South Carolina 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 South Carolina Book Value Phantom Stock Plan is a unique compensation plan implemented by First Florida Banks, Inc., a prominent banking institution in the state. This plan offers employees the opportunity to participate in a performance-based compensation program that is directly linked to the book value of the company's stock. In this stock plan, employees are allocated "phantom" shares of stock that represent an ownership interest in the bank. These phantom shares are not actual shares of stock but rather a fictional representation of the value of the stock. The value of these phantom shares is tied to the book value of the bank's stock, which is calculated as the total assets minus the total liabilities of the company. This plan serves as an incentive for employees to work towards improving the financial performance and stability of First Florida Banks, Inc. Since the value of the phantom shares is directly linked to the book value of the stock, employees have a vested interest in ensuring the bank's success and growth. The South Carolina Book Value Phantom Stock Plan is designed to reward employees based on the long-term performance of the bank. As the book value of the stock increases, so does the value of the phantom shares held by employees. This provides a significant incentive for employees to work diligently, make wise financial decisions, and contribute to the overall profitability and success of the bank. It is important to note that there may be different variations or levels of the South Carolina Book Value Phantom Stock Plan offered by First Florida Banks, Inc. These variations could include different vesting schedules, eligible employee groups, and performance metrics. The bank may tailor the plan to align with its specific organizational objectives and employee needs. In conclusion, the South Carolina Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is an innovative compensation plan that motivates employees to contribute to the company's success by tying their rewards directly to the book value of the bank's stock. This plan serves as a long-term incentive, providing employees the opportunity to benefit from the growth and financial stability of the bank.

South Carolina Book Value Phantom Stock Plan is a unique compensation plan implemented by First Florida Banks, Inc., a prominent banking institution in the state. This plan offers employees the opportunity to participate in a performance-based compensation program that is directly linked to the book value of the company's stock. In this stock plan, employees are allocated "phantom" shares of stock that represent an ownership interest in the bank. These phantom shares are not actual shares of stock but rather a fictional representation of the value of the stock. The value of these phantom shares is tied to the book value of the bank's stock, which is calculated as the total assets minus the total liabilities of the company. This plan serves as an incentive for employees to work towards improving the financial performance and stability of First Florida Banks, Inc. Since the value of the phantom shares is directly linked to the book value of the stock, employees have a vested interest in ensuring the bank's success and growth. The South Carolina Book Value Phantom Stock Plan is designed to reward employees based on the long-term performance of the bank. As the book value of the stock increases, so does the value of the phantom shares held by employees. This provides a significant incentive for employees to work diligently, make wise financial decisions, and contribute to the overall profitability and success of the bank. It is important to note that there may be different variations or levels of the South Carolina Book Value Phantom Stock Plan offered by First Florida Banks, Inc. These variations could include different vesting schedules, eligible employee groups, and performance metrics. The bank may tailor the plan to align with its specific organizational objectives and employee needs. In conclusion, the South Carolina Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is an innovative compensation plan that motivates employees to contribute to the company's success by tying their rewards directly to the book value of the bank's stock. This plan serves as a long-term incentive, providing employees the opportunity to benefit from the growth and financial stability of the bank.