Georgia 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 Georgia Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation system designed to attract and retain top talent by providing employees with the opportunity to share in the success of the company. This plan is specifically tailored for Georgia-based employees of First Florida Banks and is structured around the book value of the company's stocks. The Georgia Book Value Phantom Stock Plan works by granting eligible employees virtual shares, which are tied to the book value of the company's stocks rather than actual ownership. These virtual shares, referred to as "phantom stocks," mirror the value and performance of the company's actual stocks, allowing employees to benefit from the growth and success of First Florida Banks. This plan serves as a powerful incentive for employees to contribute to the profitability and long-term growth of the organization. It aligns their interests with that of the company's shareholders, fostering a sense of ownership and motivating them to work towards increasing the book value of First Florida Banks. The Georgia Book Value Phantom Stock Plan may include different variations or subtypes, depending on the specific terms and conditions set by First Florida Banks. These variations might include: 1. Performance-based Phantom Stock Plan: This type of plan rewards employees based on their individual or team performance metrics such as meeting sales targets, achieving operational goals, or driving exceptional customer satisfaction. 2. Long-term Phantom Stock Plan: A long-term plan focuses on incentivizing employees to stay with the company for an extended period. It may offer vesting schedules where the phantom stocks are gradually awarded over several years, encouraging loyalty and commitment to First Florida Banks. 3. Executive Phantom Stock Plan: This plan is typically designed for top-level executives within First Florida Banks. It includes additional benefits, such as enhanced performance measures, accelerated vesting schedules, and potentially more substantial payouts, to align with the responsibilities and contributions of executives. 4. Restricted Phantom Stock Plan: In this scheme, the employees are subject to certain restrictions on the trading or selling of their phantom stocks. These restrictions often aim to ensure stability and prevent short-term gains at the cost of the company's long-term interests. Overall, the Georgia Book Value Phantom Stock Plan of First Florida Banks, Inc. stands as a powerful tool to reward and retain talented employees by linking their compensation directly to the company's book value. By providing a stake in the organization's success, this plan fosters a sense of ownership, motivation, and commitment, ultimately benefiting both the employees and the bank as a whole.

The Georgia Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation system designed to attract and retain top talent by providing employees with the opportunity to share in the success of the company. This plan is specifically tailored for Georgia-based employees of First Florida Banks and is structured around the book value of the company's stocks. The Georgia Book Value Phantom Stock Plan works by granting eligible employees virtual shares, which are tied to the book value of the company's stocks rather than actual ownership. These virtual shares, referred to as "phantom stocks," mirror the value and performance of the company's actual stocks, allowing employees to benefit from the growth and success of First Florida Banks. This plan serves as a powerful incentive for employees to contribute to the profitability and long-term growth of the organization. It aligns their interests with that of the company's shareholders, fostering a sense of ownership and motivating them to work towards increasing the book value of First Florida Banks. The Georgia Book Value Phantom Stock Plan may include different variations or subtypes, depending on the specific terms and conditions set by First Florida Banks. These variations might include: 1. Performance-based Phantom Stock Plan: This type of plan rewards employees based on their individual or team performance metrics such as meeting sales targets, achieving operational goals, or driving exceptional customer satisfaction. 2. Long-term Phantom Stock Plan: A long-term plan focuses on incentivizing employees to stay with the company for an extended period. It may offer vesting schedules where the phantom stocks are gradually awarded over several years, encouraging loyalty and commitment to First Florida Banks. 3. Executive Phantom Stock Plan: This plan is typically designed for top-level executives within First Florida Banks. It includes additional benefits, such as enhanced performance measures, accelerated vesting schedules, and potentially more substantial payouts, to align with the responsibilities and contributions of executives. 4. Restricted Phantom Stock Plan: In this scheme, the employees are subject to certain restrictions on the trading or selling of their phantom stocks. These restrictions often aim to ensure stability and prevent short-term gains at the cost of the company's long-term interests. Overall, the Georgia Book Value Phantom Stock Plan of First Florida Banks, Inc. stands as a powerful tool to reward and retain talented employees by linking their compensation directly to the company's book value. By providing a stake in the organization's success, this plan fosters a sense of ownership, motivation, and commitment, ultimately benefiting both the employees and the bank as a whole.