Restricted Share Units with Related Dividend Equivalents Award Sample Clauses
The "Restricted Share Units with Related Dividend Equivalents Award" clause establishes the terms under which an employee or recipient is granted restricted share units (RSUs) that also entitle them to receive dividend equivalents. This means that while the recipient does not yet own the underlying shares, they are credited with payments or additional units equivalent to dividends that would have been paid on those shares during the vesting period. Typically, these dividend equivalents are paid out or accrue until the RSUs vest and the shares are delivered. The core function of this clause is to ensure that recipients of RSUs are not disadvantaged compared to shareholders with respect to dividends, thereby aligning their interests with those of shareholders and enhancing the value of the award.
Restricted Share Units with Related Dividend Equivalents Award. Pursuant to the Plan and subject to the terms and conditions of the Agreement, PNC grants to the Grantee named above (“Grantee”) a Share-denominated award opportunity of stock-payable restricted share units (“Restricted Share Units” or “RSUs”) of the number of restricted share units set forth above, together with the opportunity to receive related dividend equivalents to the extent provided herein (“Dividend Equivalents”), payable in cash, with respect to those share units (together, the “Award”). The Award is subject to acceptance by Grantee in accordance with Section 15 and is subject to the terms and conditions of the Award Agreement, including service requirements, conduct and other conditions and adjustments and forfeiture provisions, and to the Plan.
Restricted Share Units with Related Dividend Equivalents Award. Pursuant to the Plan and subject to the terms and conditions of the Agreement, PNC grants to the Grantee named above (“Grantee”) a Share-denominated award opportunity of stock-payable restricted share units (“Restricted Share Units” or “RSUs”) of the number of share units set forth above, together with the opportunity to receive related dividend equivalents (“Dividend Equivalents”), payable in cash, with respect to those share units (together, the “Award”). The Award is subject to acceptance by Grantee in accordance with Section 15 and is subject to the terms and conditions of the Agreement and to the Plan.