Nebraska 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 Nebraska Book Value Phantom Stock Plan is a unique compensation plan offered by First Florida Banks, Inc., which aims to reward its employees based on the performance and value of the company's stock. This plan is designed to align the interests of employees with those of the shareholders, encouraging a sense of ownership and dedication towards the bank's success. Under this stock plan, employees are granted virtual phantom stock units that represent a certain number of shares or a monetary value linked to the current book value of First Florida Banks' stock. The book value, which reflects the net worth of the company's assets minus liabilities, is a crucial indicator of the bank's financial health and stability. The Nebraska Book Value Phantom Stock Plan is classified into different types based on the terms and conditions offered to the employees. These variants include: 1. Standard Plan: This is the basic version of the phantom stock plan, where employees are granted phantom stock units based on a predetermined formula. The formula typically factors in the book value per share, employee's level, performance, and length of service. These units can accrue over time and are subject to vesting periods before they can be converted into actual shares or cash. 2. Performance-Based Plan: This type of phantom stock plan places a stronger emphasis on the achievement of predefined performance targets. Employees earn phantom stock units based on the bank's overall performance metrics, such as profitability, asset growth, loan quality, and customer satisfaction. Higher performance translates into increased phantom stock units, potentially leading to bigger rewards upon conversion. 3. Executive or Leadership Plan: Designed specifically for top-level executives and managers, this variant of the phantom stock plan seeks to retain and motivate key personnel crucial to the bank's strategic direction and success. These plans often involve more complex formulas, additional performance criteria, and higher vesting periods. The allocation of phantom stock units may be tied to specific executive goals and objectives. 4. Restricted Stock Unit (RSU) Plan: In some cases, the Nebraska Book Value Phantom Stock Plan may include restricted stock units. These units are similar to phantom stock units but come with additional restrictions, such as time-based or performance-based vesting conditions. RSS are converted into actual shares of the company's stock over time, providing employees with real equity ownership. Overall, the Nebraska Book Value Phantom Stock Plan serves as an effective incentive for First Florida Banks, Inc. employees to work towards enhancing the bank's profitability, financial strength, and long-term value. It promotes a sense of shared ownership, aligns employee interests with those of shareholders, and rewards individuals based on their contributions to the bank's success.

The Nebraska Book Value Phantom Stock Plan is a unique compensation plan offered by First Florida Banks, Inc., which aims to reward its employees based on the performance and value of the company's stock. This plan is designed to align the interests of employees with those of the shareholders, encouraging a sense of ownership and dedication towards the bank's success. Under this stock plan, employees are granted virtual phantom stock units that represent a certain number of shares or a monetary value linked to the current book value of First Florida Banks' stock. The book value, which reflects the net worth of the company's assets minus liabilities, is a crucial indicator of the bank's financial health and stability. The Nebraska Book Value Phantom Stock Plan is classified into different types based on the terms and conditions offered to the employees. These variants include: 1. Standard Plan: This is the basic version of the phantom stock plan, where employees are granted phantom stock units based on a predetermined formula. The formula typically factors in the book value per share, employee's level, performance, and length of service. These units can accrue over time and are subject to vesting periods before they can be converted into actual shares or cash. 2. Performance-Based Plan: This type of phantom stock plan places a stronger emphasis on the achievement of predefined performance targets. Employees earn phantom stock units based on the bank's overall performance metrics, such as profitability, asset growth, loan quality, and customer satisfaction. Higher performance translates into increased phantom stock units, potentially leading to bigger rewards upon conversion. 3. Executive or Leadership Plan: Designed specifically for top-level executives and managers, this variant of the phantom stock plan seeks to retain and motivate key personnel crucial to the bank's strategic direction and success. These plans often involve more complex formulas, additional performance criteria, and higher vesting periods. The allocation of phantom stock units may be tied to specific executive goals and objectives. 4. Restricted Stock Unit (RSU) Plan: In some cases, the Nebraska Book Value Phantom Stock Plan may include restricted stock units. These units are similar to phantom stock units but come with additional restrictions, such as time-based or performance-based vesting conditions. RSS are converted into actual shares of the company's stock over time, providing employees with real equity ownership. Overall, the Nebraska Book Value Phantom Stock Plan serves as an effective incentive for First Florida Banks, Inc. employees to work towards enhancing the bank's profitability, financial strength, and long-term value. It promotes a sense of shared ownership, aligns employee interests with those of shareholders, and rewards individuals based on their contributions to the bank's success.