{"id":14066,"date":"2015-12-27T16:28:47","date_gmt":"2015-12-27T16:28:47","guid":{"rendered":"http:\/\/www.mintus-law.co.il\/?p=14064"},"modified":"2015-12-27T16:54:45","modified_gmt":"2015-12-27T16:54:45","slug":"employee-using-phantom-phantom-options-options","status":"publish","type":"post","link":"https:\/\/www.bmadv.co.il\/?p=14066&lang=en","title":{"rendered":"Grant of Phantom Based Options and Benefits to Employees\/Service Providers"},"content":{"rendered":"<h1 dir=\"ltr\" style=\"text-align: justify;\"><span style=\"font-size: 18pt;\">Grant of Phantom\u00a0Based Options and Benefits to Employees\/Service Providers\u00a0<\/span><\/h1>\n<p dir=\"ltr\" style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Phantom options are options that are granted pursuant to an agreement between a company and an employee\/consultant\/service provider, entitling the grantee to a monetary\u00a0payment at a certain time in the future , reflecting the increase in the market\/share value of the company, while it is not accompanied by granting any equity or rights to shares (and\/or other securities) of the company.<\/span><\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The consideration is determined based on the market value of the company's share. For example, if the employee was awarded 100 phantom options while the share price\u00a0was US$10, then, if the share price will increase to US$20, the employee will be entitled to US$1000 = 100 * (20-10).<\/span><\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">In such manner a company may award\u00a0an employee or a service provider a consideration derived directly from an increase in the share price and market value of the company, without entitling them to any\u00a0voting rights, right to appointing directors and other rights underlying the\u00a0ownership of share s or options of the company.<\/span><\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">In private start-ups, in which the\u00a0valuation of the company is usually determined in connection with financing rounds, the grant of phantom option will\u00a0depend mostly upon an &quot;external&quot; Exit. such as an IPO or M&amp;A with a third party, in which the valuation is closer to the market value (the\u00a0price determined by two unrelated parties). However, in privately held start-ups, the valuation of the company is the result\u00a0of an agreement between the two sides reflecting the expectations of weach party rather then the\u00a0true market value; in such companies, \u00a0the application of a phantom based benefit plan may be difficult\u00a0or unfair. it is also important to\u00a0note, that the reward is paid in cash money and the company is required to allocate financial resources for such purpose,\u00a0while in stock oriented benefit plans the cash flow of the company is not affected.<\/span><\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Public companies that want to avoid the complication of change of in the capital structure of the company, diluting existing shareholders and increase in the number of the shareholders, the phantom options mechanism is simply and easily applicable, and the\u00a0advantages are clear.<\/span><\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><span style=\"text-decoration: underline;\"><span style=\"font-size: 14pt;\">The benefits of\u00a0Phantom-based compensation plans are:<\/span><\/span><\/p>\n<ul dir=\"ltr\">\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Flexibility, given that there is no need to issue stock options which require internal procedure s and a resolution\u00a0of the Board.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Avoid diluting the holdings of the shareholders.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The compensation is in cash.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The reward is a deductible expense by the\u00a0company.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">It\u00a0preserves all the advantages in allocating stock options or securities: reqarding the employee for the increase in market value of the company, making the bond between employer and employee stronger, and creating an incentive for the employee.service provider to continue its relationships with the company for a\u00a0longer period of time.<\/span><\/li>\n<\/ul>\n<p dir=\"ltr\" style=\"text-align: justify;\"><span style=\"text-decoration: underline;\"><span style=\"font-size: 14pt;\">The <u>Disadvantages <\/u><\/span><\/span><\/p>\n<ul dir=\"ltr\">\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Difficult to implement in private companies, and is conditioned on an &quot;external&quot;\u00a0Exit event \u00a0such as public offering and a sale to a third party.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The company is required to pay a monetary payment, which affects its cash flow .<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">An employee may not benefit fro the reduced &quot;capital gain&quot; tax scheme under section 102 of the Israeli Tax Ordinance.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Grant of Phantom\u00a0Based Options and Benefits to Employees\/Service Providers\u00a0 Phantom options are options that are granted pursuant to an agreement between a company and an employee\/consultant\/service provider, entitling the grantee to a monetary\u00a0payment at a certain time in the future , reflecting the increase in the market\/share value of the company, while it is not [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[37],"tags":[],"class_list":["post-14066","post","type-post","status-publish","format-standard","hentry","category--en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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