<SEC-DOCUMENT>0001096906-20-000444.txt : 20201207
<SEC-HEADER>0001096906-20-000444.hdr.sgml : 20201207
<ACCEPTANCE-DATETIME>20201207172144
ACCESSION NUMBER:		0001096906-20-000444
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201204
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201207
DATE AS OF CHANGE:		20201207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SECURITY NATIONAL FINANCIAL CORP
		CENTRAL INDEX KEY:			0000318673
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				870345941
		STATE OF INCORPORATION:			UT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-09341
		FILM NUMBER:		201373538

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 57220
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84157
		BUSINESS PHONE:		8012641060

	MAIL ADDRESS:	
		STREET 1:		PO BOX 57220
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84157

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SNL FINANCIAL CORP
		DATE OF NAME CHANGE:	19910401
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>snfca_8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<!-- Produced by EDGARsuite software, Advanced Computer Innovations, Inc., Copyright (C) 2008-2020 [PPXK611ND10HVJPEW9L3]. www.edgarsuite.com -->
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<DIV style=margin-left:72pt;width:475.2pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>UNITED STATES</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'>Washington, D.C. &nbsp;20549</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'>__________________</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:14pt Times New Roman;margin:0'><B>FORM 8-K</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'>__________________</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>CURRENT REPORT</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>Date of Report (Date of earliest event reported): December 4, 2020</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><B>SECURITY NATIONAL FINANCIAL CORPORATION</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'>(Exact name of registrant as specified in this Charter)</P>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:481.1pt;margin-left:5.4pt><TR style=height:11.25pt><TD valign=top style=width:156.2pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Utah</FONT></P>
</TD><TD valign=top style=width:162.45pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>000-09341</FONT></P>
</TD><TD valign=top style=width:162.45pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>87-0345941</FONT></P>
</TD></TR>
<TR style=height:18pt><TD valign=top style=width:156.2pt><P align=center style='font:8pt Times New Roman;margin:0'>(State or other jurisdiction of incorporation)</P>
</TD><TD valign=top style=width:162.45pt><P align=center style='font:8pt Times New Roman;margin:0'>(Commission File Number)</P>
</TD><TD valign=top style=width:162.45pt><P align=center style='font:8pt Times New Roman;margin:0'>IRS Employer Identification No.)</P>
</TD></TR>
</TABLE>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;margin-left:5.4pt><TR><TD valign=top style=width:306pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>121 West Election Road, Suite 100, Draper, Utah</FONT></P>
</TD><TD valign=top style=width:174.6pt><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>84020</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:306pt><P align=center style='font:8pt Times New Roman;margin:0'>(Address of principal executive offices)</P>
</TD><TD valign=top style=width:174.6pt><P align=center style='font:8pt Times New Roman;margin:0'>(Zip Code)</P>
</TD></TR>
</TABLE>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;text-align:center;font:10pt Times New Roman;width:496.8pt'>Registrant's Telephone Number, Including Area Code: &nbsp;<FONT style='border-bottom:1px solid #000000'>(801) 264-1060</FONT></KBD>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:243pt;margin-left:117.9pt><TR style=height:13.9pt><TD valign=bottom style='width:243pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>Does Not Apply</P>
</TD></TR>
<TR style=height:11.1pt><TD valign=top style='width:243pt;border-top:0.5pt solid #000000'><P align=center style='font:8pt Times New Roman;margin:0'>(Former name or former address, if changed since last report)</P>
</TD></TR>
</TABLE>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<FONT style='border-bottom:1px solid #000000'>see</FONT> General Instruction A.2 below):</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;]</KBD><KBD style=margin-left:27pt></KBD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;]</KBD><KBD style=margin-left:27pt></KBD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;]</KBD><KBD style=margin-left:27pt></KBD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;]</KBD><KBD style=margin-left:27pt></KBD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Emerging growth company &nbsp;&nbsp;[ &nbsp;&nbsp;]</P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=center style='font:12pt Times New Roman;margin:0'>-<FONT style=font-size:10pt>1</FONT>-</P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=justify style='font:10pt Times New Roman;margin:0'>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;[ &nbsp;&nbsp;]</P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=center style='font:12pt Times New Roman;margin:0'>-<FONT style=font-size:10pt>2</FONT>-</P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=justify style='font:10pt Times New Roman;margin:0'><B>Item 8.01. &nbsp;<I>Other Events</I></B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Amendment to Stock Repurchase Plan</B></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><KBD style=margin-left:36pt></KBD>On December 4, 2020, the Board of Directors of Security National Financial Corporation (the &#8220;Company&#8221;) approved an amendment to the Company&#8217;s Stock Repurchase Plan which authorized the repurchase of additional shares of the Company&#8217;s Class A Common Stock in the open market. This amendment in the form of an additional share repurchase authorization would increase the number of authorized shares that may be repurchased in the open market by another 700,000 shares of the Company&#8217;s Class A Common Stock. It should be noted that 234,323 of the original 300,000 shares of the Company&#8217;s Class A Common Stock that the Board authorized on September 7, 2018 have been repurchased in the open market. &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><B>Item 9.01. &nbsp;<I>Financial Statements and Exhibits</I></B></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:36pt'>(c)</KBD><KBD style=margin-left:58.5pt></KBD>Exhibit&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><KBD style=margin-left:58.5pt></KBD>99.1 <FONT style='color:#0563C1;border-bottom:1px solid #0563C1'><A href=snfca_ex99z1.htm style=text-decoration:none>Amendment to Stock Repurchase Authorization Plan</A></FONT>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>SIGNATURES</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style=margin-left:36pt></KBD>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.&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:6pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:459pt;margin-left:5.4pt><TR style=height:15pt><TD valign=bottom style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.75pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style=width:260.75pt><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>SECURITY NATIONAL FINANCIAL CORPORATION</B></P>
</TD></TR>
<TR style=height:15pt><TD valign=bottom style=width:166.5pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.75pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:25.25pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:235.5pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>(Registrant)</P>
</TD></TR>
<TR style=height:15pt><TD valign=bottom style=width:166.5pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.75pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:25.25pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:235.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:15pt><TD valign=bottom style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.75pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:25.25pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:235.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:15pt><TD valign=middle style=width:166.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Date: December 7, 2020</P>
</TD><TD valign=middle style=width:31.75pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:25.25pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>By:</P>
</TD><TD valign=middle style='width:235.5pt;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>/s/ Scott M. Quist</P>
</TD></TR>
<TR style=height:15pt><TD valign=bottom style=width:166.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.75pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:25.25pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:235.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Scott M. Quist, Chairman, President and</P>
</TD></TR>
<TR style=height:15pt><TD valign=bottom style=width:166.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.75pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:25.25pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:235.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'> &nbsp;&nbsp;&nbsp;Chief Executive Officer</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=center style='font:12pt Times New Roman;margin:0'>-<FONT style=font-size:10pt>3</FONT>-</P>
<P style='font:7pt Times New Roman;margin:0'>&nbsp;</P>
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>snfca_ex99z1.htm
<DESCRIPTION>AMENDMENT TO STOCK REPURCHASE AUTHORIZATION PLAN
<TEXT>
<HTML>
<!-- Produced by EDGARsuite software, Advanced Computer Innovations, Inc., Copyright (C) 2008-2020 [PPXK611ND10HVJPEW9L3]. www.edgarsuite.com -->
<HEAD>
</HEAD>
<BODY>
<DIV style=margin-left:86pt;width:440pt><P style='font:11.5pt Times New Roman;margin-top:0.15pt;margin-bottom:0pt'>&nbsp;</P>
<P style='font:11.5pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11.5pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11.5pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11.5pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11.5pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11.5pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11.5pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:11.5pt Times New Roman;margin-top:1.9pt;margin-bottom:0pt;margin-right:-1pt'><FONT style=color:#161616><B>Exhibit</B><B> </B><B>9</B><B>9</B><B>.</B><B>1</B></FONT></P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style=line-height:0;margin:0></P>
</DIV>
<DIV style=margin-left:66pt;width:481pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>Security National Financial Corporation</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>Stock Repurchase Plan</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>Effective as of September 7, 2018</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>As Amended December 4, 2020</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'><KBD style=margin-left:36pt></KBD>For the mutual benefit of Security National Financial Corporation (the &#8220;Company&#8221;) and all its stockholders, the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) authorized management, consistent with procedures to be recommended by the Company&#8217;s securities counsel, to implement this Amendment to Stock Repurchase Plan in which the Company has the right to purchase a total of 1,000,000 shares of the Company&#8217;s Class A Common Stock in the open market. &nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'><KBD style=margin-left:36pt></KBD>In order for the Company to qualify for a &#8220;safe harbor&#8221; from liability for stock manipulation under Sections 9(a)(2) and 10b of the Securities Exchange Act of 1934, as amended (the &#8220;Act&#8221;) and Rule 10b-5 thereunder, the Company must comply with each of the following four conditions pursuant to Rule 10b-18 under the Act: &nbsp;(i) <FONT style='border-bottom:1px solid #000000'>Manner of Purchases</FONT>: The Company&#8217;s Rule 10b-18 purchases of the Company&#8217;s Class A Common Stock must be effected from or through only one broker or dealer during any single day; (ii) <FONT style='border-bottom:1px solid #000000'>Timing of Purchases</FONT>: &nbsp;If the Company has an average trading volume of less than $1,000,000 per day (during the four calendar weeks preceding the week in which the Rule 10b-18 purchase is to be effected) or a public float value below $150,000,000, the Company will be unable to trade within the last 30 minutes of trading. If the Company has a higher average daily trading volume (during the four calendar weeks preceding the week in which the Rule 10b-18 stock purchase is to be effected) or public float value, the Company can trade up until the last ten minutes of trading; (iii) <FONT style='border-bottom:1px solid #000000'>Price of Purchases:</FONT> The Company&#8217;s Rule 10b-18 purchases must be at a price that does not exceed the highest independent bid or the last independent transaction price, whichever is higher, quoted; and (iv) <FONT style='border-bottom:1px solid #000000'>Volume of Purchases</FONT>: The total volume of Company&#8217;s Rule 10b-18 purchases on any single day must not exceed 25% of the average daily trading volume of the Company&#8217;s Class A Common Stock (during the four calendar weeks preceding the week in which the Rule 10b-18 purchase is to be effected), or the Company&#8217;s average daily Rule 10b-18 purchases (during the three full calendar months preceding the date of the announcement of such transaction).&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'><KBD style=margin-left:36pt></KBD>Additionally, to come within the &#8220;safe harbor&#8221; the Company&#8217;s Rule 10b-18 stock purchases must satisfy (on a daily basis) each of the four conditions of Rule 10b-18 of the Act. Failure to meet any one of the four conditions will remove all of the Company&#8217;s Rule 10b-18 repurchase from the &#8220;safe harbor&#8221; for that day. Also, the Company must report its Rule 10b-18 purchasing activities as required by Item 703 of Regulation S-K under the Securities Act of 1933, as amended. &nbsp;Further explanation of the four conditions for qualifying for the &#8220;safe harbor&#8221; from liability for manipulation under Sections 9(a)(2) and 10b of the Act and Rule 10b-5 thereunder is set forth in Rule 10b-18.&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'><KBD style=margin-left:36pt></KBD>The Company also shall be required to comply with more detailed disclosure requirements for Rule 10b-18 purchase. In each quarterly report on Form 10-Q and in the annual report on Form 10-K, the Company shall provide a table showing, on a month-by-month basis, the total number of Class A common shares purchased, the average price paid per share, the total number of Class A common shares purchased under publicly announced purchase programs, and the maximum number of shares that may be purchased under these programs (or maximum dollar amount if the limit is stated in those terms).&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0.2pt;margin-bottom:0pt'>&nbsp;</P>
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
