Common use of PHANTOM DIVIDENDS Clause in Contracts

PHANTOM DIVIDENDS. Each share of Phantom Stock granted hereunder shall be credited with phantom dividends at the same time and at the same rate as actual dividends are paid by the Company with respect to its Common Stock. Phantom dividends credited hereunder shall be deemed reinvested in additional shares of Phantom Stock (“Reinvested Shares”) as and when the phantom dividends are credited. All phantom dividends and Reinvested Shares shall vest at the same time and in the same amount as the Phantom Shares to which they relate, and shall be payable at the same time and in the same form as the Phantom Shares to which they relate.