First Financial Security, Inc. Announces Equity Award Grants for Independent Contractors

News provided by

Apr 26, 2023, 11:17 ET

JOHNS CREEK, Ga., April 26, 2023 /PRNewswire/ -- First Financial Security, Inc. ("FFS") today announced that the company's Board of Directors has approved a program under which equity awards are granted to its independent contractors for their contribution to the success of FFS (the "Restricted Stock Plan"). The new Restricted Stock Plan is effective as of April 5, 2023, and has begun distributing Award Agreements to qualified award recipients. Distribution of Award Agreements is expected to be complete by April 30, 2023. FFS anticipates that all award grants will be issued by mid-July 2023.

Under the Restricted Stock Plan, independent contractors who meet certain qualification requirements will receive restricted stock awards. The restricted stock award will specify how many shares of restricted stock are granted and will also include a vesting schedule designating the amount of time that they must continue to work with FFS in order to own the shares.

Once the stock is fully vested, the independent contractor becomes a partner with the other owners of FFS. They will share in FFS's profits together with other shareholders based on their percentage ownership of FFS. At any time after the stock vests, the Restricted Stock Plan participants may sell part or all of the shares that are owned. The Restricted Stock Plan provides qualified independent contractors the opportunity to experience increasing value as FFS grows. It also allows them to take part in the company's future gains.

FFS is using the Carta platform to manage equity, valuations, compliance and liquidity. Carta is a global ownership management platform that currently serves 30,000 companies globally, helping their investors and employees manage equity and ownership.

"We are committed to offering our agents a stake in what they've helped build, as well as liquidity if they need it. This is not a promise of a future payout with the hope of an event happening in the future. Our agents will have stock in their hands with real value as soon as they are vested," states Phil Gerlicher, Chairman of FFS.

FFS is a national brokerage agency that works to equip, train, and support independent licensed insurance representatives to deliver innovative financial products to households across America. For more information, visit www.firstfinancialsecurity.com.

SOURCE First Financial Security, Inc