The Phantom Unit Award Agreement is commonly used by companies in England and Wales seeking to provide employees with equity-like incentives without diluting actual shareholding. This document is particularly relevant for private companies, subsidiaries of larger groups, or organizations where direct share ownership is impractical. The agreement details the number of phantom units granted, vesting schedule, payment calculations, and conditions for exercise. It serves as a crucial tool for talent retention and alignment of interests between the company and key employees, while maintaining flexibility in corporate structure.
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1. Parties: Identification of the company and the award recipient
2. Background: Context of the phantom unit award scheme and its purpose
3. Definitions: Key terms including Phantom Units, Vesting Date, Exercise Price, etc.
4. Grant of Award: Details of the phantom units being awarded
5. Vesting Conditions: Timing and conditions for vesting of the phantom units
6. Payment Calculations: Method for calculating payments upon vesting
7. Tax Provisions: Treatment of tax and national insurance contributions
1. Good/Bad Leaver Provisions: Used when different treatment is required based on circumstances of employment termination
2. Change of Control Provisions: Include when specific treatment is required upon company sale/merger
3. Malus and Clawback: Include for senior employees or regulated entities
1. Award Details Schedule: Specific details of number of units, grant date, vesting schedule
2. Valuation Methodology: Detailed calculation methods for unit value
3. Tax Treatment Summary: Overview of tax implications for reference
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