Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Award definition

What does Award mean? In arbitration practice, an award is the arbitral tribunal’s written decision that determines the parties’ claims, defences and the relief granted. Legislation governs its effect and form in England & Wales and Northern Ireland (Arbitration Act 1996), Scotland (Arbitration (Scotland) Act 2010) and Ireland (Arbitration Act 2010 implementing the UNCITRAL Model Law). Key features commonly include: writing, signatures, the date, identification of the seat, and reasons unless the parties agree otherwise. An award is generally final and binding as to the matters decided, subject only to limited statutory challenges (for example, lack of jurisdiction, serious irregularity, and in England...

Phantom Share Award Plan Rules (England and Wales): Cash‑Settled, Exit‑Triggered Payments; Takeover/Listing, Leaver and Liquidation Provisions; Board Discretion and Tax Withholding

Published by a LexisNexis Share Incentives expert

Precedents

Rules OF THE [ insert name of Company ] PHANTOM SHARE Award PLAN Adopted by the Board on [ insert date ]

These Rules set out the Phantom Share Award Plan. Awards are Units giving a cash Award Payment equal to the difference between Base Value (Market Value at the Award Date or as set by the Board) and Exit Value on an Exit (Takeover or Listing). Awards are granted at the Board’s discretion to Eligible Employees under an Award Agreement and are non-transferable (save on death). No right to Shares. Participants indemnify Tax Liability; withholding may apply.

Vesting: subject to Conditions, Awards Vest on Exit; cash within 30 days.
Exchange Offer on Takeovers; employee ownership trust acquisition may not trigger Vesting.
Leavers: lapse unless death, incapacity, retirement or Board-approved; pro-rating may apply; Board may accelerate and set extent/date.
Liquidation: Board decides extent of Vesting; if winding-up passes, unvested lapse.
Capital changes: Board may adjust Units fairly and appropriately.
Employment: no contractual rights or expectations; no claims; waiver save for Award Payment.
Amendments, administration, notices and records: Board powers apply, with adverse changes needing consent.
Data protection, third-party rights, termination and governing law: as stated; England and Wales jurisdiction...

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Web page updated on 27/05/2026

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