14 unchanged sentences
SP 1500 Spec Chem 100 128 96 110 108 109
−Removed: Table of Con ten ts
Issuer Purchases of Equity Securities
Stock Repurchase Program
−Removed: In April 2022, our Board of Directors approved a stock repurchase program that authorized the Company to purchase up to $450 million of the Company’s common stock over the four-year period from the date of approval.
+Added: The following table contains information about purchases of our common stock, excluding excise tax, during the fourth quarter of 2025:
+Added: Total number of shares of common stock purchased (1)
+Added: Average price paid per share of common stock (2)
+Added: Total number of shares of common stock purchased as part of publicly announced plan or programs Maximum number (or dollar value) of shares of common stock that may yet be purchased under the plans or programs (in thousands) (1)
+Added: October 1, 2025—October 31, 2025 — $ — — $ 202,207
+Added: November 1, 2025—November 30, 2025 930,934 $ 8.62 930,934 $ 194,184
+Added: December 1, 2025—December 31, 2025 1,284,987 $ 9.32 1,284,987 $ 182,207
+Added: Total 2,215,921
+Added: (1) In April 2022, our Board of Directors (the “Board”) approved a stock repurchase program that authorized the Company to purchase up to $450 million of the Company’s common stock over the four-year period from the date of approval (the “Stock Repurchase Program”).
+Added: In October 2025, the Board amended the Stock Repurchase Program to remove the limitation that all repurchases must be made within the four-year period from the date of original approval.
This program is expected to be funded using cash on hand and cash generated from operations.
−Removed: We primarily expect to conduct the repurchase program through negotiated transactions with the Company’s equity sponsors, as well as through open market repurchases or other means, including through Rule 10b-18 trading plans or through the use of other techniques such as accelerated share repurchases.
+Added: We primarily expect to conduct the repurchase program through negotiated transactions with the Company’s equity sponsors, as well as through open market repurchases or other means, including through Rule 10b-18 and 10b5-1 trading plans or through the use of other techniques such as accelerated share repurchases.
The actual timing, number and nature of shares repurchased will depend on a variety of factors, including stock, price, trading volume, and general business and market conditions.
1 unchanged sentence
On August 16, 2022, the Inflation Reduction Act of 2022, or IRA, was signed into law.
−Removed: Among other things, the IRA imposes a 15% corporate alternative minimum tax for certain large corporations with average annual adjusted financial statement income in excess of $1 billion for tax years beginning after December 31, 2022, levies a 1% excise tax on net stock repurchases after December 31, 2022, and provides tax incentives to promote clean energy.
+Added: Among other things, the IRA levies a 1% excise tax on net stock repurchases after December 31, 2022, and provides tax incentives to promote clean energy.
Historically the Company has made discretionary share repurchases under its share repurchase programs.
−Removed: During the three months ended December 31, 2024, the Company did not repurchase shares of its common stock on the open market pursuant to the stock repurchase program and therefore did not need to accrue excise tax related to repurchases.
+Added: The IRA incentives were subsequently modified by the OBBBA enacted on July 4, 2025, which imposes more stringent eligibility requirements, accelerated phase-outs, and the termination of certain provisions.
+Added: During the three months ended December 31, 2025, the Company repurchased 2,215,921 shares of its common stock on the open market pursuant to the stock repurchase program, for a total cost of $20.0 million, excluding brokerage commissions and other costs of execution.
As of December 31, 2025, $182.2 million was available for additional share repurchases under the program.
+Added: (2) Excludes brokerage commissions and other costs of execution.
Tax Withholdings
3 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.