Common use of Plan Not Funded Clause in Contracts

Plan Not Funded. Awards payable under this Plan shall be payable in Plan Shares or from the general assets of the Corporation, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including Plan Shares, except as expressly otherwise provided) of any member of the Group by reason of any award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between any member of the Group and any participant, beneficiary or other person. To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant to any award hereunder, such right shall be no greater than the right of any unsecured general creditor of the Group.

Appears in 2 contracts

Samples: Stock Option Plan Agreement (Chineseworldnet Com Inc), Stock Option Plan Agreement (Chineseworldnet Com Inc)

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Plan Not Funded. Awards payable under this Plan shall be payable in Plan Shares shares or from the general assets of the Corporation, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including Plan Sharesshares of Common Stock, except as expressly otherwise provided) of any member the Corporation or one of the Group its Subsidiaries by reason of any award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between any member the Corporation or one of the Group its Subsidiaries and any participant, beneficiary or other person. To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant to any award hereunder, such right shall be no greater than the right of any unsecured general creditor of the GroupCorporation.

Appears in 2 contracts

Samples: Registration Rights Agreement (Majesco Entertainment Co), Warrant Agreement (Hicks Acquisition CO I Inc.)

Plan Not Funded. Awards payable under this Plan shall be payable in Plan Shares shares or from the general assets of the Corporation, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including Plan Sharesshares of Common Stock, except as expressly otherwise provided) of any member of the Group Corporation by reason of any award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between any member the Corporation or one of the Group its Subsidiaries or Affiliates and any participant, beneficiary or other person. To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant to any award hereunder, such right shall be no greater than the right of any unsecured general creditor of the GroupCorporation.

Appears in 2 contracts

Samples: Agreement (New Century Financial Corp), Execution Version (Greenlight Capital LLC)

Plan Not Funded. Awards payable under this Plan shall be payable in Plan Shares or from the general assets of the Corporation, and no special or separate reserve, fund or deposit shall be made to assure payment of such awardsAwards. No participantParticipant, beneficiary Beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including Plan Shares, Shares except as expressly otherwise provided) of any member of the Group Corporation by reason of any award Award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between any member of the Group Corporation and any participantParticipant, beneficiary Beneficiary or other person. To the extent that a participantParticipant, beneficiary Beneficiary or other person acquires a right to receive payment pursuant to any award Award hereunder, such right shall be no greater than the right of any unsecured general creditor of the GroupCorporation.

Appears in 1 contract

Samples: Royal Bank of Canada

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Plan Not Funded. Awards payable under this Plan shall be payable in Plan Shares or from the general assets of the Corporation, and no special or separate reserve, fund or deposit shall be made to assure payment of such awardsAwards. No participantParticipant, beneficiary Beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including Plan Shares, Shares of Common Stock except as expressly otherwise provided) of any member of the Group Corporation by reason of any award Award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between any member of the Group Corporation and any participantParticipant, beneficiary Beneficiary or other person. To the extent that a participantParticipant, beneficiary Beneficiary or other person acquires a right to receive payment pursuant to any award Award hereunder, such right shall be no greater than the right of any unsecured general creditor of the GroupCorporation.

Appears in 1 contract

Samples: Royal Bank of Canada

Plan Not Funded. Awards payable under this Plan shall be payable in Plan Shares or from the general assets of the CorporationUnits, and (except as provided in Section 1.4(c)) no special or separate reserve, fund or deposit shall be made to assure payment of such awardsAwards. No participantParticipant, beneficiary Beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including Plan SharesUnits, except as expressly otherwise provided) of any member of the Group Company by reason of any award Award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between any member of the Group Company and any participantParticipant, beneficiary Beneficiary or other person. To the extent that a participantParticipant, beneficiary Beneficiary or other person acquires a right to receive payment pursuant to any award Award hereunder, such right shall be no greater than the right of any unsecured general creditor of the GroupCompany.

Appears in 1 contract

Samples: Operating Agreement (Amerigon Inc)

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