Payment of Dividend Equivalents Clause Example from Business Contracts

Payment of Dividend Equivalents. With respect to each of the Performance Shares covered by this Agreement, the Holder 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 the Holder receives payment for the Performance Shares pursuant to Section 6 hereof or at the time when the Performance Shares... 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 in the form of Common Shares at the same time, to the same extent and in the same manner as the Performance Shares for which the dividend equivalents were credited, based on the Market Value per Share on the trading day immediately preceding the date of payment. View More