Common use of NATURE OF PHANTOM SHARES Clause in Contracts

NATURE OF PHANTOM SHARES. The Phantom Shares granted under this Agreement shall be used solely as a device for the measurement and determination of certain amounts to be paid to the Participant as provided herein. Phantom Shares shall not constitute or be treated as property or as a trust fund of any kind or as Common Stock, stock options or other form of equity or security for any purpose. The Participant shall have only those rights set forth in this Agreement with respect to Phantom Shares credited to the Participant and shall have no rights as a shareholder of the Company by virtue of having been granted Phantom Shares. Any benefits which become payable hereunder shall be paid from the general assets of the Company. Notwithstanding the foregoing, prior to redemption, the Participant shall be entitled to receive in cash amounts equivalent to the amounts paid as actual cash dividends with respect to a number of shares of Common Stock equal to the number of the Participant's Phantom Shares.