Grouped Into 1 Collection of Similar Clauses From Business Contracts
This page contains Deferred Compensation Account clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Deferred Compensation Account. The Company shall establish on its books and records a Deferred Compensation Account for each participant, as provided below. (a) Crediting of Cash Compensation. Deferred Cash Compensation shall be credited to the participant's Deferred Compensation Account in the form of Deferred Stock Units effective the date the deferred Cash Compensation would otherwise have been paid. Effective on such date, the Company shall credit to the Deferred Compensation Account with a number of Deferred Stock Units ...determined by dividing (i) the portion of the Cash Compensation that the participant elected to defer, by (ii) the Fair Market Value of a share of Common Stock on such date, rounded down to the nearest whole Deferred Stock Unit. No fractional Deferred Stock Units will be credited to a participant's account. Unused cash attributable to a fractional Deferred Stock Unit will be refunded to the participant in cash as soon as practicable following the original payment date. A participant will be fully vested in each Deferred Stock Unit that relates to deferred Cash Compensation. (b) Crediting of Restricted Stock. Deferred Restricted Stock shall be credited to the participant's Deferred Compensation Account in an equal amount of Deferred Stock Units. The Deferred Stock Units related to such deferred Restricted Stock shall be subject to the same vesting or other forfeiture restrictions that would have otherwise applied to such Restricted Stock. In the event the participant forfeits Deferred Stock Units in accordance with the foregoing, the participant's Deferred Compensation Account shall be debited for the number of Deferred Stock Units forfeited. (c) Dividend Equivalents. Each Deferred Stock Unit credited to a participant's Deferred Compensation Account shall carry with it a right to receive dividend equivalents in respect of the share of Common Stock underlying such Deferred Stock Unit. Dividend equivalents shall be paid to participants in cash on the Company's applicable dividend payment date based on the number of Deferred Stock Units, whether vested or unvested, held in the director's Deferred Compensation Account on the applicable Company record date. The dividend equivalent right associated with a Deferred Stock Unit shall remain outstanding until the delivery to the participant of the share of Common Stock underlying such Deferred Stock Unit. (d) Adjustment of Deferred Stock Units. If the number of outstanding shares of Common Stock is increased or decreased or the shares of Common Stock are changed into or exchanged for a different number or kind of stock or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse split, combination of stock, exchange of stock, stock dividend, or other distribution payable in capital stock, or other increase or decrease in such stock effected without receipt of consideration by the Company occurring after the Effective Date, the Plan Administrator will make appropriate adjustments to (i) the number and kind of shares of Common Stock for which Deferred Stock Units are outstanding, and (ii) the number of Deferred Stock Units credited to each participant's Deferred Compensation Account.View More
Deferred Compensation Account. The Company shall establish on its books and records a Deferred Compensation Account for each participant, as provided below. (a) Crediting of Cash Compensation. Deferred Cash Compensation shall be credited to the participant's Deferred Compensation Account in the form of Stock Awards. Deferred Stock Units effective the date the deferred Cash Compensation would otherwise have been paid. Effective on such date, the Company shall credit to the Deferred Compensation Account with a number of Deferre...d Stock Units determined by dividing (i) the portion of the Cash Compensation that the participant elected to defer, by (ii) the Fair Market Value of a share of Common Stock on such date, rounded down to the nearest whole Deferred Stock Unit. No fractional Deferred Stock Units will be credited to a participant's account. Unused cash attributable to a fractional Deferred Stock Unit will be refunded to the participant in cash as soon as practicable following the original payment date. A participant will be fully vested in each Deferred Stock Unit that relates to deferred Cash Compensation. (b) Crediting of Restricted Stock. Deferred Restricted Stock Awards shall be credited to the participant's Deferred Compensation Account in an equal amount of Deferred Stock Units. The Deferred Stock Units related to such deferred Restricted Stock Awards shall be subject to the same vesting or other forfeiture restrictions that would have otherwise applied to such Restricted Stock. Stock Awards. In the event the participant forfeits Deferred Stock Units in accordance with the foregoing, the participant's Deferred Compensation Account shall be debited for the number of Deferred Stock Units forfeited. (c) (b) Dividend Equivalents. Each Deferred Stock Unit credited to a participant's Deferred Compensation Account in respect of deferred Restricted Stock shall carry with it a right to receive dividend equivalents in respect of the share of Common Stock underlying such Deferred Stock Unit. Dividend equivalents shall As of a dividend payment date, a participant's Deferred Compensation Account will be credited with that number of additional Deferred Stock Units ("Additional Deferred Stock Units") equal to the amount of any ordinary cash dividend paid to participants in cash by the Company on the Company's applicable dividend payment date based on number of shares of Common Stock equivalent to the number of Deferred Stock Units, whether vested or unvested, held Units in the director's Deferred Compensation Account as of the record date for the dividend, divided by the Fair Market Value of one share of Common Stock on the applicable Company record dividend payment 2 date. An Additional Deferred Stock Unit will be subject to the same vesting or other forfeiture restrictions that apply to the corresponding Deferred Stock Unit. The dividend equivalent right associated with a Deferred Stock Unit shall remain outstanding until until, and any Additional Deferred Stock Unit will be delivered at the same time as, the delivery to the participant of the share of Common Stock underlying such underlying, or cash settlement of, the corresponding Deferred Stock Unit. (d) If a Deferred Stock Unit is forfeited, any corresponding Additional Deferred Stock Unit will also be forfeited and the applicable Deferred Compensation Account will be debited for the Additional Deferred Stock Units forfeited. (c) Adjustment of Deferred Stock Units. If the number of outstanding shares of Common Stock is increased or decreased or the shares of Common Stock are changed into or exchanged for a different number or kind of stock or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse split, combination of stock, exchange of stock, stock dividend, or other distribution payable in capital stock, or other increase or decrease in such stock effected without receipt of consideration by the Company occurring after the Effective Date, the Plan Administrator will make appropriate adjustments to (i) the number and kind of shares of Common Stock for which Deferred Stock Units are outstanding, and (ii) the number of Deferred Stock Units credited to each participant's Deferred Compensation Account. View More
