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Tanzer said he received 25 percent less for his phantom stock after he was fired in 2008.

Not phantom stock via an options scheme or the promise of some distant return on their years of effort.

To keep regulators from getting so cautious that they ban legitimate transactions, Henderson would throw some phantom stock into their pay packages as well.

If he wants to give her stock, it probably should be phantom stock—which pays bonuses based on stock appreciation but is not an actual ownership stake.

News Corp tried to put together a "phantom stock" for Myspacers but that didn't work and lasted only a year.