New Hampshire 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 New Hampshire Stock Option Plan offered by WSFS Financial Corporation is a comprehensive program designed to incentivize and reward employees with an opportunity to acquire ownership in the company. This plan is specifically available to employees based in New Hampshire and ensures they have an additional stake in the success of the corporation. Key Features of New Hampshire Stock Option Plan: 1. Long-term Employee Ownership: The New Hampshire Stock Option Plan aims to align the interests of employees with those of the company's shareholders in the long run. By providing stock options, employees are motivated to contribute to the growth and profitability of WSFS Financial Corporation. 2. Stock Options: The plan grants eligible employees the right to purchase a certain number of company shares at a predetermined price, referred to as the option price. These options are subject to a vesting period during which employees need to fulfill certain service requirements before exercising their options. 3. Vesting Schedule: The plan typically adopts a vesting schedule that outlines the timeline for employees to become fully entitled to exercise their stock options. This ensures employee retention and encourages loyalty to the organization. 4. Exercise Price: The exercise price is the predetermined amount at which employees can purchase the company's stock when exercising their stock options. It is usually set at the fair market value at the time of granting the options, ensuring employees can benefit from future stock price appreciation. 5. Tax Implications: As per the guidelines of the New Hampshire Stock Option Plan, employees may be subject to specific tax regulations upon exercising their options. It is crucial for participants to consult with a tax advisor to understand the potential tax liabilities associated with stock options. WSFS Financial Corporation may offer different variations of the New Hampshire Stock Option Plan to cater to various employee classifications or organizational requirements. Some potential types or variations of this plan may include: 1. Employee Tiered Stock Option: WSFS Financial Corporation may establish different stock option programs corresponding to different employee levels or job positions. This allows the company to align the benefits and incentives with specific roles and responsibilities. 2. Performance-based Stock Option: In certain instances, WSFS Financial Corporation may introduce a performance-based stock option plan where stock options are granted based on achieving predetermined performance targets or goals. This approach effectively reinforces the correlation between individual performance and rewards. 3. Restricted Stock Units (RSS): While RSS are not technically stock options, they are often included within the broader stock-based compensation plans. WSFS Financial Corporation may incorporate RSS as an alternative or in addition to traditional stock options, providing employees with ownership rights in the form of stock units instead of stock options. It's important to note that the specific details and variations of the New Hampshire Stock Option Plan would be outlined in the official plan documentation provided to eligible employees.