WSFS » Topics » Perquisites

This excerpt taken from the WSFS DEF 14A filed Mar 24, 2009.

Perquisites

Perquisites are granted to NEOs for specific reasons, and are identified either by the Committee or by the CEO and recommended to the Committee. In past years, perquisites have included club memberships, including country clubs, which are provided to assist in business development and to maintain competitiveness of overall compensation. Perquisites have also included benefits such as personal financial consulting.

 

As a result of the challenging economic environment, to reduce overall corporate expenses and set the tone for such spending, the NEOs voluntarily relinquished their annual perquisites for both 2008 and 2009. These benefits could be reinstated in 2010.

 

Unrelated to the above perquisites, executives who are recruited from outside our market may be reimbursed for costs associated with their relocation.

 

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