phantom share option
A right to receive a cash bonus calculated by reference to a notional share option. The bonus paid will equal the gain that could have been realised at the time the bonus is paid on the exercise of an option to acquire a certain number of shares at a certain exercise price (usually defined by the market value of the shares at the time the phantom option was granted). Other features of phantom option arrangements also closely replicate the operation of real share option arrangements. For example, phantom options will usually be subject to performance conditions, continued employment requirements and vesting periods.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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