{"id":2664,"date":"2023-07-14T12:28:24","date_gmt":"2023-07-14T16:28:24","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=2664"},"modified":"2023-07-14T12:28:28","modified_gmt":"2023-07-14T16:28:28","slug":"so-many-form-10-q-and-10-k-changes-part-4-of-5-details-of-share-repurchase-disclosure-modernization","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/so-many-form-10-q-and-10-k-changes-part-4-of-5-details-of-share-repurchase-disclosure-modernization\/","title":{"rendered":"So Many Form 10-Q and 10-K Changes! [Part 4 of 5] Details of Share Repurchase Disclosure Modernization"},"content":{"rendered":"<p style=\"font-weight: 400;\">As we overviewed in the <a href=\"https:\/\/seciblog.pli.edu\/so-many-form-10-q-and-10-k-changes-part-1-of-5\/\">first post<\/a> in this series, in late 2022 and early 2023, the SEC adopted four Final Rules that created a raft of new and detailed reporting requirements in Forms 10-Q and 10-K.<\/p>\n<p style=\"font-weight: 400;\">This is the fourth of five posts that provide details and suggestions to help companies analyze and implement these changes in upcoming periodic reports. This post goes into detail about the disclosure changes from the SEC\u2019s May 2023 Final Rule \u201c<a href=\"https:\/\/www.sec.gov\/rules\/final\/2023\/34-97424.pdf\">Share Repurchase Disclosure Modernization<\/a>.\u201d<\/p>\n<p style=\"font-weight: 400;\">And, to help keep track of the topics we will explore, here is a reminder list of our current and future posts in this series to help you implement all these new disclosure requirements:<\/p>\n<p style=\"font-weight: 400;\">Current posts:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><a href=\"https:\/\/seciblog.pli.edu\/so-many-form-10-q-and-10-k-changes-part-1-of-5\/\">So Many Form 10-Q and 10-K Changes<strong>!<\/strong><\/a><strong> [Part 1 of 5]<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><a href=\"https:\/\/seciblog.pli.edu\/so-many-form-10-q-and-10-k-changes-part-2-of-5-insider-trading-arrangements-and-related-disclosures-rule-10b5-1-plans\/\">Insider Trading Arrangements and Related Disclosures (Rule 10b5-1 Plans)<\/a> <strong>[Part 2 of 5]<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><a href=\"https:\/\/seciblog.pli.edu\/so-many-form-10-q-and-10-k-changespart-3-of-5-listing-standards-for-recovery-of-erroneously-awarded-compensation-disclosures\/\">Listing Standards for Recovery of Erroneously Awarded Compensation Disclosures<\/a> <strong>[Part 3 of 5<\/strong><strong>]<\/strong><\/li>\n<\/ul>\n<\/li>\n<li style=\"list-style-type: none;\">\u00a0\n<ul>\n<li>Share Repurchase Disclosure Modernization <strong>[This post &#8211; Part 4 of 5]<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Future post:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Pay Versus Performance Disclosures (Proxy statement only disclosures) <strong>[Part 5 of 5]<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">As a preliminary note, as you read this post you will see that the new disclosures for share repurchases are the same in Forms 10-K and 10-Q.<\/p>\n<p><strong><u>Details of Form 10-Q Changes for Share Repurchase Disclosure Modernization<\/u><\/strong><\/p>\n<p style=\"font-weight: 400;\">The three changes to Form 10-Q from the <a href=\"https:\/\/www.sec.gov\/rules\/final\/2023\/34-97424.pdf\">Share Repurchase Disclosure Modernization Final Rule<\/a> are:<\/p>\n<p style=\"padding-left: 40px;\">1. Part II &#8211; Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities. The old month-by-month table of share repurchases has been removed.\u00a0 New language in S-K Item 703 requires narrative disclosure of the rationale and purpose of share repurchases.\u00a0 <strong>These changes are effective for the first full fiscal quarter beginning on or after October 1, 2023 <\/strong><strong>(Note:\u00a0 As discussed in the 10-K section below, this disclosure is required for all quarters, including the fourth quarter.\u00a0 Thus, the first time that this will appear for calendar year-end companies is the 10-K for the year ended December 31, 2023).<\/strong><strong>\u00a0<\/strong><\/p>\n<p style=\"padding-left: 80px;\"><strong>(Note:\u00a0 As noted below, new exhibit 26 requires details of share repurchases.)<\/strong><\/p>\n<p style=\"padding-left: 40px;\">2. Part II &#8211; Item 5. Other Information now requires disclosure of company Rule 10b5-1 plans.\u00a0 <strong>The transition for this new disclosure is the same as for number 1 above.<\/strong><\/p>\n<p style=\"padding-left: 40px;\">3. Part II &#8211; Item 6 \u2013 Exhibits. New exhibit 26 requires daily details of share repurchases.\u00a0 <strong>The transition for this new disclosure is the same as for number 1 above.<\/strong><strong>\u00a0<\/strong><\/p>\n<p><strong>1. The mechanics of the change to <\/strong><strong>Part II &#8211; Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities<\/strong><strong>, begin with this new paragraph (c) to the instructions to the form<\/strong><strong>:<\/strong><\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.<\/p>\n<p style=\"font-weight: 400;\">***<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(c) Furnish the information required by Item 703 of Regulation S-K (\u00a7 229.703 of this chapter) for any repurchases made in the quarter covered by the report.<\/p>\n<p style=\"font-weight: 400;\">Regulation S-K Item 703 had been revised to remove the old monthly repurchase table and now provides:<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">229.703 (Item 703) Purchases of equity securities by the issuer and affiliated purchasers.<\/p>\n<p style=\"font-weight: 400; padding-left: 120px;\">(a) Disclose the specified information in narrative form with respect to the issuer\u2019s repurchases of equity securities disclosed pursuant to \u00a7 229.601(b)(26) (Item 601(b)(26) of Regulation S-K) and refer to the particular repurchases in the table in Item 601(b)(26) of Regulation S-K that correspond to the different parts of the narrative, if applicable:<\/p>\n<p style=\"font-weight: 400; padding-left: 160px;\">(1) The objectives or rationales for each repurchase plan or program and the process or criteria used to determine the amount of repurchases.<\/p>\n<p style=\"font-weight: 400; padding-left: 160px;\">(2) The number of shares (or units) purchased other than through a publicly announced plan or program, and the nature of the transaction (e.g., whether the purchases were made in open-market transactions, tender offers, in satisfaction of the issuer\u2019s obligations upon exercise of outstanding put options issued by the issuer, or other transactions).<\/p>\n<p style=\"font-weight: 400; padding-left: 160px;\">(3) For publicly announced repurchase plans or programs:<\/p>\n<p style=\"font-weight: 400; padding-left: 200px;\">(i) The date each plan or program was announced;<br \/>(ii) The dollar amount (or share or unit amount) approved;<br \/>(iii) The expiration date (if any) of each plan or program;<br \/>(iv) Each plan or program that has expired during the period covered by the table in Item 601(b)(26) of Regulation S-K;<\/p>\n<p style=\"font-weight: 400; padding-left: 200px;\">(v) Each plan or program the issuer has determined to terminate prior to expiration, or under which the issuer does not intend to make further purchases.<\/p>\n<p style=\"font-weight: 400; padding-left: 160px;\">(4) Any policies and procedures relating to purchases and sales of the issuer\u2019s securities by its officers and directors during a repurchase program, including any restrictions on such transactions.<\/p>\n<p style=\"font-weight: 400; padding-left: 120px;\">(b) The disclosure provided pursuant to paragraph (a) of this section must be provided in an Interactive Data File as required by \u00a7 232.405 of this chapter (Rule 405 of Regulation S-T) in accordance with the EDGAR Filer Manual.<strong>\u00a0<\/strong><\/p>\n<p><strong>2. The mechanics of the change to <\/strong><strong>Part II &#8211; Item 5. Other Information<\/strong><strong>, begin with the addition of this new paragraph (c) to the instructions to the form, which refers to new S-K Item 408(d)<\/strong><strong>:<\/strong><\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">Item 5. Other Information.<br \/>*****<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(c) Furnish the information required by Items 408(a) and <strong>408(d)<\/strong> of Regulation S-K ((\u00a7\u00a7 229.408(a) and <strong>229.408(d)). <\/strong><\/p>\n<p style=\"font-weight: 400;\">Regulation S-K Item 408 now includes new paragraph (d) requiring disclosure of company use of Rule 10b5-1 plans.<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">229.408 (Item 408) Insider trading arrangements and policies.<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">*****<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(d)(1) Disclose whether, during the registrant\u2019s last fiscal quarter (the registrant\u2019s fourth fiscal quarter in the case of an annual report), the registrant adopted or terminated any Rule 10b5-1 trading arrangement as that term is defined in paragraph (a)(1)(i) of this section. In addition, provide a description of the material terms of the Rule 10b5-1 trading arrangement (other than terms with respect to the price at which the party executing the Rule 10b5-1 trading arrangement is authorized to trade), such as:<\/p>\n<p style=\"font-weight: 400; padding-left: 120px;\">(i) The date on which the registrant adopted or terminated the Rule 10b5-1 trading arrangement;<\/p>\n<p style=\"font-weight: 400; padding-left: 120px;\">(ii) The duration of the Rule 10b5-1 trading arrangement; and<\/p>\n<p style=\"font-weight: 400; padding-left: 120px;\">(iii) The aggregate number of securities to be purchased or sold pursuant to the Rule 10b5-1 trading arrangement.<\/p>\n<p style=\"font-weight: 400; padding-left: 160px;\"><em>Note 1 to paragraph (d)(1): <\/em>If the disclosure provided pursuant to \u00a7 229.703 contains disclosure that would satisfy the requirements of paragraph (d)(1) of this section, a cross- reference to that disclosure will also satisfy the requirements of paragraph (d)(1).<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(2) The disclosure provided pursuant to paragraph (d)(1) of this section must be provided in an Interactive Data File as required by \u00a7 232.405 of this chapter (Rule 405 of Regulation S-T) in accordance with the EDGAR Filer Manual.<\/p>\n<p style=\"font-weight: 400;\"><strong>\u00a0<\/strong><\/p>\n<p><strong>3<\/strong><strong>. The mechanics of the change to <\/strong><strong>Part II &#8211; <\/strong><strong>Item <\/strong><strong>6 &#8211; <\/strong><strong>Exhibit<\/strong><strong>s<\/strong><strong> are to add new exhibit <\/strong><strong>26<\/strong><strong>:<\/strong><\/p>\n<p style=\"font-weight: 400;\"><strong> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-2639\" src=\"https:\/\/seciblog.pli.edu\/wp-content\/uploads\/June-29-10-K-and-10-Q-Changes-Post-Two-of-Five-Exhibit-Table-Header-1024x85.png\" alt=\"\" width=\"604\" height=\"50\" srcset=\"https:\/\/seciblog.pli.edu\/wp-content\/uploads\/June-29-10-K-and-10-Q-Changes-Post-Two-of-Five-Exhibit-Table-Header-1024x85.png 1024w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/June-29-10-K-and-10-Q-Changes-Post-Two-of-Five-Exhibit-Table-Header-250x21.png 250w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/June-29-10-K-and-10-Q-Changes-Post-Two-of-Five-Exhibit-Table-Header-150x12.png 150w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/June-29-10-K-and-10-Q-Changes-Post-Two-of-Five-Exhibit-Table-Header-768x63.png 768w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/June-29-10-K-and-10-Q-Changes-Post-Two-of-Five-Exhibit-Table-Header-1536x127.png 1536w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/June-29-10-K-and-10-Q-Changes-Post-Two-of-Five-Exhibit-Table-Header-2048x169.png 2048w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/strong><\/p>\n<p style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-2662\" src=\"https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Change-Four-of-Five-Exh-Table-1024x436.png\" alt=\"\" width=\"604\" height=\"257\" srcset=\"https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Change-Four-of-Five-Exh-Table-1024x436.png 1024w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Change-Four-of-Five-Exh-Table-250x107.png 250w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Change-Four-of-Five-Exh-Table-150x64.png 150w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Change-Four-of-Five-Exh-Table-768x327.png 768w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Change-Four-of-Five-Exh-Table-1536x654.png 1536w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Change-Four-of-Five-Exh-Table-2048x873.png 2048w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/p>\n<p style=\"font-weight: 400;\">New exhibit 26 provides for many details about daily repurchases which are summarized in this table.\u00a0 The detailed instructions to the exhibit are included at the end of this post.<\/p>\n<p style=\"font-weight: 400; text-align: center;\"><strong>ISSUER PURCHASES OF EQUITY SECURITIES<\/strong><\/p>\n<p style=\"font-weight: 400;\">Use the checkbox to indicate if any officer or director reporting pursuant to section 16(a) of the Exchange Act (15 U.S.C. 78p(a)), or for foreign private issuers as defined by Rule 3b-4(c) (17 CFR 240.3b-4(c)), any director or member of senior management who would be identified pursuant to Item 1 of Form 20-F (17 CFR 249.220f), purchased or sold shares or other units of the class of the issuer\u2019s equity securities that are registered pursuant to section 12 of the Exchange Act and subject of a publicly announced plan or program within four (4) business days before or after the issuer\u2019s announcement of such repurchase plan or program or the announcement of an increase of an existing share repurchase plan or program. <strong>\u25a1 <\/strong><\/p>\n<p style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-2663\" src=\"https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Changes-Post-Four-of-Five-Repurchase-Table-1024x479.png\" alt=\"\" width=\"604\" height=\"283\" srcset=\"https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Changes-Post-Four-of-Five-Repurchase-Table-1024x479.png 1024w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Changes-Post-Four-of-Five-Repurchase-Table-250x117.png 250w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Changes-Post-Four-of-Five-Repurchase-Table-150x70.png 150w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Changes-Post-Four-of-Five-Repurchase-Table-768x359.png 768w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Changes-Post-Four-of-Five-Repurchase-Table-1536x718.png 1536w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/10-K-and-10-Q-Changes-Post-Four-of-Five-Repurchase-Table-2048x958.png 2048w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/p>\n<p style=\"font-weight: 400;\">This table must be tagged with iXBRL.<\/p>\n<p>\u00a0<\/p>\n<p style=\"font-weight: 400;\"><strong><u>Details of Form 10-K Changes for Share Repurchase Disclosure Modernization<\/u><\/strong><\/p>\n<p style=\"font-weight: 400;\">The three changes to Form 10-K from the <a href=\"https:\/\/www.sec.gov\/rules\/final\/2023\/34-97424.pdf\">Share Repurchase Disclosure Modernization Final Rule<\/a> are:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>1. Part II Item 5. Market for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.<strong>\u00a0 <\/strong>The old month-by-month table of share repurchases has been removed.\u00a0 New language in S-K Item 703 requires narrative disclosure of the rationale and purpose of share repurchases.\u00a0 <strong>These changes are effective for the first full fiscal quarter beginning on or after October 1, 2023.\u00a0 This disclosure is required for all quarters, including the fourth quarter.\u00a0Thus, the first time that this will appear in Form 10-K for calendar year-end companies is the 10-K for the year ended December 31, 2023.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"font-weight: 400; padding-left: 80px;\"><strong>\u00a0(Note:\u00a0 New exhibit 26 requires daily details of share repurchases.)<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>2. Part II &#8211; Item 9B. Other Information now requires disclosure of company Rule 10b5-1 plans.\u00a0 <strong>The transition for this new disclosure is the same as for number 1 above.<\/strong><br \/><br \/><\/li>\n<li>3. Part VI &#8211; Item 15. \u2013 Exhibits. New exhibit 26 requires daily details of share repurchases.\u00a0 <strong>The transition for this new disclosure is the same as for number 1 above.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>1. \u00a0The mechanics of the changes to<\/strong><strong> Part II <\/strong><strong>Item 5. Market for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities<\/strong><strong>, begin with the addition of this new paragraph (c) to the instructions for Part II Item 5 of the form<\/strong><strong>:<\/strong><\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">Item 5. . Market for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">***<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(c) Furnish the information required by Item 703 of Regulation S-K (\u00a7 229.703 of this chapter) for any repurchase made in the fourth quarter of the fiscal year covered by the report.<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">Revised S-K Item 703 is reviewed above in the section addressing the related change in Form 10-Q Part II \u2013 Item 2.<\/p>\n<p><strong>2. \u00a0The mechanics of the changes to<\/strong><strong> Part II <\/strong><strong>Item 9B. Other Information<\/strong><strong> begin with the addition of S-K Item 408(d) to paragraph (b) of the Item 9B instructions<\/strong><strong>:<\/strong><\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">(b) Furnish the information required by Items 408(a) and <strong>408(d)<\/strong> of Regulation S-K (\u00a7\u00a7 229.408(a) and <strong>229.408(d)<\/strong>of this chapter).<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">New S-K Item 408 is reviewed above in the section addressing the related change in Form 10-Q Part II \u2013 Item 5.<\/p>\n<p><strong>3. \u00a0The mechanics of the change to <\/strong><strong>Item 15. Exhibit and Financial Statement Schedules are to add new exhibit 26, which is discussed above with the related changes to Part II \u2013 Item 6 of Form 10-Q.<\/strong><\/p>\n<p style=\"font-weight: 400;\">As always, your thoughts and comments are welcome!<\/p>\n<p style=\"font-weight: 400;\">_______________________________________________________________________<\/p>\n<p style=\"font-weight: 400;\">As mentioned above, below are the detailed requirements for new exhibit 26:<\/p>\n<p style=\"font-weight: 400;\">(26) <em>Purchases of equity securities by the issuer and affiliated purchasers.<br \/><\/em><\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">(i) Every issuer that has a class of equity securities registered pursuant to section 12 of the Exchange Act (15 U.S.C. 78<em>1<\/em>) that files quarterly reports on Form 10-Q or an annual report on Form 10-K must file, in the following tabular format, an exhibit to those reports disclosing, for the period covered by the report (or the issuer\u2019s fourth fiscal quarter, in the case of an annual report on Form 10-K), the total purchases made each day by or on behalf of the issuer or any \u201caffiliated purchaser,\u201d as defined in \u00a7 240.10b-18(a)(3) of this chapter, of shares or other units of any class of the issuer\u2019s equity securities that are registered by the issuer pursuant to section 12 of the Exchange Act.<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">(ii) The information provided pursuant to this paragraph (b)(26) must be provided in an Interactive Data File as required by \u00a7 232.405 of this chapter (Rule 405 of Regulation S-T) in accordance with the EDGAR Filer Manual.<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">(iii) This paragraph (b)(26) shall not apply to an investment company registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1 <em>et seq.<\/em>).<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">(iv) Disclose in the table:<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(A) The date, which is the date on which the purchase of shares (or units) is executed (column (a));<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(B) The class of shares (or units), which should clearly identify the class, even if the issuer has only one class of securities outstanding (column (b));<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(C) The total number of shares (or units) purchased on this date, which includes all shares (or units) purchased by or on behalf of the issuer or any affiliated purchaser, regardless of whether made pursuant to publicly announced repurchase plans or programs (column (c));<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(D) The average price paid per share (or unit), which shall be reported in U.S. dollars and exclude brokerage commissions and other costs of execution (column (d));<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(E) The total number of shares (or units) purchased on this date as part of publicly announced repurchase plans or programs (column (e));<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(F) The aggregate maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the publicly announced repurchase plans or programs (column (f));<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(G) Total number of shares (or units) purchased on this date on the open market, which includes all shares (or units) repurchased by the issuer in open-market transactions, and does not include shares (or units) purchased in tender offers, in satisfaction of the issuer\u2019s obligations upon exercise of outstanding put options issued by the issuer, or other transactions (column (g));<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(H) Total number of shares (or units) purchased on this date that are intended by the issuer to qualify for the safe harbor in \u00a7 240.10b-18 of this chapter (Rule 10b-18) (column (h)); and<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(I) Total number of shares (or units) purchased on this date pursuant to a plan that is intended by the issuer to satisfy the affirmative defense conditions of \u00a7 240.10b5-1(c) of this chapter (Rule 10b5-1(c)) (column (i)).<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">(v) Disclose, by footnote to the table, the date any plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the shares (or units) in column (i) was adopted or terminated.<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">(vi) In determining whether to check the box under \u201cIssuer Purchases of Equity Securities,\u201d the issuer may rely on the following, unless the issuer knows or has reason to believe that a form was filed inappropriately or that a form should have been filed but was not:<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(A) A review of Forms 3 and 4 (\u00a7\u00a7 249.103 and 249.104 of this chapter) and amendments thereto filed electronically with the Commission during the issuer&#8217;s most recent fiscal year;<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(B) A review of Form 5 (\u00a7 249.105 of this chapter) and amendments thereto filed electronically with the Commission with respect to the issuer&#8217;s most recent fiscal year;<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(C) Any written representation from the reporting person that no Form 5 is required.<br \/>The issuer must maintain the representation in its records for two years, making a copy available to the Commission or its staff upon request; and<\/p>\n<p style=\"font-weight: 400; padding-left: 80px;\">(D) For foreign private issuers, any written representations from the directors and senior management who would be identified pursuant to Item 1 of Form 20-F, provided that the reliance is reasonable. The issuer must maintain the representation in its records for two years, making a copy available to the Commission or its staff upon request.<\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we overviewed in the first post in this series, in late 2022 and early 2023, the SEC adopted four Final Rules that created a raft of new and detailed reporting requirements in Forms 10-Q and 10-K. This is the fourth of five posts that provide details and suggestions to help companies analyze and implement &hellip; <a href=\"https:\/\/seciblog.pli.edu\/index.php\/so-many-form-10-q-and-10-k-changes-part-4-of-5-details-of-share-repurchase-disclosure-modernization\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">So Many Form 10-Q and 10-K Changes! [Part 4 of 5] Details of Share Repurchase Disclosure Modernization<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[143,242],"tags":[],"coauthors":[154],"class_list":["post-2664","post","type-post","status-publish","format-standard","hentry","category-hot-topic","category-reporting"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=2664"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2664\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=2664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=2664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=2664"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=2664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}