Phantom Share Unit or “PSU” shall mean a unit of measurement equivalent to one share of Common Stock, with none of the attendant rights of a holder of such share, including, without limitation, the right to vote such share and the right to receive dividends thereon, except to the extent otherwise specifically provided herein.
Should Shares be issued pursuant to a Phantom Share Unit award in circumstances where they are not otherwise fully paid up, the Board may require the Participant to pay the aggregate Nominal Value of the Shares on the basis that such Shares underlying the Phantom Share Unit award shall then be allotted as fully paid to the Participant.
Phantom Share Unit awards shall be redeemable by the Participant to the Company upon such terms and conditions as the Board may establish.
On May 29, 2010, the Board of Directors approved the establishment of the Company’s Phantom Share Unit Plan (“PSUP”); this is a cash-settled plan and the exercise price of all units is $nil.
Each Phantom Share Unit shall be evidenced by a Phantom Share Unit Agreement which shall be in such form and shall contain such additional terms and conditions as the Board shall deem appropriate.
The value of a single Phantom Share Unit shall be equal to the Fair Market Value of a Share, unless the Board otherwise provides in the terms of the Phantom Share Unit Agreement.
More definitions of Phantom Share Unit
Phantom Share Unit means a bookkeeping unit representing one share of Common Stock.
Phantom Share Unit means a unit representing the right to receive payments under Section 2.5(d) of this Agreement. A list of outstanding Phantom Share Units and the holders thereof is set forth on Schedule 2.5(d).