Effect of Election. The elections made in paragraph 1 hereof shall become IRREVOCABLE one year prior to the Executive's termination of service. The Executive may, by submitting an effective superseding Election Form at any time and from time to time, prospectively change the beneficiary designation and the manner of payment to a beneficiary. Such elections shall, however, become irrevocable upon the Executive's death.
Appears in 5 contracts
Samples: Executive Phantom Stock Bonus Plan (Mahoning National Bancorp Inc), Executive Phantom Stock Bonus Plan (Mahoning National Bancorp Inc), Executive Phantom Stock Bonus Plan (Mahoning National Bancorp Inc)
