GENERAL ASSETS OF THE COMPANY. The rights of the Executive under this Agreement and of any Beneficiary shall be solely those of an unsecured creditor of the Company. If the Company shall acquire an insurance policy or any other asset in connection with the liabilities assumed by it hereunder, it is expressly understood and agreed that neither the Executive nor any Beneficiary shall have any right with respect to, or claim against, such policy or other asset. Such policy or asset shall not be deemed to be held under any trust for the benefit of the Executive or the Executive’s Beneficiaries or to be held in any way as collateral security for the fulfilling of the obligations of the Company under this Agreement. It shall be, and remain, a general, unpledged, unrestricted asset of the Company and the Executive or any of the Executive’s Beneficiaries shall not have a greater claim to the insurance policy or other assets, or any interest in either of them, than any other general creditor of the Company.
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Samples: Supplemental Executive Retirement Plan Agreement (Sb Financial Group, Inc.), Retirement Plan Agreement (Sb Financial Group, Inc.), Retirement Plan Agreement (Sb Financial Group, Inc.)
GENERAL ASSETS OF THE COMPANY. 15. The rights of the Executive under this Agreement and of any Beneficiary beneficiary of the Executive shall be solely those of an unsecured creditor of the Company. If the Company shall acquire an insurance policy or any other asset in connection with the liabilities assumed by it hereunder, it is expressly understood and agreed that neither the Executive nor any Beneficiary beneficiary of Executive shall have any right with respect to, or claim against, such policy or other asset. Such policy or as asset shall not be deemed to be held under any trust for the benefit benefits of the Executive or the Executive’s Beneficiaries his beneficiaries or to be held in any way as collateral security for the fulfilling of the obligations of the Company company under this Agreement. It shall be, and remain, a general, unpledged, unrestricted asset of the Company and the Executive or any of the Executive’s Beneficiaries his beneficiaries shall not have a greater claim to the insurance policy or other assets, or any interest in either of them, than any other general creditor of the Company.. REORGANIZATION
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