Utah 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 Utah Book Value Phantom Stock Plan is a type of compensation plan offered by First Florida Banks, Inc. It is designed to provide employees with a financial incentive based on the book value of the company. The plan is specifically tailored for employees working in the state of Utah. Under the Utah Book Value Phantom Stock Plan, eligible employees are granted a virtual or phantom stock unit equivalent to a certain percentage of the company's book value. The book value refers to the net worth of the company, calculated by deducting liabilities from assets. This type of plan allows employees to participate in the economic growth of the company without actually owning company stock. The phantom stock units are tracked and valued based on the changes in the company's book value over time. One of the benefits of the Utah Book Value Phantom Stock Plan is that it provides employees with a sense of ownership and motivation to contribute towards the company's success. As the book value of the company increases, so does the value of the phantom stock units, potentially leading to a higher payout in the future. Additionally, the plan encourages long-term commitment and loyalty among employees, as the value of the phantom stock units is typically vested over a certain period. This ensures that employees remain with the company to benefit from the growth in book value. It's worth noting that the Utah Book Value Phantom Stock Plan offered by First Florida Banks, Inc. may have variants or additional features specifically tailored to different employee groups or levels within the organization. These variations could include different vesting schedules, performance-based targets, or customized payout structures. In conclusion, the Utah Book Value Phantom Stock Plan of First Florida Banks, Inc. is a compensation strategy aimed at providing employees in Utah with a financial incentive based on the company's book value. It fosters a sense of ownership, motivation, and long-term commitment while allowing employees to participate in the company's growth without owning actual stock.

Utah Book Value Phantom Stock Plan is a type of compensation plan offered by First Florida Banks, Inc. It is designed to provide employees with a financial incentive based on the book value of the company. The plan is specifically tailored for employees working in the state of Utah. Under the Utah Book Value Phantom Stock Plan, eligible employees are granted a virtual or phantom stock unit equivalent to a certain percentage of the company's book value. The book value refers to the net worth of the company, calculated by deducting liabilities from assets. This type of plan allows employees to participate in the economic growth of the company without actually owning company stock. The phantom stock units are tracked and valued based on the changes in the company's book value over time. One of the benefits of the Utah Book Value Phantom Stock Plan is that it provides employees with a sense of ownership and motivation to contribute towards the company's success. As the book value of the company increases, so does the value of the phantom stock units, potentially leading to a higher payout in the future. Additionally, the plan encourages long-term commitment and loyalty among employees, as the value of the phantom stock units is typically vested over a certain period. This ensures that employees remain with the company to benefit from the growth in book value. It's worth noting that the Utah Book Value Phantom Stock Plan offered by First Florida Banks, Inc. may have variants or additional features specifically tailored to different employee groups or levels within the organization. These variations could include different vesting schedules, performance-based targets, or customized payout structures. In conclusion, the Utah Book Value Phantom Stock Plan of First Florida Banks, Inc. is a compensation strategy aimed at providing employees in Utah with a financial incentive based on the company's book value. It fosters a sense of ownership, motivation, and long-term commitment while allowing employees to participate in the company's growth without owning actual stock.