Alaska Proposed book value phantom stock plan with appendices for First Florida Bank, Inc.
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FAQ
Phantom shares usually get liquid when the company gets acquired or goes public or if the company decides to do a buyback. Any gains from the assets must be reported to tax authorities as ordinary income upon vesting.
However, phantom stocks come with a considerable amount of disadvantages that can diminish participants' perceived control and influence, strain company liquidity, require extensive administrative efforts, introduce tax complexities, create disagreements, and subject participants to volatility in financial benefits ...
Phantom stock plans are considered ?liability awards? for accounting purposes (assuming they will be settled in cash rather than stock). As such, the sponsoring company must recognize the plan expense ratably over the vesting period. Varying accrual schedules can be found in the market.
Providing phantom stock allows the company to reward employees for their hard work without worrying about those big problems. Phantom shares are typically used to encourage senior leadership to produce better results for the company.
For example, capping the cash payment to a company share price limit of $50. If the issuing phantom stock price is $30, and the company's share price at redemption is $100, the cash payment per phantom stock would be capped at $50 ? $30 = $20.
As a default, this form plan provides for forfeiture of all unvested phantom stock units upon a participant's termination of employment (subject to the terms of the award agreement).
The answer involves two variables: (a) the presumed value of the company, and (b) the number of shares to be used in the plan. Once these two answers are known, the phantom share price is calculated as the former (the value) divided by the latter (the number of shares).
On redemption, in a phantom stock plan, the plan participant receives a cash payment. This is in comparison to a stock option plan, where the plan participant receives common stock. As a result, a phantom stock plan allows the participant to reap the benefits of an increasing share price without shareholder dilution.
