Summary
Curtiss-Wright Corporation (CW) has filed an 8-K to disclose the adoption of two Rule 10b5-1 trading plans, which are designed to facilitate its previously announced share repurchase program. These plans allow the company to buy back its stock even during periods when it might otherwise be restricted due to insider trading rules or blackout periods. The first plan allocates $50 million for repurchases throughout calendar year 2020, with purchases executed equally over the period. The second plan is for $100 million and is subject to a price grid, meaning purchases will only occur if the stock price meets specific conditions. Both plans commenced on January 2, 2020, and will conclude on December 31, 2020. These actions underscore the company's commitment to returning capital to shareholders and managing its stock efficiently.
Key Highlights
- 1Adoption of two Rule 10b5-1 trading plans to execute its share repurchase program.
- 2Total authorized share repurchase program remains up to $200 million.
- 3First trading plan: $50 million to be repurchased equally throughout 2020.
- 4Second trading plan: $100 million authorized, contingent on a price grid.
- 5Plans commenced on January 2, 2020, and will cease on December 31, 2020.
- 6Rule 10b5-1 plans allow repurchases during blackout periods and mitigate insider trading concerns.
- 7Details on share repurchases will be disclosed in future periodic SEC filings (10-Q and 10-K).