New Mexico 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 New Mexico Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation plan designed to benefit employees of the company. This plan allows employees to participate in the potential growth of the company by receiving phantom stock units tied to the book value of the company. The New Mexico Book Value Phantom Stock Plan is specifically tailored for employees of First Florida Banks, Inc. who are based in New Mexico. It provides an opportunity for these employees to share in the financial success of the company without actually owning any stock. By utilizing the book value of First Florida Banks, Inc., the plan ensures that employees are directly connected to the company's performance and growth. Book value refers to the net worth of the company, calculated by subtracting liabilities from assets. Under this plan, employees are allocated phantom stock units, which represent hypothetical ownership in the company. The value of these units fluctuates based on the book value of First Florida Banks, Inc. If the book value increases over time, the value of the phantom stock units also increases, potentially resulting in significant financial rewards for the employees. There may be different variations or tiers to the New Mexico Book Value Phantom Stock Plan, catering to employees at different levels within the organization. These tiers may offer different levels of phantom stock allocations or additional benefits based on seniority or performance. Employees who participate in this plan can track the progress of their phantom stock units through regular updates provided by the company. These updates may include information about the current book value of the company, as well as the accumulated value of the employee's phantom stock units. At predefined intervals, such as retirement or when leaving the company, employees may be eligible to convert their phantom stock units into actual cash compensation. The conversion is typically based on the book value of the company at that time, allowing employees to realize the financial gains achieved throughout their tenure. Overall, the New Mexico Book Value Phantom Stock Plan of First Florida Banks, Inc. serves as a powerful incentive for employees to contribute to the long-term success of the company. By aligning their interests with the company's financial growth, employees have the opportunity to share in the rewards and value they help create.

The New Mexico Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation plan designed to benefit employees of the company. This plan allows employees to participate in the potential growth of the company by receiving phantom stock units tied to the book value of the company. The New Mexico Book Value Phantom Stock Plan is specifically tailored for employees of First Florida Banks, Inc. who are based in New Mexico. It provides an opportunity for these employees to share in the financial success of the company without actually owning any stock. By utilizing the book value of First Florida Banks, Inc., the plan ensures that employees are directly connected to the company's performance and growth. Book value refers to the net worth of the company, calculated by subtracting liabilities from assets. Under this plan, employees are allocated phantom stock units, which represent hypothetical ownership in the company. The value of these units fluctuates based on the book value of First Florida Banks, Inc. If the book value increases over time, the value of the phantom stock units also increases, potentially resulting in significant financial rewards for the employees. There may be different variations or tiers to the New Mexico Book Value Phantom Stock Plan, catering to employees at different levels within the organization. These tiers may offer different levels of phantom stock allocations or additional benefits based on seniority or performance. Employees who participate in this plan can track the progress of their phantom stock units through regular updates provided by the company. These updates may include information about the current book value of the company, as well as the accumulated value of the employee's phantom stock units. At predefined intervals, such as retirement or when leaving the company, employees may be eligible to convert their phantom stock units into actual cash compensation. The conversion is typically based on the book value of the company at that time, allowing employees to realize the financial gains achieved throughout their tenure. Overall, the New Mexico Book Value Phantom Stock Plan of First Florida Banks, Inc. serves as a powerful incentive for employees to contribute to the long-term success of the company. By aligning their interests with the company's financial growth, employees have the opportunity to share in the rewards and value they help create.