Oklahoma 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 Oklahoma Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation program designed to reward key employees of the bank based on the book value of the company's stocks. This plan offers participants the opportunity to benefit from the growth and success of First Florida Banks, Inc. The program operates based on the premise that the book value of the company's stocks will increase over time, reflecting the bank's financial performance. Under the Oklahoma Book Value Phantom Stock Plan, participants are granted virtual or phantom shares that closely mirror the value and performance of the bank's actual stocks. These phantom shares do not grant actual ownership of the company's stocks but entitle the participants to receive cash payments or equivalently adjusted units upon certain triggering events, such as retirement, termination, or a change in control of the company. The value of the phantom shares is based on the book value of First Florida Banks, Inc., which is calculated using accepted accounting principles. As the book value of the company's stocks increases, so does the value of the phantom shares held by participants in the plan. This creates an incentive for key employees to work diligently towards enhancing the bank's financial performance and generating growth, leading to increased book value and subsequent financial rewards. The Oklahoma Book Value Phantom Stock Plan is structured to be flexible and customizable, aligning with the bank's specific goals and objectives. There may be variations of the plan, including different vesting periods, payout frequencies, and performance criteria. These variations are designed to suit the bank's unique circumstances, allowing it to tailor the plan to meet its specific needs and the interests of its participants. Key employees who participate in the Oklahoma Book Value Phantom Stock Plan can enjoy several benefits. Firstly, they have the opportunity to accumulate wealth over time as the book value of the bank's stocks increases. Secondly, the plan can serve as a retention tool, encouraging employees to remain with the organization to maximize their financial rewards. Lastly, the plan can align the interests of the employees with those of the shareholders, fostering a sense of ownership and commitment to the bank's long-term success. In summary, the Oklahoma Book Value Phantom Stock Plan of First Florida Banks, Inc. is an innovative compensation program that rewards key employees based on the book value of the company's stocks. This plan motivates participants to contribute to the bank's financial growth and perform at their best. With its customizable features, the plan can be tailored to suit the bank's specific needs and the individual goals of its participants.

The Oklahoma Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation program designed to reward key employees of the bank based on the book value of the company's stocks. This plan offers participants the opportunity to benefit from the growth and success of First Florida Banks, Inc. The program operates based on the premise that the book value of the company's stocks will increase over time, reflecting the bank's financial performance. Under the Oklahoma Book Value Phantom Stock Plan, participants are granted virtual or phantom shares that closely mirror the value and performance of the bank's actual stocks. These phantom shares do not grant actual ownership of the company's stocks but entitle the participants to receive cash payments or equivalently adjusted units upon certain triggering events, such as retirement, termination, or a change in control of the company. The value of the phantom shares is based on the book value of First Florida Banks, Inc., which is calculated using accepted accounting principles. As the book value of the company's stocks increases, so does the value of the phantom shares held by participants in the plan. This creates an incentive for key employees to work diligently towards enhancing the bank's financial performance and generating growth, leading to increased book value and subsequent financial rewards. The Oklahoma Book Value Phantom Stock Plan is structured to be flexible and customizable, aligning with the bank's specific goals and objectives. There may be variations of the plan, including different vesting periods, payout frequencies, and performance criteria. These variations are designed to suit the bank's unique circumstances, allowing it to tailor the plan to meet its specific needs and the interests of its participants. Key employees who participate in the Oklahoma Book Value Phantom Stock Plan can enjoy several benefits. Firstly, they have the opportunity to accumulate wealth over time as the book value of the bank's stocks increases. Secondly, the plan can serve as a retention tool, encouraging employees to remain with the organization to maximize their financial rewards. Lastly, the plan can align the interests of the employees with those of the shareholders, fostering a sense of ownership and commitment to the bank's long-term success. In summary, the Oklahoma Book Value Phantom Stock Plan of First Florida Banks, Inc. is an innovative compensation program that rewards key employees based on the book value of the company's stocks. This plan motivates participants to contribute to the bank's financial growth and perform at their best. With its customizable features, the plan can be tailored to suit the bank's specific needs and the individual goals of its participants.