Rhode Island 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 Rhode Island Book Value Phantom Stock Plan is a unique compensation strategy offered by First Florida Banks, Inc. that aims to provide employees with a financial stake in the company's success. This plan is specifically designed for employees based in Rhode Island, ensuring compliance with the state's laws and regulations regarding stock-based compensation. The Rhode Island Book Value Phantom Stock Plan functions as a deferred compensation program, allowing employees to earn virtual shares of company stock over a specific period of time. These virtual shares, known as phantom stock units, mirror the value and performance of the company's actual shares, without actual ownership being transferred. By participating in this plan, employees become eligible to receive benefits based on the increase in the book value of First Florida Banks, Inc. over time. This book value is determined by the company's financial statements, specifically its balance sheet, and is a reflection of the net worth or equity of the firm. The Rhode Island Book Value Phantom Stock Plan offers several advantages to both employees and the company. For employees, it provides a sense of ownership and aligns their interests with the company's success. As the book value of the company increases, the value of their phantom stock units also rises, potentially leading to substantial financial rewards upon payout. For First Florida Banks, Inc., the plan allows them to attract and retain high-performing employees by providing a strong incentive to contribute to the company's growth. It also helps in fostering a culture of shared success and promotes long-term loyalty among its workforce. While the primary focus of the Rhode Island Book Value Phantom Stock Plan is the overall book value of First Florida Banks, Inc., there might be variations or additional sub-plans that cater to different employee groups or levels within the organization. For instance, there could be different vesting schedules or payout conditions based on factors such as seniority, job role, or performance metrics. In conclusion, the Rhode Island Book Value Phantom Stock Plan of First Florida Banks, Inc. is a well-structured compensation program that rewards employees based on the increase in the company's book value over time. By aligning employee interests with company success, this plan serves as a valuable tool in motivating and retaining top talent within the organization.

Rhode Island Book Value Phantom Stock Plan is a unique compensation strategy offered by First Florida Banks, Inc. that aims to provide employees with a financial stake in the company's success. This plan is specifically designed for employees based in Rhode Island, ensuring compliance with the state's laws and regulations regarding stock-based compensation. The Rhode Island Book Value Phantom Stock Plan functions as a deferred compensation program, allowing employees to earn virtual shares of company stock over a specific period of time. These virtual shares, known as phantom stock units, mirror the value and performance of the company's actual shares, without actual ownership being transferred. By participating in this plan, employees become eligible to receive benefits based on the increase in the book value of First Florida Banks, Inc. over time. This book value is determined by the company's financial statements, specifically its balance sheet, and is a reflection of the net worth or equity of the firm. The Rhode Island Book Value Phantom Stock Plan offers several advantages to both employees and the company. For employees, it provides a sense of ownership and aligns their interests with the company's success. As the book value of the company increases, the value of their phantom stock units also rises, potentially leading to substantial financial rewards upon payout. For First Florida Banks, Inc., the plan allows them to attract and retain high-performing employees by providing a strong incentive to contribute to the company's growth. It also helps in fostering a culture of shared success and promotes long-term loyalty among its workforce. While the primary focus of the Rhode Island Book Value Phantom Stock Plan is the overall book value of First Florida Banks, Inc., there might be variations or additional sub-plans that cater to different employee groups or levels within the organization. For instance, there could be different vesting schedules or payout conditions based on factors such as seniority, job role, or performance metrics. In conclusion, the Rhode Island Book Value Phantom Stock Plan of First Florida Banks, Inc. is a well-structured compensation program that rewards employees based on the increase in the company's book value over time. By aligning employee interests with company success, this plan serves as a valuable tool in motivating and retaining top talent within the organization.