Material Event (Form 8-K)

Item 8.01. Other Events

Share Repurchase Program

On April 16, 2026, the Board of Directors authorized the repurchase of up to $150 million of the Company's outstanding common stock from time to time in one or more transactions on the open market or in privately negotiated purchases commencing April 17, 2026. This share repurchase program replaces the previous $150 million program which had approximately $15 million remaining. The new share repurchase program will be effective through December 31, 2027.

The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time.