Phantom Stock Awards Sample Clauses
A Phantom Stock Awards clause establishes a form of employee compensation that mimics the value of company shares without granting actual equity. Under this arrangement, employees are awarded units that track the value of the company’s stock, and upon vesting or a triggering event, they receive a cash payment equivalent to the appreciation in value of those units. This clause allows companies to incentivize and reward employees based on company performance while avoiding the complexities and dilution associated with issuing real shares, thereby aligning employee interests with company growth without altering ownership structure.
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Phantom Stock Awards. 14.1. The Committee may make Phantom Stock Awards to selected Employees which may be based solely on the value of the underlying shares of Stock, solely on any earnings or appreciation thereon, or both. Subject to the provisions of the Plan, the Committee shall have the sole and complete authority to determine the number of hypothetical or target shares as to which each such Phantom Stock Award is subject and to determine the terms and conditions of each such Phantom Stock Award. There may be more than one Phantom Stock Award in existence at any one time with respect to a selected Employee, and the terms and conditions of each such Phantom Stock Award may differ from each other.
14.2. The Committee shall establish vesting or performance measures for each Phantom Stock Award on the basis of such criteria and to accomplish such objectives as the Committee may from time to time, in its sole discretion, determine. Such measures may be based on years of service or periods of employment, or the achievement of individual or corporate performance objectives, but shall, in each instance, be based upon one or more of the business criteria as determined pursuant to Section 4.7. The vesting and performance measures determined by the Committee shall be established at the time a Phantom Stock Award is made. Phantom Stock Awards may not be sold, assigned, transferred, pledged, or otherwise encumbered, except as provided in Section 17, during the Performance Period.
14.3. The Committee shall determine, in its sole discretion, the manner of payment, which may include cash or shares of Stock in such proportions as the Committee shall determine.
14.4. Except as otherwise provided by the Committee, any Award of Phantom Stock which is not earned by the end of the Performance Period shall be forfeited. If a Participant's Date of Termination occurs prior to the end of a Performance Period, the Committee, in its sole discretion, may determine that the Participant will be entitled to settlement of all or a portion of the Phantom Stock for which he or she would otherwise be eligible, and may accelerate the determination of the value and settlement of Phantom Stock or make such other adjustment as the Committee, in its sole discretion, deems desirable.
Phantom Stock Awards. (a) Each OS Phantom Stock Award that is outstanding and held by an OS Group Employee, Former OS Group Employee, OS Director, Civeo Director or Former Civeo Group Employee as of immediately prior to the Effective Time (an “OS Employee Phantom Stock Award”) shall, upon the Effective Time, be adjusted such that the number of shares of OS Common Stock subject to such OS Phantom Stock Award is the Adjusted OS Share Number (such adjusted OS Phantom Stock Award, an “Adjusted OS Phantom Stock Award”). Other than as described in the preceding sentence, following the Effective Time the Adjusted OS Phantom Stock Award shall remain subject to the same terms and conditions as applicable to the OS Phantom Stock Award prior to the Effective Time.
(b) Each OS Phantom Stock Award, that is outstanding and held by a Civeo Group Employee or Former Civeo Group Employee as of immediately prior to the Effective Time (a “Civeo Employee Phantom Stock Award”) shall, upon the Effective Time, be converted into a cash-settled phantom stock award with respect to a number of shares of Civeo Common Stock equal to the Civeo Share Number (a “Civeo Phantom Stock Award”). Each Civeo Phantom Stock Award described in the preceding sentence shall be subject to the same terms and conditions after the Effective Time as the terms and conditions applicable to the corresponding Civeo Employee Phantom Stock Award immediately prior to the Effective Time (including vesting); provided, however, that from and after the Effective Time the vesting of each Civeo Phantom Stock Award shall be determined based upon continued service with the Civeo Group rather than the OS Group.
Phantom Stock Awards. As of January 1 of each year of the Term, Vishay shall grant Executive 5,000 shares of phantom common stock. Such phantom stock shall be fully vested on the date of grant and shall be payable in Common Stock within 30 days after the Date of Termination. Such phantom stock awards shall be granted under, and subject to the terms of, the Vishay Intertechnology, Inc. Senior Executive Phantom Stock Plan or any successor plan.
Phantom Stock Awards. ▇▇▇▇▇▇▇ and each person who has received a phantom stock unit plan award pursuant to ▇▇▇▇▇▇▇'▇ Phantom Stock Unit Plan dated as of January 2, 1993 shall have entered into a Phantom Stock Proceeds Agreement in substantially the form attached as Exhibit M hereto. Section 7.9
Phantom Stock Awards. The Executive must be employed on the Valuation Date to be eligible for a Phantom Stock Award. Each annual Phantom Stock Award is calculated by:
(1) determining a dollar amount by multiplying the Executive's current annual base salary on the Valuation Date by the Phantom Stock Award Percentage (see Section 2.1 of this Agreement); and
(2) converting the dollar amount determined in (1) to shares of Phantom Stock. One share of Phantom Stock shall be the equivalent in value to one share of the Company's Common Stock. For example, if the 1998 Plan Year produces a Company ▇▇▇ of 26% greater than the Company's peer group, then the Phantom Stock Award percentage is 10% (see Section 2.1). If it is assumed that the Executive's current annual base salary in effect at December 31, 1998 is $80,000 then the dollar amount of the Phantom Stock Award is $8,000 ($80,000 times 10%). If it is assumed that one share of the Company's Common Stock is worth $50 on December 31, 1998, then the shares of Stock credited to the Phantom Stock Account would be 160 ($8,000 divided by $50).
Phantom Stock Awards. Prior to the Closing, the Company shall use its best efforts to obtain the execution and delivery of a Phantom Stock Award Acknowledgment from each holder of any Phantom Stock Award. On the next scheduled payroll date following the Closing Date, the Company shall pay, through the Company’s payroll system, to each such holder of any Phantom Stock Award the amount set forth opposite such holder’s name in the applicable Phantom Stock Award Acknowledgment (net of applicable Tax withholding). The Company shall take all actions, including adopting such resolutions, providing such notices and obtaining any consents, as may be necessary to ensure that, following the Closing (subject to satisfaction of the foregoing payment obligation), the Phantom Stock Plan and all Phantom Stock Awards granted thereunder shall be terminated and no Person shall have any right, claim or interest in respect of any of the foregoing.
Phantom Stock Awards. After the Effective Time, the Company shall make all necessary arrangements to cause any phantom equity awards (such as phantom stock options or phantom stock units) under the Company's Compensation and Benefits Plans to be converted into phantom equity awards with respect to Parent Common Stock by applying the same general principles described in Sections 6.10(a), (b) and (c) above, as applicable.
Phantom Stock Awards