Funding by Company. (a) The benefit obligations of the Company set forth herein constitute an unfunded retirement arrangement, the obligations under which shall be reflected on the general ledger of the Company (the “Retirement Liability”). The general corporate funds of the Company shall be the sole source of payment of the Retirement Liability. The Company shall be under no obligation to set aside, earmark or otherwise segregate any funds with which to pay the Retirement Liability. Executive and Executive’s Beneficiary or any successor in interest shall be and shall remain unsecured general creditors of the Company with respect to the Retirement Liability. Executive and Executive’s Beneficiary shall have no interest in any property of the Company or any other rights with respect thereto except to the extent of the contractual right to the Retirement Liability represented by the obligations described in Section 2 of this Agreement. (b) Notwithstanding anything herein to the contrary, the Company has no obligation whatsoever to set aside assets, either directly or indirectly, in a trust for purposes of paying the Retirement Liability under this Agreement. The Retirement Liability is not a deposit, is not otherwise funded by the Company and is not insured by the Federal Deposit Insurance Corporation and does not constitute a trust account or any other special obligation of the Company and does not have priority of payment over any other general obligations of the Company. If the Company determines in its sole discretion to set aside assets in a grantor trust for the purpose of paying benefits under this Agreement, the grantor trust shall not be located outside of the United States or subsequently transferred to any trust outside of the United States.
Appears in 4 contracts
Samples: Supplemental Executive Retirement Plan (FVCBankcorp, Inc.), Supplemental Executive Retirement Plan (FVCBankcorp, Inc.), Supplemental Executive Retirement Plan (FVCBankcorp, Inc.)
