Wisconsin 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 Wisconsin Stock Option Plan (SOP) offered by WSFS Financial Corporation is a comprehensive equity compensation program designed to incentivize and reward employees for their contributions to the company's growth and success. The plan provides eligible employees with the opportunity to purchase company stock at a predetermined price, known as the exercise price, typically set at the fair market value on the grant date. This allows employees to benefit from any appreciation in the company's stock price over time. The SOP is a popular tool used by WSFS Financial Corporation to attract and retain top talent, aligning the interests of employees with those of the shareholders. It encourages employees to take an active interest in the company's performance and supports a culture of ownership and accountability. By participating in the plan, employees have a vested interest in the long-term success of the organization, fostering a sense of loyalty and dedication. The Wisconsin Stock Option Plan offers several types of options to cater to different employee needs and goals. These may include: 1. Non-Qualified Stock Options (NHS): NO stock options are the most common type offered under the SOP. These options allow employees to purchase company stock at the exercise price and can be exercised at any time within a specified time frame, typically after a vesting period. Upon exercise, employees may choose to hold or sell the stock. 2. Incentive Stock Options (SOS): SOS are another type of stock option granted to employees, often with additional tax advantages. These options are subject to specific requirements set by the Internal Revenue Service (IRS) and typically offer favorable tax treatment upon exercise and sale of the stock. SOS are often granted to key employees and have certain limitations on exercise and holding periods. 3. Restricted Stock Units (RSS): RSS are a form of equity compensation that allows employees to receive shares of company stock at a predetermined date in the future. Unlike stock options, RSS do not require employees to purchase the shares but are granted as part of their overall compensation package. RSS typically have a vesting period before the shares are considered fully owned by the employee. 4. Performance Stock Units (Plus): Plus are similar to RSS but have additional performance-based criteria to be met before the shares are granted. These criteria may include financial goals, stock price performance, or other predetermined metrics that measure the company's performance. Plus are often used to align employee incentives with specific corporate objectives. The Wisconsin Stock Option Plan is regulated by various laws and regulations, including securities laws and compliance requirements. Participants in the plan should carefully review the plan documents, including the terms and conditions of the options granted, to understand their rights and obligations. It is advisable to consult with a financial advisor or tax professional to fully comprehend the potential risks and benefits associated with the plan. Overall, the Wisconsin Stock Option Plan offered by WSFS Financial Corporation is a valuable compensation tool that allows eligible employees to participate in the company's success and potentially share in its future growth. It promotes employee engagement, retention, and alignment with the organization's objectives.