Last Chance to Enroll in the Employee Stock Purchase Plan

by Ashley Rhodes 11. December 2019 13:42

There are only a few days left to enroll in the new Employee Stock Purchase Plan (ESPP). Now until 11:59 pm EST on Sunday, December 15, any U.S. Xpress employee who’s been with the company for at least 12 months can purchase U.S. Xpress stock at a 15% discount, or previous enrollee can make changes to their current contribution.

This discount is both higher than many of our competitor trucking companies and the highest allowable by the Securities and Exchange Commission (SEC). 

Here’s How it Works:

Each year, there will be two enrollment periods (December 1-15 and June 1-15) during which you can sign up for the ESPP and determine what percentage of your compensation you want to allocate to purchasing U.S. Xpress stock.

After that, there are six-month “funding periods” during which time your pre-determined allocation will be withheld from your paycheck. At the end of each funding period, the Company will use funds that have been deducted from your paycheck to purchase shares at a 15% discount off the stock price on either the first day of the funding period or on the last day of the funding period, whichever is lower.

So, for example, if you enroll in December 2019 and the stock is trading at $5 per share on the first day of the funding period (January 1, 2020) and trading at $10 per share on the last day of the funding period (June 30, 2020), the money that’s been withheld during that six-month period would be used to buy stock at 15% off the lower of the two prices, or $4.25 ($5/share less 15% discount). Although you will need to hold the shares for one year prior to selling or transferring them, it is hard to beat a 15% discount on the lower of two prices.

Have You Signed Up Previously for the ESPP?

If you plan to keep the same contribution you set during your previous enrollment, you do not need to do anything.

However, if you would like to increase, decrease or suspend your contribution, you do need to log into your account by clicking here (no activation code needed) and changing or suspending the percentage you initially allocated toward purchasing U.S. Xpress stock.

New to the ESPP? Follow these Three Simple Steps to Sign Up:

1.    Decide what percentage of your compensation you’d like to allocate for purchasing stock at a 15% discount. You may contribute anywhere from 1% of your compensation to 15% of your compensation, but not more than $25,000 over the course of a year ($12,500 for each 6-month period. IRS rules).

2.    Be on the lookout for an email and/or snail mail that will include a 12-digit account activation code that’s been generated just for you. You’ll use that code to activate an online account that will allow you to enroll in the ESPP.

3.    Activate your online account by visiting https://usxpress.solium.com to access the ESPP website called Shareworks.

·         The first time you visit Shareworks, you’ll want to click “Open Account” in the top right hand corner of the web page and use your 12-digit activation code to get started.

·         Follow the prompts to activate your account, determine a password and enroll in the ESPP. Make sure to take this step during one of the two annual enrollment periods: December 1-15 or June 1-15.

·         If for some reason you don’t receive your activation code via mail or email, just give Shareworks a call at 1.877.380.7793 and they’ll give you your activation code.

Visit www.USXpressway.com for more detailed information, including a handy graphic that explains the process.

See below or contact the HR Service Center at hrservices@usxpress.com or 1-844-USXPRESS (Option #7)

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Enroll Today in the Employee Stock Purchase Plan

by Ashley Rhodes 5. December 2019 14:08

Enrollment is now open for the Employee Stock Purchase Plan (ESPP). From December 1-15, any U.S. Xpress employee who’s been with the company for at least 12 months can purchase U.S. Xpress stock at a 15% discount.

This discount is both higher than many of our competitor trucking companies and the highest allowable by the Securities and Exchange Commission (SEC). 

Here’s How it Works:

Each year, there will be two enrollment periods (December 1-15 and June 1-15) during which you can sign up for the ESPP and determine what percentage of your compensation you want to allocate to purchasing U.S. Xpress stock.

After that, there are six-month “funding periods” during which time your pre-determined allocation will be withheld from your paycheck. At the end of each funding period, the Company will use funds that have been deducted from your paycheck to purchase shares at a 15% discount off the stock price on either the first day of the funding period or on the last day of the funding period, whichever is lower.

So, for example, if you enroll in December 2019 and the stock is trading at $5 per share on the first day of the funding period (January 1, 2020) and trading at $10 per share on the last day of the funding period (June 30, 2020), the money that’s been withheld during that six-month period would be used to buy stock at 15% off the lower of the two prices, or $4.25 ($5/share less 15% discount). Although you will need to hold the shares for one year prior to selling or transferring them, it is hard to beat a 15% discount on the lower of two prices.

Have You Signed Up Previously for the ESPP?

If you plan to keep the same contribution you set during your previous enrollment, you do not need to do anything.

However, if you would like to increase, decrease or suspend your contribution, you do need to log into your account by clicking here (no activation code needed) and changing or suspending the percentage you initially allocated toward purchasing U.S. Xpress stock.

New to the ESPP? Follow these Three Simple Steps to Sign Up:

1.    Decide what percentage of your compensation you’d like to allocate for purchasing stock at a 15% discount. You may contribute anywhere from 1% of your compensation to 15% of your compensation, but not more than $25,000 over the course of a year ($12,500 for each 6-month period. IRS rules).

2.    Be on the lookout for an email and/or snail mail that will include a 12-digit account activation code that’s been generated just for you. You’ll use that code to activate an online account that will allow you to enroll in the ESPP.

3.    Activate your online account by visiting https://usxpress.solium.com to access the ESPP website called Shareworks.

·         The first time you visit Shareworks, you’ll want to click “Open Account” in the top right hand corner of the web page and use your 12-digit activation code to get started.

·         Follow the prompts to activate your account, determine a password and enroll in the ESPP. Make sure to take this step during one of the two annual enrollment periods: December 1-15 or June 1-15.

·         If for some reason you don’t receive your activation code via mail or email, just give Shareworks a call at 1.877.380.7793 and they’ll give you your activation code.

Visit www.USXpressway.com for a handy graphic that explains the process.

Have More Questions?

See below or contact the HR Service Center at hrservices@usxpress.com or 1-844-USXPRESS (Option #7)

ESPP Q&A

Who can participate in the ESPP?

Everyone who works for U.S. Xpress, Inc. or Total Transportation and has been employed at least 12 months before the funding periods begin is eligible to participate.

How do I participate in the ESPP?

Have you previously participated in the ESPP? If you want to continue participating at the same contribution you set during your previous enrollment, you do NOT need to do anything. If you would like to increase, decrease or suspend your contribution, you will need to login to your account athttps://usxpress.solium.com, and click on either “Change Contributions” or “Suspend Contributions”.

New to the ESPP? You can sign up in three simple steps:

  1. Decide what percentage of your compensation you’d like to allocate for purchasing stock at a 15% discount. You may contribute anywhere from 2% of your salary to 15% of your salary but not more than $25,000 over the course of a year ($12,500 for each 6-month period. IRS rules).
  2. Be on the lookout for an email and/or snail mail that will include 12-digit activation code that’s been generated just for you. You’ll use that code to activate an online account that will allow you to enroll in the ESPP.
  3. Activate your online account to access the ESPP website called Shareworks by visiting https://usxpress.solium.com.
    • The first time you visit Shareworks, you’ll want to click “Open Account” in the top right-hand corner of the web page and use your 7-digit activation code to get started.
    • Follow the prompts to activate your account, determine a password and enroll in the ESPP. Make sure to take this step during one of the two annual enrollment periods: December 1-15 or June 1-15.
    • If, for some reason, you don’t receive your activation code via mail or email, just give Shareworks a call at 1.877.380.7793 and they’ll give you your activation code.

That’s it. At the end of the funding period, you’ll be the proud owner of U.S. Xpress stock.

How often do I need to enroll in the ESPP?

If you wish to continue participating with no changes to your contribution, you don’t need to do anything when the enrollment periods roll around. 
 .
If you would like to increase, decrease or suspend your contribution, you will need to update your account information during the enrollment periods.
 
Once you’re enrolled in the ESPP, your designated payroll deduction will continue until you decide to stop participating or change your allocation. You can do that by accessing your online Shareworks account.
 

What is the “funding period”?
The funding period is a six-month period, beginning either July 1 or January 1 each year. During that time, the percentage of your compensation designated by you is deducted from your paycheck to purchase stock.

When the funding period is over, our ESPP administrators will look at the stock’s fair market value at both the beginning and the end of the funding period. The price you pay will be the lower of the two, and your 15% discount comes on top of that.

You do need to be participating at the beginning of the funding period to purchase shares at the end of the funding period.

What is the “enrollment period”?
Enrollment periods are the two times per year when you can enroll in the plan or make changes to your contributions: December 1-15 (for funding period January 1-June 30) and June 1-15 (for funding period July 1-December 31).

Are Owner/Operators or Lease/Purchase drivers eligible to participate?
If you’re an Independent Contractor (Owner/Operator, Lease/Purchase), you’re running your own business. The Employee Stock Purchase Plan is only for employees of U.S. Xpress or Total Transportation.

May I withdraw from the plan after I’ve signed up?
Of course. Here are the details:

As long as there are more than 20 business days left in the funding period you’re in, you can withdraw from the Plan before the purchase date by selecting “Suspend Contributions” in the online Shareworks account you established when you enrolled.

You’ll get back all of the amounts previously withheld from your paycheck that have not yet been used to purchase shares. 

Keep in mind that, once you withdraw, you will have to wait until the next enrollment period to sign up again. And, if you’ve withdrawn, you’ll need to re-enroll in the ESPP during the next open enrollment period if you wish to participate in a subsequent funding period.

May I change the amount of money I’m contributing to the plan?
Sure. You have a couple of options:

1.    You can wait until the next two-week enrollment period (every December 1-15 and June 1-15) and change your allocations for the following six-month funding period.

or

2.    During your current funding period, you can decrease the amount deducted from your payroll by logging into your Shareworks account at https://usxpress.solium.com and clicking “Change Contributions”. Please allow 10 business days (an entire payroll period) to process any decrease in payroll deductions. Note that you’ll have to wait until the next enrollment period to increase your deductions.

 

If you already have U.S. Xpress stock through the ESPP when you leave, that stock is yours and you take it with you. The only requirement is that you not sell the stock until at least a year after its purchase date.

If you leave the company during a funding period (in other words, while you’re saving money through payroll deduction that hasn’t yet been used to purchase your stock), you’ll be reimbursed all of the funds that were withheld as soon as reasonably possible.

Of course, since this is an Employee Stock Purchase Plan, you will no longer be eligible to participate if you leave.

How are shares distributed to me?
The online Shareworks account you set up when you enroll will be where your shares will be kept for at least a year.

May I sell the shares I acquired through the ESPP?
Of course! The shares are yours to do with as you please. The only requirement is that you hold onto the shares for at least 12 months and, if applicable to you in your role at the company, comply with the Company’s Insider Trading Policy. Keep in mind that, as with any investment, there may be tax consequences depending on the buy/sell price and the length of time you hold your shares. Speak with a tax or financial advisor if you want more details about IRS implications of this or other investment decisions.

How do I sell shares?
Shares may be sold through a brokerage account or through your Shareworks account. As with most stock transactions, you will incur commissions in most instances.

What are the tax consequences of participating in the ESPP?
There will be no tax consequences to most participants in the ESPP either at the start of the funding period or when the shares are purchased at the end of the funding period.

Taxes will typically result from a sale of stock at a higher price than the price paid. Because of this, you’re unlikely to encounter any tax consequences unless you choose to sell your stock in the future.

Since many factors will influence the tax treatment of your gains or losses under the ESPP, your best bet is to review participation in the ESPP with your tax adviser or financial planner.

What are the tax consequences of selling my shares?
The tax consequences of selling shares acquired under the ESPP will depend on a number of factors, the most important of which are the holding period and the market price.

In general, you’ll likely pay taxes on the difference between your purchase price and selling price, if you sell the stock at a higher price than you bought it.

Since many factors will influence the tax treatment of your gains or losses under the ESPP, your best bet is to review participation in the ESPP with your tax adviser or financial planner.

Whom do I contact if I have more questions about the ESPP?
Just contact the HR Service Center at hrservices@usxpress.com or 1-844-USXPRESS (Option #7).

Whom do I contact if I have questions about the Shareworks site?
You can give Shareworks a call at either of these numbers. Note the Shareworks site is owned and administered by a company called Solium/Morgan Stanley. So when you hear the name “Solium” or “Morgan Stanley” upon calling the number, you’re in the right place. 

1.877.380.7793 (US)
1.403.515.3956 (International)

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Tomorrow is the Last Day to Sign Up for 2020 Benefits

by Ashley Rhodes 21. November 2019 15:40

2020 benefits enrollment ends tomorrow. After November 22, you will not be able to make changes and confirm existing coverage until this time next year, so it's important that you call today.

Be sure to review your benefits guide, fax your dependent documentation to 866-231-9165 (marriage license for spouse, birth certificates for kids) and call the 866-895-8677 between 8am and 8pm EST to sign up for benefits today or tomorrow. 

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It's Time to Sign Up for 2020 Benefits

by Ashley Rhodes 4. November 2019 17:09

2020 benefits enrollment starts today. Now through November 22 is the only time of year that you can make changes and confirm existing coverage, so it's important that you call.

 

You can do so in three easy steps! 

 

1. Check out the 2020 Benefits Guide that was mailed to your home address. For a digital copy of this guide, visit the Driver News section on www.usxpressway.com.

 

2. If you are adding a spouse or dependent, go ahead and fax your dependent documents to 866-231-9165. Be sure to include a fax cover sheet with your employee ID on it. Dependent documents are marriage certificates for a spouse and birth certificates for children. 

3. Give us a call at 866-895-8677 between November 4 and November 22. Operators will be taking calls Monday through Friday from 8am to 8pm, EST.

 

Want to learn more before signing up or making changes? Check out one our conferences led by a benefits expert that you can attend in person or over the phone. Please check the schedule below, and mark your calendars. 

 

Benefits Enrollment Conference Schedule

 

Thursday, November 7
Time: 3:00 pm EST

Tuesday, November 12
Time: 3:00 pm EST

 

To join a conference call, dial 866-202-0833, and enter access code 102-626-4452.

 

We look forward to helping you and answering any benefits questions you may have!

 

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2020 Benefits Sign Up Starts Next Week

by Ashley Rhodes 29. October 2019 11:26

2020 benefits enrollment starts next Monday, November 4. November 4th through the 22nd is the only time of year that you can make changes and confirm existing coverage, so it's important that you call.


You can do so in three easy steps!


1. Be on the lookout for your 2020 Benefits Guide that has been mailed to your home address.
2. If you are adding a spouse or dependent, go ahead and fax your dependent documents to 866-231-9165. Be sure to include a fax cover sheet with your employee ID on it. Dependent documents are marriage certificates for a spouse and birth certificates for children.
3. Give us a call at 866-895-8677 between November 4 and November 22. Operators will be taking calls Monday through Friday from 8am to 8pm, EST.
Want to learn more before signing up or making changes? There will be conferences led by a benefits expert that you can attend in person or over the phone. Please check the schedule below, and mark your calendars.

 

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