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

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• City: Phoenix
• 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 Phoenix Arizona Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique employee compensation program designed to offer certain benefits and incentives to employees of First Florida Banks, Inc., specifically those based in Phoenix, Arizona. This plan, which is structured around the concept of phantom stocks, is an effective way for the bank to reward and retain its valuable workforce. The book values phantom stock plan is divided into several types, each catering to different employee levels and roles within First Florida Banks, Inc. These types include: 1. Executive Level Phantom Stock Plan: This plan is tailored for high-level executives within the bank, such as the CEO, CFO, and other members of the executive team. It aims to provide them with an additional financial incentive tied to the book value of the company. 2. Managerial Level Phantom Stock Plan: Designed for managers and supervisors within the organization, this plan grants them a similar opportunity to partake in the bank's success through phantom stocks linked to the company's book value. 3. Employee Level Phantom Stock Plan: The most widespread plan, this scheme is open to all regular employees of First Florida Banks, Inc. It aims to foster a sense of ownership and financial participation among employees by offering them the chance to benefit from the bank's book value growth. The main concept behind the Phoenix Arizona Book Value Phantom Stock Plan is that participating employees receive hypothetical stocks, known as phantom stocks, linked directly to the book value of First Florida Banks, Inc. These phantom stocks mimic the value of actual company shares without any real ownership. As the book value of the bank increases, so does the value of the phantom stocks held by the employee. At regular intervals, typically annually, participants in the plan receive payouts or incentives based on the appreciation of their phantom stocks. The amount of payout is directly proportional to the increase in the bank's book value during that period. This creates a direct financial interest for employees in the success and growth of the company, strengthening their commitment and motivation. The Phoenix Arizona Book Value Phantom Stock Plan of First Florida Banks, Inc. serves as a powerful tool to align the interests of the bank and its employees. By offering the potential for financial rewards tied to the company's book value, it fosters a sense of ownership, encourages long-term dedication, and cultivates a culture of shared success within the organization.

The Phoenix Arizona Book Value Phantom Stock Plan of First Florida Banks, Inc. is a unique employee compensation program designed to offer certain benefits and incentives to employees of First Florida Banks, Inc., specifically those based in Phoenix, Arizona. This plan, which is structured around the concept of phantom stocks, is an effective way for the bank to reward and retain its valuable workforce. The book values phantom stock plan is divided into several types, each catering to different employee levels and roles within First Florida Banks, Inc. These types include: 1. Executive Level Phantom Stock Plan: This plan is tailored for high-level executives within the bank, such as the CEO, CFO, and other members of the executive team. It aims to provide them with an additional financial incentive tied to the book value of the company. 2. Managerial Level Phantom Stock Plan: Designed for managers and supervisors within the organization, this plan grants them a similar opportunity to partake in the bank's success through phantom stocks linked to the company's book value. 3. Employee Level Phantom Stock Plan: The most widespread plan, this scheme is open to all regular employees of First Florida Banks, Inc. It aims to foster a sense of ownership and financial participation among employees by offering them the chance to benefit from the bank's book value growth. The main concept behind the Phoenix Arizona Book Value Phantom Stock Plan is that participating employees receive hypothetical stocks, known as phantom stocks, linked directly to the book value of First Florida Banks, Inc. These phantom stocks mimic the value of actual company shares without any real ownership. As the book value of the bank increases, so does the value of the phantom stocks held by the employee. At regular intervals, typically annually, participants in the plan receive payouts or incentives based on the appreciation of their phantom stocks. The amount of payout is directly proportional to the increase in the bank's book value during that period. This creates a direct financial interest for employees in the success and growth of the company, strengthening their commitment and motivation. The Phoenix Arizona Book Value Phantom Stock Plan of First Florida Banks, Inc. serves as a powerful tool to align the interests of the bank and its employees. By offering the potential for financial rewards tied to the company's book value, it fosters a sense of ownership, encourages long-term dedication, and cultivates a culture of shared success within the organization.