Unsecured Promise to Pay. This Plan constitutes an unfunded and non-qualified deferred compensation arrangement between the Company and the Executive. Neither the Executive nor any other person shall have any interest in any specific asset or assets of the Company by reason of any obligations hereunder nor any rights to payment of any Deferred Compensation except as expressly provided hereunder. The rights of the Executive and any designated beneficiary are unsecured and shall be subject to the creditors of the Company.
Appears in 4 contracts
Samples: Deferred Compensation Agreement (Global Partners Lp), Deferred Compensation Agreement (Global Partners Lp), Deferred Compensation Agreement (Global Partners Lp)
Unsecured Promise to Pay. This Plan constitutes an unfunded and non-qualified deferred compensation arrangement between the Company and the Executive. Neither the Executive nor any other person shall have any interest in any specific asset or assets of the Company by reason of any obligations hereunder nor any rights to payment of any Deferred Compensation the SERP Benefit except as expressly provided hereunder. The rights of the Executive and any designated beneficiary are unsecured and shall be subject to not have priority over the creditors rights of the Company’s general creditors.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Plan (Global Partners Lp), Supplemental Executive Retirement Plan (Global Partners Lp)
