POWELL INDUSTRIES INC Submission of Matters to a Vote of Security Holders (form 8-K/A)
May 19, 2023 at 09:17 pm
Share
Item 5.07 - Submission of Matters to a Vote of Security Holders
As previously reported in the Original Form 8-K, at the 2023 annual meeting of
stockholders of the Company held on February 15, 2023 (the "Annual Meeting"),
the Company's stockholders voted on, among other matters, a non-binding advisory
vote regarding the frequency of future stockholder advisory votes on the
compensation of the Company's named executive officers. The highest number of
votes cast at the Annual Meeting was for the option of holding such stockholder
advisory vote every year. Based on these results and the prior recommendation by
the Board of Directors of the Company, the Board has determined that the Company
will hold a stockholder advisory vote on the compensation of the Company's named
executive officers every year. This frequency will remain in effect until the
occurrence of the next stockholder advisory vote on the frequency of stockholder
advisory votes on the compensation of the Company's named executive officers.
Powell Industries, Inc. develops, designs, manufactures and services custom-engineered equipment and systems. The Company distributes, controls and monitors the flow of electrical energy and provides protection to motors, transformers and other electrically powered equipment. Its principal products include integrated power control room substations (PCRs), custom-engineered modules, electrical houses (E-Houses), traditional and arc-resistant distribution switchgear and control gear, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches and bus duct systems. Its products are designed for application voltages ranging from approximately 480 volts to 38,000 volts and are used in oil and gas refining, onshore and offshore oil and gas production, petrochemical, liquefied natural gas (LNG) terminals, pipeline, terminal, mining and metals, light rail traction power, electric utility, pulp and paper and other industrial markets.