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
District of Columbia Amended and Restated Employee Stock Purchase Plan
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If a good leaver, the recipient will keep the number of options already vested, and any remaining options will be cancelled. They'll then need to exercise these options into shares within 90 days. Any options not exercised within this timeframe will be cancelled.
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.
You will continue to own stock purchased for you during your employment, but your eligibility for participation in the plan ends. Any funds withheld from your salary but not used to purchase shares before the end of your employment will be returned to you, normally without interest, within a reasonable period.
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.
If you quit or were terminated by the company, you may receive your distributions as one lump sum or spread out over six equal payments over five years once you qualify for distribution.
How does a withdrawal work in an ESPP? With most employee stock purchase plans, you can withdraw from your plan at any time before the purchase. Withdrawals are made on Fidelity.com or through a representative.
With qualified Section 423 employee stock purchase plans, you are not taxed at the time the shares are purchased, only when you sell. Depending on whether the shares were held for the required holding period, a portion of your gain may be taxed as capital gains or as ordinary income.
Qualifying disposition: You sold the stock at least two years after the offering (grant date) and at least one year after the exercise (purchase date). If so, a portion of the profit (the ?bargain element?) is considered compensation income (taxed at regular rates) on your Form 1040.