Plan Accounts. The Company shall maintain a Plan Account on its books in the name of each Participant. Whenever an amount is deducted from the Participant’s Compensation under the Plan, such amount shall be credited to the Participant’s Plan Account. Axxxxxx credited to Plan Accounts shall not be trust funds and may be commingled with the Company’s general assets and applied to general corporate purposes. No interest shall be credited to Plan Accounts.
Appears in 3 contracts
Samples: Employee Stock Purchase Plan (Lucid Group, Inc.), Employee Stock Purchase Plan (Lucid Group, Inc.), Lucid Group, Inc.
Plan Accounts. The Company shall maintain a Plan Account on its books in the name of each Participant. Whenever an amount is deducted from the Participant’s Compensation under the Plan, such amount shall be credited to the Participant’s Plan Account. Axxxxxx Amounts credited to Plan Accounts shall not be trust funds and may be commingled with the Company’s general assets and applied to general corporate purposes. No interest shall be credited to Plan Accounts.
Appears in 1 contract
Samples: Business Combination Agreement and Plan of Merger (SC Health Corp)
