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Organizational Functional Area:
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Human Capital
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Policy For:
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Severance Policy, WSFS
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Chief Executive Officer 1
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Executive Vice Presidents
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SVP/Corporate Auditor (in part)
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Board Approved:
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February, 2008
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Last Revision Date:
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February, 2008
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Department/Individual Responsible for
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Executive Vice President,
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Maintaining/Updating Policy:
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Human Capital Director
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____________________________________________________________________________________________________
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I. Release Without Cause
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In the event a Chief Executive Officer
(“CEO”) or an
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Executive Vice President
(“EVP”) is released without Cause (as defined in
Attachment A), a minimum of six months severance and professional
level outplacement will be offered. If the Associate has not found
new full time employment on or before six months after termination,
severance pay and outplacement would continue for another six
months or until the Associate found employment, whichever occurred
first. In the event the Associate found a job, but at a lower rate
of pay than previously received at WSFS, then WSFS would make up
the difference until the second six-month period has ended. Medical
and dental benefits will be offered at the Associate rate through
the severance period.
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II. Change of Control
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If within one year after a change of control a
CEO, EVP or SVP/Corporate Auditor is released without Cause (as
defined in Attachment A) or is offered a position that is not
within 25 driving miles of work site immediately before the change
in control; and at no less than the same WSFS salary and bonus
opportunity immediately before the change in
control:
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CEO or EVP would receive 24 months
base salary. The CEO or EVP would be eligible for medical and
dental benefits at the Associate rate for the 24-month period.
Twelve months of Executive level outplacement will be
offered.
SVP/Corporate Auditor would receive
12 months base salary. The SVP/Corporate Auditor would be eligible
for medical and dental benefits at the Associate rate for the
12-month period. Six months of Executive level outplacement will be
offered.
_________________________
1 S pecifically excluding Presidents or the
equivalent of WSFS subsidiaries (e.g. Cash Connect,
etc.)
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DB01:2519905.4
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058592.1001
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Receipt of Benefits
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To receive any of the severance benefits
outlined in this
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policy, the CEO, EVP or
SVP/Corporate Auditor must execute a release in a form acceptable
to the Bank; and the Non-Solicitation Agreement attached hereto as
Attachment B.
The severance pay will be paid
consistent with WSFS’ regular pay schedule. All federal and
state income and employment taxes will be withheld as required.
Neither Associate nor employer contributions to the 401(k) may
occur during the severance period consistent with the 401(k) Plan
and Summary Plan Description
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DB01:2519905.4
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058592.1001
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Attachment A
Severance Policy; WSFS Chief
Executive Officer, Executive Vice Presidents, and SVP/Corporate
Auditor
February 2008
Cause . The Company may terminate Executive’s
employment during the Employment Period with or without Cause. For
purposes of Sections I and II of this Policy “Cause”
shall mean:
(i) the willful and continued
failure of Executive to perfor
