Chicago, Illinois is a bustling metropolitan city located in the heart of the United States. Known for its rich history, stunning architecture, diverse culture, and vibrant arts scene, Chicago attracts millions of visitors each year. First Florida Banks, Inc. is a renowned financial institution that operates in Chicago. Within its array of financial offerings, one notable plan that it offers is the Book Value Phantom Stock Plan. This unique plan allows employees of First Florida Banks, Inc. to earn profits based on the company's book value without actually owning any stock. Instead, the employees receive phantom stock units that mirror the value and performance of the bank's common stock. The Chicago Illinois Book Value Phantom Stock Plan of First Florida Banks, Inc. carries several variants to suit different employee needs and preferences. These include: 1. Standard Book Value Phantom Stock Plan: This plan grants employees the opportunity to receive phantom stock units based on the book value of First Florida Banks, Inc. As the company's book value increases, the employees' phantom stock units gain value, which can be cashed out at a later date. 2. Performance-based Book Value Phantom Stock Plan: In addition to the book value, this plan takes into account the company's performance metrics when determining the value of phantom stock units. Employees may receive additional units if the bank achieves predetermined performance goals, encouraging a focus on enhancing financial growth. 3. Deferred Vesting Book Value Phantom Stock Plan: This plan allows employees to defer the vesting of their phantom stock units, granting them more control over the timing of their financial rewards. By deferring vesting, employees can potentially align the payout of their phantom stock units with their long-term financial goals. The Chicago Illinois Book Value Phantom Stock Plan of First Florida Banks, Inc. serves as an exceptional incentive for employees, rewarding their hard work and dedication with a stake in the bank's success. By offering various plan options, First Florida Banks, Inc. ensures that employees can choose the phantom stock plan that aligns with their individual financial objectives. Overall, the Chicago Illinois Book Value Phantom Stock Plan of First Florida Banks, Inc. is a testament to the bank's commitment to its employees' financial well-being and an innovative way to foster a sense of ownership and shared success within the organization.
Chicago Illinois Book Value Phantom Stock Plan of First Florida Banks, Inc.
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FAQ
Considered restricted stock units (RSUs), phantom stock units are tied to the value of your company's stock and generally vest over a set period. Instead of giving unitholders the right to acquire company shares, however, phantom stock gives them a cash payout on settlement.
The answer involves two variables: (a) the presumed value of the company, and (b) the number of shares to be used in the plan. Once these two answers are known, the phantom share price is calculated as the former (the value) divided by the latter (the number of shares).
A phantom stock plan is an employee compensation plan in which an employee is offered ?phantom shares? that track the value of the company's actual stock. It's important to highlight that phantom shares are not actual equity, though their value does rise and fall in accordance with the value of the company's stock.
The phantom stock becomes a liability that the company must eventually convert to either cash or company stock. In privately held businesses, company stock is rarely an option. employees like these plans as any phantom stock they receive is not taxable until converted into cash by the company.
As described, phantom shares are usually redeemed in cash?the payment being treated like a bonus. However, should the plan agreement allow it, the payment obligation may be satisfied by distributing actual stock to the employees. A phantom stock plan must be supported by more than a verbal commitment.
Phantom stock is an employee benefit where selected employees receive benefits of stock ownership without the company giving them actual stock. It is worth money just like real stock, and its value rises and falls with the company's actual stock (or what the company is valued at, if it's not a publicly traded company).
Phantom stock plans are considered ?liability awards? for accounting purposes (assuming they will be settled in cash rather than stock). As such, the sponsoring company must recognize the plan expense ratably over the vesting period. Varying accrual schedules can be found in the market.