Unfunded Obligations. The grant of the Performance Share Units and any provision for distribution in settlement of Employee’s Account hereunder shall be by means of bookkeeping entries on the books of the Company and shall not create in Employee any right to, or claim against any, specific assets of the Company, nor result in the creation of any trust or escrow account for Employee. With respect to Employee’s entitlement to any distribution hereunder, Employee shall be a general creditor of the Company.
Appears in 16 contracts
Samples: Performance Share Units Agreement (New Jersey Resources Corp), Performance Share Units Agreement (New Jersey Resources Corp), Performance Share Units Agreement (New Jersey Resources Corp)
Unfunded Obligations. The grant of the Performance Share Units Shares and any provision for distribution in settlement of Employee’s Account hereunder shall be by means of bookkeeping entries on the books of the Company and shall not create in Employee any right to, or claim against any, specific assets of the Company, nor result in the creation of any trust or escrow account for Employee. With respect to Employee’s entitlement to any distribution hereunder, Employee shall be a general creditor of the Company.
Appears in 8 contracts
Samples: Performance Shares Agreement (New Jersey Resources Corp), Performance Shares Agreement (New Jersey Resources Corp), New Jersey Resources Corporation (New Jersey Resources Corp)
