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 Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereof.

Appears in 3 contracts

Samples: Employment Agreement (Virgin Galactic Holdings, Inc), Consulting Agreement (MeiraGTx Holdings PLC), Employment Agreement (Merus N.V.)

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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 Company as to amounts payable and may shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Optionoptions, as and when exercised pursuant to the terms hereof.

Appears in 2 contracts

Samples: Option Agreement (Avago Technologies LTD), Stock Option Agreement (Motorcar Parts America Inc)

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 Company as to amounts payable and may shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Participant will shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares Stock as a general unsecured creditor with respect to the Optionoptions, as and when exercised pursuant to the terms hereof.

Appears in 2 contracts

Samples: Stock Option Agreement (Tivo Inc), Stock Option Agreement (Electronics for Imaging Inc)

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 arrangement between the Company as to amounts payable and may Participant only and shall not be construed as creating a trusttrust for the benefit of Participant. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereof.

Appears in 2 contracts

Samples: Stock Option Award Agreement (3m Co), Stock Option Award Agreement (3m 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 Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the OptionRSUs, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Optioncreditor, as and when exercised the Shares are issued pursuant to the terms hereof.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (Dasan Zhone Solutions Inc)

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 Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereofof this Agreement.

Appears in 1 contract

Samples: Stock Option Agreement (Tempo Automation Holdings, Inc.)

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