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Based on the hardware requirements for Windows Server 2022, your server should be compatible with it. Here are the minimum requirements:
Processor: 1.4 GHz 64-bit processor. Your Intel Xeon CPU E5-2620 v4 2.10GHz, which is a 64-bit processor, exceeds this requirement.
RAM: Minimum of 512 MB (2 GB for Server with Desktop Experience installation option). Your server has 16GB of RAM, which is well above the minimum requirement.
Storage: The exact storage requirements can vary based on the system configuration and the applications and features you install. However, a server in Server Core mode is about 4 GB smaller than the same server using the Server with Desktop Experience installation option.
Please note that these are the minimum requirements and actual requirements will vary based on your system configuration and the applications and features you install. For the best results, you might want to conduct test deployments to determine appropriate hardware requirements for your particular deployment scenarios.