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Common use of BENEFICIARY DESIGNATION RIGHTS Clause in Contracts

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 44 contracts

Samples: Endorsement Method Split Dollar Plan Agreement (Old Point Financial Corp), Life Insurance Endorsement Method Split Dollar Plan Agreement (Origin Bancorp, Inc.), Life Insurance Endorsement Method Split Dollar Plan Agreement (Wilson Bank Holding Co)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s 's share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 40 contracts

Samples: Life Insurance Split Dollar Endorsement Method Agreement (Central Valley Community Bancorp), Life Insurance Split Dollar Endorsement Method Agreement (Central Valley Community Bancorp), Life Insurance Split Dollar Endorsement Method Agreement (Central Valley Community Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assigneebeneficiary[ies] or assignee[s]) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 14 contracts

Samples: Endorsement Method Split Dollar Plan Agreement (Heritage Commerce Corp), Director Indexed Compensation Benefits Agreement (Heritage Commerce Corp), Executive Indexed Compensation Benefits Agreement (Heritage Commerce Corp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 12 contracts

Samples: Endorsement Method Split Dollar Plan Agreement (First Colebrook Bancorp, Inc.), Endorsement Method Split Dollar Plan (First Colebrook Bancorp, Inc.), Executive Supplemental Retirement Plan Agreement (Upson Bankshares Inc)

BENEFICIARY DESIGNATION RIGHTS. The Bank and Insured agree that the Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 10 contracts

Samples: Split Dollar Agreement (Bank Holdings), Split Dollar Agreement (Bank Holdings), Split Dollar Agreement (Bank Holdings)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Trustee at the direction of the Bank or the Trust may have in such proceeds, as provided in this Agreement.

Appears in 10 contracts

Samples: Endorsement Method Split Dollar Plan Agreement (Lyons Bancorp Inc), Endorsement Method Split Dollar Plan Agreement (Lyons Bancorp Inc), Endorsement Method Split Dollar Plan Agreement (Lyons Bancorp Inc)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assigneebeneficiary[ies] or assignee[s]) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his or her share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 8 contracts

Samples: Endorsement Method Split Dollar Plan Agreement (SJNB Financial Corp), Life Insurance Endorsement Method Split Dollar Plan Agreement (Vib Corp), Endorsement Method Split Dollar Plan Agreement (Saratoga Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s 's share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank Institution may have in such proceeds, as provided in this Agreement.

Appears in 7 contracts

Samples: Director Supplemental Income Plan Agreement (Osage Federal Financial Inc), Director Supplemental Income Plan Agreement (Osage Federal Financial Inc), Director Supplemental Income Plan Agreement (Osage Federal Financial Inc)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s 's share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Trustee at the direction of the Bank or the Trust may have in such proceeds, as provided in this Agreement.

Appears in 7 contracts

Samples: Endorsement Method Split Dollar Plan Agreement (Bucs Financial Corp), Life Insurance Endorsement Method Split Dollar Plan Agreement (First Capital Bancorp, Inc.), Life Insurance Endorsement Method Split Dollar Plan Agreement (Westbank Corp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his share of the proceeds payable upon the death of the Insured, Insured and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 6 contracts

Samples: Director Indexed Fee Continuation Plan (Eufaula Banccorp Inc), Indexed Executive Salary Continuation Plan Agreement (Rockport National Bancorp Inc), Memorandum of Agreement (Tara Bankshares Corp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s 's share of the proceeds payable upon the death of the Insured, Insured and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreementagreement.

Appears in 5 contracts

Samples: Endorsement Method Split Dollar Plan Agreement (First Litchfield Financial Corp), Endorsement Method Split Dollar Plan Agreement (First Litchfield Financial Corp), Endorsement Method Split Dollar Plan Agreement (First Litchfield Financial Corp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank Employer may have in such proceeds, as provided in this Agreement.

Appears in 5 contracts

Samples: Employee Supplemental Compensation Benefits Agreement (Greater Bay Bancorp), Employee Supplemental Compensation Benefits Agreement (Greater Bay Bancorp), Employee Supplemental Compensation Benefits Agreement (Greater Bay Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s 's share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 4 contracts

Samples: Joint Beneficiary Designation Agreement (South Plains Financial, Inc.), Director Life Insurance Agreement (Kearny Financial Corp.), Executive Life Insurance Agreement (MSB Financial Corp.)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this the Agreement.

Appears in 4 contracts

Samples: Endorsement Method Split Dollar Plan Agreement (Community Financial Corp /Md/), Endorsement Method Split Dollar Plan Agreement (Community Financial Corp /Md/), Life Insurance Endorsement Method Split Dollar Plan Agreement (Community Financial Corp /Md/)

BENEFICIARY DESIGNATION RIGHTS. The Insured Participant (or assigneebeneficiary[ies] or assignee[s]) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his or her share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 2 contracts

Samples: Director Indexed Compensation Benefits Agreement (Heritage Commerce Corp), Endorsement Method Split Dollar Plan Agreement (SJNB Financial Corp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement. Any Beneficiary Designation Form(s) completed by the Insured under the Prior Agreement shall remain in full force and effect unless and until modified or revoked by the Insured.

Appears in 2 contracts

Samples: Life Insurance Endorsement Method Split Dollar Agreement (Central Valley Community Bancorp), Life Insurance Endorsement Method Split Dollar Agreement (Central Valley Community Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) beneficiary or assignee shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his or her share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 2 contracts

Samples: Executive Supplemental Compensation Agreement (Citizens Bancorp/Or), Executive Supplemental Compensation Agreement (Citizens Bancorp/Or)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his/her share of the proceeds payable upon the on his/her death of the Insured, and to elect and change a payment option for such beneficiary, beneficiaries but subject to any right or interest the Bank Company may have in such proceeds, proceeds as provided in this Agreement.

Appears in 2 contracts

Samples: Split Dollar Life Insurance Agreement (First Capital Bancorp, Inc.), Split Dollar Life Insurance Agreement (First Capital Bancorp, Inc.)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s 's share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement. Any Beneficiary Designation Form completed by the Insured under the prior agreement shall remain in full force and effect unless and until modified or revoked by the Insured.

Appears in 2 contracts

Samples: Life Insurance Endorsement Method Split Dollar Agreement (Central Valley Community Bancorp), Life Insurance Endorsement Method Split Dollar Agreement (Central Valley Community Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s 's share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement. Any Beneficiary Designation Form(s) completed by the Insured under the Prior Agreement shall remain in full force and effect unless and until modified or revoked by the Insured.

Appears in 2 contracts

Samples: Life Insurance Endorsement Method Split Dollar Agreement (Central Valley Community Bancorp), Life Insurance Endorsement Method Split Dollar Agreement (Central Valley Community Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary "Beneficiary" or beneficiaries "Beneficiaries" to receive the Insured’s 's share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 2 contracts

Samples: Joint Beneficiary Agreement (Columbia Banking System, Inc.), Joint Beneficiary Agreement (Columbia Banking System, Inc.)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 2 contracts

Samples: Executive Life Insurance Agreement (Kearny Financial Corp.), Joint Beneficiary Designation Agreement (South Plains Financial, Inc.)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assigneethe Insured’s beneficiaries and/or permitted assignees) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.. Such beneficiary designation shall be made by filling out and signing the beneficiary designation form attached hereto as Exhibit “A.”

Appears in 2 contracts

Samples: Split Dollar Life Insurance Agreement (People's Utah Bancorp), Split Dollar Life Insurance Agreement (People's Utah Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement. Any Beneficiary Designation Form completed by the Insured under the Prior Agreement shall remain in full force and effect unless and until modified or revoked by the Insured.

Appears in 2 contracts

Samples: Life Insurance Endorsement Method Split Dollar Agreement (Central Valley Community Bancorp), Life Insurance Endorsement Method Split Dollar Agreement (Central Valley Community Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s 's share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this the Agreement.

Appears in 1 contract

Samples: Endorsement Method Split Dollar Plan Agreement (Community Financial Corp /Md/)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his share of the proceeds payable upon the death of the Insured, . and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 1 contract

Samples: Executive Supplemental Retirement Plan Agreement (Shore Bancshares Inc)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) the Insured’s assignee shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the InsuredInsured described in VI.1 below, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 1 contract

Samples: Director Supplemental Compensation Agreement (Greater Bay Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries beneficiary(ies) to receive the Insured’s his share of the proceeds payable upon the death of the Insured, Insured and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 1 contract

Samples: Flexible Premium Life Insurance Endorsement Method Split Dollar Plan Agreement (Front Range Capital Trust I)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or his/her assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his/her share of the proceeds payable upon the on his/her death of the Insured, and to elect and change a payment option for such beneficiarybeneficiaries, but subject to any right or interest the Bank Corporation may have in such proceeds, proceeds as provided in this Agreement.

Appears in 1 contract

Samples: Employment Resignation and Consultant Agreement (First Commerce Banks of Florida Inc)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s her share of the proceeds payable upon the death of the Insured, Insured and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 1 contract

Samples: Indexed Executive Salary Continuation Plan Agreement (Rockport National Bancorp Inc)

BENEFICIARY DESIGNATION RIGHTS. The Insured insured (or assignee) beneficiary[ies] or assignee[s] shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 1 contract

Samples: Endorsement Method Split Dollar Plan Agreement (Coast Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, . as provided in this Agreement.

Appears in 1 contract

Samples: Split Dollar Life Insurance Agreement (FedFirst Financial CORP)

BENEFICIARY DESIGNATION RIGHTS. The Insured insured (or assigneebeneficiay[ies] or assignee[s]) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 1 contract

Samples: Life Insurance Endorsement Method Split Dollar Plan Agreement (North Bay Bancorp/Ca)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this this-Agreement.

Appears in 1 contract

Samples: Executive Supplemental Retirement Plan Agreement (Citizens Bancshares Corp /Ga/)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.. IV. PREMIUM PAYMENT METHOD The Bank shall pay an amount equal to the planned premiums and any other premium payments that might become necessary to keep the policy in force. V. TAXABLE BENEFIT

Appears in 1 contract

Samples: Executive Life Insurance Agreement (1st Constitution Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his share of the proceeds payable upon the death of the Insured, Insured and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank Corporation may have in such proceeds, as provided in this Agreement.

Appears in 1 contract

Samples: Endorsement Method Split Dollar Plan Agreement (Pinnacle Financial Corp)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s 's share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest of the Bank may have in such proceeds, as provided in this Agreement.

Appears in 1 contract

Samples: Life Insurance Endorsement Method Split Dollar Plan Agreement (First Capital Bancorp, Inc.)

BENEFICIARY DESIGNATION RIGHTS. The Insured Insured/Employee (or his assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s his share of the proceeds payable upon on the death of the Insured, and to elect and change a payment option for such beneficiary, insured but subject to any right or interest the Bank Corporation may have in such proceeds, proceeds as provided in this Agreement.

Appears in 1 contract

Samples: Executive Bonus Program Agreement (Allen Organ Co)

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.. EXHIBIT 10.94

Appears in 1 contract

Samples: Life Insurance Split Dollar Endorsement Method Agreement (Central Valley Community Bancorp)

BENEFICIARY DESIGNATION RIGHTS. The The. Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s 's share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

Appears in 1 contract

Samples: Director Supplemental Retirement Plan Agreement (Citizens Bancshares Corp /Ga/)