Common use of Director’s Interest Clause in Contracts

Director’s Interest. Subject to the forfeiture provisions of Section 3.2, the Director shall have the right to designate the beneficiary of $25,000 of death proceeds while serving on the Bank's (or Corporation's) Board, or if not serving on the Board, if the Director has a Vested Insurance Benefit pursuant to Section 3.1. The Director shall also have the right to elect and change settlement options that may be permitted.

Director’s Interest. Subject to the forfeiture provisions of Section 3.2, the Director shall have the right to designate the beneficiary of $25,000 of death proceeds while serving on the Bank's ’s (or Corporation's’s) Board, or if not serving on the Board, if the Director has a Vested Insurance Benefit pursuant to Section 3.1. The Director shall also have the right to elect and change settlement options that may be permitted.