Common use of Company Retention of Dividends and Distributions on Unvested Restricted Stock Clause in Contracts

Company Retention of Dividends and Distributions on Unvested Restricted Stock. In the event that the Company declares and pays a dividend or other distribution on its Common Stock, the Company shall retain custody of all such dividends and distributions (the “Retained Distributions”) made or declared with respect to the unvested portion of the Restricted Stock. The Company is not required to segregate the Retained Distributions in a separate or interest-bearing account, but payment thereof by the Company upon vesting of the Restricted Stock shall be a general, unsecured obligation of the Company. If at the end or during the Restricted Period, the Executive vests in all or a portion of the Restricted Stock, the Company shall promptly pay or distribute to the Executive (without any interest) the portion of the Retained Distributions held by the Company that relate to the vested portion of the Restricted Stock.

Company Retention of Dividends and Distributions on Unvested Restricted Stock. In the event that the Company declares and pays a dividend or other distribution on its Common Stock, the Company shall retain custody of all such dividends and distributions (the “Retained Distributions”) made or declared with respect to the unvested portion of the Restricted Stock. The Company is not required to segregate the Retained Distributions in a separate or interest-bearing account, but payment thereof by the Company upon vesting of the Restricted Stock shall be a general, unsecured obligation of the Company. If at the end or during the Restricted Period, the Executive Grantee vests in all or a portion of the Restricted Stock, the Company shall promptly pay or distribute to the Executive Grantee (without any interest) the portion of the Retained Distributions held by the Company that relate to the vested portion of the Restricted Stock.