For purposes of § 46A-9-85, a direct benefit from a contract is derived if the director or employee, the spouse of the director or employee, or any other person with whom the director or employee lives and commingles assets:

1. (1) Has more than a five percent ownership interest in an entity that is a party to the contract;
2. (2) Derives income, compensation, or commission directly from the contract or from an entity that is a party to the contract;
3. (3) Acquires real or personal property under the contract; or

4. (4) Serves as a director on the board of a for-profit entity that:

   1. (a) Derives income or a commission from the contract; or
   2. (b) Acquires real or personal property under the contract.

   A direct benefit is not derived solely from the value associated with any investment or holdings by a director or employee, the spouse of the director or employee, or any other person with whom the director or employee lives and commingles assets.

Source: SL 2023, ch 152 , § 2.