Orange California Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Orange
• 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 Orange California Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation program designed to reward employees of the bank based on the book value of the company's stock. This plan is exclusive to the employees of First Florida Banks, Inc. located in Orange County, California. The plan provides a non-cash incentive for eligible employees, allowing them to receive value based on the performance of the company's stock over time. The Orange California Book Value Phantom Stock Plan operates by offering phantom stock units to employees. These units conceptually represent shares of the company's stock, but do not actually grant shareholders' rights. Instead, employees are granted a proportionate value of the increase in book value of the stock, which is determined by an established formula. This book value represents the net asset value of the company, and is reflective of its financial health and overall performance. By offering phantom stock units, First Florida Banks, Inc. aims to align the interests of its employees with the company's shareholders. When the book value of the company's stock increases, employees participating in the plan receive a payout, which can be a significant financial incentive. This provides a unique opportunity for employees to participate in the growth and success of the company, without directly buying or owning actual shares of stock. The Orange California Book Value Phantom Stock Plan has different variations to accommodate employees at different levels within the bank. These variations may include executive or managerial tiers, as well as employee-specific criteria. By tailoring the plan to different employee groups, First Florida Banks, Inc. aims to incentivize and retain key talent while ensuring that the plan remains fair and equitable for all participants. In conclusion, the Orange California Book Value Phantom Stock Plan of First Florida Banks, Inc. is a distinctive compensation program that offers employees a non-cash incentive based on the book value of the company's stock. With different variations to accommodate employees at various levels, this plan provides a unique opportunity for employees to participate in the financial success of the company.

Orange California Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique compensation program designed to reward employees of the bank based on the book value of the company's stock. This plan is exclusive to the employees of First Florida Banks, Inc. located in Orange County, California. The plan provides a non-cash incentive for eligible employees, allowing them to receive value based on the performance of the company's stock over time. The Orange California Book Value Phantom Stock Plan operates by offering phantom stock units to employees. These units conceptually represent shares of the company's stock, but do not actually grant shareholders' rights. Instead, employees are granted a proportionate value of the increase in book value of the stock, which is determined by an established formula. This book value represents the net asset value of the company, and is reflective of its financial health and overall performance. By offering phantom stock units, First Florida Banks, Inc. aims to align the interests of its employees with the company's shareholders. When the book value of the company's stock increases, employees participating in the plan receive a payout, which can be a significant financial incentive. This provides a unique opportunity for employees to participate in the growth and success of the company, without directly buying or owning actual shares of stock. The Orange California Book Value Phantom Stock Plan has different variations to accommodate employees at different levels within the bank. These variations may include executive or managerial tiers, as well as employee-specific criteria. By tailoring the plan to different employee groups, First Florida Banks, Inc. aims to incentivize and retain key talent while ensuring that the plan remains fair and equitable for all participants. In conclusion, the Orange California Book Value Phantom Stock Plan of First Florida Banks, Inc. is a distinctive compensation program that offers employees a non-cash incentive based on the book value of the company's stock. With different variations to accommodate employees at various levels, this plan provides a unique opportunity for employees to participate in the financial success of the company.