Maine 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 Maine Stock Option Plan of WSFS Financial Corporation is a comprehensive compensation program designed to reward employees for their dedication and advocacy of the company's vision and success. This plan provides employees with the opportunity to purchase company stock at a predetermined price, known as the exercise price, within a specific timeframe. The Maine Stock Option Plan offers several key benefits to both the employees and the company. Employees are granted the opportunity to become company stakeholders and participate in the company's growth and financial performance. This incentivizes employees to contribute their best efforts towards the organization's success, aligning their personal interests with the goals of WSFS Financial Corporation. The Maine Stock Option Plan allows employees to acquire stock through two primary types of grants: non-qualified stock options (Nests) and incentive stock options (SOS). 1. Non-Qualified Stock Options (Nests): Nests offer flexibility for participants as they can be granted to both employees and non-employee directors. These options are typically granted at fair market value and allow participants to purchase company stock at a predetermined price. Employees can exercise these options at their convenience, even before the options have vested. Nests provide employees with the potential for financial growth as they can sell the acquired stock at a profit if the company's stock price increases. 2. Incentive Stock Options (SOS): SOS are solely granted to employees and are subject to certain tax advantages. The exercise price of SOS must be at least equal to the fair market value of the stock on the grant date, ensuring participants only benefit if the stock price appreciates. SOS usually have a vesting period, after which employees can exercise their options. One key advantage of SOS is the potential to qualify for favorable long-term capital gains tax treatment if the shares are held for a specific period. Under the Maine Stock Option Plan, employees may accrue stock options based on their performance, position, or length of service. The specific details of the stock option grants, including the number of shares and exercise price, are determined by the company's compensation committee, following guidelines prescribed by the plan. It is important to note that individual participants should carefully review the terms and conditions of the Maine Stock Option Plan, as they may vary from one participant to another. Additionally, the plan may be subject to revision or termination at the discretion of WSFS Financial Corporation's management or board of directors, in accordance with applicable laws, regulations, and internal policies. In summary, the Maine Stock Option Plan of WSFS Financial Corporation serves as an instrumental tool for motivating and incentivizing employees. Through grants of Nests and SOS, this plan empowers employees to share in the company's success and align their interests with the overall organization's long-term growth strategies.