Pennsylvania 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 Pennsylvania Stock Option Plan of WSFS Financial Corporation is a comprehensive program designed to incentivize and reward employees by granting them the opportunity to acquire stock options in the organization. These options give employees the right to purchase a specified number of company shares at a predetermined price within a specified timeframe. One of the primary goals of the Pennsylvania Stock Option Plan is to align the interests of employees with the overall success and growth of WSFS Financial Corporation. By granting stock options, the company aims to motivate and retain talented individuals who contribute significantly to the organization's achievements. The plan offers several types of stock options to cater to the diverse needs and preferences of the employees. These options include Non-Qualified Stock Options (Nests) and Incentive Stock Options (SOS). Non-Qualified Stock Options provide employees with the flexibility to purchase company shares at a predetermined exercise price. These options do not meet specific requirements under the federal tax laws, and thus, they are subject to income tax upon exercise. Incentive Stock Options, on the other hand, have additional tax advantages compared to Nests. These options are typically offered to key employees and can be exercised without incurring immediate tax liability. However, to qualify for these tax advantages, employees must meet certain criteria specified by the Internal Revenue Service (IRS). Employees participating in the Pennsylvania Stock Option Plan are usually granted a specific number of options based on their performance, position, and duration of service. These options often vest over a predefined period, incentivizing employees to remain with the company to benefit fully from the options granted. WSFS Financial Corporation regularly assesses and evaluates the performance and effectiveness of the Pennsylvania Stock Option Plan. The company may make necessary adjustments and amendments to ensure the plan continues to align with the company's growth objectives and complies with applicable regulations. In conclusion, the Pennsylvania Stock Option Plan of WSFS Financial Corporation offers employees the opportunity to acquire stock options, allowing them to purchase company shares at a predetermined price within a specified timeframe. With variations such as Non-Qualified Stock Options and Incentive Stock Options, the plan aims to motivate, reward, and retain talented individuals.