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Hawaii Approval of employee stock purchase plan for The American Annuity Group, Inc.

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US-CC-19-104-NE
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This is a multi-state form covering the subject matter of the title.

The American Annuity Group, Inc. is delighted to announce the Hawaii Approval of its employee stock purchase plan (ESPN). This plan offers numerous benefits and opportunities for our valued employees in Hawaii to invest in the company's stock, thereby fostering a sense of ownership and shared success. With the Hawaii Approval of our ESPN, eligible employees will have the chance to purchase company stock at a discounted price, typically set at a percentage below the market value. This provides a significant advantage as employees can potentially benefit from the stock's future growth while acquiring it at a more favorable rate. The Hawaii Approval of our ESPN allows employees to contribute a portion of their salary towards the purchase of company stock. This contribution is deducted before taxes, providing potential tax advantages to participants. Furthermore, our ESPN offers a convenient and user-friendly online platform for employees to manage their stock purchases, making participation in the plan seamless and hassle-free. By participating in our ESPN, employees gain a shared interest in the long-term success of The American Annuity Group, Inc. It aligns their financial goals with the company's performance, creating a win-win situation for both parties. Additionally, this program promotes employee loyalty, motivation, and engagement, which ultimately enhances the company's overall productivity and success. As for the different types of Hawaii Approval of employee stock purchase plans available for The American Annuity Group, Inc., individuals may choose between a qualified ESPN and a non-qualified ESPN. The qualified ESPN is designed to meet specific tax requirements outlined by the Internal Revenue Service (IRS). On the other hand, the non-qualified ESPN offers greater flexibility but may not have the same tax advantages as the qualified plan. Employees should consult with a financial advisor or tax professional to determine which plan best suits their individual needs and financial goals. Overall, the Hawaii Approval of our ESPN reflects The American Annuity Group, Inc.'s commitment to fostering a mutually beneficial relationship with our employees in Hawaii. We believe that by offering this employee stock purchase plan, we can empower our workforce, strengthen their financial well-being, and contribute to the company's continued growth and success.

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FAQ

Employee Stock Purchase Plans (ESPPs) are widely regarded as one of the most simple and straightforward equity compensation strategies available to businesses today. There are two major types of ESPP: 1) Qualified ESPP offering tax advantages and 2) Non-qualified ESPP offering flexibility.

If your company offers a tax-qualified ESPP and you decide to participate, the IRS will only allow you to purchase a maximum of $25,000 worth of stock in a calendar year. Any contributions that exceed this amount are refunded back to you by your company.

You may withdraw from the ESPP by notifying Fidelity and completing a withdrawal election. When you withdraw, all of the contributions accumulated in your account will be returned to you as soon as administratively possible and you will not be able to make any further contributions during that offering period.

Under a Section 423 plan, the IRS limits purchases to $25,000 worth of stock value (based on the FMV on the offering date) for each calendar year.

If you are risk-averse, you might consider selling your ESPP shares right away so you don't have overexposure in one stock, particularly that of your own employer. ESPP shares can put you in an overexposed position. If the stock value goes down, you may suffer losses and in extreme cases, even lose your job.

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.

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.

An ESPP must be approved by the stockholders of the sponsoring corporation within the period commencing 12 months before and ending 12 months after the ESPP is adopted by the sponsoring corporation's board of directors.

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Hawaii Approval of employee stock purchase plan for The American Annuity Group, Inc.