Common use of Beneficiary Designation: Change Clause in Contracts

Beneficiary Designation: Change. The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering it to the Bank or its designated agent. The Executive’s beneficiary designation shall be deemed automatically revoked if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved, or a civil union partner as Beneficiary and the civil union partnership is subsequently dissolved. The Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Bank’s rules and procedures, as in effect from time to time. Upon the acceptance by the Bank of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Bank shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Bank prior to the Executive’s death.

Beneficiary Designation: Change. The Executive shall designate a Beneficiary by completing and signing a beneficiary designation form acceptable to the Beneficiary Designation Form, Bank and delivering it to the Bank or its designated agent. The Executive’s beneficiary Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved, or a civil union partner as Beneficiary and the civil union partnership is subsequently dissolved. The Executive shall have the right to change a Beneficiary by completing, signing signing, and otherwise complying with the terms of the Beneficiary Designation Form beneficiary designation form and the Bank’s rules and procedures, as in effect from time to time. Upon the acceptance by the Bank of a new Beneficiary Designation Formbeneficiary designation form, all Beneficiary designations previously filed shall be cancelled. The Bank shall be entitled to rely on the last Beneficiary Designation Form beneficiary form filed by the Executive and accepted by the Bank prior to before the Executive’s death.