Business Context and Reporting Period
Company: Arrow Electronics, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 23, 2021
Principal Executive Offices: 9201 East Dry Creek Road, Centennial, CO 80112
This filing reports the temporary suspension of trading under the registrant's employee benefit plans and the implementation of trading restrictions for directors and executive officers.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on administrative changes to the 401(k) Plan and associated trading restrictions.
Material Changes
401(k) Plan Modification: The Company is removing its Common Stock as an investment option in the Arrow Electronics Savings Plan (401(k) Plan).
Blackout Periods: Participants will be temporarily unable to access accounts to move money from the Arrow Electronics ESOP Company Stock Fund or request withdrawals during the following periods:
- April 30, 2021 (1:00 p.m. ET) through the week of May 10, 2021.
- August 31, 2021 (1:00 p.m. ET) through the week of September 13, 2021.
- December 20, 2021 (1:00 p.m. ET) through the week of December 27, 2021.
Guidance, Outlook, and Risks
Trading Restrictions (Section 306(a) of Sarbanes-Oxley Act): Directors and executive officers are prohibited from purchasing or selling shares of the Company's Common Stock (including derivative securities) acquired in connection with their service during the Blackout Periods, subject to limited exceptions.
Management Commentary: The Company has issued a Blackout Restriction Notice (BTR Notice) to directors and executive officers. Information regarding the actual ending dates of the Blackout Periods is available from the Corporate Secretary.
Key Facts for Investor Verification
- Confirm the specific dates of the three scheduled Blackout Periods for the 401(k) Plan.
- Verify the removal of Company Common Stock as an investment alternative in the 401(k) Plan.
- Note the prohibition on insider trading for directors and executive officers during the specified Blackout Periods.
- Contact the Corporate Secretary (Carine Jean-Claude) for updates on the actual ending dates of the Blackout Periods.