Common use of Designation of Beneficiaries Clause in Contracts

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s 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.

Appears in 41 contracts

Samples: Deferred Compensation Agreement (Orrstown Financial Services Inc), Deferred Compensation Plan (Peoples Financial Services Corp.), Deferred Compensation Agreement (Peapack Gladstone Financial Corp)

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Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s 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.

Appears in 39 contracts

Samples: Salary Continuation Agreement (Orrstown Financial Services Inc), Supplemental Executive Retirement Plan (MUNCY COLUMBIA FINANCIAL Corp), Supplemental Executive Retirement Agreement (MUNCY COLUMBIA FINANCIAL Corp)

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s 's death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the Executive’s 's lifetime. If the Executive names someone other than the Executive’s 's spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s 's spouse and returned to the Administrator. The Executive’s 's 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.

Appears in 7 contracts

Samples: Supplemental Executive Retirement Plan (Eureka Homestead Bancorp, Inc.), Supplemental Executive Retirement Plan (Eureka Homestead Bancorp, Inc.), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp)

Designation of Beneficiaries. The Executive Director may designate any person to receive any benefits payable under the Agreement upon the ExecutiveDirector’s death, and the designation may be changed from time to time by the Executive Director by filing a new designation. Each designation will revoke all prior designations by the ExecutiveDirector, shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the ExecutiveDirector’s lifetime. If the Executive Director names someone other than the ExecutiveDirector’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the ExecutiveDirector’s spouse and returned to the Administrator. The ExecutiveDirector’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive Director or if the Executive Director names a spouse as Beneficiary and the marriage is subsequently dissolved.

Appears in 5 contracts

Samples: Director Retirement Plan (Eureka Homestead Bancorp, Inc.), Director Retirement Plan (Eureka Homestead Bancorp, Inc.), Director Retirement Plan (Eureka Homestead Bancorp, Inc.)

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s 's death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the Executive’s 's lifetime. If the Executive names someone other than the Executive’s ’ s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s ' s spouse and returned to the Administrator. The Executive’s 's 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.

Appears in 3 contracts

Samples: Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp)

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the this Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s 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.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Community West Bancshares /), Salary Continuation Agreement (Community West Bancshares /), Salary Continuation Agreement (Community West Bancshares /)

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. 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.

Appears in 3 contracts

Samples: Supplemental Retirement Benefit Agreement, Supplemental Retirement Benefit Agreement (Midland States Bancorp, Inc.), Supplemental Retirement Benefit Agreement (Midland States Bancorp, Inc.)

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. 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.

Appears in 3 contracts

Samples: Salary Continuation Agreement (First Clover Leaf Financial Corp.), Salary Continuation Agreement (First Clover Leaf Financial Corp.), Salary Continuation Agreement (First Clover Leaf Financial Corp.)

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designationBeneficiary Designation Form. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s 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.

Appears in 2 contracts

Samples: Split Dollar Life Insurance Agreement (Eureka Homestead Bancorp, Inc.), Split Dollar Life Insurance Agreement (Eureka Homestead Bancorp, Inc.)

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s 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.,

Appears in 2 contracts

Samples: Executive Supplemental Retirement Plan (LINKBANCORP, Inc.), Supplemental Executive Retirement Plan (Riverview Financial Corp)

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Designation of Beneficiaries. The Executive Director may designate any person to receive any benefits payable under the Agreement upon the ExecutiveDirector’s death, and the designation may be changed from time to time by the Executive Director by filing a new designation. Each designation will revoke all prior designations by the ExecutiveDirector, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the ExecutiveDirector’s lifetime. If the Executive Director names someone other than the ExecutiveDirector’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the ExecutiveDirector’s spouse and returned to the Administrator. The ExecutiveDirector’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive Director or if the Executive Director names a spouse as Beneficiary and the marriage is subsequently dissolved.

Appears in 2 contracts

Samples: Director Deferred Fee Agreement (Riverview Financial Corp), Director Deferred Fee Agreement (Riverview Financial Corp)

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the Executive’s 's lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s 's 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.

Appears in 1 contract

Samples: Supplemental Retirement Agreement (MidWestOne Financial Group, Inc.)

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. , If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its Its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s 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.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan (CCFNB Bancorp Inc)

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, Executive and shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s 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.

Appears in 1 contract

Samples: Salary Continuation Agreement (Heritage Oaks Bancorp)

Designation of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, Executive and shall be in the form prescribed by the Administrator Administrator, and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiarya·Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s beneficiary designation shall be 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.

Appears in 1 contract

Samples: Salary Continuation Agreement (Central Valley Community Bancorp)

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