On July 1, 2026, the Compensation and Human Capital Committee of Powell Industries, Inc. approved a special one-time award of 36,000 restricted stock units (RSUs) for President, CEO, and Chairman Brett A. Cope. The award is designed to incentivize Mr. Cope's continued service beyond his age-60 retirement eligibility. Unlike standard time-based RSUs, this award features backloaded vesting: 25% on July 1, 2027, 25% on July 1, 2028, and 50% on July 1, 2029. If Mr. Cope retires before a vesting date, unvested RSUs will not accelerate or continue to vest. Powell Industries, Inc. manufactures electrical equipment and components for various industrial applications.