Company: NSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001000753-25-000023
Chunk: 27

Company: INSPERITY, INC.
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 8
Chunk 27
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97 — 1,407,764 Total224,065 $85.02 45,000 

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(1)During the three months ended March 31, 2025, 179,065 shares of stock were withheld to satisfy tax-withholding obligations arising in conjunction with the vesting of restricted stock units. The required withholding is calculated using the closing sales price reported by the New York Stock Exchange on the date prior to the applicable vesting date. These shares are not subject to the repurchase program.

(2)Our Board of Directors has approved a program to repurchase shares of our outstanding common stock, which was originally announced on January 28, 1999. From time to time, our Board of Directors has increased the number of shares authorized to be repurchased under the program. On August 1, 2023, we announced that our Board of Directors had authorized an increase of 2,000,000 shares that may be repurchased under the program. As of March 31, 2025, we were authorized to repurchase an additional 1,407,764 shares under the program. Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when we have repurchased all shares authorized for repurchase under the repurchase program.  

Item 5. Other Information

Trading Plans

During the first quarter of 2025, none of our directors or executive officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).

Credit Agreement Amendment

On April 28, 2025, we entered into the Seventh Amendment to Amended and Restated Credit Agreement (the “Seventh Amendment”) with Zions Bancorporation, N.A. dba Amegy Bank, as administrative agent, and certain financial institutions, as lenders. The Seventh Amendment is effective as of March 31, 2025 and amends the Company’s existing credit agreement, dated as of February 6, 2018 (as amended), to, among other things, (i) amend the definition of interest coverage ratio to exclude cash distributions, and (ii) subject to certain exceptions, provide that the Company will not declare or pay any distribution if a Special Unmatured Event of Default (as defined in the Seventh Amendment) exists at the time of declaring or paying such distribution or would