Alaska Stock Option Plan of WSFS Financial Corporation

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-352B
• Format: Word; Rich Text

Description

18-352B 18-352B . . . Stock Option Plan under which committee appointed by Board of Directors can grant (a) Incentive Stock Options, (b) Non-qualified Stock Options, (c) Stand-alone or Tandem Stock Appreciation Rights, and (d) Phantom Stock (which entitles recipient to receive in cash when share vests, an amount equal to sum of (x) fair market value of a share of stock on date when such share of Phantom Stock vests and (y) aggregate amount of cash dividends paid with respect to a share of stock during period between date share of Phantom Stock was granted and date on which such share vests). Committee has broad discretion at time of making Phantom Stock awards to impose conditions that must be satisfied in order for Phantom Stock to become vested

The Alaska Stock Option Plan is a unique employee benefit program offered by WSFS Financial Corporation, a leading financial institution. This plan provides employees and executives with the opportunity to purchase company stocks at a predetermined price, known as the exercise price, within a specific timeframe. As an attractive employee incentive, the Alaska Stock Option Plan allows participants to benefit from the growth and success of WSFS Financial Corporation. By granting employees the ability to purchase stocks at a fixed price, the plan encourages loyalty, motivation, and a sense of ownership among the workforce. There are two primary types of Alaska Stock Option Plans offered by WSFS Financial Corporation: 1. Non-Qualified Stock Option Plan: This type of plan is designed for employees and provides the flexibility to grant stock options outside strict IRS guidelines. Participants in the Non-Qualified Stock Option Plan enjoy the advantage of having more control over exercising their options. The plan offers greater potential for financial gain as taxes are imposed only upon the sale of the stocks. 2. Incentive Stock Option Plan: This plan is specifically tailored for executives and key employees. The Incentive Stock Option Plan adheres to the guidelines set by the IRS and offers tax advantages. When employees exercise their stock options under this plan, they may qualify for special tax treatment, such as capital gains tax rates upon the sale of the stocks. Participants in both types of Alaska Stock Option Plans can benefit from the potential appreciation in WSFS Financial Corporation's stock value over time. The plans play a vital role in attracting and retaining talented individuals, aligning their interests with the long-term success and growth of the company. It's important to note that the specific terms and conditions of the Alaska Stock Option Plan may vary based on individual circumstances, employment agreements, and the company's overall performance. Employees interested in participating in the plan should refer to the official plan documents and consult with company representatives or financial advisors for more detailed information.