Massachusetts 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 Massachusetts Book Value Phantom Stock Plan is a compensation program offered by First Florida Banks, Inc., a financial institution based in Massachusetts. It is designed to provide employees with a virtual equity ownership experience without issuing actual company stock. This plan operates based on the book value of the company, which takes into account its assets and liabilities. Under the Massachusetts Book Value Phantom Stock Plan, eligible employees are granted phantom stock units, which represent a hypothetical or notional share in the company's net worth. These units are linked to the book value of the organization, meaning that their value fluctuates based on the performance and financial health of the bank. Employees participating in this plan may be entitled to receive cash bonuses equivalent to the increase in the book value of their phantom stock units over a specified period. The purpose of this program is to align employee incentives with the overall growth and profitability of First Florida Banks, Inc. Interestingly, there are different variations or types of Massachusetts Book Value Phantom Stock Plan that First Florida Banks, Inc. may offer. These variations could include: 1. Full Vesting Phantom Stock Plan: In this type, employees become fully vested in their phantom stock units after a predetermined period. Once vested, employees can exercise their units to receive a cash payout equivalent to the increase in book value from the grant date. 2. Graded Vesting Phantom Stock Plan: This plan employs a graded vesting schedule, where employees gradually become vested in their phantom stock units over a set timeframe. The longer an employee remains with the company, the more units they accumulate and are eligible to exercise. 3. Performance-Based Phantom Stock Plan: Certain versions of the Massachusetts Book Value Phantom Stock Plan may tie the payout to specific performance targets set by First Florida Banks, Inc. These targets could include metrics such as return on assets, net income growth, or customer satisfaction index, among others. Employees would receive cash bonuses or additional phantom stock units based on achieving or exceeding these targets. The Massachusetts Book Value Phantom Stock Plan is a valuable tool that First Florida Banks, Inc. employs to reward and motivate employees by providing them with a sense of ownership and benefit from the company's financial success. By aligning employee incentives with the bank's performance, it aims to foster a culture of innovation and dedication while driving the long-term growth of the organization.

Massachusetts Book Value Phantom Stock Plan is a compensation program offered by First Florida Banks, Inc., a financial institution based in Massachusetts. It is designed to provide employees with a virtual equity ownership experience without issuing actual company stock. This plan operates based on the book value of the company, which takes into account its assets and liabilities. Under the Massachusetts Book Value Phantom Stock Plan, eligible employees are granted phantom stock units, which represent a hypothetical or notional share in the company's net worth. These units are linked to the book value of the organization, meaning that their value fluctuates based on the performance and financial health of the bank. Employees participating in this plan may be entitled to receive cash bonuses equivalent to the increase in the book value of their phantom stock units over a specified period. The purpose of this program is to align employee incentives with the overall growth and profitability of First Florida Banks, Inc. Interestingly, there are different variations or types of Massachusetts Book Value Phantom Stock Plan that First Florida Banks, Inc. may offer. These variations could include: 1. Full Vesting Phantom Stock Plan: In this type, employees become fully vested in their phantom stock units after a predetermined period. Once vested, employees can exercise their units to receive a cash payout equivalent to the increase in book value from the grant date. 2. Graded Vesting Phantom Stock Plan: This plan employs a graded vesting schedule, where employees gradually become vested in their phantom stock units over a set timeframe. The longer an employee remains with the company, the more units they accumulate and are eligible to exercise. 3. Performance-Based Phantom Stock Plan: Certain versions of the Massachusetts Book Value Phantom Stock Plan may tie the payout to specific performance targets set by First Florida Banks, Inc. These targets could include metrics such as return on assets, net income growth, or customer satisfaction index, among others. Employees would receive cash bonuses or additional phantom stock units based on achieving or exceeding these targets. The Massachusetts Book Value Phantom Stock Plan is a valuable tool that First Florida Banks, Inc. employs to reward and motivate employees by providing them with a sense of ownership and benefit from the company's financial success. By aligning employee incentives with the bank's performance, it aims to foster a culture of innovation and dedication while driving the long-term growth of the organization.