Applied Industrial Technologies Suspends Benefit Plan Trading
Ticker: AIT · Form: 8-K · Filed: Nov 12, 2024 · CIK: 109563
Sentiment: neutral
Topics: employee-benefits, trading-suspension, regulatory-filing
TL;DR
Applied Industrial Tech suspended employee stock plan trading on Nov 5th.
AI Summary
Applied Industrial Technologies, Inc. filed an 8-K on November 5, 2024, to report a temporary suspension of trading under its employee benefit plans. This action was taken to comply with regulations related to the company's stock. The filing also includes financial statements and exhibits.
Why It Matters
This filing indicates a temporary halt in trading for employee benefit plans, which could affect employee access to their investments in the company's stock.
Risk Assessment
Risk Level: low — The filing is a routine procedural update regarding employee benefit plans and does not indicate significant financial distress or operational changes.
Key Players & Entities
- APPLIED INDUSTRIAL TECHNOLOGIES, INC. (company) — Registrant
- November 5, 2024 (date) — Date of Report
- Ohio (jurisdiction) — State of incorporation
- Cleveland (location) — Principal Executive Offices
FAQ
What is the specific reason for the temporary suspension of trading under the employee benefit plans?
The filing states the suspension is to comply with regulations related to the company's stock, but does not provide further specific details on the exact regulatory trigger.
When did the temporary suspension of trading take effect?
The date of the earliest event reported is November 5, 2024.
What is the primary business of Applied Industrial Technologies, Inc.?
Applied Industrial Technologies, Inc. is in the wholesale of machinery, equipment, and supplies, with a Standard Industrial Classification code of 5080.
What is the company's principal executive office address?
The company's principal executive offices are located at One Applied Plaza, Cleveland, Ohio 44115.
Has the company undergone any name changes in the past?
Yes, the company was formerly known as BEARINGS INC /OH/ and BROWN JIM STORES INC, with name change dates of 19920703 and 19600201, respectively.
Filing Stats: 857 words · 3 min read · ~3 pages · Grade level 12.2 · Accepted 2024-11-12 16:26:01
Filing Documents
- ait-20241105.htm (8-K) — 29KB
- a8-kexhibit991xbtrnotice.htm (EX-99.1) — 23KB
- image_0.jpg (GRAPHIC) — 23KB
- 0000109563-24-000110.txt ( ) — 210KB
- ait-20241105.xsd (EX-101.SCH) — 2KB
- ait-20241105_lab.xml (EX-101.LAB) — 21KB
- ait-20241105_pre.xml (EX-101.PRE) — 12KB
- ait-20241105_htm.xml (XML) — 3KB
04 TEMPORARY SUSPENSION OF TRADING UNDER REGISTRANT'S EMPLOYEE BENEFIT PLANS
ITEM 5.04 TEMPORARY SUSPENSION OF TRADING UNDER REGISTRANT'S EMPLOYEE BENEFIT PLANS. As required under the requirements of Form 8-K, this filing relates to the migration of the Applied Industrial Technologies, Inc. Retirement Savings Plan (the "Plan") from Principal Financial Group, Inc. to Schwab Retirement Plan Services, Inc. On November 5, 2024, Applied Industrial Technologies, Inc. (the "Company") received a notice required by Section 101(i)(2)(E) of the Employment Retirement Income Security Act of 1974 from the plan administrator of the Plan. The notice informed the Company of a blackout period in which participants and beneficiaries in the Plan temporarily will be unable to exercise certain rights otherwise available to them under the Plan. During the blackout period, the Plan's participants and beneficiaries will be unable to: (i) request a contribution rate change; (ii) request a fund transfer; (iii) request a paperless distribution or loan; (iv) submit completed distribution or loan paperwork, in good order; (v) change investment elections for future contributions; or (vi) submit a rollover or loan check. The blackout period is required due to the need to administratively process the migration of the Plan from the recordkeeping platform of Principal Financial Group, Inc. to the recordkeeping platform of Schwab Retirement Plan Services, Inc. On November 11, 2024, the Company delivered to its directors and officers who are subject to Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), a notice required by Section 104 of the Securities and Exchange Commission Regulation Blackout Trading Restriction ("Regulation BTR"). The Regulation BTR notice imposes a blackout period on such directors and officers during which they will be prohibited from directly or indirectly purchasing, selling, or otherwise acquiring or transferring any Company common shares or derivative securities with respect to Company common shares acquired in c
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. Exhibit No. Description 99.1 Regulation BTR Blackout Notice to Directors and Officers dated November 1 1 , 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. APPLIED INDUSTRIAL TECHNOLOGIES, INC. (Registrant) By: /s/ Jon S. Ploetz Jon S. Ploetz, Vice President-General Counsel & Secretary Date: November 12, 2024