Fairfax Virginia Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Fairfax
• 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 Fairfax Virginia Book Value Phantom Stock Plan of First Florida Banks, Inc. is a comprehensive employee compensation plan that offers an innovative approach to reward and retain employees while aligning their interests with the overall success of the company. This plan enables employees to have a stake in the bank's book value, encouraging them to contribute to its growth and profitability. The Fairfax Virginia Book Value Phantom Stock Plan is designed to mimic the value of actual company stock without issuing any real shares. Instead, employees are granted "phantom stock units" that are tied directly to the book value of First Florida Banks, Inc. These units simulate the value and appreciation of company stock, providing employees with a sense of ownership and motivation to drive the bank's success. Under this plan, employees are eligible to receive an annual grant of phantom stock units based on their performance, tenure, and contribution to the bank's growth. The number of units granted to each employee is determined by a formula that takes into account various factors, including their position, responsibility, and impact on the bank's overall profitability. The book value of the bank is calculated by taking its total assets and subtracting its liabilities, providing a tangible measure of its net worth. As the book value of First Florida Banks, Inc. increases, so does the value of the employee's phantom stock units. This plan provides a direct correlation between the bank's financial health and the financial rewards of its employees, fostering a sense of shared success. One of the key features of the Fairfax Virginia Book Value Phantom Stock Plan is its flexibility. Employees have the option to convert their accumulated phantom stock units into cash or hold them until retirement. This flexibility allows employees to align their financial goals with their long-term plans and make choices that best suit their individual needs. Overall, the Fairfax Virginia Book Value Phantom Stock Plan of First Florida Banks, Inc. serves as a powerful tool for attracting, motivating, and retaining top talent within the organization. By offering employees the opportunity to share in the bank's success, this plan creates a sense of ownership, loyalty, and commitment, resulting in a strong and motivated workforce. Different types of Fairfax Virginia Book Value Phantom Stock Plan of First Florida Banks, Inc. may include variations in the formula used to calculate the number of phantom stock units granted to employees. These variations could be based on job levels, performance metrics, or tenure within the company. Additionally, the plan may have different vesting schedules, allowing employees to gradually accrue ownership over their phantom stock units over time.

Fairfax Virginia Book Value Phantom Stock Plan of First Florida Banks, Inc. is a comprehensive employee compensation plan that offers an innovative approach to reward and retain employees while aligning their interests with the overall success of the company. This plan enables employees to have a stake in the bank's book value, encouraging them to contribute to its growth and profitability. The Fairfax Virginia Book Value Phantom Stock Plan is designed to mimic the value of actual company stock without issuing any real shares. Instead, employees are granted "phantom stock units" that are tied directly to the book value of First Florida Banks, Inc. These units simulate the value and appreciation of company stock, providing employees with a sense of ownership and motivation to drive the bank's success. Under this plan, employees are eligible to receive an annual grant of phantom stock units based on their performance, tenure, and contribution to the bank's growth. The number of units granted to each employee is determined by a formula that takes into account various factors, including their position, responsibility, and impact on the bank's overall profitability. The book value of the bank is calculated by taking its total assets and subtracting its liabilities, providing a tangible measure of its net worth. As the book value of First Florida Banks, Inc. increases, so does the value of the employee's phantom stock units. This plan provides a direct correlation between the bank's financial health and the financial rewards of its employees, fostering a sense of shared success. One of the key features of the Fairfax Virginia Book Value Phantom Stock Plan is its flexibility. Employees have the option to convert their accumulated phantom stock units into cash or hold them until retirement. This flexibility allows employees to align their financial goals with their long-term plans and make choices that best suit their individual needs. Overall, the Fairfax Virginia Book Value Phantom Stock Plan of First Florida Banks, Inc. serves as a powerful tool for attracting, motivating, and retaining top talent within the organization. By offering employees the opportunity to share in the bank's success, this plan creates a sense of ownership, loyalty, and commitment, resulting in a strong and motivated workforce. Different types of Fairfax Virginia Book Value Phantom Stock Plan of First Florida Banks, Inc. may include variations in the formula used to calculate the number of phantom stock units granted to employees. These variations could be based on job levels, performance metrics, or tenure within the company. Additionally, the plan may have different vesting schedules, allowing employees to gradually accrue ownership over their phantom stock units over time.