North Carolina 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 North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation program offered by the bank to its selected employees. This plan aims to incentivize and reward key individuals by granting them the opportunity to benefit from the growth and success of the company, aligning their interests with the bank's long-term objectives. As its name suggests, the North Carolina Book Value Phantom Stock Plan operates based on the book value of the bank. Book value refers to the net value of an organization's assets minus its liabilities, providing an indicator of the company's financial soundness. This plan allows qualified employees to accumulate a "phantom" stock account, which is tied to the book value of First Florida Banks, Inc. Rather than actual ownership, participants own hypothetical units or notional shares that are equivalent to the value of the bank's book value. By allocating phantom stock units, the bank aims to provide a platform through which employees can participate in the success and growth of the organization. As the book value of First Florida Banks, Inc. increases over time, the value of the participants' phantom stock account also appreciates. This arrangement ensures that eligible employees have a vested interest in contributing to the bank's profitability and stability. The North Carolina Book Value Phantom Stock Plan can have different variations to accommodate specific employee categories or tenure. The bank may offer tiered plans based on seniority or position within the organization to encourage employee retention and reward loyalty. Additionally, performance-based variations may be implemented to tie the accumulation or vesting of phantom stock units to individual or team goals, fostering a culture of excellence and achievement. Employees participating in the North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. gain several advantages. Firstly, they can benefit from the growth in the company's book value, providing potential financial rewards. Secondly, this plan boosts employee morale and engagement, as it establishes a sense of ownership and shared success. Lastly, the program helps foster a long-term commitment among employees, promoting loyalty and continuity within the organization. In summary, the North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. is a performance-based compensation program designed to motivate and reward key employees. By linking the accumulation of phantom stock units to the bank's book value, employees have the opportunity to share in the company's financial success. Through this program, First Florida Banks, Inc. aims to foster employee engagement, encourage loyalty, and align the interests of its staff with the long-term goals of the organization.

The North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation program offered by the bank to its selected employees. This plan aims to incentivize and reward key individuals by granting them the opportunity to benefit from the growth and success of the company, aligning their interests with the bank's long-term objectives. As its name suggests, the North Carolina Book Value Phantom Stock Plan operates based on the book value of the bank. Book value refers to the net value of an organization's assets minus its liabilities, providing an indicator of the company's financial soundness. This plan allows qualified employees to accumulate a "phantom" stock account, which is tied to the book value of First Florida Banks, Inc. Rather than actual ownership, participants own hypothetical units or notional shares that are equivalent to the value of the bank's book value. By allocating phantom stock units, the bank aims to provide a platform through which employees can participate in the success and growth of the organization. As the book value of First Florida Banks, Inc. increases over time, the value of the participants' phantom stock account also appreciates. This arrangement ensures that eligible employees have a vested interest in contributing to the bank's profitability and stability. The North Carolina Book Value Phantom Stock Plan can have different variations to accommodate specific employee categories or tenure. The bank may offer tiered plans based on seniority or position within the organization to encourage employee retention and reward loyalty. Additionally, performance-based variations may be implemented to tie the accumulation or vesting of phantom stock units to individual or team goals, fostering a culture of excellence and achievement. Employees participating in the North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. gain several advantages. Firstly, they can benefit from the growth in the company's book value, providing potential financial rewards. Secondly, this plan boosts employee morale and engagement, as it establishes a sense of ownership and shared success. Lastly, the program helps foster a long-term commitment among employees, promoting loyalty and continuity within the organization. In summary, the North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. is a performance-based compensation program designed to motivate and reward key employees. By linking the accumulation of phantom stock units to the bank's book value, employees have the opportunity to share in the company's financial success. Through this program, First Florida Banks, Inc. aims to foster employee engagement, encourage loyalty, and align the interests of its staff with the long-term goals of the organization.