Alaska Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-162A
• Format: Word; Rich Text

Description

20-162A 20-162A . . . Book Value Phantom Stock Plan under which Committee of Board of Directors may, from time to time, grant quantity of phantom shares to selected employees, each share being equivalent to one share of corporation common stock. Phantom shares may be exercised at any time within ten years of date of grant (subject to certain limitations in event of termination of employment) Upon exercise, employee is paid cash equal to increase in underlying net book value per share on fully diluted basis of shares between date of grant and date of exercise

The Alaska Book Value Phantom Stock Plan is a unique compensation option offered by First Florida Banks, Inc. This plan is designed to provide key employees with the opportunity to share in the future financial success of the company. By utilizing the concept of phantom stock, this plan aims to align the interests of employees with the overall growth and profitability of First Florida Banks, Inc. Phantom stock refers to a type of equity compensation where employees receive hypothetical or phantom units that represent the value of actual company shares. These units are linked to the book value of the organization, specifically focusing on the Alaska division of First Florida Banks, Inc. As the company's book value increases over time, so does the hypothetical value of the employee's phantom stock units. The Alaska Book Value Phantom Stock Plan serves as an incentive for employees to contribute towards the financial success of the company's Alaska division. Through this plan, employees are motivated not only to perform their daily responsibilities but also to actively participate in strategies and decisions that increase the overall book value of the division. There are several variations of the Alaska Book Value Phantom Stock Plan offered by First Florida Banks, Inc. that cater to different employee levels and roles within the organization. Some possible types of this plan include: 1. Executive Alaska Book Value Phantom Stock Plan: Meant for top-level executives, this plan offers a higher allocation of phantom stock units and additional incentives. Executives are encouraged to oversee the division's operations while strategically increasing the book value of the Alaska division. 2. Managerial Alaska Book Value Phantom Stock Plan: Targeting managers and team leaders, this plan provides a moderate allocation of phantom stock units based on their contribution to the book value growth. Managers are expected to effectively lead their teams and implement strategies that enhance the division's book value. 3. Employee Alaska Book Value Phantom Stock Plan: Designed for general employees, this plan offers a smaller allocation of phantom stock units but still rewards their dedication and efforts. Employees are encouraged to actively contribute towards the division's success, realizing that their performance can impact the overall book value. The Alaska Book Value Phantom Stock Plan works on a vesting period, typically spanning multiple years. This means that employees receive the monetary value of their phantom stock units only after a specific period elapses or certain conditions are met, such as sustained book value growth. In summary, the Alaska Book Value Phantom Stock Plan is a compensation program introduced by First Florida Banks, Inc., which utilizes phantom stock units linked to the book value of their Alaska division. This plan aims to motivate employees at different levels to actively contribute to the division's growth, and various versions cater to executives, managers, and general employees.