Board Justification

It is our goal to be the premier specialty construction company, focused on providing solutions for our customers across the infrastructure, industrial, and building sectors, while maintaining a healthy financial position and maximizing stakeholder value. Our executive compensation program is structured to support our business strategy and to ensure long-term alignment between our executives and our stockholders.

Board Justification

For 2024, the Committee established goals under our NEO Bonus Plan (“NBP”) for Adjusted EBITDA (70% weight) and Strategic Objectives (30%). The Committee maintained target level bonus awards for 2024 for Mr. Boone at 100% of his annual base salary. Based upon 2024 actual financial and operational performance, including Adjusted EBITDA of $41.9 million relative to a target of $46.4 million and successful execution of several key corporate strategic goals previously established by the Committee, the Committee approved bonuses at 86% of target for Mr. Boone.

Board Justification

The 2024 figure for each NEO includes: (a) an automobile allowance for Mr. Boone ($8,654), Mr. Thanisch ($15,000) and Mr. Earle ($15,000); and (b) PTO payout for Mr. Boone ($48,786) and Mr. Thanisch ($32,672). Additionally, the Company paid a matching contribution under the 401(k) Plan ($13,800 for Mr. Boone, $13,587 for Mr. Thanisch and $13,561 for Mr. Earle), as well as the monthly premiums of $1,427 per month for a medical expense reimbursement plan for each of Messrs. Boone ($17,640), Thanisch ($17,640), and Earle ($17,640).

Board Justification

Represents the August 15, 2024 vesting of one-third of the August 15, 2022 restricted share grant.