Wayne Michigan Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Wayne
• 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 Wayne Michigan Book Value Phantom Stock Plan of First Florida Banks, Inc. The Wayne Michigan Book Value Phantom Stock Plan is a unique compensation program introduced by First Florida Banks, Inc. for its employees, particularly those stationed in Wayne, Michigan. This plan allows eligible participants to receive benefits similar to actual stock ownership, but without involving the issuance of actual shares. This innovative plan operates based on the book value of the company's stock, which reflects the net worth of the organization. The book value is determined by subtracting the liabilities from the assets. By utilizing this approach, First Florida Banks, Inc. aims to motivate and reward its employees based on the overall financial performance of the organization. The Wayne Michigan Book Value Phantom Stock Plan offers several benefits to the participating employees. Firstly, it grants them a sense of ownership and alignment with the company's success, fostering a strong connection between employees and the organization's objectives. Secondly, it provides a means for employees to accumulate a stake in the company's growth and profitability without requiring any actual investment. This plan operates by attributing phantom stock units to the eligible participants. These units represent a hypothetical share in the company's stock. The value of these units is directly linked to the book value of the organization. As the company's book value increases, the value of the phantom stock units also rises, creating a financial incentive for participants. Employees who participate in the Wayne Michigan Book Value Phantom Stock Plan become eligible for benefits upon meeting specific criteria, such as a minimum period of service or performance targets. The plan may have different tiers or levels based on the employee's position, tenure, or performance, allowing for customization and differentiation among employees. Another variant of the Wayne Michigan Book Value Phantom Stock Plan might be the "Executive Book Value Phantom Stock Plan." This plan specifically targets executives within First Florida Banks, Inc., providing them with a more extensive range of benefits and potential rewards based on their influential roles within the organization. In summary, the Wayne Michigan Book Value Phantom Stock Plan introduced by First Florida Banks, Inc. represents an innovative compensation program designed to motivate and reward employees. By linking the value of phantom stock units to the company's book value, employees can accumulate a stake in the organization's growth and success, fostering a sense of ownership and alignment. Different variants of the plan, such as the Executive Book Value Phantom Stock Plan, may exist based on the employee's position and level within the company.

Wayne Michigan Book Value Phantom Stock Plan of First Florida Banks, Inc. The Wayne Michigan Book Value Phantom Stock Plan is a unique compensation program introduced by First Florida Banks, Inc. for its employees, particularly those stationed in Wayne, Michigan. This plan allows eligible participants to receive benefits similar to actual stock ownership, but without involving the issuance of actual shares. This innovative plan operates based on the book value of the company's stock, which reflects the net worth of the organization. The book value is determined by subtracting the liabilities from the assets. By utilizing this approach, First Florida Banks, Inc. aims to motivate and reward its employees based on the overall financial performance of the organization. The Wayne Michigan Book Value Phantom Stock Plan offers several benefits to the participating employees. Firstly, it grants them a sense of ownership and alignment with the company's success, fostering a strong connection between employees and the organization's objectives. Secondly, it provides a means for employees to accumulate a stake in the company's growth and profitability without requiring any actual investment. This plan operates by attributing phantom stock units to the eligible participants. These units represent a hypothetical share in the company's stock. The value of these units is directly linked to the book value of the organization. As the company's book value increases, the value of the phantom stock units also rises, creating a financial incentive for participants. Employees who participate in the Wayne Michigan Book Value Phantom Stock Plan become eligible for benefits upon meeting specific criteria, such as a minimum period of service or performance targets. The plan may have different tiers or levels based on the employee's position, tenure, or performance, allowing for customization and differentiation among employees. Another variant of the Wayne Michigan Book Value Phantom Stock Plan might be the "Executive Book Value Phantom Stock Plan." This plan specifically targets executives within First Florida Banks, Inc., providing them with a more extensive range of benefits and potential rewards based on their influential roles within the organization. In summary, the Wayne Michigan Book Value Phantom Stock Plan introduced by First Florida Banks, Inc. represents an innovative compensation program designed to motivate and reward employees. By linking the value of phantom stock units to the company's book value, employees can accumulate a stake in the organization's growth and success, fostering a sense of ownership and alignment. Different variants of the plan, such as the Executive Book Value Phantom Stock Plan, may exist based on the employee's position and level within the company.