Olin Corporation has announced a significant blackout period for its directors and executive officers, with restrictions on trading in Olin equity securities. The blackout period, set to commence on September 26, 2024, and expected to end the week of October 13, 2024, will impact the ability of participants in the Olin Corporation Contributing Employee Ownership Plan (CEOP) to access their accounts, transfer or diversify investments, or obtain loans, withdrawals, or distributions from the plan.
During the blackout period, directors and executive officers are prohibited from purchasing, selling, or otherwise acquiring or transferring any equity security of Olin acquired in connection with their service or employment. This restriction covers various forms of equity securities, including common stock, stock options, restricted stock units, and performance share units.
The blackout period also extends to transactions involving the acquisition of Olin equity securities not directly related to their service as a director or employment as an executive officer, with a presumption that such transactions are prohibited unless the source of the equity securities can be identified and used consistently for all related purposes, such as tax reporting and disclosure requirements.
The company has emphasized that these prohibitions apply in addition to the trading restrictions under Olin’s Insider Trading Policy, warning that violations may lead to disgorgement of profits from the transaction and potential civil and criminal penalties for the individuals involved.
Given the severity of the penalties and the complexity of the regulations, directors and executive officers are urged to seek guidance from the company's Vice President, Deputy General Counsel, and Corporate Secretary before engaging in any transaction involving Olin equity securities during the blackout period. For inquiries and further information, individuals have been directed to contact the Corporate Secretary at Olin Corporation.
This announcement comes as Olin Corporation undergoes a transition of the plan administrator for the CEOP from Voya to Empower, leading to the imposition of the blackout period on trading activities involving Olin equity securities. As a result of these announcements, the company's shares have moved -1.7% on the market, and are now trading at a price of $41.56. Check out the company's full 8-K submission here.
