Award of Performance Share Units. (a) Pursuant to and subject to the terms of the Plan, the Company hereby awards to Participant the number of Performance Share Units reflected on the Award Notification as the Award. The Performance Share Units issued in the Award shall be paid out in shares of Common Stock in an amount determined under Section 2. (b) Following the date that Performance Share Units are earned and vested pursuant to Section 2, each Performance Share Unit shall be distributed as shares of Common Stock, in the amount determined under Section 2. The number of Performance Share Units reflected in the Award Notification shall be credited to Participant’s Account as of the Grant Date. Participant’s Account shall be the record of Performance Share Units granted to Participant hereunder and is solely for accounting purposes and shall not require a segregation of any assets of the Company. (c) Participant shall not have the rights of a stockholder, including any rights to receive dividends with respect to any Performance Share Units credited to Participant’s Account or any shares of Common Stock that may be distributed in respect of such Performance Share Units, until shares of Common Stock have been distributed to Participant pursuant to Section 3.
Appears in 4 contracts
Samples: Performance Share Unit Award Agreement (Legg Mason, Inc.), Performance Share Unit Award Agreement (Legg Mason, Inc.), Performance Share Unit Award Agreement (Legg Mason, Inc.)
