Common use of Grant of Phantom Stock Units Clause in Contracts

Grant of Phantom Stock Units. Subject to the terms and conditions of this Agreement and the Plan, the Company hereby grants to Grantee XXXXXXX Phantom Stock Units as described herein (the “Phantom Stock Units”). Each Phantom Stock Unit shall represent an unsecured promise of the Company to deliver payment as set forth in Section 5 herein. As a holder of Phantom Stock Units, the Grantee has the rights of a general unsecured creditor of the Company unless and until the Vesting Payment (as defined in Section 5) is paid out to Grantee, as set forth herein.

Grant of Phantom Stock Units. Subject to the terms and conditions of this Agreement and the Plan, the Company hereby grants to Grantee XXXXXXX X,XXX Phantom Stock Units as described herein (the “Phantom Stock Units”). Each Phantom Stock Unit shall represent an unsecured promise of the Company to deliver payment as set forth in Section 5 herein. As a holder of Phantom Stock Units, the Grantee has the rights of a general unsecured creditor of the Company unless and until the Vesting Payment (as defined in Section 5) is paid out to Grantee, as set forth herein.