Washington 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 First Florida Banks, Inc. offers the Washington Book Value Phantom Stock Plan to provide its employees with a unique compensation and incentive program. This plan is designed to reward employees based on the growth of the bank's book value. The Washington Book Value Phantom Stock Plan is a performance-based stock plan, where employees are granted virtual stock units that correspond to the bank's book value. The book value represents the net asset value of the company, calculated by subtracting liabilities from assets. Employees who participate in this plan are deemed "phantom stockholders" and are entitled to receive a cash payout upon the occurrence of certain triggering events. These triggering events could include a change in control of the company, an initial public offering, or a prescribed holding period. The payout to employees under the Washington Book Value Phantom Stock Plan is directly linked to the appreciation in the bank's book value. As the book value increases, the value of the phantom stock units also increases, resulting in a higher cash payout. It's important to note that the Washington Book Value Phantom Stock Plan does not provide actual ownership in the company. Instead, it offers synthetic equity-like benefits to employees, allowing them to participate in the bank's growth and success indirectly. Different types of Washington Book Value Phantom Stock Plan of First Florida Banks, Inc. may include variations in the triggering events, such as specific milestones or targets that need to be achieved for the plan to be activated. Additionally, the payout structure and vesting periods could differ depending on the employee's position or level within the organization. Overall, the Washington Book Value Phantom Stock Plan serves as an effective employee incentivization tool for First Florida Banks, Inc., aligning the interests of employees with the bank's financial performance and creating a sense of ownership and loyalty among participants.

First Florida Banks, Inc. offers the Washington Book Value Phantom Stock Plan to provide its employees with a unique compensation and incentive program. This plan is designed to reward employees based on the growth of the bank's book value. The Washington Book Value Phantom Stock Plan is a performance-based stock plan, where employees are granted virtual stock units that correspond to the bank's book value. The book value represents the net asset value of the company, calculated by subtracting liabilities from assets. Employees who participate in this plan are deemed "phantom stockholders" and are entitled to receive a cash payout upon the occurrence of certain triggering events. These triggering events could include a change in control of the company, an initial public offering, or a prescribed holding period. The payout to employees under the Washington Book Value Phantom Stock Plan is directly linked to the appreciation in the bank's book value. As the book value increases, the value of the phantom stock units also increases, resulting in a higher cash payout. It's important to note that the Washington Book Value Phantom Stock Plan does not provide actual ownership in the company. Instead, it offers synthetic equity-like benefits to employees, allowing them to participate in the bank's growth and success indirectly. Different types of Washington Book Value Phantom Stock Plan of First Florida Banks, Inc. may include variations in the triggering events, such as specific milestones or targets that need to be achieved for the plan to be activated. Additionally, the payout structure and vesting periods could differ depending on the employee's position or level within the organization. Overall, the Washington Book Value Phantom Stock Plan serves as an effective employee incentivization tool for First Florida Banks, Inc., aligning the interests of employees with the bank's financial performance and creating a sense of ownership and loyalty among participants.