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Item 5. Other Information
6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Issuer Rule 10b5-1, Material Terms [Text Block]

Item 5.           Other Information

 

During the three months ended June 30, 2023, no director or officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

 

On August 8, 2023, the Human Capital and Compensation Committee of the Board of Directors approved certain incremental equity awards to be granted to Mr. Norm Taffe, the Company’s President Energy Technology.  The equity awards include: (i) an award of restricted stock valued at $1 million to be granted on September 1, 2023, which vests on the third anniversary of the date of grant, and (ii) an award of performance shares to be granted on March 1, 2024 and valued at $2 million, at target achievement level, with a performance period ending December 31, 2026, that will be subject to performance conditions to be approved by the Board. Such awards are intended to align Mr. Taffe’s interests with the Company's Energy Technology initiatives over the next three years.