Connecticut 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 Connecticut Stock Option Plan of WSFS Financial Corporation is a comprehensive financial program designed to provide employees of WSFS Financial Corporation with an opportunity to acquire company stock. This plan is specifically tailored for employees located in Connecticut, a state known for its thriving financial services industry. Under the Connecticut Stock Option Plan, eligible employees are granted the right to purchase a predetermined number of WSFS Financial Corporation shares at a specified price, within a specified time frame. These options are typically granted as a form of compensation, to incentivize and reward employees for their contributions to the company's growth and success. There are several types of stock options available under the Connecticut Stock Option Plan, each with its own unique features and benefits: 1. Non-Qualified Stock Options (NO): These are the most common type of stock options offered to employees. Nests provide employees with the ability to purchase company stock at a predetermined price, known as the grant price or strike price. Upon exercising these options, employees can choose to hold onto the stock or sell it for a profit. 2. Incentive Stock Options (ISO): SOS are another type of stock option granted to employees, primarily to offer tax benefits. With SOS, employees are granted the right to purchase company stock at a specified price without incurring immediate tax liabilities. If certain conditions are met, such as holding onto the stock for a specific period of time, employees can qualify for favorable tax treatment upon the sale of the stock. 3. Employee Stock Purchase Plan (ESPN): The Connecticut Stock Option Plan may also include an ESPN, allowing eligible employees to purchase company stock through payroll deductions. Under the ESPN, employees can set aside a portion of their salary to acquire WSFS Financial Corporation shares at a discounted price, typically at the end of a specific offering period. The Connecticut Stock Option Plan of WSFS Financial Corporation aims to align the interests of employees with the company's long-term success, fostering a sense of ownership and dedication among the workforce. By offering various types of stock options, employees can choose the option that best suits their financial goals, whether it be immediate profit-taking or long-term investment.