Unfunded Plan Clause Example from Business Contracts

This example Unfunded Plan clause appears in 6 contracts from 1 company

Unfunded Plan. The Plan is unfunded. Although bookkeeping accounts may be established with respect to Participants who are entitled to cash, Shares or rights thereto under the Plan, any such accounts shall be used merely as a bookkeeping convenience. The Company shall not be required to segregate any assets that may at any time be represented by cash, Shares or rights thereto, nor shall the Plan be construed as providing for such segregation, nor shall the Company, the Board or the Committee be deemed to be a ...trustee of any cash, Shares or rights thereto to be granted under the Plan. Any liability or obligation of the Company to any Participant with respect to an Award of cash, Shares or rights thereto under the Plan shall be based solely upon any contractual obligations that may be created by the Plan and any Award Agreement, and no such liability or obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of the Company. None of the Company, the Board or the Committee shall be required to give any security or bond for the performance of any obligation that may be created by the Plan. With respect to the Plan and any Awards granted hereunder, Participants are general and unsecured creditors of the Company and have no rights or claims except as otherwise provided in the Plan or any applicable Award Agreement. View More Arrow
Found in Noble Corporation plc contract
Noble Corporation plc Contracts

Noble Corporation plc 2015 Omnibus Incentive Plan, restated as of May 1, 2019 (Filed With SEC on May 1, 2019)

Noble Corporation plc 2015 Omnibus Incentive Plan, restated as of June 26, 2020 (Filed With SEC on July 2, 2020)

Noble Corporation plc 2015 Omnibus Incentive Plan, restated as of May 21, 2020 (Filed With SEC on May 27, 2020)

Noble Corporation plc 2015 Omnibus Incentive Plan, restated as of May 1, 2018 (Filed With SEC on May 1, 2018)

NOBLE CORPORATION PLC 2015 OMNIBUS INCENTIVE PLAN PART A (Filed With SEC on April 27, 2016)

NOBLE CORPORATION PLC 2015 OMNIBUS INCENTIVE PLAN PART A (Filed With SEC on May 2, 2017)