Item 5.02. Departure of Directors or Certain Officers; Election of Directors;


            Appointment of Certain Officers; Compensatory Arrangements of Certain
            Officers

Split Dollar Life Insurance Agreements. On August 11, 2022, the Bank entered into a Split Dollar Life Insurance Agreement with Stephen Scott (the "Agreement"). The Plan provides the Executive with a death benefit through bank-owned life insurance policies. In the event the Executive dies while employed by the Bank, the split-dollar life insurance agreement entitles the Executive to an amount equal to three (3) times the Executive's Annual Base Salary, less $50,000, capped at $400,000. In the event the Executive dies following his termination of employment on or after age 65, the death benefit provided under the Plan is an amount equal to a multiple of final base salary, less $50,000, capped at $400,000. The Bank is the sole beneficiary of any death proceeds remaining after the aforementioned death proceeds have been paid to Mr. Scott's designated beneficiary.

The Agreement will terminate upon the occurrence of any of the following prior to the death of the Mr. Scott: (1) total cessation of the business of the Bank; (2) bankruptcy, receivership or dissolution of the Bank; (3) termination of Mr. Scott's employment prior to age 65 (whether voluntary or involuntary); or (4) by written notice thereof by the Bank or by Mr. Scott.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement attached hereto as Exhibit 10.1.

Item 9.01. Financial Statement and Exhibits






(a)    Not Applicable.



(b)    Not Applicable.



(c)    Not Applicable.



(d)    Exhibits.


Exhibit
Number             Description
  10.1               Salisbury Bank and Trust Company Split Dollar Life Insurance Agreement with
                   Stephen Scott Effective as of August 11, 2022.

© Edgar Online, source Glimpses