Saks Fifth Avenue 2008 Annual Report Download - page 292
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Saks Incorporated Employee Stock Purchase Plan
Notes to Financial Statements
For the Years Ended December 31, 2008, 2007, and 2006
The Compensation Committee of the Board of Directors has the right under the Plan document to alter, suspend, amend or
terminate the Plan. In the event of plan termination, the participants’ rights to acquire stock would continue until the end of the
current Option Period, at which time shares and cash due to terminated employees would be distributed and no further
contributions would be accepted.
On December 3, 2008, the Compensation Committee suspended the Plan for the 2009 calendar year.
The Plan is designed to meet the requirements of the applicable sections of the IRC and to, therefore, be exempt from federal
income taxes under Section 501(a) of the IRC. Therefore, no provision for income taxes has been included in the Plan’s
financial statements.
6
2. Plan Termination
3. Income Tax Status