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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest
Event Reported): June 22, 2002

SUN HYDRAULICS CORPORATION

(Exact name of registrant as specified in its charter)
         
Florida   0-21835   59-2754337
 
 
(State or other jurisdiction
of incorporation)		   (Commission
File Number) 		  (IRS Employer
Identification No.)
 
1500 West University Parkway
Sarasota, Florida		       34243
     
(Address of principal executive offices)       (Zip Code)

Registrant’s telephone number, including area code: 941-362-1200

 

 

Item 5. Other Events.

Standby Stock Repurchase Agreement with the Koski Family Limited Partnership

     On June 22, 2002, the Registrant entered into a standby Stock Repurchase Agreement with the Koski Family Limited Partnership, under which the Registrant has agreed to purchase up to $2.25 million worth of the Registrant’s common stock from the Koski Partnership at its request at any time during the next two years at a per share price equal to the lesser of (i) $7.00 per share, and (ii) 15% less than the average closing price of a share of the common stock for the 15 full trading days immediately preceding the closing date. A copy of the Agreement is attached to this Report as Exhibit 99.2.

Item 7. Financial Statements and Exhibits.

     (a)  Financial Statements of Businesses Acquired.

            None.

     (b)  Pro Forma Financial Information.

            None.

     (c)  Exhibits.

     
Exhibit
Number		   Exhibit Description
 
99.1   Press Release of the Registrant dated July 1, 2002.
 
99.2   Stock Repurchase Agreement dated as of June 22, 2002, between Registrant and the Koski Family Limited Partnership

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

     
    SUN HYDRAULICS CORPORATION
 
    By: /s/ Richard J. Dobbyn
   
    Richard J. Dobbyn
Chief Financial Officer (Principal
Financial and Accounting Officer)

Dated: June 28, 2002

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EXHIBIT INDEX

     
Exhibit
Number		   Exhibit Description
 
99.1   Press Release of the Registrant dated July 1, 2002.
 
99.2   Stock Repurchase Agreement dated as of June 22, 2002, between Registrant and the Koski Family Limited Partnership

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