Maine Employee Stock Purchase Plan of Charming Shoppes, Inc.

• Category: Corporations - Public - Employees
• State: Multi-State
• Control #: US-CC-19-119
• Format: Word; Rich Text

Description

19-119 19-119 . . . Employee Stock Purchase Plan under which each employee can contribute from 1% to 10% of earnings through payroll deductions, and contributions are credited to account maintained on behalf of each employee by brokerage firm designated as custodian under Plan. So long as Plan is operated as "discount plan", corporation will sell shares directly to custodian at a price equal to lesser of 85% of fair market value of common stock at beginning of offering period or 85% of fair market value of common stock on purchase date. If Board designates Plan as a "matching plan", such discounted sales by corporation would be discontinued, but corporation instead would make matching contribution equal to 15% of employees' payroll contributions to be used by custodian to make market purchases of common stock at or promptly after purchase date The Maine Employee Stock Purchase Plan (ESPN) of Charming Shoppes, Inc. is a unique employee benefit program offered to eligible employees working in Charming Shoppes' Maine locations. This plan enables employees to purchase company stock at a discounted price, providing them with an opportunity to invest in the company's success and potentially earn valuable returns on their investment. The Maine ESPN is designed to encourage employee ownership and align the interests of the employees with the company's long-term growth objectives. It offers eligible employees a convenient and affordable way to acquire Charming Shoppes' stock through payroll deductions. Employees participating in the Maine ESPN can contribute a percentage of their eligible earnings to purchase company stock at a specified discount, typically lower than the market price. Over time, these regular contributions can accumulate and help employees build a meaningful investment in Charming Shoppes. One key advantage of the Maine ESPN is the ability to buy shares at a discounted price. The specific discount rate may vary, but it generally provides employees an opportunity to acquire more shares than they could have purchased at the market price. This potential for financial gain, along with the pride of ownership, can motivate employees to work harder and contribute more effectively towards the company's overall success. It is important to note that there may be different variations or types of the Maine ESPN offered by Charming Shoppes, Inc. These might include different discount rates, maximum contribution limits, and holding periods before the shares can be sold. Employees should refer to the official plan documents or consult their HR department for detailed information about the specific terms and conditions of the Maine ESPN. Overall, the Maine Employee Stock Purchase Plan of Charming Shoppes, Inc. is a valuable employee benefit program that fosters a sense of ownership and financial engagement among eligible employees. By providing an avenue for stock ownership at a discounted price, it encourages employees to participate in the company's success while potentially building their own wealth.

The Maine Employee Stock Purchase Plan (ESPN) of Charming Shoppes, Inc. is a unique employee benefit program offered to eligible employees working in Charming Shoppes' Maine locations. This plan enables employees to purchase company stock at a discounted price, providing them with an opportunity to invest in the company's success and potentially earn valuable returns on their investment. The Maine ESPN is designed to encourage employee ownership and align the interests of the employees with the company's long-term growth objectives. It offers eligible employees a convenient and affordable way to acquire Charming Shoppes' stock through payroll deductions. Employees participating in the Maine ESPN can contribute a percentage of their eligible earnings to purchase company stock at a specified discount, typically lower than the market price. Over time, these regular contributions can accumulate and help employees build a meaningful investment in Charming Shoppes. One key advantage of the Maine ESPN is the ability to buy shares at a discounted price. The specific discount rate may vary, but it generally provides employees an opportunity to acquire more shares than they could have purchased at the market price. This potential for financial gain, along with the pride of ownership, can motivate employees to work harder and contribute more effectively towards the company's overall success. It is important to note that there may be different variations or types of the Maine ESPN offered by Charming Shoppes, Inc. These might include different discount rates, maximum contribution limits, and holding periods before the shares can be sold. Employees should refer to the official plan documents or consult their HR department for detailed information about the specific terms and conditions of the Maine ESPN. Overall, the Maine Employee Stock Purchase Plan of Charming Shoppes, Inc. is a valuable employee benefit program that fosters a sense of ownership and financial engagement among eligible employees. By providing an avenue for stock ownership at a discounted price, it encourages employees to participate in the company's success while potentially building their own wealth.