Collin Texas Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Collin
• 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 Collin Texas Book Value Phantom Stock Plan is an employee benefit plan offered by First Florida Banks, Inc. This plan is specifically designed to reward and incentivize employees of First Florida Banks in Collin, Texas, by providing them with an opportunity to participate in the growth and success of the company. The Collin Texas Book Value Phantom Stock Plan is based on the concept of phantom stock, which is a form of equity compensation. It allows employees to earn virtual shares of company stock that reflect the increase in the book value of First Florida Banks over time. These virtual shares do not represent actual ownership in the company but serve as a performance-based incentive mechanism. Under this plan, employees are granted a specified number of phantom stock units or awards, which are tied to the book value of the company. The book value represents the total value of First Florida Banks' assets minus liabilities, providing a measure of the company's net worth. As the book value of the company increases, the value of the phantom stock units also rises. One key advantage of the Collin Texas Book Value Phantom Stock Plan is that it offers employees the potential to earn significant rewards if the company performs well financially. The plan is designed to align the interests of employees with those of the company's shareholders, encouraging employees to contribute to the growth and profitability of First Florida Banks. Different variations of the Collin Texas Book Value Phantom Stock Plan may exist, tailored to the needs and objectives of First Florida Banks, Inc. The specific terms and conditions, such as the vesting period, payout schedule, and eligibility criteria, may vary between different iterations of the plan. Overall, the Collin Texas Book Value Phantom Stock Plan of First Florida Banks, Inc. serves as a valuable tool for attracting and retaining talented employees in Collin, Texas. It fosters a culture of accountability, teamwork, and shared success by providing employees with a sense of ownership and a direct stake in the company's financial performance.

Collin Texas Book Value Phantom Stock Plan is an employee benefit plan offered by First Florida Banks, Inc. This plan is specifically designed to reward and incentivize employees of First Florida Banks in Collin, Texas, by providing them with an opportunity to participate in the growth and success of the company. The Collin Texas Book Value Phantom Stock Plan is based on the concept of phantom stock, which is a form of equity compensation. It allows employees to earn virtual shares of company stock that reflect the increase in the book value of First Florida Banks over time. These virtual shares do not represent actual ownership in the company but serve as a performance-based incentive mechanism. Under this plan, employees are granted a specified number of phantom stock units or awards, which are tied to the book value of the company. The book value represents the total value of First Florida Banks' assets minus liabilities, providing a measure of the company's net worth. As the book value of the company increases, the value of the phantom stock units also rises. One key advantage of the Collin Texas Book Value Phantom Stock Plan is that it offers employees the potential to earn significant rewards if the company performs well financially. The plan is designed to align the interests of employees with those of the company's shareholders, encouraging employees to contribute to the growth and profitability of First Florida Banks. Different variations of the Collin Texas Book Value Phantom Stock Plan may exist, tailored to the needs and objectives of First Florida Banks, Inc. The specific terms and conditions, such as the vesting period, payout schedule, and eligibility criteria, may vary between different iterations of the plan. Overall, the Collin Texas Book Value Phantom Stock Plan of First Florida Banks, Inc. serves as a valuable tool for attracting and retaining talented employees in Collin, Texas. It fosters a culture of accountability, teamwork, and shared success by providing employees with a sense of ownership and a direct stake in the company's financial performance.