Common use of Limitation on Participant’s Rights Clause in Contracts

Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Corporation as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Participant shall have only the rights of a general unsecured creditor of the Corporation, with respect to amounts credited and payable, if any, with respect to the Performance Awards, and rights no greater than the right to receive the Common Shares as a general unsecured creditor with respect to such Awards, as and when payable hereunder.

Appears in 14 contracts

Samples: Performance Award Agreement (Golden State Water CO), Performance Award Agreement (Golden State Water CO), Performance Award Agreement (Golden State Water CO)

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Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Award Agreement creates only a contractual obligation on the part of the Corporation Company as to amounts payable and shall may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Participant shall will have only the rights of a general unsecured creditor of the Corporation, Company with respect to amounts credited and benefits payable, if any, with respect to the Performance AwardsShares, and rights no greater than the right to receive the Common Shares as a general unsecured creditor with respect to such Awardsthe Performance Shares, as and when payable hereundervested and settled pursuant to the terms hereof.

Appears in 2 contracts

Samples: Performance Share Award Agreement (Skywest Inc), Performance Share Award Agreement (Skywest Inc)

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Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Corporation as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Participant shall have only the rights of a general unsecured creditor of the Corporation, Corporation with respect to amounts credited and benefits payable, if any, with respect to the Performance AwardsAward, and rights no greater than the right to receive the Common Shares Stock as a general unsecured creditor with respect to such Awardsthe Award, as and when payable hereunder. The Award has been granted to the Participant in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Participant.

Appears in 1 contract

Samples: Performance Based Restricted Stock Award Agreement (Quality Care Properties, Inc.)

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