Summary
Dominion Energy, Inc. (D) filed an 8-K on February 4, 2020, to announce a temporary suspension of trading under its employee benefit plans. This action, known as a 'blackout period,' will restrict executive officers and directors from conducting certain transactions involving the company's common stock. The blackout period is scheduled to commence on March 24, 2020, and is expected to conclude by the week of April 6, 2020. The primary reason for this temporary restriction is to facilitate the transition of the company's savings plans to a new third-party administrator. During this period, participants in the affected plans will be unable to access funds through loans or distributions, nor will they be able to direct or diversify their investments within their plan accounts, including holdings of Dominion Energy common stock. Investors should note that this restriction applies only to participants within these specific employee benefit plans and does not directly impact the trading of Dominion Energy's common stock on the open market.
Key Highlights
- 1Dominion Energy announced a temporary trading restriction (blackout period) for its executive officers and directors on February 4, 2020.
- 2The blackout period affects participants in the Dominion Energy Salaried Savings Plan, Hourly Savings Plan, Ohio Union Savings Plan, and Transmission & West Virginia Union Savings Plan.
- 3The restriction is due to a transition to a new third-party administrator for these employee benefit plans.
- 4The blackout period is set to begin on March 24, 2020, and is expected to end by the week of April 6, 2020.
- 5During the blackout, affected individuals cannot borrow, take distributions, or direct/diversify investments within their plan accounts, including Dominion Energy common stock.
- 6The company was deemed to have received notice of the blackout on January 31, 2020, aligning with notice provided to participants.