Fulton Georgia Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Fulton
• 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 Fulton Georgia Book Value Phantom Stock Plan of First Florida Banks, Inc. is a compensation plan offered by First Florida Banks, Inc. to its employees located in Fulton, Georgia. This plan aims to provide employees with a unique form of non-cash compensation based on the book value of the company's stocks. The Fulton Georgia Book Value Phantom Stock Plan operates by simulating the ownership of actual company stock without the employees actually owning any shares. Instead, employees are granted phantom stock units, which are virtual units that mirror the value of the company's stock over time. These phantom stock units are subject to vesting schedules, ensuring that employees remain committed to the long-term success of the company. The value of the phantom stock units is determined by the book value of the company's stocks. Book value is the net value of a company's assets minus its liabilities and intangible assets. This value is periodically calculated, and when the phantom stock units are vested, employees are entitled to receive the equivalent cash value of the accumulated phantom stock units based on the book value at that time. The Fulton Georgia Book Value Phantom Stock Plan provides several advantages for both employees and First Florida Banks, Inc. Employees have the opportunity to indirectly participate in the company's growth and profitability, providing them with additional motivation to contribute to the company's success. From the employer's perspective, this plan offers a cost-effective alternative to traditional stock ownership programs, as there are no actual shares being issued or transferred. While the primary focus of this plan is on the book value of First Florida Banks, Inc., there might be additional variations or types of phantom stock plans offered by the company. Some possible variations based on a geographical context could include the "Fulton Georgia Performance-Linked Phantom Stock Plan," which ties the value of phantom stock units to the company's performance in Fulton, Georgia specifically. Another variation could be the "Fulton Georgia Equity-Based Phantom Stock Plan," which incorporates the book value of the company's stocks and its equity position in Fulton, Georgia. In conclusion, the Fulton Georgia Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation plan that allows employees to indirectly benefit from the company's stock performance. By granting phantom stock units, based on the book value of the company's stocks, employees can accumulate potential financial rewards, aligning their interests with the long-term success of First Florida Banks, Inc.

Fulton Georgia Book Value Phantom Stock Plan of First Florida Banks, Inc. is a compensation plan offered by First Florida Banks, Inc. to its employees located in Fulton, Georgia. This plan aims to provide employees with a unique form of non-cash compensation based on the book value of the company's stocks. The Fulton Georgia Book Value Phantom Stock Plan operates by simulating the ownership of actual company stock without the employees actually owning any shares. Instead, employees are granted phantom stock units, which are virtual units that mirror the value of the company's stock over time. These phantom stock units are subject to vesting schedules, ensuring that employees remain committed to the long-term success of the company. The value of the phantom stock units is determined by the book value of the company's stocks. Book value is the net value of a company's assets minus its liabilities and intangible assets. This value is periodically calculated, and when the phantom stock units are vested, employees are entitled to receive the equivalent cash value of the accumulated phantom stock units based on the book value at that time. The Fulton Georgia Book Value Phantom Stock Plan provides several advantages for both employees and First Florida Banks, Inc. Employees have the opportunity to indirectly participate in the company's growth and profitability, providing them with additional motivation to contribute to the company's success. From the employer's perspective, this plan offers a cost-effective alternative to traditional stock ownership programs, as there are no actual shares being issued or transferred. While the primary focus of this plan is on the book value of First Florida Banks, Inc., there might be additional variations or types of phantom stock plans offered by the company. Some possible variations based on a geographical context could include the "Fulton Georgia Performance-Linked Phantom Stock Plan," which ties the value of phantom stock units to the company's performance in Fulton, Georgia specifically. Another variation could be the "Fulton Georgia Equity-Based Phantom Stock Plan," which incorporates the book value of the company's stocks and its equity position in Fulton, Georgia. In conclusion, the Fulton Georgia Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation plan that allows employees to indirectly benefit from the company's stock performance. By granting phantom stock units, based on the book value of the company's stocks, employees can accumulate potential financial rewards, aligning their interests with the long-term success of First Florida Banks, Inc.