Population: New or Prospective Non-Represented
Your Employee Stock Purchase Plan
The Employee Stock Purchase Plan provides a way for you to purchase shares of Enterprise Common Stock at 95% of the market price. Owning shares of Common Stock is a way to take ownership in PSEG.
You are eligible to participate in the Plan if you:
- Are an active employee;
- Are at least age 18; and
- Have worked for PSEG for more than one year.
Enrollment
You may enroll in the Plan at any time. Just fill out the enrollment form and send it to the Business Center, Payroll Services. This form authorizes your employer to withhold a specified dollar amount from your paycheck or sick benefits each pay period and all dividends on shares in your plan account and to use these deductions and dividends to purchase shares of Common Stock for your account. Once your enrollment form is received by the Business Center, Payroll Services, payroll deductions will begin within approximately 30 days.
When you enroll, you must specify the dollar amount that will be deducted from your paycheck. The maximum amount of deduction is 10% of your base pay. The minimum amount is $5 per week if you are paid weekly, and $10 every two weeks if you are paid biweekly.
You can change the amount of your payroll deduction at any time by sending an enrollment form that indicates the new amount to be deducted. The change will take effect as soon as administratively possible.
Withdrawal and Termination
You may withdraw from the Plan at any time by notifying the Business Center, Payroll Services in writing or by sending an enrollment form and checking the box that indicates you want to withdraw from the Plan. Your withdrawal will take effect as soon as administratively possible.
Your enrollment in the Plan will terminate automatically:
- Upon death;
- Upon termination of employment;
- Upon your retirement; or
- If you begin a leave of absence of more than one month without pay (unless you have made arrangements with the Business Center, Payroll Services to continue monthly payments).
Payroll deductions will stop as soon as administratively possible.
Stock Purchase and Certificate Issuance
Shares of common stock acquired under the Plan for your account will be purchased directly from Enterprise or on the open market. Dividends on all shares shall be applied to the purchase of full and fractional shares of Common Stock. You will not receive cash dividends for shares held in your account. However, you will receive cash payment for any uninvested dividends and payroll deductions when you withdraw or are terminated from the Plan.
Upon termination or withdrawal, you will receive a certificate for all full shares held in your account and a cash payment representing proceeds from the sale of any fractional shares, based on the current market price at the time of the sale, less any related brokerage commission and transfer tax.
While enrolled in the Plan, you may request that certificates of stock be issued. To request certificates, you must send written notice to the Stockholder Services Department, the Plan recordkeeper. You can request the issuance of certificates for any number of full shares of the stock held in your account. However, certificates will be issued in your name only. After you receive the certificates, you may transfer them to another name. Call 1-800-242-0813 for instructions.
Certificates for fractional shares will not be issued under any circumstances.
For additional information about the Employee Stock Purchase Plan, see the prospectus.