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.