Wake North Carolina Amended and Restated Employee Stock Purchase Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Wake
• Control #: US-CC-19-179
• Format: Word; Rich Text

Description

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 The Wake North Carolina Amended and Restated Employee Stock Purchase Plan (ESPN) is a comprehensive program offered to employees of Wake, North Carolina. This plan allows employees the opportunity to purchase company stock at a discounted price as a means of ownership and investment in the company. The ESPN is designed to encourage employee participation and long-term commitment to the success of Wake, North Carolina. It provides employees with a convenient and accessible method for acquiring shares in the company, directly from their regular paycheck. Under the Wake North Carolina Amended and Restated ESPN, there are various options available to employees. These options include: 1. Standard ESPN: This is the primary plan available to all eligible employees. It allows employees to contribute a portion of their salary towards purchasing company stock at a discounted price, typically at a predetermined discount from the fair market value. 2. Look back Provision: This feature gives employees the ability to purchase stock at the lowest of either the fair market value at the beginning or the end of the offering period. This provision can provide additional savings for employees if the stock price increases during the offering period. 3. Offering Periods: The ESPN consists of distinct offering periods, typically lasting six months each. During these periods, employees can enroll in the program and make contributions towards purchasing stock. At the end of each offering period, shares are allocated based on the employee's accumulated contributions. 4. Employer Matching: In some cases, Wake, North Carolina may offer an employer matching program where the company contributes a certain percentage matching the employee's contributions. This feature enhances employee benefits and further incentivizes participation in the ESPN. The Wake North Carolina Amended and Restated Employee Stock Purchase Plan aims to align the interests of employees with the company's performance by allowing them to become shareholders and benefit from potential stock price appreciation. It offers employees an opportunity to build wealth and accumulate shares in Wake, North Carolina, fostering a sense of ownership and loyalty among the workforce. By implementing an ESPN, Wake, North Carolina demonstrates its commitment to employee empowerment, engagement, and long-term success. The plan not only provides financial benefits to employees but also serves as a valuable tool for talent attraction and retention within the company.

The Wake North Carolina Amended and Restated Employee Stock Purchase Plan (ESPN) is a comprehensive program offered to employees of Wake, North Carolina. This plan allows employees the opportunity to purchase company stock at a discounted price as a means of ownership and investment in the company. The ESPN is designed to encourage employee participation and long-term commitment to the success of Wake, North Carolina. It provides employees with a convenient and accessible method for acquiring shares in the company, directly from their regular paycheck. Under the Wake North Carolina Amended and Restated ESPN, there are various options available to employees. These options include: 1. Standard ESPN: This is the primary plan available to all eligible employees. It allows employees to contribute a portion of their salary towards purchasing company stock at a discounted price, typically at a predetermined discount from the fair market value. 2. Look back Provision: This feature gives employees the ability to purchase stock at the lowest of either the fair market value at the beginning or the end of the offering period. This provision can provide additional savings for employees if the stock price increases during the offering period. 3. Offering Periods: The ESPN consists of distinct offering periods, typically lasting six months each. During these periods, employees can enroll in the program and make contributions towards purchasing stock. At the end of each offering period, shares are allocated based on the employee's accumulated contributions. 4. Employer Matching: In some cases, Wake, North Carolina may offer an employer matching program where the company contributes a certain percentage matching the employee's contributions. This feature enhances employee benefits and further incentivizes participation in the ESPN. The Wake North Carolina Amended and Restated Employee Stock Purchase Plan aims to align the interests of employees with the company's performance by allowing them to become shareholders and benefit from potential stock price appreciation. It offers employees an opportunity to build wealth and accumulate shares in Wake, North Carolina, fostering a sense of ownership and loyalty among the workforce. By implementing an ESPN, Wake, North Carolina demonstrates its commitment to employee empowerment, engagement, and long-term success. The plan not only provides financial benefits to employees but also serves as a valuable tool for talent attraction and retention within the company.