Mecklenburg North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Mecklenburg
• 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 Mecklenburg North Carolina Book Value Phantom Stock Plan is a compensation program introduced by First Florida Banks, Inc. in Mecklenburg County, North Carolina. This plan is designed to provide employees with an opportunity to participate in the bank's growth and success. Under this plan, eligible employees are granted phantom stock units that represent a hypothetical ownership interest in the company. These units reflect the book value of the stock and track the performance and value of First Florida Banks, Inc. As the company grows and its book value increases, the value of the phantom stock units also rises. Employees participating in the Mecklenburg North Carolina Book Value Phantom Stock Plan are not actually given shares of stock, but are entitled to receive a cash payment equivalent to the value of their vested phantom stock units. The payout is usually made at a predetermined time, such as retirement, resignation, or a specific vesting period. This compensation program has proven to be a valuable tool for First Florida Banks, Inc. to attract and retain talented employees, aligning their interests with the company's success. By offering an opportunity to participate in the bank's growth, employees are motivated to work towards its long-term success, driving performance and enhancing shareholder value. It's worth noting that while there may not be different types of the Mecklenburg North Carolina Book Value Phantom Stock Plan, variations of this plan can exist across different companies and industries. These variations may include different vesting schedules, payout structures, or eligibility criteria tailored to meet specific organizational needs. However, the overall concept remains the same: granting employees a hypothetical ownership interest reflecting the book value of the company's stock. In conclusion, the Mecklenburg North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. demonstrates the bank's commitment to rewarding and incentivizing its employees. By offering a compensation program that aligns employee interests with company performance, this plan serves as a valuable retention and motivational tool for the bank.

Mecklenburg North Carolina Book Value Phantom Stock Plan is a compensation program introduced by First Florida Banks, Inc. in Mecklenburg County, North Carolina. This plan is designed to provide employees with an opportunity to participate in the bank's growth and success. Under this plan, eligible employees are granted phantom stock units that represent a hypothetical ownership interest in the company. These units reflect the book value of the stock and track the performance and value of First Florida Banks, Inc. As the company grows and its book value increases, the value of the phantom stock units also rises. Employees participating in the Mecklenburg North Carolina Book Value Phantom Stock Plan are not actually given shares of stock, but are entitled to receive a cash payment equivalent to the value of their vested phantom stock units. The payout is usually made at a predetermined time, such as retirement, resignation, or a specific vesting period. This compensation program has proven to be a valuable tool for First Florida Banks, Inc. to attract and retain talented employees, aligning their interests with the company's success. By offering an opportunity to participate in the bank's growth, employees are motivated to work towards its long-term success, driving performance and enhancing shareholder value. It's worth noting that while there may not be different types of the Mecklenburg North Carolina Book Value Phantom Stock Plan, variations of this plan can exist across different companies and industries. These variations may include different vesting schedules, payout structures, or eligibility criteria tailored to meet specific organizational needs. However, the overall concept remains the same: granting employees a hypothetical ownership interest reflecting the book value of the company's stock. In conclusion, the Mecklenburg North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. demonstrates the bank's commitment to rewarding and incentivizing its employees. By offering a compensation program that aligns employee interests with company performance, this plan serves as a valuable retention and motivational tool for the bank.