Common use of Unfunded Plan Clause in Contracts

Unfunded Plan. Executive and Company do not intend that the amounts payable hereunder be held by Company in trust or as a segregated fund for Executive or any other person entitled to payments hereunder. The benefits provided under this Agreement shall be payable solely from the general assets of Company, and neither Executive nor any other person entitled to payments hereunder shall have any interest in any assets of Company by virtue of this Agreement. Company’s obligation under this Agreement shall be merely that of an unfunded and unsecured promise of Company to pay money in the future. To the extent that this Agreement may be deemed to be a “pension plan,” Executive and Company intend that it be unfunded for federal income tax purposes, as well as for Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).