1 unchanged sentence
Market Information and Holders
−Removed: TEC’s common stock trades on the Nasdaq Global Select Market under the ticker symbol “TLN.” As of February 27, 2025, there was one shareholder of record of our common stock.
+Added: TEC’s common stock trades on the Nasdaq Global Select Market under the ticker symbol “TLN.” As of February 26, 2026, there were two shareholders of record of our common stock.
The number of beneficial owners is substantially greater than the number of shareholders of record because all of our common stock is held in “street name” by brokers, banks, and other nominees on behalf of beneficial owners.
6 unchanged sentences
$ 100 $ 158 $ 294
−Removed: 100.00 104.40
−Removed: 100.00 109.11
The information in this “Stock Performance Graph” section is being furnished solely pursuant to Item 201(e) of Regulation S-K and shall not be deemed “filed” for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section.
Such information shall not be incorporated by reference into any registration statement or other filings with the SEC, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
−Removed: The holders of shares of common stock are entitled to receive dividends and other distributions (payable in cash, property, or capital stock of the Company) when, as, and if declared thereon by the Board of Directors from time-to-time out of any assets or funds of the Company legally available for the payment of dividends and shall share equally on a per share basis in such dividends and distributions.
+Added: Form 10-K Table of Contents
+Added: The holders of shares of our common stock are entitled to receive dividends and other distributions (payable in cash, property, or capital stock of the Company) when, as, and if declared thereon by the Board of Directors from time-to-time out of any assets or funds of the Company legally available for the payment of dividends and shall share equally on a per share basis in such dividends and distributions.
Any future determination regarding the declaration and payment of dividends will be at the discretion of our Board of Directors and will depend on then-existing conditions, including our financial condition, results of operations, contractual restrictions, capital requirements, business prospects, and other factors our Board of Directors may deem relevant.
3 unchanged sentences
its ability to obtain funds from its subsidiaries is structurally subordinated to existing and future liabilities and preferred equity of its subsidiaries, and the agreements governing TES’s indebtedness contain certain restrictions on distributions to TEC.”
−Removed: F o r m 10- K Table of Contents
Issuer Purchases of Equity Securities
−Removed: In October 2023, we announced that the Board of Directors approved the SRP, initially authorizing the Company to repurchase up to $300 million of TEC’s outstanding common stock through December 31, 2025.
+Added: Our Board of Directors approved the SRP in October 2023, initially authorizing the Company to repurchase up to $300 million of the Company’s shares of common stock.
In May 2024, the Board of Directors approved an increase in the then-remaining SRP capacity to $1 billion through the end of 2025.
−Removed: In September 2024, the Board of Directors again approved an increase in the then-remaining SRP capacity to $1.25 billion through December 31, 2026.
+Added: In September 2024, the Board of Directors approved an increase in the then-remaining capacity to $1.25 billion through the end of 2026.
+Added: In September 2025, the Board of Directors again approved an increase in the then-remaining capacity to $2 billion through the end of 2028.
Repurchases under the SRP may be made from time-to-time, at the Company’s discretion, in open market transactions at prevailing market prices, in negotiated transactions, or by other means in accordance with federal securities laws, and may be repurchased pursuant to a Rule 10b5-1 trading plan.
2 unchanged sentences
The Company has no obligation to repurchase any amount of its common stock under the SRP.
−Removed: In December 2024, the Board of Directors approved the repurchase of 4,893,507 shares of common stock from affiliates of Rubric Capital Management LP for an aggregate purchase price of $1 billion.
−Removed: $850 million of such shares were purchased outside the SRP with the proceeds of indebtedness and the remaining $150 million were purchased under the SRP.
−Removed: See Note 18 to the Annual Financial Statements for additional information on the SRP and other share repurchases.
−Removed: The following table contains information regarding our purchases of our common stock during each month of 2024:
−Removed: Monthly Period Total number of shares purchased (a)
−Removed: Average price paid per share (b)
−Removed: Total number of shares purchased as part of publicly announced plan (c)
−Removed: Approximate dollar value that may yet be purchased under the plan (d)
−Removed: January 225,000 $ 63.17 225,000 $ 286
−Removed: February — — — 286
−Removed: March 268,000 90.38 268,000 262
−Removed: April — — — 262
−Removed: May — — — 1,000
−Removed: June 5,280,889 115.99 5,280,889 387
−Removed: July 2,413,793 116.00 2,413,793 107
−Removed: August — — — 107
−Removed: September 146,033 144.83 146,033 1,229
−Removed: October — — — 1,229
−Removed: November — — — 1,229
−Removed: December 4,893,507 204.35 734,026 1,079
−Removed: Total 13,227,222 $ 147.58 9,067,741 $ 1,079
−Removed: __________________
−Removed: (a) Includes 9,067,741 shares repurchased through the SRP, which includes 5,275,862 shares repurchased in an equity tender offer and 3,791,879 shares repurchased in bilateral transactions under the SRP.
−Removed: Also includes 4,159,481 shares repurchased in a bilateral transaction outside of the SRP.
−Removed: See Note 18 to the Annual Financial Statements for additional information on these transactions.
−Removed: (b) Excludes transaction costs and excise taxes.
−Removed: (c) Represents shares repurchased under the SRP.
−Removed: See above for a description of the SRP.
−Removed: (d) Dollars in millions.
+Added: See Note 15 to the Annual Financial Statements for additional information on the SRP.
+Added: There were no share repurchases, including under the SRP, during the three months ended December 31, 2025.
+Added: As of December 31, 2025, there was $2 billion of remaining capacity under the SRP.
Not Applicable.
−Removed: Form 10- K Table of Contents
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.