Nevada 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 Nevada Stock Option Plan is a key component of WSFS Financial Corporation's compensation package, designed to attract and retain top talent within the organization. This plan provides eligible employees with the opportunity to acquire stock options, allowing them to participate in the company's long-term growth and success. Under the Nevada Stock Option Plan, WSFS Financial Corporation offers various types of stock options, each tailored to meet different employee needs and goals. These options include: 1. Non-Qualified Stock Options (Nests): Non-qualified stock options are typically granted to executives and high-performing employees. These options allow the holder to purchase company's stock at a predetermined exercise price, which is usually set at the fair market value on the grant date. Nests offer flexibility in terms of timing, as the holder can exercise the options at any time after a predetermined vesting period. 2. Incentive Stock Options (SOS): Incentive stock options are primarily granted to key employees as a way to motivate and align their interests with those of the company's shareholders. SOS offer potential tax advantages, as they may qualify for preferential tax treatment upon exercise and sale. However, there are certain conditions that must be met to retain these tax benefits, including a limited exercise period and specific holding requirements. 3. Restricted Stock Units (RSS): While not technically options, RSS are also part of the Nevada Stock Option Plan. Instead of granting the right to buy shares, RSS represent the right to receive shares at a future date, typically upon satisfying certain performance or time-based vesting conditions. This type of equity compensation allows employees to benefit from the company's stock appreciation without requiring an initial outlay of funds. The Nevada Stock Option Plan serves as a crucial component of WSFS Financial Corporation's overall compensation strategy. By offering various types of stock options, the plan aims to incentivize and reward employees for their contributions to the company's growth and success. This aligns employee interests with shareholder interests and fosters a culture of ownership and long-term commitment to the organization.

The Nevada Stock Option Plan is a key component of WSFS Financial Corporation's compensation package, designed to attract and retain top talent within the organization. This plan provides eligible employees with the opportunity to acquire stock options, allowing them to participate in the company's long-term growth and success. Under the Nevada Stock Option Plan, WSFS Financial Corporation offers various types of stock options, each tailored to meet different employee needs and goals. These options include: 1. Non-Qualified Stock Options (Nests): Non-qualified stock options are typically granted to executives and high-performing employees. These options allow the holder to purchase company's stock at a predetermined exercise price, which is usually set at the fair market value on the grant date. Nests offer flexibility in terms of timing, as the holder can exercise the options at any time after a predetermined vesting period. 2. Incentive Stock Options (SOS): Incentive stock options are primarily granted to key employees as a way to motivate and align their interests with those of the company's shareholders. SOS offer potential tax advantages, as they may qualify for preferential tax treatment upon exercise and sale. However, there are certain conditions that must be met to retain these tax benefits, including a limited exercise period and specific holding requirements. 3. Restricted Stock Units (RSS): While not technically options, RSS are also part of the Nevada Stock Option Plan. Instead of granting the right to buy shares, RSS represent the right to receive shares at a future date, typically upon satisfying certain performance or time-based vesting conditions. This type of equity compensation allows employees to benefit from the company's stock appreciation without requiring an initial outlay of funds. The Nevada Stock Option Plan serves as a crucial component of WSFS Financial Corporation's overall compensation strategy. By offering various types of stock options, the plan aims to incentivize and reward employees for their contributions to the company's growth and success. This aligns employee interests with shareholder interests and fosters a culture of ownership and long-term commitment to the organization.