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How does phantom stock work in a private company?

Phantom stock generally represents a companys 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.

What happens to phantom stock when you leave a company?

Phantom shares are only paid out if the employee meets certain terms. If an employee leaves the company before those terms are met, the phantom stocks disappear. If the company had used actual stock, those would have to be repurchased, which would make things more complicated. No voting rights.

Is phantom stock a good idea?

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).

Are phantom shares real?

This type of plan is sometimes referred to as shadow stock. Rather than getting physical stock, the employee receives mock stock. Even though its not real, the phantom stock follows the price movement of the companys actual stock, paying out any resulting profits.

What are phantom stock plans?

A phantom stock plan is a deferred compensation plan that awards the employee a unit measured by the value of a share of a companys common stock, or, in the case of a limited liability company, by the value of an LLC unit. However, unlike actual stock, the award does not confer equity ownership in the company.

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