Unfunded Rights. The right of the Recipient to receive Award Shares pursuant to this Award Agreement is an unfunded and unsecured obligation of the Company. The Recipient shall have no rights under this Award Agreement other than those of an unsecured general creditor of the Company.
Appears in 6 contracts
Samples: Restricted Stock Unit Award Agreement (Kadant Inc), Director Restricted Stock Unit Award Agreement (Kadant Inc), Award Agreement (Kadant Inc)
Unfunded Rights. The right of the Recipient to receive Award Shares pursuant to this Award Agreement is an unfunded and unsecured obligation of the Company. The Recipient Receipient shall have no rights under this Award Agreement other than those of an unsecured general creditor of the Company.
Appears in 2 contracts
Samples: Restricted Stock Unit Award Agreement (Kadant Inc), Award Agreement (Kadant Inc)
