Virginia 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 Virginia Stock Option Plan of WSFS Financial Corporation is a comprehensive and flexible program designed to provide employees with the opportunity to purchase company stock at a predetermined price. This plan makes it easier for employees to own a stake in the company, while also incentivizing them to perform at their best and contribute to its long-term success. Under the Virginia Stock Option Plan, eligible employees are granted options to purchase WSFS Financial Corporation's common stock. These options give employees the right to buy a specific number of company shares at a predetermined price, also known as the exercise price or strike price. The exercise price is typically set at the fair market value of the stock on the grant date. One of the key benefits of the Virginia Stock Option Plan is its flexibility. The plan allows employees to choose when and how to exercise their options, considering factors such as market conditions and personal financial circumstances. For instance, employees can choose to exercise their options partially or fully, depending on their needs. This flexibility empowers employees to make decisions that align with their individual investment goals. The plan also offers a variety of stock option types to meet different needs and preferences. These may include: 1. Non-Qualified Stock Options (Nests): These options are granted to employees and do not qualify for special tax treatment. When employees exercise Nests, they may be subject to ordinary income tax on the difference between the fair market value of the stock and the exercise price. 2. Incentive Stock Options (SOS): SOS are specifically designed to provide tax advantages to employees. If certain holding periods and other requirements are met, employees may be eligible for favorable tax treatment upon exercise and sale of SOS. 3. Restricted Stock Units (RSS): RSS are another type of equity award that may be offered under the Virginia Stock Option Plan. Unlike stock options, RSS represent a promise to deliver company stock at a future date. Typically, RSS vest over a specific period of time and are settled in shares of company stock upon vesting. It is important to note that the specific terms and conditions of the Virginia Stock Option Plan, including eligibility, exercise periods, and vesting schedules, may vary based on the position and level of the employee within WSFS Financial Corporation. Overall, the Virginia Stock Option Plan of WSFS Financial Corporation is a valuable tool that enables employees to participate in the company's growth and financial success. By aligning the interests of employees with that of the shareholders, this plan promotes a culture of ownership and fosters long-term employee engagement and loyalty.