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$APC
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10-K
ARKO Petroleum Corp. · Mar 30, 5:29 PM ET
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ARKO Petroleum Corp. 10-K
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Contents
15
B. SPECIAL TRADING RESTRICTIONS APPLICABLE TO INSIDERS
Please see the Insider Trading Policy for a description of prohibited activities applicable to all directors, executive officers, employees and designated consultants and contractors of the Company, including Insiders. In particular, no Insider may trade in any type of securities of the ARKO Companies if such Insider is in possession of material, nonpublic information about any ARKO Company, unless the trade is effected under a pre-approved Rule 10b5-1 Plan (as defined below), which has otherwise been entered into in compliance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This prohibition applies even if such Insider receives pre-clearance and the transaction would occur during a trading window in accordance with these Trading Procedures.
Please see the Insider Trading Policy for a discussion of what constitutes “insider trading” as well as “material” and “nonpublic” information. Any Insiders who are unsure whether the information that they possess is material or nonpublic should consult the Compliance Officer (as defined below) for guidance.
In addition to the restrictions on trading in ARKO Companies securities set forth in the Insider Trading Policy, Insiders are subject to the following special trading restrictions:
C. PRE-CLEARANCE PROCEDURES
Procedures. No Insider may transact in ARKO Companies securities until:
Additional Information. Insiders shall provide to the Compliance Officer any documentation and other information reasonably requested by him or her in furtherance of the foregoing procedures. Any failure to provide such requested information will constitute grounds for denial of approval by the Compliance Officer.
No Obligation to Approve Transactions. The existence of the foregoing approval procedures does not in any way obligate the Compliance Officer to approve any transaction requested by an Insider. The Compliance Officer may reject any transaction request at his or her sole discretion, including, without limitation, in the event that material nonpublic information concerning the company is known by only a few directors or executives. So long as the event remains material and nonpublic, the Compliance Officer may determine not to approve any transactions in the ARKO Companies’ securities. If an Insider requests clearance to transact in the ARKO Companies’ securities during the pendency of such an event, the Compliance Officer may reject the transaction request without disclosing the reason.
Completion of Trades. After receiving written clearance to engage in a transaction signed by the Compliance Officer, an Insider must complete the proposed transaction within two (2) business days or make a new transaction request.
Post-Trade Reporting. Any transactions in the ARKO Companies’ securities by an Insider (including bona fide gifts and transactions effected pursuant to a Rule 10b5-1 Plan) must be reported to the Compliance Officer by completing the “Confirmation of Transaction” section of the Stock Transaction Request form attached to these Trading Procedures on the same day in which
such a transaction occurs. Compliance by directors and executive officers with this provision is imperative given the requirement of Section 16 that these persons generally must report transactions in Company securities within two (2) business days following a given transaction. The sanctions for noncompliance with this reporting deadline include mandatory disclosure in the Company’s proxy statement for the next annual meeting of stockholders, as well as possible civil or criminal sanctions for chronic or egregious violators.
D. EXEMPTIONS
Employee Benefit Plans.
E. WAIVERS
F. ACKNOWLEDGMENT
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