Suffolk New York Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Suffolk
• 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 Suffolk New York Book Value Phantom Stock Plan is a compensation plan offered by First Florida Banks, Inc. It is designed to incentivize and reward key employees based on the bank's book value growth over a specific period. This plan is unique to the Suffolk County, New York region and tailored to employees in that area. The Book Values Phantom Stock Plan operates by allocating a phantom stock unit to eligible employees. These units track the value of the bank's book value per share. As the book value increases, the value of the phantom stock unit also appreciates, offering employees a financial incentive tied directly to the company's performance. There are several types of Book Value Phantom Stock Plans offered by First Florida Banks, Inc. In addition to the Suffolk New York plan, there may be similar plans in other regions where First Florida Banks operates. However, these plans may have unique terms, eligibility criteria, and geographical limitations. The benefits of participating in the Suffolk New York Book Value Phantom Stock Plan include the potential for significant financial gains, as the plan rewards employees based on the bank's success. Furthermore, this plan aligns employees' interests with the company's long-term growth and profitability objectives. To qualify for participation in the Suffolk New York Book Value Phantom Stock Plan, employees must meet specific criteria, which may include job level, performance targets, and tenure. The plan aims to motivate and retain talented individuals who contribute to the bank's growth and success. Employees who participate in the Suffolk New York Book Value Phantom Stock Plan can expect regular updates on the bank's book value and the corresponding value of their phantom stock units. These updates serve to increase transparency and engagement, enabling employees to track their progress towards achieving their financial goals. In conclusion, the Suffolk New York Book Value Phantom Stock Plan is a tailored compensation plan offered by First Florida Banks, Inc. in the Suffolk County, New York region. It incentivizes employees based on the bank's book value growth and aligns their interests with the company's long-term success. Through phantom stock units, eligible employees have the opportunity to earn significant financial rewards tied to the bank's performance.

The Suffolk New York Book Value Phantom Stock Plan is a compensation plan offered by First Florida Banks, Inc. It is designed to incentivize and reward key employees based on the bank's book value growth over a specific period. This plan is unique to the Suffolk County, New York region and tailored to employees in that area. The Book Values Phantom Stock Plan operates by allocating a phantom stock unit to eligible employees. These units track the value of the bank's book value per share. As the book value increases, the value of the phantom stock unit also appreciates, offering employees a financial incentive tied directly to the company's performance. There are several types of Book Value Phantom Stock Plans offered by First Florida Banks, Inc. In addition to the Suffolk New York plan, there may be similar plans in other regions where First Florida Banks operates. However, these plans may have unique terms, eligibility criteria, and geographical limitations. The benefits of participating in the Suffolk New York Book Value Phantom Stock Plan include the potential for significant financial gains, as the plan rewards employees based on the bank's success. Furthermore, this plan aligns employees' interests with the company's long-term growth and profitability objectives. To qualify for participation in the Suffolk New York Book Value Phantom Stock Plan, employees must meet specific criteria, which may include job level, performance targets, and tenure. The plan aims to motivate and retain talented individuals who contribute to the bank's growth and success. Employees who participate in the Suffolk New York Book Value Phantom Stock Plan can expect regular updates on the bank's book value and the corresponding value of their phantom stock units. These updates serve to increase transparency and engagement, enabling employees to track their progress towards achieving their financial goals. In conclusion, the Suffolk New York Book Value Phantom Stock Plan is a tailored compensation plan offered by First Florida Banks, Inc. in the Suffolk County, New York region. It incentivizes employees based on the bank's book value growth and aligns their interests with the company's long-term success. Through phantom stock units, eligible employees have the opportunity to earn significant financial rewards tied to the bank's performance.