NATURAL GAS SERVICES GROUP INC
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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FY2024 · Filed Mar 17, 2025
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. Restructuring Activities
- Restructuring Activities
During the years ended December 31, 2023 and 2022, we incurred certain restructuring charges in the form of severance and related compensation benefits in connection with a transition in executive leadership. Accordingly, we incurred $2.3 million in severance and related compensation charges in connection with our former CEO as well as $0.2 million of severance charges attributable to the resignation of the interim CEO during 2022. We incurred an additional $1.2 million of severance and related compensation charges attributable to this transition during 2023. As of December 31, 2023, there were no amounts outstanding with respect to this action. During the year ended December 31, 2024, we incurred an amount less than $0.1 million associated with certain restructuring activities at our assembly facilities for which there were no amounts outstanding as of December 31, 2024.
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