Summary
3M Company (MMM) filed an 8-K on November 23, 2021, to announce a temporary trading suspension, known as a "blackout period," affecting its employee benefit plans. This suspension is scheduled to begin on December 27, 2021, and is expected to conclude in the week of January 9, 2022. The primary reason for this measure is the administrative transition of record keepers for several key employee plans, including the Voluntary Investment Plan, Employee Stock Ownership Plan, and Savings Plan. During this blackout period, participants will experience restricted access to their plan accounts, preventing them from checking balances, making investment changes, or initiating transactions like loans or distributions. Importantly, the notice also restricts directors and executive officers from trading any 3M equity securities acquired through their roles during this period. While this is an administrative event, investors should note the temporary inability for insiders to trade company stock, which is a common practice during such administrative transitions.
Key Highlights
- 13M Company (MMM) has announced a 'blackout period' for its employee benefit plans, starting December 27, 2021, and ending the week of January 9, 2022.
- 2The blackout is due to a change in record keepers for the 3M Voluntary Investment Plan, Employee Stock Ownership Plan, and Savings Plan.
- 3During the blackout period, participants will have limited access to their plan accounts, affecting balance checks, investment transfers, and transactions like loans or withdrawals.
- 4Directors and executive officers are prohibited from trading 3M equity securities acquired through their service during the blackout period.
- 5The company is providing a contact number and address for inquiries regarding the blackout period.
- 6A copy of the 'Blackout Notice' is attached as an exhibit to the filing.