1 unchanged sentence
Issuer Purchases of Equity Securities
−Removed: The following chart discloses information regarding the shares of Snap-on’s common stock repurchased by the company during the third quarter of fiscal 2021, all of which were purchased pursuant to the Board’s authorizations that the company has publicly announced.
+Added: The following chart discloses information regarding the shares of Snap-on’s common stock repurchased by the company during the first quarter of fiscal 2022, all of which were purchased pursuant to the Board’s authorizations that the company has publicly announced.
Snap-on has undertaken stock repurchases from time to time to offset dilution created by shares issued for employee and franchisee stock purchase plans and equity plans, and for other corporate purposes, as well as when the company believes market conditions are favorable.
16 unchanged sentences
Not applicable
−Removed: * Subject to further adjustment pursuant to the 1996 Authorization described below, as of October 2, 2021, the approximate value of shares that may yet be
+Added: * Subject to further adjustment pursuant to the 1996 Authorization described below, as of April 2, 2022, the approximate value of shares that may yet be
purchased pursuant to the outstanding Board authorizations discussed below is $442.2 million.
4 unchanged sentences
The 1996 Authorization will expire when terminated by the Board.
−Removed: When calculating the approximate value of shares that the company may yet purchase under the 1996 Authorization, the company assumed a price of $217.98, $227.24 and $209.42 per share of common stock as of the end of the respective fiscal 2021 months ended July 31, 2021, August 28, 2021, and October 2, 2021.
−Removed: • On February 14, 2019, the Board authorized the repurchase of an aggregate of up to $500 million of the company’s common stock (the “2019 Authorization”).
+Added: When calculating the approximate value of shares that the company may yet purchase under the 1996 Authorization, the company assumed a price of $206.54, $212.10 and $203.70 per share of common stock as of the end of the respective fiscal 2022 months ended January 29, 2022, February 26, 2022, and April 2, 2022.
+Added: • On November 4, 2021, the Board authorized the repurchase of up to $500 million of the company’s common stock (the “2021 Authorization”).
The 2021 Authorization will expire when the aggregate repurchase price limit is met, unless terminated earlier by the Board.
1 unchanged sentence
The following chart discloses information regarding transactions in shares of Snap-on’s common stock by Citibank, N.A.
−Removed: (“Citibank”) during the third quarter of 2021 pursuant to a prepaid equity forward agreement (the “Agreement”) with Citibank that is intended to reduce the impact of market risk associated with the stock-based portion of the company’s deferred compensation plans.
+Added: (“Citibank”) during the first quarter of 2022 pursuant to a prepaid equity forward agreement (the “Agreement”) with Citibank that is intended to reduce the impact of market risk associated with the stock-based portion of the company’s deferred compensation plans.
The company’s stock-based deferred compensation liabilities, which are impacted by changes in the company’s stock price, increase as the company’s stock price rises and decrease as the company’s stock price declines.
23 unchanged sentences
SNAP-ON INCORPORATED
−Removed: October 21, 2021
+Added: April 21, 2022
Pagliari, Principal Financial Officer,
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.