TENNANT CO 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Share repurchases are made from time to time in the open market or through privately negotiated transactions. On February 11, 2025, the Board of Directors authorized the repurchase of 2,000,000 shares of our common stock. Under the share repurchase program, 564,293 shares remain authorized. For the Quarter Ended March 31, 2026 Total Number of Shares Purchased (1) Average Price Paid Per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs January 1-31, 2026 — $ — — 1,514,063 February 1-28, 2026 98,594 $ 62.13 52,000 1,462,063 March 1-31, 2026 897,822 $ 63.22 897,770 564,293 Total 996,416 $ 63.11 949,770 564,293 (1) The total number of shares purchased includes 46,646 shares withheld to cover withholding taxes related to the exercise of stock options and the vesting of restricted stock under employee share-based compensation plans. (2) The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposes a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the three months ended March 31, 2026, the Company reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in other current liabilities on the consolidated balance sheets. All dollar amounts presented exclude such excise taxes.