Key Deadlines and Tips for Submitting Transactions Before Stock Reclassification
If you are considering submitting a stock, option, or account update transaction with BNY Mellon before November 16, 2009, the expected class A preferred stock reclassification effective date, see the table below. It includes submission deadlines recommended by BNY Mellon and tips to help you execute your transactions in advance of the reclassification.
| Transaction Type | Deadline for Submitting Transaction Before Reclassification | Tips |
|---|---|---|
| Option Exercise | Online/phone: November 13, 2009, approximately 3:59 p.m. ET (12:59 p.m. PT) Finalization: Once the transaction has been submitted, all funds and materials must be received and confirmed by BNY Mellon within 10 business days from the day you submitted your option exercise transaction or by the expiration date — whichever comes earlier. |
If you have options expiring or plan on exercising options near or on the reclassification effective date (November 16), submit your option exercise well in advance, and ensure BNY Mellon receives your funds and materials by the due date. Option exercises that finalize on or after November 16, 2009, will result in shares of common stock. |
| Stock Transfer | BNY Mellon recommends you make sure they receive forms by November 9, 2009 to ensure that your request is processed before the reclassification process begins. | Submit your forms early to ensure there is sufficient time to remedy a failed transaction. |
| Conversion from Preferred to Common and Transfer to a Broker | BNY Mellon recommends you make sure they receive forms by November 9, 2009 to ensure that your request is processed before the reclassification process begins. | Submit your forms early to ensure there is sufficient time to remedy a failed transaction. |
| Stock Sale through BNY Mellon Share Selling Program | Online: Friday, November 13, 2009, 12:59 p.m. ET (9:59 a.m. PT) | If you plan to sell shares during the reclassification period, when account access will not be available, consider transferring shares from BNY Mellon to a personal brokerage account (see Conversion from Preferred to Common and Transfer to a Broker) to position yourself to submit a sale swith your broker. |
| Account Address Changes W-8/W-9 Certifications |
October 30, 2009 | Address changes and W-8/W-9 certifications may still be submitted after October 30. However, due to advance preparations for the reclassification, these account updates may not carry over to your new common account after the reclassification. If you submit after this deadline but before the reclassification, you should access your new common account after the reclassification to verify your address of record and certification status. You may need to resubmit these updates. Failure to certify before any sale of stock will result in a 28 percent U.S. backup withholding tax, which can not be refunded by SAIC or BNY Mellon. |