Maryland Proposed book value phantom stock plan with appendices for First Florida Bank, Inc.
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FAQ
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.
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.
Phantom stock generally represents a company's unsecured and unfunded promise to make a payment to an employee or other service provider upon certain specified events (e.g., change in control or termination of employment) equal to the value of a specified number of shares of the company.
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 ...
For example, suppose an employee received 10 phantom shares with a starting value of $7, and assume the shares are valued on the payment date at $15. At the date of payment the employee would receive $150 under a ?full value? plan and $80 under an ?appreciation only? plan.
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).
It is possible to create a phantom stock plan that avoids the application of 409A rules. The key requirement would be to (a) use cliff vesting (any incremental vesting must trigger immediate payment), and (b) pay benefits within 2½ months of the end of the year in which the awards vest.
How to Create a Phantom Shares Plan? Size of the plan (pool size): defining the % of shares that you want to allocate is critical. ... Vesting period: the period over which the shares will be vested. ... Vesting schedule: Simple structure is the most common (in case of 4 years of vesting, 25% of shares are vested each year).
