Bryan Stevenson
ArcosaAbout Bryan Stevenson
Bryan P. Stevenson is Chief Legal Officer (CLO) of Arcosa, Inc. and a Named Executive Officer. Arcosa’s 2024 performance context for executive pay included $2,569.9M in revenue (+11% YoY), Adjusted EBITDA of $447.0M (+22% YoY), and continued margin expansion; the 2024 “Company TSR” value in the pay-versus-performance table was 221 (fixed $100 basis), reflecting multi‑year shareholder returns used in compensation alignment . Arcosa’s annual say‑on‑pay support remained strong (99% approval in 2024), underlining shareholder endorsement of the pay-for-performance program that applies to the CLO and other NEOs .
Past Roles
Not disclosed in ACA’s 2025/2024 proxy beyond title (CLO/NEO) .
External Roles
Not disclosed in ACA’s 2025/2024 proxy beyond title (CLO/NEO) .
Fixed Compensation
Multi-year compensation for Bryan P. Stevenson (CLO)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 440,000 | 465,000 | 483,600 |
| Stock Awards ($) | 469,017 | 533,057 | 609,412 |
| Non-Equity Incentive Plan Compensation ($) | 372,240 | 387,345 | 541,632 |
| All Other Compensation ($) | 18,300 | 19,800 | 19,838 |
| Total ($) | 1,299,557 | 1,405,202 | 1,654,482 |
Target bonus levels and changes
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Target AIP (% of Salary) | — | 70% | 70% |
| Target AIP ($) | — | 325,500 | 338,520 |
| AIP Payout (% of Target) | — | 119% | 160% |
Notes:
- 2024 base salary increased 4% YoY, consistent with HR Committee’s annual review .
- All Other Compensation includes 401(k) match (up to $20,700 cap) .
Performance Compensation
Annual Incentive Program (AIP) – Corporate Plan (applies to CEO/CFO/CLO)
| Metric | Weight | Threshold (20%) | Target (100%) | Max (200%) | 2024 Actual | 2024 Payout % | Weighted Payout |
|---|---|---|---|---|---|---|---|
| Enterprise Adjusted EBITDA ($M) | 50% | 339.0 | 398.8 | 438.7 | 422.6 | 160% | 80% |
| Enterprise Adjusted EBITDA Margin (%) | 30% | 14.4% | 15.6% | 17.6% | 17.0% | 168% | 50% |
| Execution of Strategic Initiatives | 20% | 20% | 100% | 200% | 150% | 150% | 30% |
| Total | 160% | ||||||
| Source: 2024 AIP Corporate Plan detail and results . |
Long‑Term Incentive (LTI) design and Stevenson’s realized PBRSU payout
- LTI mix and metrics (2024 grants): 60% PBRSUs; 40% TBRSUs; PBRSU metrics/weights: Average Pre‑Tax ROC (40%), Cumulative Adjusted EPS (40%), Relative TSR (20%); TBRSUs vest 1/3 each on March 15, 2025/2026/2027 .
- 2024 grant sizing (Stevenson): TBRSUs target value $232,128; PBRSUs target value $348,192; grant date 3/7/2024; 2,709 TBRSUs and 4,063 PBRSUs granted .
- Performance realization (2022–2024 PBRSUs): payout certified at 194.4% of target; Stevenson earned 9,357 units vs. 4,813 target; settlement May 2025 .
| PBRSU Cycle | Target Units | Payout % | Final Unit Payout |
|---|---|---|---|
| 2022–2024 (settles May 2025) | 4,813 | 194.4% | 9,357 |
| Source: HR Committee certification . |
Equity Ownership & Alignment
Beneficial ownership and equity detail
| Item | As of 3/14/2024 | As of 3/21/2025 |
|---|---|---|
| Beneficially owned common shares | 28,671 | 46,190 |
| Percent of class | <1% | <1% |
| Shares pledged as collateral | None | None |
Unvested and performance awards (12/31/2024)
| Category (Stevenson) | Units (#) | Market Value ($) |
|---|---|---|
| Unvested restricted/TBRSUs | 5,995 | 579,956 |
| 2023–2025 PBRSUs (target/uneamed) | 4,989 | 482,636 |
| 2022–2024 PBRSUs (actual, settle May 15, 2025) | 9,357 | 905,196 |
| 2024–2026 PBRSUs (target/uneamed) | 4,063 | 393,055 |
| Source: Outstanding Equity Awards at Year-End table (ACA close $96.74) . |
Upcoming vesting schedule (TBRSUs, Stevenson)
| Vest Date | ACA Units |
|---|---|
| 3/15/2025 | 2,012 |
| 5/15/2025 | 1,069 |
| 3/15/2026 | 2,011 |
| 3/15/2027 | 903 |
| Source: Vesting schedule by NEO (ACA units for Stevenson) . |
Ownership policies and alignment
- Stock ownership guidelines: Senior officers must hold 2× base salary in stock; 5‑year compliance window; directors/NEOs are on track or compliant .
- Pledging/hedging prohibited; no short sales, margin accounts, or derivatives allowed .
- Insider Trading Policy in place; Section 16 officers subject to NYSE-compliant clawback policy .
Employment Terms
- No employment contracts for NEOs (including CLO) .
- Change‑in‑Control (CIC) Severance Plan (2022 CIC Plan): double-trigger; for CLO, cash severance equals 2× (base salary + target bonus) plus pro‑rated target bonus; equity granted post‑Dec 6, 2018 fully vests; 24 months of medical/life benefits and up to $15,000 outplacement; no excise tax gross‑ups (payments cutback if beneficial) .
- Non‑compete, non‑solicit, non‑recruit covenants apply for 12 months post‑termination; confidentiality and non‑disparagement survive indefinitely .
Stevenson severance illustrations (12/31/2024 assumptions)
| Scenario | Equity ($) | AIP ($) | Cash Severance ($) | Benefits/Outplacement ($) | Total ($) |
|---|---|---|---|---|---|
| Change‑in‑Control (termination w/o Cause or for Good Reason) | 1,921,256 | 338,520 | 2,050,464 | 50,533 | 4,360,773 |
| Death | 1,498,725 | 541,632 | — | — | 2,040,357 |
| Disability | 1,498,725 | 541,632 | — | — | 2,040,357 |
| Retirement | — | 541,632 | — | — | 541,632 |
| Source: CIC and termination tables . |
Investment Implications
- Pay-for-performance alignment is strong: CLO’s AIP is driven by enterprise profitability (Adjusted EBITDA, margin) and strategic execution; 2024 corporate plan paid 160% as EBITDA/EBITDA margin exceeded targets, consistent with company results (revenue +11%, Adj. EBITDA +22%) .
- Equity leverage and potential selling pressure: Stevenson has 9,357 PBRSUs from the 2022–2024 cycle vesting May 2025 and a staged TBRSU schedule (notably 3/15/2026 and 3/15/2027); monitor Form 4s around vest dates for liquidity/selling signals within trading windows .
- Retention risk appears mitigated: 12‑month non‑compete and meaningful unvested equity reduce near‑term flight risk; double‑trigger CIC terms are standard and exclude tax gross‑ups .
- Governance/Red flags: No pledging; hedging prohibited; no stock options; robust clawback; say‑on‑pay 99% approval in 2024—overall low governance risk on compensation .
Appendices
LTI Metric Weights (applies to PBRSUs)
| Metric | Weight |
|---|---|
| Average Pre‑Tax Return on Capital | 40% |
| Cumulative Adjusted EPS | 40% |
| Relative TSR | 20% |
AIP Metric Set (Corporate Plan – CEO/CFO/CLO)
| Metric | Weight |
|---|---|
| Enterprise Adjusted EBITDA | 50% |
| Enterprise Adjusted EBITDA Margin | 30% |
| Execution of Strategic Initiatives | 20% |
Compensation process and benchmarking
- Independent consultant (Pay Governance) supports HR Committee; market benchmarking and peer survey data used; peer companies include AZZ, ESAB, Granite Construction, Valmont, Vulcan Materials, Martin Marietta, etc. .
- No related-party transactions in 2024 requiring disclosure .