19-179 19-179 . . . Employee Stock Purchase Plan under which each employee of corporation and its wholly-owned direct or indirect, domestic and foreign subsidiaries that have authorized participation in Plan (Participating Company) can contribute up to 15% of earnings through payroll deductions and Participating Company contributes a cash amount equal to 5% of participant's payroll deductions for first year of participation, additional 7% for second year, additional 10% for third year, additional 13% for fourth year and additional 15% for fifth year. Custodian of plan purchases shares of common stock on open market or from corporation at current market prices, using payroll deductions and applicable matching Company contributions
California Amended and Restated Employee Stock Purchase Plan
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FAQ
In an ESPP with a reset feature, the look-back purchase price will "reset" if the stock price at a future purchase date is lower than the stock price on the first day of the offering period. On the date that a reset feature is triggered, the terms of the award have been modified.
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If your shares have vested but have not been exercised by the time you announce your intention to leave, you may be able to exercise them either before you move on or within a set period of time after your departure ? depending on the jurisdiction, you may have up to 90 days (and perhaps more), but be clear on whatever ...
How is the $25,000 limit calculated? The basic rule is that each employee cannot purchase more than $25,000 per year, valued using the fair market value on the date he/she enrolled in the current offering.
You may decrease your contribution 1 time during the offering period. If you choose to change your contribution percentage, you must do so at least 15 days before the purchase date. For example, if the purchase date is June 30, you must make this change prior to June 15.
Usually, when plan participants leave a company, that company will have the right to purchase back whatever shares may have been vested and been exercised. In that scenario, good leavers may get the fair market value of the stock, whereas bad leavers may be offered less attractive terms.
If you leave your company while enrolled in their employee stock purchase program, your eligibility for the plan ends, but you will continue to own the stock the company purchased for you during employment.
At the time of your departure, you are generally allowed to exercise the vested portion of your stock option awards, and you will forfeit the unvested portion. If you are planning on leaving your job, you should review the details of your vesting schedule.