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 Two Hundred and Fifty Thousand Dollars ($250,000), to be distributed according to the Director’s beneficiary designation on file with the Company at the time of Director’s death. Director’s Interest shall be fully vested upon the execution of this Agreement, and may only be revoked pursuant to Article 7 herein. Upon the termination of this Agreement according to Article 7 herein, the Director, the Director’s transferee or the Director’s beneficiary shall have no rights or interests in the Policy and the Company shall be entitled to the full proceeds of the Policy.