Pennsylvania Employee Stock Purchase Plan of Charming Shoppes, Inc.

• Category: Corporations - Public - Employees
• State: Multi-State
• Control #: US-CC-19-119
• Format: Word; Rich Text

Description

19-119 19-119 . . . Employee Stock Purchase Plan under which each employee can contribute from 1% to 10% of earnings through payroll deductions, and contributions are credited to account maintained on behalf of each employee by brokerage firm designated as custodian under Plan. So long as Plan is operated as "discount plan", corporation will sell shares directly to custodian at a price equal to lesser of 85% of fair market value of common stock at beginning of offering period or 85% of fair market value of common stock on purchase date. If Board designates Plan as a "matching plan", such discounted sales by corporation would be discontinued, but corporation instead would make matching contribution equal to 15% of employees' payroll contributions to be used by custodian to make market purchases of common stock at or promptly after purchase date Pennsylvania Employee Stock Purchase Plan of Charming Shoppes, Inc. is a company-sponsored program that allows employees based in Pennsylvania to purchase company stock at a discounted price through deductions from their regular paycheck. This plan helps employees become shareholders of Charming Shoppes, Inc., promoting a sense of ownership and alignment with the company's success. The program offers several types of Pennsylvania Employee Stock Purchase Plans (ESPN) under Charming Shoppes, Inc., each with its own features and benefits. These plans include: 1. Basic ESPN: This plan allows eligible employees to contribute a portion of their pre-tax salary towards purchasing Charming Shoppes, Inc. stock. The company may offer a discount on the stock price as an incentive for employees to participate. 2. Qualified ESPN: A qualified ESPN meets specific requirements outlined by the Internal Revenue Service (IRS). This means that eligible employees can enjoy potential tax advantages, such as favorable capital gains treatment, when they sell the purchased stock. 3. Non-Qualified ESPN: A non-qualified ESPN does not meet the IRS requirements for qualified status. While it doesn't offer the same tax advantages, it still allows employees to purchase company stock at a discounted price. Through these Pennsylvania Employee Stock Purchase Plans, Charming Shoppes, Inc. aims to provide a convenient and affordable way for employees to invest in the company's success. By participating in the ESPN, employees can potentially benefit from the appreciation in stock value, diversify their investment portfolios, and actively contribute to their financial future. It's important to note that the specifics of the Pennsylvania Employee Stock Purchase Plans may vary based on the individual's employment status, years of service, and any additional eligibility criteria set by Charming Shoppes, Inc. Employees are encouraged to review the plan documents or consult with the company's HR department to fully understand the details and options available to them.

Pennsylvania Employee Stock Purchase Plan of Charming Shoppes, Inc. is a company-sponsored program that allows employees based in Pennsylvania to purchase company stock at a discounted price through deductions from their regular paycheck. This plan helps employees become shareholders of Charming Shoppes, Inc., promoting a sense of ownership and alignment with the company's success. The program offers several types of Pennsylvania Employee Stock Purchase Plans (ESPN) under Charming Shoppes, Inc., each with its own features and benefits. These plans include: 1. Basic ESPN: This plan allows eligible employees to contribute a portion of their pre-tax salary towards purchasing Charming Shoppes, Inc. stock. The company may offer a discount on the stock price as an incentive for employees to participate. 2. Qualified ESPN: A qualified ESPN meets specific requirements outlined by the Internal Revenue Service (IRS). This means that eligible employees can enjoy potential tax advantages, such as favorable capital gains treatment, when they sell the purchased stock. 3. Non-Qualified ESPN: A non-qualified ESPN does not meet the IRS requirements for qualified status. While it doesn't offer the same tax advantages, it still allows employees to purchase company stock at a discounted price. Through these Pennsylvania Employee Stock Purchase Plans, Charming Shoppes, Inc. aims to provide a convenient and affordable way for employees to invest in the company's success. By participating in the ESPN, employees can potentially benefit from the appreciation in stock value, diversify their investment portfolios, and actively contribute to their financial future. It's important to note that the specifics of the Pennsylvania Employee Stock Purchase Plans may vary based on the individual's employment status, years of service, and any additional eligibility criteria set by Charming Shoppes, Inc. Employees are encouraged to review the plan documents or consult with the company's HR department to fully understand the details and options available to them.