STOCK OPTION AGREEMENT
FOR INCENTIVE STOCK OPTIONS UNDER SECTION 422
OF THE INTERNAL REVENUE CODE
PURSUANT TO THE
WSFS FINANCIAL CORPORATION
1997 STOCK OPTION PLAN
STOCK OPTION for a total of __________shares of Common
Stock, par value $.01 per share, of WSFS Financial Corporation
(the "Company"), which Option is intended to qualify as an
incentive stock option under Section 422 of the Internal Revenue
Code of 1986, as amended (the "Code"), is hereby granted to
________________(the "Optionee") at the price set forth herein,
and in all respects subject to the terms, definitions and
provisions of the WSFS Financial Corporation 1997 Stock Option
Plan (the "Plan") which was adopted by the Company and which is
incorporated by reference herein, receipt of which is hereby
acknowledged.
1. Option Price. The option price is $_______ for each
share, being 100% */ of the fair market value, as determined by
the Committee, of the Common Stock on the date of grant of this
Option.
2. Exercises of Option. This Option shall be exercisable in
accordance with provisions of the Plan.
(i) Schedule of rights to exercise. The Committee will
specify in each agreement the period of years over which the
underlying Option will become exercisable, provided that such
vesting will occur no more rapidly than according to the
following schedule:
Percentage of Total Shares
Years of Continuous Employment Subject to Option Which
After Date of Grant of Option May Be Exercised
------------------------------ ---------------------------
Upon Grant 0%
1 year but less than 2 years 20%
2 years but less than 3 years 40%
3 years but less than 4 years 60%
4 years but less than 5 years 80%
5 years or more 100%
_______________
*/ 110% in the case of an Optionee who owns shares representing
more than 10% of the outstanding common stock of the Company
on the date of grant of this Option.
(ii) Method of Exercise. This Option shall be exercisable
by a written notice by the Optionee which shall:
(a) state the election to exercise the Option, the number
of shares with respect to which it is being exercised, the person
in whose name the stock certificate or certificates for such
shares of Common Stock is to be registered, his address and
Social Security Number (or if more than one, the names, addresses
and Social Security Numbers of such persons);
(b) contain such representations and agreements as to the
holder's investment intent with respect to such shares of Common
Stock as may be satisfactory to the Company's counsel;
(c) be signed by the person or persons entitled to exercise
the Option and, if the Option is being exercised by any person or
persons other than the Optionee, be accompanied by proof,
satisfactory to counsel for the Company, of the right of such
person or persons to exercise the Option; and
(d) be in writing and delivered in person or by certified
mail to the Treasurer of the Company.
Payment of the purchase price of any shares with respect to
which the Option is being exercised shall be by cash, Common
Stock, or such combination of cash and Common Stock as the
Optionee elects. The certificate or certificates for shares of
Common Stock as to which the Option shall be exercised shall be
registered in the name of the person or persons exercising the
Option.
(iii) Restrictions on exercise. This Option may not be
exercised if the issuance of the shares upon such exercise would
constitute a violation of any applicable federal or state
securities or other law or valid regulation. As a condition to
the Optionee's exercise of this Option, the Company may require
the person exercising this Option to make any representation and
warranty to the Company as may be required by any applicable law
or regulation.
3. Withholding. The Optionee hereby agrees that the
exercise of the Option or any installment thereof will not be
effective, and no shares will become transferable to the
Optionee, until the Optionee makes appropriate arrangements with
the Company for such tax withholding as may be required of the
Company under federal, state, or local law on account of such
exercise.
4. Non-transferability of Option. This Option may not be
transferred in any manner otherwise than by will or the laws of
descent or distribution. The terms of this Option shall be
binding upon the executors, administrators, heirs, successors and
assigns of the Optionee.
5. Term of Option. This Option may not be exercisable for
more than ten **/ years from the date of grant of this Option, as
stated below, and may be exercised during such term only in
accordance with the Plan and the terms of this Option.
WSFS FINANCIAL CORPORATION
1997 STOCK OPTION PLAN COMMITTEE
By _____________________________
___________________
Date of Grant Attest:______________________ (Seal)
OPTIONEE
_____________________________
________________
**/ Five years in the case of an Optionee who owns shares
representing more than 10% of the outstanding common stock
of the Company on the date of grant of this Option.
INCENTIVE STOCK OPTION EXERCISE FORM
PURSUANT TO THE
WSFS FINANCIAL CORPORATION 1997 STOCK OPTION PLAN
_______________
Date
Treasurer
WSFS Financial Corporation
000 Xxxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxx 00000
Re: WSFS Financial Corporation 1997 Stock Option Plan
-------------------------------------------------
Dear Sir:
The undersigned elects to exercise the Incentive Stock
Option to purchase ________ shares, par value $.01, of Common
Stock of WSFS Financial Corporation under and pursuant to a
Stock Option Agreement dated ______, 199___.
Delivered herewith is a certified or bank cashier's or
teller's check and/or shares of Common Stock, valued at the fair
market value of the stock on the date of exercise, as set forth
below.
$_______ of cash or check
_______ shares of Common Stock, valued at
at $____ per share
$ TOTAL
=======
The name or names to be on the stock certificate or
certificates and the address and Social Security Number of such
person(s) is as follows:
Name __________________________________________________________
Address _______________________________________________________
Social Security Number ________________________________________
Very truly yours,
_____________________________
