WSFS FINANCIAL CORPORATION
1997 STOCK OPTION PLAN
Stock Appreciation Rights Agreement
Not In Tandem with Stock Option
On the date of grant specified below, the Stock Option
Committee of WSFS Financial Corporation (the "Company") hereby
grants to ________________ (the "Optionee") a total of _______
Stock Appreciation Rights (SARs), subject to the terms and
conditions set forth in the WSFS Financial Corporation 1997 Stock
Option Plan (the "Plan") (a copy of which is available to the
Optionee upon request). The terms and conditions of the Plan are
incorporated herein by reference.
(a) The exercise price is $____ for each share, such price
being 100% of the fair market value, as determined by the
Committee, of the Common Stock on the date of grant of this
option.
(b) The SAR shall be exercisable to the extent permitted in
the Plan.
(c) The SAR shall be accepted for surrender by the Optionee
in consideration for the payment by the Company of an amount
equal to the excess of the fair market value on the date of
exercise of the Shares of Common Stock subject to such SAR over
the exercise price specified in Paragraph (a) hereof.
(d) Payment hereunder shall be made in shares of Common
Stock or in cash as provided in the Plan.
(e) The SAR is nontransferable, except in accordance with
Section 13 of the Plan.
(f) The SAR may be exercised only in accordance with
Sections 8 and 9 of the Plan, and only when there is a positive
spread, i.e., when the market price of the Common Stock subject
to the SAR exceeds the exercise price of the SAR.
(g) In the event of any inconsistency or conflict between
this Agreement and the Plan, the Plan shall be controlling and
supercede any conflicting or inconsistent provision of the
Agreement.
WSFS FINANCIAL CORPORATION
1997 STOCK OPTION PLAN COMMITTEE
By: _____________________________
Date of Grant: ATTEST:
________________ _________________________________
OPTIONEE
_________________________________
