Benefits Unfunded. All rights under this Agreement of Executive and his spouse or other beneficiary, shall at all times be entirely unfunded, and no provision shall at any time be made with respect to segregating any assets of Bancorp or the Bank for payment of any amounts due hereunder. Neither Executive nor his spouse or other beneficiary, shall have any interest in or rights against any specific assets of Bancorp or the Bank, and Executive and his spouse and other beneficiary shall have only the rights of a general unsecured creditor of Bancorp and the Bank.
Appears in 3 contracts
Samples: Employment Agreement (Princeton National Bancorp Inc), Employment Agreement (Princeton National Bancorp Inc), Employment Agreement (Princeton National Bancorp Inc)
Benefits Unfunded. All rights under this Agreement of Executive and his spouse or other beneficiary, shall at all times be entirely unfunded, and no provision shall at any time be made with respect to segregating any assets of Bancorp or the Bank for payment of any amounts due hereunder. Neither Executive Executive, nor his spouse or other beneficiary, beneficiary shall have any interest in or rights against any specific assets of Bancorp or the Bank, and Executive and his spouse and other beneficiary beneficiaries shall have only the rights of a general unsecured creditor of Bancorp and the Bank.
Appears in 2 contracts
Samples: Employment Agreement (Princeton National Bancorp Inc), Employment Agreement (Princeton National Bancorp Inc)
