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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2023
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

23.  SUBSEQUENT EVENTS

On October 12, 2023, the Board of Directors declared a quarterly cash dividend of $0.55 per share. The dividend is payable on December 15, 2023 to stockholders of record at the close of business on November 30, 2023.

On October 12, 2023, the Board of Directors authorized an additional $250 million to repurchase shares of the Company’s outstanding common stock. This is in addition to any unused amount remaining under prior authorizations.

On October 12, 2023, the Board of Directors ratified the granting of 44,452 RSUs with an effective date of October 12, 2023 to Fredric J. Tomczyk, Chief Executive Officer, at a fair value based on the closing price of the Company’s stock on October 12, 2023. The shares have a three year vesting period based on achievement of certain service conditions and vesting accelerates, pro rata or in full, as applicable, upon the occurrence of a qualified termination of service, including following a change in control of the Company, a qualified change in control of the Company or in the event of earlier death or disability. The RSUs vest in three equal annual installments on October 12, 2024, October 12, 2025, and October 12, 2026.

On October 20, 2023 and October 27, 2023, the Company repaid $60 million and $15 million, respectively, of outstanding indebtedness under the Term Loan Agreement. As of the date of this filing, no borrowings were outstanding under the Term Loan Agreement.

There have been no other subsequent events that would require disclosure in, or adjustment to, the condensed consolidated financial statements as of and for the nine months ended September 30, 2023.