The Kansas Adoption of Stock Option Plan of WSFS Financial Corporation is a comprehensive employee benefit plan designed to incentivize and reward deserving employees through stock options. This plan is specifically tailored to comply with the regulations and laws in Kansas, ensuring its legality and adherence to state-specific requirements. Under this stock option plan, WSFS Financial Corporation grants employees the opportunity to purchase company stocks at a predetermined price, known as the exercise price. These stock options are typically granted as a reward for exceptional performance or as a means of retention for key employees. The plan offers various types of stock options to cater to different employee needs and circumstances. These options include: 1. Non-Qualified Stock Options (SOS): These options offer employees the flexibility to purchase company stocks at the exercise price on a predetermined date or upon the occurrence of certain events. SOS are not subject to special tax treatment and are typically utilized when the company wants to provide additional compensation or incentives. 2. Incentive Stock Options (SOS): SOS are specific stock options that qualify for preferential tax treatment under the Internal Revenue Code. Employees can purchase company stocks through SOS at the exercise price, and if certain holding requirements are met, the gains from these options may be taxed at a lower rate. 3. Restricted Stock Units (RSS): While not technically stock options, RSS are also part of the Kansas Adoption of Stock Option Plan of WSFS Financial Corporation. RSS represents a promise to distribute company stocks to employees at a future date, subject to certain vesting conditions. Once the RSS vest, employees are entitled to receive the corresponding stock or its equivalent value. The Kansas Adoption of Stock Option Plan of WSFS Financial Corporation takes into account the specific regulations and requirements of the state. This ensures that the plan remains compliant with Kansas law while offering employees valuable opportunities for stock ownership and financial growth. By providing employees with the ability to participate in the company's success, this plan promotes employee dedication, motivation, and long-term commitment.
Kansas Adoption of Stock Option Plan of WSFS Financial Corporation
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