Minnesota 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 Minnesota Book Value Phantom Stock Plan is a unique compensation program implemented by First Florida Banks, Inc. to incentivize and reward its employees. This plan is designed to mirror the performance and growth of the company, providing participants with a sense of ownership and alignment with shareholders' interests. At its core, the Minnesota Book Value Phantom Stock Plan is based on the concept of phantom stock, a form of synthetic equity. Unlike traditional stock options or grants, phantom stock does not provide actual ownership in the company but entitles participants to receive cash payouts equivalent to the increase in the company's book value over a specified period. This plan is specifically tailored to align with Minnesota state laws and regulations, ensuring compliance and consistency across the company's operations within the state. The Minnesota Book Value Phantom Stock Plan offers several variations, each with distinct features and objectives. Some different types of this plan include: 1. Basic Minnesota Book Value Phantom Stock Plan: This variant provides employees with a predetermined number of phantom stock units tied to the increase in the company's book value. Participants are granted hypothetical ownership for the purpose of calculating payouts. 2. Performance-Based Minnesota Book Value Phantom Stock Plan: This plan incorporates performance metrics, such as revenue growth, profitability, or market share, to determine the value of phantom stock units. A higher performance level leads to an increased number of units and potential rewards. 3. Vesting Minnesota Book Value Phantom Stock Plan: In this type, phantom stock units are subject to a vesting schedule, wherein participants earn ownership rights over a specific period. This encourages employee retention and incentivizes long-term commitment to the company's success. 4. Executive Minnesota Book Value Phantom Stock Plan: Tailored for executives and senior leadership, this plan offers additional benefits and features to align with their critical role in driving the company's growth. It may include accelerated vesting schedules, enhanced payout formulas, or unique performance criteria. Participation in the Minnesota Book Value Phantom Stock Plan of First Florida Banks, Inc. is voluntary and typically limited to eligible employees. The plan's details, including the grant size, vesting schedule, and payout formula, are defined by the company's compensation committee and communicated to participants through a comprehensive plan document. It is essential to consult the official plan document and discuss the specific terms and conditions of the Minnesota Book Value Phantom Stock Plan with the Human Resources department or the designated plan administrator for accurate information and guidance.

The Minnesota Book Value Phantom Stock Plan is a unique compensation program implemented by First Florida Banks, Inc. to incentivize and reward its employees. This plan is designed to mirror the performance and growth of the company, providing participants with a sense of ownership and alignment with shareholders' interests. At its core, the Minnesota Book Value Phantom Stock Plan is based on the concept of phantom stock, a form of synthetic equity. Unlike traditional stock options or grants, phantom stock does not provide actual ownership in the company but entitles participants to receive cash payouts equivalent to the increase in the company's book value over a specified period. This plan is specifically tailored to align with Minnesota state laws and regulations, ensuring compliance and consistency across the company's operations within the state. The Minnesota Book Value Phantom Stock Plan offers several variations, each with distinct features and objectives. Some different types of this plan include: 1. Basic Minnesota Book Value Phantom Stock Plan: This variant provides employees with a predetermined number of phantom stock units tied to the increase in the company's book value. Participants are granted hypothetical ownership for the purpose of calculating payouts. 2. Performance-Based Minnesota Book Value Phantom Stock Plan: This plan incorporates performance metrics, such as revenue growth, profitability, or market share, to determine the value of phantom stock units. A higher performance level leads to an increased number of units and potential rewards. 3. Vesting Minnesota Book Value Phantom Stock Plan: In this type, phantom stock units are subject to a vesting schedule, wherein participants earn ownership rights over a specific period. This encourages employee retention and incentivizes long-term commitment to the company's success. 4. Executive Minnesota Book Value Phantom Stock Plan: Tailored for executives and senior leadership, this plan offers additional benefits and features to align with their critical role in driving the company's growth. It may include accelerated vesting schedules, enhanced payout formulas, or unique performance criteria. Participation in the Minnesota Book Value Phantom Stock Plan of First Florida Banks, Inc. is voluntary and typically limited to eligible employees. The plan's details, including the grant size, vesting schedule, and payout formula, are defined by the company's compensation committee and communicated to participants through a comprehensive plan document. It is essential to consult the official plan document and discuss the specific terms and conditions of the Minnesota Book Value Phantom Stock Plan with the Human Resources department or the designated plan administrator for accurate information and guidance.