The Phantom Unit Award Agreement is utilized by companies operating in Malta who wish to provide equity-linked incentives to their employees without diluting actual shareholding. This document, governed by Malta law, is particularly relevant when companies want to attract and retain key talent while maintaining their existing corporate structure. The agreement specifies the number of phantom units granted, their vesting schedule, valuation methods, and payment terms, all structured to comply with Malta's corporate, employment, and tax regulations. It's especially useful for private companies, subsidiaries of international groups, or organizations where direct equity participation is not feasible or desired. The document includes essential provisions for tax compliance, data protection, and corporate governance under Malta law.
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1. Parties: Identifies the company granting the phantom units and the recipient employee
2. Background: Explains the context and purpose of the phantom unit award program
3. Definitions: Defines key terms used throughout the agreement, including 'Phantom Unit', 'Fair Market Value', 'Vesting Date', etc.
4. Grant of Phantom Units: Specifies the number of phantom units granted and basic terms of the award
5. Vesting Schedule: Details when and how the phantom units will vest over time
6. Calculation of Value: Explains how the value of phantom units will be determined
7. Payment Terms: Specifies when and how payments will be made for vested phantom units
8. Tax Obligations: Outlines tax responsibilities and withholding requirements
9. Termination Provisions: Describes what happens to phantom units upon various types of employment termination
10. Confidentiality: Requires the employee to maintain confidentiality about the terms of the agreement
11. Data Protection: Addresses handling of personal data in compliance with Malta law
12. Governing Law: Specifies Malta law as governing law and jurisdiction
13. General Provisions: Standard boilerplate provisions including amendments, notices, and entire agreement
1. Performance Conditions: Additional vesting conditions based on individual or company performance metrics
2. Change in Control Provisions: Special provisions for corporate transactions or change in control scenarios
3. Clawback Provisions: Allows company to recoup payments in certain circumstances
4. International Tax Provisions: Special provisions for participants subject to tax in multiple jurisdictions
5. Non-Competition and Non-Solicitation: Restrictive covenants tied to the phantom unit award
6. Retirement Provisions: Special treatment of awards upon retirement
7. Disability Provisions: Special treatment of awards upon disability
1. Schedule A - Grant Notice: Details of the specific grant including number of units, grant date, and vesting schedule
2. Schedule B - Vesting Schedule: Detailed breakdown of vesting dates and conditions
3. Schedule C - Valuation Methodology: Detailed explanation of how phantom unit value will be calculated
4. Schedule D - Tax Treatment Summary: Summary of tax implications under Malta law
5. Appendix 1 - Phantom Unit Plan: Copy of or reference to the overall phantom unit plan document
6. Appendix 2 - Acceptance Form: Form for participant to accept the award and its terms
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