Iowa 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 Iowa Book Value Phantom Stock Plan of First Florida Banks, Inc. is a compensation program designed to reward top-performing employees of First Florida Banks, Inc. with a form of virtual stock ownership. This plan aims to motivate and retain talented individuals by providing them with an opportunity to participate in the bank's financial success. Through the Iowa Book Value Phantom Stock Plan, eligible employees are granted phantom stock units. These units are not real shares of stock but rather an appreciation-only form of compensation. The value of these units is tied to the book value of First Florida Banks, Inc., allowing employees to benefit from the company's growth and value creation over time. Participants in the Iowa Book Value Phantom Stock Plan receive regular statements that outline the number of phantom stock units they hold and the corresponding value based on the latest book value of the company. The plan typically vests over a specified period, encouraging long-term commitment among employees. One significant aspect of the Iowa Book Value Phantom Stock Plan is that employees do not actually own stock in the company. Instead, they receive a cash payout equal to the value appreciation of their phantom stock units upon certain triggering events, such as retirement, termination, or a predetermined date. The plan offers employees several advantages. Firstly, it aligns their interests with those of the company, fostering a sense of ownership and shared success. Secondly, it provides a significant financial incentive for employees to contribute to the long-term growth and profitability of First Florida Banks, Inc. Furthermore, the program helps the bank attract and retain top talent in a competitive industry. It is worth noting that there might be variations or different types of the Iowa Book Value Phantom Stock Plan according to the employee's position, seniority, or duration of service. By customization, First Florida Banks, Inc. can tailor the program to accommodate the specific needs and goals of different employee groups, ensuring fairness and inclusivity. Overall, the Iowa Book Value Phantom Stock Plan of First Florida Banks, Inc. presents an innovative and attractive compensation strategy that aligns the interests of employees with the company's success. It provides a valuable tool to motivate and retain top talent while fostering a culture of ownership and long-term commitment.

The Iowa Book Value Phantom Stock Plan of First Florida Banks, Inc. is a compensation program designed to reward top-performing employees of First Florida Banks, Inc. with a form of virtual stock ownership. This plan aims to motivate and retain talented individuals by providing them with an opportunity to participate in the bank's financial success. Through the Iowa Book Value Phantom Stock Plan, eligible employees are granted phantom stock units. These units are not real shares of stock but rather an appreciation-only form of compensation. The value of these units is tied to the book value of First Florida Banks, Inc., allowing employees to benefit from the company's growth and value creation over time. Participants in the Iowa Book Value Phantom Stock Plan receive regular statements that outline the number of phantom stock units they hold and the corresponding value based on the latest book value of the company. The plan typically vests over a specified period, encouraging long-term commitment among employees. One significant aspect of the Iowa Book Value Phantom Stock Plan is that employees do not actually own stock in the company. Instead, they receive a cash payout equal to the value appreciation of their phantom stock units upon certain triggering events, such as retirement, termination, or a predetermined date. The plan offers employees several advantages. Firstly, it aligns their interests with those of the company, fostering a sense of ownership and shared success. Secondly, it provides a significant financial incentive for employees to contribute to the long-term growth and profitability of First Florida Banks, Inc. Furthermore, the program helps the bank attract and retain top talent in a competitive industry. It is worth noting that there might be variations or different types of the Iowa Book Value Phantom Stock Plan according to the employee's position, seniority, or duration of service. By customization, First Florida Banks, Inc. can tailor the program to accommodate the specific needs and goals of different employee groups, ensuring fairness and inclusivity. Overall, the Iowa Book Value Phantom Stock Plan of First Florida Banks, Inc. presents an innovative and attractive compensation strategy that aligns the interests of employees with the company's success. It provides a valuable tool to motivate and retain top talent while fostering a culture of ownership and long-term commitment.