Rhode Island 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 Rhode Island Stock Option Plan offered by WSFS Financial Corporation is a comprehensive program designed to incentivize and reward employees of the organization. This stock option plan allows employees to purchase company stock at a predetermined price within a specified timeframe. By participating in this program, employees have the opportunity to become not just employees, but also partial owners of WSFS Financial Corporation. The Rhode Island Stock Option Plan of WSFS Financial Corporation is in compliance with the laws and regulations specific to the state of Rhode Island. It adheres to the guidelines set forth by the Rhode Island Division of Banking, which ensures a transparent and fair process for both the company and its employees. Under this plan, employees have the flexibility to choose from different types of stock options based on their individual financial goals and preferences. The most common types of stock options available within the Rhode Island Stock Option Plan of WSFS Financial Corporation include: 1. Non-qualified stock options: These are stock options that do not meet the requirements for special tax treatment. Employees who exercise non-qualified stock options are required to pay ordinary income tax on the difference between the exercise price and the fair market value of the stock at the time of exercise. 2. Incentive stock options: These stock options are intended for key employees and executives. Incentive stock options have favorable tax treatment as they may qualify for special tax rates, subject to meeting certain holding period and other requirements. Employees who exercise incentive stock options may be subject to long-term capital gains tax rates, resulting in potential tax savings. 3. Restricted stock units (RSS): RSS are a form of stock-based compensation where employees are granted units that represent future shares of company stock. These units have a vesting schedule and are converted to actual shares upon vesting. RSS have become increasingly popular as they provide employees with a direct ownership stake in the company without the need to purchase shares. 4. Employee Stock Purchase Plan (ESPN): The Rhode Island Stock Option Plan may also include an ESPN, offering employees the opportunity to purchase company stock at a discounted price. ESPN provides a convenient way for employees to accumulate shares of WSFS Financial Corporation over time and can offer tax advantages, particularly if the shares are held for a specified period. The Rhode Island Stock Option Plan of WSFS Financial Corporation aims to align the interests of employees with shareholders by allowing them to benefit from the success and growth of the company. It serves as a valuable retention tool, as employees are motivated to remain with the organization in order to fully realize the potential long-term benefits of their stock options.

The Rhode Island Stock Option Plan offered by WSFS Financial Corporation is a comprehensive program designed to incentivize and reward employees of the organization. This stock option plan allows employees to purchase company stock at a predetermined price within a specified timeframe. By participating in this program, employees have the opportunity to become not just employees, but also partial owners of WSFS Financial Corporation. The Rhode Island Stock Option Plan of WSFS Financial Corporation is in compliance with the laws and regulations specific to the state of Rhode Island. It adheres to the guidelines set forth by the Rhode Island Division of Banking, which ensures a transparent and fair process for both the company and its employees. Under this plan, employees have the flexibility to choose from different types of stock options based on their individual financial goals and preferences. The most common types of stock options available within the Rhode Island Stock Option Plan of WSFS Financial Corporation include: 1. Non-qualified stock options: These are stock options that do not meet the requirements for special tax treatment. Employees who exercise non-qualified stock options are required to pay ordinary income tax on the difference between the exercise price and the fair market value of the stock at the time of exercise. 2. Incentive stock options: These stock options are intended for key employees and executives. Incentive stock options have favorable tax treatment as they may qualify for special tax rates, subject to meeting certain holding period and other requirements. Employees who exercise incentive stock options may be subject to long-term capital gains tax rates, resulting in potential tax savings. 3. Restricted stock units (RSS): RSS are a form of stock-based compensation where employees are granted units that represent future shares of company stock. These units have a vesting schedule and are converted to actual shares upon vesting. RSS have become increasingly popular as they provide employees with a direct ownership stake in the company without the need to purchase shares. 4. Employee Stock Purchase Plan (ESPN): The Rhode Island Stock Option Plan may also include an ESPN, offering employees the opportunity to purchase company stock at a discounted price. ESPN provides a convenient way for employees to accumulate shares of WSFS Financial Corporation over time and can offer tax advantages, particularly if the shares are held for a specified period. The Rhode Island Stock Option Plan of WSFS Financial Corporation aims to align the interests of employees with shareholders by allowing them to benefit from the success and growth of the company. It serves as a valuable retention tool, as employees are motivated to remain with the organization in order to fully realize the potential long-term benefits of their stock options.