Automatic Dividend Reinvestment. As to the Deferred Shares awarded hereunder, the Director shall be enrolled automatically in OMNOVA’s dividend reinvestment program, pursuant to the standard terms and conditions of participation. Additional shares of OMNOVA common stock accumulated pursuant to the dividend reinvestment feature shall be subject to the Deferral Period and shall vest, and the Deferral Period shall terminate, upon the later of (x) one year following the Date of Grant and (y) the Director’s Separation of Service with the Board in accordance with paragraph 5 hereof. Any OMNOVA common stock accumulated pursuant to this paragraph 3 shall be issued to the Director at the same time as occurs the issuance of the Deferred Shares pursuant to paragraph 1 of this Agreement.
Appears in 2 contracts
Sources: Deferred Stock Agreement, Deferred Stock Agreement (Omnova Solutions Inc)
Automatic Dividend Reinvestment. As to the Deferred Shares awarded hereunder, the Director shall be automatically enrolled automatically in OMNOVA’s dividend reinvestment program, pursuant to the standard terms and conditions of participation. Additional shares of OMNOVA common stock accumulated pursuant to the dividend reinvestment feature shall be subject to the Deferral Period and shall vest, and the Deferral Period shall terminate, upon the later of (x) one year following the Date of Grant and (y) the Director’s Separation separation of Service service with the Board in accordance with paragraph 5 hereof. Any OMNOVA common stock accumulated pursuant to this paragraph 3 shall be issued to the Director at the same time as occurs the issuance of the Deferred Shares pursuant to paragraph 1 of this Agreement.
Appears in 1 contract