Middlesex Massachusetts Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Middlesex
• 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 Middlesex Massachusetts Book Value Phantom Stock Plan is a unique compensation program offered by First Florida Banks, Inc. It is designed to reward and incentivize employees based on the book value of the company's stock. This plan offers an alternative to traditional stock options or equity grants, allowing employees to participate in the growth and success of the company. The Middlesex Massachusetts Book Value Phantom Stock Plan operates by granting eligible employees a virtual or "phantom" share of the company's stock. This means that employees do not actually receive real shares, but rather a cash equivalent based on the book value of the stock. The value of these phantom shares is determined by the performance of the company and the steady growth of its book value. This innovative compensation program offers several advantages for employees. Firstly, it aligns their interests with the company's long-term success, as their rewards are directly tied to the book value growth. Unlike traditional stock options, employees do not have to invest their own money to participate in this plan, making it an attractive option for those who are risk-averse or lack sufficient funds for investment. The Middlesex Massachusetts Book Value Phantom Stock Plan also grants employees the opportunity to share in any dividends or distributions made by the company, further enhancing their potential earnings. These dividends are reflective of the company's profits and are distributed proportionally to each employee's phantom stock holdings. It is important to note that while the Middlesex Massachusetts Book Value Phantom Stock Plan is a single program, there may be variations or customized plans offered within First Florida Banks, Inc. that cater to different employee groups or seniority levels. These variations could include different vesting schedules, eligibility criteria, or performance metrics. However, the core concept of rewarding employees based on the book value of the company's stock remains consistent across these plans. Overall, the Middlesex Massachusetts Book Value Phantom Stock Plan of First Florida Banks, Inc. is an innovative and enticing compensation program that provides employees with the opportunity to benefit from the company's growth and success. By granting phantom shares linked to the book value of the company's stock, employees can enjoy financial rewards without the need for personal investment, fostering a sense of ownership and alignment with the company's goals.

The Middlesex Massachusetts Book Value Phantom Stock Plan is a unique compensation program offered by First Florida Banks, Inc. It is designed to reward and incentivize employees based on the book value of the company's stock. This plan offers an alternative to traditional stock options or equity grants, allowing employees to participate in the growth and success of the company. The Middlesex Massachusetts Book Value Phantom Stock Plan operates by granting eligible employees a virtual or "phantom" share of the company's stock. This means that employees do not actually receive real shares, but rather a cash equivalent based on the book value of the stock. The value of these phantom shares is determined by the performance of the company and the steady growth of its book value. This innovative compensation program offers several advantages for employees. Firstly, it aligns their interests with the company's long-term success, as their rewards are directly tied to the book value growth. Unlike traditional stock options, employees do not have to invest their own money to participate in this plan, making it an attractive option for those who are risk-averse or lack sufficient funds for investment. The Middlesex Massachusetts Book Value Phantom Stock Plan also grants employees the opportunity to share in any dividends or distributions made by the company, further enhancing their potential earnings. These dividends are reflective of the company's profits and are distributed proportionally to each employee's phantom stock holdings. It is important to note that while the Middlesex Massachusetts Book Value Phantom Stock Plan is a single program, there may be variations or customized plans offered within First Florida Banks, Inc. that cater to different employee groups or seniority levels. These variations could include different vesting schedules, eligibility criteria, or performance metrics. However, the core concept of rewarding employees based on the book value of the company's stock remains consistent across these plans. Overall, the Middlesex Massachusetts Book Value Phantom Stock Plan of First Florida Banks, Inc. is an innovative and enticing compensation program that provides employees with the opportunity to benefit from the company's growth and success. By granting phantom shares linked to the book value of the company's stock, employees can enjoy financial rewards without the need for personal investment, fostering a sense of ownership and alignment with the company's goals.