Common use of Non-Secured Promise Clause in Contracts

Non-Secured Promise. The rights of the Executive under this Agreement will be solely those of an unsecured creditor of the Company. The benefits under this Agreement will be paid by the Company from its general assets. Any insurance policy or any other asset acquired or held by the Company in connection with the liabilities assumed by it hereunder will not be deemed to be held under any trust for the benefit of the Executive, or to be security for the performance of the obligations of the Company, but will be, and remain, a general, unpledged, unrestricted asset of the Company. This Agreement is intended to constitute an unfunded or insured welfare plan for a select group of management or highly compensated employees, within the meaning of Department of Labor Reg. ss.2520.104-24, exempting such plans and arrangement from the reporting and disclosure provisions of Part 1 of Title 1 of the Employee Retirement Income Security Act of 1974, as amended.