Alabama 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 Alabama Book Value Phantom Stock Plan is a unique compensation program offered by First Florida Banks, Inc. It provides employees with an opportunity to share in the success and growth of the company. This detailed description will outline the main features and benefits of the Alabama Book Value Phantom Stock Plan, as well as highlight any variations or additional types of plans offered by First Florida Banks, Inc. The Alabama Book Value Phantom Stock Plan is designed to simulate actual stock ownership for eligible employees of First Florida Banks, Inc. Participants in the plan are granted phantom stock units that reflect the value of a specified number of shares. Unlike traditional stock options, these units do not grant actual ownership or dividend rights but are instead tied to the book value of the company. The book value of a bank refers to its net asset value, calculated by subtracting total liabilities from total assets. The Alabama Book Value Phantom Stock Plan allows participants to benefit from increases in the book value of First Florida Banks, Inc. over time, aligning their interests with the overall growth and financial performance of the organization. Eligible employees receive an allocation of phantom stock units based on various factors such as job position, performance, and tenure. These units are typically subject to a vesting period, during which employees must remain with the company to receive the full value of their allocated units. Vesting schedules may vary based on the specific type of Alabama Book Value Phantom Stock Plan offered by First Florida Banks, Inc. Upon meeting the vesting requirements, employees can choose to either receive a cash payout equivalent to the book value of their phantom stock units or convert them into actual shares of the company's stock, if available. This flexibility allows employees to tailor their compensation to their financial goals or individual circumstances. In addition to the standard Alabama Book Value Phantom Stock Plan, First Florida Banks, Inc. may offer variations or additional types of plans to accommodate different employee groups or objectives. These variations may include plans with different vesting schedules, performance-based criteria, or alternative payout options. By tailoring the plans to the specific needs of various employees, First Florida Banks, Inc. aims to enhance employee engagement, motivation, and loyalty. Overall, the Alabama Book Value Phantom Stock Plan of First Florida Banks, Inc. offers employees an opportunity to participate in the company's success by sharing in the increased book value of the organization. This compensation program incentivizes and rewards employees while fostering a sense of ownership and alignment with the company's long-term growth objectives.

The Alabama Book Value Phantom Stock Plan is a unique compensation program offered by First Florida Banks, Inc. It provides employees with an opportunity to share in the success and growth of the company. This detailed description will outline the main features and benefits of the Alabama Book Value Phantom Stock Plan, as well as highlight any variations or additional types of plans offered by First Florida Banks, Inc. The Alabama Book Value Phantom Stock Plan is designed to simulate actual stock ownership for eligible employees of First Florida Banks, Inc. Participants in the plan are granted phantom stock units that reflect the value of a specified number of shares. Unlike traditional stock options, these units do not grant actual ownership or dividend rights but are instead tied to the book value of the company. The book value of a bank refers to its net asset value, calculated by subtracting total liabilities from total assets. The Alabama Book Value Phantom Stock Plan allows participants to benefit from increases in the book value of First Florida Banks, Inc. over time, aligning their interests with the overall growth and financial performance of the organization. Eligible employees receive an allocation of phantom stock units based on various factors such as job position, performance, and tenure. These units are typically subject to a vesting period, during which employees must remain with the company to receive the full value of their allocated units. Vesting schedules may vary based on the specific type of Alabama Book Value Phantom Stock Plan offered by First Florida Banks, Inc. Upon meeting the vesting requirements, employees can choose to either receive a cash payout equivalent to the book value of their phantom stock units or convert them into actual shares of the company's stock, if available. This flexibility allows employees to tailor their compensation to their financial goals or individual circumstances. In addition to the standard Alabama Book Value Phantom Stock Plan, First Florida Banks, Inc. may offer variations or additional types of plans to accommodate different employee groups or objectives. These variations may include plans with different vesting schedules, performance-based criteria, or alternative payout options. By tailoring the plans to the specific needs of various employees, First Florida Banks, Inc. aims to enhance employee engagement, motivation, and loyalty. Overall, the Alabama Book Value Phantom Stock Plan of First Florida Banks, Inc. offers employees an opportunity to participate in the company's success by sharing in the increased book value of the organization. This compensation program incentivizes and rewards employees while fostering a sense of ownership and alignment with the company's long-term growth objectives.