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					                                                                           Employee Stock Purchase Plan
Prospectus: Lowe’s Companies, Inc.
45,000,000 Shares of Common Stock Offered under the Lowe’s Companies Employee Stock Purchase
Plan: Stock Options for Everyone.

This prospectus relates to shares of common stock of Lowe’s Companies, Inc. that may be issued under the
Lowe’s Companies Employee Stock Purchase Plan: Stock Options for Everyone (the Stock Purchase Plan
Option).

Our common stock is traded on the New York Stock Exchange under the symbol “LOW.”

This document is part of a prospectus covering securities that have been registered under the Securities Act
of 1933 and may be used only in connection with our offers and sales of common stock under the Stock
Purchase Plan Option. You cannot use this prospectus to offer or sell to anyone else the common stock you
acquire under the Stock Purchase Plan Option.

Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.

June 1, 2008

In This Section                                                                                                                                                                   See Page
Important Information About This Prospectus............................................................................................................................................. 2
How to Obtain Additional Information ........................................................................................................................................................ 2
The Company ................................................................................................................................................................................................ 2
The Stock Purchase Plan Option .................................................................................................................................................................. 2
How the Stock Purchase Plan Option Works ............................................................................................................................................... 3
Amendment and Termination ....................................................................................................................................................................... 4
Federal Tax Consequences ........................................................................................................................................................................... 4
Resale Restrictions........................................................................................................................................................................................ 5
Where You Can Find More Information ...................................................................................................................................................... 5




                                                                                                                                                                                                           1
Important Information About                                        The Company
                                                                   Lowe’s Companies, Inc., the issuer of the common stock
This Prospectus                                                    offered under the Stock Purchase Plan Option, is a North
This prospectus is part of a registration statement that Lowe’s    Carolina corporation. Our principal executive offices are
                                                                   located at 1000 Lowe’s Boulevard, Mooresville, NC 28117.
has filed with the United States Securities and Exchange
                                                                   You can obtain more information about us and the Stock
Commission (SEC). Under the registration statement, we may
from time to time issue securities described in this prospectus    Purchase Plan Option by contacting our Corporate Secretary at
                                                                   the above address or by telephone at 1-704-758-1000.
under the Lowe’s Companies Employee Stock Purchase Plan
(the Stock Purchase Plan Option). We may update this
prospectus in the future by furnishing you with current
information in the form of an appendix to this prospectus. An      The Stock Purchase Plan
appendix may add, update, or change information contained in
this document. When we deliver an appendix, we also will give
                                                                   Option
you another copy of this prospectus without charge, if you         The following information describes important terms and
request it. You should read this prospectus and any appendices     conditions of the Stock Purchase Plan Option. The Stock
carefully, together with the additional information described      Purchase Plan Option is also known as the Employee Stock
under the section “Where You Can Find More Information” on         Purchase Plan and bothterms are used interchangeably in this
page 5.                                                            document. This summary is not a complete description of all of
You should rely only on the information incorporated by            the provisions of the Stock Purchase Plan Option and may not
                                                                   contain all of the information that is important to you. For more
reference or provided in this prospectus or any appendix. We
                                                                   information, you should review the Stock Purchase Plan Option
have not authorized anyone to provide you with different
information. We are not making an offer of these securities in     in full, which you can obtain by contacting us at the address or
                                                                   telephone number indicated above.
any state where the offer is not permitted. You should not
assume that the information in this prospectus or in any
appendix is accurate as of any date other than the dates printed   General
on the front of each such document.
                                                                   The purpose of the Stock Purchase Plan Option is to assist us in
                                                                   recruiting and retaining qualified employees and to allow our
How to Obtain Additional                                           employees the opportunity to increase their ownership interest
                                                                   in Lowe’s by allowing them to purchase Lowe’s common stock
Information                                                        at a discount through the convenience of payroll deductions.

This prospectus incorporates important business and financial
information about us that is not included in or delivered with     Administration
this document. This information is described under the section
                                                                   The Stock Purchase Plan Option is administered by the
“Where You Can Find More Information” on page 5. You can
                                                                   Administrative Committee of the Lowe’s 401(k), Benefit
obtain free copies of this information by writing or calling:      Restoration, Cash Deferral, and Employee Stock Purchase
    Secretary to the Board of Directors                            Plans (the “Committee”). The Committee has the authority to
    Lowe’s Companies, Inc.                                         interpret the Stock Purchase Plan Option’s provisions, adopt
    1000 Lowe’s Boulevard                                          rules regarding the Stock Purchase Plan Option’s
    Mooresville, NC 28117                                          administration, and to make all other determinations necessary
    1-704-758-1000                                                 or advisable for the administration of the Stock Purchase Plan
                                                                   Option.




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                                                                                          Employee Stock Purchase Plan

Eligibility                                                         At the end of an offering period, all of your eligible payroll
                                                                    deductions under the Stock Purchase Plan Option will be used
All full-time employees of Lowe’s or one of our designated          to purchase shares of Lowe’s common stock. The purchase
subsidiaries are eligible to participate in the Plan on the first   price for the shares of common stock will be based on the
day of the offering period following their first day of             closing price of the common stock on the last day of the
employment. All part-time employees are eligible to                 offering period. This price will then be discounted by 15% and
participate after one year of service. Part-time employee           that discounted price will be the purchase price for shares
contributions are based on 40 hours of biweekly service. Full-      purchased for that offering period. Only whole shares of stock
time employee contributions are based on 80 hours of biweekly       will be purchased. Effective with the December 2008 offering
service. Employees must be eligible on the first day of the         period, any payroll deductions that amount to a fractional share
offering period to participate in that offering period.             will be refunded to you after the offering period.
Participation by eligible employees is entirely voluntary and
                                                                    A record keeping account is established for each participant.
employees must enroll to participate.
                                                                    Your payroll deductions are credited to this account, until these
                                                                    amounts are withdrawn, distributed, or used to purchase shares
How the Stock Purchase Plan                                         of Lowe’s common stock.

                                                                    Once stock has been purchased in your name, an account is
Option Works                                                        established. You can access your account at
The Stock Purchase Plan Option allows eligible employees to         www.myloweslife.com or by calling E*TRADE at
                                                                    1-800-838-0908.
purchase shares of Lowe’s common stock at a discount through
the convenience of payroll deductions. Lump sum purchases           Your participation in the Stock Purchase Plan Option will
are not allowed If you are eligible to participate, you may         continue unless you elect to stop your payroll deductions. You
contribute between1% and 20%of your base pay into the Stock         may elect to stop your payroll deductions and withdraw from
Purchase Plan Option. Your contribution percentage is applied       the Stock Purchase Plan Option during an offering period by
to your gross base pay, and is taken out of your paycheck on an     completing a withdrawal form. Withdrawal forms are available
after-tax basis. For purposes of the Employee Stock Purchase        on MyLowesLife on the My Home page under “Lowe’s Forms”
Plan, your base pay does not include overtime or bonuses.           / “Wealth Related”. If you elect to withdraw from the Stock
Effective with the December 2008 offering period, employees         Purchase Plan Option, all contributions collected during any
may also contribute a specific dollar amount.                       offering period will be refunded to you. Refunds are issued
The maximum contribution amount allowable for a six-month           twice per month to participants who have elected to stop their
                                                                    contributions, and to participants who terminate their
offering period is $10,625. In addition, the maximum number
                                                                    employment during the offering period. Additionally, if you
of shares of common stock a participant may purchase in any
offering period shall not exceed a number determined by             stop your payroll deductions, you may not resume participation
                                                                    in the Stock Purchase Plan Option until the following offering
dividing $12,500 by the closing price of the common stock on
                                                                    period at which time you must reenroll. You may elect to
the last day of the offering period.
                                                                    change (increase or decrease) your payroll deductions at the
There are two six-month offering periods each year. The             beginning of the next offering period during the two-week
offering periods are: June 1st through November 30th, and           enrollment period prior to the first day of the offering period.
December 1st through May 31st. To participate in an offering        Changes will not be effective until the beginning of the next
period, you must be eligible on the first day of the offering       offering period.
period. You may enroll during the two-week period prior to the
first day of each offering period. For example, for the June 1st
through November 30th offering period, you may enroll during
                                                                    Stock Account
the last two weeks of May; for the December 1st through             E*TRADE is the broker/administrator of the Stock Purchase
May 31st offering period, you may enroll during the last two        Plan Option. An E*TRADE account is established for each
weeks of November. For more information regarding                   participant who purchases common stock pursuant to the Stock
eligibility and enrollment for the Stock Purchase Plan Option,      Purchase Plan Option, and the shares are credited to such
please see “Employee Eligibility” in the Plan Overview.             accounts. You will need to activate your account to begin
                                                                    using it. Account activation forms are mailed to your home



                                                                                                                                    3
address after the initial offering period in which you participate
in the Plan. You can also activate your account by contacting        Amendment and Termination
E*TRADE by phone at 1-800-838-0908.
                                                                     The board may terminate or amend the Stock Purchase Plan
Additionally, at the end of each offering period, E*TRADE will       Option from time to time. However, an amendment will not
send you a confirmation statement of shares purchased and the        become effective until approved by shareholders if the
purchase price for the offering period. It is important that you     amendment increases the aggregate number of shares of
retain your confirmation statements as they contain information      common stock that may be issued under the Stock Purchase
regarding the amount invested and the purchase price of your         Plan Option or if the amendment changes the class of
shares. This information is required for purposes of reporting       individuals eligible to become participants. Additionally, no
gains or losses to the Internal Revenue Service when you sell        amendment will, without a participant’s consent, adversely
stock acquired through the Stock Purchase Plan Option.               affect the rights of such participant under any option
E*TRADE will also provide a quarterly statement of your              outstanding at the time such amendment is made.
account.

Lowe’s does not receive copies of trade confirmations or
account statements. In the event that your statements are
                                                                     Federal Tax Consequences
misplaced, duplicate statements may only be obtained from            The following discussion is a summary of the federal income
E*TRADE. Stock Purchase Plan Option participants will be             tax provisions relating to participation in the Stock Purchase
charged for the cost of research and statement reproduction.         Plan Option. The tax effect of your participation in the Stock
                                                                     Purchase Plan Option may vary depending upon your particular
At the end of an offering period, you may:
                                                                     circumstances, and the income tax laws and regulations change
    Leave your stock in your E*TRADE account;                        frequently. You should rely upon your own tax advisor for
                                                                     advice concerning the specific tax consequences applicable to
    Request that your stock certificates be sent directly to you;
                                                                     you, including the applicability and effect of state, local, and
    or
                                                                     foreign tax laws.
    Request that E*TRADE sell your acquired stock at current         Under Section 421 of the Internal Revenue Code, you do not
    market prices. You will be responsible for the broker
                                                                     recognize income at the time you purchase stock under the
    transaction fee when selling your shares.
                                                                     Stock Purchase Plan Option. Instead, you will recognize
                                                                     income if and when you sell shares acquired under the Plan.
Six-Month Suspension                                                 If you sell shares two or more years after the last day of the
If you receive a hardship distribution from the Lowe’s 401(k)        offering period, you will recognize ordinary income on the sale,
Plan, Lowe’s is required to suspend your contributions to the        measured as the lesser of: the excess of the fair market value of
Stock Purchase Plan Option for six months and any                    the shares at the time of the sale over the purchase price; or an
contributions for the offering period then in effect will be         amount equal to 15% of the fair market value of the shares as of
refunded to you. You may resume participation in the Stock           the last day of the offering period. Any additional gain will be
Purchase Plan Option after the six-month suspension period by        treated as long-term capital gain and taxed at the applicable
reenrolling during the two week period prior to the start of an      long-term capital gains rate, a tax rate lower than your rate for
offering period. See 401(k) Plan for more information                ordinary income.
regarding hardship distributions.
                                                                     If you sell your stock before two years following the last day of
                                                                     the offering period, a disqualifying disposition will occur. You
Expenses                                                             will then recognize, as ordinary income, the difference
                                                                     between the fair market value of the stock on the date of
Lowe’s pays the expenses for administration of the Stock             purchase and the discounted purchase price. If you sell shares
Purchase Plan Option, including the purchase of stock. Lowe’s        less than one year after you purchase them, any gain in excess
does not pay any other fees, including the broker fees               of that amount will be characterized as a short-term capital gain
associated with selling your stock.                                  and taxed at the same rate as your ordinary income. If,
                                                                     however, you sell shares between one and two years after you
                                                                     purchase them through the Plan, any excess gain will be



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                                                                                          Employee Stock Purchase Plan
characterized as long-term capital gain and taxed at the
applicable long-term capital gains rate.                            Where You Can Find More
Lowe’s must include income from any disqualifying                   Information
dispositions on your Form W-2. You must therefore notify
Lowe’s if you sell or dispose of shares acquired through the        We file reports, proxy statements, and other information with
Stock Purchase Plan Option within 24 months from their              the SEC. This information is available on the Internet at the
purchase date. Shares sold through E*TRADE, the account             SEC’s website at http://www.sec.gov under “Filings & Forms
administrator of the Stock Purchase Plan Option, will be            (EDGAR) Search for Company Filings”. You may also read
excused from the notification requirement because E*TRADE           and copy any document we file with the SEC at the SEC’s
will provide all the necessary information to Lowe’s.               public reference room at the following address:

Although Lowe’s must include income in your Form W-2 in                Securities and Exchange Commission
the event of a disqualifying disposition, there will be no             100 F Street, N.E.
corresponding federal or state income tax withheld. Therefore,         Room 1024
you will need to consider any such income in your tax planning         Washington, DC 20549
to insure that your withholdings and estimated tax payments are
                                                                    You can call the SEC at 1-800-SEC-0330 for more information
sufficient to avoid any tax underpayment penalties that might
                                                                    about the public reference room and copy charges. You can
otherwise apply.                                                    also inspect the reports and other information that we file with
                                                                    the SEC at the New York Stock Exchange, 20 Broad Street,
                                                                    New York, New York 10005.
Resale Restrictions
                                                                    We have filed a registration statement with the SEC under the
We have registered the shares of common stock issuable under        Securities Act relating to the common stock offered under the
the Stock Purchase Plan Option under the Securities Act.            Stock Purchase Plan Option. For further information about us
Restrictions on your sales of common stock acquired under the       and our common stock, you should refer to the registration
Stock Purchase Plan Option will depend upon your status as an       statement and its exhibits. In this prospectus, we have
affiliate of Lowe’s Companies, Inc. Affiliates generally are        summarized material provisions of the Stock Purchase Plan
defined as persons or entities who control, are controlled by, or   Option. Since this prospectus may not contain all of the
are under common control with a company. If you are not an          information you may find important, you should review the full
affiliate, you may resell the common stock acquired under the       text of the Stock Purchase Plan Option, which is on file with
Stock Purchase Plan Option without restriction. If you are an       the SEC as an exhibit to the registration statement. You may
affiliate, you may resell the common stock acquired under the       also obtain a copy of the Stock Purchase Plan Option from us,
Stock Purchase Plan Option only in compliance with all of the       as provided below.
provisions of Rule 144 under the Securities Act, other than the
holding period requirement, or under a separate registration for    The SEC allows us to incorporate by reference into this
the sale of the shares. In general, an affiliate may only sell      prospectus certain information we file with it, which means we
within any three-month period a number of shares of stock,          can disclose important information to you by referring you to
including shares of stock received outside of the Stock             those documents. The information incorporated by reference is
Purchase Plan Option that do not exceed the greater of 1% of        considered to be part of this prospectus, and information we file
our then-outstanding shares of stock, or the average weekly         later with the SEC will automatically update and supersede the
reported trading volume of our stock on all national securities     information contained in this prospectus.
exchanges, or an authorized consolidated transaction reporting
                                                                    We incorporate by reference into this prospectus the documents
system during the four calendar weeks preceding the sale. In
                                                                    listed below, as of the date of their filing:
addition, in order to satisfy Rule 144, the sales must be
conducted in normal broker’s transaction or through a market            Our annual report on Form 10-K for the fiscal year ended
maker. The affiliate may be required to file a form with the            February 1, 2008, filed on April 1, 2008
SEC, and we must continue to satisfy its reporting requirements
under the Securities Exchange Act (the Exchange Act).                   Our Current Reports on Form 8-K filed on February 25,
                                                                        2008 and May 19, 2008.




                                                                                                                                    5
     All other reports filed by us pursuant to Section 13(a) or
     15(d) of the Securities Exchange Act since February 1,
     2008; and

     The descriptions of our common stock and preferred stock
     purchase rights contained in our registration statements on
     Form 8-A filed under Section 12 of the Exchange Act,
     including all amendments or reports filed for the purpose
     of updating such descriptions.
We also incorporate by reference into this prospectus additional
documents filed by us or the Stock Purchase Plan Option. Plan
Option pursuant to Sections 13(a), 13(c), 14, or 15(d) of the
Exchange Act after the date of this prospectus and prior to the
filing of a post-effective amendment to the registration
statement that indicates that all securities offered have been
sold or that deregisters all securities then remaining unsold.

You should rely only on the information contained in or
incorporated by reference in this prospectus. We have not
authorized anyone to provide you with different information.
We are not making an offer of common stock in any
jurisdiction where the offer is not permitted. You should not
assume that the information contained in or incorporated by
reference in this prospectus is accurate as of any later date.

You may request a copy of our latest annual report to
stockholders and any of the documents incorporated by
reference in this prospectus, at no cost, by writing or calling us
at the following address and telephone number:
    Secretary to the Board of Directors
    Lowe’s Companies, Inc.
    1000 Lowe’s Boulevard
    Mooresville, NC 28117
    1-704-758-1000

In addition, we will deliver to all participants in the Employee
Stock Purchase Plan who do not otherwise receive such
material copies of all reports, proxy statements, and other
communications we distribute to our shareholders.
The Stock Purchase Plan Option is not subject to any
provisions of the Employee Retirement Income Security Act of
1974 (ERISA). The Stock Purchase Plan Option also is not
subject to or qualified under Section 401 of the Internal
Revenue Code. No one has or may create a lien on any funds,
securities, or other property held under the Stock Purchase Plan
Option.




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