Document:

Second Amendment to Split Dollar Agmt - Thomas Abelmann

 Exhibit 10.15 
 Prepared August 31,2007 
  
 © 2007 Clark 
 Consulting 

This document is provided to assist your legal counsel in documenting your specific arrangement. The laws of the various states may differ considerably,
and this specimen is for general information only. It is not a form to be signed, nor is it to be construed as legal advice. Failure to accurately document your arrangement could result in significant losses, whether from claims of those
participating in the arrangement, from the heirs and beneficiaries of participants, or from regulatory agencies such as the Internal Revenue Service, the Department of Labor, or bank examiners. License is hereby granted to your legal counsel to use
these materials in documenting solely your arrangement. 
 In general, if your bank is subject to SEC regulation, implementation of this or any
other executive or director compensation program may trigger rules requiring certain disclosures on Form 8-K within four days of implementing the program. Consult with your SEC attorney, if applicable, to determine your responsibilities under
the disclosure rules. 
  
  

IMPORTANT NOTICE ON CODE SECTION 409A COMPLIANCE 
 It is critical that you consult with your legal and tax advisors to determine the impact of Internal Revenue Code Section 409A to your particular situation. On April 10, 2007 the Treasury
Department issued final regulations implementing the requirements of Section 409A which apply to nonqualified deferred compensation arrangements. Documentary compliance with Section 409 A is required by December 31, 2007. The regulations
win be effective on January 1, 2008. 

 BankFIRST 
 Split Dollar Agreement 
  

 
 SECOND AMENDMENT 

TO THE 
 BANKFIRST

 SPLIT DOLLAR AGREEMENT 
 DATED JANUARY 4, 2002 
 AND AMENDED MARCH 18, 2002 

FOR 
 THOMAS P.
ABELMANN 
 THIS SECOND AMENDMENT is adopted this 27 day of September , 2007, by and between BankFIRST, a state-chartered
commercial bank located in Winter Park, Florida (the “Company”), and Thomas P Abelmann (the “Executive”), 

The Company and the Executive executed the Split Dollar Agreement on January 4, 2002, and executed a First Amendment on March 18, 2002
(the “Agreement”). 
 The undersigned hereby amend the Agreement for the purpose of bringing the Agreement into
compliance with Section 409A of the Internal Revenue Code. Therefore, the following changes shall be made: 
 Section
l .1 of page 1 of the Agreement shall be deleted in its entirety and replaced by the following: 
  

	1.1	“Change of Control” means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of
the Company, as such change is defined in Section 409A of the Code and regulations thereunder 

Section 1.1 of page 2 of the Agreement shall be deleted in its entirety and replaced by the following: 

 

	1.1	“Disability” means the Executive: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which can
be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan
covering employees or directors of the Company, Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering employees or directors of the Company provided
that the definition of “disability” applied under such disability insurance program complies with the requirements of the preceding sentence. Upon the request of the plan administrator, the Executive must submit proof to the plan
administrator of the Social Security Administration’s or the provider’s determination. 

 BankFIRST 
 Split Dollar Agreement 
  

 
 Section 1.6 of the
Agreement shall be deleted in its entirety and replaced by the following: 
  

	1.6	“Termination of Employment” means termination of the Executive’s employment with the Company for reasons other than death. Whether a termination
of employment has occurred is determined based on whether the facts and circumstances indicate that the Company and the Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide
services the Executive would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an
employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Company if the Executive has been providing services to the Company less than thirty- six (36) months).

 The following Section 3.3 of the Agreement shall be deleted in its entirety and replaced by the
following: 
  

	3.3	Cash Payment. If Termination of Employment occurs on or after the Normal Retirement Age, the Company shall thereafter annually pay to the Executive an amount
equal to the income tax on the current term rate imputed to the Executive, grossed up for the income taxes attributable to the reimbursement, until the death of the Executive. In calculating the cash payments due from the Company, the Company shall
use the Executive’s highest actual marginal income tax bracket for the calendar year immediately preceding the payment to the Executive. 

 The following Article 9 shall be added to the Agreement immediately following Section 8.8: 
 Article 9 
 Compliance with Code Section 409A 

 

	9.1	Definition of Specified Employee. For purposes of this Article 9, the term “Specified Employee” means an employee who at the time of Termination of
Employment is a key employee of the Company, if any stock of the Company is publicly traded on an established securities market or otherwise. For purposes of this Agreement, an employee is a key employee if the employee meets the requirements of
Code Section 416(i)(1 )(A)(i), (ii), or (iii) (applied in accordance with the regulations thereunder and disregarding section 416(i)( 5)) at any time during the 12-month period ending on December 31 (the “identification period”).
If the employee is a key employee during an identification period, the employee is treated as a key employee for purposes of this Agreement during the twelve (12) month period that begins on the first day of April following the close of the
identification period. 

  
 2 

 BankFIRST 
 Split Dollar Agreement 
  

 
  

	9.2	Restriction on Timing of Distributions to Specified Employees. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a
Specified Employee, the provisions of this Section 9.2 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Executive due to a Termination of Employment are limited because the Executive is a
Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Employment. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated
and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified. 

 

	9.3	Timing of Payments. Any amounts paid to the Executive pursuant to Section Lf prior to Termination of Employment shall be paid within two and one-half (2 1/2)
months following the end of the prior year and shall be treated as short-term deferrals under Code Section 409A. Amounts paid to the Executive pursuant to Section 3.3 after Termination of Employment, may be paid at any point during the calendar year
following the year to which the payment relates. 

  

	9.4	Change in Form or Timing of Distributions. All changes in the form or timing of the amounts paid to the Executive pursuant to Section 3.3 must comply with the
restrictions on changes to payments contained in Code Section 409A and the regulations promulgated thereunder. 

  

	9.5	Compliance with Code Section 409A. This Agreement shall be interpreted and administered consistent with Code Section 409A. 

IN WITNESS OF THE ABOVE, the Company and the Executive hereby consent to this Second Amendment. 

 

							
	Executive	 		 	BankFIRST
				
	    /s/ Thomas Abelmann    	 		 	By	 	    /s/Carol Meyer
	Thomas P. Abelmann	 		 	Title	 	    VP/Director of Human ResourcesSplit Dollar Agmt - Thomas Abelmann

 Exhibit 10.16 
 BankFIRST 
 SPLIT DOLLAR 

AGREEMENT 
 THIS AGREEMENT is made and entered into this 4th day of January , 2002, by and between BankFIRST, a state-chartered commercial bank located in Winter Park, Florida (the
“Company”), and THOMAS P. ABELMANN (the “Executive”). 
 This Agreement shall append the Split
Dollar Endorsement entered into on January 4th, 2002 or as subsequently amended, by and between the aforementioned parties. 
 INTRODUCTION 
 To encourage the Executive to remain an employee of the
Company, the Company is willing to divide the death proceeds of a life insurance policy on the Executive’s life. The Company will pay life insurance premiums from its general assets. 

Article 1 

General Definitions 
 The
following terms shall have the meanings specified: 
 1.1 “Change of Control” means: (i) a purchase within
a twelve month period of more than 50% of the outstanding voting securities of the Company by a person, within the meaning of Section 3(a)(9) or of Section 13(d)(3) (as in effect on the date hereof) of the Securities Exchange Act of 1934;
(ii) a merger or consolidation of the Company with another bank or corporation, other than affiliates (within the meaning of the Securities Exchange Act of 1934) of the Company, that results in less than 50% of the outstanding voting securities
of the Company surviving the merger or consolidation and the existing Company shareholders own less than 50% of the outstanding voting securities of the surviving company; or (iii) a sale of more than 75% of the Company’s assets to
another bank or corporation which is not a wholly owned subsidiary or which is not controlled (by ownership of 50% or more of the outstanding voting securities) by the existing shareholders of the Company. For purposes hereof, ownership of voting
securities shall take into account and shall include ownership as determined by applying the provisions of Rule 13d-3(d)(1)(I) (as in effect on the date hereof) pursuant to the Securities Exchange Act of 1934. Voting securities which are acquired as
a “Non-Control Acquisition” (as hereinafter defined) shall not constitute an acquisition which would cause a Change of Control. A “Non-Control Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a
trust forming a part thereof) maintained by (A) the Company or (B) any corporation or other Person of which a majority of its voting power or its voting equity securities or equity interest is owned, directly or indirectly, by the Company
(for purposes of this definition, a “Subsidiary”) (ii) the Company or its Subsidiaries, or (iii) any Person in connection with a “Non-Control Transaction” (as hereinafter defined). 

 1.1 “Disability” means, if the Executive is covered by a Company sponsored
long-term disability policy, total disability as defined in such policy without regard to any waiting period. If the Executive is not covered by such a policy, Disability means the Executive suffering a sickness, accident or injury which, in the
judgment of a physician satisfactory to the Company, prevents the Executive from performing substantially all of the Executive’s normal. duties for the Company. As a condition to a determination of Disability under this Agreement, the Company
may require the Executive to submit to such physical or mental evaluations and tests as the Company’s Board of Directors deems appropriate. 
 1.2 “Insurer” means West Coast Life. 
 1.3 “Policy”
means insurance policy no, ZUA387237 issued by the Insurer. 
 1.4 “Insured” means the Executive.

 1.5 “Normal Retirement Age” means the earliest of the Executive’s 65th birthday, the date of Termination of Employment on account of
Disability or the date of a Change of Control. 
 1.6 “Termination of Employment” means that the Executive
ceases to be employed by the Company. 
 Article 2 
 Policy Ownership/Interests 
 2.1 Company Ownership, The Company is
the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of an amount of death proceeds equal to the greater of: a) the cash surrender value of the policy, b) the
aggregate premiums paid on the Policy by the Company less any outstanding indebtedness to the Insurer or c) the total death proceeds less the amount 0[$150,000, 
 2.2 Executive’s Interest. The Executive shall have the right to designate the beneficiary of any remaining death proceeds of the Policy. The Executive shall also have the right to elect and
change settlement options that may be permitted, Provided, however, the Executive, the Executive’s transferee or the Executive’s beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds
designated in this section 2.2 upon the Executive’s Termination of Employment prior to Normal Retirement Age, 
 2.3
Option to Purchase. The Company shall not sell, surrender or transfer ownership of the Policy while this Agreement is in effect without first giving the Executive or the Executive’s transferee the option to purchase the Policy for a period
of sixty (60) days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy. This provision shall not impair the right of the Company to terminate this Agreement. 

 2.4 Comparable Coverage. Upon Termination of Employment after the Executive’s
Normal Retirement Age, the Company shall maintain the Policy in full force and effect and in no event shall the Company amend, terminate or otherwise abrogate the Executive’s interest in the Policy, unless the Company replaces the Policy with a
comparable insurance policy to cover the benefit provided under this Agreement. The Policy or any comparable policy shall be subject to the claims of the Company’s creditors. 

Article 3 

Premiums 

3.1 Premium Payment. The Company shall pay any premiums due on the Policy. 

3.2 Imputed Income. The Company shall impute income to the Executive in an amount equal to the current te1111rate for the
Executive’s age multiplied by the aggregate death benefit payable to the Executive’s beneficiary. The “current term rate” is the minimum amount required to be imputed under Revenue Rulings 64-328 and 66-110, or any subsequent
applicable authority. 
 3.3 Cash Payment. If Termination of Employment occurs on or after the Normal Retirement Age, the
Company shall thereafter annually pay to the Executive an amount equal to the income tax on the current term rate imputed to the Executive, grossed up for the income taxes attributable to the reimbursement, until the earlier Of the death of the
Executive or the date the Policy is no longer owned by the Company. In calculating the cash payments due from the Company, the Company shall use the Executive’s highest actual marginal income tax bracket for the calendar year immediately
preceding the payment to the Executive. 
 Article 4 

Assignment 

The Executive may assign without consideration all interests in the Policy and in this Agreement to any person, entity or trust. In the
event the Executive transfers all of the Executive’s interest in the Policy, then all of the Executive’s interest in the Policy and in the Agreement shall be vested in the Executive’s transferee, who shall be substituted as a party
hereunder and the Executive shall have no further interest in the Policy or in this Agreement. 
 Article 5 

Insurer 

The Insurer shall be bound only by the terms of the Policy. Any payments the Insurer makes or actions it takes in accordance with the
Policy shall fully discharge it from all claims, suits and demands of all entities or persons. The Insurer shall not be bound by or be deemed to have notice of the provisions of this Agreement. 

 Article 6 
 Claims 
 Procedure 

6.1 Claims Procedure. The Company shall notify the Executive, the Executive’s transferee or beneficiary, or any other party
who claims a right to an interest under this Agreement (the “Claimant’) in writing, within 90 days of Claimant’s written application for benefits, of his or her eligibility or ineligibility for benefits under this Agreement. If the
Company determines that the Claimant is not eligible for benefits or full benefits, the notice shall set forth (1) the specific reasons for such denial, (2) a specific reference to the provisions of this Agreement on which the denial is
based, (3) a description of any additional information or material necessary for the Claimant to perfect his or her claim, and a description of why it is needed, and (4) an explanation of this Agreement’s claims review procedure and
other appropriate information as to the steps to be taken if the Claimant wishes to have the claim reviewed. If the Company determines that there are special circumstances requiring additional time to make a decision, the Company shall notify the
Claimant of the special circumstances and the date by which a decision is expected to be made, and may extend the time for up to an additional 90 days. 
 6.2 Review Procedure. If the Claimant is determined by the Company not to be eligible for benefits, or if the Claimant believes that he or she is entitled to greater or different benefits, the
Claimant shall have the opportunity to have such claim reviewed by the Company by filing a petition for review with the Company within 60 days after receipt of the notice issued by the Company. Said petition shall state the specific reasons which
the Claimant believes entitle him or her to benefits or to greater or different benefits. Within 60 days after receipt by the Company of the petition, the Company shall afford the Claimant (and counsel, if any) an opportunity to present his or her
position to the Company verbally or in writing, and the Claimant (or counsel) shall have the right to review the pertinent documents. The Company shall notify the Claimant of its decision in writing within the sixty-day period, stating specifically
the basis of its decision, written in a manner to be understood by the Claimant and the specific provisions of this Agreement on which the decision is based. If, because of the need for a hearing, the 60-day period is not sufficient, the decision
may be deferred for up to another 60-day period at the election of the Company, but notice of this deferral shall be given to the Claimant. 
 Article 7 
 Amendments and 

Termination 
 This Agreement may be amended or terminated only by a written agreement signed by the Company and the Executive. However, unless otherwise agreed to by the Company and the Executive, this Agreement will
automatically terminate upon the Executive’s Termination of Employment prior to Normal Retirement Age. 

 Article 8 
 Miscellaneous 
 8.1 Binding Effect. This Agreement shall bind the
Executive and the Company, their beneficiaries, survivors, executors, administrators and transferees, and any Policy beneficiary. 
 8.2 No Guarantee of Employment. This Agreement is not an employment policy or contract. It does not give the Executive the right to remain a Executive or employee of the Company, nor does it
interfere with the Company’s right to discharge the Executive. It also does not require the Executive to remain an Executive nor interfere with the Executive’s right to terminate service at any time. 

8.3 Applicable Law. The Agreement and all rights hereunder shall be governed by and construed according to the laws of the State
of Florida, except to the extent preempted by the laws of the United States of America. 
 8.4 Reorganization. The
Company shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its assets to another company, firm or person unless such succeeding or continuing company, firm or person agrees to assume and
discharge the obligations of the Company. 
 8.5 Notice. Any notice, consent or demand required or permitted to be given
under the provisions of this Split Dollar Agreement by one party to another shall be in writing, shall be signed by the party giving or making the same, and may be given either by delivering the same to such other party personally, or by mailing the
same, by United States certified mail, postage prepaid, to such party, addressed to his or her last known address as shown on the records of the Company. The date of such mailing shall be deemed the date of such mailed notice, consent or demand.

 8.6 Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Executive as to the
subject matter hereof No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. 
 8.7 Administration. The Company shall have powers which are necessary to administer this Agreement, including but not limited to: 

(a) Interpreting the provisions of the Agreement; 

(b) Establishing and revising the method of accounting for the Agreement; 

(c) Maintaining a record of benefit payments; and 

(d) Establishing rules and prescribing any forms necessary or desirable to administer the Agreement. 

 8.8 Named Fiduciary. The Company shall be tile named fiduciary and plan administrator
under the Agreement. 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 ministerial duties to qualified individuals

 IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first above written, 

 

							
	EXECUTIVE:	 		 	COMPANY:
			
		 		 	BankFIRST
				
	    /s/Thomas Abelmann    	 		 	By	 	    /s/James T. Barnes, Jr.
	THOMAS P. ABELMANN	 		 	Title	 	        /s/Chairman

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