TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
Appears in 37 contracts
Samples: Agreement (Old Point Financial Corp), Joint Beneficiary Agreement (Columbia Banking System, Inc.), Joint Beneficiary Agreement (Columbia Banking System, Inc.)
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent. The Executive shall be responsible for the payment of the income taxes on such imputed income.
Appears in 10 contracts
Samples: Split Dollar Agreement (Bank Holdings), Split Dollar Agreement (Bank Holdings), Split Dollar Agreement (Bank Holdings)
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost imputed value of insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
Appears in 8 contracts
Samples: Endorsement Method Split Dollar Plan (Lyons Bancorp Inc), Endorsement Method Split Dollar Plan (Lyons Bancorp Inc), Split Dollar Plan Agreement (Origin Bancorp, Inc.)
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (Employer or its administrator) the Trustee at the direction of the Employer will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
Appears in 5 contracts
Samples: Agreement (Greater Bay Bancorp), Agreement (Greater Bay Bancorp), Agreement (Greater Bay Bancorp)
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured Employee the amount of imputed income received each year on Form W-2 or its equivalent.
Appears in 4 contracts
Samples: Dollar Plan Agreement (First Colebrook Bancorp, Inc.), First Colebrook Bancorp, Inc., Shore Bancshares Inc
TAXABLE BENEFIT. Annually Actually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
Appears in 4 contracts
Samples: Endorsement Method Split Dollar Plan Agreement (First Colebrook Bancorp, Inc.), Endorsement Method Split Dollar Plan Agreement (First Colebrook Bancorp, Inc.), Endorsement Method Split Dollar Plan Agreement (First Colebrook Bancorp, Inc.)
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) the Trustee at the direction of the Bank will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
Appears in 4 contracts
Samples: Split Dollar Plan Agreement (Lyons Bancorp Inc), Lyons Bancorp Inc, Method Split Dollar Plan (South Street Financial Corp)
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost value of the economic benefits of the insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
Appears in 3 contracts
Samples: Method Split Dollar Plan (Old Point Financial Corp), Endorsement Method Split Dollar Plan (Old Point Financial Corp), Endorsement Method Split Dollar Plan (Old Point Financial Corp)
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 for executives or its equivalent.
Appears in 2 contracts
Samples: Executive Endorsement Split Dollar Agreement (First Capital Bancorp, Inc.), Executive Endorsement Split Dollar Agreement (First Capital Bancorp, Inc.)
TAXABLE BENEFIT. Annually Annually, the Insured will receive recognize a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue ServiceService ("IRS"), as determined from time to time. The Bank (or its administrator) will report to the Insured the amount of such imputed income each year on IRS Form W-2 or its equivalent.
Appears in 2 contracts
Samples: Executive Life Insurance Agreement (MSB Financial Corp.), Kearny Federal Savings (Kearny Financial Corp.)
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank Company (or its administrator) will report to the Insured the amount of such imputed income each year on Form W-2 or its equivalent.
Appears in 2 contracts
Samples: Dollar Agreement (Mountain Bank Holding Co), Method Split Dollar Agreement (Americanwest Bancorporation)
TAXABLE BENEFIT. Annually Each year during this Agreement the Insured will receive recognize a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank Company (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 for executives or its equivalent.
Appears in 1 contract
Samples: Split Dollar Life Insurance Agreement (Cardinal Financial Corp)
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost value of the insurance protection as required by the Internal Revenue Service. The Bank (or its administrator) the Trustee at the direction of the Bank will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
Appears in 1 contract
Samples: Endorsement Method Split Dollar Plan (Ecb Bancorp Inc)
TAXABLE BENEFIT. 1125843.v4 Annually the Insured will receive a taxable benefit (imputed income) equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
Appears in 1 contract
Samples: Retirement Split Dollar Agreement (First Community Financial Partners, Inc.)
TAXABLE BENEFIT. Annually the Annually, Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
Appears in 1 contract
Samples: United Business (BayCom Corp)
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
Appears in 1 contract
TAXABLE BENEFIT. Annually Annually, the Insured will receive recognize a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue ServiceService (“IRS”), as determined from time to time. The Bank (or its administrator) will report to the Insured the amount of such imputed income each year on IRS Form W-2 or its equivalent.
Appears in 1 contract
Samples: Executive Life Insurance Agreement (Kearny Financial Corp.)
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance insurance, as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent, In addition, Insured shall be responsible for all additional appropriate or required taxes, if any.
Appears in 1 contract
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 1099 or its equivalent.
Appears in 1 contract
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) the Trustee at the direction of the Bank will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent. Exhibit 10 (cont.)
Appears in 1 contract
TAXABLE BENEFIT. Annually Annually, the Insured will receive recognize a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue ServiceService ("IRS"), as determined from time to time. The Bank (or its administrator) will report to the Insured the amount of such imputed income each year on IRS Form W-2 1099 or its equivalent.
Appears in 1 contract
