South Dakota 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 Dakota Book Value Phantom Stock Plan is a financial plan implemented by First Florida Banks, Inc. This plan allows employees to participate in the growth and success of the company without having actual ownership of the stock. The plan operates based on the book value of the company's stock. Firstly, let's dive into the details of what this plan entails. The South Dakota Book Value Phantom Stock Plan provides employees with virtual shares, also known as phantom stock units, which mimic the value and performance of the actual company stock. However, unlike real shares, employees do not have a legal ownership stake in the company. Instead, they receive payouts based on the book value of the stock at a specific future date. The plan revolves around the book value of the company, which is the net worth of the assets minus liabilities reflected in the financial statements. This value is important as it reflects the true worth of the company and is used as a benchmark to determine the growth and potential profits an employee can gain through the phantom stock program. Employees participating in the South Dakota Book Value Phantom Stock Plan of First Florida Banks, Inc. have the opportunity to benefit from the performance of the company without its explicit risks. As the company grows, the book value of its stock increases, ultimately leading to higher payouts for employees. Now, let's explore if there are different types of the South Dakota Book Value Phantom Stock Plan. While there may not be distinctive types of this particular plan, companies often customize their phantom stock programs to suit their specific needs. These customizations might include variations in vesting periods, eligibility criteria, payout structures, and other terms and conditions. In conclusion, the South Dakota Book Value Phantom Stock Plan of First Florida Banks, Inc. offers employees the opportunity to participate in the company's growth and success without directly owning the stock. By providing virtual shares linked to the book value of the company's stock, employees can receive payouts based on the financial performance of the institution. While there may not be multiple types of this plan per se, companies can tailor their phantom stock programs to meet their unique requirements and objectives.

South Dakota Book Value Phantom Stock Plan is a financial plan implemented by First Florida Banks, Inc. This plan allows employees to participate in the growth and success of the company without having actual ownership of the stock. The plan operates based on the book value of the company's stock. Firstly, let's dive into the details of what this plan entails. The South Dakota Book Value Phantom Stock Plan provides employees with virtual shares, also known as phantom stock units, which mimic the value and performance of the actual company stock. However, unlike real shares, employees do not have a legal ownership stake in the company. Instead, they receive payouts based on the book value of the stock at a specific future date. The plan revolves around the book value of the company, which is the net worth of the assets minus liabilities reflected in the financial statements. This value is important as it reflects the true worth of the company and is used as a benchmark to determine the growth and potential profits an employee can gain through the phantom stock program. Employees participating in the South Dakota Book Value Phantom Stock Plan of First Florida Banks, Inc. have the opportunity to benefit from the performance of the company without its explicit risks. As the company grows, the book value of its stock increases, ultimately leading to higher payouts for employees. Now, let's explore if there are different types of the South Dakota Book Value Phantom Stock Plan. While there may not be distinctive types of this particular plan, companies often customize their phantom stock programs to suit their specific needs. These customizations might include variations in vesting periods, eligibility criteria, payout structures, and other terms and conditions. In conclusion, the South Dakota Book Value Phantom Stock Plan of First Florida Banks, Inc. offers employees the opportunity to participate in the company's growth and success without directly owning the stock. By providing virtual shares linked to the book value of the company's stock, employees can receive payouts based on the financial performance of the institution. While there may not be multiple types of this plan per se, companies can tailor their phantom stock programs to meet their unique requirements and objectives.