SEC Contract Filing

Filing Date: 2025-02-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.87
<SEQUENCE>9
<FILENAME>colb-20241231xex1087baruff.htm
<DESCRIPTION>THIRD AMENDMENT TO THE UMPQUA BANK SPLIT DOLLAR AGREEMENT - BARUFFI
<TEXT>
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<title>Document</title></head><body><div id="i736951e7347e45028212f16b6bfd2613_1"></div><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt;padding-left:324pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%;text-decoration:underline">EXHIBIT 10.87&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:120%">THIRD AMENDMENT TO THE</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:120%">UMPQUA BANK</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:120%">ENDORSEMENT METHOD</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:120%">SPLIT DOLLAR AGREEMENT</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(By and Between UMPQUA BANK and KUMI BARUFFI)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This Third Amendment to the Umpqua Bank Endorsement Method Split Dollar Agreement (&#8220;Amendment&#8221;) hereby amends the prior Endorsement Method Split Dollar Agreement (&#8220;Original Agreement&#8221;, and as amended thereafter), previously entered into on March 2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:120%;position:relative;top:-4.2pt;vertical-align:baseline">nd</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, 2015, by and between Columbia State Bank, which has since merged with and is now known as UMPQUA BANK (&#8220;Bank&#8221;) and KUMI BARUFFI (&#8220;Insured&#34;). This Amendment hereby amends the Original Agreement by and between the parties as follows&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.&#160;&#160;&#160;&#160;Paragraph 1.1 of the Agreement shall be deleted in its entirety and shall be replaced with the following&#58;</font></div><div style="padding-left:54pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.1&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Accelerated Benefit&#47;Terminal Illness.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> The term &#8220;Accelerated Benefit&#8221; shall mean amounts requested and received pursuant to any Policy(ies&#8217;) Terminal Illness rider permitting the policy owner or Insured access to portions of the eligible death benefit in the event Insured is diagnosed with a qualifying &#8220;Terminal&#8221; illness. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.&#160;&#160;&#160;&#160;Section 7 of the Agreement shall be deleted in its entirety and shall be replaced with the following&#58;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">7.&#160;&#160;&#160;&#160;ACCELERATED BENEFIT IN THE EVENT OF TERMINAL ILLNESS AND DIVISION OF CASH SURRENDER VALUE.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div><div style="padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">A.&#160;&#160;&#160;&#160;In the event the Policy(ies) provides for such option through a Terminal Illness Rider and Insured satisfies the Policy requirements regarding what it means to be Terminally Ill, then provided that Insured has not yet Separated From Service, they shall have the right to request (in writing) and receive from the Policy(ies) an amount up to the benefit specified in Paragraph 6A&#59; however, this amount shall be subject to any further limitation imposed by the Policy(ies) itself.</font></div><div style="padding-left:108pt;text-align:justify"><font><br></font></div><div