Minnesota 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 Minnesota Stock Option Plan of WSFS Financial Corporation is a comprehensive employee benefit program designed to incentivize and reward employees of the company through stock-based compensation. This plan provides eligible employees with the opportunity to purchase company stocks at a predetermined price within a specified time frame. The Minnesota Stock Option Plan is a significant component of WSFS Financial Corporation's overall compensation package. It aims to align the interests of employees with those of the shareholders, fostering a sense of ownership and commitment. Employees who participate in the plan have the potential to financially benefit from the company's success and growth in the stock market. Under this plan, there are different types of stock options available, providing employees with various methods to acquire and exercise stock options. These types include: 1. Incentive Stock Options (SOS): These are qualified stock options that offer favorable tax treatment to the employees if specific holding period requirements are met. SOS typically have strict eligibility criteria and are intended for key employees and executives. 2. Non-Qualified Stock Options (Nests): Non-qualified stock options are more flexible than SOS and can be granted to employees at all levels. However, they do not enjoy the same favorable tax treatment as SOS. Nests are subject to income tax upon exercise, based on the difference between the fair market value of the stock and the exercise price. 3. Employee Stock Purchase Plan (ESPN): The ESPN is an additional component of the Minnesota Stock Option Plan, allowing eligible employees to purchase company stocks at a discounted price. This program often offers a convenient payroll deduction feature, making it easier for employees to accumulate shares over time. The Minnesota Stock Option Plan of WSFS Financial Corporation is governed by specific rules, regulations, and vesting schedules. These guidelines ensure that stock options are granted, exercised, and vested in a fair and transparent manner. Additionally, the plan may have certain provisions for stock option repricing, early or late exercise, and treatment of stock options in the event of employee termination, retirement, or other special circumstances. Overall, the Minnesota Stock Option Plan serves as a valuable tool for attracting, motivating, and retaining talented employees within WSFS Financial Corporation. It fosters a culture of shared ownership and aligns the goals of employees and the company, ultimately driving long-term success and value creation.