The Phantom Unit Award Agreement is utilized when companies operating in the Philippines wish to provide employees with equity-like incentives without transferring actual ownership rights. This approach is particularly valuable for private companies, subsidiaries of multinational corporations, or organizations with restricted ownership structures. The document complies with Philippine regulatory requirements while outlining the synthetic equity program's terms, including grant details, vesting schedules, valuation methods, and payment mechanisms. It's designed to align with Philippine labor laws, securities regulations, and tax requirements while providing flexibility in implementing compensation strategies that mirror equity ownership benefits.
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1. Parties: Identifies the company granting the phantom units and the recipient employee
2. Background: Explains the context of the agreement and the company's phantom unit award program
3. Definitions: Defines key terms including 'Phantom Unit', 'Fair Market Value', 'Vesting Date', and other program-specific terminology
4. Grant of Phantom Units: Specifies the number of phantom units granted and their initial reference value
5. Vesting Schedule: Details the timing and conditions under which phantom units will vest
6. Valuation Methodology: Explains how the value of phantom units will be calculated
7. Payment Terms: Describes when and how payments will be made upon vesting of phantom units
8. Tax Withholding: Addresses tax implications and withholding requirements under Philippine law
9. Termination Provisions: Specifies what happens to phantom units upon various types of employment termination
10. Confidentiality: Requires the recipient to maintain confidentiality of agreement terms and program details
11. Amendment and Administration: Explains how the agreement can be modified and who administers the program
12. Governing Law and Jurisdiction: Specifies Philippine law as governing law and defines jurisdiction for disputes
1. Change in Control Provisions: Used when company wants to specify different treatment of phantom units in case of merger, acquisition, or other corporate transactions
2. Non-Competition and Non-Solicitation: Include when company wishes to tie phantom unit awards to restrictive covenants
3. Clawback Provisions: Include when company wants right to recoup payments under specific circumstances
4. International Tax Provisions: Include when recipient may be subject to tax laws of multiple jurisdictions
5. Data Privacy Consent: Include detailed data privacy provisions when extensive personal data processing is required
6. Performance Conditions: Include when vesting is tied to specific performance metrics or conditions
1. Schedule A - Vesting Schedule: Detailed breakdown of vesting dates and conditions
2. Schedule B - Valuation Methodology: Detailed formula and procedures for calculating phantom unit value
3. Schedule C - Notice Requirements: Forms and procedures for various notices under the agreement
4. Schedule D - Tax Treatment Summary: Summary of tax implications and calculations under Philippine law
5. Appendix 1 - Phantom Unit Award Program Rules: Complete rules and regulations of the phantom unit program
6. Appendix 2 - Beneficiary Designation Form: Form for designating beneficiaries in case of recipient's death
Relevant legal definitions
Clauses
Grant Provisions
Vesting Conditions
Valuation
Payment Terms
Performance Conditions
Termination Rights
Change of Control
Confidentiality
Non-Competition
Non-Solicitation
Tax Compliance
Withholding Rights
Administration
Amendment
Assignment
Beneficiary Designation
Clawback
Data Protection
Dispute Resolution
Electronic Notices
Force Majeure
Governing Law
Intellectual Property
Notices
Representations and Warranties
Severability
Successors and Assigns
Term and Termination
Third Party Rights
Waiver
Vesting Conditions
Valuation
Payment Terms
Performance Conditions
Termination Rights
Change of Control
Confidentiality
Non-Competition
Non-Solicitation
Tax Compliance
Withholding Rights
Administration
Amendment
Assignment
Beneficiary Designation
Clawback
Data Protection
Dispute Resolution
Electronic Notices
Force Majeure
Governing Law
Intellectual Property
Notices
Representations and Warranties
Severability
Successors and Assigns
Term and Termination
Third Party Rights
Waiver
Relevant Industries
Financial Services
Technology
Manufacturing
Professional Services
Healthcare
Retail
Telecommunications
Real Estate
Energy
Consumer Goods
Education
Transportation and Logistics
Relevant Teams
Human Resources
Legal
Finance
Executive Management
Compensation and Benefits
Corporate Governance
Payroll
Tax
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Human Resources Director
Legal Counsel
Compensation and Benefits Manager
Finance Manager
Department Head
Senior Executive
Executive Director
Managing Director
Country Manager
Regional Director
Senior Manager
Key Employee
High-Potential Employee
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