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SPLIT DOLLAR LIFE INSURANCE AGREEMENT

Life Insurance Split Dollar Agreement

SPLIT DOLLAR LIFE INSURANCE AGREEMENT | Document Parties: FIRST HORIZON NATIONAL CORP | First Horizon National Corporation | SPLIT DOLLAR LIFE INSURANCE You are currently viewing:
This Life Insurance Split Dollar Agreement involves

FIRST HORIZON NATIONAL CORP | First Horizon National Corporation | SPLIT DOLLAR LIFE INSURANCE

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Title: SPLIT DOLLAR LIFE INSURANCE AGREEMENT
Date: 2/27/2008
Industry: Regional Banks     Sector: Financial

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Exhibit 10.7(q)

SPLIT DOLLAR LIFE INSURANCE AGREEMENT

      THIS AGREEMENT is made this 20 th day of December, 2007, by and between First Horizon National Corporation, a Tennessee Corporation and its subsidiaries, hereinafter collectively referred to as the ‘Corporation” and John O’Connor hereinafter referred to as the “Employee”.

      WHEREAS, the Corporation highly values the efforts, abilities and accomplishments of the Employee; and

      WHEREAS, the Employee is deemed a member of a select group of management and one of the highly compensated employees of the Corporation; and

      WHEREAS, the Corporation, as an inducement to such continued employment, wishes to assist the Employee with his personal life insurance program; and

      WHEREAS, the Employee agrees to participate in such program to the extent hereinafter provided.

      NOW, THEREFORE, the parties named above agree as follows:

1.      

Life Insurance Policy .

 
  (a)      

In furtherance of the purposes of this agreement, life insurance, hereinafter referred to as the Policy, has been applied for or issued as Policy no. _________________ on the life of the Employee, hereinafter at times referred to as the “Insured”, from ________________________ Life Insurance Company or its successors in interest or assigns, hereinafter called “Insurer”.

 
  (b)      

This agreement is effective as to a particular policy upon execution, or upon issuance and acceptance of such policy, whichever is later.

 
2.      

Ownership and Duties .

 
  (a)      

The Corporation shall be the owner of all rights and incidents of ownership in the Policy, including, without limitation, the right to obtain loans secured by the Policy and to cancel the Policy, all without the consent of any other party. The Employee shall, however, have the right to designate the beneficiary of Part One of the proceeds of such Policy, as defined in Paragraph 7, herein.

 
  (b)      

The Corporation shall be responsible for safeguarding the Policy.

 

 



  (c)      

The parties to this agreement shall execute and forward promptly and without unreasonable delay, changes in beneficiary designation forms and documents, including the Policy, as required by the Insurer, to facilitate the exercise of any rights of the parties hereto. The Corporation agrees to designate the beneficiary of Part One of such Policy in accordance with the written direction of the Employee. The parties hereto shall not be required to execute any documents or take any action that would impair their own interest under the Policy and any assignment of that Policy.

 
3.      

Policy Loans .

 
 

The Corporation shall have the right to obtain loans secured by the Policy without the consent of any other party. The amount of such loans together with the unpaid interest thereon shall at no time exceed that amount the Corporation would be entitled to as determined by Paragraph 7 herein. The interest due on such Policy loans shall be the debt of the Corporation owed to the Insurer.

 
4.      

Payment of Premiums .

 
 

All premiums due on the Policy shall be paid by the Corporation.

 
5.      

Use of Dividends .

 
 

All dividends attributable to the Policy shall be applied to the purchase of paid-up insurance additions from the Insurer.

 
6.      

Payment of Proceeds .

 
 

Upon the death of the Insured, such party or parties as designated by the Employee in writing shall be beneficiary of Part One of the Policy and the Corporation shall receive Part Two of the Policy, as defined herein. Alternative modes of payment may be selected pursuant to the settlement options set forth in the Policy.

 
7.      

Definitions .

 
  (a)      

For purposes of this agreement, the following definitions are applicable:

 
    (i)      

Total Premium - Consists of the premium on the policy and any riders thereon.

 
    (ii)      

Guaranteed Cash Values - Is the contractually guaranteed cash values only.

2


 



    (iii)       Total Cash Values - Consists of guaranteed cash values, cash values of additions, values from accumulations, and accrued but unpaid dividends.
       
    (iv)       Annual Salary - 12 times the current monthly salary (exclusive of any incentive or bonus compensation).
 
  (b)      

Part One is an amount equal to the product of multiplying the Employee’s Annual Salary by a multiple of 2.5, but in no event, shall such amount exceed the total of the insurance proceeds payable under the Policy.

 
  (c)      

Part Two is an amount equal to the balance of the insurance proceeds in excess of the amount payable as Part One, above.

 
  (d)      

The Corporation shall properly certify, as required by the Insurer, the extent of its interest in the Policy and payment of such amount shall release the Insurer from any liability to the Corporation.

 
8.      

Termination of Agreement .

 
 

This agreement shall terminate, which termination shall be effective immediately, for any of t


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