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GWW » Topics » Dividend Equivalents.

These excerpts taken from the GWW 10-Q filed Aug 2, 2006.
Dividend Equivalents. Dividend equivalents shall be earned on Stock Units and credited to an Outside Director’s Account as of any date (a “Dividend Payment Date”) on which the Company pays any dividend on the outstanding Shares (a “Dividend”). Such dividend equivalents shall be expressed as a number of Stock Units equal to:

 

(i) the number of Stock Units credited to an Outside Director’s Account as of the record date for such Dividend multiplied by the value of the per Share amount of such Dividend (as determined by the Committee in the case of dividends paid other than in cash),

 

divided by:

 

(ii) the Fair Market Value of a Share as of the Dividend Payment Date.

 

8.4.      

Article 14. Dividend Equivalents

 

Unless otherwise provided by the Committee, dividend equivalents shall be granted for each Full Value Award based on the dividends declared on Shares that are subject to such Full Value Award, to be credited as of dividend payment dates, during the period between the date the Full Value Award is granted and the date the Full Value Award is exercised, vests or expires. Such dividend equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such limitations as may be determined by the Committee. Under no circumstances may dividend equivalents be granted for any Option or SAR.

 

This excerpt taken from the GWW DEF 14A filed Mar 18, 2005.

Article 14. Dividend Equivalents

Unless otherwise provided by the Committee, dividend equivalents shall be granted for each Full Value Award based on the dividends declared on Shares that are subject to such Full Value Award, to be credited as of dividend payment dates, during the period between the date the Full Value Award is granted and the date the Full Value Award is exercised, vests or expires. Such dividend equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such limitations as may be determined by the Committee. Under no circumstances may dividend equivalents be granted for any Option or SAR.

EXCERPTS ON THIS PAGE:

10-Q (2 sections)
Aug 2, 2006
DEF 14A
Mar 18, 2005

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