Common use of Non-Vested Insurance Benefit Clause in Contracts

Non-Vested Insurance Benefit. Unless the Director has a Vested Insurance Benefit pursuant to Section 3 .I, the Bank may amend or terminate the Agreement at any time, or may amend or terminate the Director’s rights under the Agreement at any time prior to the Director’s death, by providing written notice of such to the Director. In the event that the Bank decides to maintain the Policy after termination of the Agreement, the Bank shall be the direct beneficiary of the entire death proceeds of the Policy.