Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.
Appears in 23 contracts
Samples: Split Dollar Life Insurance Agreement (Sandy Spring Bancorp Inc), Split Dollar Life Insurance Agreement, Dollar Agreement
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s 's age multiplied by the aggregate death benefit payable to the Beneficiary. The “"life insurance premium factor” " is the minimum factor applicable under guidance published pursuant to Treasury Reg. § ss. 1.61-22(d)(3)(ii) or any subsequent subsequently applicable authority.
Appears in 5 contracts
Samples: Dollar Life Insurance Agreement (ESSA Bancorp, Inc.), Dollar Life Insurance Agreement (ESSA Bancorp, Inc.), Dollar Life Insurance Agreement (ESSA Bancorp, Inc.)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s 's age multiplied by the aggregate death benefit payable to the Beneficiary. The “"life insurance premium factor” " is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.
Appears in 4 contracts
Samples: Split Dollar Agreement (Temecula Valley Bancorp Inc), Dollar Agreement (First Citizens Bancshares Inc /Tn/), Split Dollar Agreement (Temecula Valley Bancorp Inc)
Economic Benefit. The Bank Company shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.
Appears in 4 contracts
Samples: Restricted Stock Unit Agreement, Restricted Stock Unit Agreement (Sourcefire Inc), Retirement Agreement (Sourcefire Inc)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority. Alternatively, the “life insurance premium factor” may be determined by the annual renewable term (ART) rates published by the insurer.
Appears in 3 contracts
Samples: Endorsement Split Dollar Life Insurance Agreement (Union Bankshares Inc), Endorsement Split Dollar Life Insurance Agreement (Union Bankshares Inc), Endorsement Split Dollar Life Insurance Agreement (Union Bankshares Inc)
Economic Benefit. The Bank shall determine at least annually the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Beneficiary/ies. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.
Appears in 3 contracts
Samples: Supplemental Life Insurance Agreement (Enterprise Bancorp Inc /Ma/), Supplemental Life Insurance Agreement (Enterprise Bancorp Inc /Ma/), Supplemental Life Insurance Agreement (Enterprise Bancorp Inc /Ma/)
Economic Benefit. The Bank Company shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s 's age multiplied by the aggregate death benefit payable to the Beneficiary. The “"life insurance premium factor” " is the minimum factor applicable under guidance published pursuant to Treasury Reg. § Section 1.61-22(d)(3)(ii) or any subsequent authority.
Appears in 3 contracts
Samples: Supplemental Life Insurance Agreement (West Pointe Bancorp Inc), Supplemental Life Insurance Agreement (West Pointe Bancorp Inc), Supplemental Life Insurance Agreement (West Pointe Bancorp Inc)
Economic Benefit. The Bank Company shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s 's age multiplied by the aggregate death benefit payable to the BeneficiaryExecutive's beneficiary. The “"life insurance premium factor” " is the minimum factor applicable under guidance published pursuant to Treasury IRS Reg. § ss. 1.61-22(d)(3)(ii) or any subsequent authority.
Appears in 3 contracts
Samples: Agreement (FNB Bancorp/Ca/), Agreement (FNB Bancorp/Ca/), Agreement (FNB Bancorp/Ca/)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” ’ is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.
Appears in 2 contracts
Samples: Endorsement Split Dollar Insurance Agreement (SBT Bancorp, Inc.), Supplemental Life Insurance Agreement (River Valley Bancorp)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authorityauthority .
Appears in 2 contracts
Samples: Old Line Bank Supplemental Life Insurance Agreement (Old Line Bancshares Inc), Supplemental Life Insurance Agreement (Illini Corp)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the BeneficiaryBeneficiary hereunder. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.
Appears in 2 contracts
Samples: Supplemental Life Insurance Agreement (Northern California Bancorp Inc), Supplemental Life Insurance Agreement (Northern California Bancorp Inc)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s 's age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent subsequently applicable authority.
Appears in 2 contracts
Samples: Endorsement Split Dollar (ESSA Bancorp, Inc.), Endorsement Split Dollar (ESSA Bancorp, Inc.)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s 's age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.
Appears in 1 contract
Economic Benefit. The Bank Company shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s 's age multiplied by the aggregate death benefit payable to the BeneficiaryExecutive's beneficiary. The “"life insurance premium factor” " is the minimum factor applicable under guidance published pursuant to Treasury IRS Reg. § section 1.61-22(d)(3)(ii) or any subsequent authority.
Appears in 1 contract
Samples: Heartland Bancshares Inc/Fl
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s 's age multiplied by the aggregate death benefit payable to the Executive's Beneficiary. The “life insurance premium factor” factor is the minimum factor applicable amount required to be imputed under guidance published pursuant to Treasury Reg. § Internal Revenue Service Regulations, section 1.61-22(d)(3)(ii) ), or any subsequent applicable authority. The Bank shall impute the economic benefit to the Executive on an annual basis by adding the economic benefit to the Executive's Form W-2 or, if applicable, Form 1099.
Appears in 1 contract
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury IRS Reg. § 1.61-22(d)(3)(ii) or any subsequent authority. The Bank will provide the Executive with an annual statement of the amount of income reportable by the Executive for federal and state income tax purposes as a result of such economic benefit.
Appears in 1 contract
Samples: Death Benefit Plan and Agreement (Mid Penn Bancorp Inc)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.. OLD LINE BANK Supplemental Life Insurance Agreement
Appears in 1 contract
Samples: Old Line Bank Supplemental Life Insurance Agreement (Old Line Bancshares Inc)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s 's age multiplied by the aggregate death benefit payable to the Beneficiary. The “"life insurance premium factor” " is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent subsequently applicable authority.
Appears in 1 contract
Samples: Dollar Life Insurance Agreement (Lyons Bancorp Inc)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the BeneficiaryExecutive’s beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61IRS Reg.§ l.61-22(d)(3)(ii) or any subsequent authority.
Appears in 1 contract
Samples: Supplemental Life Insurance Agreement (PFS Bancorp, Inc.)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent subsequently applicable authority.
Appears in 1 contract
Samples: Endorsement Split Dollar Life Insurance Agreement (Lyons Bancorp Inc)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Executive’s Beneficiary. The “life insurance premium factor” factor is the minimum factor applicable amount required to be imputed under guidance published pursuant to Treasury Reg. § Internal Revenue Service Regulations, section 1.61-22(d)(3)(ii) ), or any subsequent applicable authority. The Bank shall impute the economic benefit to the Executive on an annual basis by adding the economic benefit to the Executive’s Form W-2 or, if applicable, Form 1099.
Appears in 1 contract
Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” ’ is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii1.61 -22(d)(3)(ii) or any subsequent authority.
Appears in 1 contract
Samples: Supplemental Life Insurance Agreement (Ameriana Bancorp)