Summary
Exxon Mobil Corporation (XOM) filed an 8-K on March 10, 2003, to disclose a temporary restriction on ExxonMobil stock transactions within its Savings Plan. This restriction is due to an upcoming change in the plan administrator and will affect heritage Mobil accounts on April 28-29, 2003, and ExxonMobil accounts on April 30, 2003. While not formally defined as a "blackout period" under Regulation BTR, the company is treating it as such for its directors and officers, meaning their securities transactions will be restricted during this time. The filing includes a notice to these individuals detailing these limitations.
Key Highlights
- 1Temporary restriction on ExxonMobil stock transactions within the company's Savings Plan.
- 2Restrictions affect heritage Mobil accounts on April 28-29, 2003.
- 3Restrictions affect ExxonMobil accounts on April 30, 2003.
- 4The restrictions are due to a change in the Savings Plan administrator.
- 5Company is treating the period as a blackout period for directors and officers under Regulation BTR.
- 6Directors and officers will have restricted securities transactions during this transition.
- 7A notice to directors and officers regarding these restrictions is included as an exhibit.
Frequently Asked Questions
The primary reason is an upcoming change in the administrator for the ExxonMobil Savings Plan, necessitating a brief transition period.
For heritage Mobil accounts, the restrictions will be on April 28 and April 29, 2003. For ExxonMobil accounts, the restriction will be on April 30, 2003.
No, although the period may not technically meet the definition of a "blackout period" under Regulation BTR, ExxonMobil is restricting securities transactions for its directors and officers as if it were a blackout period.
A notice provided to ExxonMobil's directors and officers, dated March 10, 2003, is included as Exhibit 99 to this 8-K filing and incorporates these details by reference.