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

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Dallas
• 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 Dallas Texas Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique incentive program offered by the bank to its employees, providing them with the opportunity to participate in the growth and success of the organization. This plan is designed to reward dedicated employees and align their interests with the long-term goals of the company. The Dallas Texas Book Value Phantom Stock Plan operates based on the book value of the bank, which refers to the net worth of the organization calculated from its financial statements. This value is determined by deducting liabilities from the bank's assets, giving employees an insight into the overall financial health of the organization. Through this plan, eligible employees are granted phantom stock units, which are hypothetical shares that mimic the performance of actual stock in the company. These units are allocated to the employees based on their performance, tenure, and contribution towards the bank's objectives. Employees who participate in the Dallas Texas Book Value Phantom Stock Plan have the potential to accumulate wealth as the bank's book value increases over time. When the plan matures or an employee becomes eligible to receive distributions, they are provided with a cash equivalent payout based on the appreciation of their phantom stock units. The Book Values Phantom Stock Plan offered by First Florida Banks, Inc., Dallas Texas includes two primary types: 1. Performance-Based Plan: This type of plan rewards employees based on their individual or team performance, focusing on achieving specific targets, such as increasing the bank's book value, improving profitability, or expanding market share. Participants in this plan are assessed on their ability to contribute to the bank's success and are rewarded accordingly. 2. Longevity-Based Plan: This plan rewards employees based on their tenure with the organization. It aims to recognize the loyalty and commitment of long-serving employees by providing them with an opportunity to benefit from the bank's growth and success over the years. The longer an employee has been with the bank, the higher their potential payouts may be. In conclusion, the Dallas Texas Book Value Phantom Stock Plan of First Florida Banks, Inc. is a valuable incentive program that allows employees to share in the bank's success and grow their wealth. It provides employees with phantom stock units based on the bank's book value, which can lead to cash equivalent payouts when the plan matures. The plan encompasses performance-based and longevity-based variants, enhancing the motivation and dedication of employees involved in driving the bank's success.

Dallas Texas Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique incentive program offered by the bank to its employees, providing them with the opportunity to participate in the growth and success of the organization. This plan is designed to reward dedicated employees and align their interests with the long-term goals of the company. The Dallas Texas Book Value Phantom Stock Plan operates based on the book value of the bank, which refers to the net worth of the organization calculated from its financial statements. This value is determined by deducting liabilities from the bank's assets, giving employees an insight into the overall financial health of the organization. Through this plan, eligible employees are granted phantom stock units, which are hypothetical shares that mimic the performance of actual stock in the company. These units are allocated to the employees based on their performance, tenure, and contribution towards the bank's objectives. Employees who participate in the Dallas Texas Book Value Phantom Stock Plan have the potential to accumulate wealth as the bank's book value increases over time. When the plan matures or an employee becomes eligible to receive distributions, they are provided with a cash equivalent payout based on the appreciation of their phantom stock units. The Book Values Phantom Stock Plan offered by First Florida Banks, Inc., Dallas Texas includes two primary types: 1. Performance-Based Plan: This type of plan rewards employees based on their individual or team performance, focusing on achieving specific targets, such as increasing the bank's book value, improving profitability, or expanding market share. Participants in this plan are assessed on their ability to contribute to the bank's success and are rewarded accordingly. 2. Longevity-Based Plan: This plan rewards employees based on their tenure with the organization. It aims to recognize the loyalty and commitment of long-serving employees by providing them with an opportunity to benefit from the bank's growth and success over the years. The longer an employee has been with the bank, the higher their potential payouts may be. In conclusion, the Dallas Texas Book Value Phantom Stock Plan of First Florida Banks, Inc. is a valuable incentive program that allows employees to share in the bank's success and grow their wealth. It provides employees with phantom stock units based on the bank's book value, which can lead to cash equivalent payouts when the plan matures. The plan encompasses performance-based and longevity-based variants, enhancing the motivation and dedication of employees involved in driving the bank's success.