ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
In
General. The RSUs are subject to vesting based on the grantee's continued services with the Company. Each vested RSU entitles the grantee to receive one share of common stock of the Company.
Vesting. The RSUs will vest as follows, subject to the grantee's continued
service on each applicable vesting date: one third on
Certain Termination of Service. Except as otherwise described below, any RSUs that have not vested as of the date on which a grantee's service terminates for any reason will be cancelled and forfeited by the grantee.
If a grantee's service terminates due to death or disability or, in the compensation committee's sole discretion, upon retirement, the RSUs will vest in full upon such termination.
If, following a change of control of the Company, (i) a grantee's service is terminated by the Company without cause, (ii) the grantee resigns his employment for good reason or (iii) the award is not continued, assumed or replaced, the RSUs will vest in full.
Dividend Equivalents. Each RSU is granted in tandem with a corresponding dividend equivalent, which entitles the grantee to payment in an amount equal to the amount of dividends paid on the shares of common stock underlying the outstanding RSUs. Dividend equivalents associated with the RSUs are not paid in cash on a current basis; rather, they accrue and are subject to the same vesting and other terms and conditions as the corresponding RSUs. Dividend equivalents that have accumulated will be paid in cash when the underlying RSUs vest and are settled in common stock.
No Voting Rights. The RSUs do not have any voting rights.
The table below sets forth the number of RSUs granted to each named executive
officer on
Name Number of RSUs
69,517Steven E. Fivel - General Counsel and Secretary 17,380John Rulli , - Chief Administrative Officer 17,380
17,380Alexander L.W. Snyder - Assistant General Counsel and Assistant Secretary 5,794
The foregoing description of the RSU awards is not complete and is subject to
and qualified in its entirety by the full text of the Restricted Stock Unit
Agreement, the form of which will be filed as an exhibit to the Company's and
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