Florida 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

Florida Stock Option Plan is a program offered by WSFS Financial Corporation, a renowned financial services company operating in Florida. This plan aims to provide its employees with an opportunity to purchase company stock at a predetermined price within a specified time frame. It's one of the several types of stock option plans offered by WSFS Financial Corporation to incentivize and reward its employees. The Florida Stock Option Plan is designed to align the interests of employees with those of the company, fostering long-term dedication and commitment from the workforce. Through this program, employees are granted the right to purchase a specific number of shares at a predetermined price, known as the exercise or strike price. The strike price is generally set at the current market value of the stock on the date of grant. Employees of WSFS Financial Corporation can take advantage of the Florida Stock Option Plan after a designated service period, typically a year or more. This requirement ensures that employees have a vested interest in the company's long-term success before exercising their stock options. The Florida Stock Option Plan may have different types or provisions, depending on the specific terms set forth by WSFS Financial Corporation. Some variations include: 1. Non-Qualified Stock Options (Nests): These options do not qualify for preferential tax treatment and are typically granted to a broader range of employees. 2. Incentive Stock Options (SOS): These stock options provide potential tax advantages to employees. SOS are subject to specific rules and must comply with IRS requirements to maintain their beneficial tax treatment. 3. Restricted Stock Units (RSS): RSS are another form of equity compensation offered under the Florida Stock Option Plan. Instead of options, RSS grant employees actual ownership units or shares once certain conditions, such as a predetermined vesting period, are met. 4. Performance Stock Options: This type of stock option may be tied to certain performance metrics or goals set by the company. Employees can exercise these options only if specific performance targets are achieved, further aligning their interests with the company's success. 5. Employee Stock Purchase Plans (ESPN): ESPN aren't purely stock options but rather a separate program offered by WSFS Financial Corporation. They enable employees to purchase company stock at a discounted price during designated enrollment periods. It's important to note that the specific terms, eligibility, exercise periods, and other provisions of the Florida Stock Option Plan may vary and are typically disclosed in the official plan documents provided by WSFS Financial Corporation. Employees should carefully review these documents to understand their rights, obligations, and potential benefits under the plan.