Franklin Ohio Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Franklin
• 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 Franklin Ohio Book Value Phantom Stock Plan is a unique financial program offered by First Florida Banks, Inc. designed to provide employees with an incentive and compensation package. This plan is specifically tailored to the location of Franklin, Ohio, where the bank operates and aims to attract and retain talented individuals within the organization. The purpose of the Franklin Ohio Book Value Phantom Stock Plan is to simulate ownership in First Florida Banks, Inc., despite not actually providing stock ownership. Instead, eligible employees are granted phantom stock units, which mirror the book value of the company's stock. This means that as the book value of the bank's stock increases over time, so does the value of the phantom stock units held by employees. One advantage of the Franklin Ohio Book Value Phantom Stock Plan is that it aligns the interests of employees with the profitability and success of First Florida Banks, Inc. By offering employees a stake in the bank's performance, it fosters a sense of ownership and encourages them to work towards the long-term growth of the organization. This, in turn, can boost overall employee morale and motivation. There may be different types of the Franklin Ohio Book Value Phantom Stock Plan within First Florida Banks, Inc., each with its own unique features. Some of these variations could include: 1. Performance-based Phantom Stock Plan: This type of plan rewards employees based on predetermined performance metrics. For example, if the bank achieves specific financial goals or exceeds industry standards, employees' phantom stock units may have an increased value. 2. Seniority-based Phantom Stock Plan: This variation links the number of phantom stock units allocated to an employee to their length of service with the organization. The longer an employee has been with the company, the larger their phantom stock unit allocation. 3. Vesting-based Phantom Stock Plan: This plan may incorporate a vesting schedule, where employees gradually earn the right to their phantom stock units over a specified period. This encourages employees to remain loyal to the organization, as their invested units may be forfeited if they leave before the vesting period is complete. The Franklin Ohio Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is an attractive compensation program that provides employees with a stake in the success of the organization. By offering phantom stock units based on the book value of the company's stock, employees are motivated to contribute their best efforts towards the bank's growth and profitability, ultimately benefiting both the employees and the organization as a whole.

The Franklin Ohio Book Value Phantom Stock Plan is a unique financial program offered by First Florida Banks, Inc. designed to provide employees with an incentive and compensation package. This plan is specifically tailored to the location of Franklin, Ohio, where the bank operates and aims to attract and retain talented individuals within the organization. The purpose of the Franklin Ohio Book Value Phantom Stock Plan is to simulate ownership in First Florida Banks, Inc., despite not actually providing stock ownership. Instead, eligible employees are granted phantom stock units, which mirror the book value of the company's stock. This means that as the book value of the bank's stock increases over time, so does the value of the phantom stock units held by employees. One advantage of the Franklin Ohio Book Value Phantom Stock Plan is that it aligns the interests of employees with the profitability and success of First Florida Banks, Inc. By offering employees a stake in the bank's performance, it fosters a sense of ownership and encourages them to work towards the long-term growth of the organization. This, in turn, can boost overall employee morale and motivation. There may be different types of the Franklin Ohio Book Value Phantom Stock Plan within First Florida Banks, Inc., each with its own unique features. Some of these variations could include: 1. Performance-based Phantom Stock Plan: This type of plan rewards employees based on predetermined performance metrics. For example, if the bank achieves specific financial goals or exceeds industry standards, employees' phantom stock units may have an increased value. 2. Seniority-based Phantom Stock Plan: This variation links the number of phantom stock units allocated to an employee to their length of service with the organization. The longer an employee has been with the company, the larger their phantom stock unit allocation. 3. Vesting-based Phantom Stock Plan: This plan may incorporate a vesting schedule, where employees gradually earn the right to their phantom stock units over a specified period. This encourages employees to remain loyal to the organization, as their invested units may be forfeited if they leave before the vesting period is complete. The Franklin Ohio Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is an attractive compensation program that provides employees with a stake in the success of the organization. By offering phantom stock units based on the book value of the company's stock, employees are motivated to contribute their best efforts towards the bank's growth and profitability, ultimately benefiting both the employees and the organization as a whole.