Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
On August 18, 2020, Robert T. Chiles, our President – Construction Group, passed away. Mr. Chiles was the holder of restricted stock units (“RSUs”) for 390,000 shares of common stock of the Company, and at his passing these RSU’s became fully vested and converted into 390,000 shares of our common stock. On September 30, 2020, the Company purchased from the estate of Mr. Chiles the 390,000 shares for cash consideration of $3.0 million. The Company used a portion of the proceeds of an $8.0 million life insurance policy that the Company maintained on the life of Mr. Chiles to fund the purchase of the shares from Mr. Chiles’ estate.
Item 3. Defaults Upon Senior Securities.
None.
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Item 4. Mine Sa fety Disclosures.
Not Applicable.
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