Virgin Islands 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 Virgin Islands Stock Option Plan is a unique offering by WSFS Financial Corporation, a leading financial institution operating primarily in the Virgin Islands region. This stock option plan is designed to provide employees and executives with an opportunity to acquire ownership in the company by granting them stock options. WSFS Financial Corporation offers several types of stock option plans under the Virgin Islands Stock Option Plan, each with its own set of features and benefits. These plans are tailored to meet the varying needs and goals of different employees within the organization. 1. Employee Stock Option Plan: This plan is designed for regular employees of WSFS Financial Corporation. It offers them the opportunity to purchase company stocks at a predetermined price, known as the exercise price, within a specified time frame. The exercise price is usually set at a discount to the market price of the stock, making it an attractive benefit for employees. 2. Executive Stock Option Plan: This plan is specifically designed for executives and key personnel within the company. It provides them with a more comprehensive stock option package, including higher exercise price discounts, longer exercise periods, and potentially greater allocation of stocks. Executive stock options are often used to align the interests of top management with the long-term performance of the company and to attract and retain top talent. 3. Performance-Based Stock Option Plan: This unique plan is tied to specific performance targets or goals set by WSFS Financial Corporation. Eligible employees who help the company achieve these targets are rewarded with additional stock options. The performance-based nature of this plan incentivizes employees to contribute to the overall growth and success of the company, thereby aligning their interests with that of the shareholders. 4. Restricted Stock Unit (RSU) Plan: In addition to traditional stock options, WSFS Financial Corporation also offers a Restricted Stock Unit plan as part of the Virgin Islands Stock Option Plan. Under this plan, eligible employees are granted RSS, which are essentially promises to grant them a certain number of shares at a future date. RSS may have vesting requirements, meaning employees must wait for a specific period before they can fully own the shares. WSFS Financial Corporation's Virgin Islands Stock Option Plan aims to incentivize, retain, and motivate employees by offering them the opportunity to become partial owners of the company's success. By granting stock options through various tailored plans, WSFS Financial Corporation strives to align the interests of its employees with the overall growth and prosperity of the organization.