Associate Stock Purchase Plan (ASPP)
Companies offer Employee Stock Purchase Plans to employees to allow them the opportunity to share the success of the firm. A stock purchase plan enables employees to purchase their company's common stock, often at a discount from the market price.
Stock options are perceived to be an effective employee retention and incentive tool. Stock purchase plans help employees think more like an owner, which aligns their interests with those of shareholders.
The purpose of the Stock Plan is to promote the interests of the Company and its Subsidiaries through grants to eligible individuals of Restricted Stock, Stock Units, Options, and Stock Appreciation Rights in order (1) to attract and retain the services of eligible individuals, (2) to provide an additional incentive to each eligible individual to work to increase the value of Company stock and (3) to provide each eligible individual with a stake in the future of the Company which corresponds to the stake of each Company shareholder.