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Pay vs Performance Disclosure - USD ($)

5 Months Ended

7 Months Ended

12 Months Ended

Dec. 31, 2020

Jul. 30, 2020

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive “compensation actually paid” to our principal executive officers (“PEO”) and to our non-PEO named executive officers and certain financial performance of the Company.


Year	Summary Compensation Table (SCT) Total for PEO 1 (1)		Compensation actually paid to PEO 1 (1)(2)(3)		SCT Total for PEO 2 (1)		Compensation actually paid to PEO 2 (1)(2)		Average SCT Total for non-PEO NEOs (1)		Average compensation actually paid to non-PEO NEOs (1)(2)(4)		Value of Initial Fixed $100 Investment based on:				Net Income (Loss) ($ millions) (6)			Adjusted EBITDA ($ millions) (7)
													TSR		Peer Group TSR (5)
(a)	(b)		(c)		(b)		(c)		(d)		(e)		(f)		(g)		(h)			(i)
2023	$	6,207,860	$	4,594,973	N/A		N/A		$	1,934,172	$	1,666,028	$	74.06	$	163.68	$	47		$	210
2022	$	5,123,725	$	1,614,307	N/A		N/A		$	1,465,483	$	639,781	$	75.68	$	136.42	$	(30	)	$	142
2021	$	5,505,512	$	2,519,794	N/A		N/A		$	2,052,660	$	1,363,746	$	90.25	$	145.27	$	(19	)	$	185
2020	$	3,231,260	$	2,110,286	$	4,249,853	$	4,249,853	$	1,727,323	$	1,705,476	$	92.45	$	122.68	$	29		$	154

______________

(1)

For 2023 and 2021, the PEO is Mr. Harvey ("PEO 1") and the non-PEO named executive officers are Messrs. Donnan, West, Walsh and Parkinson. For 2022, the PEO is Mr. Harvey and the non-PEO named executive officers are Messrs. Donnan, West, Walsh and Blain A. Tiffany. For 2020, the PEOs are Messrs. Harvey and Hockema and the non-PEO named executive officers are Messrs. Donnan, West, Walsh and Tiffany. Mr. Hockema served as our PEO ("PEO 2") until July 30, 2020 and Mr. Harvey has served as our PEO since July 31, 2020.

(2)

The fair value of equity awards reported for the purposes of compensation actually paid is calculated using the same methodologies as the fair value of equity awards reported in the applicable Summary Compensation Table and adjusted for the share price and, for performance share awards, the probable outcome of the performance conditions, including as applicable as of December 31st of each applicable year.

(3)

The table below sets forth the values deducted and added to the Summary Compensation Table Total for PEO 1.


Year	Summary Compensation Table Total for PEO 1			Exclusion of Change in Pension Value for PEO 1			Exclusion of Stock Awards			Inclusion of Equity Values			Compensation Actually Paid to PEO 1
2023		$	6,207,860		$	0		$	4,012,956		$	2,400,069		$	4,594,973

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:


Year	End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEO 1			Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for PEO 1				Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for PEO 1			Change in Fair Value from Last Day of Prior Year to Vesting Date of Equity Awards that Forfeited During Year for PEO 1				Total Inclusion of Equity Values for PEO 1
2023		$	3,444,885		$	(897,830	)		$	55,599		$	(202,585	)		$	2,400,069

(4)

The table below sets forth the values deducted and added to the average Summary Compensation Table Total for non-PEO named executive officers.


Year	Average Summary Compensation Table Total for non-PEO NEOs			Average Exclusion of Change in Pension Value for Non-PEO NEOs			Exclusion of Stock Awards			Inclusion of Equity Values			Average Compensation Actually Paid to non-PEO NEOs
2023		$	1,934,172		$	0		$	1,010,913		$	742,769		$	1,666,028

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:


Year	Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs			Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs				Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs			Total Average Inclusion of Equity Values for Non-PEO NEOs
2023		$	895,339		$	(159,624	)		$	7,054		$	742,769

(5)

For purposes of this disclosure, the peer group is the S&P 600 SmallCap Materials Index..

(6)

Net income (loss) is calculated in accordance with GAAP.

(7)

Our company-selected measure is Adjusted EBITDA (as defined in Appendix A), which is used as the key performance metric in our short-term incentive plans.

Company Selected Measure Name

Adjusted EBITDA

Named Executive Officers, Footnote

(1)

Peer Group Issuers, Footnote

(5)

For purposes of this disclosure, the peer group is the S&P 600 SmallCap Materials Index..

Adjustment To PEO Compensation, Footnote

(3)

The table below sets forth the values deducted and added to the Summary Compensation Table Total for PEO 1.


Year	Summary Compensation Table Total for PEO 1			Exclusion of Change in Pension Value for PEO 1			Exclusion of Stock Awards			Inclusion of Equity Values			Compensation Actually Paid to PEO 1
2023		$	6,207,860		$	0		$	4,012,956		$	2,400,069		$	4,594,973

Non-PEO NEO Average Total Compensation Amount

$ 1,934,172

$ 1,465,483

$ 2,052,660

$ 1,727,323

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,666,028

639,781

1,363,746

1,705,476

Adjustment to Non-PEO NEO Compensation Footnote

(4)

The table below sets forth the values deducted and added to the average Summary Compensation Table Total for non-PEO named executive officers.


Year	Average Summary Compensation Table Total for non-PEO NEOs			Average Exclusion of Change in Pension Value for Non-PEO NEOs			Exclusion of Stock Awards			Inclusion of Equity Values			Average Compensation Actually Paid to non-PEO NEOs
2023		$	1,934,172		$	0		$	1,010,913		$	742,769		$	1,666,028

Equity Valuation Assumption Difference, Footnote

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:


Year	End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEO 1			Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for PEO 1				Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for PEO 1			Change in Fair Value from Last Day of Prior Year to Vesting Date of Equity Awards that Forfeited During Year for PEO 1				Total Inclusion of Equity Values for PEO 1
2023		$	3,444,885		$	(897,830	)		$	55,599		$	(202,585	)		$	2,400,069

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:


Year	Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs			Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs				Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs			Total Average Inclusion of Equity Values for Non-PEO NEOs
2023		$	895,339		$	(159,624	)		$	7,054		$	742,769

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid versus TSR

The table below shows the relationship between compensation actually paid to our PEO and the average of the compensation actually paid to our non-PEO named executive officers and our cumulative TSR and between our cumulative TSR and the TSR of our peer group for fiscal years 2020 to 2023.

The table above also describes the relationship between our one-, two- and three-year cumulative TSR compared to the weighted average one-, two- and three-year cumulative TSR of the companies in the S&P SmallCap 600 Materials Index. As previously discussed, our TSR over the last three years was impacted by a series of external issues and challenges initiating with the onset of the COVID-19 pandemic late in the first quarter of 2020 that negatively impacted the end markets for many of our products, including large commercial aerospace applications. In addition, while the S&P SmallCap 600 Materials Index reflects our industry sector, many of the companies included in the index were not as heavily impacted by the COVID-19 pandemic related impact on the aerospace industry.

Compensation Actually Paid vs. Net Income

Compensation Actually Paid versus Net Income

The table below describes the relationship between compensation actually paid to our PEOs and the average of the compensation actually paid to our non-PEO named executive officers and our Net Income (Loss) for fiscal years 2020 through 2023.

Compensation Actually Paid vs. Company Selected Measure

Compensation Actually Paid versus Adjusted EBITDA

The table below describes the relationship between compensation actually paid to our PEOs and the average of the compensation actually paid to our non-PEO named executive officers and our Adjusted EBITDA for fiscal years 2020 through 2023.

Tabular List, Table

The following are the most important financial performance measures used by the Company to link executive compensation actually paid to our named executive officers to the Company’s performance for the most recently completed fiscal year.

      Most Important Performance Measures

     

      •Adjusted EBITDA

     

      •Relative TSR

     

      •Adjusted EBITDA Margin

     

Total Shareholder Return Amount

$ 74.06

75.68

90.25

92.45

Peer Group Total Shareholder Return Amount

163.68

136.42

145.27

122.68

Net Income (Loss)

$ 47,000,000

$ (30,000,000)

$ (19,000,000)

$ 29,000,000

Company Selected Measure Amount

210,000,000

142,000,000

185,000,000

154,000,000

PEO Name

Mr. Harvey

Mr. Hockema

Mr. Harvey

Measure:: 1

Pay vs Performance Disclosure

Name

Adjusted EBITDA

Non-GAAP Measure Description

(7)

Our company-selected measure is Adjusted EBITDA (as defined in Appendix A), which is used as the key performance metric in our short-term incentive plans.

Measure:: 2