The New Mexico Phantom Stock Plan is a unique employee benefit program offered by Hercules, Inc., a renowned company in the state of New Mexico. Designed to incentivize and reward key employees, this plan offers them the opportunity to experience the financial benefits and value appreciation associated with Hercules' stocks, without actually owning any physical shares. The New Mexico Phantom Stock Plan provides selected employees with virtual or "phantom" shares that mirror the real market value and performance of Hercules' stock. These phantom shares, although not tangible, are linked to the company's actual stock price and are subject to the same financial fluctuations and market trends. By participating in the New Mexico Phantom Stock Plan, employees become eligible to receive cash or stock-based compensation that is directly dependent on the growth and success of Hercules, Inc. This creates a sense of shared ownership and alignment between the company and its key personnel, fostering loyalty and motivation among the workforce. There are different variations of the New Mexico Phantom Stock Plan of Hercules, Inc., tailored to suit the needs and circumstances of employees at different levels within the organization. For instance, the Executive Phantom Stock Plan may be offered exclusively to top-level executives, providing them with a higher allocation of phantom shares and potentially greater rewards based on Hercules' performance. On the other hand, the Employee Phantom Stock Plan is available to a wider pool of employees, encouraging broader participation within the company. While the rewards may vary based on position and tenure, this plan ensures that hardworking employees at all levels can benefit from the company's success and gain financial stability. Participating employees in the New Mexico Phantom Stock Plan receive regular statements outlining the value of their phantom stock holdings, based on prevailing market conditions. These statements offer transparency and allow employees to track their progress towards financial goals, while also providing an understanding of the potential future benefits they may reap. In summary, the New Mexico Phantom Stock Plan of Hercules, Inc. is a unique employee benefit program aiming to align the interests of key personnel with the company's growth and success. It offers virtual shares linked to Hercules' actual stock value, granting eligible employees the opportunity to benefit financially from the performance of the company without owning real shares. The plan encompasses different variations tailored to different employee levels, such as the Executive and Employee Phantom Stock Plans, which provide varying degrees of participation and rewards.
New Mexico Phantom Stock Plan of Hercules, Inc.
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Summary. A phantom stock plan refers to a type of deferred employee compensation plan where plan participants benefit from the upside of a company's share price without actually receiving company shares. In a phantom stock plan, upon redemption of phantom stock, the plan participant receives cash compensation.
If a business is sold, employees that own phantom stock receive money that is equal to the amount they would have received had they owned actual stock in the company. For that reason, it's financially beneficial to employees to own phantom stock, as they don't need to worry about dilution.
As a default, this form plan provides for forfeiture of all unvested phantom stock units upon a participant's termination of employment (subject to the terms of the award agreement).
Expiration Date: The Expiration Date for each Phantom Share depends on whether it has vested. Where the Phantom Share has not vested pursuant to the Vesting Schedule below, the Expiration Date is the earlier of: (i) the Liquidity Event Deadline or (ii) the date of termination of Participant's Continuous Service.
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.
Phantom shares usually get liquid when the company gets acquired or goes public or if the company decides to do a buyback. Any gains from the assets must be reported to tax authorities as ordinary income upon vesting.
While not stock in the company, phantom stock is worth money just like real stock? its value rises and falls with the company's actual stock (or what the company is valued at, if it's not a publicly traded company). Employees are paid out profits at the end of a pre-determined length of time.