Share Unit Accounts Clause Samples

The Share Unit Accounts clause establishes and governs the maintenance of records for share units allocated to participants, typically in the context of an employee share or incentive plan. It details how each participant’s share units are tracked, updated, and reported, often specifying the responsibilities of the plan administrator and the format of account statements. By providing a clear framework for recording and monitoring share unit holdings, this clause ensures transparency and accuracy in the management of participants’ interests, reducing the risk of disputes or errors regarding share unit entitlements.
Share Unit Accounts. (i) Compensation deferred and elected by the Director to be credited to the Director’s Share Unit Account, as provided in the Election Form delivered to the Company pursuant to Section 2 of this Agreement, shall be credited to the Director’s share unit bookkeeping account (the “Share Unit Account”). The amount so credited to each Share Unit Account shall be equal to the amount of such Compensation, converted as of the payment dates established by the Committee into share units (the “Share Units”) equivalent to whole Shares based on the Fair Market Value of a Share on such payment date. For purposes of this Agreement, “Fair Market Value” shall mean the closing price per share of the Company’s common stock as reported on The New York Stock Exchange, or if such date is not a regular trading date on such exchange, on the next following regular trading date. The number of Share Units for full Shares so determined shall be credited to the Director’s Share Unit Account. Any unconverted balance remaining in the Director’s Share Unit Account after such conversion, together with other subsequent credits of deferred Compensation thereto, shall be converted into Share Units to the extent possible on the next designated payment date.
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Share Unit Accounts. The Company shall maintain a Share unit account (an "Account") for each Director. Share units will be credited to each such Account as follows: (a) Each Director may make an irrevocable election on or before the December 31 immediately preceding the beginning of a Plan Year by written notice to the Company, to defer payment of all of the compensation otherwise payable as his or her annual retainer fee for service as a Director for the Plan Year. Notwithstanding the foregoing, a Director may make such an election within 70 days after first becoming eligible to participate in the Plan, with respect to compensation payable after the effective date of the election. All compensation which a Director elects to defer pursuant to this Section 5(a) shall be credited in the form of Share units to the Director's Account. The number of units (including fractional units) so credited will be equal to the number of Shares (including fractional Shares) having an aggregate Fair Market Value (on the date the compensation would otherwise have been paid) equal to the amount by which the Director's compensation was reduced pursuant to the deferral election. Deferrals of compensation hereunder shall continue until the Director notifies the Company in writing, on or prior to the December 31 immediately preceding the commencement of any Plan Year, that the Director wishes his or her compensation for such Plan Year and succeeding periods to be paid on a current basis. (b) As of each date on which a cash dividend is paid on Shares, there shall be credited to each Account that number of Share units (including fractional units) determined by (i) multiplying the amount of such dividend (per share) by the number of Share units in such Account; and (ii) dividing the total so determined by the Fair Market Value of a Share on the date of payment of such cash dividend. The additions to a Director's Account pursuant to this Section 5(b) shall continue until the Director's Plan Benefit is fully paid.
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Share Unit Accounts. (i) Share Compensation deferred, and Cash Compensation deferred and elected by the Director to be credited to the Director’s Share Unit Account, in each case as provided in the Election Form delivered to the Company pursuant to Section 2 of this Agreement, shall be credited as a dollar amount to the Director’s share unit bookkeeping account (the “Share Unit Account”). The dollar amount so credited to each Share Unit Account shall be equal to (A) in the case of Cash Compensation, the amount of such Cash Compensation, and (B) in the case of Share Compensation, the Fair Market Value (as defined below) of the Shares on the payment dates for the Initial Share Grants and Annual Share Grants specified by the Committee. Dollar amounts credited to the Director’s Share Unit Account shall be converted as of the payment date into share units (the “Share Units”) equivalent to whole Shares. Such conversion shall be determined by dividing the dollar balance of the Director’s Share Unit Account as of such payment date by the Fair Market Value of a Share on such payment date. For purposes of this Agreement, “Fair Market Value” shall mean the closing price per share of the Company’s common stock as reported on The New York Stock Exchange, or if such date is not a regular trading date on such exchange, on the next following regular trading date. The number of Share Units for full Shares so determined shall be credited to the Director’s Share Unit Account and the aggregate value thereof shall be charged to the cash balance of the Director’s Share Unit Account. Any cash balance remaining in the Director’s Share Unit Account after such conversion, together with other subsequent credits of deferred Compensation thereto, shall be converted into Share Units to the extent possible on the next designated payment date.
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Related to Share Unit Accounts

  • Cash Accounts The Custodian will open and maintain in the name of the Client one or more cash deposit accounts (each a “Cash Account”) in such currencies as may be required in connection with the investment activity of the Client.

  • Stock Units As used herein, the term “Stock Unit” shall mean a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of the Company’s Common Stock (“Share”) solely for purposes of the Plan and this Award Agreement. The Stock Units shall be used solely as a device for the determination of the payment to eventually be made to the Participant if such Stock Units vest pursuant to this Award Agreement. The Stock Units shall not be treated as property or as a trust fund of any kind.

  • Cash Account Except as otherwise provided in Instructions acceptable to Bank, all cash held in the Cash Account shall be deposited during the period it is credited to the Account in one or more deposit accounts at Bank or at Bank's London Branch. Any cash so deposited with Bank's London Branch shall be payable exclusively by Bank's London Branch in the applicable currency, subject to compliance with any Applicable Law, including, without limitation, any restrictions on transactions in the applicable currency imposed by the country of the applicable currency.

  • Performance Share Units The Committee may, in its discretion, grant to Executive performance share units subject to performance vesting conditions (collectively, the “Performance Units”), which shall be subject to restrictions on their sale as set forth in the Plan and an associated Performance Unit Grant Letter.

  • Performance Shares Each Performance Share is a bookkeeping entry that records the equivalent of one Share. Upon the vesting of the Performance Shares as provided in Section 2, the vested Performance Shares will be settled as provided in Section 3.