Examples of Formula Restricted Stock Units in a sentence
Each Dividend Equivalent Right shall provide that any dividends or distributions that are paid with respect to Shares subject to the Formula Restricted Stock Units to which the Dividend Equivalent Right relates shall be automatically converted into additional Formula Restricted Stock Units based on the Fair Market Value of a Share on the date such dividend is paid (provided that no fractional Formula Restricted Stock Units shall be granted).
Until the Formula Restricted Stock Units awarded to the Grantee have vested in the manner set forth in Section 5.2(iv), such units shall not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated.
In the event a Grantee’s services as a director of the Company is terminated by reason of the Grantee’s death, the Grantee’s becoming Disabled, or by reason of the Grantee’s Retirement, then all Formula Restricted Stock Units (including all Dividend Equivalent Rights granted in respect of such units) held by the Grantee shall become immediately vested as of the date of such termination.
Upon vesting of Formula Restricted Stock Units pursuant to Section 5.2(iv), (A) the Committee shall cause a stock certificate or evidence of book entry Shares to be delivered to the Grantee with respect to the Shares subject to the vested Formula Restricted Stock Units, free of all restrictions hereunder and (B) the Dividend Equivalent Rights related to the vested Formula Restricted Stock Units shall terminate.
Upon a Change in Control, the restrictions upon Formula Restricted Stock Units shall lapse.
Except as otherwise set forth in Section 5.2(iv), upon the termination of a Grantee’s services as a director, for any reason whatsoever, the unvested Formula Restricted Stock Units (including any Dividend Equivalent Rights granted in respect of such units) shall be forfeited as of the date of such termination.
Each Agreement shall state the name of the Eligible Director to whom the Formula Restricted Stock Units have been granted and shall state the number of Formula Restricted Stock Units and Dividend Equivalent Rights granted.
One-third of the Formula Restricted Stock Units shall vest on each of the first two anniversaries of the grant date of such Formula Restricted Stock Units, and the remainder shall vest on November 1 following the second anniversary of the grant date of such Formula Restricted Stock Units.
The amount of any cash dividends or distributions remaining in respect of a fractional Share shall be added to any subsequent cash dividends or distributions paid in respect of Shares subject to Formula Restricted Stock Units and converted into additional Formula Restricted Stock Units or, if earlier, paid to the Eligible Director upon the vesting of the Formula Restricted Stock Unit in respect of which such dividend or distribution was paid, in accordance with Section 5.2(iv) below.
Such Formula Restricted Stock Units and related Dividend Equivalent Rights shall be granted on May 1 of each year.