Common use of Phantom Equity Clause in Contracts

Phantom Equity. The Executive shall be entitled to participate in the School Bus Holdings Phantom Equity Plan (as amended or revised from time to time, in the sole discretion of the Board or its designee, the “Phantom Equity Plan”). Participants in the Phantom Equity Plan will participate (based on a granted award percentage) in the common equity value creation of the Company above a dollar threshold determined by the Board or its designee and set forth in the Phantom Equity Plan. The Company shall grant the Executive a phantom award with an award percentage equal to one half percent (the “Phantom Award”). The Executive’s participation in the Phantom Equity Plan and rights there under shall be subject to the terms of the Phantom Equity Plan, this Agreement and any applicable grant or other agreements under the Phantom Equity Plan as determined by the Board or its designee.

Phantom Equity. The Executive shall be entitled to participate in the School Bus Holdings Phantom Equity Plan (as amended or revised from time to time, in the sole discretion of the Board or its designee, the “Phantom Equity Plan”). Participants in the Phantom Equity Plan will participate (based on a granted award percentage) in the common equity value creation of the Company above a dollar threshold determined by the Board or its designee and set forth in the Phantom Equity Plan. The Company shall grant the Executive a phantom award with an award percentage equal to one and one half percent (1.50%) (the “Phantom Award”). The Executive’s participation in the Phantom Equity Plan and rights there under thereunder shall be subject to the terms of the Phantom Equity Plan, this Agreement and any applicable grant or other agreements under the Phantom Equity Plan as determined by the Board or its designee.