Stockholder Rights and Dividend Equivalents. (i) Participant will have no rights as a stockholder with respect to any shares of Stock subject to Performance Share Units until the Performance Share Units have vested and shares of Stock relating thereto have been issued and recorded on the records of the Company or its transfer agent or registrars. (ii) Notwithstanding the foregoing, this award shall accrue dividend equivalents with respect to dividends that would otherwise be paid on the shares of Stock underlying the award during the period from the date of grant to the date such Performance Share Unit is earned and the underlying shares of Stock delivered. On each dividend payment date during such period, the award shall accrue a target number of dividend equivalents equal to (A) the sum of (i) the number of Performance Share Units subject to the Target Award, plus (ii) the number of dividend equivalents previously accrued, multiplied by (B) the applicable per-share dividend amount and divided by (C) the then-current Fair Market Value. The dividend equivalent shall be subject to the same vesting, settlement and other conditions applicable to the Performance Share Units on which such dividend equivalents are accrued. As such, the determination of the number of dividend equivalents which vest and are payable pursuant to the award shall be determined as the product of (a) the sum of all dividend equivalents determined in accordance with this Section 3.4(ii) and (b) a fraction equal to (i) the number of Performance Share Units which vest in accordance with the terms of this Agreement divided by (ii) the number of Performance Share Units subject to the Target Award.
Appears in 3 contracts
Samples: Performance Share Units Agreement (MGM Resorts International), Performance Share Units Agreement (MGM Resorts International), Performance Share Units Agreement (MGM Resorts International)
Stockholder Rights and Dividend Equivalents. (i) A. Participant will have no rights as a stockholder with respect to any shares of Stock Shares subject to Performance Share Units until the Performance Share Units have vested and shares of Stock Shares relating thereto have been issued and recorded on the records of the Company or its transfer agent or registrars.
(ii) B. Notwithstanding the foregoing, this award shall accrue dividend equivalents with respect to dividends that would otherwise be paid on the shares of Stock Shares underlying the award during the period from the date of grant to the date such Performance Share Unit is earned and the underlying shares of Stock Shares delivered. On each dividend payment date during such period, the award shall accrue a target number of dividend equivalents equal to (A) the sum of (i) the number of Performance Share Units subject to the Target Award, plus (ii) the number of dividend equivalents previously accrued, multiplied by (B) the applicable per-share dividend amount and divided by (C) the then-current Fair Market Value. The dividend equivalent shall be subject to the same vesting, settlement and other conditions applicable to the Performance Share Units on which such dividend equivalents are accrued. As such, the determination of the number of dividend equivalents which vest and are payable pursuant to the award shall be determined as the product of (a) the sum of all dividend equivalents determined in accordance with this Section 3.4(ii3.5(ii) and (b) a fraction equal to (i) the number of Performance Share Units which vest in accordance with the terms of this Agreement divided by (ii) the number of Performance Share Units subject to the Target Award.
Appears in 3 contracts
Samples: Performance Share Units Agreement (MGM Resorts International), Performance Share Units Agreement (MGM Resorts International), Performance Share Units Agreement (MGM Resorts International)
Stockholder Rights and Dividend Equivalents. (i) Participant will have no rights as a stockholder with respect to any shares of Stock subject to Performance Share Units until the Performance Share Units have vested and shares of Stock relating thereto have been issued and recorded on the records of the Company or its transfer agent or registrars.
(ii) Notwithstanding the foregoing, this award shall accrue dividend equivalents with respect to dividends that would otherwise be paid on the shares of Stock underlying the award during the period from the date of grant Effective Date to the date such Performance Share Unit is earned and the underlying shares of Stock delivered. On each dividend payment date during such period, the award shall accrue a target number of dividend equivalents equal to to
(A) the sum of (i) the number of Performance Share Units subject to the Target Award, plus (ii) the number of dividend equivalents previously accrued, multiplied by (B) the applicable per-share dividend amount and divided by (C) the then-current Fair Market Value. The dividend equivalent shall be subject to the same vesting, settlement and other conditions applicable to the Performance Share Units on which such dividend equivalents are accrued. As such, the determination of the number of dividend equivalents which vest and are payable pursuant to the award shall be determined as the product of (a) the sum of all dividend equivalents determined in accordance with this Section 3.4(ii) and (b) a fraction equal to (i) the number of Performance Share Units which vest in accordance with the terms of this Agreement divided by (ii) the number of Performance Share Units subject to the Target Award.
Appears in 1 contract
Samples: Performance Share Units Agreement (MGM Resorts International)