The Texas Adoption of Stock Option Plan of WSFS Financial Corporation aims at providing employees with an opportunity to acquire ownership interests in the company through stock options. This plan has been designed to attract and retain talented individuals, motivate employees, and align their interests with the success of the corporation. It allows employees the chance to share in the company's growth and performance. Under this stock option plan, eligible employees will be granted the right to purchase a specified number of shares of WSFS Financial Corporation stock at a predetermined price, known as the exercise price. This price is typically set at the fair market value of the stock on the date of grant. Employees can exercise these options at a later date, usually after a predetermined vesting period. The Texas Adoption of Stock Option Plan of WSFS Financial Corporation offers various types of stock options to employees. These include: 1. Non-Qualified Stock Options (Nests): Non-qualified stock options are the most common type, and they do not qualify for favorable tax treatment. Upon exercise, the difference between the exercise price and the fair market value of the stock is subject to ordinary income tax. 2. Incentive Stock Options (SOS): Incentive stock options provide employees with potential tax advantages. They are subject to certain criteria, including a limitation on the exercise price, holding period requirements, and a $100,000 annual vesting limit per employee. If the requirements are met, the employee can potentially benefit from capital gains tax treatment upon sale. 3. Restricted Stock Units (RSS): RSS are not actual stock options but rather the promise of stock awards at a future date. RSS provides the employee with the right to receive shares of the company's stock after a specified vesting period. RSS may vest based on certain performance metrics or simply the passage of time. 4. Performance-Based Awards: Performance-based stock options or awards are granted based on predefined goals and performance metrics set by the company. Employees are rewarded with stock options upon achieving or exceeding these objectives. It is important to note that the details of the Texas Adoption of Stock Option Plan may vary based on specific agreements and provisions established by WSFS Financial Corporation. Employees are encouraged to refer to the official plan details and consult with a financial advisor or tax professional for specific guidance.
Texas Adoption of Stock Option Plan of WSFS Financial Corporation
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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.
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.
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.
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).