Don't they, if an award is given especially to sha

Don't they, if an award is given especially to shareholders, as of record on a certain date….So if shareholders do get a piece of the pie, you would be a fool to selll…….I am sorry for the dummies, sell, because the shareholders as  large group  become a smaller group and there is more of a pie for the smaller group…
Does anybody know what if any date would be used in a case like this?????