TAXABLE BENEFIT. The Bank shall determine the economic benefit attributable to the Insured based on the life insurance premium factor for the Insured’s age multiplied by the amount of current life insurance protection payable to the Insured’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.
Appears in 13 contracts
Samples: Split Dollar Life Insurance Agreement (Prime Meridian Holding Co), Dollar Life Insurance Agreement (Century Bancorp Inc), Dollar Life Insurance Agreement (Century Bancorp Inc)
TAXABLE BENEFIT. The Bank shall determine the economic benefit attributable to the Insured based on the life insurance premium factor for the Insured’s age multiplied by the amount of current life insurance protection Exhibit 10.11 payable to the Insured’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.
Appears in 1 contract
Samples: Split Dollar Life Insurance Agreement (Fidelity Southern Corp)