Phantom Unit Account definition

Phantom Unit Account means the account maintained by Fording for each participant in the Joint Phantom Unit Plan to which any Phantom Units (including Phantom Units reflecting Distribution Equivalents (as such term is defined in the Joint Phantom Unit Plan)) awarded to the participant under the Joint Phantom Unit Plan are credited.
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Phantom Unit Account means the total value of all units of phantom stock purchased by the Director, each having a value equal to the fair market value (as determined in the manner provided below) of a share of 1ST BANCORP common stock. The fair market value of the Director's Phantom Unit Account shall be determined as of the Valuation Date immediately preceding the date on which the Director's Retirement Account is annuitized by converting each phantom unit to an amount equal to the closing bid price of 1ST BANCORP's common stock on such Valuation Date. The Director shall purchase phantom units at a price per share equal to eighty-five percent (85%) of the fair market value (as determined above) of a share of 1ST BANCORP's common stock on the Valuation Date immediately preceding the calendar year quarter to which the deferral of fees and purchase relates. The Director's Phantom Unit Account shall also be credited with additional phantom units at each date on which 1ST BANCORP makes a cash dividend or an in kind dividend (other than its common stock) with respect to its shares. The number of units to be credited shall be determined by dividing the amount of the cash dividend or the fair market value of any in kind dividend by 85% of the fair market value (as determined above) of a share of 1ST BANCORP's common stock on the Valuation Date immediately preceding the calendar year quarter in which the dividend is paid with respect to 1ST BANCORP's common stock.
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Phantom Unit Account means the bookkeeping account created and maintained under the Plan for each Participant to or against which Phantom Shares, Cash Rights or other amounts are credited or charged pursuant to the terms of the Plan.
Sample 1

Examples of Phantom Unit Account in a sentence

  • No payment shall be made to theParticipant from or with respect to the Participant’s Phantom Unit Account except to the extent that both an Event Vesting Condition and the Time Vesting Condition have been satisfied, except that the Time Vesting Condition shall not be applicable in the event of the Change in Control.

  • No Units shall be issued to the Service Provider at the time the grant is made, and the Service Provider shall not be, nor have any of the rights and privileges of, a unitholder or limited partner of the Partnership with respect to any Phantom Units recorded in the Phantom Unit Account.

  • The Finance Committee shall give each Participant prompt notice of any credits, charges, adjustments, redemptions, forfeitures, reallocations or other transactions affecting such Participant's Phantom Unit Account.

  • No Units shall be issued to the Participant at the time the grant is made, and the Participant shall not be, nor have any of the rights or privileges of, a Unitholder of the Partnership with respect to any Phantom Units recorded in the Phantom Unit Account.

  • Subject to applicable law, any amounts payable to any Participant hereunder as credited to the Participant's Phantom Unit Account are subject to reduction to satisfy any liabilities owed to the Company, Holdings or any of their respective subsidiaries by the Participant.

  • Within two months from the date when the amount received by a non-profit organization on formation of target capital would be 3 million rub.., the non-profit organization should deliver financial funds in trust management to managing company.

  • The Participant shall not have any interest in any fund or specific assets of the Partnership by reason of this award or the Phantom Unit Account established for the Participant.

  • The Company shall maintain a Phantom Unit Account for the Participant to which shall be credited the total number of Phantom Units.

  • The General Partner shall establish and maintain a bookkeeping account on its records for the Service Provider (a “Phantom Unit Account”) and shall record in such Phantom Unit Account: (a) the Target Amount of Phantom Units granted to the Service Provider and (b) the number of Units deliverable to the Service Provider at settlement on account of Phantom Units that have vested.

  • All decisions as to whether Phantom Units have vested (including, but not limited to, decisions as to what constitutes “permanent dis- ability” and whether the Time Vesting or Event Vesting Conditions have been satisfied or who is an “unaffiliated third party”) shall be made by the Company and its decision shall be final, binding and conclusive in the absence of clear and convincing evidence that such decision was not made in good faith.1.3 Phantom Unit Account.


More Definitions of Phantom Unit Account

Phantom Unit Account or "Account" shall mean the account established for each Participant pursuant to Paragraph C of Article VI.
Sample 1
Phantom Unit Account means a notional account established and maintained by the Company for a Participant which shall record the number of Phantom Units granted to the Participant under Section 4.1 below. This notional account shall be established by the Company for bookkeeping purposes only, and no separate funds shall be segregated by the Company for the benefit of the Participant.
Sample 1

Related to Phantom Unit Account

  • Stock Unit Account means the bookkeeping account established by the Company pursuant to Section 6.4.

  • Unit Account means a notional account opened and managed by Us for You, in which the Units are allocated following the receipt of the Premium from You and in which the Units are cancelled by Us for the purpose of paying the benefits or for recovering the applicable charges;

  • Stock Account means the account maintained on behalf of the Participant by the Custodian for the purpose of holding Stock acquired under the Plan.

  • Phantom Unit means a notional Unit granted under the Plan which upon vesting entitles the Participant to receive, at the time of settlement, a Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its sole discretion.

  • Deferred Stock Account means a bookkeeping account maintained by the Company for a Participant representing the Participant's interest in the shares credited to such Deferred Stock Account pursuant to Paragraph 7 hereof.

  • Phantom Stock Unit means the right to receive the value of one (1) share of the Company’s Common Stock, subject to the provisions of Section 8.4 of the Plan.

  • DSU means the Understanding on Rules and Procedures Governing the Settlement of Disputes contained in Annex 2 of the WTO Agreement;

  • Phantom Stock means a right granted to an Eligible Individual under Section 12 representing a number of hypothetical Shares.

  • Phantom Share means a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value.

  • Phantom Shares means an Award of the right to receive Shares issued at the end of a Restricted Period which is granted pursuant to Section 6(e) of the Plan.

  • Stock Unit means a bookkeeping entry representing the equivalent of one Common Share, as awarded under the Plan.

  • Company Stock Account means the account established and maintained in the name of each Participant or Beneficiary to reflect his share of the Trust Fund invested in Company Stock.

  • Deferred Stock Unit means a right granted to a Participant under Article 9 to receive Shares (or the equivalent value in cash or other property if the Committee so provides) at a future time as determined by the Committee, or as determined by the Participant within guidelines established by the Committee in the case of voluntary deferral elections.

  • DSUs means the deferred share units granted under the DSU Plan;

  • Phantom means a volume of material behaving in a manner similar to tissue with respect to the attenuation and scattering of radiation. This requires that both the atomic number (Z) and the density of the material be similar to that of tissue.

  • Stock Unit Award means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions of Section 7(c).

  • Share Unit means a unit credited by means of an entry on the books of the Corporation to a Participant pursuant to the Plan, representing the right to receive, subject to and in accordance with the Plan, for each Vested Share Unit one Share, at the time, in the manner, and subject to the terms, set forth in the Plan and the applicable Grant Agreement;

  • Deferred Stock Units means the number of hypothetical Shares subject to an Election.

  • Performance Unit Award means an award of Performance Units under this Plan.

  • Phantom Stock Award means an Award granted under Paragraph X of the Plan.

  • Deferred Share Unit or “DSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 7;

  • Performance Stock Unit means a right granted to a Participant pursuant to Section 8.2, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Share Units means the hypothetical Shares that are credited to the Share Unit Accounts in accordance with Article 7.

  • Dividend Equivalent means a right to receive the equivalent value (in cash or Shares) of dividends paid on Shares, awarded under Section 9.2.

  • Share Account means the brokerage account established by the Agent for each Participant to which shares of Common Stock purchased under the Plan are credited in accordance with Section 9. The Share Account will be established pursuant to a separate agreement between each Participant and the Agent.