Common use of Executive’s Interest Clause in Contracts

Executive’s Interest. The Executive shall have the right to designate the beneficiary of the Executive's Interest. If at the time of Termination of Employment the Executive is entitled to benefits under the Salary Continuation Agreement in effect at the time of Termination of Employment, or if Termination of Employment occurs because of the Executive's death (except under Section 5.2 of the Salary Continuation Agreement), then the beneficiary designated in accordance with the Split Dollar Policy Endorsement shall be entitled to 100% of the Net Death Proceeds (the Executive's Interest). The Executive or the Executive's transferee shall also have the right to elect and change settlement options that may be permitted for the Executive's Interest.

Executive’s Interest. The Executive shall have the right to designate the beneficiary of the Executive's =s Interest. If at the time of Termination of Employment the Executive is entitled to benefits under the Salary Continuation Agreement in effect at the time of Termination of Employment, or if Termination of Employment occurs because of the Executive's =s death (except under Section 5.2 of the Salary Continuation Agreement), then the beneficiary designated in accordance with the Split Dollar Policy Endorsement shall be entitled to 10080% of the Net Death Proceeds (the Executive's InterestAExecutive=s Interest@). The Executive or the Executive's =s transferee shall also have the right to elect and change settlement options that may be permitted for the Executive's =s Interest.

Executive’s Interest. The Executive shall have the right to designate the beneficiary of the Executive's =s Interest. If at the time of Termination of Employment the Executive is entitled to benefits under the Salary Continuation Agreement in effect at the time of Termination of Employment, or if Termination of Employment occurs because of the Executive's =s death (except under Section 5.2 of the Salary Continuation Agreement), then the beneficiary designated in accordance with the Split Dollar Policy Endorsement shall be entitled to 100% of the Net Death Proceeds (the Executive's InterestAExecutive=s Interest@). The Executive or the Executive's =s transferee shall also have the right to elect and change settlement options that may be permitted for the Executive's =s Interest.