Ohio 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 Ohio Book Value Phantom Stock Plan is a compensation scheme offered by First Florida Banks, Inc., a prominent financial institution based in the state of Ohio. This plan allows eligible employees to accumulate virtual shares of company stock based on the book value of the bank. Phantom stock plans are designed to mirror the performance of actual company stock, providing employees with an incentive that aligns their interests with those of the company. These plans simulate stock ownership by awarding virtual shares that increase in value as the company's book value grows over time. The Ohio Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is specifically tailored to employees in Ohio. The plan ensures that employees based in this region have access to a compensation program that acknowledges their contribution to the bank's overall success. Under this plan, employees receive an annual allocation of phantom shares based on the bank's book value. As the book value increases, so does the value of the employees' virtual stock. When employees reach retirement or become eligible for payout, they receive a cash equivalent of the accumulated phantom shares, reflecting the growth in book value during their tenure. This type of phantom stock plan highlights First Florida Banks, Inc.'s commitment to rewarding and retaining its employees. By offering a compensation scheme linked directly to the bank's financial performance, this plan encourages employees to stay motivated and actively contribute to the company's growth. Overall, the Ohio Book Value Phantom Stock Plan is a valuable employee incentive program provided by First Florida Banks, Inc. It recognizes the importance of Ohio-based employees and their role in driving the bank's success. This plan ensures that employees are rewarded fairly for their contributions, strengthening their loyalty and commitment to the organization. Keywords: Ohio, Book Value Phantom Stock Plan, First Florida Banks, Inc., compensation scheme, virtual shares, company stock, book value, financial institution, employee incentive program, employee compensation, virtual stock, cash equivalent, employee retention, financial performance

The Ohio Book Value Phantom Stock Plan is a compensation scheme offered by First Florida Banks, Inc., a prominent financial institution based in the state of Ohio. This plan allows eligible employees to accumulate virtual shares of company stock based on the book value of the bank. Phantom stock plans are designed to mirror the performance of actual company stock, providing employees with an incentive that aligns their interests with those of the company. These plans simulate stock ownership by awarding virtual shares that increase in value as the company's book value grows over time. The Ohio Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is specifically tailored to employees in Ohio. The plan ensures that employees based in this region have access to a compensation program that acknowledges their contribution to the bank's overall success. Under this plan, employees receive an annual allocation of phantom shares based on the bank's book value. As the book value increases, so does the value of the employees' virtual stock. When employees reach retirement or become eligible for payout, they receive a cash equivalent of the accumulated phantom shares, reflecting the growth in book value during their tenure. This type of phantom stock plan highlights First Florida Banks, Inc.'s commitment to rewarding and retaining its employees. By offering a compensation scheme linked directly to the bank's financial performance, this plan encourages employees to stay motivated and actively contribute to the company's growth. Overall, the Ohio Book Value Phantom Stock Plan is a valuable employee incentive program provided by First Florida Banks, Inc. It recognizes the importance of Ohio-based employees and their role in driving the bank's success. This plan ensures that employees are rewarded fairly for their contributions, strengthening their loyalty and commitment to the organization. Keywords: Ohio, Book Value Phantom Stock Plan, First Florida Banks, Inc., compensation scheme, virtual shares, company stock, book value, financial institution, employee incentive program, employee compensation, virtual stock, cash equivalent, employee retention, financial performance