The Internal Revenue Service (the “IRS”) issued final regulations on November 17, 2009 relating to options granted under an ESPP as defined in section 423 of the Internal Revenue Code (the “Code”). Also, on the same date, the IRS issued new reporting requirements for ESPPs (see our November 19, 2009 blog). Under an ESPP, an employee can purchase shares at a discount from fair market value and also receive favorable tax treatment upon the sale of such shares if certain requirements are satisfied.