Simulated Investment. Number One shall track the cash surrender value of a simulated life insurance policy, as described in Appendix A.
Simulated Investment. Number Two shall track the return of an investment comprised of the principal and the accumulated net after-tax interest earnings. Simulated Investment Number Two assumes a four percent (4%) pre-tax interest rate, assumes a charge for the prorated portion of the net implementation and administrative service fees associated with this Agreement, assumes the income tax rate to apply to be the Company's highest marginal tax rate for the previous calendar year, and assumes that interest shall accrue monthly and be compounded at each Plan Anniversary Date. This assumed pre-tax interest rate may be adjusted periodically as determined by the Board.
Simulated Investment. Number Two shall track the return of an investment comprised of the principal and the accumulated net after-tax interest earnings. Simulated Investment Number Two assumes a four percent (4%) pre-tax interest rate, assumes a charge for the prorated portion of the net implementation and administrative service fees associated with this Agreement, assumes the income tax rate to apply to be the Company’s highest marginal tax rate for the previous calendar year, and assumes that interest shall accrue monthly and be compounded at each Plan Anniversary Date. This assumed pre-tax interest rate may be adjusted periodically as determined by the Board at any time prior to the occurrence of a distribution event under Article 3 or Article 4.
Simulated Investment. Number Two shall track the value of a simulated investment account comprised of both principal and accumulated net after-tax interest earnings. Pre-tax interest earnings equal the current 5-year Treasury Bill rate, which shall initially be set at 4.30%, whicx xhall continue through December 31, 2003. Each January 1 thereafter the rate shall be reset based on the average 5-year Treasury Bill rate for the previous month of December according to Xxoomberg or such other nationally recognized reporting service. Simulated Investment Number Two assumes the income tax rate to be the Company's highest marginal tax rate for the current calendar year (which is 42.046%, using a Federal rate of 35% and a State franchise tax rate of 10.84%), and assumes that interest (net of tax) shall be compounded on an annual basis at the end of each Plan Year.
Simulated Investment. Number Two shall track the value of a simulated investment account comprised of both principal and accumulated net after-tax interest earnings. Pre-tax interest earnings shall equal 4.44 percent for the first Plan Year and adjusted by the Company's Board of Directors at their sole and absolute discretion for subsequent Plan Years. Simulated Investment Number Two assumes the income tax rate to be the Company's highest marginal tax rate for the current calendar year, and assumes that interest (net of tax) shall be compounded on an annual basis at the end of each Plan Year.
Simulated Investment. Number One shall be equal to the cash surrender value of one or more life insurance policies, as described in Appendix A.
Simulated Investment. Number Two shall be equal to the principal and the accumulated net after-tax interest earnings on an alternative investment. For purpose of this Agreement, Simulated Investment Number Two assumes an investment in one year U.S. Treasury Bills, assumes the applicable income rate to be the Company's highest marginal tax rate for the previous calendar year, assumes that after-tax interest shall accrue monthly and be compounded at each Plan Anniversary Date, and assumes that the accumulated balance shall be reinvested in one year U.S. Treasury Bills at each Plan Anniversary Date.
Simulated Investment. Number Two shall track the value of a simulated investment account comprised of both principal and accumulated net after-tax interest earnings. Pre-tax interest earnings shall be based on the Banks Cost of Funds Rate as calculated from the Banks 3rd Quarter Call Report for the plan year. The principal amount of the Simulated Investment Number Two shall be increased by the amount of each after-tax benefit payment under this Agreement effective the first day of the Plan Year following such benefit payment. Calculations for Simulated Investment Number Two assume the income tax rate to be the Company's highest marginal tax rate for the prior calendar year, and assumes that interest (net of tax) shall be compounded on an annual basis at the end of each Plan Year.
Simulated Investment. Number Two shall track the value of a simulated investment account comprised of both principal and accumulated net after-tax interest earnings. The initial principal amount shall be equal to seven hundred twenty-four thousand eight hundred dollars ($724,800) multiplied by the Allocation Percentage. Pre-tax interest earnings shall be calculated using the Opportunity Rate. The principal amount of the Simulated Investment Number Two shall be increased by the amount of after-tax benefits paid to the Director under this Agreement effective the first day of the Plan Year following such benefit payments. Calculations for Simulated Investment Number Two assume the income tax rate to be the Company’s highest marginal tax rate for the prior calendar year, and assumes that interest (net of tax) shall be compounded on an annual basis at the end of each Plan Year.
Simulated Investment. Number Two shall track the value of a simulated investment account comprised of both principal and accumulated net after-tax interest
