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Phantom stock is usually a company`s unsecured and unfunded promise to make a payment to an employee or other service provider corresponding to the value of a certain number of company shares at certain events (. B, for example, a change of control or a termination of the employment relationship). Phantom Unit premium agreements are used to grant phantom units to an employee or other service provider as part of a phantom plan. Partners Doreen E. Lilienfeld and Gillian Emmett Moldowan and associates Matthew Weston (all New York-Compensation, Governance – ERISA) wrote commentary forms on phantom plans and phantom unit agreements in Lexis Practice Advisor. Annotated forms contain alternative clauses, practical instructions and editorial references.