Common use of Economic Benefit Clause in Contracts

Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive's age multiplied by the aggregate death benefit payable to the Executive's beneficiary. The "life insurance premium factor" is the minimum factor applicable under guidance published pursuant to IRS Reg. ss. 1.61-22(d)(3)(ii) or any subsequent authority.

Appears in 3 contracts

Sources: Salary Continuation Agreement (FNB Bancorp/Ca/), Salary Continuation Agreement (FNB Bancorp/Ca/), Salary Continuation Agreement (FNB Bancorp/Ca/)

Economic Benefit. The Company Employer shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive's age multiplied by the aggregate death benefit payable to the Executive's beneficiaryBeneficiary. The "life insurance premium factor" is the minimum factor applicable under guidance published pursuant to IRS Treasury Reg. ss. § 1.61-22(d)(3)(ii) or any subsequent authority.

Appears in 3 contracts

Sources: Split Dollar Life Insurance Agreement (Eureka Homestead Bancorp, Inc.), Split Dollar Life Insurance Agreement (Eureka Homestead Bancorp, Inc.), Split Dollar Life Insurance Agreement (Valley Commerce Bancorp)

Economic Benefit. The Company Employer shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive's ’s age multiplied by the aggregate death benefit payable to the Executive's beneficiaryBeneficiary. The "life insurance premium factor" is the minimum factor applicable under guidance published pursuant to IRS Treasury Reg. ss. § 1.61-22(d)(3)(ii) or any subsequent authority.

Appears in 2 contracts

Sources: Split Dollar Life Insurance Agreement (WVS Financial Corp), Split Dollar Life Insurance Agreement (WVS Financial Corp)

Economic Benefit. The Company Employer shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive's ’s age multiplied by the aggregate death benefit amount of current life insurance protection payable to the Executive's ’s beneficiary. The "life insurance premium factor" is the minimum factor applicable amount required to be imputed under guidance published pursuant to IRS Reg. ss. Treasury Regulation § 1.61-22(d)(3)(ii) ), or any subsequent applicable authority. The Employer shall impute the economic benefit to the Executive 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

Sources: Split Dollar Life Insurance Agreement (ConnectOne Bancorp, Inc.)

Economic Benefit. The Company Employer shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive's age multiplied by the aggregate death benefit payable to the Executive's beneficiaryBeneficiary. The "life insurance premium factor" is the minimum factor applicable under guidance published pursuant to IRS Treasury Reg. ss. § 1.61-22(d)(3)(ii) or any subsequent authority.

Appears in 1 contract

Sources: Split Dollar Life Insurance Agreement (Community West Bancshares)

Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive's ’s age multiplied by the aggregate death benefit payable to the Executive's ’s beneficiary. The "life insurance premium factor" is the minimum factor applicable under guidance published pursuant to IRS Reg. ss. § 1.61-22(d)(3)(ii) or any subsequent authority.

Appears in 1 contract

Sources: Supplemental Life Insurance Agreement (Catalyst Bancorp, Inc.)

Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive's age multiplied by the aggregate death benefit payable to the Executive's beneficiary. The "life insurance premium factor" is the minimum factor applicable under guidance published pursuant to IRS Reg. ss. section 1.61-22(d)(3)(ii) or any subsequent authority.

Appears in 1 contract

Sources: Split Dollar Plan (Heartland Bancshares Inc/Fl)

Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive's age multiplied by the aggregate death benefit payable to the Executive's beneficiary. The "life insurance premium factor" is the minimum factor applicable under guidance published pursuant to IRS Reg. ss. 1.61-22(d)(3)(iiSection 1.6l-22(d)(3)(ii) or any subsequent authority.

Appears in 1 contract

Sources: Split Dollar Plan (Heartland Bancshares Inc/Fl)

Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive's age multiplied by the aggregate death benefit payable to the Executive's beneficiary. The "life insurance premium factor" is the minimum factor applicable under guidance published pursuant to IRS Reg. ss. s. 1.61-22(d)(3)(ii) or any subsequent authority.

Appears in 1 contract

Sources: Split Dollar Agreement (First National Lincoln Corp /Me/)

Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive's ’s age multiplied by the aggregate death benefit amount of current life insurance protection payable to the Executive's ’s beneficiary. The "life insurance premium factor" is the minimum factor applicable amount required to be imputed under guidance published pursuant to IRS Reg. ss. Treasury Regulation § 1.61-22(d)(3)(ii) ), or any subsequent applicable authority.

Appears in 1 contract

Sources: Pre Retirement Split Dollar Agreement (County Bancorp, Inc.)