West Virginia 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 West Virginia Book Value Phantom Stock Plan is a unique compensation program offered by First Florida Banks, Inc., designed to incentivize and reward its employees. This plan is specifically tailored for employees working in West Virginia and is built around the concept of phantom stock, where participants are granted a certain number of units that mirror the value of the company's common stock. In this particular plan, the value of the phantom stock is determined based on the book value of First Florida Banks, Inc. Book value refers to the net worth of the company, calculated by subtracting liabilities from assets. By pegging the phantom stock value to book value, the plan aligns the interests of the employees with the company's financial performance and growth. The West Virginia Book Value Phantom Stock Plan offers employees a unique opportunity to benefit from the success and growth of First Florida Banks, Inc., even without directly owning shares of the company's stock. Participants are provided regular updates on the book value and the corresponding value of their phantom stock units. It is important to note that there may be different types or variations of the West Virginia Book Value Phantom Stock Plan offered by First Florida Banks, Inc. These variations may involve differences in eligibility criteria, vesting schedules, allocation methods, or payout structures. Some potential types of the plan could include: 1. West Virginia Book Value Phantom Stock Plan for Executives: This type may be exclusively available to top-level executives at First Florida Banks, Inc., offering them a higher allocation of phantom stock units or additional performance-based bonuses. 2. West Virginia Book Value Phantom Stock Plan for Non-Executives: This type could target non-executive employees, providing them with an opportunity to participate in the growth of the company and align their interests with the overall success. 3. West Virginia Book Value Phantom Stock Plan for Specific Divisions/Departments: First Florida Banks, Inc. could introduce variations of the plan tailored to certain divisions or departments within the organization, motivating employees within these units to focus on enhancing the book value of their specific areas. 4. West Virginia Book Value Phantom Stock Plan for Long-Term Employees: This type of plan might be designed to reward loyalty and tenure, with increased allocation of phantom stock units or accelerated vesting schedules for employees who have been with the company for a specified period. Overall, the West Virginia Book Value Phantom Stock Plan is a well-crafted compensation strategy by First Florida Banks, Inc. that allows employees in West Virginia to be active participants in the growth and prosperity of the organization, while fostering a sense of ownership and motivation to contribute towards enhancing the company's book value.

The West Virginia Book Value Phantom Stock Plan is a unique compensation program offered by First Florida Banks, Inc., designed to incentivize and reward its employees. This plan is specifically tailored for employees working in West Virginia and is built around the concept of phantom stock, where participants are granted a certain number of units that mirror the value of the company's common stock. In this particular plan, the value of the phantom stock is determined based on the book value of First Florida Banks, Inc. Book value refers to the net worth of the company, calculated by subtracting liabilities from assets. By pegging the phantom stock value to book value, the plan aligns the interests of the employees with the company's financial performance and growth. The West Virginia Book Value Phantom Stock Plan offers employees a unique opportunity to benefit from the success and growth of First Florida Banks, Inc., even without directly owning shares of the company's stock. Participants are provided regular updates on the book value and the corresponding value of their phantom stock units. It is important to note that there may be different types or variations of the West Virginia Book Value Phantom Stock Plan offered by First Florida Banks, Inc. These variations may involve differences in eligibility criteria, vesting schedules, allocation methods, or payout structures. Some potential types of the plan could include: 1. West Virginia Book Value Phantom Stock Plan for Executives: This type may be exclusively available to top-level executives at First Florida Banks, Inc., offering them a higher allocation of phantom stock units or additional performance-based bonuses. 2. West Virginia Book Value Phantom Stock Plan for Non-Executives: This type could target non-executive employees, providing them with an opportunity to participate in the growth of the company and align their interests with the overall success. 3. West Virginia Book Value Phantom Stock Plan for Specific Divisions/Departments: First Florida Banks, Inc. could introduce variations of the plan tailored to certain divisions or departments within the organization, motivating employees within these units to focus on enhancing the book value of their specific areas. 4. West Virginia Book Value Phantom Stock Plan for Long-Term Employees: This type of plan might be designed to reward loyalty and tenure, with increased allocation of phantom stock units or accelerated vesting schedules for employees who have been with the company for a specified period. Overall, the West Virginia Book Value Phantom Stock Plan is a well-crafted compensation strategy by First Florida Banks, Inc. that allows employees in West Virginia to be active participants in the growth and prosperity of the organization, while fostering a sense of ownership and motivation to contribute towards enhancing the company's book value.