Wyoming 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 Wyoming Book Value Phantom Stock Plan is an employee compensation and incentive program offered by First Florida Banks, Inc. to its employees. This plan is designed to provide employees with a share in the company's value and growth without actual ownership or shares. This unique program is structured around the book value of First Florida Banks, Inc., which is the net value of the company's assets minus its liabilities. The book value serves as the foundation for determining the value of the phantom stock under this plan. Employees participating in the Wyoming Book Value Phantom Stock Plan are granted "phantom" stock units that mirror the value of actual shares. However, these units do not represent real ownership, as the stock is not issued to the employees. Instead, the phantom stocks grant the employees the right to receive cash payments equivalent to the value of the actual stocks. The primary goal of this plan is to align the interests of employees with the company's performance and growth. By tying the value of the phantom stock units to the book value of First Florida Banks, Inc., employees are incentivized to contribute to the profitability, efficiency, and overall success of the organization. The Wyoming Book Value Phantom Stock Plan offers multiple variations to cater to different employee categories within First Florida Banks, Inc. These variations may include: 1. Executive Phantom Stock Plan: Tailored specifically for top-level executives, this version of the phantom stock plan provides additional benefits and rewards for their leadership in driving the company's strategic goals. 2. Employee Phantom Stock Plan: This plan is made available to all eligible employees within First Florida Banks, Inc. It serves as a way to motivate and retain valuable talent throughout the organization, fostering a sense of ownership and loyalty within the workforce. 3. Performance-based Phantom Stock Plan: A performance-based variation of the plan, where the value of phantom stocks is tied to individual or team achievement, encouraging employees to meet and exceed specific performance targets. 4. Retirement Phantom Stock Plan: A special plan designed to reward long-serving employees who are nearing retirement. This variation allows employees to accumulate phantom stock units over time, which can be converted into cash upon retirement. Overall, the Wyoming Book Value Phantom Stock Plan of First Florida Banks, Inc. is a comprehensive employee compensation program that fosters loyalty, motivation, and aligns employees' interests with the organization's success.

Wyoming Book Value Phantom Stock Plan is an employee compensation and incentive program offered by First Florida Banks, Inc. to its employees. This plan is designed to provide employees with a share in the company's value and growth without actual ownership or shares. This unique program is structured around the book value of First Florida Banks, Inc., which is the net value of the company's assets minus its liabilities. The book value serves as the foundation for determining the value of the phantom stock under this plan. Employees participating in the Wyoming Book Value Phantom Stock Plan are granted "phantom" stock units that mirror the value of actual shares. However, these units do not represent real ownership, as the stock is not issued to the employees. Instead, the phantom stocks grant the employees the right to receive cash payments equivalent to the value of the actual stocks. The primary goal of this plan is to align the interests of employees with the company's performance and growth. By tying the value of the phantom stock units to the book value of First Florida Banks, Inc., employees are incentivized to contribute to the profitability, efficiency, and overall success of the organization. The Wyoming Book Value Phantom Stock Plan offers multiple variations to cater to different employee categories within First Florida Banks, Inc. These variations may include: 1. Executive Phantom Stock Plan: Tailored specifically for top-level executives, this version of the phantom stock plan provides additional benefits and rewards for their leadership in driving the company's strategic goals. 2. Employee Phantom Stock Plan: This plan is made available to all eligible employees within First Florida Banks, Inc. It serves as a way to motivate and retain valuable talent throughout the organization, fostering a sense of ownership and loyalty within the workforce. 3. Performance-based Phantom Stock Plan: A performance-based variation of the plan, where the value of phantom stocks is tied to individual or team achievement, encouraging employees to meet and exceed specific performance targets. 4. Retirement Phantom Stock Plan: A special plan designed to reward long-serving employees who are nearing retirement. This variation allows employees to accumulate phantom stock units over time, which can be converted into cash upon retirement. Overall, the Wyoming Book Value Phantom Stock Plan of First Florida Banks, Inc. is a comprehensive employee compensation program that fosters loyalty, motivation, and aligns employees' interests with the organization's success.