California 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 California Book Value Phantom Stock Plan is a unique and innovative compensation plan offered by First Florida Banks, Inc. to its employees. This plan is designed to provide additional benefits to employees based on the growth and performance of the company. By using relevant keywords, let's delve into a detailed description of the California Book Value Phantom Stock Plan. Keywords: California Book Value Phantom Stock Plan, First Florida Banks, Inc., compensation plan, growth, performance, employees. First Florida Banks, Inc. has introduced the California Book Value Phantom Stock Plan as an enticing compensation program for its dedicated employees. This plan aims to reward and motivate them by granting additional benefits proportional to the company's growth and overall performance. The California Book Value Phantom Stock Plan emphasizes the notion of "phantom stock." Unlike traditional stock options or equity grants, phantom stock does not grant employees actual shares in the company. Instead, it provides individuals with synthetic units, equivalent to the value of the company's common stock. Under the California Book Value Phantom Stock Plan, employees receive a predetermined number of phantom stock units based on their level within the organization or any other set criteria defined by First Florida Banks, Inc. The value of these units is directly linked to the company's book value, which refers to its net assets minus liabilities. This compensation plan offers multiple advantages both for employees and the company. For employees, it provides an opportunity to benefit from the growth and success of the organization without actually owning stock. As the book value of the company increases, so does the value of the phantom stock units, creating a financial incentive for employees to contribute to the company's achievements. Additionally, the California Book Value Phantom Stock Plan allows employees to participate in the company's success without incurring the risks associated with actual stock ownership, such as the potential loss of investment. This plan not only attracts and retains talented employees but also aligns their interests with the long-term success of First Florida Banks, Inc. It is worth noting that variations or different types of the California Book Value Phantom Stock Plan may exist within First Florida Banks, Inc., depending on factors such as job level, seniority, or performance metrics. The company may introduce additional incentives, vesting schedules, or payout structures to customize the plan for different employee groups. In conclusion, the California Book Value Phantom Stock Plan is a creative compensation program offered by First Florida Banks, Inc. that grants employees synthetic units tied to the company's book value. This plan effectively aligns the interests of employees with the success of the organization, providing a powerful incentive for both individual and company growth.

The California Book Value Phantom Stock Plan is a unique and innovative compensation plan offered by First Florida Banks, Inc. to its employees. This plan is designed to provide additional benefits to employees based on the growth and performance of the company. By using relevant keywords, let's delve into a detailed description of the California Book Value Phantom Stock Plan. Keywords: California Book Value Phantom Stock Plan, First Florida Banks, Inc., compensation plan, growth, performance, employees. First Florida Banks, Inc. has introduced the California Book Value Phantom Stock Plan as an enticing compensation program for its dedicated employees. This plan aims to reward and motivate them by granting additional benefits proportional to the company's growth and overall performance. The California Book Value Phantom Stock Plan emphasizes the notion of "phantom stock." Unlike traditional stock options or equity grants, phantom stock does not grant employees actual shares in the company. Instead, it provides individuals with synthetic units, equivalent to the value of the company's common stock. Under the California Book Value Phantom Stock Plan, employees receive a predetermined number of phantom stock units based on their level within the organization or any other set criteria defined by First Florida Banks, Inc. The value of these units is directly linked to the company's book value, which refers to its net assets minus liabilities. This compensation plan offers multiple advantages both for employees and the company. For employees, it provides an opportunity to benefit from the growth and success of the organization without actually owning stock. As the book value of the company increases, so does the value of the phantom stock units, creating a financial incentive for employees to contribute to the company's achievements. Additionally, the California Book Value Phantom Stock Plan allows employees to participate in the company's success without incurring the risks associated with actual stock ownership, such as the potential loss of investment. This plan not only attracts and retains talented employees but also aligns their interests with the long-term success of First Florida Banks, Inc. It is worth noting that variations or different types of the California Book Value Phantom Stock Plan may exist within First Florida Banks, Inc., depending on factors such as job level, seniority, or performance metrics. The company may introduce additional incentives, vesting schedules, or payout structures to customize the plan for different employee groups. In conclusion, the California Book Value Phantom Stock Plan is a creative compensation program offered by First Florida Banks, Inc. that grants employees synthetic units tied to the company's book value. This plan effectively aligns the interests of employees with the success of the organization, providing a powerful incentive for both individual and company growth.