Phantom Stock Plan S Corporation

State:
Multi-State
Control #:
US-CC-24-258
Format:
Word; 
Rich Text
Instant download

Description

The Phantom Stock Plan s corporation allows for the creation of phantom units, which represent a theoretical investment in shares of Common Stock without conferring any actual ownership. This plan is administratively managed by a Committee, with eligibility generally extending to senior management employees of the company or its affiliates, irrespective of their length of service. Awards are based on the fair market value of the stock and can vest after five years or upon retirement, death, or disability. Employees have the option to convert their phantom units into interest-bearing equivalents during the vesting period, adding a financial incentive. In cases of termination for reasons other than retirement, death, or disability, units are forfeited. The plan also includes provisions for granting phantom units to participants of restricted stock plans. This document is beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants as it outlines the structure, administrative roles, and financial implications of implementing a Phantom Stock Plan, ensuring compliance with corporate governance while fostering employee loyalty.
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Maine Supreme Judicial CourtLocationVaries; primarily Portland, MaineCoordinates43.659245°N 70.253701°WAuthorized byMaine ConstitutionAppeals toSupreme Court of the United States9 more rows

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Phantom Stock Plan S Corporation