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

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: San Bernardino
• 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 San Bernardino California Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is a unique investment opportunity that aims to provide participants with the benefits of stock ownership without actual ownership of the company's shares. This plan is specifically tailored for individuals interested in the banking industry and seeks to reward the participants based on the book value growth of First Florida Banks, Inc. By implementing the Book Value Phantom Stock Plan, First Florida Banks, Inc. offers a creative compensation structure to its employees, executives, and directors. This plan allows these key individuals to have a stake in the company's financial success and aligns their interests with the long-term growth of the bank. The Book Values Phantom Stock Plan operates by assigning phantom stock units to the participants. These units are not actual shares of the company but rather represent hypothetical investments in the bank's book value. The book value is a measure of the company's net worth, calculated by subtracting liabilities from assets. Participants in the San Bernardino California Book Value Phantom Stock Plan are eligible to receive dividends, if and when declared, based on the number of phantom stock units they hold. Dividends are typically paid in cash or additional phantom stock units, further enhancing the participant's beneficial interest in the plan. As First Florida Banks, Inc. grows and its book value increases, the value of the phantom stock units held by the participants also rises. Participants can track their investments' progress through periodic statements provided by the bank, which detail the book value growth over time. These statements are crucial in informing participants about potential gains and the value they would ultimately receive upon plan maturity. It's important to note that there may be different types of the San Bernardino California Book Value Phantom Stock Plan offered by First Florida Banks, Inc., customized to meet the needs of different categories of participants such as employees, executives, and directors. Each plan variant could have specific eligibility criteria, vesting periods, payout terms, and other customized features to align with the unique requirements of these groups. Overall, the San Bernardino California Book Value Phantom Stock Plan of First Florida Banks, Inc. presents an intriguing opportunity for participants to benefit from the bank's growth and success without directly owning shares. This innovative compensation approach fosters a sense of ownership and accountability, creating a win-win situation for both the participants and the bank.

The San Bernardino California Book Value Phantom Stock Plan offered by First Florida Banks, Inc. is a unique investment opportunity that aims to provide participants with the benefits of stock ownership without actual ownership of the company's shares. This plan is specifically tailored for individuals interested in the banking industry and seeks to reward the participants based on the book value growth of First Florida Banks, Inc. By implementing the Book Value Phantom Stock Plan, First Florida Banks, Inc. offers a creative compensation structure to its employees, executives, and directors. This plan allows these key individuals to have a stake in the company's financial success and aligns their interests with the long-term growth of the bank. The Book Values Phantom Stock Plan operates by assigning phantom stock units to the participants. These units are not actual shares of the company but rather represent hypothetical investments in the bank's book value. The book value is a measure of the company's net worth, calculated by subtracting liabilities from assets. Participants in the San Bernardino California Book Value Phantom Stock Plan are eligible to receive dividends, if and when declared, based on the number of phantom stock units they hold. Dividends are typically paid in cash or additional phantom stock units, further enhancing the participant's beneficial interest in the plan. As First Florida Banks, Inc. grows and its book value increases, the value of the phantom stock units held by the participants also rises. Participants can track their investments' progress through periodic statements provided by the bank, which detail the book value growth over time. These statements are crucial in informing participants about potential gains and the value they would ultimately receive upon plan maturity. It's important to note that there may be different types of the San Bernardino California Book Value Phantom Stock Plan offered by First Florida Banks, Inc., customized to meet the needs of different categories of participants such as employees, executives, and directors. Each plan variant could have specific eligibility criteria, vesting periods, payout terms, and other customized features to align with the unique requirements of these groups. Overall, the San Bernardino California Book Value Phantom Stock Plan of First Florida Banks, Inc. presents an intriguing opportunity for participants to benefit from the bank's growth and success without directly owning shares. This innovative compensation approach fosters a sense of ownership and accountability, creating a win-win situation for both the participants and the bank.