Common use of No Rights as Stockholder; Dividend Equivalents Clause in Contracts

No Rights as Stockholder; Dividend Equivalents. The Participant shall not be deemed for any purpose to be the owner of any shares of Common Stock subject to the RSUs unless and until such shares shall have been issued and delivered to the Participant. In the event that the Company pays any ordinary dividends in cash on the Common Stock during the period (and to the extent) the RSUs remain outstanding, the Company shall credit dividend equivalents to an account for the Participant on the terms and conditions specified below. The dividend equivalents shall equal the dividends that would have been paid with respect to the shares of Common Stock underlying the RSU had such shares been outstanding at the record date for any such dividends. The dividend equivalents credited hereunder shall accumulate, without interest, and be paid in cash at the time any applicable Released Units are settled, or shall be forfeited at the time the corresponding RSUs are forfeited.

Appears in 4 contracts

Samples: Restricted Stock Unit Agreement (Tronc, Inc.), Restricted Stock Unit Agreement (Tribune Publishing Co), Restricted Stock Unit Agreement (Tribune Publishing Co)

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