Accounting Device Only. The Incentive Award Account is solely a device for measuring amounts to be paid under this Agreement. The Incentive Award Account is not a trust fund of any kind. The Executive is a general unsecured creditor of the Company for the distribution of benefits. The benefits represent the mere Company promise to distribute such benefits. The Executive’s rights are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Executive’s creditors.
Appears in 3 contracts
Sources: Executive Incentive Retirement Plan (Sterling Bancorp, Inc.), Executive Incentive Retirement Plan (Sterling Bancorp, Inc.), Executive Incentive Retirement Plan (Sterling Bancorp, Inc.)