District of Columbia 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 District of Columbia Book Value Phantom Stock Plan is a compensation program provided by First Florida Banks, Inc. to its employees. This plan offers employees the opportunity to earn phantom stock units based on the book value of the company's stock. The District of Columbia Book Value Phantom Stock Plan aims to align the interests of employees with the growth and success of First Florida Banks, Inc. by offering a share in the company's value appreciation. It grants employees the right to receive cash or stock equivalent payouts based on the increase in the book value of the company's stock over a specified period. Employees participating in the District of Columbia Book Value Phantom Stock Plan are allocated phantom stock units that mimic the value of the company's actual shares. The value of these units is determined by the company's book value, which represents the net asset value of First Florida Banks, Inc. At the end of the plan's predetermined term, participating employees receive a payout equivalent to the increased book value of their allocated phantom stock units. There might be different variations or types of the District of Columbia Book Value Phantom Stock Plan offered by First Florida Banks, Inc. These may include: 1. Tiered Plan: First Florida Banks, Inc. may implement multiple tiers within the phantom stock plan, where employees at different levels or roles within the company are eligible for varying benefits based on their performance or tenure. 2. Restricted Stock Units (RSS): First Florida Banks, Inc. might offer employees the option to receive phantom stock units that convert into actual company stock in the future if certain performance objectives or conditions are met. 3. Performance Vesting Plan: The company may introduce a performance-based vesting structure within the phantom stock plan, where employees are required to achieve specific financial goals or meet predefined targets to unlock the potential benefits. 4. Cash Equivalent Option: In addition to stock-based payouts, First Florida Banks, Inc. may offer employees the choice to receive the increased book value of their phantom stock units as a cash equivalent instead of company stock. 5. Graduated Vesting Schedule: The District of Columbia Book Value Phantom Stock Plan may incorporate a graduated vesting schedule, where phantom stock units are gradually allocated to employees over a period of time, incentivizing continued dedication and loyalty. By implementing the District of Columbia Book Value Phantom Stock Plan, First Florida Banks, Inc. aims to motivate and retain its employees by offering them a stake in the company's growth. This compensation program encourages employees to contribute towards enhancing the book value of the company, thereby fostering a sense of ownership and aligning their interests with the long-term success of First Florida Banks, Inc.

The District of Columbia Book Value Phantom Stock Plan is a compensation program provided by First Florida Banks, Inc. to its employees. This plan offers employees the opportunity to earn phantom stock units based on the book value of the company's stock. The District of Columbia Book Value Phantom Stock Plan aims to align the interests of employees with the growth and success of First Florida Banks, Inc. by offering a share in the company's value appreciation. It grants employees the right to receive cash or stock equivalent payouts based on the increase in the book value of the company's stock over a specified period. Employees participating in the District of Columbia Book Value Phantom Stock Plan are allocated phantom stock units that mimic the value of the company's actual shares. The value of these units is determined by the company's book value, which represents the net asset value of First Florida Banks, Inc. At the end of the plan's predetermined term, participating employees receive a payout equivalent to the increased book value of their allocated phantom stock units. There might be different variations or types of the District of Columbia Book Value Phantom Stock Plan offered by First Florida Banks, Inc. These may include: 1. Tiered Plan: First Florida Banks, Inc. may implement multiple tiers within the phantom stock plan, where employees at different levels or roles within the company are eligible for varying benefits based on their performance or tenure. 2. Restricted Stock Units (RSS): First Florida Banks, Inc. might offer employees the option to receive phantom stock units that convert into actual company stock in the future if certain performance objectives or conditions are met. 3. Performance Vesting Plan: The company may introduce a performance-based vesting structure within the phantom stock plan, where employees are required to achieve specific financial goals or meet predefined targets to unlock the potential benefits. 4. Cash Equivalent Option: In addition to stock-based payouts, First Florida Banks, Inc. may offer employees the choice to receive the increased book value of their phantom stock units as a cash equivalent instead of company stock. 5. Graduated Vesting Schedule: The District of Columbia Book Value Phantom Stock Plan may incorporate a graduated vesting schedule, where phantom stock units are gradually allocated to employees over a period of time, incentivizing continued dedication and loyalty. By implementing the District of Columbia Book Value Phantom Stock Plan, First Florida Banks, Inc. aims to motivate and retain its employees by offering them a stake in the company's growth. This compensation program encourages employees to contribute towards enhancing the book value of the company, thereby fostering a sense of ownership and aligning their interests with the long-term success of First Florida Banks, Inc.