Index Retirement Benefit Sample Clauses

Index Retirement Benefit. The Index Retirement Benefit for the Executive for any year shall be equal to the excess of the annual earnings (if any) determined by the Index [subparagraph I (G)] for that Plan Year over the Cost of Funds Expense [subparagraph I (H)] for that Plan Year.
AutoNDA by SimpleDocs
Index Retirement Benefit. The Index Retirement Benefit for each Director in the Director Plan for each Plan Year shall be equal to the excess (if any) of the Index [Subparagraph I (G)] for that Plan Year over the Cost of Funds Expense [Subparagraph I (H)] for that Plan Year.
Index Retirement Benefit. The Index Retirement Benefit for the Director for each Benefit Year shall be equal to the excess (if any) of the Index (Subparagraph I[F]) for that Benefit Year over the Opportunity Cost (Subparagraph I[G]) for that Benefit Year, divided by a factor equal to 1.03 minus the Bank’s federal and state marginal tax rate.
Index Retirement Benefit. The Index Retirement Benefit for a Plan Year equals the excess (if any) of the Index (Subparagraph I [F]) for that Plan Year over the Cost of Funds Expense (Subparagraph I [G]) for that Plan Year, divided by a factor equal to 1.36 minus the marginal tax rate. [F] Index: The Index for any Plan Year is the aggregate annual after-tax income from the life insurance contract(s) described hereinafter, as defined by FASB Technical Bulletin 85-4. This Index shall be applied as if such insurance contract(s) were purchased on the Effective Date of the Executive Plan. Insurance Company: Massachusetts Mutual Life Insurance Company Policy Form: Flexible Premium Adjustable Life Insurance Policy Name: SL11B - 9900 Insured’s Age and Sex: 62 / Male Riders: None Ratings: None Option: Level Death Benefit Face Amount: $1,783,600 Premiums Paid: $980,000 Number of Premium Payments: Single Premium Payment Assumed Purchase Date: July 28, 2003 Insurance Company: Jefferson Pilot Life Insurance Company Policy Form: Flexible Premium Adjustable Life Insurance Policy Name: ESP100 Insured’s Age and Sex: 62 / Male Riders: None Ratings: None Option: Level Death Benefit Face Amount: $807,000 Premiums Paid: $430,000 Number of Premium Payments: Single Premium Payment Assumed Purchase Date: July 28, 2003 If the contract or contracts of life insurance are actually purchased by the Bank, the actual policies as of the dates they were actually purchased shall be used in calculations under this Executive Plan. If the contract or contracts of life insurance are not purchased or subsequently are surrendered or lapse, the Bank shall receive annual policy illustrations that assume the above-described policies were purchased or had not subsequently surrendered or lapsed. The illustration shall be received from the respective insurance companies and will indicate the increase in policy values for purposes of calculating the amount of the Index. In either case, references to the life insurance contracts are merely for purposes of calculating a benefit. The Bank has no obligation to purchase life insurance and, if purchased, the Executive and the Executive’s beneficiary(ies) shall have no ownership interests in such policy or policies and shall always have no greater interest in the benefits under this Executive Plan than that of an unsecured creditor of the Bank.
Index Retirement Benefit. The Index Retirement Benefit for the Executive in the Executive Plan for each Plan Year shall be equal to the excess (if any) of the Index [Subparagraph I (H)] for that Plan Year over the Opportunity Cost [Subparagraph I (I)] for that Plan Year. An illustration of the calculation of the Index Retirement Benefit as set forth herein is attached hereto and marked as Exhibit “A”. The numbers referred to in said Exhibit A are not actual nor representative of any Index Retirement Benefit that may be actually calculated per this Executive Agreement. Exhibit A is attached hereto merely for illustrative purposes.
Index Retirement Benefit. The Index Retirement Benefit for each Trustee in the Trustee Plan for each Plan Year shall be equal to the excess (if any) of the Index (Subparagraph I [G]) for that Plan Year over the Cost of Funds Expense (Subparagraph I [H]) for that Plan Year
Index Retirement Benefit. The Index Retirement Benefit for each director in the Plan shall be equal to the annual earnings or loss determined by the Index [Subparagraph I (G)] less the Cost of Funds Expense [Subparagraph I (H)], multiplied by a fraction, the numerator of which is the Trustee's original premium (Exhibit A) and the denominator of which is the total of all premiums paid (Exhibit A). The Index for any Plan Year shall be the aggregate annual after-tax income from the life insurance contracts described in the attached Exhibit "A" on the lives of the participating directors [described in Subparagraph I (I)], as defined by FASB Technical Bulletin 85-4. This Index shall be applied as if such insurance contracts were purchased on the effective date of the Plan. If such contracts of life insurance are actually purchased by the Bank then the actual policies as of the dates they were actually purchased shall be used in calculations under this Agreement. If such contracts of life insurance are not purchased or are subsequently surrendered or lapsed, then the Bank shall receive annual policy illustrations from the above named insurance company(ies) on the increase in value from such policy(ies) as if they had actually been in force which will be used to calculate the amount of the Index. In either case, references to the life insurance contract are merely for purposes of calculating a benefit. The Bank has no obligation to purchase such life insurance and, if purchased, the Director and his beneficiaries shall have no ownership interest in such policy and shall always have no greater interest in the benefits under this Agreement than that of an unsecured creditor of the Bank.
AutoNDA by SimpleDocs
Index Retirement Benefit. The Index Retirement Benefit for the CFO for any year shall be equal to the excess of the annual earnings (if any) determined by the Index (subparagraph I(G)) for the Plan Year over the Opportunity Cost (subparagraph I(H)) for that Plan Year. The Index for any year shall be the aggregate annual income from the life insurance contracts described hereinafter as defined by FASB Bulletin 85-4 as in effect on the date of this Agreement. This Index shall be applied as if such insurance contracts were purchased on the Effective Date hereof.
Index Retirement Benefit. In the event the Director receives the retirement benefit set forth in Subparagraph II (A) herein, the Index Retirement Benefit for each Director in the Director Plan for each Plan Year shall be equal to the excess (if any) of the Index (Subparagraph I [F]) for that Plan Year over the Opportunity Cost (Subparagraph I [G]) for that Plan Year, divided by a factor equal to 1.18 minus the marginal tax rate. In the event the Director elects to receive the benefit set forth in Subparagraph II (G) herein, the Index Retirement Benefit for each Director in the Director Plan for each Plan Year shall be equal to the excess (if any) of the Index (Subparagraph I [F]) for that Plan Year over the Opportunity Cost (Subparagraph I [G]) for that Plan Year.
Index Retirement Benefit. The Index Retirement Benefit for each Executive in the Retention Plan for each Plan Year shall be equal to the excess (if any) of the Index for that Plan Year over the Cost of Funds Expense for that Plan Year. For further reference on the definition(s) as set forth herein, please see Exhibit "A" attached hereto. Said Exhibit "A" is referred to herein for illustrative purposes only. The Company does not promise any amounts as set forth in Exhibit "A".
Time is Money Join Law Insider Premium to draft better contracts faster.