Document:

EX-10.21

 Exhibit 10.21 
 AMENDED AND RESTATED 
 LIFE INSURANCE 

ENDORSEMENT METHOD SPLIT DOLLAR PLAN 
 AGREEMENT 
  

			
	 Insurer:
	  	Tennessee Farmers
		
	 Policy Number:
	  	174539 & 200570
		
	 Bank:
	  	Wilson Bank & Trust
		
	 Insured:
	  	H. Elmer Richerson
		
	 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 supersede the Life Insurance Endorsement Method Split Dollar Plan Agreement
originally effective the 30th day of March, 1995, and
shall constitute the entire agreement of the parties pertaining to this particular Amended and Restated Life Insurance Endorsement Method Split Dollar Plan Agreement. 
  

	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 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. 

 

	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 IX herein, the division of the death proceeds of the policy is as follows: 

 

	 	A.	Upon the death of the Insured, 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. 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. 
  

	VIII.	RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS 

 In the event the policy involves an endowment or annuity element, the Bank’s right and interest in any endowment proceeds or annuity benefits, on expiration of the deferment period, shall be
determined under the provisions of this Agreement by regarding such endowment proceeds or the commuted value of such annuity benefits as the policy’s cash value. Such endowment proceeds or annuity benefits shall be considered to be like death
proceeds for the purposes of division under this Agreement. 
  

	IX.	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 other than death, disability (as defined in Paragraph 6 of the Amended and Restated Wilson Bank and
Trust Executive Salary Continuation Agreement in effect at the time of said disability), or retirement (in accordance with Paragraph 3 of the Amended and Restated Wilson Bank and Trust Executive Salary Continuation Agreement in effect at said
retirement). 

	 	B.	The Insured shall be discharged from employment with the Bank for cause. The term “for cause” shall mean gross negligence or willful misconduct, the
commission of a felony or gross-misdemeanor involving moral turpitude, fraud, dishonesty, embezzlement, willful violation of any law or any other behavior or act that results in any adverse effect on the Bank as may be determined by the Bank in its
sole discretion; or 

  

	 	C.	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) agees 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. 
  

	X.	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. 
  

	XI.	AGREEMENT BINDING UPON THE PARTIES 

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

	XII.	ERISA PROVISIONS 

 The
following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974 (“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 Benmark, Inc. (800-544-6079). 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. 
  

	XIII.	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. 

 

	XIV.	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. 
  

	XV.	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 the 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, if the Insured’s employment is subsequently
terminated, except for cause, then the Insured shall be one hundred percent (100%) vested in the benefits promised in this Agreement. 

	XVI.	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. 
  

	XVII.	EFFECTIVE DATE 

 The
Effective Date of this Agreement shall be March 30, 1995. 
  

	XVIII.	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. 

 

	XIX.	APPLICABLE LAW 

 The
validity and interpretation of this Agreement shall be governed by the laws of the State of Tennessee. 
 Executed at Lebanon, Tennessee this 7
day of October, 02. 
  

							
		 		 		 	 WILSON BANK AND TRUST

Lebanon, Tennessee

				
	 /s/ Becky F. Taylor
	 		 		 	/s/ Randall Clemons
                                         
     CEO
	 Witness
	 		 		 	Title
				
	 /s/ Becky F. Taylor
	 		 		 	/s/ H. Elmer Richerson
	 Witness
	 		 		 	H. Elmer RichersonEX-10.22

 Exhibit 10.22 
 AMENDED AND RESTATED 
 LIFE INSURANCE 

ENDORSEMENT METHOD SPLIT DOLLAR PLAN 
 AGREEMENT 
  

			
		
	Insurer:	  	Tennessee Farmers
		
	Policy Number:	  	201731
		
	Bank:	  	Wilson Bank & Trust
		
	Insured:	  	Lisa Pominski
		
	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 supersede the Life Insurance Endorsement Method Split Dollar Plan Agreement originally effective
the 21st day of March, 2001, and shall constitute the entire agreement of the parties pertaining to this particular Amended and Restated Life Insurance Endorsement Method Split Dollar Plan Agreement. 

 

	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 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. 

 

	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 IX herein, the division of the death proceeds of the policy is as follows: 

 

	 	A.	Upon the death of the Insured, 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. 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. 
  

	VIII.	RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS 

 In the event the policy involves an endowment or annuity element, the Bank’s right and interest in any endowment proceeds or annuity benefits, on expiration of the deferment period, shall be
determined under the provisions of this Agreement by regarding such endowment proceeds or the commuted value of such annuity benefits as the policy’s cash value. Such endowment proceeds or annuity benefits shall be considered to be like death
proceeds for the purposes of division under this Agreement. 
  

	IX.	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 other than death, disability (as defined in Paragraph 6 of the Amended and Restated Wilson Bank and
Trust Executive Salary Continuation Agreement in effect at the time of said disability), or retirement (in accordance with Paragraph 3 of the Amended and Restated Wilson Bank and Trust Executive Salary Continuation Agreement in effect at said
retirement). 

	 	B.	The Insured shall be discharged from employment with the Bank for cause. The term “for cause” shall mean gross negligence or willful misconduct, the
commission of a felony or gross-misdemeanor involving moral turpitude, fraud, dishonesty, embezzlement, willful violation of any law or any other behavior or act that results in any adverse effect on the Bank as may be determined by the Bank in its
sole discretion; or 

  

	 	C.	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) agees 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. 
  

	X.	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. 
  

	XI.	AGREEMENT BINDING UPON THE PARTIES 

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

	XII.	ERISA PROVISIONS 

 The
following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974 (“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 Benmark, Inc. (800-544-6079). 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. 
  

	XIII.	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. 

 

	XIV.	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. 
  

	XV.	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 the 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, if the Insured’s employment is subsequently
terminated, except for cause, then the Insured shall be one hundred percent (100%) vested in the benefits promised in this Agreement. 

	XVI.	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. 
  

	XVII.	EFFECTIVE DATE 

 The
Effective Date of this Agreement shall be March 21, 2001. 
  

	XVIII.	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. 

 

	XIX.	APPLICABLE LAW 

 The
validity and interpretation of this Agreement shall be governed by the laws of the State of Tennessee. 
 Executed at Lebanon, Tennessee this 7
day of October, 02. 
  

					
		 		 	 WILSON BANK AND TRUST

Lebanon, Tennessee

			
	/s/ Becky F. Taylor	 		 	/s/ Elmer Richerson
                                        
Pres.
	Witness	 		 	Title
			
	/s/ Becky F. Taylor	 		 	/s/ Lisa Pominski
	Witness	 		 	Lisa Pominski

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