Item 5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 1, 2022, the Board of Directors of Granite Construction Incorporated
(the "Company") appointed Staci Woolsey as Chief Accounting Officer. Ms. Woolsey
will serve as the Company's principal accounting officer, a position previously
held by Lisa Curtis. Ms. Curtis will continue to serve as the Company's Chief
Financial Officer. Prior to this appointment and since joining the Company in
June 2021, Ms. Woolsey, age 45, served in a non-officer role with accounting
responsibilities and reported directly to Ms. Curtis. Prior to joining the
Company, Ms. Woolsey was the Vice President and Corporate Controller from
December 2018 to August 2020 and Vice President, Corporate Controller and Chief
Accounting Officer from August 2020 to June 2021 of MDC Holdings, Inc. From
February 2016 to December 2018, Ms. Woolsey was the Vice President and
Controller of the Energy, Infrastructure and Industrial Construction division of
AECOM. Ms. Woolsey received a bachelor's degree in accounting from the
University of Idaho and is a certified public accountant.
As Chief Accounting Officer, Ms. Woolsey will receive: (1) an annual base salary
of $380,000; (2) an annual incentive opportunity for 2022 under the Company's
Annual Incentive Plan at a target achievement of 60% of her base salary; and (3)
an equity award opportunity under the Company's Long-Term Incentive Plan at a
target achievement of 77% of her base salary. Ms. Woolsey also participates in
the Company's Executive Retention and Severance Plan III. Under the Executive
Retention and Severance Plan III, Ms. Woolsey will be entitled to a severance
multiple of 2x in the event her employment is terminated without cause by the
Company, or she resigns with good reason, in either case, within two years after
a change in control. Ms. Woolsey will also receive a vehicle allowance of $1,000
per month.
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