Salt Lake Utah Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Salt Lake
• 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 Salt Lake City, Utah is home to the headquarters of First Florida Banks, Inc., a prominent financial institution that offers various investment plans and programs. One notable plan is the Salt Lake Utah Book Value Phantom Stock Plan, which allows employees and executives of the bank to participate in a unique stock ownership arrangement. This plan offers the opportunity for participants to earn stock appreciation rights based on the book value of the company's stock. The Salt Lake Utah Book Value Phantom Stock Plan is designed to reward employees for their dedication, performance, and loyalty to First Florida Banks, Inc. It aims to align the interests of the employees with the overall success of the bank, fostering a sense of ownership and motivation among participants. This plan enables employees to benefit from the growth and performance of the company's stock, even if they don't actually own the stock itself. Under the Salt Lake Utah Book Value Phantom Stock Plan, participants receive virtual phantom stock units equivalent to the book value of the company's common stock. These units mirror the value and performance of the actual stock, allowing employees to track its performance over time. As the book value of the stock increases, so does the value of the phantom stock units, providing participants with a potential financial reward. The Salt Lake Utah Book Value Phantom Stock Plan offers flexibility in granting these phantom stock units. It may be granted to certain key employees, executives, or even to a broader range of employees within the bank, depending on the specific terms and conditions established by First Florida Banks, Inc. The plan typically includes a vesting schedule, determining when participants are eligible to receive the benefits of their phantom stock units. By implementing the Salt Lake Utah Book Value Phantom Stock Plan, First Florida Banks, Inc. demonstrates its commitment to recognizing and rewarding employee contributions while strengthening its overall performance. This plan encourages employees to actively contribute to the bank's success by aligning their interests with those of the shareholders. It also acts as a valuable retention tool, incentivizing employees to remain with the company over the long term. In summary, the Salt Lake Utah Book Value Phantom Stock Plan of First Florida Banks, Inc. is an innovative program that enables employees to receive virtual phantom stock units based on the book value of the company's stock. This plan promotes employee engagement, loyalty, and aligns their interests with the bank's overall success. It is one of the many investment plans offered by First Florida Banks, Inc. to attract and retain talented individuals within its workforce.

Salt Lake City, Utah is home to the headquarters of First Florida Banks, Inc., a prominent financial institution that offers various investment plans and programs. One notable plan is the Salt Lake Utah Book Value Phantom Stock Plan, which allows employees and executives of the bank to participate in a unique stock ownership arrangement. This plan offers the opportunity for participants to earn stock appreciation rights based on the book value of the company's stock. The Salt Lake Utah Book Value Phantom Stock Plan is designed to reward employees for their dedication, performance, and loyalty to First Florida Banks, Inc. It aims to align the interests of the employees with the overall success of the bank, fostering a sense of ownership and motivation among participants. This plan enables employees to benefit from the growth and performance of the company's stock, even if they don't actually own the stock itself. Under the Salt Lake Utah Book Value Phantom Stock Plan, participants receive virtual phantom stock units equivalent to the book value of the company's common stock. These units mirror the value and performance of the actual stock, allowing employees to track its performance over time. As the book value of the stock increases, so does the value of the phantom stock units, providing participants with a potential financial reward. The Salt Lake Utah Book Value Phantom Stock Plan offers flexibility in granting these phantom stock units. It may be granted to certain key employees, executives, or even to a broader range of employees within the bank, depending on the specific terms and conditions established by First Florida Banks, Inc. The plan typically includes a vesting schedule, determining when participants are eligible to receive the benefits of their phantom stock units. By implementing the Salt Lake Utah Book Value Phantom Stock Plan, First Florida Banks, Inc. demonstrates its commitment to recognizing and rewarding employee contributions while strengthening its overall performance. This plan encourages employees to actively contribute to the bank's success by aligning their interests with those of the shareholders. It also acts as a valuable retention tool, incentivizing employees to remain with the company over the long term. In summary, the Salt Lake Utah Book Value Phantom Stock Plan of First Florida Banks, Inc. is an innovative program that enables employees to receive virtual phantom stock units based on the book value of the company's stock. This plan promotes employee engagement, loyalty, and aligns their interests with the bank's overall success. It is one of the many investment plans offered by First Florida Banks, Inc. to attract and retain talented individuals within its workforce.