Example: Years Offering is Outstanding Interpretation of $25K Rule

The Years Offering is Outstanding interpretation is more complex and allows the participant to accumulate the $25,000 value per year that the offering is outstanding. This allows a participant to purchase stock up to a $25,000 value for each year the offering remains outstanding. If the offering extends to more than one calendar year, the unused portion of the limit is added to the next year's limit. For example:

Offering Period: 24 months

The offering period is as follows:

Begin	End
7/1/1999	6/30/2001

Purchase Periods: 6 months

The purchase periods are as follows:

Begin	End
7/1/1999	12/31/1999
1/1/2000	6/30/2000
7/1/2000	12/31/2000
1/1/2001	6/30/2001

Purchase Date	Activity	Value
12/31/1999	Purchase #1	$17,500
6/30/2000	Purchase #2	$18,500
12/31/2000	Purchase #3	$12,000
6/30/2001	Purchase #4	$17,500

Year 1999 Calculation

This is the 1999 calculation:

Limit	Value
Limit	$25,500
Value	$(17,500)
Remaining	$7,500

Year 2000 Calculation

This is the 2000 calculation:

Limit	Value
Limit	$25,500
Remaining from 1999	$7,500
	$32,500
06/30/2000 Value	$(18,500)
12/31/2000 Value	$(12,000)
Remaining	$2,000

Year 2001 Calculation

This is the 2001 calculation:

Limit	Value
Limit	$25,000
Remaining from 2000	$2000
	$27,000
06/30/2000 Value	$(17,500)
Remaining	$9,500