How a Business Hired a Lawyer to Draft a Phantom Stock Agreement in North Carolina

In 2024, a new LLC in North Carolina, operating in the staffing and recruitment sector, sought assistance in drafting a phantom stock agreement. The client had just hired their first W-2 employee and aimed to establish an incentive plan to promote retention and performance. With no need for company valuation at this stage, they required a solid agreement outlining a phantom equity plan granting the employee 10% equity ownership, which would vest over four years. As a result, the client received five proposals from qualified lawyers, with flat fee bids ranging from $950 to $1,500. All proposals were submitted to meet the client's deadline of less than one week.