The New Jersey Adoption of Stock Option Plan of WSFS Financial Corporation is a comprehensive program designed to incentivize and reward employees through the allocation of stock options. These plans serve as a means for employees to purchase company shares at a predetermined price, usually referred to as the exercise or strike price. WSFS Financial Corporation, a prominent financial services company operating primarily in the New Jersey area, offers various types of stock option plans to its employees. These include the Non-Qualified Stock Option (NO) plan and the Incentive Stock Option (ISO) plan. The NO plan provides employees with the opportunity to purchase company stock at a specific price within a designated timeframe, usually granted as part of their overall compensation package. This plan offers flexibility, as it is not subject to the same strict regulatory requirements as the ISO plan. On the other hand, the ISO plan comes with certain tax advantages and is governed by specific regulations under the Internal Revenue Code. It is typically offered to key employees and may come with certain vesting requirements, necessitating a waiting period before the options can be exercised or sold. Both plans aim to align employee interests with the overall performance and success of WSFS Financial Corporation. By giving employees the opportunity to become partial owners of the company, these plans encourage a sense of ownership, motivation, and loyalty among the workforce. The New Jersey Adoption of Stock Option Plan signifies the company's commitment to rewarding and retaining talented individuals within its workforce. Through the implementation of these plans, WSFS Financial Corporation aims to attract and retain top talent by offering an additional financial incentive beyond traditional compensation structures. It is important to note that the specific terms and conditions of the New Jersey Adoption of Stock Option Plan may vary between companies and may be subject to change over time. Employees who are eligible to participate in these plans should carefully review the plan documents and seek professional advice to understand the potential benefits and implications for their financial situation. In conclusion, the New Jersey Adoption of Stock Option Plan of WSFS Financial Corporation provides eligible employees with the opportunity to purchase company stock at a predetermined price, encouraging a sense of ownership and alignment with the company's success. The plan offers different types, including NO and ISO plans, each with their own characteristics and benefits. It underscores the company's commitment to attracting and retaining talented employees by providing additional financial incentives beyond traditional compensation structures.
New Jersey Adoption of Stock Option Plan of WSFS Financial Corporation
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On the vesting date the employee gains a right to exercise his option or buy the stocks. But there is no obligation, employee can choose to not exercise his option.
Authorized The authorized number of shares can be increased by approval of the Company's board of directors and, if incentive stock options are being issued under the plan, the increase should also be approved by the Company's stockholders.
The option plan must be approved by the stockholders within 12 months before or after the plan is adopted (see also Explanation: §423, Shareholder Approval Requirement) (IRC § 422(b)(1); Reg. §1.422-3).
Once you have a plan in place, you can simply make amendments to increase the number of shares in the option pool on an as-needed basis. The initial plan and any expansions must be approved by your board of directors and then by shareholders.
WSFS common stock is traded on the NASDAQ stock exchange under the symbol WSFS.
Remember: If you hope to purchase and sell your stock someday, accepting your stock option grant is the first step you have to take.It doesn't cost anything to accept the grant, and you're not obligated to actually exercise your options.