Am I understanding Reg O correctly?

A loan to an Executive Officer requires a demand clause...however Directors do not...

I can't find anything that specifically states this...and am second guessing myself. Thanks in advance!

That is correct; however, for purposes of Regulation O the Chairman of the Board is considered an Executive Officer.

215.5 (d) Any extension of credit by a member bank to any of its executive officers shall be:

(4) Made subject to the condition in writing that the extension of credit will, at the option of the member bank, become due and payable at any time that the officer is indebted to any other bank or banks in an aggregate amount greater than the amount specified for a category of credit in paragraph (c) of this section.

There are no such provisions for board members.

The chairman of the board, the president, every vice president, the cashier, the secretary, and the treasurer of a company or bank are considered executive officers, unless the officer is excluded, by resolution of the board of directors or by the bylaws of the bank or company, from participation (other than in the capacity of a director) in major policymaking functions of the bank or company, and the officer does not actually participate therein.