Phantom Stock Account Value definition

Phantom Stock Account Value means the number of Phantom Shares credited to a Participant's account multiplied by the average fair market value, over the 10 business days preceding the date of any valuation, of the Common Stock of Mahoning National Bancorp, Inc. Notwithstanding the foregoing, in the event of the sale or merger of the Holding Company, the sale or merger price of the Common Stock shall determine the Executive's Phantom Stock Account Value.
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Phantom Stock Account Value means the base value plus aggregate appreciation in value of each share of Phantom Stock credited to the Participant’s Phantom Stock Account. All Awards will be settled in cash. The appreciation in value of each Phantom Stock share shall be equivalent to the excess, if any, of (a) the book value of one (1) share of the Company as of the December 31st on or immediately preceding the payment of benefits under Article 5, over (b) the book value of one (1) share of the Company on the December 31st of the Plan Year to which the Award is attributable, except as otherwise provided in Section 5.6.
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Phantom Stock Account Value means the aggregate value, including any appreciation or depreciation, of all Phantom Stock shares credited to the Participant’s Phantom Stock Account. Except in the event of a Change in Control or a Separation from Service initiated by the Company without Cause within ninety (90) days prior to a Change in Control, the value of each Phantom Stock share shall be equivalent to the Book Value of one (1) share of Phantom Stock as of the last day of the fiscal quarter preceding the valuation date. In the event of a Change in Control or a Separation from Service initiated by the Company without Cause within ninety (90) days prior to a Change in Control, the value of each Phantom Stock share shall be equivalent to the sales price per one (1) share of Phantom Stock, as determined by the terms of the Change in Control, plus any Discretionary Dividends per share paid since December 31, 2010.
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Examples of Phantom Stock Account Value in a sentence

  • If any portion of the Phantom Stock Account is payable after the Default Payment Date, the Phantom Stock Account Value with respect to such portion as of the Default Payment Date shall not be revalued, but shall be credited with interest at the end of each month until paid at a rate equal to the Company’s one-year jumbo certificate of deposit account, or such other rate as the Administrator may determine, except in the case of a Change in Control.

  • Subject to the provisions of this Article 5, following the Benefit Date for each Award, the Company shall pay to the Participant the Phantom Stock Account Value for such Award.

  • Upon the death of a Participant, all Awards made with respect to such Participant shall be fully vested and the Company shall pay to the Participant’s Beneficiary, the Phantom Stock Account Value for each such Award following the Benefit Date for such Award.

  • The Joint Nominee shall provide an opinion of value for the Bank, represented as a multiplier of Book Value (the “Joint Multiplier”), within fifty (50) days of the Separation of Service and the Joint Multiplier will be applied to the Phantom Stock Account Value as otherwise calculated by sections 1.20 and 1.21 to determine the amount to be paid to Xxxxx pursuant to Article 5 of the Plan.

  • Upon the death of a Participant, the Bank shall pay the entire Phantom Stock Account Value of the Participant’s Phantom Stock Account to the Participant’s Beneficiary, in a lump sum in cash, within a reasonable time following receipt by the Bank of the Participant’s death certificate (or, if no Beneficiary is specified or surviving, to the Participant’s estate promptly following the appointment of the personal representative of the Participant’s estate).

  • Notwithstanding anything in this Plan to the contrary, if calculation of the Phantom Stock Account Value for any Award payable by any payment date specified in this Article 5 is not administratively practicable due to events beyond the control of the Participant (or the Participant’s Beneficiary or estate) and for reasons that are commercially reasonable, payment will be made as soon as administratively practicable in compliance with Section 1.409A-1(b)(4)(ii) of the Treasury Regulations.

  • The Company shall provide to each Participant an annual statement setting forth the Phantom Stock Account Value and the number of shares of Phantom Stock credited to the Phantom Stock Account.

  • Upon the Disability of a Participant, all Awards shall be fully vested and the Company shall pay to the Participant the Phantom Stock Account Value for each such Award following the Benefit Date for such Award.

  • Notwithstanding Section 5.1, if a Participant has a Termination of Employment for Cause before payment is made of any vested Phantom Stock Account Value pursuant to Sections 5.1 or 5.3, the Company shall not pay any benefit under this Plan and the Participant’s Phantom Stock Account shall be immediately forfeited.

  • The Company shall pay to the Participant the Phantom Stock Account Value for each such Award upon the occurrence of the Change in Control.


More Definitions of Phantom Stock Account Value

Phantom Stock Account Value means the product determined by multiplying (i) the number of shares of Phantom Stock awarded to a Participant and credited to the Participant’s Phantom Stock Account, by (ii) (A) if there has not occurred a Change in Control, the Book Value Per Share of each share of the common stock of the Bank as of the last day of the calendar quarter immediately preceding the date of payment of any benefits to the Participant or his Beneficiary pursuant to Article 5 (or, if the Participant elects to defer the date of payment pursuant to Section 5.1, the date provided for payment absent such election, i.e., disregarding the election) and (B) if there has occurred a Change in Control, the greater of the Book Value Per Share and the fair market value of each share of common stock of the Bank as of the date of such Change in Control, as such fair market value is determined by the CEO and the Plan Administrator. Without intending to limit their discretion in determining such fair market value, the CEO and the Plan Administrator shall consider, among other things, (a) in the event such Change in Control was the result of an acquisition of shares of the Bank, the consideration paid by the acquirer for such shares, and (b) in the event such Change in Control was the result of a sale of assets of the Bank, the imputed value of the Bank based upon the consideration paid for such assets. Attached as Exhibit A for purposes of illustration only is an example of how a Participant’s Phantom Stock Account Value is determined for purposes of the Plan. In the event of any conflict between Exhibit A and the terms of the Plan, the terms of the Plan shall prevail.
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Related to Phantom Stock Account Value

  • Deferred Stock Account means a bookkeeping account maintained by the Company for a Participant representing the Participant's interest in the shares credited to such Deferred Stock Account pursuant to Paragraph 7 hereof.

  • Stock Account means the account maintained on behalf of the Participant by the Custodian for the purpose of holding Stock acquired under the Plan.

  • Stock Unit Account means the bookkeeping account established by the Company pursuant to Section 6.4.

  • Phantom Stock means a right granted to an Eligible Individual under Section 12 representing a number of hypothetical Shares.

  • Phantom Stock Unit means the right to receive the value of one (1) share of the Company’s Common Stock, subject to the provisions of Section 8.4 of the Plan.

  • Company Stock Account means the account established and maintained in the name of each Participant or Beneficiary to reflect his share of the Trust Fund invested in Company Stock.

  • Phantom Share means a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value.

  • Phantom Shares means an Award of the right to receive Shares issued at the end of a Restricted Period which is granted pursuant to Section 6(e) of the Plan.

  • Unit Account means a notional account opened and managed by Us for You, in which the Units are allocated following the receipt of the Premium from You and in which the Units are cancelled by Us for the purpose of paying the benefits or for recovering the applicable charges;

  • Phantom Stock Award means an Award granted under Paragraph X of the Plan.

  • DSUs means the outstanding deferred share units issued under the DSU Plan.

  • Deferred Stock Unit means a right granted to a Participant under Article 9 to receive Shares (or the equivalent value in cash or other property if the Committee so provides) at a future time as determined by the Committee, or as determined by the Participant within guidelines established by the Committee in the case of voluntary deferral elections.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Deferred Stock Units means the number of hypothetical Shares subject to an Election.

  • Participant’s Account means an account maintained for each Participant’s participation in DSUs and/or RSUs under the Plan;

  • Performance Stock Unit means a right granted to a Participant pursuant to Section 8.2, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee.

  • Deferred Share Unit or “DSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 7;

  • Stock Unit means a bookkeeping entry representing the equivalent of one Share, as awarded under the Plan.

  • DSU means the Understanding on Rules and Procedures Governing the Settlement of Disputes contained in Annex 2 of the WTO Agreement;

  • Phantom means a volume of material behaving in a manner similar to tissue with respect to the attenuation and scattering of radiation. This requires that both the atomic number (Z) and the density of the material be similar to that of tissue.

  • Deferred Stock Award means Awards granted pursuant to Section 8.

  • Award Value means the value, in dollars, of an award made to a Participant and as stated in the applicable Award Agreement, which is provided under the Plan in the form of PSUs or RSUs, as the case may be.

  • Cash Performance Award means an Award that is denominated by a cash amount to an Eligible Person under Section 10 hereof and payable based on or conditioned upon the attainment of pre-established business and/or individual Performance Goals over a specified performance period.

  • Performance Unit Award means an Award granted under Article XI of the Plan under which, upon the satisfaction of predetermined Performance Goals, a cash payment shall be made to the Holder, based on the number of Units awarded to the Holder.

  • Phantom Stock Award Agreement means a written agreement between the Company and a Holder with respect to a Phantom Stock Award.

  • Performance Shares means Shares or an Award denominated in Shares which may be earned in whole or in part upon attainment of performance criteria established by the Administrator.