South Carolina 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 South Carolina Stock Option Plan of WSFS Financial Corporation is an incentive program offered to employees of the company based in South Carolina. This plan aims to reward employees for their hard work and dedication by granting them the opportunity to purchase company stock at a predetermined price within a specified period. With the South Carolina Stock Option Plan, WSFS Financial Corporation offers different types of stock options to its employees: 1. Non-Qualified Stock Options: These stock options are usually offered to executives and highly compensated employees. Non-qualified stock options provide employees the ability to purchase company stock at a predetermined price, known as the exercise price. Employees can exercise these options at a convenient time, usually after the vesting period, and potentially benefit from any increase in the company's stock price. 2. Incentive Stock Options: This type of stock option plan is designed for regular employees. Incentive stock options (SOS) offer tax advantages to employees, as they are subject to special tax treatment. These options encourage long-term commitment and loyalty to the company as employees can buy company stock at a lower exercise price and potentially enjoy substantial capital gains. 3. Restricted Stock Units (RSS): RSS are another form of equity-based compensation provided by WSFS Financial Corporation. Instead of offering a right to purchase shares at a predetermined price, RSS grant employees unit shares that will convert into actual shares upon vesting. Once the RSS vest, employees receive company stock as a reward, which they can sell or hold for potential future gains. The South Carolina Stock Option Plan of WSFS Financial Corporation serves as a valuable tool to attract, retain, and motivate employees. By offering various types of stock options, the company aims to align employees' interests with the long-term success of the business. These stock options provide financial incentives, foster employee loyalty, and help create a sense of ownership and pride among the workforce. Keywords: South Carolina, Stock Option Plan, WSFS Financial Corporation, incentive program, employees, purchase, company stock, predetermined price, specified period, non-qualified stock options, executives, highly compensated employees, exercise price, vesting period, increase, stock price, incentive stock options, tax advantages, regular employees, long-term commitment, loyalty, capital gains, restricted stock units, equity-based compensation, unit shares, vesting, reward, potential future gains, attract, retain, motivate, interests, success, business, financial incentives, ownership, pride.