Economic Benefit. The Bank shall determine the economic benefit attributable to the Employee based on the life insurance premium factor for the Employee’s age multiplied by the amount of current life insurance protection payable to the Employee’s beneficiary. The “life insurance premium factor” is the minimum amount required to be imputed under Treasury Regulation § 1.61-22(d)(3)(ii), or any subsequent applicable authority. The Bank shall impute the economic benefit to the Employee on an annual basis by adding the economic benefit to the Executive’s Form W-2, or, if applicable, Form 1099.
Appears in 9 contracts
Samples: Salisbury Bank and Trust Company (Salisbury Bancorp, Inc.), Split Dollar Life Insurance Agreement (Wilson Bank Holding Co), Salisbury Bank and Trust Company (Salisbury Bancorp, Inc.)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Employee based on the life insurance premium factor for the Employee’s age multiplied by the amount of current life insurance protection payable to the Employee’s beneficiary. The “life insurance premium factor” is the minimum amount required to be imputed under Treasury Regulation § 1.61-22(d)(3)(ii), or any subsequent applicable authority. The Bank shall impute the economic benefit to the Employee on an annual basis by adding the economic benefit to the ExecutiveEmployee’s Form W-2, or, if applicable, Form 1099.
Appears in 8 contracts
Samples: Split Dollar Life Insurance Agreement (Square 1 Financial Inc), Split Dollar Life Insurance Agreement (Square 1 Financial Inc), Split Dollar Life Insurance Agreement (Square 1 Financial Inc)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Employee based on the life insurance premium factor for the Employee’s 's age multiplied by the amount of current life insurance protection aggregate death benefit payable to the Employee’s beneficiaryBeneficiary. The “"life insurance premium factor” " is the minimum amount required factor applicable under guidance published pursuant to be imputed under Treasury Regulation Reg. § 1.61-22(d)(3)(ii), ) or any subsequent applicable authority. The Bank shall impute the economic benefit to the Employee on an annual basis by adding the economic benefit to the Executive’s Form W-2, or, if applicable, Form 1099.
Appears in 3 contracts
Samples: Dollar Life Insurance Agreement (SBT Bancorp, Inc.), Dollar Life Insurance Agreement (SBT Bancorp, Inc.), Dollar Life Insurance Agreement (SBT Bancorp, Inc.)
Economic Benefit. The Bank shall determine the economic benefit attributable to the Employee based on the life insurance premium factor for the Employee’s age multiplied by the amount of current life insurance protection aggregate death benefit payable to the Employee’s beneficiaryBeneficiary. The “life insurance premium factor” is the minimum amount required factor applicable under guidance published pursuant to be imputed under Treasury Regulation Reg. § 1.61-22(d)(3)(ii), ) or any subsequent applicable authority. The Bank shall impute the economic benefit to the Employee 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 Employee based on the life insurance premium factor for the Employee’s age multiplied by the amount of current life insurance protection payable to the Employee’s beneficiary. The “life insurance premium factor” is the minimum amount required to be imputed under Treasury Regulation § §1.61-22(d)(3)(ii), or any subsequent applicable authority. The Bank shall impute the economic benefit to the Employee on an annual basis by adding the economic benefit to the ExecutiveEmployee’s Form W-2, or, if applicable, Form 1099ordinary income utilizing the appropriate tax form. 4.
Appears in 1 contract
Samples: 1 Split Dollar Life Insurance Agreement This Agreement (Customers Bancorp, Inc.)