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Which of the following conditions is not required for an employee stock purchase plan to be non-compensatory?
A.
The discount is not larger than 5% of the open market price.
B.
After the plan is established, there is a maximum one month period to elect to participate in the plan.
C.
The plan is made available to substantially all employees.
D.
Top-level employees may purchase no more than a set percentage of shares available.
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