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

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• City: Houston
• 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 Houston Texas Book Value Phantom Stock Plan is a unique employee compensation program implemented by First Florida Banks, Inc., a leading financial institution based in Houston, Texas. This plan has been designed to provide employees with a means to share in the bank's success and growth without directly issuing actual stock or diluting shareholders' equity. First Florida Banks' Houston Texas Book Value Phantom Stock Plan involves granting participating employees phantom stock units, representing hypothetical shares of the company's common stock. These units are tied to the growth and performance of the bank's book value over a specified period. The plan aims to align employees' interests with the long-term success and value creation of First Florida Banks. The plan offers employees the opportunity to accumulate wealth as if they were actual shareholders, allowing them to benefit from increases in the bank's book value. Participants receive periodic distributions, akin to dividends, which are determined based on the change in the company's book value and the performance of the plan. Unlike regular stock options or restricted stock programs, employees are not required to purchase shares or meet any specific performance targets. There are two primary types of Houston Texas Book Value Phantom Stock Plan options available to employees of First Florida Banks, Inc.: 1. Performance-Based Phantom Stock Plan: This variation of the plan links the distribution of phantom stock units to predefined performance goals or key performance indicators (KPIs). Employees must achieve specific targets related to the bank's financial performance or their individual contributions to be eligible for full participation and potential rewards. 2. Non-Performance-Based Phantom Stock Plan: In this type of plan, employees are eligible to receive phantom stock units based solely on their tenure and position within the company. The number of units granted remains constant and is not directly tied to performance metrics. However, employees will still benefit from the growth in the bank's book value over time. Houston Texas Book Value Phantom Stock Plan of First Florida Banks, Inc., serves as a valuable tool for attracting and retaining talented employees, fostering a sense of ownership, and motivating them to take an active interest in the bank's overall success. It allows participants to enjoy the potential upside of stock ownership without holding any actual equity. By implementing this plan, First Florida Banks demonstrates its commitment to rewarding employees while maintaining shareholder value and promoting long-term growth.

Houston Texas Book Value Phantom Stock Plan is a unique employee compensation program implemented by First Florida Banks, Inc., a leading financial institution based in Houston, Texas. This plan has been designed to provide employees with a means to share in the bank's success and growth without directly issuing actual stock or diluting shareholders' equity. First Florida Banks' Houston Texas Book Value Phantom Stock Plan involves granting participating employees phantom stock units, representing hypothetical shares of the company's common stock. These units are tied to the growth and performance of the bank's book value over a specified period. The plan aims to align employees' interests with the long-term success and value creation of First Florida Banks. The plan offers employees the opportunity to accumulate wealth as if they were actual shareholders, allowing them to benefit from increases in the bank's book value. Participants receive periodic distributions, akin to dividends, which are determined based on the change in the company's book value and the performance of the plan. Unlike regular stock options or restricted stock programs, employees are not required to purchase shares or meet any specific performance targets. There are two primary types of Houston Texas Book Value Phantom Stock Plan options available to employees of First Florida Banks, Inc.: 1. Performance-Based Phantom Stock Plan: This variation of the plan links the distribution of phantom stock units to predefined performance goals or key performance indicators (KPIs). Employees must achieve specific targets related to the bank's financial performance or their individual contributions to be eligible for full participation and potential rewards. 2. Non-Performance-Based Phantom Stock Plan: In this type of plan, employees are eligible to receive phantom stock units based solely on their tenure and position within the company. The number of units granted remains constant and is not directly tied to performance metrics. However, employees will still benefit from the growth in the bank's book value over time. Houston Texas Book Value Phantom Stock Plan of First Florida Banks, Inc., serves as a valuable tool for attracting and retaining talented employees, fostering a sense of ownership, and motivating them to take an active interest in the bank's overall success. It allows participants to enjoy the potential upside of stock ownership without holding any actual equity. By implementing this plan, First Florida Banks demonstrates its commitment to rewarding employees while maintaining shareholder value and promoting long-term growth.