Maricopa Arizona Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Maricopa
• 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 Maricopa Arizona Book Value Phantom Stock Plan is a unique compensation program offered by First Florida Banks, Inc., a prominent financial institution based in Maricopa, Arizona. This plan grants employees the opportunity to participate in an innovative method of stock ownership without actually buying shares of the company. It is designed to align the interests of employees with the performance and success of First Florida Banks, Inc. The Maricopa Arizona Book Value Phantom Stock Plan operates on the concept of phantom stock, which is a type of deferred compensation based on the hypothetical value of the company's stock. Instead of receiving actual shares, employees are awarded phantom stock units that reflect the book value of First Florida Banks, Inc. By participating in this plan, employees essentially become virtual shareholders by gaining economic rights equivalent to actual stock ownership. These rights include the potential to receive dividends, capital appreciation, and other benefits based on the performance and valuation of the company. However, it's important to note that phantom stock units do not come with voting rights or direct ownership of company assets. The Maricopa Arizona Book Value Phantom Stock Plan allows employees to accumulate phantom stock units over a specified duration, typically through a vesting period. Once the vesting period has been fulfilled, employees become eligible to receive the value of their accumulated phantom stock units. This value is determined by calculating the book value of First Florida Banks, Inc. at the time of payment. This plan can serve as a powerful tool for motivating and retaining talented employees, as it provides a financial incentive directly linked to the company's success. Since the value of phantom stock units is tied to the book value of the company, employees are incentivized to actively contribute towards improving financial performance and overall business growth. Different types of Maricopa Arizona Book Value Phantom Stock Plans offered by First Florida Banks, Inc. may include variations in vesting periods, payment schedules, and eligibility requirements. These types could be specifically tailored for different employee groups or levels within the organization, aligning with their respective roles and responsibilities. In conclusion, the Maricopa Arizona Book Value Phantom Stock Plan of First Florida Banks, Inc. is an innovative compensation program that allows employees to benefit from the financial success of the company without actually owning shares. By participating in this plan, employees gain virtual stock ownership rights tied to the book value of First Florida Banks, Inc. This program serves as a valuable incentive for employees, fostering their engagement and alignment with the company's growth objectives.

Maricopa Arizona Book Value Phantom Stock Plan is a unique compensation program offered by First Florida Banks, Inc., a prominent financial institution based in Maricopa, Arizona. This plan grants employees the opportunity to participate in an innovative method of stock ownership without actually buying shares of the company. It is designed to align the interests of employees with the performance and success of First Florida Banks, Inc. The Maricopa Arizona Book Value Phantom Stock Plan operates on the concept of phantom stock, which is a type of deferred compensation based on the hypothetical value of the company's stock. Instead of receiving actual shares, employees are awarded phantom stock units that reflect the book value of First Florida Banks, Inc. By participating in this plan, employees essentially become virtual shareholders by gaining economic rights equivalent to actual stock ownership. These rights include the potential to receive dividends, capital appreciation, and other benefits based on the performance and valuation of the company. However, it's important to note that phantom stock units do not come with voting rights or direct ownership of company assets. The Maricopa Arizona Book Value Phantom Stock Plan allows employees to accumulate phantom stock units over a specified duration, typically through a vesting period. Once the vesting period has been fulfilled, employees become eligible to receive the value of their accumulated phantom stock units. This value is determined by calculating the book value of First Florida Banks, Inc. at the time of payment. This plan can serve as a powerful tool for motivating and retaining talented employees, as it provides a financial incentive directly linked to the company's success. Since the value of phantom stock units is tied to the book value of the company, employees are incentivized to actively contribute towards improving financial performance and overall business growth. Different types of Maricopa Arizona Book Value Phantom Stock Plans offered by First Florida Banks, Inc. may include variations in vesting periods, payment schedules, and eligibility requirements. These types could be specifically tailored for different employee groups or levels within the organization, aligning with their respective roles and responsibilities. In conclusion, the Maricopa Arizona Book Value Phantom Stock Plan of First Florida Banks, Inc. is an innovative compensation program that allows employees to benefit from the financial success of the company without actually owning shares. By participating in this plan, employees gain virtual stock ownership rights tied to the book value of First Florida Banks, Inc. This program serves as a valuable incentive for employees, fostering their engagement and alignment with the company's growth objectives.