Franklin Ohio Stock Option Plan of WSFS Financial Corporation

• Category: Corporations - Public - Stock Options
• State: Multi-State
• County: Franklin
• 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 Franklin Ohio Stock Option Plan is one of the employee benefit programs offered by WSFS Financial Corporation. This plan provides eligible employees with the opportunity to purchase company stock at a predetermined price within a specified time frame. Under the Franklin Ohio Stock Option Plan, employees are granted the option to buy a certain number of shares of WSFS Financial Corporation's stock. This program is designed to incentivize and reward employees for their contribution to the company's success. It aligns the interests of employees with those of shareholders, creating a sense of ownership and commitment within the workforce. There are several types of stock options that may be offered under the Franklin Ohio Stock Option Plan: 1. Non-Qualified Stock Options (Nests): These options are granted at a strike price, which is usually the fair market value of the company's stock at the time of the grant. Nests are subject to ordinary income tax on the difference between the strike price and the market price upon exercise. 2. Incentive Stock Options (SOS): These options are granted to key employees and are subject to more favorable tax treatment. SOS have special tax advantages, such as potentially qualifying for long-term capital gains tax rates upon their exercise and sale. However, they must meet specific criteria set by the Internal Revenue Service. 3. Stock Appreciation Rights (SARS): Although not technically stock options, SARS are often used in conjunction with stock option plans. They allow employees to receive cash or stock equal to the appreciation in the company's stock price over a specified period. SARS provides the opportunity to benefit from the increase in stock value without actually purchasing shares. The Franklin Ohio Stock Option Plan serves as a valuable tool for attracting and retaining talent within WSFS Financial Corporation. It encourages employees to actively contribute to the growth and profitability of the company, as their own financial success is tied to that of the organization. Through this plan, WSFS Financial Corporation demonstrates its commitment to aligning employee interests with those of the shareholders, fostering long-term growth and stability.