Common use of Payment of Dividend Equivalents Clause in Contracts

Payment of Dividend Equivalents. With respect to each of the RSUs covered by this Agreement, Grantee shall be credited on the records of the Company with dividend equivalents in an amount equal to the amount per Common Share of any cash dividends declared by the Board on the outstanding Common Shares during the period beginning on the Date of Grant and ending either on the date on which Grantee receives payment for the RSUs pursuant to Section 6 hereof or at the time when the RSUs are forfeited in accordance with Section 5 of this Agreement. These dividend equivalents will accumulate without interest and, subject to the terms and conditions of this Agreement, will be paid at the same time, to the same extent and in the same manner, in cash or Common Shares (as determined by the Committee) as the RSUs for which the dividend equivalents were credited.

Appears in 18 contracts

Samples: Time Based Restricted Stock Unit Agreement (TimkenSteel Corp), Timken Company (Timken Co), Restricted Share Unit Inducement Award Agreement (TimkenSteel Corp)

AutoNDA by SimpleDocs

Payment of Dividend Equivalents. With respect to each of the RSUs PRSUs covered by this Agreement, Grantee shall be credited on the records of the Company with dividend equivalents in an amount equal to the amount per Common Share of any cash dividends declared by the Board on the outstanding Common Shares during the period beginning on the Date of Grant and ending either on the date on which Grantee receives payment for the RSUs PRSUs pursuant to Section 6 hereof or at the time when the RSUs PRSUs are forfeited in accordance with Section 5 of this Agreement. These dividend equivalents will accumulate without interest and, subject to the terms and conditions of this Agreement, will be paid at the same time, to the same extent and in the same manner, in cash or Common Shares (as determined by the Committee) as the RSUs PRSUs for which the dividend equivalents were credited.

Appears in 6 contracts

Samples: Based Restricted Stock Units Agreement (Timken Co), Based Restricted Stock Unit Agreement (Timken Co), Based Restricted Stock Units Agreement (Timken Co)

Payment of Dividend Equivalents. With respect to each of the RSUs covered by this Agreement, Grantee shall be credited on the records of the Company with dividend equivalents in an amount equal to the amount per Common Share of any cash dividends declared by the Board on the outstanding Common Shares during the period beginning on the Date of Grant and ending either on the date on which Grantee receives payment for the RSUs pursuant to Section 6 hereof or at the time when the RSUs are forfeited in accordance with Section 5 of this Agreement. CLI-202342697v4 These dividend equivalents will accumulate without interest and, subject to the terms and conditions of this Agreement, will be paid at the same time, to the same extent and in the same manner, in cash or Common Shares (as determined by the Committee) as the RSUs for which the dividend equivalents were credited.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (TimkenSteel Corp)

AutoNDA by SimpleDocs

Payment of Dividend Equivalents. With respect to each of the RSUs covered by this Agreement, Grantee shall be credited on the records of the Company with dividend equivalents in an amount equal to the amount per Common Share of any cash dividends declared by the Board on the outstanding Common Shares during the period beginning on the Date of Grant and ending either on the date on which Grantee receives payment for the RSUs pursuant to Section 6 hereof or at the time when the RSUs are forfeited in accordance with Section 5 of this Agreement. These dividend equivalents will accumulate without interest and, subject to the terms and conditions of this Agreement, will be paid at the same time, to the same extent and in the same manner, in cash or Common Shares (as determined by NEW MEMBER the Committee) as the RSUs for which the dividend equivalents were credited.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement for Nonemployee Directors (Timken Co)

Time is Money Join Law Insider Premium to draft better contracts faster.