What is the minimum employment duration required for non-highly compensated employees to be eligible for the Noodles & Company ESPP?
Noodles_Company Franchise · 2025 FDDAnswer from 2025 FDD Document
In general, all non-highly compensated employees who have been employed by the Company for at least 30 days prior to the offering period and who are regularly scheduled to work more than 20 hours per week and for more than five months in any calendar year, are eligible to participate in the ESPP which operates in-line with the Company's fiscal quarters.
Source: Item 22 — CONTRACTS (FDD pages 98–99)
What This Means (2025 FDD)
According to Noodles & Company's 2025 Franchise Disclosure Document, non-highly compensated employees are eligible to participate in the Employee Stock Purchase Plan (ESPP) if they have been employed by Noodles & Company for at least 30 days prior to the offering period.
To be eligible, employees must also be regularly scheduled to work more than 20 hours per week and for more than five months in any calendar year. The ESPP allows eligible team members to voluntarily contribute up to 15% of their salaries, subject to certain limitations, to purchase common stock.
The purchase price of the stock is 85% of the fair market value on either the first or last day of each offering period, whichever is lower. This benefit allows employees to invest in Noodles & Company and potentially share in the company's success, while the company can attract and retain staff.