Kyle T. Larkin

President and Chief Executive Officer at GRANITE CONSTRUCTION

Board

Since June 2021

Age

53 years

Education

Holds a B.S. in Construction Management from California Polytechnic State University, San Luis Obispo and an M.B.A. from the University of Massachusetts, Amherst.

Tenure

Joined GVA in 1996 and advanced through roles such as Project Manager, Chief Estimator, Manager of Construction, and President of a subsidiary before being promoted to President in September 2020 and then Chief Executive Officer in June 2021.

Also at GRANITE CONSTRUCTION

BJW

Bradley J. Williams

Senior Vice President, Construction

BJE

Bradly J. Estes

Senior Vice President, Construction Materials

BAD

Brian A. Dowd

Senior Vice President, Construction

About

Kyle T. Larkin is a seasoned executive at Granite Construction Incorporated (GVA) with a balanced background in construction management and business leadership.

He began his career at GVA in 1996, progressing from technical and project-level roles to key leadership positions including Project Manager, Chief Estimator, Manager of Construction, and President of a wholly-owned subsidiary.

In September 2020, he was named President and later promoted to Chief Executive Officer in June 2021, reflecting his significant contributions and strategic vision for the company. His academic credentials, comprising a B.S. in Construction Management and an M.B.A., underscore his commitment to excellence and his comprehensive understanding of the industry.

$GVA Performance Under Kyle T. Larkin

Past Roles

Organization	Role	Date Range
Granite Construction Incorporated (GVA)	Executive Vice President and Chief Operating Officer	February 2020 - September 2020
Granite Construction Incorporated (GVA)	Senior Vice President and Manager of Construction and Materials Operations	2019 - 2020
Granite Construction Incorporated (GVA)	Senior Vice President and Group Manager	2017 - 2019
Granite Construction Incorporated (GVA)	Vice President and Regional Manager in Nevada	2014 - 2017
Granite Construction Incorporated (GVA)	President of Granite’s wholly-owned subsidiary, Intermountain Slurry Seal, Inc.	2011 - 2014
Granite Construction Incorporated (GVA)	Manager of Construction at the Reno area office	2008 - 2011
Granite Construction Incorporated (GVA)	Chief Estimator	2004 - 2008
Granite Construction Incorporated (GVA)	Project Manager, Project Engineer, and Estimator	1996 - 2003

Fixed Compensation

Data from FY 2024

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$975,000	2024	Base salary for 2024.
RSU Time-Based Service Awards	$800,000 and 14,695 RSUs	Vest in three equal annual installments starting March 14, 2025	Granted on March 14, 2024 at a stock price of $54.44.
All Other Compensation	$74,086	2024	Includes 401(k) match ($20,700 ), Dividends ($18,203 ), Vehicle Allowances ($12,000 ), Insurance ($23,183 ).
Potential Termination/Change-in-Control Payments	$25,477,997	Contingent upon termination or change-in-control events	Consists of Cash Severance ($3,433,797 ), Insurance Benefits ($39,178 ), Other Compensation ($37,000 ), Accelerated Equity Awards ($21,968,022 ).

Performance Compensation

Data from FY 2024

RSU Performance-Based Awards

Metric	Value
Performance Metrics	TSR: 67% , RONA: 33%
Threshold	$1,200,000
Target	$2,400,000
Maximum	$4,800,000
Grant Date	March 14, 2024
Grant Date Stock Price	$54.44
Vesting Schedule	Vests after performance period (post Dec 31, 2026)

Non-Equity Incentive Plan Compensation (AIP)

Metric	Value
Performance Metrics	Company EBITDA (80% weighting) and OCF (% of Revenue) (20% weighting)
Threshold	$585,000
Target	$1,170,000
Maximum	$2,340,000
Actual Payout	$1,431,867
Grant Date	March 14, 2024
Payment Type	Cash-based; no vesting

Long-Term Incentive Plan (LTIP) - Performance-Based Component

Metric	Value
Performance Metrics	Relative TSR (50% weighting) and RONA (25% weighting)
Target Opportunity	$3,200,000
Award Details	81,657 RSUs with a Grant Date Fair Value of $4,445,407
Threshold/Range	Payout range from 0% to 200% of target
Grant Date	March 14, 2024
Grant Date Stock Price	$54.44
Vesting Schedule	Vesting occurs after Dec 31, 2026, subject to performance

These components collectively define the performance compensation for 2024, with detailed metrics, targets, schedules, and actual outcomes where available.