Linda Alvarado

About Linda G. Alvarado

Linda G. Alvarado, 73, has served as an independent director of Limbach Holdings since August 2021. She is founder, president and CEO of Alvarado Construction, Inc., an owner of the Colorado Rockies MLB Club, and president of Palo Alto, Inc. and the Alvarado Restaurant Entities (operators of YUM! Brands restaurants). She previously served on the public company boards of 3M, Cypress AMAX Minerals, Lennox International, Pitney Bowes, Pepsi Bottling Group, Qwest Communications International, and United Banks of Colorado .

Past Roles

External Roles

Board Governance

• Independence status: The Board determined Ms. Alvarado is independent under Nasdaq standards; all directors other than the CEO are independent .
• Committee assignments and chair roles:
  • Chair, Nominating & Corporate Governance Committee (effective at close of 2024 Annual Meeting) .
  • Member, Audit Committee (listed on the Audit Committee report signatory line) .
• Board and committee meeting cadence and attendance: The Board met 8 times in 2024; each incumbent director attended at least 75% of Board and applicable committee meetings. Audit (7 meetings), Compensation (5), and Nominating & Corporate Governance (5) committees all reported ≥75% attendance by incumbents .
• Board leadership and risk oversight context: The Chairman is non-executive (Joshua S. Horowitz), separate from the CEO, supporting independent oversight. Risk oversight is allocated across committees, with the Audit Committee overseeing financial reporting and certain risk matters, and Nominating & Corporate Governance overseeing governance and human capital topics .

Committee Memberships

Fixed Compensation (Director)

• Program design (2024):
  • Cash retainer for all non-employee directors: $60,000; Board Chair fee: $50,000; Committee chair fees: Audit $40,000, Nominating & Corporate Governance $20,000, Compensation $20,000. No meeting fees; reasonable expenses reimbursed .
• Ms. Alvarado’s 2024 cash fees: $70,934 (pro-rated due to assuming Nominating & Corporate Governance Chair after the 2024 Annual Meeting) .

Performance Compensation (Director equity)

• Structure: Annual RSUs for non-employee directors, sized at $85,000 of common stock; one-year cliff vesting; grants in January 2024 were based on a 10-day VWAP of $44.41 and a grant date fair value price of $45.47 .
• Ms. Alvarado’s 2024 grant and valuation: Stock awards of $87,030 (grant-date fair value) corresponding to 1,914 RSUs; one-year cliff vesting .

• Performance metrics: Director RSUs are service-based; no performance metrics apply to director equity awards .

Other Directorships & Interlocks

Related-party transactions: The company disclosed no related person transactions in 2023 or 2024; policy requires review of transactions over $100,000 by the Nominating & Corporate Governance Committee and excludes certain ordinary-course situations; directors cannot approve transactions in which they are related parties .

Expertise & Qualifications

• Construction and engineering leadership: Founder/CEO of a commercial general contractor with development/design-build and construction management experience domestically and internationally, directly relevant to Limbach’s building systems and facility services end-markets .
• Multi-industry board experience: Prior service across multiple large-cap public companies enhances governance, financial oversight, and regulatory insight .
• Recognitions and civic leadership: Multiple national honors and leadership roles in civic and philanthropic organizations, indicating broad stakeholder engagement and reputation capital .

Equity Ownership

• Beneficial ownership: 29,204 shares; less than 1% of outstanding shares (based on 11,624,639 shares outstanding as of April 17, 2025) .
• Unvested director RSUs at 12/31/2024: 1,914 .
• Director stock ownership guidelines: Minimum of 3x annual cash compensation (excluding chair fees) within five years; Ms. Alvarado’s ownership multiple was 43.1x as of 12/31/2024, exceeding the guideline .
• Hedging/pledging: Hedging by directors is prohibited; the company reports no pledge arrangements that may result in a change of control .

Governance Assessment

• Strengths for investor confidence

  • Independence affirmed; serves as Chair of Nominating & Corporate Governance and member of Audit, placing her at the center of board refreshment, governance framework, and financial oversight .
  • Strong attendance culture: Board and committee incumbents met ≥75% attendance with an active meeting cadence (Board: 8; Audit: 7; Compensation: 5; Nominating & CG: 5) .
  • Alignment: Significant equity ownership with a 43.1x guidelines multiple; annual director RSUs further tie compensation to shareholder outcomes; anti-hedging policy in place .
  • Clean related-party profile: No related person transactions in 2023–2024; formal policy and independent review process reduce conflict risk .

• Watch items

  • External operating interests (construction and restaurant businesses; professional sports) could present situational conflicts if commercial interactions with Limbach or its counterparties ever arise; however, the proxy reports no related-person transactions and prescribes committee oversight, reducing current concern .
  • Continued monitoring of committee workloads is prudent given dual roles (Audit member and Nominating & CG Chair), though attendance thresholds were met and the board maintains independent leadership via a non-executive Chair .

• Shareholder feedback linkage

  • Say-on-Pay support was ~96% at the 2024 Annual Meeting, signaling broad investor alignment with the company’s compensation governance framework overseen by the board and its committees .