Vesting Schedule, all or any portion of vested RSUs may, in the sole discretion of the Committee, be settled in cash in lieu of delivering shares of Common Stock, and the amount of such cash payment shall be equal to the Fair Market Value of the Common Stock as of the date on which the RSUs vested.
4. Rights as a Shareholder
The Grantee shall have no rights or privileges of a shareholder (including, but not limited to, no right to vote) with respect to shares underlying RSUs until such RSUs have vested and shares of Common Stock underlying vested RSUs have been issued in settlement of such RSUs.
5. Optional Dividend Equivalents
If and to the extent specifically provided in an attached Vesting Schedule, each RSU may be credited with cash and stock dividends declared and paid by the Corporation with respect to one share of Common Stock based on dividend record dates between the Date of Grant set forth on the cover page hereof and the date of issuance of shares of Common Stock underlying the RSUs, together with interest on the amount of Dividend Equivalents at a rate and subject to such terms as determined by the Committee. Dividend Equivalents, if any, shall be credited with respect to each such Vested Unit and the interest thereon or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to such Dividend Equivalents and the interest thereon.
6. No Rights to Continued Employment or Service
Nothing contained in this Agreement or otherwise shall be construed to confer upon the Grantee any right to continue in the employ or service of the Corporation or any Subsidiary or limit in any respect the right of the Corporation or any Subsidiary to terminate the Grantee’s employment or service at any time and for any reason. Any question as to whether and when there has been a termination of such employment or service, and the cause of such termination, shall be determined by the Corporation and its determination shall be final.
7. Transferability
The Grantee shall not sell, transfer, pledge, assign or otherwise encumber any RSUs prior to the vesting of such RSUs, and the RSUs shall not be subject to execution, attachment, or similar process. The Corporation shall not be required (i) to transfer on its books, or authorize the Corporation’s transfer agent to transfer on its books, any RSUs purported to have been sold or otherwise transferred in violation of any of the provisions of the Plan or this Agreement, or (ii) to treat as owner of such RSUs, or accord the right to vote or to receive any dividends or other distributions, to any purchaser or other transferee to whom such RSUs have been purported to be so transferred.
8. Tax Matters
The Grantee agrees to make appropriate arrangements with the Corporation for satisfaction of any applicable federal, state or local income tax withholding requirements or like requirements, including payment to the Corporation, if requested, upon vesting of RSUs and
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