Contractual Right to Benefits. This Agreement establishes and vests in the Executive a contractual right to the benefits which he or she is entitled hereunder, enforceable by the Executive against PCFC. However, nothing herein shall require PCFC to segregate, earmark, or otherwise set aside any funds or other assets to provide for any payments hereunder. This Agreement shall be considered an unfunded agreement to provide benefits to a select group of management or highly compensated employees, and is therefore intended to be a "top-hat" plan exempt from the requirements of the provisions of Parts 2, 3, and 4 of Title I of ERISA.
Appears in 12 contracts
Samples: Change in Control Severance Agreement (Pacific Century Financial Corp), Severance Agreement (Pacific Century Financial Corp), Change in Control Severance Agreement (Pacific Century Financial Corp)
