8-KOther Events

EXPAND ENERGY Corp 8-K Report, Temporary Suspension of Trading Under Employee Benefit Plans (Aug 22, 2005)

Filed August 22, 2005For Securities:EXEEXEELEXEEWEXEEZ

Summary

This Form 8-K filed by Chesapeake Energy Corporation on August 22, 2005, announces a temporary suspension of trading for participants of the Chesapeake Energy Corporation Savings and Incentive Stock Bonus Plan and the Nomac Drilling 401(k) Plan. This "blackout period" is a necessary measure due to the transfer of recordkeeping and trustee services to Union Bank of California-SELECTBENEFIT, effective October 3, 2005. The blackout period will prevent plan participants from making investment direction changes, diversifying holdings, obtaining loans, or requesting distributions from their accounts. The company's common stock is also subject to this trading restriction. Investors and employees should be aware of this temporary inability to access their plan assets.

Key Highlights

  • 1Chesapeake Energy Corporation (CHK) and Nomac Drilling 401(k) Plan are entering a "blackout period" affecting employee benefit plans.
  • 2The blackout is due to a change in recordkeeping and trustee services to Union Bank of California-SELECTBENEFIT.
  • 3Effective date for the change in service providers is October 3, 2005.
  • 4The blackout period is expected to commence on September 23, 2005, at 3:00 p.m. (CST).
  • 5The blackout period is anticipated to conclude the week of October 16, 2005.
  • 6During the blackout, participants cannot direct or diversify investments, obtain loans, or request distributions from their plan accounts.
  • 7Chesapeake's common stock is included in the assets subject to the blackout period.

Frequently Asked Questions

The 8-K filing is to inform investors and plan participants about a temporary "blackout period" during which trading and transactional activities within the Chesapeake Energy Corporation Savings and Incentive Stock Bonus Plan and the Nomac Drilling 401(k) Plan will be suspended.

The blackout period is a direct consequence of the transfer of recordkeeping and trustee services for these employee benefit plans from their current provider to Union Bank of California-SELECTBENEFIT, which is scheduled to take effect on October 3, 2005.

During the blackout period, participants will be temporarily unable to direct or diversify their investments within their individual accounts, obtain loans from the plans, or request distributions from their accounts. This also includes restrictions on trading Chesapeake's common stock held within the plans.

You can determine the status of the blackout period, or inquire about it, by contacting SELECTBENEFIT directly at (800) 678-7526 or by visiting their website at www.selectbenefit.com.