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Proposed book value phantom stock plan with appendices for First...

Pima Arizona Proposed book value phantom stock plan with appendices for First Florida Bank, Inc.

Name: Pima Arizona Proposed book value phantom stock plan with appendices for First Florida Bank, Inc.
Brand: US Legal Forms
Rating: 4.78 (343 reviews)

Category:

Corporations - Public - Incentive Compensation Plans

State:

Multi-State

County:

Pima

Control #:

US-CC-20-161K

Format:

Instant download

Description

This is a multi-state form covering the subject matter of the title.

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How to fill out Pima Arizona Proposed Book Value Phantom Stock Plan With Appendices For First Florida Bank, Inc.?

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FAQ

Phantom stock is not a good idea if the company is planning on issuing them to most or all employees, especially if the shares will be paid out when the employee leaves the company or retires. In that case, phantom shares may be ruled illegal because of the Employee Retirement Income and Security Act (ERISA).

Phantom stock can, but usually does not, pay dividends. When the grant is initially made, there is no tax impact. When the payout is made, however, it is taxed as ordinary income to the grantee and is deductible to the employer.

Phantom stock plans can be a valuable method for companies that seek to tie incentive compensation to increases or decreases in company value without awarding actual shares of company stock.

Phantom stock plans do not result in shareholder dilution because actual shares are not being transferred. Employees do not become owners. Instead, they are potential cash beneficiaries in the underlying company value.

The phantom stock becomes a liability that the company must eventually convert to either cash or company stock. In privately held businesses, company stock is rarely an option. employees like these plans as any phantom stock they receive is not taxable until converted into cash by the company.

A phantom stock plan is an employee benefit plan that gives selected employees (senior management) many of the benefits of stock ownership without actually giving them any company stock. This type of plan is sometimes referred to as shadow stock. Rather than getting physical stock, the employee receives mock stock.

Phantom stock is a contractual agreement between a corporation and recipients of phantom shares that bestow upon the grantee the right to a cash payment at a designated time or in association with a designated event in the future, which payment is to be in an amount tied to the market value of an equivalent number of

For both phantom stock and SARs, employees are taxed when the right to the benefit is exercised. At that point, the value of the award, minus any consideration paid for it (there usually is none) is taxed as ordinary income to the employee and is deductible by the employer.

Because participants in phantom stock plan are not shareholders, they are not entitled to dividends per se. However, the phantom stock plan may call for phantom dividends. Such payments might be included in a plan once a participant is vested in full value shares that have not yet been redeemed (or cashed in).

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Pima Arizona Proposed book value phantom stock plan with appendices for First Florida Bank, Inc.

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