Summary
Global Payments Inc. (GPN) has filed an 8-K report on October 26, 2018, to inform investors about a temporary suspension of trading in their employee benefit plans, specifically the Company's 401(k) plan. This "blackout period" is scheduled to begin at 4 p.m. ET on November 27, 2018, and is expected to conclude around the week of December 23, 2018. The primary reason for this suspension is to facilitate a change in the record keeper and benefit administration service provider for the 401(k) plan. During this blackout period, plan participants will be temporarily unable to make investment decisions, diversify their holdings, or request distributions from their accounts. Additionally, the Company has notified its directors and executive officers about this blackout period and the resulting trading restrictions on their personal holdings of GPN's common stock, in compliance with Sarbanes-Oxley Act regulations.
Key Highlights
- 1A "blackout period" for Global Payments Inc.'s 401(k) plan is scheduled from November 27, 2018, to approximately December 23, 2018.
- 2The purpose of the blackout period is to allow for a change in the 401(k) plan's record keeper and benefit administration service provider.
- 3During the blackout period, 401(k) plan participants cannot direct investments, diversify holdings, or initiate distributions.
- 4Company directors and executive officers are prohibited from trading GPN's common stock during the blackout period, as per Sarbanes-Oxley Act requirements.
- 5Notice of the blackout period and trading restrictions was officially provided to directors and executive officers on October 26, 2018.
- 6Information regarding the blackout period, including its actual end date, can be obtained by contacting David Green, EVP, General Counsel and Corporate Secretary.