We currently have awards outstanding under one stock-based compensation plan, our 2008 Equity Plan, which provides for awards to our officers, directors and key employees. The 2008 Equity Plan, as amended, provides for the issuance of up to 10,083,570 shares of our common stock pursuant to grants of (i) incentive and non-qualified stock options, (ii) stock appreciation rights, (iii) stock awards (including time-based and/or performance-based stock awards) and (iv) restricted stock units (including time-based and performance-based restricted stock units). During any calendar year, no one individual (other than non-employee members of our Board) may be granted awards of more than 500,000 shares and no non-employee member

of our Board may be granted awards with a value, measured as of the grant date, which together with cash compensation paid to such director for such calendar year, would exceed $750,000. Restricted stock units outstanding as of December 31, 2025, generally vest in equal installments over three or four years from the date of grant. In addition, performance shares and performance share units generally vest in three years. With certain limited exceptions, awards are forfeited if the recipient ceases to be an employee before the shares vest.

Our officers receive their long-term incentive awards through a combination of performance share units and restricted stock units. Each performance share unit award is expressed as a target number of performance share units based upon the fair market value of our common stock on the date the award is issued. The actual number of shares underlying each award (generally not to exceed 200% of the target number of performance share units) will be determined based upon the Company's achievement of a specified performance target range. In 2025, we issued a target number of 189,685 performance share units, which will vest approximately three years following the award issue date. The performance payout of these grants will be based on return on the Company's invested capital ("ROIC"), adjusted earnings per share ("Adjusted EPS"), and Carbon Intensity Reduction for the years ended December 31, 2025 to December 31, 2027, as may be adjusted by the Talent and Compensation Committee of our Board in early 2028 for events that are outside of management's control.

Our senior officers meeting certain minimum age and service criteria receive their long-term incentive awards through a combination of restricted stock awards and restricted stock units. The restricted stock awards are subject to both performance and time-based vesting criteria while the restricted stock units are subject only to time-based vesting criteria. Each restricted stock award is issued in an amount equal to 200% of the target number of shares underlying the award based upon the fair market value of our common stock on the date the award is issued. Declared dividends accrue (but do not get paid) on the restricted stock awards during the vesting period, with the accrued amounts to be paid out following vesting only on the number of shares underlying the award which actually vest based on satisfaction of the performance criteria. The actual number of shares that vest (generally not to exceed 200% of the shares) will be determined based upon the Company's achievement of a specified performance target range.

In 2025, we issued 46,358 restricted stock awards, representing 200% of the target number of shares underlying the award, all of which are considered issued and outstanding from the date of issuance; however, grantees will only retain those shares earned as the result of the Company achieving the performance goals during the measurement period. The performance payout of the 2025 awards will be based on the Company's ROIC, Adjusted EPS, and Carbon Intensity Reduction for the years ended December 31, 2025 to December 31, 2027, as may be adjusted by the Talent and Compensation Committee of our Board in early 2028 for events that are outside of management's control.

We also provide an Employee Stock Purchase Plan ("ESPP") to facilitate the purchase by employees of up to 2,800,000 shares of common stock in the aggregate. Offerings to employees are made on a quarterly basis. Subject to certain limitations, the purchase price for each share of common stock is equal to 85% of the average of the market prices of the common stock as reported on the New York Stock Exchange on the first business day of the purchase period and the last business day of each month of the purchase period. During the years ended December 31, 2025, 2024 and 2023, 61,027, 102,796 and 151,989 shares of our common stock were purchased under the ESPP at a weighted-average price of $229.47, $135.55 and $71.23, respectively.

Restricted stock units are converted into shares of common stock upon vesting or, if applicable, are settled on a one-for-one basis. The cost of these awards is determined using the fair value of our common stock on the date of the grant, and compensation expense is recognized over the vesting period. Restricted stock activity is summarized in the following table:


Restricted Stock Units Activity	Number of Awards	Weighted- Average Grant Date Fair Value
Non-vested share units as of January 1, 2025	884,582	$	96.27
Granted	203,589	256.94
Vested	(453,527)	93.75
Canceled	(43,453)	130.21
Non-vested share units as of December 31, 2025	591,191	$	151.04

The weighted-average estimated fair value of restricted stock units granted during the years ended December 31, 2024 and 2023 was $121.97 and $75.26, respectively. The total fair value of shares released on the vesting of restricted stock units during the years ended December 31, 2025, 2024 and 2023 was $119 million, $72 million, and $33 million, respectively. As of December 31, 2025, we had $44 million of total unrecognized compensation expense, net of estimated forfeitures, related to restricted stock unit grants, which will be recognized over the weighted-average period of 0.60 years.

Performance share units are converted into shares of common stock upon vesting on a one-for-one basis. We estimate the cost of each performance share when the grant is authorized and the related service period has commenced using the fair value of our common stock on the date of grant. We would only remeasure the fair value of our performance shares in the event the award was modified during the vesting period. We recognize compensation cost over the vesting period based on the probability of the service and performance conditions being achieved until the vesting date, which is the date the performance conditions are satisfied. If the specified service and performance conditions are not met, compensation expense will not be recognized and any previously recognized compensation expense will be reversed. Performance share units activity is summarized in the following table:


Performance Share Units Activity	Number of Awards	Weighted- Average Grant Date Fair Value
Non-vested share units as of January 1, 2025	665,153	$	90.64
Granted	189,685	200.92
Vested	(227,543)	79.80
Canceled	(19,099)	130.08
Non-vested share units as of December 31, 2025	608,196	$	127.85

The weighted-average estimated fair value of performance share units granted during the years ended December 31, 2024 and 2023 was $114.70 and $73.96, respectively. The total fair value of shares released on the vesting of performance share units during the years ended December 31, 2025, 2024 and 2023 was $59 million, $32 million and $7 million, respectively. As of December 31, 2025, we had $58 million of total unrecognized compensation expense, net of estimated forfeitures, related to performance share unit grants, which will be recognized over the weighted-average period of 0.87 years.

We estimate the fair value of each restricted stock award when the grant is authorized and the related service period has commenced. We would only remeasure the fair value of these restricted stock awards in the event an award was modified during the vesting period. We recognize compensation cost over the vesting period based on the probability of the service and performance conditions being achieved until the grant date. If the specified service and performance conditions are not met, compensation expense will not be recognized, any previously recognized compensation expense will be reversed, and any unearned shares will be returned to the Company. Restricted stock awards activity is summarized in the following table:


Restricted Stock Awards Activity	Number of Awards	Weighted- Average Grant Date Fair Value
Non-vested share units as of January 1, 2025	613,999	$	82.68
Granted	46,358	257.34
Vested	(116,449)	79.80
Canceled	(55,180)	81.05
Non-vested share units as of December 31, 2025	488,728	$	100.12

The weighted-average estimated fair value of restricted stock awards granted during the years ended December 31, 2024 and 2023 was $120.94 and $74.59, respectively. As of December 31, 2025, we had $1 million of total unrecognized compensation expense, net of estimated forfeitures, related to restricted stock award grants, which will be recognized over the weighted-average period of 0.48 years.