The South Dakota Adoption of Stock Option Plan is a comprehensive program implemented by WSFS Financial Corporation to provide its employees with stock options as a part of their compensation package. This plan is designed to incentivize employees and align their interests with the long-term success and growth of the company. Under the South Dakota Adoption of Stock Option Plan, eligible employees of WSFS Financial Corporation are granted the opportunity to purchase company stock at a predetermined price, known as the exercise price. These stock options are typically granted as a form of reward for exceptional performance, loyalty, or as an incentive to attract and retain top talent. The plan offers various types of stock options to cater to employees' diverse needs and goals. These include: 1. Non-Qualified Stock Options (SOS): SOS are the most common type of stock options offered under the South Dakota Adoption of Stock Option Plan. These options are subject to income tax upon exercising the option, based on the difference between the exercise price and the fair market value of the stock at the time of exercise. 2. Incentive Stock Options (SOS): SOS provide certain tax advantages to employees and are subject to specific rules set by the Internal Revenue Service. To qualify for SOS, employees must meet certain criteria, such as being employed by WSFS Financial Corporation for a specified period and not exceeding annual limits on the number of options granted. 3. Restricted Stock Units (RSS): RSS are an alternative form of stock-based compensation that employees may receive under the South Dakota Adoption of Stock Option Plan. RSS represents a promise to deliver company stock at a specified future date, subject to certain vesting conditions, such as time-based or performance-related milestones. Unlike stock options, RSS do not require employees to purchase the stock at the exercise price. WSFS Financial Corporation carefully structures the South Dakota Adoption of Stock Option Plan to align the interests of employees with those of shareholders. By offering employees the opportunity to become shareholders, the plan aims to foster a sense of ownership and encourage employees to contribute to the company's overall success. This, in turn, should drive performance, retention, and long-term value creation for both the corporation and its employees. In summary, the South Dakota Adoption of Stock Option Plan of WSFS Financial Corporation provides eligible employees with various types of stock options, including SOS, SOS, and RSS. These options serve as incentives to drive performance, attract and retain top talent, and align the interests of employees with those of the company and its shareholders.
South Dakota Adoption of Stock Option Plan of WSFS Financial Corporation
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How to fill out South Dakota Adoption Of Stock Option Plan Of WSFS Financial Corporation?
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FAQ
Substantial Sale of Assets Such transactions may require the approval of shareholders. More specifically, if the disposition of assets leaves the corporation incapable of continuing its business, or continuing the ordinary course of business, then it may require shareholder approval.
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).
WSFS common stock is traded on the NASDAQ stock exchange under the symbol WSFS.
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.
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).