No Segregation. Neither the Company nor any Subsidiary shall be required to segregate any cash or Shares which may at any time be represented by awards under the Plan and the Plan shall constitute an “unfunded” plan of the Company. Neither the Company nor any Subsidiary shall by any provisions of the Plan be deemed a trustee of any Shares or any other property, and the liabilities of the Company and any Subsidiary to the Holder pursuant to the Plan shall be those of a debtor pursuant to such contract obligations as are created by or pursuant to the Plan and this Agreement and the rights of the Holder or his/her beneficiary under the Plan shall be limited to those of a general creditor of the Company or the applicable Subsidiary, as the case may be.
Appears in 4 contracts
Samples: Restricted Stock Award Agreement (BRT Apartments Corp.), Restricted Stock Awards Agreement (One Liberty Properties Inc), Restricted Stock Award Agreement (BRT Apartments Corp.)
No Segregation. Neither the Company nor any Subsidiary subsidiary of the Company shall be required to segregate any cash or Shares which may at any time be represented by awards under the Plan and the Plan shall constitute an “unfunded” plan of the Company. Neither the Company nor any Subsidiary subsidiary of the Company shall by any provisions of the Plan be deemed a trustee of any Shares or any other property, and the liabilities of the Company and any Subsidiary subsidiary of the Company to the Holder pursuant to the Plan shall be those of a debtor pursuant to such contract obligations as are created by or pursuant to the Plan and this Agreement and the rights of the Holder or his/her beneficiary under the Plan shall be limited to those of a general creditor of the Company or the applicable Subsidiarysubsidiary of the Company, as the case may be.
Appears in 3 contracts
Samples: Restricted Stock Awards Agreement (One Liberty Properties Inc), Restricted Stock Awards Agreement (One Liberty Properties Inc), Restricted Stock Awards Agreement (One Liberty Properties Inc)
No Segregation. Neither the Company nor any Subsidiary shall be required to segregate any cash or Shares which may at any time be represented by awards under the Plan and the Plan shall constitute an “unfunded” plan of the Company. Neither the Company nor any Subsidiary shall by any provisions of the Plan be deemed a trustee of any Shares or any other property, and the liabilities of the Company and any Subsidiary to the Holder pursuant to the Plan shall be those of a debtor pursuant to such contract obligations as are created by or pursuant to the Plan and this Agreement and the rights of the Holder or his/her beneficiary under the Plan shall be limited to those of a general creditor of the Company or the applicable Subsidiary, as the case may be. 13.
Appears in 1 contract
Samples: Restricted Stock Award Agreement Restricted Stock Award Agreement (BRT Apartments Corp.)
