Common use of Rights During Restriction Period; Dividend Equivalents Clause in Contracts

Rights During Restriction Period; Dividend Equivalents. During the Restriction Period, the Employee shall not have any rights as a shareholder with respect to the Shares underlying the Restricted Units. During the Restriction Period, if the Company pays dividends or makes other distributions on the Common Stock, the Employee shall be entitled to receive from the Company at the time of payout in respect of the Award dividend equivalents for such dividends or other distributions, either in cash, in the case of a cash dividend or cash distribution, or other property, in the case of a non-cash dividend or non-cash distribution, as applicable, in respect of the number of Shares underlying the Restricted Units, in each case, subject to applicable withholdings and satisfaction thereof (including retaining cash otherwise payable or Shares otherwise issuable) as provided in Section 13.2 of the Plan. No such dividend equivalents will be paid in respect of Restricted Units that are forfeited or cancelled. No interest shall be paid on any such dividend equivalents. If the number of the Company’s outstanding Shares is changed as a result of a stock dividend, stock split or the like, without additional consideration to the Company, the Restricted Units subject to the Award shall be adjusted to correspond to the change in the Company’s outstanding Shares. Upon the expiration of the Restriction Period and payout of the Award, the Employee may exercise voting rights and shall be entitled to receive dividends and other distributions with respect to the number of Shares to which the Employee is entitled pursuant hereto.

Appears in 3 contracts

Samples: Award Agreement Terms and Conditions (L3harris Technologies, Inc. /De/), Restricted Unit Award Agreement Terms and Conditions (L3harris Technologies, Inc. /De/), Restricted Unit Award Agreement (L3harris Technologies, Inc. /De/)

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Rights During Restriction Period; Dividend Equivalents. During the Restriction Period, the Employee shall not have any rights as a shareholder with respect to the Shares underlying the Restricted Units. During the Restriction Period, if the Company Corporation pays dividends or makes other distributions on the Common Stock, the Employee shall be entitled to receive from the Company Corporation at the time of payout in respect of the Award dividend equivalents for such dividends or other distributions, either in cash, in the case of a cash dividend or cash distribution, or other property, in the case of a non-cash dividend or non-cash distribution, as applicable, in respect of the number of Shares underlying the Restricted Units, in each case, subject to applicable withholdings and satisfaction thereof (including retaining Shares otherwise issuable or cash otherwise payable or Shares otherwise issuableto be delivered) as provided in Section 13.2 of the Plan. No such dividend equivalents will be paid in respect of Restricted Units that are forfeited or cancelled. No interest shall be paid on any such dividend equivalents. If the number of the Company’s outstanding Shares shares of Common Stock is changed as a result of a stock dividend, stock split or the like, without additional consideration to the CompanyCorporation, the Restricted Units subject to the Award shall be adjusted to correspond to the change in the CompanyCorporation’s outstanding shares of Common Stock. If the Award Notice specifies that the Restricted Units are to be paid in Shares. Upon , upon the expiration of the Restriction Period and payout of the Award, the Employee may exercise voting rights and shall be entitled to receive dividends and other distributions with respect to the number of Shares to which the Employee is entitled pursuant hereto.

Appears in 2 contracts

Samples: Restricted Unit Award Agreement (L3harris Technologies, Inc. /De/), Restricted Unit Award Agreement (L3harris Technologies, Inc. /De/)

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