BENSALEM, Pa., Dec. 11 /PRNewswire-FirstCall/ -- Charming Shoppes, Inc., a leading multi-brand apparel retailer specializing in women's plus-size apparel, today announced that in accordance with Nasdaq Marketplace Rule 4350(i), it has granted 85,000 stock appreciation rights to Kady Dalrymple, the Company's new Sr. Vice President, Design and Product Development of its Fashion Bug brand. The stock appreciation rights were granted as an inducement to Ms. Dalrymple to enter into an employment relationship with Charming Shoppes. Each stock appreciation right represents the right to receive, at exercise, a number of shares of Charming Shoppes' common stock with a then fair market value equal to the appreciation in value of the shares over the base amount. The base amount is $1.47 per share, which is the fair market value of a share on December 11, 2008, the grant date. The Stock Appreciation Rights were granted without shareholder approval pursuant to Nasdaq Marketplace Rule 4350(i)(1)(A)(iv). Ms. Dalrymple received stock appreciation rights which vest, subject to forfeiture, one third on each of the third, fourth and fifth anniversaries of the date of the grant.
At November 1, 2008, Charming Shoppes, Inc. operated 2,344 retail stores in 48 states under the names LANE BRYANT(R), FASHION BUG(R), FASHION BUG PLUS(R), CATHERINES PLUS SIZES(R), LANE BRYANT OUTLET(R), and PETITE SOPHISTICATE OUTLET(R). Additionally, the Company operates the following direct-to-consumer titles: Lane Bryant Woman(TM), Figi's(R), and shoetrader.com. Please visit http://www.charmingshoppes.com/ for additional information about Charming Shoppes, Inc.
