Phantom Equity Appreciation Rights Value of Subsidiary

Phantom Equity Appreciation Rights Value of Subsidiary. The increase, or decrease, of the value of a percentage interest of Phantom Equity, which is to be determined to be the value of the Participant's Subsidiary as of the last day of each Plan Year, as calculated by the third-party consultant chosen by the Committee, over its Grant Value Basis. The Phantom Equity Appreciation Rights Value of Subsidiary shall be reviewed, approved and recorded by the Committee annually