Common use of SECONDARY BENEFICIARY Clause in Contracts

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 RESTATED DIRECTOR SUPPLEMENTAL RETIREMENT INCOME and DEFERRED COMPENSATION AGREEMENT NOTICE OF ELECTION TO CHANGE FORM OF PAYMENT TO: Bank Attention: I hereby give notice of my election to change the form of payment of my Supplemental Retirement Income Benefit, as specified below. I understand that such notice, in order to be effective, must be submitted in accordance with the time requirements described in Subsection 1.27 of my Restated Director Supplemental Retirement Income and Deferred Compensation Agreement. G I hereby elect to change the form of payment of my benefits from monthly installments throughout my Payout Period to a lump sum benefit payment. G I hereby elect to change the form of payment of my benefits from a lump sum benefit payment to monthly installments throughout my Payout Period. Such election hereby revokes my previous notice of election to receive a lump sum form of benefit payments. DIRECTOR DATE ACKNOWLEDGED BY: TITLE: DATE RESTATED DIRECTOR SUPPLEMENTAL RETIREMENT INCOME and DEFERRED COMPENSATION AGREEMENT NOTICE OF ADJUSTMENT OF ELECTIVE CONTRIBUTION TO: Bank Attention: I hereby give notice of my election to adjust the amount of my Elective Contribution in accordance with my Restated Director Supplemental Retirement Income and Deferred Compensation Agreement, dated the 1st day of February, 2004, as amended and restated effective January 1, 2006. This notice is submitted thirty (30) days prior to January 1st, and shall become effective January 1st, as specified below. Adjust deferral as of: January 1st, 2___ Previous Deferral Amount ____________ per month New Deferral Amount ____________ per month (to discontinue deferral, enter $0) DIRECTOR DATE ACKNOWLEDGED BY TITLE DATE

Appears in 2 contracts

Samples: Compensation Agreement (Magyar Bancorp, Inc.), Compensation Agreement (Magyar Bancorp, Inc.)

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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 RESTATED DIRECTOR 20 EXECUTIVE (WITNESS) (WITNESS) Exhibit C EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME and DEFERRED COMPENSATION AGREEMENT NOTICE OF ELECTION TO CHANGE FORM OF PAYMENT TO: Bank Attention: I hereby give notice of my election to change the form of payment of my Supplemental Retirement Income Benefit, as specified below. I understand that such notice, in order to be effective, must be submitted in accordance with the time requirements described in Subsection 1.27 1.29 of my Restated Director Executive Supplemental Retirement Income and Deferred Compensation Agreement. G [ ] I hereby elect to change the form of payment of my benefits from monthly installments throughout my Payout Period to a lump sum benefit payment. G [ ] I hereby elect to change the form of payment of my benefits from a lump sum benefit payment to monthly installments throughout my Payout Period. Such election hereby revokes my previous notice of election to receive a lump sum form of benefit payments. DIRECTOR DATE ACKNOWLEDGED BYExecutive Date Acknowledged By: TITLETitle: DATE RESTATED DIRECTOR Date Exhibit D EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT ACKNOWLEDGMENT OF EMPLOYEE-AT-WILL STATUS I, Xxxx X. Xxxxxxxxx, hereby acknowledge that I have read and DEFERRED COMPENSATION AGREEMENT NOTICE OF ADJUSTMENT OF ELECTIVE CONTRIBUTION TO: understood the following as it relates to my status as an employee-at-will at OceanFirst Bank Attention: I hereby give notice of New Jersey. Employment At Will Nothing contained in this Agreement is to be considered as an implied or explicit guarantee of my election to adjust employment at OceanFirst Bank. The employment relationship between OceanFirst Bank and its employees is (1) terminable at the amount will of my Elective Contribution in accordance either party, (2) terminable with my Restated Director Supplemental Retirement Income and Deferred Compensation Agreement, dated the 1st day of February, 2004, as amended and restated effective January 1, 2006. This notice is submitted thirty (30) days prior to January 1stor without Cause, and shall become effective January 1st(3) terminable without prior notice. OceanFirst Bank retains all of its rights and privileges to hire, transfer, terminate, and otherwise manage people as specified belowit thinks is in the best interest of all. Adjust deferral as Executive Date Exhibit E EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT DESCRIPTION OF BENEFIT COMPUTATION AND UNDERLYING ASSUMPTIONS The benefit amount included in Subsection 1.26 is computed based on the following: • Projected High Four (4) Compensation, multiplied by • Projected Wage Replacement Percentage, less A hypothetical pension benefit of: January 1st• One Percent (1%), 2___ Previous Deferral Amount ____________ multiplied by • Projected Years of Service, multiplied by • Projected High Four (4) Compensation A hypothetical employer-paid (matching) 401(k) benefit of: • Seventy-Five Percent (75%), multiplied by • Six Percent (6%), multiplied by • annual Compensation (for every year employed subsequent to 1988) (Annual hypothetical employer-paid (matching) contributions to the 401(k) plan shall be deemed to grow at Seven (7%) per month New Deferral Amount ____________ per month annum, compounded monthly through Benefit Age) The hypothetical pension benefit and hypothetical employer-paid (to discontinue deferralmatching) 401(k) benefit shall be computed assuming all applicable statutory limitations apply, enter $0including but not limited to, those imposed pursuant Section 415 and Section 401(a)(17) DIRECTOR DATE ACKNOWLEDGED BY TITLE DATEof the Code. TERMS USED IN COMPUTATION ABOVE: “Compensation” means regular salary compensation received by the Executive from the Bank during any calendar year, including performance bonuses and amounts deferred through non-qualified or qualified plans and excluding fringe benefits.

Appears in 1 contract

Samples: Supplemental Retirement Income Agreement (Oceanfirst Financial Corp)

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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 RESTATED DIRECTOR 20 EXECUTIVE (WITNESS) (WITNESS) Exhibit C EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME and DEFERRED COMPENSATION AGREEMENT NOTICE OF ELECTION TO CHANGE FORM OF PAYMENT TO: Bank Attention: I hereby give notice of my election to change the form of payment of my Supplemental Retirement Income Benefit, as specified below. I understand that such notice, in order to be effective, must be submitted in accordance with the time requirements described in Subsection 1.27 1.29 of my Restated Director Executive Supplemental Retirement Income and Deferred Compensation Agreement. G [ ] I hereby elect to change the form of payment of my benefits from monthly installments throughout my Payout Period to a lump sum benefit payment. G [ ] I hereby elect to change the form of payment of my benefits from a lump sum benefit payment to monthly installments throughout my Payout Period. Such election hereby revokes my previous notice of election to receive a lump sum form of benefit payments. DIRECTOR DATE ACKNOWLEDGED BYExecutive Date Acknowledged By: TITLETitle: DATE RESTATED DIRECTOR Date Exhibit D EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT ACKNOWLEDGMENT OF EMPLOYEE-AT-WILL STATUS I, Xxxx X. Xxxxxxxx, hereby acknowledge that I have read and DEFERRED COMPENSATION AGREEMENT NOTICE OF ADJUSTMENT OF ELECTIVE CONTRIBUTION TO: understood the following as it relates to my status as an employee-at-will at OceanFirst Bank Attention: I hereby give notice of New Jersey. Employment At Will Nothing contained in this Agreement is to be considered as an implied or explicit guarantee of my election to adjust employment at OceanFirst Bank. The employment relationship between OceanFirst Bank and its employees is (1) terminable at the amount will of my Elective Contribution in accordance either party, (2) terminable with my Restated Director Supplemental Retirement Income and Deferred Compensation Agreement, dated the 1st day of February, 2004, as amended and restated effective January 1, 2006. This notice is submitted thirty (30) days prior to January 1stor without Cause, and shall become effective January 1st(3) terminable without prior notice. OceanFirst Bank retains all of its rights and privileges to hire, transfer, terminate, and otherwise manage people as specified belowit thinks is in the best interest of all. Adjust deferral as Executive Date Exhibit E EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT DESCRIPTION OF BENEFIT COMPUTATION AND UNDERLYING ASSUMPTIONS The benefit amount included in Subsection 1.26 is computed based on the following: • Projected High Four (4) Compensation, multiplied by • Projected Wage Replacement Percentage, less A hypothetical pension benefit of: January 1st• One Percent (1%), 2___ Previous Deferral Amount ____________ multiplied by • Projected Years of Service, multiplied by • Projected High Four (4) Compensation A hypothetical employer-paid (matching) 401(k) benefit of: • Seventy-Five Percent (75%), multiplied by • Six Percent (6%), multiplied by • annual Compensation (for every year employed subsequent to 1988) (Annual hypothetical employer-paid (matching) contributions to the 401(k) plan shall be deemed to grow at Seven (7%) per month New Deferral Amount ____________ per month annum, compounded monthly through Benefit Age) The hypothetical pension benefit and hypothetical employer-paid (to discontinue deferralmatching) 401(k) benefit shall be computed assuming all applicable statutory limitations apply, enter $0including but not limited to, those imposed pursuant Section 415 and Section 401(a)(17) DIRECTOR DATE ACKNOWLEDGED BY TITLE DATEof the Code. TERMS USED IN COMPUTATION ABOVE: “Compensation” means regular salary compensation received by the Executive from the Bank during any calendar year, including performance bonuses and amounts deferred through non-qualified or qualified plans and excluding fringe benefits.

Appears in 1 contract

Samples: Supplemental Retirement Income Agreement (Oceanfirst Financial Corp)

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