Deferred Shares Account definition
Examples of Deferred Shares Account in a sentence
Each time a cash dividend is paid on the shares, a Non-Employee Director who has shares credited to his Deferred Shares Account shall receive a credit for such dividends on the dividend payment date to such Non-Employee Director's Deferred Shares Account.
Such forfeiture may be credited to the Participant's Deferred Shares Account under the Corporation's Management Stock Acquisition Program ("MSAP") as Deferred Shares (as such term is defined in the MSAP) and, if so credited, will thereafter be subject to the terms and conditions of the MSAP.
The deferral of shares into a Deferred Shares Account shall confer no rights upon the Non-Employee Director in whose name such account exists, as a shareholder of the Company or otherwise, with respect to the shares held in such Deferred Shares Account, but shall confer only the right to receive such shares credited as and when provided under the terms of the Deferment Agreement.
If there is no designated Beneficiary or no designated Beneficiary surviving at the Participant’s death, payment of the Participant’s Deferred Shares Account shall be made to the Participant’s estate.
Prior to the time the Participant’s Deferred Shares Account becomes payable, the Committee, in its sole discretion, may elect to distribute all or a portion of the number of whole Deferred Shares (plus cash representing the value of any fractional share and Dividend Equivalent Shares payable in cash) credited to such Deferred Shares Account in the event such Participant requests a distribution due to severe financial hardship.
Any payment of Vested Benefits attributable to amounts in the Participant's Investment Account shall be made in cash or, at the request of the Participant and subject to approval by the Administrator, in whole or in part in Shares; and any Benefits attributable to Deferred Shares credited under the Deferred Shares Account shall be distributed in the form of an equal number of Shares.
A Non-Employee Director who has elected to defer shares under Section 7.2 shall receive a credit to his Deferred Shares Account for the number of shares payable in accordance with Sections 7.1 and 7.
The Participant’s Deferred Shares Account shall be distributed to the Participant in a single lump sum transfer Common Stock equal the whole number of vested Deferred Shares and Dividend Equivalent Shares (plus cash representing the value of any fractional share and Dividend Equivalent Shares payable in cash) as credited to the Participant’s Deferred Shares Account.
Upon the death of the Participant prior to the distribution of his or her Deferred Shares Account, such vested Deferred Shares Account shall be paid to the Beneficiary designated by the Participant in a single lump sum transfer of shares of Common Stock (plus cash representing the value of any fractional share and Dividend Equivalent Shares payable in cash) as provided in Section 9(b) hereof, as soon as practicable after the Participants’ death.
Cash dividends on the Company’s Common Stock shall be credited to the Participant’s Deferred Shares Account in additional Deferred Shares based on the Fair Market Value of the Common Stock on the dividend payment date (“Dividend Equivalent Shares”).