GAIN Capital employee stock purchase plan: Employee contributions up 164% in 2014


Gain Capital Holdings Inc (NYSE:GCAP) has released a full report with regard to its 2011 employee stock purchase plan, audited by McGladrey LLP of Stamford, Connecticut.

McGladrey LLP is a tax and consulting services provider focused on the middle market, and has audited the statements of net assets available for benefits of GAIN Capital’s 2011 Employee Stock Purchase Plan as of December 31, 2014 and 2013, and the related statements of changes in net assets available for benefits for the years ended December 31, 2014, 2013 and 2012.

An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, and also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

There has been a sharp increment in participant contributions during the last three years. For the year ending December 31, 2012, participant contributions totaled $179,674, increasing to $252,477 in 2013. Whilst that is significantly higher, the increase in 2014 to $668,797 represents a 164% raise compared with the previous year.

The employee stock purchase plan was unanimously adopted by the Board of Directors of GAIN Capital on November 22, 2010 and was approved by the stockholders on December 9, 2010. It was effective beginning with the first offering period on January 1, 2011.

The plan was implemented as an employee stock purchase plan sponsored by GAIN Capital that allows employees to make purchases of the Company’s Common Stock through after tax payroll deductions. The maximum number of shares of Common Stock that may be purchased under the Plan initially is 500,000 shares. This share reserve will automatically increase on the first trading day in January each calendar year, beginning in calendar year 2012 and ending in January 2021, by an amount equal to 0.5% of the total number of outstanding shares of Company Common Stock (on a fully diluted basis) on the last trading day in December of the prior calendar year; provided however that the aggregate number of shares of Common Stock that may be issued or transferred under the ESPP shall not exceed 3,000,000 shares.

Employees must elect to participate during the enrollment period prior to the six-month offer period. Offer periods commence on January 1st and July 1st of each year. Participants may elect to contribute 1% to 10% of their base salary through regular payroll deductions on an after-tax basis not to exceed $25,000 on an annual basis.

With such a vast increase in employee contributions, it is clear that internally, the ability to purchase GAIN Capital stock under this plan is most certainly favorable.

For the official filing from GAIN Capital, click here.

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GAIN Capital employee stock purchase plan: Employee contributions up 164% in 2014

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