Florida 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 Florida Book Value Phantom Stock Plan is an innovative compensation structure implemented by First Florida Banks, Inc., a prominent financial institution operating in the state of Florida. This plan offers employees an opportunity to participate in the bank's growth and success through a virtual ownership program, simulating the benefits of actual stock ownership without the associated risks. One type of Florida Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is the "Performance-based Phantom Stock Plan." Under this plan, employees are granted phantom stock units based on their individual and/or company-wide performance achievements. These units are tied to the book value of the bank and its financial performance indicators. Another variation is the "Retirement Phantom Stock Plan," which is designed to serve as a crucial part of employees' retirement savings strategy. Participants in this plan are granted phantom stock units based on their years of service and their expected retirement compensation. The units' value is closely linked to the bank's book value and performance, providing employees with a sense of ownership and long-term financial security. The "Executive Phantom Stock Plan" is tailored specifically for executives and key personnel within First Florida Banks, Inc. This plan aims to align the interests of top-level management with the bank's overall performance and profitability. Through the grant of phantom stock units, executives are incentivized to drive the bank's growth and make strategic decisions that enhance its book value. First Florida Banks, Inc. ensures that the Florida Book Value Phantom Stock Plan is carefully crafted to provide employees with a fair and transparent compensation structure. The plan is designed to motivate and reward high-performing individuals who contribute to the bank's long-term success. The book value of the bank serves as a benchmark for determining the value of phantom stock units, allowing employees to participate in the bank's financial performance indirectly. By offering the Florida Book Value Phantom Stock Plan, First Florida Banks, Inc. demonstrates its commitment to fostering a collaborative and performance-driven culture. This compensation approach not only attracts and retains top talent but also aligns employees' interests with the bank's objectives, creating a win-win situation for both parties. Therefore, the Florida Book Value Phantom Stock Plan stands as a unique and innovative compensation structure, encompassing various types such as the Performance-based Phantom Stock Plan, Retirement Phantom Stock Plan, and Executive Phantom Stock Plan. It exemplifies First Florida Banks, Inc.'s dedication to creating an inclusive, rewarding work environment where employees can share in the bank's success while securing their financial futures.

The Florida Book Value Phantom Stock Plan is an innovative compensation structure implemented by First Florida Banks, Inc., a prominent financial institution operating in the state of Florida. This plan offers employees an opportunity to participate in the bank's growth and success through a virtual ownership program, simulating the benefits of actual stock ownership without the associated risks. One type of Florida Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is the "Performance-based Phantom Stock Plan." Under this plan, employees are granted phantom stock units based on their individual and/or company-wide performance achievements. These units are tied to the book value of the bank and its financial performance indicators. Another variation is the "Retirement Phantom Stock Plan," which is designed to serve as a crucial part of employees' retirement savings strategy. Participants in this plan are granted phantom stock units based on their years of service and their expected retirement compensation. The units' value is closely linked to the bank's book value and performance, providing employees with a sense of ownership and long-term financial security. The "Executive Phantom Stock Plan" is tailored specifically for executives and key personnel within First Florida Banks, Inc. This plan aims to align the interests of top-level management with the bank's overall performance and profitability. Through the grant of phantom stock units, executives are incentivized to drive the bank's growth and make strategic decisions that enhance its book value. First Florida Banks, Inc. ensures that the Florida Book Value Phantom Stock Plan is carefully crafted to provide employees with a fair and transparent compensation structure. The plan is designed to motivate and reward high-performing individuals who contribute to the bank's long-term success. The book value of the bank serves as a benchmark for determining the value of phantom stock units, allowing employees to participate in the bank's financial performance indirectly. By offering the Florida Book Value Phantom Stock Plan, First Florida Banks, Inc. demonstrates its commitment to fostering a collaborative and performance-driven culture. This compensation approach not only attracts and retains top talent but also aligns employees' interests with the bank's objectives, creating a win-win situation for both parties. Therefore, the Florida Book Value Phantom Stock Plan stands as a unique and innovative compensation structure, encompassing various types such as the Performance-based Phantom Stock Plan, Retirement Phantom Stock Plan, and Executive Phantom Stock Plan. It exemplifies First Florida Banks, Inc.'s dedication to creating an inclusive, rewarding work environment where employees can share in the bank's success while securing their financial futures.