8-KOther Events

CURTISS WRIGHT CORP 8-K Report, Corporate Update (Nov 24, 2014)

Filed November 24, 2014For Securities:CW

Summary

Curtiss-Wright Corporation (CW) filed a Form 8-K on November 24, 2014, to announce the adoption of a written trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934. This plan is established in conjunction with the company's previously announced share repurchase program, authorized by the Board of Directors on September 25, 2014. The adoption of a 10b5-1 plan allows the company to buy back its own stock during periods when it might otherwise be restricted due to blackout periods or insider trading regulations, providing a structured approach to executing its share repurchase strategy. Under this plan, a designated broker will be empowered to repurchase CW's common stock on the company's behalf, adhering to specific terms and limitations outlined within the plan. This initiative is aimed at facilitating the ongoing share repurchase program. Investors should note that repurchases will not commence until January 2, 2015, and detailed information regarding share repurchase activities will be disclosed in the company's subsequent periodic filings (Form 10-Q and 10-K). The filing also includes cautionary statements regarding forward-looking information.

Key Highlights

  • 1Curtiss-Wright Corporation (CW) adopted a Rule 10b5-1 trading plan on November 24, 2014.
  • 2The trading plan is designed to support the company's share repurchase program authorized on September 25, 2014.
  • 3Rule 10b5-1 plans allow companies to repurchase shares during blackout periods or when restricted by insider trading rules.
  • 4A third-party broker will execute share repurchases on behalf of the company under the plan's terms.
  • 5Share repurchases under this plan are scheduled to begin on or after January 2, 2015.
  • 6Information on share repurchases will be disclosed in future Form 10-Q and 10-K filings.
  • 7The filing includes standard forward-looking statements with associated risks and uncertainties.

Frequently Asked Questions

A Rule 10b5-1 trading plan is a pre-arranged plan for buying or selling company stock. Curtiss-Wright adopted one to facilitate its share repurchase program in a structured manner, allowing them to buy back shares even during periods when they might otherwise be restricted due to insider trading regulations or company-imposed blackout periods.

Purchases under this specific trading plan will not begin before January 2, 2015. This provides a clear start date for the execution of the repurchase strategy.

Curtiss-Wright will disclose information regarding its share repurchases in its regular periodic reports filed with the SEC, specifically on Form 10-Q (quarterly) and Form 10-K (annual).

No, the adoption of a Rule 10b5-1 plan outlines the framework for repurchases, but the actual timing and volume of purchases are subject to market conditions, the company's financial flexibility, and the specific terms and limitations set within the plan. The company may also decide to suspend or terminate the plan.