Maine 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 Maine Book Value Phantom Stock Plan is a financial incentive program offered by First Florida Banks, Inc. to its employees. This plan provides employees with a phantom stock account that mirrors the value of actual company stock, based on the book value of the bank. The Maine Book Value Phantom Stock Plan is designed to align the interests of the employees with the shareholders and encourage long-term commitment to the success of First Florida Banks, Inc. It offers a way for employees to accumulate value tied to the bank's performance without actually owning company shares. Through this plan, employees receive phantom units that represent a certain number of shares in the company. The value of these units is determined by the book value of First Florida Banks, Inc., which is the net asset value of the bank calculated by subtracting liabilities from assets. Different types or variations of the Maine Book Value Phantom Stock Plan may include: 1. Maine Book Value Phantom Stock Plan with Vesting Period: This type of plan may have a specified vesting period, during which employees must remain with the company to receive the full value of their phantom stock units. Vesting periods are typically used to incentivize loyalty and long-term commitment. 2. Maine Book Value Phantom Stock Plan with Performance-Based Payouts: In this variant of the plan, the value of the phantom stock units may be tied to specific performance metrics of First Florida Banks, Inc. For example, if the bank achieves certain financial targets or exceeds industry benchmarks, employees may receive higher payouts. 3. Maine Book Value Phantom Stock Plan with Cash Settlement Option: Some plans may offer employees the choice to receive the value of their phantom stock units in cash instead of company shares. This option allows employees to diversify their investment portfolio or meet immediate financial needs. 4. Maine Book Value Phantom Stock Plan with Restricted Transferability: Certain plans may impose restrictions on the transferability of phantom stock units. This means employees may not be able to sell or transfer their units to others, ensuring that the plan remains focused on rewarding employees for their contributions to First Florida Banks, Inc. The Maine Book Value Phantom Stock Plan is just one example of an incentive program that may be available to employees at First Florida Banks, Inc. Its intent is to encourage employee performance, loyalty, and align the interests of the workforce with the success of the company.

Maine Book Value Phantom Stock Plan is a financial incentive program offered by First Florida Banks, Inc. to its employees. This plan provides employees with a phantom stock account that mirrors the value of actual company stock, based on the book value of the bank. The Maine Book Value Phantom Stock Plan is designed to align the interests of the employees with the shareholders and encourage long-term commitment to the success of First Florida Banks, Inc. It offers a way for employees to accumulate value tied to the bank's performance without actually owning company shares. Through this plan, employees receive phantom units that represent a certain number of shares in the company. The value of these units is determined by the book value of First Florida Banks, Inc., which is the net asset value of the bank calculated by subtracting liabilities from assets. Different types or variations of the Maine Book Value Phantom Stock Plan may include: 1. Maine Book Value Phantom Stock Plan with Vesting Period: This type of plan may have a specified vesting period, during which employees must remain with the company to receive the full value of their phantom stock units. Vesting periods are typically used to incentivize loyalty and long-term commitment. 2. Maine Book Value Phantom Stock Plan with Performance-Based Payouts: In this variant of the plan, the value of the phantom stock units may be tied to specific performance metrics of First Florida Banks, Inc. For example, if the bank achieves certain financial targets or exceeds industry benchmarks, employees may receive higher payouts. 3. Maine Book Value Phantom Stock Plan with Cash Settlement Option: Some plans may offer employees the choice to receive the value of their phantom stock units in cash instead of company shares. This option allows employees to diversify their investment portfolio or meet immediate financial needs. 4. Maine Book Value Phantom Stock Plan with Restricted Transferability: Certain plans may impose restrictions on the transferability of phantom stock units. This means employees may not be able to sell or transfer their units to others, ensuring that the plan remains focused on rewarding employees for their contributions to First Florida Banks, Inc. The Maine Book Value Phantom Stock Plan is just one example of an incentive program that may be available to employees at First Florida Banks, Inc. Its intent is to encourage employee performance, loyalty, and align the interests of the workforce with the success of the company.