8-KOther EventsExhibits & Filings

LOWES COMPANIES INC 8-K Report, Temporary Suspension of Trading Under Employee Benefit Plans (Jun 18, 2010)

Filed June 18, 2010For Securities:LOW

Summary

This 8-K filing from Lowe's Companies, Inc. (LOW) on June 18, 2010, announces the cancellation of a previously scheduled "blackout period" for its 401(k) plan. The blackout period, which was intended to temporarily suspend trading in the plan due to a change in recordkeepers, has been cancelled because additional time is needed for preparation of the transition. This cancellation is effective as of June 18, 2010. Investors should note that this filing primarily concerns the administration of employee benefit plans and does not reflect any new operational or financial performance information. The original intent of the blackout was to prevent potential insider trading during a transition period. The cancellation means that participants in the Lowe's 401(k) plan will not experience the temporary trading restrictions that were originally planned.

Key Highlights

  • 1Lowe's Companies, Inc. has cancelled a planned "blackout period" for its 401(k) employee benefit plan.
  • 2The original blackout period was scheduled to begin on June 18, 2010, and end during the week of July 4, 2010.
  • 3The cancellation is due to the need for additional time to prepare for the transition to a new recordkeeper.
  • 4This filing is an update to a previous notice regarding the blackout period.
  • 5The cancellation means participants in the 401(k) plan will not face temporary trading restrictions.
  • 6The company is required to provide notice to its directors and executive officers regarding these changes as per Sarbanes-Oxley Act of 2002 and Regulation BTR.

Frequently Asked Questions

A blackout period is a temporary suspension of the ability of participants and beneficiaries of an employee benefit plan to direct their investments in their plan accounts, and to obtain loans or distributions from their accounts. These periods are typically imposed during significant plan changes, such as a change in the plan's recordkeeper or administrator, to ensure a smooth transition and prevent potential trading issues.

The blackout period was originally planned in connection with a change in the recordkeeper for Lowe's 401(k) Plan. This type of restriction is often put in place to prevent potential insider trading or errors during the transition of plan assets and information to a new service provider.

The cancellation means that employees who participate in the Lowe's 401(k) plan will not experience the temporary suspension of trading in their accounts. They will continue to have the ability to make investment elections, loans, and distributions as usual, without interruption due to the recordkeeper transition.

No, this filing (8-K dated June 18, 2010) is specifically related to the administration of Lowe's employee 401(k) plan and the temporary suspension of trading. It does not contain information about the company's financial results, sales, or other operational performance.