GRANITE CONSTRUCTION INC: Change of Directors or Principal Officers, Financial Statements and Schedules (Form 8-K)
Item 5.02. Departure of directors or certain managers; Election of directors; Appointment of certain leaders; Compensatory provisions of certain executives.
The Compensation Committee of the Board of Directors (the “Committee”) is responsible for the administration of the Plan and will (1) designate employees as Plan participants, (2) establish individual target allocation opportunities for participants and (3) establish performance goals upon the achievement of which individual rewards will be based. The Committee may also delegate some of its responsibilities under the Plan to the Chief Executive Officer of the Corporation.
At the beginning of each fiscal year, the Committee will establish one or more individual target award opportunities for each Plan Participant. An individual target reward opportunity can be based on a percentage of a participant’s base salary or a fixed dollar amount. The Committee will establish performance objectives, which may include financial and non-financial objectives, applicable to target awards based on criteria set out in the plan, including revenue, earnings per share, net operating income, net taxes, earnings before interest and tax (EBIT), net operating assets, net income and adjusted net income, return on equity, value of net assets, return on equity, general and administrative expenses, gross margin/gross profit margin, return on capital, cost of capital and average cost of capital weighting, operating profit and adjusted operating profit, safety incident rate (including total injury accident rate,
The above summary of the terms of the Plan does not purport to be complete and is qualified in its entirety by reference to the terms of the Plan, which is attached as Schedule 10.1 hereto and is incorporated herein by reference.
Section 9.01. Financial statements and supporting documents.
(d) Exhibits. Exhibit Number Description 10.1 Granite Construction Incorporated Annual Incentive Plan adopted by the Board of Directors on
March 30, 202210.2 Form of Annual Incentive Plan Participation Agreement 104 Cover Page Interactive Data File (formatted as Inline XBRL) 2
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