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SUP > SEC Filings for SUP > Form 8-K on 16-Dec-2013All Recent SEC Filings




Other Events

Item 8.01 Other Events.

On December 12, 2013, the Company adopted a pre-arranged stock trading plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934 and the Company's policies regarding stock transactions. The Rule 10b5-1 plan has been established in connection with the current share repurchase authorization of the Board of Directors, although the Company reserves the right to make repurchases outside of the Rule 10b5-1 plan. The Rule 10b5-1 plan is intended to afford the Company the benefits provided by Rule 10b5-1, including enabling stock repurchases when the Company might otherwise be precluded from doing so.

Approved by the Board March 27, 2013, the stock repurchase program authorizes the repurchase of up to $30 million of the Company's common stock from time to time on the open market or in private transactions.

As of December 13, 2013, the Company has invested $5.3 million to repurchase approximately 273,000 shares, representing close to one-percent of its outstanding common stock as reported at the end of the third quarter. All of the repurchases occurred during the fourth quarter of this year.

Authorization of the stock repurchase program and adoption of the 10b5-1 plan reflects the Board's and management's confidence in the Company's fundamentals and its long-term future, along with a commitment to enhance shareholder value. The Board is also continuing its review of prudent capital allocation and the stock repurchase program and intends to seek shareholder input as part of this review.

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