Connecticut 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 Connecticut Book Value Phantom Stock Plan is a unique compensation plan offered by First Florida Banks, Inc. It provides an opportunity for employees and key executives to participate in the growth and success of the company. This plan is designed to reward employees based on the book value of the company's stock. The Connecticut Book Value Phantom Stock Plan is a non-cash incentive program that allows employees to receive a virtual or phantom stock grant equivalent to the book value of a specific number of shares. These phantom shares are not actual stocks, but their value reflects the book value of the company's common stock. Under this plan, participants are not required to invest any of their own funds to receive phantom stock grants. The book value of the phantom shares is calculated as the net asset value of the company divided by the total number of outstanding shares. It allows employees to benefit from the overall financial health and performance of the organization. Participants in the Connecticut Book Value Phantom Stock Plan of First Florida Banks, Inc. enjoy several advantages. Firstly, it provides a sense of ownership and aligns the interests of employees with the long-term success of the company. It encourages employees to focus on increasing the company's book value, as it directly affects the value of their phantom stock grants. Additionally, this compensation plan offers a flexible vesting schedule, allowing employees to receive their phantom shares gradually over a specified period. It motivates employees to remain with the company and contribute to its continued growth. The Connecticut Book Value Phantom Stock Plan also offers potential tax advantages for participants. Unlike traditional stock options or bonuses, participants are not subject to immediate taxation on the value of their phantom shares. Taxes are only applicable upon the cashing out or distribution of the phantom shares. It's important to note that while the Connecticut Book Value Phantom Stock Plan is commonly used by First Florida Banks, Inc., there are no different types of this specific plan. However, variations of phantom stock plans may exist based on certain eligibility criteria, vesting periods, or performance metrics. In conclusion, the Connecticut Book Value Phantom Stock Plan is an innovative compensation strategy that rewards employees of First Florida Banks, Inc. based on the book value of the company's stock. It aligns the interests of employees with the long-term success of the organization, provides flexibility in vesting schedules, and offers potential tax advantages.

Connecticut Book Value Phantom Stock Plan is a unique compensation plan offered by First Florida Banks, Inc. It provides an opportunity for employees and key executives to participate in the growth and success of the company. This plan is designed to reward employees based on the book value of the company's stock. The Connecticut Book Value Phantom Stock Plan is a non-cash incentive program that allows employees to receive a virtual or phantom stock grant equivalent to the book value of a specific number of shares. These phantom shares are not actual stocks, but their value reflects the book value of the company's common stock. Under this plan, participants are not required to invest any of their own funds to receive phantom stock grants. The book value of the phantom shares is calculated as the net asset value of the company divided by the total number of outstanding shares. It allows employees to benefit from the overall financial health and performance of the organization. Participants in the Connecticut Book Value Phantom Stock Plan of First Florida Banks, Inc. enjoy several advantages. Firstly, it provides a sense of ownership and aligns the interests of employees with the long-term success of the company. It encourages employees to focus on increasing the company's book value, as it directly affects the value of their phantom stock grants. Additionally, this compensation plan offers a flexible vesting schedule, allowing employees to receive their phantom shares gradually over a specified period. It motivates employees to remain with the company and contribute to its continued growth. The Connecticut Book Value Phantom Stock Plan also offers potential tax advantages for participants. Unlike traditional stock options or bonuses, participants are not subject to immediate taxation on the value of their phantom shares. Taxes are only applicable upon the cashing out or distribution of the phantom shares. It's important to note that while the Connecticut Book Value Phantom Stock Plan is commonly used by First Florida Banks, Inc., there are no different types of this specific plan. However, variations of phantom stock plans may exist based on certain eligibility criteria, vesting periods, or performance metrics. In conclusion, the Connecticut Book Value Phantom Stock Plan is an innovative compensation strategy that rewards employees of First Florida Banks, Inc. based on the book value of the company's stock. It aligns the interests of employees with the long-term success of the organization, provides flexibility in vesting schedules, and offers potential tax advantages.