EXHIBIT 1
EMPLOYMENT AGREEMENT DATED SEPTEMBER 20, 1996 BETWEEN
WILMINGTON SAVINGS FUND SOCIETY,
FEDERAL SAVINGS BANK AND XXXXXX X. XXXXXXXXX.
WSFS bank
YOUR HOME TEAM
September 20, 1996
Xx. Xxxxxx X. Xxxxxxxxx
000 Xxx Xxxxxxx Xxxx
Xxxxxxxxxxx, XX 00000
Dear Xxx:
We are pleased to confirm our offer and your acceptance of the position of
Executive Vice President, Technology and Operations. Your salary in this
position will be $10,416.67 per month; your anticipated start date is Monday,
October 14, 1996.
Stock Options
You will receive options on ten thousand (10,000) shares of WSFS Financial
Corporation stock, issued at the average of the bid and ask on your date of
hire. These options will be vested over a period of three years (one-third
vested at the end of each service year).
Bonus Program
You have the potential to earn up to a $15,000.00 bonus for 1996, based upon
your performance. Your eligibility for a 1997 bonus will be in accordance with
the Executive Bonus Plan as approved by the WSFS Board of Directors for 1997.
Benefits
You will be eligible for WSFS benefits on the first of the month following
thirty days of service. Approximately three weeks before that eligibility
date, you will receive further details and Lescena Xxx, Benefits / Traning
Specialist, will contact you to answer questions and assist you with enrollment
prior to your eligibility date.
Change in Control Protection
In the event of a change in control leading to the elimination of your position
or significant change in your responsibilities, you would be entitled to
salary continuation for a period of eighteen (18) months. (Under other
circumstances, you might be eligible to receive benefits under our regular WSFS
Severance Pay Plan; however, you could not receive benefits under both that
Plan and this Agreement.)
Other
Per your discussion with M.N. Xxxxxxxxxx, it is understood that Xxx. Xxxxxxxxx
will resign her current position within 90 days of your date of hire and that
Xxxxxxxxx
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WSFS will provide job placement assistance if desired. We appreciate your and
Xxx. Xxxxxxxxx'x sensitivity to our concerns regarding your respective
employement situations.
On October 14, please plan to arrive at the Human Resources Department at
8:30 a.m. to complete the necessary paperwork. As part of that paperwork, the
Immigration Reform and Control Act of 1986 requires WSFS to verify your
employment eligibility. Therefore, please be prepared to present a driver's
license and a Social Security card (or U.S. birth certificate).
Please call me at (000) 000-0000 if we can be of any further assistance. I
look forward to seeing you on the 14th.
Sincerely,
/s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
Vice President
Human Resources
