Alex Haddock

About Alex Haddock

Alex Haddock (age 38) is Senior Vice President – Investor Relations, Strategy and Corporate Development at Eagle Materials (EXP), a role he has held since June 2024 after serving as Vice President – Investor Relations, Strategy and Corporate Development from June 2022 to May 2024; prior roles include Vice President of Finance & Strategy at ATW (a Bain Capital portfolio company) in 2022, and Associate/Vice President at Goldman Sachs (2016–2022) . Company performance context during his tenure shows stable revenue and resilient EBITDA, informing incentive payout potential under EXP’s earnings/EBITDA-driven annual bonus design .

Company financial performance (context):

*Values retrieved from S&P Global.

Sources for role/tenure and incentive design:

Past Roles

External Roles

Fixed Compensation

• No Alex-specific salary/bonus detail is disclosed in the proxy (he is not listed as a Named Executive Officer). EXP’s executive program consists of base salary, an annual cash incentive funded by operating earnings and EBITDA, and long-term incentives in RSUs/PSUs .

Performance Compensation

Program mechanics (company-wide design relevant to executive officers):

Long-term equity plan change-in-control treatment:

• 2013 Plan awards: single-trigger acceleration unless awards are assumed/replaced; if not assumed, unvested options/RSUs/PSUs vest (PSUs at target/maximum/as determined) .
• 2023 Plan awards: “double-trigger” (requires both CoC and qualifying termination) starting with fiscal 2025 awards .

Equity Ownership & Alignment

• Beneficial ownership: Alex Haddock beneficially owns 4,489 shares; includes 1,199 shares subject to options exercisable within 60 days; ownership is less than 1% of outstanding shares .
• Hedging/pledging: EXP prohibits hedging, pledging, short sales, publicly-traded options, and holding shares in margin accounts for directors, officers, and employees .
• Stock ownership guidelines: Executives are subject to ownership guidelines expressed as a multiple of salary; CEO 5x and other NEOs 3x; newly elected officers have five years to meet the requirement; compliance is reviewed annually .
  • Note: The proxy lists specific multiples for NEOs; Alex is an executive officer but not listed as an NEO in the multiples table .

Ownership detail:

Employment Terms

• Employment/offer letter: No Alex-specific employment agreement or offer letter was found in recent proxies or Item 5.02 8-Ks [Search of 2024 and 2022 8-Ks returned no Alex-specific terms] .
• Change-in-control (CIC) continuity agreements: Disclosed CIC agreements exist for CEO, CFO, and General Counsel (double-trigger; severance multiples 3x/2.5x/2x; no tax gross-ups; non-compete covenants), but no CIC continuity agreement is disclosed for Alex .
• Equity award CIC treatment: See plan-level provisions above (2013 single-trigger unless assumed; 2023 double-trigger) .
• Clawbacks: EXP maintains two clawback policies (SEC/NYSE-compliant recoupment and a supplemental policy) enabling recovery of erroneously awarded incentive compensation for three prior fiscal years; duplicative recovery is prohibited .
• Governance and policies: Insider trading pre-clearance, blackout periods, and prohibitions on short sales, derivative transactions, hedging, and pledging reinforce alignment .

Vesting Schedules and Potential Selling Pressure

• FY2025 award design: RSUs vest on the 1st anniversary of grant (May 24, 2025), Mar 31, 2026, and Mar 31, 2027; PSUs cliff-vest post-certification after FY2027 (three-year window), potentially creating concentrated settlement/issuance events around these dates for recipients of FY2025 grants .
• Note: FY2025 long-term equity awards explicitly disclosed for certain officers (CEO, CFO, GC, and two other NEOs). Alex was not listed in that 8-K; no Alex-specific grant quantities were disclosed .

Compensation Structure Signals

• Pay-for-performance: Annual incentive pool tied to operating earnings and EBITDA; long-term equity tied to multi-year ROE with a TSR modifier (FY2025 awards) .
• Program evolution: In FY2025, EXP moved to a three-year performance period for the entire PSU component and aligned equity grants to the 2023 Plan’s double-trigger CIC provisions .
• Peer benchmarking: Meridian Compensation Partners advised the committee on levels/design; peer group stability was maintained year-over-year .

Say-on-Pay & Shareholder Feedback

• Say-on-pay approval for 2023 annual meeting: approximately 90.2% support; the company nonetheless tightened program features in FY2024–FY2025 based on engagement feedback (caps on annual cash incentive and multi-year performance periods) .

Investment Implications

• Alignment: Haddock holds a modest direct stake (4,489 shares, including 1,199 exercisable options), with prohibitions on hedging/pledging reducing misalignment risk .
• Incentive levers: Company-wide metrics (operating earnings/EBITDA for the bonus; ROE with TSR modifier for PSUs) encourage profitability, capital efficiency, and absolute return focus over three years—supportive of long-duration value creation .
• Retention and overhang: FY2025 RSU/PSU structures create known vesting events through March 2027 (and PSU settlement post-FY2027), which can concentrate supply for recipients; Alex-specific award sizes were not disclosed, tempering conclusions on his personal selling pressure .
• Severance/CIC: No Haddock-specific severance/CIC continuity agreement is disclosed, though plan-level equity treatment is clear; this suggests standard protection via equity plans rather than bespoke cash severance—neutral for retention relative to NEOs with CIC agreements .
• Performance backdrop: Revenues were stable from FY2023–FY2025 and EBITDA remained resilient, providing a constructive base for incentive attainment, but FY2025 EBITDA moderated modestly versus FY2024, which could influence annual incentive outcomes if consistently applied across executives (company uses operating earnings/EBITDA as key inputs) .

All citations: Roles/tenure/age ; Ownership and options ; Compensation design (annual/long-term) ; Ownership guidelines and compliance window ; Hedging/pledging prohibitions and insider trading policy ; PSU/RSU metrics and vesting dates (FY2025 awards) ; Equity plan CIC treatment ; CIC continuity agreements (NEOs) ; Say-on-pay .