Oregon 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 First Florida Banks, Inc. offers an innovative employee compensation plan known as the Oregon Book Value Phantom Stock Plan. This plan is designed to provide employees with the opportunity to share in the company's success and growth without actually purchasing company stock. The Oregon Book Value Phantom Stock Plan operates based on the concept of a phantom stock, which is essentially a unit that mirrors the value and performance of actual company shares. Under the Oregon Book Value Phantom Stock Plan of First Florida Banks, Inc., employees are awarded phantom stock units based on specific performance metrics and the overall financial health of the company. These units represent a notional investment in the company and are allocated to eligible employees based on their years of service, job performance, and other criteria determined by the company. The value of the phantom stock units is tied to the book value of the company, hence the name of the plan. Book value refers to the net worth of the company which is calculated by subtracting liabilities from assets. As the book value of the company increases, so does the value of the phantom stock units awarded to employees. The Oregon Book Value Phantom Stock Plan of First Florida Banks, Inc. offers several benefits to both the company and its employees. For employees, it provides a valuable incentive beyond regular salary and benefits, as they have the opportunity to accumulate phantom stock units that can potentially increase in value over time. This can serve as a motivation for employees to perform at their best and contribute to the company's growth and profitability. For First Florida Banks, Inc., the plan enables them to reward and retain talented employees by offering an attractive long-term incentive. The plan aligns employee interests with the company's goals and encourages loyalty and commitment. Additionally, since phantom stock is not actual shares of the company, there are no voting rights or dilution of ownership for existing shareholders. Different types or variations of the Oregon Book Value Phantom Stock Plan may exist based on specific terms and conditions set by the company. These variations could include different measurement periods for assessing the book value of the company, alternative eligibility criteria, or unique vesting schedules for employees to receive the value of their phantom stock units. In conclusion, the Oregon Book Value Phantom Stock Plan of First Florida Banks, Inc. is an innovative compensation plan that allows employees to participate in the company's success through the allocation of phantom stock units. By linking the value of these units to the book value of the company, employees have the potential to benefit from the growth and profitability of First Florida Banks, Inc. while also fostering a sense of ownership and motivation within the workforce.

First Florida Banks, Inc. offers an innovative employee compensation plan known as the Oregon Book Value Phantom Stock Plan. This plan is designed to provide employees with the opportunity to share in the company's success and growth without actually purchasing company stock. The Oregon Book Value Phantom Stock Plan operates based on the concept of a phantom stock, which is essentially a unit that mirrors the value and performance of actual company shares. Under the Oregon Book Value Phantom Stock Plan of First Florida Banks, Inc., employees are awarded phantom stock units based on specific performance metrics and the overall financial health of the company. These units represent a notional investment in the company and are allocated to eligible employees based on their years of service, job performance, and other criteria determined by the company. The value of the phantom stock units is tied to the book value of the company, hence the name of the plan. Book value refers to the net worth of the company which is calculated by subtracting liabilities from assets. As the book value of the company increases, so does the value of the phantom stock units awarded to employees. The Oregon Book Value Phantom Stock Plan of First Florida Banks, Inc. offers several benefits to both the company and its employees. For employees, it provides a valuable incentive beyond regular salary and benefits, as they have the opportunity to accumulate phantom stock units that can potentially increase in value over time. This can serve as a motivation for employees to perform at their best and contribute to the company's growth and profitability. For First Florida Banks, Inc., the plan enables them to reward and retain talented employees by offering an attractive long-term incentive. The plan aligns employee interests with the company's goals and encourages loyalty and commitment. Additionally, since phantom stock is not actual shares of the company, there are no voting rights or dilution of ownership for existing shareholders. Different types or variations of the Oregon Book Value Phantom Stock Plan may exist based on specific terms and conditions set by the company. These variations could include different measurement periods for assessing the book value of the company, alternative eligibility criteria, or unique vesting schedules for employees to receive the value of their phantom stock units. In conclusion, the Oregon Book Value Phantom Stock Plan of First Florida Banks, Inc. is an innovative compensation plan that allows employees to participate in the company's success through the allocation of phantom stock units. By linking the value of these units to the book value of the company, employees have the potential to benefit from the growth and profitability of First Florida Banks, Inc. while also fostering a sense of ownership and motivation within the workforce.