FIRST AMENDMENT TO THE ACNB BANK AMENDED AND RESTATED EXECUTIVE SUPPLEMENTAL LIFE INSURANCE PLAN – Form 8-K

FIRST AMENDMENT TO THE

ACNB BANK AMENDED AND RESTATED

EXECUTIVE SUPPLEMENTAL LIFE INSURANCE PLAN

This First Amendment to the Amended and Restated Executive Supplemental Life Insurance Plan is hereby made effective as of the 1st day of November, 2023, by ACNB Bank.

WHEREAS, ACNB Bank previously implemented the Amended and Restated Executive Supplemental Life Insurance Plan (the "Plan") dated as of and effective December 31, 2014; and,

WHEREAS, in accordance with Article 8 of the Plan document, the Company desires to amend the Plan document and the Split Dollar Policy Endorsement, provided as Exhibit B of the Plan, to enhance benefits payable to the Participant through a change in the formula that determines the benefit amount and the utilization of current life insurance Policies and/or purchase of additional life insurance Policies.

NOW, THEREFORE, this Amendment is hereby adopted as follows:

Section 3.1 of the Plan is hereby deleted in its entirety and replaced with the following:

3.1 Participant's Interest. Unless or until the Participant's rights under the Plan shall terminate as provided in Section 2.3, with respect to the Policy(ies), the Participant shall have the right to designate the beneficiary of the death benefit amounts set forth in the Participant's individual Split Dollar Policy Endorsement.

Insurer(s) and Policy Number(s) applicable to ExhibitB, Split Dollar Policy Endorsement, include:

Insurer/Policy Number:
Insurer/Policy Number:

Paragraph 1 of ExhibitB, Split Dollar Policy Endorsement, is hereby deleted in its entirety and replaced with the following:

In all other respects, the Plan and related Exhibits are ratified and confirmed.

IN WITNESS WHEREOF, this Amendment is adopted and made effective as of the date first written above.

Attachments

• Original Link
• Original Document
• Permalink

Disclaimer

ACNB Corporation published this content on 03 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2023 13:01:09 UTC.