Exhibit 10.5
JOANN Inc.
2021 Employee Stock Purchase Plan
(Amended and Restated as of October 11, 2022)
PURPOSE
The purposes of this JOANN Inc. 2021 Employee Stock Purchase Plan (as it may be amended or restated from time to time, the “Plan”) are to assist Eligible Employees of JOANN Inc., a Delaware corporation (the “Company”), and its Designated Subsidiaries in acquiring a stock ownership interest in the Company pursuant to a plan which is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423(b) of the Code, and to help Eligible Employees provide for their future security and to encourage them to remain in the employment of the Company and its Designated Subsidiaries.
DEFINITIONS AND CONSTRUCTION
Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates. Masculine, feminine and neuter pronouns are used interchangeably and each comprehends the others.
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SHARES SUBJECT TO THE PLAN
OFFERING PERIODS; OFFERING DOCUMENTS; PURCHASE DATES
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ELIGIBILITY AND PARTICIPATION
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GRANT AND EXERCISE OF RIGHTS
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WITHDRAWAL; CESSATION OF ELIGIBILITY
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ADJUSTMENTS UPON CHANGES IN STOCK
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AMENDMENT, MODIFICATION AND TERMINATION
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Such modifications or amendments shall not require stockholder approval or the consent of any Participant.
TERM OF PLAN
The Plan shall be effective on the Effective Date. The effectiveness of the Plan shall be subject to approval of the Plan by the stockholders of the Company within twelve months following the date the Plan is first approved by the Board. No right may be granted under the Plan prior to such stockholder approval. No rights may be granted under the Plan during any period of suspension of the Plan or after termination of the Plan.
ADMINISTRATION
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MISCELLANEOUS
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