Summary
This Form 8-K filing from Wells Fargo & Company/MN (WFC), filed on September 2, 2009, primarily informs investors about a temporary suspension of trading, commonly known as a "blackout period," affecting participants in its 401(k) Plan and the recently acquired Wachovia Savings Plan. This suspension is necessary to facilitate the upcoming merger of the Wachovia Savings Plan into the Wells Fargo 401(k) Plan, a process that is part of the broader integration following Wachovia's acquisition by Wells Fargo. The blackout period is scheduled to commence in early October 2009 and is expected to last for approximately one week. During this time, plan participants will be unable to access their accounts, including making investment changes, initiating loans, or requesting distributions. Additionally, in compliance with Sarbanes-Oxley Act regulations, Wells Fargo also notified its directors and executive officers of a prohibition on trading company stock during these blackout periods.
Key Highlights
- 1Temporary suspension of trading ('blackout period') for Wells Fargo 401(k) Plan and Wachovia Savings Plan participants.
- 2Blackout period is scheduled to begin in early October 2009 and conclude around the week of October 12, 2009.
- 3Reason for the blackout is to implement changes in investment fund options in preparation for merging the Wachovia Savings Plan into the Wells Fargo 401(k) Plan.
- 4Participants will be unable to access their plan accounts, direct investments, or process loans/distributions during the blackout.
- 5Directors and executive officers are also prohibited from trading Wells Fargo common stock during the blackout period, per Sarbanes-Oxley Act requirements.
- 6Notice of the blackout periods was sent to all participants on August 28, 2009.
- 7Contact information is provided for individuals seeking further details about the blackout periods.