Alabama 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 Alabama Stock Option Plan of WSFS Financial Corporation is a comprehensive program that enables employees and key personnel in the state of Alabama to acquire ownership in the company through stock options. This plan is designed to provide an incentive and reward system to attract and retain talented individuals to contribute towards the growth and success of WSFS Financial Corporation. Under this program, employees are given the opportunity to purchase a specified number of shares, known as stock options, at a predetermined price within a specific time frame. The exercise price is typically set at the current market value of WSFS Financial Corporation's stock on the grant date. This allows employees to benefit from any future increase in the stock price. The Alabama Stock Option Plan is structured to align the interests of employees with those of the company's shareholders, promoting a sense of ownership and motivation for long-term success. As employees become shareholders, they enjoy the potential financial gains resulting from the company's growth and improved performance. WSFS Financial Corporation may offer different types of stock options as part of this plan, including non-qualified stock options and incentive stock options. Non-qualified stock options (Nests) are more prevalent and grant employees the opportunity to purchase company stock at a determined price. Incentive stock options (SOS) are generally reserved for executives and provide favorable tax treatment if specific holding period requirements are met. Participation in the Alabama Stock Option Plan is typically subject to certain eligibility criteria, including employment status, position, and duration of service. The number of stock options granted to an individual is often based on factors such as performance, contribution to the company, and position level. It is important to note that the Alabama Stock Option Plan of WSFS Financial Corporation is subject to various rules and regulations, including those set by the Securities and Exchange Commission (SEC) and internal guidelines established by WSFS Financial Corporation's board of directors. These measures ensure compliance, transparency, and fairness in the administration of the plan. In summary, the Alabama Stock Option Plan of WSFS Financial Corporation is a valuable and attractive program that allows employees in Alabama to acquire ownership in the company, further enhancing their commitment, motivation, and alignment with the overall goals and success of WSFS Financial Corporation.