Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the amount of the current term rate for the Executive’s age multiplied by the aggregate death benefit payable to the Executive’s beneficiary. The “current term rate” is the minimum amount required to be imputed under Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 22 contracts
Samples: Salary Continuation Agreement (Chino Commercial Bancorp), Salary Continuation Agreement (Chino Commercial Bancorp), Split Dollar Agreement (First California Financial Group, Inc.)
Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the amount of the current term rate for the Executive’s 's age multiplied by the aggregate death benefit payable to the Executive’s 's beneficiary. The “"current term rate” " is the minimum amount required to be imputed under Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 22 contracts
Samples: Salary Continuation Agreement (Redwood Empire Bancorp), Split Dollar Agreement (Temecula Valley Bancorp Inc), Split Dollar Agreement (Temecula Valley Bancorp Inc)
Economic Benefit. The Company Bank shall determine the economic benefit attributable to the Executive based on the amount of the current term rate for the Executive’s 's age multiplied by the aggregate death benefit payable to the Executive’s 's beneficiary. The “"current term rate” " is the minimum amount required to be imputed under Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 7 contracts
Samples: Split Dollar Agreement (Bancorp Rhode Island Inc), Split Dollar Agreement (Columbia Bancorp \Or\), Split Dollar Agreement (Columbia Bancorp \Or\)
Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the amount of the current term rate for the Executive’s 's age multiplied by the aggregate death benefit payable to the Executive’s beneficiary's Beneficiary. The “"current term rate” " is the minimum amount required to be imputed under Internal Revenue Rulings 64Notice 2002-328 and 66-1108, or any subsequent applicable authority.
Appears in 5 contracts
Samples: Supplemental Life Insurance Agreement (Community Financial Corp /Md/), Split Dollar Endorsement Agreement (Heartland Bancshares Inc /In/), Split Dollar Endorsement Agreement (Heartland Bancshares Inc /In/)
Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the amount of the current term rate for the Executive’s age multiplied by the aggregate death benefit payable to the Executive’s beneficiaryBeneficiary. The “current term rate” is the minimum amount required to be imputed under Internal Revenue Rulings 64Notice 2002-328 and 66-1108, or any subsequent applicable authority.
Appears in 3 contracts
Samples: Supplemental Life Insurance Agreement (Community Financial Corp /Md/), Supplemental Life Insurance Agreement (Community Financial Corp /Md/), Supplemental Life Insurance Agreement (Cooperative Bankshares Inc)
Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the amount of the current term rate for the Executive’s 's age multiplied by the aggregate death benefit payable to the Executive’s 's beneficiary. The “"current term rate” " is the minimum amount required to be imputed under Revenue Rulings 64IRS Notice 2002-328 and 66-11059, or any subsequent applicable authority. The Company shall perform all tax information reporting required by federal, state, and local taxation authorities in conjunction with reporting the economic benefit described in this Section 3.2 as additional taxable income of Executive.
Appears in 1 contract
Samples: Salary Continuation Agreement (Monterey Bay Bancorp Inc)
Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the amount of the current term rate for the Executive’s 's age multiplied by the aggregate death benefit payable to the Executive’s 's beneficiary. The “"current term rate” is " shall be calculated based on the minimum amount required Insurers published premium rates available to be imputed under all standard risks for initial issue one-year term insurance in compliance with Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority110 and 67-154 and Notice 2002-8 issued by the Internal Revenue Service.
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Economic Benefit. The Company shall determine each year the economic benefit attributable to the Executive based on the amount of the current term rate for the Executive’s age multiplied by the aggregate death benefit payable to the Executive’s beneficiaryBeneficiary. The “current term rate” is the minimum amount required to be imputed under Internal Revenue Rulings 64Service Notice 2002-328 and 66-1108, or any subsequent applicable authority.
Appears in 1 contract
Samples: Supplemental Life Insurance Agreement (Greer Bancshares Inc)
Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the amount of the current term rate for the Executive’s age multiplied by the aggregate death benefit payable to the Executive’s beneficiary. The “current term rate” is the minimum amount required to be imputed under Internal Revenue Rulings 64-328 and 66-110Service Notice 20024, or any subsequent applicable authority.. 3.3
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