Award of Dividend Equivalents Sample Clauses

Award of Dividend Equivalents. You have been awarded Dividend Equivalents with respect to each of your PRSUs covered by this award letter.

Award of Dividend Equivalents. The Company hereby grants to Grantee, with respect to each RSU, a Dividend Equivalent for dividends paid to substantially all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable RSU is settled, forfeited, or otherwise expires. Each Dividend Equivalent entitles Grantee to receive the equivalent value of any such dividends paid on a single Share during the applicable vesting period. The Company will establish a separate Dividend Equivalent bookkeeping account (a “Dividend Equivalent Account”) for each Dividend Equivalent and credit the Dividend Equivalent Account on the applicable dividend payment date with the amount of any such cash paid. No interest will accrue on the Dividend Equivalents. Any and all Dividend Equivalents with respect to the RSUs that are forfeited shall also be forfeited and not deemed earned by nor distributed to Grantee.

Award of Dividend Equivalents. (a) Each Dividend Equivalent shall remain outstanding from the Date of Grant until the earlier of the payment or forfeiture of the underlying RSU to which it corresponds, at which time the Dividend Equivalent shall automatically and without further action terminate and cease to be of any force or effect. (b) Each Dividend Equivalent shall entitle you to receive payment of the equivalent of any and all dividends declared by the Company on its Common Stock on each date on which dividends are paid that occurs on and after the Date of Grant (and on or prior to the date on which the underlying RSU to which such Dividend Equivalent corresponds is forfeited or paid) in an amount equal to the amount of such dividends multiplied by the total number of RSUs held by you on such date. These Dividend Equivalents shall be paid upon the later of (a) the date such dividends are paid to the common stockholders of the Company, or (b) the date the RSU with respect to which such Dividend Equivalent is payable becomes vested and the Share underlying such RSU is issued (it being understood that no Dividend Equivalents will be paid with respect to Shares underlying any RSUs that do not vest, and that Dividend Equivalents equal to the dividends declared on the Company’s Common Stock from and after the Date of Grant of the unvested RSUs shall be paid as and when (and only if) such RSUs vest and the Shares underlying such RSUs are issued). (c) The Dividend Equivalents and any amounts that may become payable in respect thereof shall be treated separately from the RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A of the Code.

Award of Dividend Equivalents. Dividend Equivalents may, as determined by the Board in its sole discretion, be awarded in respect of unvested RSUs in a Participant’s Account on the same basis as cash dividends declared and paid on Shares as if the Participant was a shareholder of record of Shares on the relevant record date. Dividend Equivalents, if any, will be credited to the Participant’s Account in additional RSUs, the number of which shall be determined as per the following formula: (A x B)/C where: “A” represents the amount of the dividend per Share declared and paid on the Shares by the Corporation;