Wyoming 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 Wyoming Employee Stock Purchase Plan (ESPN) is a program offered by Charming Shoppes, Inc., a renowned retailer operating in the United States. The ESPN provides eligible employees in Wyoming with the opportunity to purchase company stock at a discounted price, allowing them to become shareholders and benefit from the company's growth. Charming Shoppes, Inc. understands the importance of including its employees in the success of the company. By offering this plan, employees are encouraged to invest in the company's stock, aligning their interests with the overall business objectives. This not only boosts employee morale and engagement but also creates a sense of ownership and loyalty towards the company. Under the Wyoming ESPN, employees have the option to contribute a percentage of their salary to the purchase of Charming Shoppes, Inc. stock. The company typically offers a discount on the market price of the stock, allowing employees to acquire the shares at a reduced cost. Employees can accumulate shares over time through regular payroll deductions or one-time lump sum contributions during specific offering periods. Charming Shoppes, Inc. may also offer different types of ESPN within Wyoming. These variations may include: 1. Standard ESPN: This is the most common type of ESPN, where employees can contribute a percentage of their salary towards the purchase of Charming Shoppes, Inc. stock. The specific terms and features of this plan may vary, such as the discount rate, offering periods, and withdrawal options. 2. Qualified ESPN: A qualified ESPN is designed to meet the requirements outlined by Section 423 of the Internal Revenue Code. By meeting these criteria, employees can potentially enjoy certain tax advantages, such as favorable treatment of purchased stock. It is important for employees to understand the qualifying criteria and consult with tax professionals to fully comprehend the implications. 3. Non-Qualified ESPN: In contrast to the qualified ESPN, the non-qualified ESPN does not comply with Section 423 of the Internal Revenue Code. Unlike the qualified ESPN, employees participating in non-qualified plans may not receive certain tax advantages or preferential treatment. Again, employees should seek professional advice to understand the potential tax implications. Charming Shoppes, Inc. takes pride in offering its employees the opportunity to participate in the Wyoming Employee Stock Purchase Plan. By investing in the company's stock, employees have a chance to reap the benefits of their hard work and dedication while fostering a shared sense of ownership in the company's success.

Wyoming Employee Stock Purchase Plan (ESPN) is a program offered by Charming Shoppes, Inc., a renowned retailer operating in the United States. The ESPN provides eligible employees in Wyoming with the opportunity to purchase company stock at a discounted price, allowing them to become shareholders and benefit from the company's growth. Charming Shoppes, Inc. understands the importance of including its employees in the success of the company. By offering this plan, employees are encouraged to invest in the company's stock, aligning their interests with the overall business objectives. This not only boosts employee morale and engagement but also creates a sense of ownership and loyalty towards the company. Under the Wyoming ESPN, employees have the option to contribute a percentage of their salary to the purchase of Charming Shoppes, Inc. stock. The company typically offers a discount on the market price of the stock, allowing employees to acquire the shares at a reduced cost. Employees can accumulate shares over time through regular payroll deductions or one-time lump sum contributions during specific offering periods. Charming Shoppes, Inc. may also offer different types of ESPN within Wyoming. These variations may include: 1. Standard ESPN: This is the most common type of ESPN, where employees can contribute a percentage of their salary towards the purchase of Charming Shoppes, Inc. stock. The specific terms and features of this plan may vary, such as the discount rate, offering periods, and withdrawal options. 2. Qualified ESPN: A qualified ESPN is designed to meet the requirements outlined by Section 423 of the Internal Revenue Code. By meeting these criteria, employees can potentially enjoy certain tax advantages, such as favorable treatment of purchased stock. It is important for employees to understand the qualifying criteria and consult with tax professionals to fully comprehend the implications. 3. Non-Qualified ESPN: In contrast to the qualified ESPN, the non-qualified ESPN does not comply with Section 423 of the Internal Revenue Code. Unlike the qualified ESPN, employees participating in non-qualified plans may not receive certain tax advantages or preferential treatment. Again, employees should seek professional advice to understand the potential tax implications. Charming Shoppes, Inc. takes pride in offering its employees the opportunity to participate in the Wyoming Employee Stock Purchase Plan. By investing in the company's stock, employees have a chance to reap the benefits of their hard work and dedication while fostering a shared sense of ownership in the company's success.