Chicago Illinois Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• City: Chicago
• 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 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 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.