Hawaii 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 Hawaii Book Value Phantom Stock Plan is a unique compensation program offered by First Florida Banks, Inc. This plan provides employees with an opportunity to earn phantom stocks based on the book value performance of the company. It acts as an incentive for employees to contribute towards the growth and success of First Florida Banks, Inc. The Hawaii Book Value Phantom Stock Plan operates based on certain key principles. Employees are granted phantom stock units, which represent hypothetical shares in the company. These units simulate the value of actual company shares and are tied to the book value of First Florida Banks, Inc. The book value of a company is calculated by subtracting its total liabilities from its total assets, giving a representation of the net worth of the business. The Hawaii Book Value Phantom Stock Plan uses this book value as the benchmark for determining the value of the phantom stocks awarded to employees. Employees participating in the Hawaii Book Value Phantom Stock Plan are granted an initial allocation of phantom stock units. The number of units granted may vary based on factors such as job level, performance, and tenure. As the book value of First Florida Banks, Inc. increases over time, the value of these phantom stocks also increases. Once employees have been awarded phantom stock units, they become eligible to receive payouts. These payouts are usually made upon certain triggering events, such as retirement, resignation, or a predetermined vesting period. The payout value is determined by multiplying the total number of phantom stock units owned by the employee with the current book value per share. It is important to note that the Hawaii Book Value Phantom Stock Plan does not grant employees actual ownership in First Florida Banks, Inc. Instead, it acts as a mechanism for aligning employee interests with the company's performance. By tying the value of phantom stocks to the book value of the company, employees are motivated to contribute to its financial growth and stability. In summary, the Hawaii Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is a compensation program that rewards employees with phantom stocks based on the book value performance of the company. It provides an incentive for employees to contribute towards the growth and success of the organization, aligning their interests with the company's financial well-being.

The Hawaii Book Value Phantom Stock Plan is a unique compensation program offered by First Florida Banks, Inc. This plan provides employees with an opportunity to earn phantom stocks based on the book value performance of the company. It acts as an incentive for employees to contribute towards the growth and success of First Florida Banks, Inc. The Hawaii Book Value Phantom Stock Plan operates based on certain key principles. Employees are granted phantom stock units, which represent hypothetical shares in the company. These units simulate the value of actual company shares and are tied to the book value of First Florida Banks, Inc. The book value of a company is calculated by subtracting its total liabilities from its total assets, giving a representation of the net worth of the business. The Hawaii Book Value Phantom Stock Plan uses this book value as the benchmark for determining the value of the phantom stocks awarded to employees. Employees participating in the Hawaii Book Value Phantom Stock Plan are granted an initial allocation of phantom stock units. The number of units granted may vary based on factors such as job level, performance, and tenure. As the book value of First Florida Banks, Inc. increases over time, the value of these phantom stocks also increases. Once employees have been awarded phantom stock units, they become eligible to receive payouts. These payouts are usually made upon certain triggering events, such as retirement, resignation, or a predetermined vesting period. The payout value is determined by multiplying the total number of phantom stock units owned by the employee with the current book value per share. It is important to note that the Hawaii Book Value Phantom Stock Plan does not grant employees actual ownership in First Florida Banks, Inc. Instead, it acts as a mechanism for aligning employee interests with the company's performance. By tying the value of phantom stocks to the book value of the company, employees are motivated to contribute to its financial growth and stability. In summary, the Hawaii Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is a compensation program that rewards employees with phantom stocks based on the book value performance of the company. It provides an incentive for employees to contribute towards the growth and success of the organization, aligning their interests with the company's financial well-being.