Suffolk New York Stock Option Plan of WSFS Financial Corporation

• Category: Corporations - Public - Stock Options
• State: Multi-State
• County: Suffolk
• 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 Suffolk New York Stock Option Plan is a key component of WSFS Financial Corporation's comprehensive employee benefits package. This plan offers employees the opportunity to purchase company stock at a discounted price, allowing them to share in the success and growth of the corporation. Under this plan, employees are granted options to purchase a specific number of shares of WSFS Financial Corporation stock at a predetermined exercise price. These options are typically subject to a vesting period, during which the employee must fulfill certain conditions to become entitled to exercise their options. The Suffolk New York Stock Option Plan is designed to incentivize and reward employees for their contributions to the company's long-term performance. By offering employees the opportunity to purchase stock at a reduced price, the plan aligns their interests with those of the shareholders, motivating them to work towards the company's success. There are several types of Stock Option Plans within WSFS Financial Corporation that fall under the Suffolk New York program. They include: 1. Incentive Stock Options (SOS): These options provide certain tax advantages to employees. If specific requirements are met, employees may be eligible for favorable tax treatment upon exercise and sale of the stock. 2. Non-Qualified Stock Options (Nests): These options do not meet the requirements of SOS and are subject to standard tax treatment upon exercise and sale of the stock. 3. Restricted Stock Units (RSS): Instead of options to purchase stock, RSS grant employees the right to receive actual shares of stock at a future date. RSS often have similar vesting requirements and are a popular alternative to traditional stock options. 4. Performance Stock Units (Plus): These units are awarded based on predetermined performance goals. If the employee meets or exceeds these goals, the units are converted into actual shares of stock. The Suffolk New York Stock Option Plan, in all its variations, serves as a valuable tool to attract, retain, and motivate employees of WSFS Financial Corporation. By offering employees a tangible stake in the company's success, it fosters a strong sense of ownership and encourages long-term loyalty.

The Suffolk New York Stock Option Plan is a key component of WSFS Financial Corporation's comprehensive employee benefits package. This plan offers employees the opportunity to purchase company stock at a discounted price, allowing them to share in the success and growth of the corporation. Under this plan, employees are granted options to purchase a specific number of shares of WSFS Financial Corporation stock at a predetermined exercise price. These options are typically subject to a vesting period, during which the employee must fulfill certain conditions to become entitled to exercise their options. The Suffolk New York Stock Option Plan is designed to incentivize and reward employees for their contributions to the company's long-term performance. By offering employees the opportunity to purchase stock at a reduced price, the plan aligns their interests with those of the shareholders, motivating them to work towards the company's success. There are several types of Stock Option Plans within WSFS Financial Corporation that fall under the Suffolk New York program. They include: 1. Incentive Stock Options (SOS): These options provide certain tax advantages to employees. If specific requirements are met, employees may be eligible for favorable tax treatment upon exercise and sale of the stock. 2. Non-Qualified Stock Options (Nests): These options do not meet the requirements of SOS and are subject to standard tax treatment upon exercise and sale of the stock. 3. Restricted Stock Units (RSS): Instead of options to purchase stock, RSS grant employees the right to receive actual shares of stock at a future date. RSS often have similar vesting requirements and are a popular alternative to traditional stock options. 4. Performance Stock Units (Plus): These units are awarded based on predetermined performance goals. If the employee meets or exceeds these goals, the units are converted into actual shares of stock. The Suffolk New York Stock Option Plan, in all its variations, serves as a valuable tool to attract, retain, and motivate employees of WSFS Financial Corporation. By offering employees a tangible stake in the company's success, it fosters a strong sense of ownership and encourages long-term loyalty.