[Form 4] Granite Construction Inc. Insider Trading Activity

Rhea-AI Filing Summary

Louis E. Caldera, a director of Granite Construction Inc. (GVA), was granted 1,234 restricted stock units on 08/12/2025 under the company's 2024 Equity Incentive Plan. The restricted stock units carry no purchase price and vest on May 20, 2026. After the grant and including dividend equivalents credited under the company plans, the reporting person beneficially owned 12,101 shares following the transaction. The Form 4 was signed by the reporting person's attorney-in-fact and includes a power-of-attorney exhibit reference.

Positive

• 1,234 restricted stock units granted to Director Louis E. Caldera, indicating alignment of compensation with company performance
• Beneficial ownership totaled 12,101 shares after the grant and credited dividend equivalents

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received time‑based restricted stock units aligning compensation with long‑term shareholder value.

The filing documents a routine grant of 1,234 restricted stock units to a company director under the 2024 Equity Incentive Plan, vesting in May 2026. This is a standard long‑term equity award structure designed to retain directors and link their interests to future share performance. The filing also reports the director's total beneficial ownership of 12,101 shares after dividend equivalents were credited. No sales, option exercises, or derivative transactions are reported, and the transaction was recorded as an acquisition with $0 price, consistent with restricted unit grants rather than open‑market purchases.

Securities Compliance Analyst

TL;DR: Form 4 discloses a grant and updated beneficial ownership; disclosure appears complete for this event.

The Form 4 identifies the reporting person, relationship to the issuer as a director, the transaction date of 08/12/2025, and the nature of the award as restricted stock units granted under the company plan with a specified vesting date. The report includes an explanation that dividend equivalents were credited and references an exhibit for power of attorney. There are no amendments or additional derivative positions reported. From a compliance perspective, the filing meets Section 16 reporting conventions for an equity grant.

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^*

CALDERA LOUIS E

(Last) (First) (Middle)

585 WEST BEACH STREET

(Street)

WATSONVILLE CA 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/12/2025		A		1,234(1)	A	$0	12,101(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

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: 18 - 7/15/24; 14 - 10/15/24; 13 - 1/15/25; 15 - 4/15/25; 9 - 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 Louis E. Caldera	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.

FAQ

What transaction did Louis E. Caldera report on Form 4 for GVA?

The Form 4 reports a grant of 1,234 restricted stock units on 08/12/2025 under the Granite Construction Incorporated 2024 Equity Incentive Plan.

When do the restricted stock units granted to the director vest?

The restricted stock units vest on May 20, 2026.

What was the reporting person's beneficial ownership after the transaction?

The reporting person beneficially owned 12,101 shares following the reported transaction, including credited dividend equivalents.

Was there any cash price paid for the restricted stock units?

The transaction is reported with a price of $0, consistent with a restricted stock unit grant.

Who signed the Form 4 on behalf of Louis E. Caldera?

The Form 4 was signed by Troy Erickson, attorney‑in‑fact for Louis E. Caldera on 08/14/2025 and references a power‑of‑attorney exhibit.