SECONDARY BENEFICIARY Sample Clauses
The 'Secondary Beneficiary' clause designates an individual or entity who will receive benefits under an agreement if the primary beneficiary is unable or unwilling to do so. In practice, this clause is commonly used in insurance policies, trusts, or financial instruments, where the secondary beneficiary steps in only if the primary beneficiary predeceases the policyholder or otherwise cannot accept the benefit. Its core function is to ensure that the intended benefits are distributed according to the policyholder’s wishes, providing a clear contingency plan and preventing disputes or delays in the event the primary beneficiary cannot be located or is ineligible.
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SECONDARY BENEFICIARY. This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been in effect.
SECONDARY BENEFICIARY. In the event I am not survived by any Primary Beneficiary, I hereby appoint the following as Secondary Beneficiary(ies) to receive death benefits under the Agreement. In the event I am survived by more than one Secondary Beneficiary, such Secondary Beneficiaries shall share equally unless I indicate otherwise on an attachment to this form: ----------------------------------------------------------------- Name Relationship ----------------------------------------------------------------- Address ----------------------------------------------------------------- City State Zip I understand that I may revoke or amend the above designations at any time. I further understand that if I am not survived by a Primary or Secondary Beneficiary, my Beneficiary shall be as set forth under the Agreement.
SECONDARY BENEFICIARY. I hereby appoint the following as Secondary Beneficiary(ies) to receive death benefits under the Agreement if none of my Primary Beneficiaries survive me. If I am survived by more than one Secondary Beneficiary, such Secondary Beneficiaries shall share equally unless I indicate otherwise on this form: Name Share Address Relationship5 4 A Trustee may designate any person or a Trust as a Beneficiary. 5 For aid in identification only. I understand that (i) if none of my Primary or Secondary Beneficiaries survive me then payment will be made to my estate; and (ii) if I do not properly designate a Beneficiary, under the Agreement, I will be deemed to have designated my estate as my Primary Beneficiary. I understand that I may revoke or amend the above designations at any time. I further understand that if I am not survived by a Primary or Secondary Beneficiary, my Beneficiary shall be as set forth under the Agreement. Dated:
SECONDARY BENEFICIARY. This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been in effect. Such Beneficiary Designation is revocable. DATE: ______________________, 20__ WITNESS DIRECTOR TO: Bank Attention:
SECONDARY BENEFICIARY. In the event I am not survived by any Primary Beneficiary, I hereby appoint the following as my Secondary Beneficiary(ies) to receive death benefits under the Agreement. In the event I am survived by more than one Secondary Beneficiary, such Secondary Beneficiaries shall share equally unless I indicate otherwise on an attachment to this form:
SECONDARY BENEFICIARY. This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been in effect. Such Beneficiary Designation is revocable. DATE: , 19 (WITNESS) , Director Exhibit A DIRECTOR DEFERRED COMPENSATION AGREEMENT ELECTION FORM NAME: (Please Print)
SECONDARY BENEFICIARY. Annuitant; and
SECONDARY BENEFICIARY. Secondary Beneficiary
SECONDARY BENEFICIARY. I further understand that I am entitled to review or obtain a copy of the Plan, at any time, and may do so by contacting the Bank. This Joinder Agreement shall become effective upon execution (below) by both the Director and a duly authorized officer of the Bank. Dated this 22nd day of February, 2000. /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇ (Director) /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇. VP & Secretary-Treasurer (Bank's duly authorized Officer) DIRECTORS SHAREHOLDER BENEFIT PLAN JOINDER AGREEMENT I, ▇▇▇▇▇ ▇▇▇▇▇, and FIRST FEDERAL SAVINGS BANK hereby agree for good and valuable consideration, the value of which is hereby acknowledged, that I shall participate in the Directors Shareholder Benefit Plan ("Plan") established on February 1, 2000, by FIRST FEDERAL SAVINGS BANK, as such Plan may now exist or hereafter be modified; and do further agree to the terms and conditions thereof. I understand that I must execute this Directors Shareholder Benefit Plan Joinder Agreement ("Joinder Agreement") as well as notify the Administrator of such execution, on or before March 1, 2000, in order to participate in the Plan from its Effective Date. Otherwise, I may execute this Joinder Agreement and give notice of such execution to the Administrator at least thirty (30) days prior to any February 1.
SECONDARY BENEFICIARY. I acknowledge that I have been provided with a copy of the Master Agreement as currently in effect prior to my execution of this Joinder Agreement #2 and that I have been advised that I am entitled to receive any modifications hereinafter made to the Master Agreement by contacting either the Bank or the Administrator. /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ 9-26-96 (Executive) (Date) The Hometown Bank By: /s/ F. ▇▇ ▇▇▇▇▇▇▇▇▇ /s/ 09-26-96 (Bank’s duly authorized Officer) (Attest) (Date) The Hometown Bank, formerly ▇▇▇▇▇ Savings Bank, S.S.B., (the “Bank”) and ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ (the “Executive”) hereby agree, for good and valuable consideration, the value of which is hereby acknowledged, that the Executive, who currently is a participant in the Executive Supplemental Retirement Income Master Agreement (“Master Agreement”) established as of July 1, 1993, by the Bank (as such Master Agreement may now exist or hereafter be modified), shall be entitled to a Supplemental Retirement Income Benefit under this Joinder Agreement #3 pursuant to the Master Agreement that is in addition to the benefits provided to the Executive pursuant to the Master Agreement under a Joinder Agreement dated March 17, 1994 (“Joinder Agreement #1”) and Joinder Agreement #2 effective as of August 21, 1996. This Joinder Agreement #3 shall become effective as of March 1, 1998.