Benefits Not Funded. Subject to Section 7 of this Agreement, the Corporation shall be under no obligation whatsoever to purchase or maintain any contract, policy or other asset to provide the benefits under this Agreement. Further, any contract, policy or other asset which the Corporation may utilize to assure itself of the funds to provide the benefits hereunder shall not serve in any way as security to the Employee for the Corporation’s performance under this Agreement, and Employee shall have no right to, or claim against, such contract or policy. Employee further acknowledges that with respect to the benefits provided under this Agreement, Employee’s status is that of an unsecured creditor of the Corporation.
Appears in 10 contracts
Samples: Salary Continuation Agreement (J. Alexander's Holdings, Inc.), Salary Continuation Agreement (J. Alexander's Holdings, Inc.), Salary Continuation Agreement (J. Alexander's Holdings, Inc.)
