Phantom Equity Value of Subsidiary

Phantom Equity Value of Subsidiary. The value of a percentage interest of Phantom Equity, which is to be determined to be the value of Participant's Subsidiary, as of the last day of each Plan Year, as calculated by the third-party consultant chosen by the Committee, and in accordance with Section 409A of the Code. The Phantom Equity Value of Subsidiary shall be reviewed, approved and recorded by the Committee annually