Director’s Interest. The Director, or the Director’s assignee, shall have the right to designate the Beneficiary of an amount of death proceeds as specified in Section 2.2.1 and 2.2.2. The Director shall also have the right to elect and change settlement options with respect to the Director’s Interest by providing written notice to the Bank and the Insurer.
Director’s Interest. The Director shall have the right to designate the beneficiary(ies) of death proceeds. Upon the death of the Insured, the Insured’s beneficiaries shall be entitled to an amount equal to the balance of the Deferral Account maintained by the Bank for the Insured under the Deferred Fee Agreement as of the date of the Insured’s death. However, the amount paid to the Insured, the Insured’s transferee and the Insured’s beneficiary(ies) or estate shall be reduced by any amounts paid under the Deferred Fee Agreement and the Insured, the Insured’s transferee and the Insured’s beneficiary(ies) or estate shall have no rights or interests in the Policy beyond the amount due and payable. 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 the Deferred Fee Agreement.
Director’s Interest. The Director shall have the right to designate the beneficiary of one of the amounts in (a) or (b) below, depending upon time of death.
Director’s Interest. The Director’s interest in the Net Death Proceeds of the Policy shall be as follows: (i) from the Effective Date until the beginning of the next Plan Year, the Director’s interest in the Net Death Proceeds of the Policy shall be limited to the sum of $50,000; (ii) commencing at the beginning of the next Plan Year and at the beginning of each subsequent Plan Year thereafter until the Director reaches Normal Retirement Age, the Director’s interest in the Net Death Proceeds of the Policy shall be increased by $10,000 per Plan Year. The foregoing notwithstanding, (a) the Director’s interest in the Net Death Proceeds of the Policy shall not, under any circumstances, increase after the Director’s Termination of Service, it being agreed that the Director’s interest shall be permanently fixed at the amount payable as of the date of the Director’s Termination of Service, and (b) the Director’s interest in the Net Death Proceeds of the Policy shall not exceed $250,000 under any circumstances. The Director shall have the right to name the beneficiary of the Director’s interest in the Net Death Proceeds of the Policy, and shall also have the right to elect and change settlement options that may be permitted.
Director’s Interest. The Director shall have the right to designate the beneficiary of any remaining death proceeds of the Policy. The Director shall also have the right to elect and change settlement options that may be permitted. Provided, however, the Director, the Director's transferee or the Director's beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this section 2.2 upon the Director's Termination of Service prior to Normal Retirement Age.
Director’s Interest. In the case of the Director’s death before Termination of Service, the Director shall have the right to designate the beneficiary(ies) of death proceeds in the amount of the lesser of:
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.
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. The Director shall have the right to designate the beneficiary(ies) of death proceeds in accordance with the Director Retirement Agreement. In the event of the Insured's death, then the Insured's Beneficiary(ies) shall be entitled to the benefit as set forth in the Endorsement.
Director’s Interest. The following Directors of the Company do not consider themselves independent in respect of the Proposed Award of Contract (“Interested Directors”):
