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

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Harris
• 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 Harris Texas Book Value Phantom Stock Plan is a type of employee benefit program offered by First Florida Banks, Inc., a financial institution operating in the state of Texas. This plan is designed to provide employees with the opportunity to participate in the company's growth and success by offering them a performance-based compensation tied to the book value of the bank's stock. Under the Harris Texas Book Value Phantom Stock Plan, employees are granted phantom shares of the bank's stock, which represent a theoretical ownership interest in the company. These phantom shares are not actual equity in the bank but are rather a cash equivalent that mirrors the appreciation of the book value of the company's stock over a specific time period. The plan operates by setting a baseline book value of the company's stock at the beginning of a specified performance period. As the bank's book value increases over time, the value of the phantom shares also increases proportionately. At the end of the performance period, employees are entitled to receive a cash payout based on the increase in the book value of the phantom shares they hold. The Harris Texas Book Value Phantom Stock Plan serves as a powerful incentive for employees to contribute to the bank's growth and profitability. It aligns the interests of the bank's employees with those of its shareholders, promoting a sense of ownership and motivation to drive the company's success. It is important to note that the Harris Texas Book Value Phantom Stock Plan may have different variations or structures based on the specific terms offered by First Florida Banks, Inc. However, the essential concept remains the same — tying employee compensation to the growth and performance of the company's book value. In summary, the Harris Texas Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is a performance-based compensation program that grants employees phantom shares tied to the book value of the bank's stock. It incentivizes employees to contribute to the bank's growth and success by offering them a cash equivalent payout based on the appreciation of their phantom shares over a specific performance period.

The Harris Texas Book Value Phantom Stock Plan is a type of employee benefit program offered by First Florida Banks, Inc., a financial institution operating in the state of Texas. This plan is designed to provide employees with the opportunity to participate in the company's growth and success by offering them a performance-based compensation tied to the book value of the bank's stock. Under the Harris Texas Book Value Phantom Stock Plan, employees are granted phantom shares of the bank's stock, which represent a theoretical ownership interest in the company. These phantom shares are not actual equity in the bank but are rather a cash equivalent that mirrors the appreciation of the book value of the company's stock over a specific time period. The plan operates by setting a baseline book value of the company's stock at the beginning of a specified performance period. As the bank's book value increases over time, the value of the phantom shares also increases proportionately. At the end of the performance period, employees are entitled to receive a cash payout based on the increase in the book value of the phantom shares they hold. The Harris Texas Book Value Phantom Stock Plan serves as a powerful incentive for employees to contribute to the bank's growth and profitability. It aligns the interests of the bank's employees with those of its shareholders, promoting a sense of ownership and motivation to drive the company's success. It is important to note that the Harris Texas Book Value Phantom Stock Plan may have different variations or structures based on the specific terms offered by First Florida Banks, Inc. However, the essential concept remains the same — tying employee compensation to the growth and performance of the company's book value. In summary, the Harris Texas Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is a performance-based compensation program that grants employees phantom shares tied to the book value of the bank's stock. It incentivizes employees to contribute to the bank's growth and success by offering them a cash equivalent payout based on the appreciation of their phantom shares over a specific performance period.