James Corp. issue stock options to employees under an Employee Stock Purchase Plan. Which of the following statements is correct?
I.
The option exercise price must be less than the lesser of 95% of the FMV of the stock when granted or exercised.
II.
The option cannot be exercised more than 27 months after the grant date.
Neither.
II only.
Both.
I only.
Choice "B" is correct. I is not correct because the rule states 85%, not 95%. II is a correct statement. This is a requirement of an ESPP.Choices "d", "c", and "a" are incorrect per the above explanation.
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