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

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Cook
• 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 The Cook Illinois Book Value Phantom Stock Plan is a unique compensation strategy implemented by First Florida Banks, Inc. This plan is designed to provide eligible employees with a form of financial incentive based on the book value of Cook Illinois. It allows employees to benefit from the growth and success of Cook Illinois without directly owning company stock. The Cook Illinois Book Value Phantom Stock Plan operates through issuing virtual phantom stock units to qualifying employees. These units are tied to a hypothetical investment in Cook Illinois and are worth the equivalent of the company's book value. Employees receive annual allocations of these phantom stock units determined by their performance and tenure with the company. The value of the phantom stock units is determined by the book value of Cook Illinois, which reflects the company's net worth based on its assets and liabilities. The book value of Cook Illinois is periodically calculated, and as it increases, so does the value of the phantom stock units held by participating employees. One of the notable features of the Cook Illinois Book Value Phantom Stock Plan is that it allows participants to accumulate these virtual units over time. As employees continue to receive annual allocations and as the book value of Cook Illinois grows, the value of their phantom stock units increases. This incentivizes employees to remain dedicated to their roles and contribute to the company's overall success. Upon meeting specific eligibility criteria, such as retirement or an approved buyout, employees can convert their accumulated phantom stock units into cash or company stock. This provides employees with flexibility in how they choose to utilize their compensation, aligning with their personal financial goals. It is important to note that different variations of the Cook Illinois Book Value Phantom Stock Plan may exist within First Florida Banks, Inc., tailored for various employee levels or specific departments. These variations may offer different vesting periods, allocation percentages, or cash-to-stock conversion options. Such modifications ensure that the plan is comprehensive and accommodating to the diverse range of employees within the organization. In summary, the Cook Illinois Book Value Phantom Stock Plan of First Florida Banks, Inc. is a performance-based compensation strategy that offers eligible employees the opportunity to accumulate virtual phantom stock units based on the book value of Cook Illinois. This plan incentivizes employees, aligns their interests with the growth and success of the company, and provides them with flexibility in converting these units into cash or stock when specific eligibility criteria are met.

The Cook Illinois Book Value Phantom Stock Plan is a unique compensation strategy implemented by First Florida Banks, Inc. This plan is designed to provide eligible employees with a form of financial incentive based on the book value of Cook Illinois. It allows employees to benefit from the growth and success of Cook Illinois without directly owning company stock. The Cook Illinois Book Value Phantom Stock Plan operates through issuing virtual phantom stock units to qualifying employees. These units are tied to a hypothetical investment in Cook Illinois and are worth the equivalent of the company's book value. Employees receive annual allocations of these phantom stock units determined by their performance and tenure with the company. The value of the phantom stock units is determined by the book value of Cook Illinois, which reflects the company's net worth based on its assets and liabilities. The book value of Cook Illinois is periodically calculated, and as it increases, so does the value of the phantom stock units held by participating employees. One of the notable features of the Cook Illinois Book Value Phantom Stock Plan is that it allows participants to accumulate these virtual units over time. As employees continue to receive annual allocations and as the book value of Cook Illinois grows, the value of their phantom stock units increases. This incentivizes employees to remain dedicated to their roles and contribute to the company's overall success. Upon meeting specific eligibility criteria, such as retirement or an approved buyout, employees can convert their accumulated phantom stock units into cash or company stock. This provides employees with flexibility in how they choose to utilize their compensation, aligning with their personal financial goals. It is important to note that different variations of the Cook Illinois Book Value Phantom Stock Plan may exist within First Florida Banks, Inc., tailored for various employee levels or specific departments. These variations may offer different vesting periods, allocation percentages, or cash-to-stock conversion options. Such modifications ensure that the plan is comprehensive and accommodating to the diverse range of employees within the organization. In summary, the Cook Illinois Book Value Phantom Stock Plan of First Florida Banks, Inc. is a performance-based compensation strategy that offers eligible employees the opportunity to accumulate virtual phantom stock units based on the book value of Cook Illinois. This plan incentivizes employees, aligns their interests with the growth and success of the company, and provides them with flexibility in converting these units into cash or stock when specific eligibility criteria are met.