This excerpt taken from the WFMI DEF 14A filed Jan 26, 2009.
Summary of the Plan
The following is a brief summary of the material features of the Stock Purchase Plan.
The Stock Purchase Plan is administered by the Compensation Committee of the Board of Directors. The Compensation Committee has complete and absolute authority to make any and all decisions regarding the administration of the Stock Purchase Plan, including the authority to construe and interpret the Stock Purchase Plan; prescribe, amend and rescind administrative rules and procedures relating to the Plan; and perform all acts that it may deem necessary or appropriate for the administration of the Plan and to carry out the purpose of the Plan.
The Stock Purchase Plan is a payroll deduction plan that permits eligible Team Members to purchase shares of common stock of the Company at a discount from the market price. Each participant determines the amount of the payroll deduction that will be applied to the purchase of common stock, with a minimum payroll deduction of $10.00. The maximum number of shares of common stock that may be purchased by a participant in any year is the number of shares having a fair market value of $25,000.00, the annual limit prescribed under Section 423 of the Internal Revenue Code.
Shares are purchased on the last business day of each calendar quarter through a brokerage account maintained on behalf of the participant. The shares of common stock are purchased directly from the Company and are allocated to participant brokerage accounts at the discounted purchase price. If a participant's employment terminates for any reason, payroll deductions under the Stock Purchase Plan are discontinued.
The Company makes no contributions to the Stock Purchase Plan, other than making common stock available for purchase at a discount and paying the costs of administering the Stock Purchase Plan.
Eligible Team Members include all common-law employees of the Company or one of its affiliates who have completed at least 400 service hours, other than seasonal Team Members, non-U.S. Team Members, Section 162(m) Covered Employees and Section 16 Insiders. Seasonal Team Members are defined, in accordance with Section 423 of the Internal Revenue Code, as Team Members who complete 5 or fewer months of employment during a plan year.
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