Summary
Curtiss-Wright Corporation (CW) announced on December 2, 2019, the adoption of two written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. These plans are designed to facilitate the repurchase of the Company's common stock, supporting its previously announced share repurchase program authorized on May 15, 2019, which allows for up to $200 million in repurchases. The first plan commits $50 million for equal repurchases throughout calendar year 2020, commencing on January 2, 2020, and ending on December 31, 2020. The second plan allocates $100 million for repurchases, also commencing January 2, 2020, and ending December 31, 2020. However, the timing and execution of repurchases under the second plan are subject to a price grid and a price limit, meaning the Company may not purchase shares if the stock price exceeds certain thresholds. These plans allow CW to buy back shares even during periods when it might otherwise be restricted from trading due to blackout periods or insider trading regulations.
Key Highlights
- 1Curtiss-Wright adopted two Rule 10b5-1 trading plans to execute its share repurchase program.
- 2A total of $150 million is allocated for stock repurchases under these plans ($50 million + $100 million).
- 3The plans are set to commence on January 2, 2020, and conclude on December 31, 2020.
- 4The first plan involves $50 million in evenly distributed repurchases throughout 2020.
- 5The second plan of $100 million includes a price grid and limit, meaning repurchases are contingent on stock price.
- 6Rule 10b5-1 plans allow companies to repurchase shares during trading blackouts or when restricted by insider trading laws.
- 7The overall share repurchase authorization remains up to $200 million, with these plans covering $150 million of that amount.