Vermont 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 Vermont Book Value Phantom Stock Plan is a type of employee 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's stock. This plan is specifically tailored to meet the needs and requirements of employees in the state of Vermont. The Vermont Book Value Phantom Stock Plan operates by granting employees a specified number of units or shares, which are tied to the book value of the company's stock. The book value refers to the net worth of the company, calculated by subtracting liabilities from assets, and is an important indicator of the company's financial health and value. Employees participating in the Vermont Book Value Phantom Stock Plan have the opportunity to accrue value over time as the book value of the company's stock increases. This value can be realized and paid out to employees upon certain triggering events, such as retirement, termination, or a predefined period reaching its end. One important factor to note is that the Vermont Book Value Phantom Stock Plan does not involve actual ownership of company stock. Instead, it is a synthetic equity-based plan that mirrors the performance of the company's stock value. This allows employees to benefit from the appreciation of company value without taking on the legal rights and responsibilities of true shareholders. Different types or variations of the Vermont Book Value Phantom Stock Plan may exist within First Florida Banks, Inc., depending on factors such as employee job level, tenure, or performance. These variations may provide different vesting schedules, payout formulas, or eligibility criteria. However, specific details about these variations would likely be confidential and dependent on the bank's internal policies. In conclusion, the Vermont Book Value Phantom Stock Plan of First Florida Banks, Inc. is a specialized compensation plan specifically designed for employees in Vermont. It offers a synthetic equity-based opportunity for employees to share in the book value appreciation of the company's stock, without actual ownership. The plan provides a valuable incentive for employees and helps align their interests with the overall success of the organization.

The Vermont Book Value Phantom Stock Plan is a type of employee 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's stock. This plan is specifically tailored to meet the needs and requirements of employees in the state of Vermont. The Vermont Book Value Phantom Stock Plan operates by granting employees a specified number of units or shares, which are tied to the book value of the company's stock. The book value refers to the net worth of the company, calculated by subtracting liabilities from assets, and is an important indicator of the company's financial health and value. Employees participating in the Vermont Book Value Phantom Stock Plan have the opportunity to accrue value over time as the book value of the company's stock increases. This value can be realized and paid out to employees upon certain triggering events, such as retirement, termination, or a predefined period reaching its end. One important factor to note is that the Vermont Book Value Phantom Stock Plan does not involve actual ownership of company stock. Instead, it is a synthetic equity-based plan that mirrors the performance of the company's stock value. This allows employees to benefit from the appreciation of company value without taking on the legal rights and responsibilities of true shareholders. Different types or variations of the Vermont Book Value Phantom Stock Plan may exist within First Florida Banks, Inc., depending on factors such as employee job level, tenure, or performance. These variations may provide different vesting schedules, payout formulas, or eligibility criteria. However, specific details about these variations would likely be confidential and dependent on the bank's internal policies. In conclusion, the Vermont Book Value Phantom Stock Plan of First Florida Banks, Inc. is a specialized compensation plan specifically designed for employees in Vermont. It offers a synthetic equity-based opportunity for employees to share in the book value appreciation of the company's stock, without actual ownership. The plan provides a valuable incentive for employees and helps align their interests with the overall success of the organization.