Common use of Payment of Cash Dividend Equivalents Clause in Contracts

Payment of Cash Dividend Equivalents. Cash dividend equivalents shall be paid on the Units to the Grantee through the Company payroll system in an amount equal to the cash dividends actually paid each calendar quarter on the Company’s issued and outstanding shares of Common Stock. Such cash dividend equivalents shall be paid at the end of the payroll period in which such cash dividends are actually paid to the Company’s shareholders and shall cease as of the Distribution Date (as defined in Section 8 below). However, the payment of cash dividend equivalents shall not be considered to be “eligible compensation,” as such term is defined under either the Company’s Retirement Savings Plan or Pension Account Plan.

Payment of Cash Dividend Equivalents. Cash dividend equivalents shall be paid on the Units to the Grantee through the Company payroll system in an amount equal to the cash dividends actually paid each calendar quarter on the Company’s issued and outstanding shares of Common Stock. Such cash dividend equivalents shall be paid at the end of the payroll period in which such cash dividends are actually paid to the Company’s shareholders and shall cease as of the Distribution Date (as defined in Section 8 below)shareholders. However, the payment of cash dividend equivalents shall not be considered to be “eligible compensation,” as such term is defined under either the Company’s Retirement Savings Plan or Pension Account Plan.