Missouri 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 Missouri Book Value Phantom Stock Plan is a unique compensation scheme implemented by First Florida Banks, Inc., a prominent financial institution operating in the state. This innovative plan is designed to reward key employees, incentivize their long-term commitment, and align their interests with the success of the organization. Under this plan, participants are granted phantom stock units that mirror the value of the company's common stock. These units are allocated to eligible employees based on their respective job positions, responsibilities, and performance levels. While the units do not represent actual shares, they provide equivalent monetary benefits based on the book value of First Florida Banks' stock. The book value of First Florida Banks, Inc. is determined by calculating the net asset value per share. This value reflects the total value of the company's assets minus its liabilities, divided by the number of outstanding shares. The Missouri Book Value Phantom Stock Plan utilizes this book value as a benchmark to award participants with deferred compensation incentives. There are several variations of the Missouri Book Value Phantom Stock Plan in First Florida Banks, Inc., tailored to different employee categories within the organization. These may include: 1. Executive Phantom Stock Plan: This variant is designed exclusively for top-level executives such as the CEO, CFO, and other senior executives. It offers additional benefits and may have unique eligibility criteria, reflecting the higher level of responsibility and strategic impact these individuals possess. 2. Managerial Phantom Stock Plan: Aimed at middle-level managers, this plan grants phantom stock units based on the book value of the company's stock. It serves to motivate and retain key contributors within the management team. 3. Employee Phantom Stock Plan: This plan extends to a broader range of employees across various departments and hierarchies. By providing an opportunity to accumulate phantom stock units tied to company performance, it encourages employees at all levels to contribute to the organization's growth and profitability. The Missouri Book Value Phantom Stock Plan of First Florida Banks, Inc. demonstrates the company's commitment to recognizing the valuable contributions of its employees and fostering a mutually beneficial relationship. By linking compensation to the book value of its stock, the bank motivates employees to drive sustainable growth, enhances loyalty, and reinforces a shared vision of success.

The Missouri Book Value Phantom Stock Plan is a unique compensation scheme implemented by First Florida Banks, Inc., a prominent financial institution operating in the state. This innovative plan is designed to reward key employees, incentivize their long-term commitment, and align their interests with the success of the organization. Under this plan, participants are granted phantom stock units that mirror the value of the company's common stock. These units are allocated to eligible employees based on their respective job positions, responsibilities, and performance levels. While the units do not represent actual shares, they provide equivalent monetary benefits based on the book value of First Florida Banks' stock. The book value of First Florida Banks, Inc. is determined by calculating the net asset value per share. This value reflects the total value of the company's assets minus its liabilities, divided by the number of outstanding shares. The Missouri Book Value Phantom Stock Plan utilizes this book value as a benchmark to award participants with deferred compensation incentives. There are several variations of the Missouri Book Value Phantom Stock Plan in First Florida Banks, Inc., tailored to different employee categories within the organization. These may include: 1. Executive Phantom Stock Plan: This variant is designed exclusively for top-level executives such as the CEO, CFO, and other senior executives. It offers additional benefits and may have unique eligibility criteria, reflecting the higher level of responsibility and strategic impact these individuals possess. 2. Managerial Phantom Stock Plan: Aimed at middle-level managers, this plan grants phantom stock units based on the book value of the company's stock. It serves to motivate and retain key contributors within the management team. 3. Employee Phantom Stock Plan: This plan extends to a broader range of employees across various departments and hierarchies. By providing an opportunity to accumulate phantom stock units tied to company performance, it encourages employees at all levels to contribute to the organization's growth and profitability. The Missouri Book Value Phantom Stock Plan of First Florida Banks, Inc. demonstrates the company's commitment to recognizing the valuable contributions of its employees and fostering a mutually beneficial relationship. By linking compensation to the book value of its stock, the bank motivates employees to drive sustainable growth, enhances loyalty, and reinforces a shared vision of success.