Common use of Director’s Interest Clause in Contracts

Director’s Interest. The Director shall have the right to designate the beneficiary of death proceeds in the amount of $100,000. The Director shall also have the right to elect and change settlement options specified in the Policy that may be permitted.

Director’s Interest. The Director shall have the right to designate the beneficiary beneficiary(ies) of death proceeds in the amount of $100,000250,000. The Director shall also have the right to elect and change settlement options specified in the Policy that may be permitted. However, the Director, the Director's transferee and the Director's beneficiary(ies) or estate shall have no rights or interests in the Policy for that portion of the death proceeds designated in this Section 2.2 if Termination of Service of the Director shall have previously occurred as a result of Termination for Cause under this Split Dollar Agreement.