North Dakota 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 Dakota Book Value Phantom Stock Plan is an incentivized program offered by First Florida Banks, Inc., designed to reward and motivate employees based on the book value of the company. This plan serves as an alternative to traditional stock ownership, allowing employees to partake in the growth and success of the organization without direct ownership. Under the Book Value Phantom Stock Plan, employees are allocated phantom stock units, which represent hypothetical shares linked to the book value of First Florida Banks, Inc. This means that as the company's book value increases over time, the value of the phantom stock units also rises, providing employees with a financial stake in the company's performance. The North Dakota Book Value Phantom Stock Plan offers several types of participation options, each tailored to meet the varying needs and objectives of employees. The specific types of plans may include: 1. Standard Phantom Stock Plan: This plan grants employees a fixed number of phantom stock units, typically calculated based on factors such as job role, performance, and seniority. Participants are entitled to receive cash payouts equivalent to the value of their phantom stock units upon specific trigger events, such as retirement, termination, or a predetermined vesting schedule. 2. Performance-Based Phantom Stock Plan: This type of plan rewards employees based on predefined performance metrics, such as achieving certain financial targets, meeting sales goals, or demonstrating outstanding job performance. Employees earn phantom stock units as they contribute to the company's growth and success, and cash payouts are distributed accordingly. This plan aims to incentivize and recognize exceptional employee contributions to the organization. 3. Executive Phantom Stock Plan: Exclusively available to top-tier executives and key management personnel, this plan provides a higher level of participation and benefits compared to the standard plan. The allocated phantom stock units are typically more substantial, and the payout structure may be enhanced to reflect the executive's level of responsibility and impact on the company's overall performance. The North Dakota Book Value Phantom Stock Plan of First Florida Banks, Inc., offers employees the opportunity to share in the company's success and align their financial interests with its long-term goals. By rewarding employees based on the book value of the organization, the plan promotes loyalty, performance, and a sense of ownership, fostering a collaborative and motivated workforce.

The North Dakota Book Value Phantom Stock Plan is an incentivized program offered by First Florida Banks, Inc., designed to reward and motivate employees based on the book value of the company. This plan serves as an alternative to traditional stock ownership, allowing employees to partake in the growth and success of the organization without direct ownership. Under the Book Value Phantom Stock Plan, employees are allocated phantom stock units, which represent hypothetical shares linked to the book value of First Florida Banks, Inc. This means that as the company's book value increases over time, the value of the phantom stock units also rises, providing employees with a financial stake in the company's performance. The North Dakota Book Value Phantom Stock Plan offers several types of participation options, each tailored to meet the varying needs and objectives of employees. The specific types of plans may include: 1. Standard Phantom Stock Plan: This plan grants employees a fixed number of phantom stock units, typically calculated based on factors such as job role, performance, and seniority. Participants are entitled to receive cash payouts equivalent to the value of their phantom stock units upon specific trigger events, such as retirement, termination, or a predetermined vesting schedule. 2. Performance-Based Phantom Stock Plan: This type of plan rewards employees based on predefined performance metrics, such as achieving certain financial targets, meeting sales goals, or demonstrating outstanding job performance. Employees earn phantom stock units as they contribute to the company's growth and success, and cash payouts are distributed accordingly. This plan aims to incentivize and recognize exceptional employee contributions to the organization. 3. Executive Phantom Stock Plan: Exclusively available to top-tier executives and key management personnel, this plan provides a higher level of participation and benefits compared to the standard plan. The allocated phantom stock units are typically more substantial, and the payout structure may be enhanced to reflect the executive's level of responsibility and impact on the company's overall performance. The North Dakota Book Value Phantom Stock Plan of First Florida Banks, Inc., offers employees the opportunity to share in the company's success and align their financial interests with its long-term goals. By rewarding employees based on the book value of the organization, the plan promotes loyalty, performance, and a sense of ownership, fostering a collaborative and motivated workforce.