Limitations on Rights. The Dividend Equivalent Rights and the Dividend Equivalents are for bookkeeping purposes only. Dividend Equivalents will not be treated as property or as a trust fund of any kind. The Participant shall have no rights as a stockholder of the Corporation, no dividend rights (except as expressly provided herein with respect to the payment of Dividend Equivalents) and no voting rights with respect to the Dividend Equivalent Rights, the Dividend Equivalents or any shares of Common Stock issuable in respect of such Dividend Equivalents, unless and until shares of Common Stock are actually delivered to and held of record by the Participant. Except as expressly provided herein, no adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of delivery of the shares. The Participant’s rights with respect to the Award are merely those of a general unsecured creditor of the Corporation to receive payment as described herein subject to the terms and conditions set forth herein. Neither the Participant nor any other person has any legal or equitable rights, claims or interest in any specific property or assets of the Corporation or any of its Subsidiaries. No assets of the Corporation or any Subsidiary will be held under any trust or held in any way as collateral security of the fulfilling of the Corporation’s obligations under this Award Agreement.
Appears in 8 contracts
Samples: Equivalent Rights Award Agreement (New Century Financial Corp), 2004 Performance Incentive Plan Dividend Equivalent Rights Award Agreement (New Century Financial Corp), Equivalent Rights Award Agreement (New Century Financial Corp)
