Examples of Phantom Award in a sentence
When the Committee grants an Award, it shall decide whether the Award will take the form of an Option, a Restricted Share Award, a Conditional Award or a Phantom Award.
An Award, other than a Phantom Award, may be satisfied by the issue of Shares, the transfer of Shares from treasury, or by the transfer of Shares purchased on the market including from an employee benefit trust.
On the Vesting of an Award which takes the form of a Phantom Award, the Committee shall pay, or procure the payment of, a cash sum to the Participant equal to the Final Value of the Vested Notional Shares to which the Phantom Award relates subject to such deductions for any Tax Liability as are required by applicable law.
The Phantom Award shall be null and void unless the Holder shall accept this Agreement by executing the Phantom Award Notice in the space provided therefor and returning an original execution copy of the Phantom Award Notice to the Company.
Prior to the issuance or transfer to the Holder of the shares of Common Stock subject to the Phantom Award, the Holder shall have no direct or secured claim in any specific assets of the Company or in such shares of Common Stock, and will have the status of a general unsecured creditor of the Company.