Tennessee 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 Tennessee Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique and innovative compensation program offered by the bank to reward and incentivize its employees. This plan is specifically designed to provide employees with a share in the future growth and success of the bank, based on the book value of the bank's assets. Under this plan, eligible employees are granted phantom stock units that represent a specific monetary value tied to the book value of the bank. The book value of the bank is calculated by subtracting its liabilities from its total assets. The employees receive these units as a form of deferred compensation, which will be paid out upon retirement, resignation, or another qualifying event. One of the main advantages of the Tennessee Book Value Phantom Stock Plan is that it allows employees to benefit from the overall growth and profitability of the bank without requiring them to purchase actual shares of stock or invest their own money. This makes it an attractive option for employees who may not have the financial means to invest in traditional stock options or who prefer a less risky investment strategy. Furthermore, the plan offers employees the flexibility to convert their phantom stock units into cash upon a qualifying event, such as retirement or resignation. This provides them with a financial reward that aligns with the long-term success of the bank. It is important to note that there may be different types of Tennessee Book Value Phantom Stock Plan options available within First Florida Banks, Inc. These options could include variations such as vesting periods, performance-based criteria, or specific eligibility requirements for participation. The bank may also provide additional benefits or incentives to employees who choose to participate in the plan, such as matching contributions or bonus opportunities tied to the plan's performance. In summary, the Tennessee Book Value Phantom Stock Plan is a valuable compensation program offered by First Florida Banks, Inc. to its employees, providing them with a unique opportunity to participate in the bank's growth and success through phantom stock units tied to the book value of the bank. With various options and flexibility, this plan offers a rewarding and enticing prospect for employees seeking long-term financial benefits.

The Tennessee Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique and innovative compensation program offered by the bank to reward and incentivize its employees. This plan is specifically designed to provide employees with a share in the future growth and success of the bank, based on the book value of the bank's assets. Under this plan, eligible employees are granted phantom stock units that represent a specific monetary value tied to the book value of the bank. The book value of the bank is calculated by subtracting its liabilities from its total assets. The employees receive these units as a form of deferred compensation, which will be paid out upon retirement, resignation, or another qualifying event. One of the main advantages of the Tennessee Book Value Phantom Stock Plan is that it allows employees to benefit from the overall growth and profitability of the bank without requiring them to purchase actual shares of stock or invest their own money. This makes it an attractive option for employees who may not have the financial means to invest in traditional stock options or who prefer a less risky investment strategy. Furthermore, the plan offers employees the flexibility to convert their phantom stock units into cash upon a qualifying event, such as retirement or resignation. This provides them with a financial reward that aligns with the long-term success of the bank. It is important to note that there may be different types of Tennessee Book Value Phantom Stock Plan options available within First Florida Banks, Inc. These options could include variations such as vesting periods, performance-based criteria, or specific eligibility requirements for participation. The bank may also provide additional benefits or incentives to employees who choose to participate in the plan, such as matching contributions or bonus opportunities tied to the plan's performance. In summary, the Tennessee Book Value Phantom Stock Plan is a valuable compensation program offered by First Florida Banks, Inc. to its employees, providing them with a unique opportunity to participate in the bank's growth and success through phantom stock units tied to the book value of the bank. With various options and flexibility, this plan offers a rewarding and enticing prospect for employees seeking long-term financial benefits.