[Form 4] Granite Construction Inc. Insider Trading Activity

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Michael F. McNally, a director of Granite Construction Inc. (GVA), reported an acquisition of 1,828 restricted stock units on 08/12/2025 under the Granite Construction Incorporated 2024 Equity Incentive Plan. The RSUs were granted at $0 and vest on May 20, 2026. Following the grant and adjustments for dividend equivalents credited since his last report, the reporting person beneficially owns 33,966 shares. The filing was signed by an attorney-in-fact, Troy Erickson, on 08/14/2025. The form notes dividend equivalent units credited on specific past dates and references a power of attorney exhibit.

Insights

TL;DR: A routine director equity grant aligns management and shareholder interests but is not a material market-moving event.

The Form 4 shows a standard restricted stock unit grant to a director, issued under the company's 2024 Equity Incentive Plan and vesting in 2026. Such grants are customary for director compensation and serve to align long-term incentives with shareholders. The disclosure of dividend equivalent units and the exact post-transaction beneficial ownership provides clear transparency on the director's stake. No derivative transactions or dispositions are reported.

TL;DR: Grant of 1,828 RSUs is typical compensation; vesting schedule and DEU credits are disclosed but not unusual.

The RSU grant at zero cash price reflects customary equity-based compensation. Vesting on May 20, 2026, indicates a roughly 1.8-year vesting period from grant date, reinforcing retention incentives. The filing itemizes dividend equivalent unit credits added since the last report, clarifying the components of total beneficial ownership. No cash purchases or option exercises are reported, so there is no immediate dilution event beyond plan-authorized issuance.

08/14/2025 - 05:14 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McNally Michael F

(Last)

(First)

(Middle)

C/O 585 WEST BEACH STREET

(Street)

WATSONVILLE

95076

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
GRANITE CONSTRUCTION INC [ GVA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/12/2025		A		1,828⁽¹⁾	A	$0	33,966⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Restricted stock units granted pursuant to the Granite Construction Incorporated 2024 Equity Incentive Plan. Restricted stock units vest on May 20, 2026.

2. Total adjusted to include dividend equivalents (DEUs: 60 - 7/15/24; 46 - 10/15/24; 41 - 1/15/25; 49 - 4/15/25; 40 - 7/15/25) credited to the Reporting Person under the dividend reinvestment feature of the Granite Construction Incorporated equity plans since the Reporting Person's last report.

Remarks:

See Exhibit for POA

	/s/ Troy Erickson, attorney-in-fact for Michael F. McNally	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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