Allegheny Pennsylvania Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Allegheny
• 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 Allegheny Pennsylvania Book Value Phantom Stock Plan is a unique and innovative incentive compensation program that was introduced by First Florida Banks, Inc. to reward and retain their key employees. This plan is designed to provide employees with phantom stock units, which are virtual shares representing the ownership in the company. These virtual shares have a value that is tied to the book value of First Florida Banks, Inc. The Book Value Phantom Stock Plan operates on the basis of a predetermined formula. The value of the phantom stock units is calculated by multiplying the book value per share of the company with the number of units granted to each employee. The book value per share is determined by dividing the company's total equity by the total number of outstanding shares. Through this plan, First Florida Banks, Inc. aims to align the interests of employees with that of the company's shareholders. By linking the value of the phantom stock units to the book value of the company, employees have a vested interest in the financial performance and growth of First Florida Banks, Inc. This encourages them to work hard and contribute towards the overall success of the organization. The Allegheny Pennsylvania Book Value Phantom Stock Plan of First Florida Banks, Inc. can be categorized into different types based on the specific criteria and terms associated with each plan. These variations may include: 1. Restricted Phantom Stock Plan: Under this type, certain limitations or restrictions are imposed on the vesting or transferability of the phantom stock units. This ensures that employees remain committed to the company for a specified period, promoting long-term loyalty and dedication. 2. Performance-Based Phantom Stock Plan: In this variation, the value of the phantom stock units is directly linked to the achievement of specific performance targets or goals set by First Florida Banks, Inc. This motivates employees to strive for excellence and contribute towards the company's growth and success. 3. Retirement Phantom Stock Plan: This type of plan is tailored to provide retirement benefits to employees. The value of the phantom stock units is determined by the book value at the time of retirement, allowing employees to accumulate wealth over the course of their career. Overall, the Allegheny Pennsylvania Book Value Phantom Stock Plan of First Florida Banks, Inc. is a valuable tool for attracting, retaining, and incentivizing skilled employees. It offers a fair and rewarding compensation structure that aligns the interests of both employees and the company, promoting long-term dedication and commitment towards achieving organizational goals.

Allegheny Pennsylvania Book Value Phantom Stock Plan is a unique and innovative incentive compensation program that was introduced by First Florida Banks, Inc. to reward and retain their key employees. This plan is designed to provide employees with phantom stock units, which are virtual shares representing the ownership in the company. These virtual shares have a value that is tied to the book value of First Florida Banks, Inc. The Book Value Phantom Stock Plan operates on the basis of a predetermined formula. The value of the phantom stock units is calculated by multiplying the book value per share of the company with the number of units granted to each employee. The book value per share is determined by dividing the company's total equity by the total number of outstanding shares. Through this plan, First Florida Banks, Inc. aims to align the interests of employees with that of the company's shareholders. By linking the value of the phantom stock units to the book value of the company, employees have a vested interest in the financial performance and growth of First Florida Banks, Inc. This encourages them to work hard and contribute towards the overall success of the organization. The Allegheny Pennsylvania Book Value Phantom Stock Plan of First Florida Banks, Inc. can be categorized into different types based on the specific criteria and terms associated with each plan. These variations may include: 1. Restricted Phantom Stock Plan: Under this type, certain limitations or restrictions are imposed on the vesting or transferability of the phantom stock units. This ensures that employees remain committed to the company for a specified period, promoting long-term loyalty and dedication. 2. Performance-Based Phantom Stock Plan: In this variation, the value of the phantom stock units is directly linked to the achievement of specific performance targets or goals set by First Florida Banks, Inc. This motivates employees to strive for excellence and contribute towards the company's growth and success. 3. Retirement Phantom Stock Plan: This type of plan is tailored to provide retirement benefits to employees. The value of the phantom stock units is determined by the book value at the time of retirement, allowing employees to accumulate wealth over the course of their career. Overall, the Allegheny Pennsylvania Book Value Phantom Stock Plan of First Florida Banks, Inc. is a valuable tool for attracting, retaining, and incentivizing skilled employees. It offers a fair and rewarding compensation structure that aligns the interests of both employees and the company, promoting long-term dedication and commitment towards achieving organizational goals.