which the denial is based;

		
	(c)
	a description of any additional material or information necessary for the claimant to perfect the claim, together with an explanation of why such material or information is necessary; and

(d)    an explanation of the Agreement’s claim review procedure.

If no such notice is provided, and if the claim has not been granted within the time specified above for approval of the claim, the claim shall be deemed denied and subject to review as described below.  

Any claimant or authorized representative of the claimant whose claim for benefits under this Agreement has been denied or deemed denied, in whole or in part, may upon written notice delivered to the Committee request a review of such denial of benefits.  Such claimant shall have sixty (60) days from the date the claim is deemed denied, or sixty (60) days from receipt of the notice denying the claim, as the case may be, in which to request such a review.  The claimant’s notice must specify the relief requested and the reason the claimant believes the denial should be reversed.  In pursuing his appeal, the claimant will be permitted to submit written comments, documents, records, or other relevant information relating to his claim.  In addition, the claimant will be provided, upon receipt and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his claim.

A secondary reviewer named by the Bank will conduct the review of any appeal.  This review will take into account all information submitted by the claimant regarding his claim, regardless of whether or not such information was submitted or considered in the initial decision.  A decision regarding such review will be made within a reasonable period of time but not later than sixty (60) days after receipt of the claimant’s appeal, unless special circumstances require an extension of time for processing the claim.  If such an extension is required, written notice thereof shall be provided to the claimant before the end of this sixty (60) day period which shall indicate the special circumstances requiring the extension and the date by which the Bank expects to render the final decision.  In no event shall the extension exceed sixty (60) days from the end of the initial sixty (60) day period. 

If the claimant’s appeal is denied in whole or in part, the claimant will receive a written notification of the denial which will include (i) the specific reasons for the denial, (ii) reference to the specific provisions of the Agreement upon which the denial was based, and (iii) a statement of the claimant’s right to bring an action under ERISA.  The interpretations, determinations, and decisions of the Bank shall be final and binding upon all persons with respect to any right, benefit and privilege hereunder, subject to the review procedures set forth in this Section XI.  All claim determinations under this Section XI shall be made in accordance with Department of Labor Regulations 2560.503-1.

		
	XII.
	GENDER

Whenever in this Agreement words are used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter gender, whenever they should so apply.

		
	XIII.
	INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

The Insurer shall not be deemed a party to this Agreement, but will respect the rights of the parties as herein developed upon receiving an executed copy of this Agreement.  Payment or other 

performance in accordance with the policy provisions shall fully discharge the Insurer from any and all liability.

		
	XIV.
	CHANGE OF CONTROL

Change of Control shall be deemed to be the cumulative transfer of more than fifty percent (50%) of the voting stock of the Bank from the date of this Agreement.  For purposes of this Agreement, transfers on account of death or gifts, transfers between family members, or transfers to a qualified retirement plan maintained by the Bank shall not be considered in determining whether there has been a Change of Control.  Upon a Change of Control, the Insured shall become one hundred percent (100%) vested in the benefits the Insured is entitled to hereunder, subject to the termination of the Insured’s rights upon his or her termination of employment as provided in Section VI.A.

		
	XV.
	AMENDMENT OR REVOCATION

It is agreed by and between the parties hereto that, during the lifetime of the Insured, this Agreement may be amended or revoked at any time or times, in whole or in part, by the mutual written consent of the Insured and the Bank.

		
	XVI.
	EFFECTIVE DATE

The Effective Date of this Agreement shall be November 23, 2012.

		
	XVII.
	SEVERABILITY AND INTERPRETATION

If a provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall nonetheless be enforceable according to their terms.  Further, in the event that any provision is held to be overbroad as written, such provision shall be deemed amended to narrow its application to the extent necessary to make the provision enforceable according to law and enforced as amended.

		
	XVIII.
	APPLICABLE LAW

The validity and interpretation of this Agreement shall be governed by the laws of the State of Tennessee.

[Signatures appear on the following page]

Executed at Lebanon, Tennessee this 23rd day of November, 2012.

	
			
	 
	 
	WILSON BANK & TRUST

	 
	 
	Lebanon, Tennessee

	 
	 
	 

	/s/ Lisa Pominski
	By:
	/s/ Elmer Richerson, President

	Witness
	 
	Title

	 
	 
	 

	/s/ Gary Whitaker
	 
	/s/ Clark Oakley

	Witness
	 
	CLARK  OAKLEY

BENEFICIARY DESIGNATION FORM
FOR LIFE INSURANCE ENDORSEMENT METHOD
SPLIT DOLLAR PLAN AGREEMENT

PRIMARY DESIGNATION:
    	
			
	Name
	Address 
	Relationship

	 
	 
	 

	 
	 
	 

	 
	 
	 

SECONDARY (CONTINGENT) DESIGNATION:
	
			
	 
	 
	 

	 
	 
	 

	 
	 
	 

All sums payable under the Life Insurance Endorsement Method Split Dollar Plan Agreement by reason of my death shall be paid to the Primary Beneficiary, if he or she survives me, and if no Primary Beneficiary shall survive me, then to the Secondary (Contingent) Beneficiary.
	
			
	/s/ Clark Oakley
	 
	11-23-2012

	CLARK OAKLEY
	 
	Date

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