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.