Subsequent Events |
6 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events South Carolina Acquisition
On April 3, 2023, a subsidiary of the Company acquired substantially all of the assets of Pickens Construction, Inc., an asphalt paving company headquartered in Anderson, South Carolina, for $4.8 million. The transaction added an HMA plant and expanded the Company’s service market in the greater Greenville, South Carolina metro area.
Alabama Acquisition
On May 1, 2023, a subsidiary of the Company acquired certain assets comprising the Huntsville, Alabama operations of Southern Site Contractors, a Tennessee-based excavation, grading and utilities contractor, for $1.1 million. The transaction added skilled employees and construction equipment to drive growth in northeast Alabama.
Restricted Stock Award
On May 4, 2023, the Company awarded a total of 29,614 restricted shares of Class A common stock to certain members of Company management under the Equity Incentive Plan. The grants are classified as equity awards.
Award of PSUs
On May 4, 2023, the Company awarded PSUs that, if the target metrics for such PSUs are met, would result in the issuance of 8,052 shares of Class A common stock to certain members of Company management. The grants are classified as equity awards.
Amendment to Management Services Agreement
On May 4, 2023, the Company and entered into an amendment (the “Amendment”) to the Management Services Agreement between the Company and SunTx that extends the end of the term thereof from October 1, 2023 to October 1, 2028. For more information about the Amendment, see the discussion under Part II, Item 5 included elsewhere in this report.
Chief Financial Officer Employment Agreement
On May 4, 2023, the Company entered into an employment agreement with Gregory A. Hoffman, the Company’s Senior Vice President and Chief Financial Officer. For more information about the Employment Agreement, see the discussion under Part II, Item 5 included elsewhere in this report.
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