The Phantom Unit Award Agreement is utilized when companies operating under Belgian law wish to provide employees with synthetic equity-based compensation without diluting actual shareholding. This document is particularly relevant for private companies, subsidiaries of international groups, or organizations seeking to create long-term incentives while maintaining simplified corporate structures. The agreement must comply with Belgian corporate law, employment regulations, and tax requirements, making it distinct from similar agreements in other jurisdictions. The document typically includes comprehensive details about the phantom unit grant, vesting conditions, valuation mechanisms, and payment terms, while addressing specific Belgian requirements regarding social security contributions and personal data protection under GDPR. It serves as a crucial tool for employee retention and alignment of interests while maintaining legal compliance in the Belgian context.
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1. Parties: Identification of the company and the award recipient
2. Background: Context of the phantom unit award program and its purpose
3. Definitions: Key terms including Phantom Units, Fair Market Value, Vesting Date, and Payment Date
4. Grant of Phantom Units: Number of units granted and basic terms of the award
5. Vesting Schedule: Timing and conditions for vesting of the phantom units
6. Valuation: Method for determining the value of phantom units at payment
7. Payment Terms: Timing and form of payment for vested phantom units
8. Tax and Social Security: Tax treatment and social security implications of the award
9. Termination of Employment: Impact of employment termination on phantom units
10. Confidentiality: Obligations regarding the confidentiality of award terms
11. Data Protection: GDPR compliance and personal data processing provisions
12. Governing Law and Jurisdiction: Application of Belgian law and jurisdiction
13. Entire Agreement: Integration clause and relationship to other agreements
1. Change of Control: Treatment of phantom units in case of company sale or merger
2. International Transfer: Provisions for employees transferring between countries
3. Clawback: Company's right to recoup payments in specified circumstances
4. Non-Competition: Restrictions on competitive activities linked to the award
5. Administrative Provisions: Details about plan administration and record-keeping
6. Amendment Procedures: Process for modifying award terms
7. Dispute Resolution: Alternative dispute resolution procedures
8. Currency Conversion: Rules for converting payments between currencies
1. Schedule A - Vesting Schedule: Detailed timeline and conditions for vesting
2. Schedule B - Valuation Methodology: Detailed formula and procedures for unit valuation
3. Schedule C - Tax Summary: Overview of Belgian tax treatment and withholding requirements
4. Schedule D - Data Processing Notice: Detailed GDPR-compliant data processing information
5. Appendix 1 - Award Notice: Specific details of individual grant including number of units and dates
6. Appendix 2 - Acceptance Form: Form for participant to accept the award and terms
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