Establishment of the Trust. 5.1 Company shall establish the Trust with the Trustee and will deposit with Trustee in trust the amounts specified in Section III hereof. 5.2 The Trust hereby established shall be irrevocable. 5.3 The principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of Company and shall be used exclusively for the purpose of paying benefits to the Executive. The principal of the Trust and any earnings thereon shall not be used to satisfy the claims of the Company's general creditors.
Appears in 11 contracts
Samples: Executive Retention Pay Agreement (Sweetheart Holdings Inc \De\), Executive Retention Pay Agreement (Sf Holdings Group Inc), Executive Retention Pay Agreement (Sweetheart Holdings Inc \De\)
Establishment of the Trust. 5.1 The Company shall establish the Trust with the Trustee and will deposit with Trustee in trust the amounts specified in Section III hereof.
5.2 The Trust hereby established shall be irrevocable.
5.3 The principal of the Trust, and any earnings thereonthereof, shall be held separate and apart from other funds of Company and shall be used exclusively for the purpose of paying benefits to the Executive. The principal of the Trust and any earnings thereon shall not be used to satisfy the claims of the Company's general creditors.
Appears in 2 contracts
Samples: Executive Retention Pay Agreement (Sf Holdings Group Inc), Executive Retention Pay Agreement (Sf Holdings Group Inc)
