Summary
Western Digital Corp. (WDC) has announced a temporary suspension of trading activities within its 401(k) plan, commonly known as a "blackout period." This suspension is necessary to facilitate a transition to a new plan administrator. During this period, participants will be unable to make changes to their contribution rates, investment allocations, process loan repayments or new loans, or initiate withdrawals or distributions. This restriction also applies to any company stock held within the plan's stock fund. The blackout period is scheduled to commence on December 23, 2021, and is expected to conclude during the week of January 9, 2022. Separately, on November 19, 2021, the company also notified its directors and executive officers of these blackout restrictions and related stock trading limitations, as required by Sarbanes-Oxley and Regulation BTR. This ensures compliance with regulations concerning insider trading during such plan events.
Key Highlights
- 1WDC is implementing a temporary "blackout period" for its 401(k) plan participants.
- 2The blackout is due to a transition to a new plan administrator.
- 3During the blackout, participants cannot make changes to contributions, investments, loans, or withdrawals.
- 4Company stock held within the 401(k) stock fund is also affected by trading restrictions.
- 5The blackout period is expected to begin on December 23, 2021, and end around January 9, 2022.
- 6Directors and executive officers have been separately notified of blackout restrictions and related stock trading limitations.
- 7Information on the actual blackout dates can be obtained by contacting the Company's Corporate Secretary.