Summary
ConocoPhillips (COP) has filed an 8-K report on November 19, 2019, announcing a temporary suspension of trading in its employee benefit plans, effective January 2, 2020. This suspension, termed a 'Blackout Period,' is due to a change in the recordkeeper for several company-sponsored retirement and deferred compensation plans. The Blackout Period will commence on December 26, 2019, at 3:00 PM Central time and is expected to conclude during the week of January 12, 2020. During this period, participants and beneficiaries will be unable to access their accounts to obtain loans, receive distributions, or direct or diversify their investments, including any holdings in ConocoPhillips common stock within these plans. The company has also notified its Executive Officers and Directors about this blackout period in compliance with Sarbanes-Oxley Act regulations. Investors and interested parties can obtain information about the blackout period by contacting the company's Deputy General Counsel and Chief Compliance Officer.
Key Highlights
- 1ConocoPhillips is changing the recordkeeper for its employee benefit plans, effective January 2, 2020.
- 2A 'Blackout Period' will be imposed on participants and beneficiaries of these plans, starting December 26, 2019, and ending around the week of January 12, 2020.
- 3During the Blackout Period, plan participants cannot take loans, receive distributions, or make investment changes, including in ConocoPhillips stock held within the plans.
- 4This action is a standard procedure related to a change in recordkeeper for retirement and deferred compensation plans.
- 5Executive Officers and Directors were specifically notified about the Blackout Period as required by the Sarbanes-Oxley Act.
- 6Information regarding the Blackout Period can be obtained from the company's Deputy General Counsel and Chief Compliance Officer.