Common use of Plan Not Funded Clause in Contracts

Plan Not Funded. Awards payable under this Plan shall be payable in 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 shares of Common Stock, except as expressly otherwise provided) of the Corporation or one of 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 the Corporation or one of 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 Corporation.

Appears in 3 contracts

Samples: Incentive Stock Option Agreement (Red Cat Holdings, Inc.), Registration Rights Agreement (Majesco Entertainment Co), Warrant Agreement (Hicks Acquisition CO I Inc.)

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Plan Not Funded. Awards payable under this Plan shall be payable in shares 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 shares of Common StockPlan Shares, except as expressly otherwise provided) of any member of the Corporation or one of its Subsidiaries 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 Corporation or one of its Subsidiaries 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 CorporationGroup.

Appears in 2 contracts

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

Plan Not Funded. Awards payable under this Plan shall be payable in 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 shares of Common Stock, except as expressly otherwise provided) of the Corporation or one of 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 the Corporation or one of 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 Corporation.

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 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 awardsAwards. No participantParticipant, beneficiary Beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including shares Shares of Common Stock, Stock except as expressly otherwise provided) of the Corporation or one of its Subsidiaries 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 the Corporation or one of its Subsidiaries 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 Corporation.

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 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 awardsAwards. No participantParticipant, beneficiary Beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including shares of Common Stock, Shares except as expressly otherwise provided) of the Corporation or one of its Subsidiaries 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 the Corporation or one of its Subsidiaries 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 Corporation.

Appears in 1 contract

Samples: Royal Bank of Canada

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