Accounting Device Only. The Retirement Account and Simulated Investments are solely devices for measuring amounts to be paid under this Agreement. They are not a trust fund of any kind. The Director is a general unsecured creditor of the Company for the payment of benefits. The benefits represent the mere Company promise to pay such benefits. The Director's rights are not subject in any manner to anticipation, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director's creditors.
Appears in 12 contracts
Samples: Director Revenue Neutral Retirement Agreement (First Community Financial Corp), Director Indexed Retirement Agreement (Home Federal Bancorp Inc), Director Revenue Neutral Retirement Agreement (First Community Financial Corp)
Accounting Device Only. The Retirement Account and Simulated Investments are solely devices for measuring amounts to be paid under this Agreement. They are not a trust fund of any kind. The Director is a general unsecured creditor of the Company for the payment distribution of benefits. The benefits represent the mere Company promise to pay distribute such benefits. The Director's ’s rights are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, attachment or garnishment by the Director's ’s creditors.
Appears in 2 contracts
Samples: Director Revenue Neutral Retirement Agreement (First Community Financial Corp), Director Revenue Neutral Retirement Agreement (First Community Financial Corp)
Accounting Device Only. The Retirement Account and Simulated Investments are solely devices for measuring amounts to be paid under this Agreement. They are not a trust fund of any kind. The Director is a general unsecured creditor of the Company Bank for the payment of benefits. The benefits represent the mere Company Bank promise to pay such benefits. The Director's rights are not subject in any manner to anticipation, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director's creditors.
Appears in 1 contract
Samples: Director Indexed Retirement Agreement (Home Federal Bancorp Inc)
Accounting Device Only. The Retirement Account and Simulated Investments are solely devices for measuring amounts to be paid under this Agreement. They are not a trust fund of any kind. The Director is a general unsecured creditor of the Company for the payment of benefits. The benefits represent the mere Company promise to pay such benefits. The Director's rights are not subject in any manner to anticipation, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director's creditors.
Appears in 1 contract
Samples: Director Revenue Neutral Retirement Agreement (Orrstown Financial Services Inc)
