Phantom Stock Plan. In addition to the stock options set forth above, the Company agrees to credit Employee with 2,000,000 (two million) shares of stock, with 40% (forty percent) of such shares allocated on January 1, 2009; 30% (thirty percent) allocated on January 1, 2010; and the remaining 30% (thirty percent) allocated on January 1, 2011, as set forth in a separate Phantom Stock Plan. The Company agrees to provide a Phantom Stock Plan to Employee within 30 (thirty) days of the Effective Date. Any stock of the Company that is provided to Employee pursuant to this provision shall be properly registered shares with the United States Securities and Exchange Commission.
Phantom Stock Plan. The Company has established a Phantom Stock Plan for senior executives and has initially granted phantom stock in an amount equal to five perecent (5%) of the Company's fair market value.
Phantom Stock Plan. The Company's Phantom Stock Plan shall have been terminated and all benefits thereunder canceled or paid, and the Purchaser shall have received a waiver of Section 12 of such plan and a release from any Liability with respect thereto from each of the participants thereunder.
Phantom Stock Plan. Hucks, Dusenbury, Smith, CNB, and Bank acknowledge and agree that this settlement anx xxx releases herein do not alter or affect the rights of Hucks, Dusenbury, or Smith under the terms of the Phantom Stock Plan and Hucks Phantom Stxxx Xgreement, the Dusenbury Phantom Stock Agreement xxx the Phantom Stock Agreement xxxxx December 5, 2000 between Smith and Bank (collectively, the "Phantom Stock Agreements"), exxxxx as specifically modified herein. Hucks, Dusenbury, and Smith shall each retain his rights in any vested benefits in their xxxxective Phantom Stock Agreement as of the date of his termination and cease further vesting of additional benefits as of the date of his termination according to the terms of that Phantom Stock Plan and the Phantom Stock Agreements. Such vested benefits shall accrue interest and shall be paid in accordance with the terms of the Phantom Stock Plan and the Phantom Stock Agreements. Smith, CNB and the Bank acknowledge that Smith is fully vested in thx Xxxntom Stock Plan. Hucks, CNB and the Xxxx acknowledge that Hucks is 90% vested in the Xxxxxom Stock Plan as of the date of thix Xxreement. Dusenbury, CNB and the Bank acknowledge that Dusenbury is 80% vestxx xx xxx Phantom Stock Plan as of the date of xxxx Xxxxement. Dusenbury, Hucks, Smith, CNB and the Bank also acknowledge thax Xxx Xxust performed a valuation of the CNB stock for the purposes of the Conway National Bank Profit-Sharing and Savings Plan and that as xx Xeptember 30, 2006 such valuation was $162.00 per share and that such valuation shall be used to value the CNB stock for the purposes of this Agreement, the Phantom Stock Plan and the Phantom Stock Agreements.
Phantom Stock Plan. The Company shall take all actions necessary to terminate The Reliable Life Insurance Company Phantom Stock Bonus Plan at or prior to the Effective Time so that the Company has no liability following the Effective Time to any participant thereunder. 5.9
Phantom Stock Plan. At the Effective Time, cash will be paid to the holders entitled thereto pursuant to the terms of the 312.28779 vested “dividend equivalent units” issued pursuant to the Phantom Stock Plan. Any “stock units” issued pursuant to the Phantom Stock Plan that are outstanding, whether vested or unvested, as of the Effective Time will automatically expire and no payment will be made with respect thereto.
Phantom Stock Plan. Parent shall deliver to each participant in the Phantom Stock Plan a letter in the form attached hereto as Exhibit A (the "Phantom Letter") and perform its obligations as stated in the Phantom Letter, and Buyer shall be entitled to enforce the compliance by Parent with the provisions of the Phantom Letter for the benefit of each participant in the Phantom Stock Plan.
Phantom Stock Plan. At Closing, Clarant shall make an additional distribution in an aggregate cash amount equal to the product of 60,900 x IPO price per share of Clarant Common Stock (the "Other Consideration"). Clarant shall distribute the Other Consideration as follows:
Phantom Stock Plan. Each party hereto that is a participant in the Phantom Stock Plan (a "Participant") hereby agrees, effective as of the Closing, (i) to elect to have all of such Participant's shares of Phantom Stock liquidated in accordance with the terms of the Phantom Stock Plan, (ii) to elect to receive in consideration for the liquidation of such Participant's Phantom Stock an amount in immediately available funds equal to the product of the per share consideration to be paid to the Sellers pursuant to the Stock Purchase Agreement for shares of Common Stock multiplied by the number of units of Phantom Stock awarded to such Participant and (iii) to waive, release and forever discharge any and all claims, causes of action, debts, liens, contracts, agreements, promises, liabilities, demands, damages, losses, costs or expenses, whether in law or equity, known or unknown, fixed or contingent, of any nature whatsoever, which such Participant now has or may hereafter discover, without regard to any present actual knowledge on the part of such Participant, directly or indirectly, against the Company and its successors and assigns, to the extent relating to any interest in any Phantom Stock granted, sold, issued or otherwise delivered to Participant by the Company, including pursuant to the Phantom Stock Plan or any Phantom Stock award.
Phantom Stock Plan. The Company shall adopt, simultaneously with the Closing, a Phantom Stock Plan on the terms set forth in Schedule 12.7 and the following individuals will be eligible for such plan: Xxxx Xxxxx, Xxxx Xxxxxxx, Xxxx Xxxxxxx, Xxxxx Xxxxxxxxx, Xxxxx Xxxxxxx, and Xxxxx Xxxxxx.
