New York Proposed book value phantom stock plan with appendices for First Florida Bank, Inc.
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How to fill out Proposed Book Value Phantom Stock Plan With Appendices For First Florida Bank, Inc.?
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FAQ
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.
Qualified plans, such as 401(k) programs, are subject to all of the rules and restrictions of ERISA. Nonqualified plans, including most phantom stock plans, are not.
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 shares are usually paid out when the company gets acquired or IPOes. The phantom shares are paid out in cash for their corresponding value.
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).
The definition of Exit Event used in this form phantom plan complies with Section 409A as the plan is designed so that awards are settled upon an Exit Event or, if earlier, a termination of a participant's employment, which is also a permissible payment event for purposes of Section 409A.
How Phantom Stock Plans Are Taxed. Payments from phantom stock plans are subject to typical income taxes, not capital gains taxes. In turn, companies can deduct phantom plan payouts the year the employee reports the income.
Phantom stock is a contract between an employer and an employee that grants the employee the right to receive a payment based on the value of the employer's stock. When granting phantom stock, the employer does not grant the employee any shares of the employer's stock.