Common use of No Voting Rights/Dividends Clause in Contracts

No Voting Rights/Dividends. The Recipient shall have no rights as a shareholder with respect to the RSUs or the Common Stock underlying the RSUs until the underlying Common Stock is issued to the Recipient. The Recipient will be entitled to receive any cash dividends declared on the Common Stock underlying the RSUs after the RSUs have vested and the Common Stock has been issued. The Company shall accrue and pay to the Recipient on the vesting of the RSUs an amount in cash equal to dividends that would have been paid on the Common Stock underlying the RSUs after the date of the issuance of the RSUs. No interest shall be paid by the Company on accrued amounts.

Appears in 14 contracts

Samples: Restricted Stock Unit Award Agreement (Schnitzer Steel Industries, Inc.), Restricted Stock Unit Award Agreement (Schnitzer Steel Industries, Inc.), Restricted Stock Unit Award Agreement (Schnitzer Steel Industries, Inc.)

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