Phantom Plan Sample Clauses
A Phantom Plan clause establishes a form of deferred compensation for employees, where they are granted units or rights that mimic the value of company shares without actually transferring equity. Under such a plan, employees may receive cash payments based on the appreciation of the company's value, typically upon certain events like a sale, IPO, or after a vesting period. This clause allows companies to incentivize and reward employees for company growth while avoiding the complexities and dilution associated with issuing actual shares.
Phantom Plan. 16 Plan........................................................................................7
Phantom Plan. The Employee has received under the Safariland Group 2021 Phantom Restricted Share Plan (the “Phantom Plan”) a Phantom Share Award Agreement, dated March 18, 2021, for 5,220 Phantom Shares, which will continue to remain outstanding and be subject to the vesting and other terms as set forth in the Phantom Plan and related Award Agreement.
Phantom Plan. Parent shall cause TRLIC to make all payments due under the Phantom Plan no later than the second payroll date following the Closing Date. The Company shall, prior to the Closing, adopt resolutions to provide for the termination of the Phantom Plan effective as of the Closing Date, subject to Parent’s making such payments.
Phantom Plan. The Phantom Plan shall have been established and grants under the Phantom Plan shall have been made to the Phantom Plan Participants, in each case, as mutually agreed between the Buyer and the Seller.
Phantom Plan. Prior to the Closing (but, in any event, no later than two days prior to the satisfaction of the conditions to the obligations of the parties set forth in Article VII (other than Section 7.1(b) and such other conditions as may, by their terms, only be satisfied at the Closing or on the Closing Date)), the Seller shall cause the Company to establish a phantom equity plan, in form and substance satisfactory to the Buyer (the “Phantom Plan”), which shall provide for awards to certain employees of the Company (the “Phantom Plan Participants”) with an aggregate value equal to $2,000,000. The Phantom Plan Participants and their respective grants under the Phantom Plan shall be mutually agreed between the Buyer and the Seller prior to the Closing. Within 20 days of the third anniversary of the Closing, the Buyer shall issue to the Owners in accordance with Section 2.7(b) an aggregate number of shares of the Parent Common Stock equal to the number of shares of Parent Common Stock that are forfeited by the Phantom Plan Participants under the terms of the Phantom Plan on or prior to the third anniversary of the Closing Date (such amount, the “Contingent Issuance”).