2025 Grant - During the three months ended March 31, 2025, the Company granted both time-based and performance-based awards to certain members of management. A total of 1,489,774 of time-based awards were granted to management which will vest ratably over a three-year period ending March 5, 2028. A total of 1,476,938 of performance-based awards were granted, of which 738,469 of the awards vest based on a relative Total Shareholder Return ("TSR") calculation and 738,469 of the awards vest based on certain performance metrics of the Company. The non-TSR performance-based awards vest on March 5, 2028 based on the actual 2027 annual return on invested capital (ROIC). Similar to the Company's historical TSR awards granted in prior years, the TSR awards vest based on the Company's three-year TSR versus the peer group performance levels. Given these terms, the TSR metric is considered a market condition for which we used a Monte Carlo simulation to determine the weighted average grant date fair value of $8.99. The following weighted average assumptions were utilized to value the TSR grants:

The unrecognized compensation cost associated with all unvested awards at March 31, 2025 was $43 million, adjusted for estimated forfeitures, which is expected to be recognized over a weighted-average period of approximately 2.3 years.