[Form 4] Granite Construction Inc. Insider Trading Activity

Rhea-AI Filing Summary

Granite Construction Inc. director Laura M. Mullen received 1,234 restricted stock units (RSUs) on 08/12/2025 under the 2024 Equity Incentive Plan. The RSUs have a $0 transaction price and vest on May 20, 2026. After the grant and dividend-equivalent credits, the reporting person beneficially owns 13,368 shares. The filing notes dividend equivalents credited on several dates between 7/15/24 and 7/15/25 that were included in the total. The Form 4 was signed by an attorney-in-fact on behalf of Ms. Mullen.

Positive

• Grant of 1,234 RSUs increases director ownership and aligns incentives with long-term shareholders
• RSUs vest on May 20, 2026, providing a defined retention and performance alignment timeline
• Beneficial ownership increased to 13,368 shares after grant and dividend-equivalent credits

Negative

• None.

Insights

Financial Analyst

TL;DR Routine director equity grant increases alignment with shareholders but is not a material capital event.

The 1,234 RSU award is a typical equity compensation mechanism for a board member and vests in mid-2026, which aligns the director’s incentives with multi-year performance. The grant was recorded at a $0 price, consistent with restricted stock unit accounting where value is delivered at vesting rather than by upfront payment. The increase to 13,368 beneficially owned shares reflects prior dividend-equivalent credits as well as this grant. For investors, this is a governance and compensation disclosure rather than an operational or financial shift.

Corporate Governance Expert

TL;DR Director received standard time-based RSUs; disclosure is compliant and shows ongoing alignment with shareholder interests.

This Form 4 documents a non-derivative, time-vesting equity award under the 2024 Equity Incentive Plan and lists dividend equivalents credited over several dates. Vesting on May 20, 2026 creates a clear retention incentive. The filing was executed by power of attorney, which is common for insider reports. There are no signs of unusual acceleration, related-party transactions, or departures from typical governance practice in this filing.

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
Estimated average burden
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^*

Mullen Laura M

(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	13,368(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; 13 - 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 Laura M. Mullen	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 did Granite Construction director Laura M. Mullen receive on 08/12/2025 (GVA)?

The filing shows 1,234 restricted stock units (RSUs) were granted on 08/12/2025 under the 2024 Equity Incentive Plan.

When do the RSUs granted to Laura M. Mullen vest?

The RSUs vest on May 20, 2026.

How many shares does Laura M. Mullen beneficially own after the reported transaction?

The report states a total beneficial ownership of 13,368 shares following the transaction.

Were dividend equivalents included in the reported ownership for Laura M. Mullen?

Yes. The filing lists dividend-equivalent units credited on 7/15/24, 10/15/24, 1/15/25, 4/15/25 and 7/15/25 that were included in the total.

What price was reported for the RSU grant?

The transaction is reported with a $0 price, consistent with restricted stock units where value is realized at vesting.