San Antonio Texas Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• City: San Antonio
• 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 San Antonio Texas Book Value Phantom Stock Plan is a compensation plan offered by First Florida Banks, Inc. to its employees. This plan allows employees to receive virtual shares of stock, known as phantom stock, based on the book value of the company. Here is a detailed description and explanation of the San Antonio Texas Book Value Phantom Stock Plan, along with some highlights and variations: 1. San Antonio Texas Book Value Phantom Stock Plan: — This plan is designed to reward employees of First Florida Banks, Inc. based in San Antonio, Texas. — It offers an incentive to employees by providing them with virtual shares of stock, known as phantom stock. — The phantom stock value is determined by the book value of the company. — Book value refers to the net worth of a company, calculated by subtracting liabilities from assets. 2. Features and Benefits: — Participation in the San Antonio Texas Book Value Phantom Stock Plan allows employees to indirectly participate in the company's growth and success. — As the book value increases, the value of the phantom stock also increases, potentially resulting in higher rewards for employees. — It serves as a long-term incentive, encouraging loyalty and dedication among employees. — The plan can help align the interests of employees with the overall financial performance of the company. 3. Calculation and Vesting: — The value of phantom stock is calculated based on the book value of First Florida Banks, Inc. — Employees receive virtual shares equivalent to a certain percentage of the book value. — The plan may have a vesting schedule, requiring employees to fulfill specific requirements or remain with the company for a predetermined period to receive the full benefit of the plan. 4. Variations or Types of San Antonio Texas Book Value Phantom Stock Plan: — While the San Antonio Texas Book Value Phantom Stock Plan generally follows the above principles, it may have variations based on specific terms and conditions set by First Florida Banks, Inc. — One variation could be the inclusion of performance metrics or financial goals that further determine the value of the phantom stock. — Another variation might involve different vesting schedules or eligibility criteria based on job positions or tenure within the company. In conclusion, the San Antonio Texas Book Value Phantom Stock Plan offered by First Florida Banks, Inc. provides employees with virtual shares of stock, reflecting the book value of the company. This compensation plan serves as a long-term incentive, encouraging employee loyalty and aligning their interests with the company's financial performance. While variations may exist, the plan generally follows the principles of calculation based on book value and may have additional factors such as performance metrics or different vesting schedules.

San Antonio Texas Book Value Phantom Stock Plan is a compensation plan offered by First Florida Banks, Inc. to its employees. This plan allows employees to receive virtual shares of stock, known as phantom stock, based on the book value of the company. Here is a detailed description and explanation of the San Antonio Texas Book Value Phantom Stock Plan, along with some highlights and variations: 1. San Antonio Texas Book Value Phantom Stock Plan: — This plan is designed to reward employees of First Florida Banks, Inc. based in San Antonio, Texas. — It offers an incentive to employees by providing them with virtual shares of stock, known as phantom stock. — The phantom stock value is determined by the book value of the company. — Book value refers to the net worth of a company, calculated by subtracting liabilities from assets. 2. Features and Benefits: — Participation in the San Antonio Texas Book Value Phantom Stock Plan allows employees to indirectly participate in the company's growth and success. — As the book value increases, the value of the phantom stock also increases, potentially resulting in higher rewards for employees. — It serves as a long-term incentive, encouraging loyalty and dedication among employees. — The plan can help align the interests of employees with the overall financial performance of the company. 3. Calculation and Vesting: — The value of phantom stock is calculated based on the book value of First Florida Banks, Inc. — Employees receive virtual shares equivalent to a certain percentage of the book value. — The plan may have a vesting schedule, requiring employees to fulfill specific requirements or remain with the company for a predetermined period to receive the full benefit of the plan. 4. Variations or Types of San Antonio Texas Book Value Phantom Stock Plan: — While the San Antonio Texas Book Value Phantom Stock Plan generally follows the above principles, it may have variations based on specific terms and conditions set by First Florida Banks, Inc. — One variation could be the inclusion of performance metrics or financial goals that further determine the value of the phantom stock. — Another variation might involve different vesting schedules or eligibility criteria based on job positions or tenure within the company. In conclusion, the San Antonio Texas Book Value Phantom Stock Plan offered by First Florida Banks, Inc. provides employees with virtual shares of stock, reflecting the book value of the company. This compensation plan serves as a long-term incentive, encouraging employee loyalty and aligning their interests with the company's financial performance. While variations may exist, the plan generally follows the principles of calculation based on book value and may have additional factors such as performance metrics or different vesting schedules.