New York 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 York Book Value Phantom Stock Plan is a compensation plan created by First Florida Banks, Inc. This plan aims to reward key employees by providing them with a financial interest in the company's value based on its book value in New York. Reputed as an innovative incentive program, it seeks to motivate and retain talented employees by linking their performance and dedication to the growth and success of the company. The New York Book Value Phantom Stock Plan operates by granting employees virtual "phantom" stocks that simulate the actual value of the company's common stocks. This means that while employees do not obtain actual shares of the company, they are entitled to receive a cash equivalent based on the New York book value of stocks they hold. This mechanism ensures that employees benefit from a rise in the company's value and aligns their interests with the overall success of First Florida Banks, Inc. Employees participating in the New York Book Value Phantom Stock Plan enjoy several advantages. Firstly, it provides an opportunity for employees to experience the benefits of stock ownership without the need for capital investment or taking on the associated risks. Secondly, the plan aligns the interests of employees with those of shareholders, promoting a sense of ownership and commitment to the long-term growth of the company. Additionally, it serves as a valuable retention tool, ensuring talented employees remain motivated and actively contribute to the organization's success. Within the New York Book Value Phantom Stock Plan, there may be different variations or tiers designed to cater to various employee levels and roles. For example, executive-level employees may participate in an enhanced version of the plan, which offers more significant rewards and benefits. Furthermore, different vesting periods or performance-based criteria may be applicable, providing employees with an even greater incentive to excel in their respective roles. In conclusion, the New York Book Value Phantom Stock Plan is a progressive compensation program implemented by First Florida Banks, Inc. to reward and motivate key employees. By granting virtual stocks tied to the company's book value, it creates an innovative and mutually beneficial relationship between employees and the organization. This plan caters to different employee levels and roles, ensuring a fair and customized approach to compensation. Overall, the New York Book Value Phantom Stock Plan demonstrates First Florida Banks, Inc.'s commitment to nurturing talent and fostering a culture of success.

The New York Book Value Phantom Stock Plan is a compensation plan created by First Florida Banks, Inc. This plan aims to reward key employees by providing them with a financial interest in the company's value based on its book value in New York. Reputed as an innovative incentive program, it seeks to motivate and retain talented employees by linking their performance and dedication to the growth and success of the company. The New York Book Value Phantom Stock Plan operates by granting employees virtual "phantom" stocks that simulate the actual value of the company's common stocks. This means that while employees do not obtain actual shares of the company, they are entitled to receive a cash equivalent based on the New York book value of stocks they hold. This mechanism ensures that employees benefit from a rise in the company's value and aligns their interests with the overall success of First Florida Banks, Inc. Employees participating in the New York Book Value Phantom Stock Plan enjoy several advantages. Firstly, it provides an opportunity for employees to experience the benefits of stock ownership without the need for capital investment or taking on the associated risks. Secondly, the plan aligns the interests of employees with those of shareholders, promoting a sense of ownership and commitment to the long-term growth of the company. Additionally, it serves as a valuable retention tool, ensuring talented employees remain motivated and actively contribute to the organization's success. Within the New York Book Value Phantom Stock Plan, there may be different variations or tiers designed to cater to various employee levels and roles. For example, executive-level employees may participate in an enhanced version of the plan, which offers more significant rewards and benefits. Furthermore, different vesting periods or performance-based criteria may be applicable, providing employees with an even greater incentive to excel in their respective roles. In conclusion, the New York Book Value Phantom Stock Plan is a progressive compensation program implemented by First Florida Banks, Inc. to reward and motivate key employees. By granting virtual stocks tied to the company's book value, it creates an innovative and mutually beneficial relationship between employees and the organization. This plan caters to different employee levels and roles, ensuring a fair and customized approach to compensation. Overall, the New York Book Value Phantom Stock Plan demonstrates First Florida Banks, Inc.'s commitment to nurturing talent and fostering a culture of success.