Wake North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Wake
• 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 Wake North Carolina Book Value Phantom Stock Plan is a unique financial program offered by First Florida Banks, Inc. This plan allows employees of First Florida Banks, Inc., specifically in the Wake North Carolina region, to have access to phantom stock benefits based on the book value of the company's stocks. The plan aims to provide employees with the opportunity to benefit from the company's growth without actually owning the physical stock. The Wake North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. is specifically tailored for employees working in the Wake North Carolina area. It is designed to reward them for their contribution and commitment to the company's success. By participating in this plan, employees receive phantom stock units that directly correlate with the book value of the company's stock. Phantom stock units are not actual shares of stock, but rather hypothetical units that mimic the value and performance of the company's shares. The book value of the company's stock serves as the foundation for the calculation and allocation of these phantom stock units. This means that employees can reap the benefits of the company's growth as the book value of the stock increases. One of the key advantages of the Wake North Carolina Book Value Phantom Stock Plan is that it allows employees to accumulate phantom stock units over a specified period of time. This accumulation provides employees the potential to receive a substantial payout when the units are eventually settled. The settlement typically happens upon retirement, termination, or a predetermined event, as outlined in the plan. Another significant advantage of this plan is its flexibility. Employees have the option to customize their participation according to their personal needs and financial goals. They can choose to contribute a predetermined percentage of their salary towards acquiring phantom stock units. Additionally, employees may also have the ability to directly purchase additional phantom stock units through a separate cash purchase program. It's important to note that there may be different variations of the Wake North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. These variations could include differences in vesting schedules, eligibility criteria, or the specific way in which the book value is calculated. However, all variations ultimately serve the same purpose of providing employees with a valuable incentive and potential financial reward tied to the company's growth. In conclusion, the Wake North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. offers employees in the Wake North Carolina region the opportunity to participate in a unique financial program that grants them phantom stock units based on the book value of the company's stock. This plan is flexible, customizable, and serves as a rewarding incentive for employees who contribute to the success of First Florida Banks, Inc. Variations of this plan may exist, but they all aim to provide employees a pathway to benefit from the company's growth.

Wake North Carolina Book Value Phantom Stock Plan is a unique financial program offered by First Florida Banks, Inc. This plan allows employees of First Florida Banks, Inc., specifically in the Wake North Carolina region, to have access to phantom stock benefits based on the book value of the company's stocks. The plan aims to provide employees with the opportunity to benefit from the company's growth without actually owning the physical stock. The Wake North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. is specifically tailored for employees working in the Wake North Carolina area. It is designed to reward them for their contribution and commitment to the company's success. By participating in this plan, employees receive phantom stock units that directly correlate with the book value of the company's stock. Phantom stock units are not actual shares of stock, but rather hypothetical units that mimic the value and performance of the company's shares. The book value of the company's stock serves as the foundation for the calculation and allocation of these phantom stock units. This means that employees can reap the benefits of the company's growth as the book value of the stock increases. One of the key advantages of the Wake North Carolina Book Value Phantom Stock Plan is that it allows employees to accumulate phantom stock units over a specified period of time. This accumulation provides employees the potential to receive a substantial payout when the units are eventually settled. The settlement typically happens upon retirement, termination, or a predetermined event, as outlined in the plan. Another significant advantage of this plan is its flexibility. Employees have the option to customize their participation according to their personal needs and financial goals. They can choose to contribute a predetermined percentage of their salary towards acquiring phantom stock units. Additionally, employees may also have the ability to directly purchase additional phantom stock units through a separate cash purchase program. It's important to note that there may be different variations of the Wake North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. These variations could include differences in vesting schedules, eligibility criteria, or the specific way in which the book value is calculated. However, all variations ultimately serve the same purpose of providing employees with a valuable incentive and potential financial reward tied to the company's growth. In conclusion, the Wake North Carolina Book Value Phantom Stock Plan of First Florida Banks, Inc. offers employees in the Wake North Carolina region the opportunity to participate in a unique financial program that grants them phantom stock units based on the book value of the company's stock. This plan is flexible, customizable, and serves as a rewarding incentive for employees who contribute to the success of First Florida Banks, Inc. Variations of this plan may exist, but they all aim to provide employees a pathway to benefit from the company's growth.