O-I Glass Suspends Employee Benefit Plan Trading
Ticker: OI · Form: 8-K · Filed: Nov 14, 2024 · CIK: 812074
| Field | Detail |
|---|---|
| Company | O-I Glass, Inc. /De/ (OI) |
| Form Type | 8-K |
| Filed Date | Nov 14, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: compliance, internal-controls, employee-benefits
Related Tickers: OI
TL;DR
OI is pausing employee benefit plan trading for SOX compliance, no financial issues flagged.
AI Summary
O-I Glass, Inc. (OI) announced a temporary suspension of trading under its employee benefit plans, effective November 14, 2024. This action is related to the company's compliance with Section 404(b) of the Sarbanes-Oxley Act of 2002, which requires management to establish and maintain internal controls over financial reporting. The suspension is a procedural step and does not indicate any issues with the company's financial health.
Why It Matters
This filing indicates a procedural step related to internal controls, which is important for investor confidence in financial reporting accuracy.
Risk Assessment
Risk Level: low — The filing is a procedural update regarding internal controls and does not report any negative financial events or changes.
Key Players & Entities
- O-I Glass, Inc. (company) — Registrant
- Sarbanes-Oxley Act of 2002 (legislation) — Reason for suspension
- November 14, 2024 (date) — Effective date of suspension
FAQ
What is the specific reason for the temporary suspension of trading under O-I Glass's employee benefit plans?
The suspension is a procedural step to ensure compliance with Section 404(b) of the Sarbanes-Oxley Act of 2002, which pertains to internal controls over financial reporting.
When did the temporary suspension of trading under the employee benefit plans become effective?
The suspension became effective on November 14, 2024.
Does this filing indicate any financial distress for O-I Glass, Inc.?
No, the filing explicitly states that the suspension is a procedural step related to internal controls and does not indicate any issues with the company's financial health.
What is the ticker symbol for O-I Glass, Inc.?
While not explicitly stated in this excerpt, O-I Glass, Inc. is commonly known by the ticker symbol OI.
Which section of the Sarbanes-Oxley Act is mentioned in relation to this filing?
Section 404(b) of the Sarbanes-Oxley Act of 2002 is mentioned.
Filing Stats: 643 words · 3 min read · ~2 pages · Grade level 12 · Accepted 2024-11-14 16:30:25
Filing Documents
- tm2428382d1_8k.htm (8-K) — 30KB
- tm2428382d1_ex99-1.htm (EX-99.1) — 4KB
- tm2428382d1_8kimg001.jpg (GRAPHIC) — 7KB
- 0001104659-24-119009.txt ( ) — 224KB
- oi-20241114.xsd (EX-101.SCH) — 3KB
- oi-20241114_lab.xml (EX-101.LAB) — 33KB
- oi-20241114_pre.xml (EX-101.PRE) — 22KB
- tm2428382d1_8k_htm.xml (XML) — 3KB
04. TEMPORARY SUSPENSION OF TRADING UNDER REGISTRANT'S EMPLOYEE BENEFIT PLAN
ITEM 5.04. TEMPORARY SUSPENSION OF TRADING UNDER REGISTRANT'S EMPLOYEE BENEFIT PLAN On November 12, 2024, O-I Glass, Inc. (the "Company") sent a notice to participants in the Company's Eighth Amended and Restated Owens-Illinois Stock Purchase and Savings Plan and the Seventh Amended and Restated Owens-Illinois Long Term Savings Plan (together, the "401(k) Plans") informing them that each of the 401(k) Plans is changing its investment fund-trading platform. The notice stated that, as a result of this change, participants in the 401(k) Plans will be unable to change investment elections or obtain a distribution during a period starting on December 23, 2024 and ending during the week of January 19, 2025. This period is referred to herein as the "Blackout Period." On November 14, 2024, the Company sent a notice to its directors and executive officers informing them that, pursuant to Section 306(a) of the Sarbanes-Oxley Act of 2002 and the SEC's rules promulgated thereunder, they would be prohibited from purchasing or selling certain shares of the Company's Common Stock (including derivative securities pertaining to such shares) on the open market or otherwise during the Blackout Period. The notice is attached hereto as Exhibit 99.1 and incorporated herein by reference. The Company provided such notice to its directors and executive officers within five business days of November 12, 2024, which is the date the notices were mailed to 401(k) Plan participants and that the administrator of the 401(k) Plan notified the Company of the Blackout Period.
01. FINANCIAL STATEMENTS
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit No. Description 99.1 Notice to Directors and Executive Officers Regarding 401(k) Plans Blackout Period and Restrictions on Ability to Trade in Company Securities 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
SIGNATURES
SIGNATURES 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 hereunto duly authorized. O-I GLASS, INC. Date: November 14, 2024 By: /s/ John A. Haudrich Name: John A. Haudrich Title: Senior Vice President and Chief Financial Officer