Common use of Limitation of Implied Rights Clause in Contracts

Limitation of Implied Rights. (a) Recipient shall not, by reason of this Agreement, acquire any right in or title to any assets, funds or property of the Company or any subsidiary whatsoever, including, without limitation, any specific funds, assets, or other property which the Company or any subsidiary, in its sole discretion, may set aside in anticipation of a liability under the Agreement. A Recipient shall have only a contractual right to the Stock issuable upon exercise of the Option in accordance with this Agreement, unsecured by any assets of the Company or any subsidiary, and nothing contained in this Agreement shall constitute a guarantee that the assets of the Company or any Subsidiary shall be sufficient to pay any benefits to any person. (b) This Agreement does not constitute a contract of employment, and the Award granted to Recipient pursuant to this Agreement does not give the Recipient the right to be retained in the employ of the Company or any subsidiary, nor any right or claim to any benefit under this Agreement, unless such right or claim has specifically accrued under the terms of this Agreement. Except as otherwise provided in this Agreement, the Award does not confer upon the Recipient any rights as a shareholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights and is issued shares.