Summary
Chevron Corporation (CVX) has filed an 8-K report on November 13, 2017, to announce a temporary trading suspension under its employee benefit plans, specifically the Chevron Employee Savings Investment Plan (ESIP). This "blackout period" is scheduled to begin on December 26, 2017, and is expected to conclude by the week of January 7, 2018. The primary reason for this suspension is a change in the recordkeeper for the ESIP. During this period, participants will be unable to make investment decisions within their individual ESIP accounts, including transactions involving Chevron common stock held in the Chevron Stock Fund. This restriction also extends to obtaining loans or receiving distributions from the ESIP.
Key Highlights
- 1Chevron announced a temporary blackout period for its Employee Savings Investment Plan (ESIP).
- 2The blackout period is scheduled to commence on December 26, 2017.
- 3The expected end of the blackout period is the week of January 7, 2018.
- 4The reason for the blackout is a change in the ESIP's recordkeeper.
- 5During the blackout, ESIP participants cannot direct or diversify investments in their accounts.
- 6Transactions in Chevron common stock within the ESIP are restricted.
- 7Loans and distributions from the ESIP are also suspended during this period.
Frequently Asked Questions
The blackout period is a temporary suspension of trading rights for participants in Chevron's Employee Savings Investment Plan (ESIP). It is being implemented because the company is changing the recordkeeper for the ESIP. This is a common administrative necessity during such transitions.
The blackout period is expected to begin on December 26, 2017, and conclude no later than the week of January 7, 2018.
During the blackout period, ESIP participants will not be able to direct or diversify investments in their individual ESIP accounts. This includes any transactions involving Chevron common stock held in the Chevron Stock Fund. Additionally, participants will be unable to obtain loans or receive distributions from their ESIP accounts.
Information regarding the blackout period, including the actual start and end dates, can be obtained without charge by contacting Mary A. Francis, the Company’s Corporate Secretary and Chief Governance Officer, at 6001 Bollinger Canyon Road, San Ramon, CA 94583, or by telephone at (925) 842-1000. This information is available for a period of two years after the end of the blackout period.