Summary
AbbVie Inc. filed an 8-K report on June 8, 2016, to announce a temporary suspension of trading, known as a "blackout period," for participants in its employee benefit plans, specifically the AbbVie Savings Plan and the AbbVie Puerto Rico Savings Plan. This blackout period is necessitated by administrative changes within the plans, including a recordkeeper change, and a trustee/custodian change for specific plans. During this period, participants will be unable to execute transactions within their plan accounts, such as changing contributions, directing investments (including AbbVie stock), or initiating loans and withdrawals.
Key Highlights
- 1AbbVie Inc. is implementing a blackout period for its employee savings plans (AbbVie Savings Plan and AbbVie Puerto Rico Savings Plan).
- 2The blackout period is scheduled to begin on June 24, 2016, at 2:00 p.m. CST and is expected to end on July 13, 2016.
- 3The primary reason for the blackout is administrative changes, including recordkeeper, trustee, and custodian transitions.
- 4During the blackout period, participants cannot make changes to contributions, direct investments, initiate loans, or request distributions.
- 5Company directors and executive officers received a specific notice regarding these trading restrictions on June 8, 2016, due to Sarbanes-Oxley Act and Regulation BTR requirements.
- 6Information on the exact start and end dates of the blackout period can be obtained by contacting AbbVie's Total Rewards department.
Frequently Asked Questions
The blackout period is a temporary suspension of trading in employee benefit plan accounts due to necessary administrative changes, including a change in recordkeeper, trustee, and custodian for the AbbVie Savings Plan and the AbbVie Puerto Rico Savings Plan.
The blackout period is expected to commence on June 24, 2016, at 2:00 p.m. Central Standard Time, and is anticipated to conclude on July 13, 2016.
During the blackout period, participants will be unable to make transactions such as changing contribution rates, directing or diversifying investments (including those in AbbVie Inc. common stock), and obtaining plan loans, withdrawals, or distributions.
Yes, AbbVie's directors and executive officers were specifically notified on June 8, 2016, that they are subject to trading restrictions on AbbVie Inc. common stock, including derivatives, during the blackout period, in compliance with the Sarbanes-Oxley Act of 2002 and Regulation BTR.