8-KOther EventsExhibits & Filings

GLOBAL PAYMENTS INC 8-K Report, Temporary Suspension of Trading Under Employee Benefit Plans (Feb 20, 2008)

Filed February 20, 2008For Securities:GPN

Summary

This Form 8-K filing by Global Payments Inc. (GPN) on February 20, 2008, primarily serves to inform investors about a temporary trading suspension within the company's 401(k) employee benefit plan. The company is transitioning its 401(k) recordkeeper from Fidelity Investments to MassMutual, a standard administrative procedure that necessitates a temporary "blackout period" for plan participants. This blackout period, set to begin on February 26, 2008, will last for approximately 10 days. During this time, participants will be unable to make transactions such as loans, withdrawals, investment changes, or enrollments. While this event does not directly impact the company's financial performance or stock, it is a significant disclosure for employees and potentially for investors who may be participants in the plan. The filing also confirms that Section 16 officers were duly notified as required by Sarbanes-Oxley Act regulations.

Key Highlights

  • 1Global Payments Inc. (GPN) is undergoing a recordkeeper transition for its 401(k) plan from Fidelity Investments to MassMutual.
  • 2A "blackout period" will be imposed on the 401(k) plan from February 26, 2008, for approximately 10 days.
  • 3During the blackout period, participants cannot initiate transactions like loans, withdrawals, investment changes, or enrollments.
  • 4The company has issued a notice to plan participants regarding this temporary suspension of trading.
  • 5Section 16 officers have been formally notified of the blackout period in accordance with Sarbanes-Oxley Act requirements.
  • 6The filing specifies contact information for participants seeking more information about the blackout period.

Frequently Asked Questions

The main purpose of this 8-K filing is to officially notify the SEC and the public about a temporary "blackout period" for Global Payments Inc.'s 401(k) employee benefit plan. This is due to a change in the plan's recordkeeper.

The blackout period is scheduled to begin at 4 p.m. Eastern Standard Time on February 26, 2008, and is expected to last for approximately 10 days.

During the blackout period, participants will be temporarily unable to conduct transactions such as initiating loans, making withdrawals, changing investment elections, or enrolling in the plan.

No, this blackout period specifically affects transactions within the company's 401(k) employee benefit plan. It does not restrict the ability of external investors to buy or sell Global Payments Inc. stock on the public market.