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.