Unsecured Promise. Nothing contained in this Agreement shall create or require the Employer to create a trust of any kind to fund the benefits payable hereunder. To the extent that the Executive or any other person acquires a right to receive payments from the Employer, such individual shall at all times remain an unsecured general creditor of the Employer.
Appears in 10 contracts
Samples: Supplemental Executive Retirement Agreement (Louisiana Bancorp Inc), Supplemental Executive Retirement Agreement (Meridian Bancorp, Inc.), Retention and Non Competition Agreement (Poage Bankshares, Inc.)
Unsecured Promise. Nothing contained in this Agreement shall create or require the Employer to create a trust of any kind to fund the benefits payable hereunder. To the extent that the Executive or any other person acquires a right to receive payments from the Employer, such individual right shall at all times remain an be no greater than the right of any unsecured general creditor of the Employer.
Appears in 8 contracts
Samples: Supplemental Retirement Agreement (Minden Bancorp, Inc.), Supplemental Retirement Agreement (Minden Bancorp, Inc.), Supplemental Retirement Agreement (Minden Bancorp, Inc.)
