CEO David Watson was paid $2,668,098 in fiscal year 2026, ↑ up 18.1% from fiscal year 2025, the 25th percentile of its disclosed peer group (SEC filing 0001104659-26-045998 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$7,377,838 Charles Collins IV total, FY2026 Chief Executive Officer, Gemma — highest-paid officer; CEO David Watson: $2,668,098 | 25th CEO (David Watson) pay percentile vs peers | 27:1 CEO-to-median pay ratio | — Say-on-pay support, latest vote |
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| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Charles Collins IV | $794,360 | $1,500,000 | $735,020 | $43,250 | $4,000,000 | — | $305,208 | $7,377,838 |
| Chief Executive Officer, Gemma | ||||||||
| David Watson | 500,000 | 500,000 | 1,547,260 | 86,500 | 0 | — | 34,338 | 2,668,098 |
| President and Chief Executive Officer | ||||||||
| Joshua Baugher | 250,000 | 250,000 | 773,630 | 43,250 | 0 | — | 34,338 | 1,351,218 |
| Senior Vice President, Chief Financial Officer, and Treasurer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2026 total | FY2025 total | FY2024 total | Δ FY2025→2026 |
|---|---|---|---|---|
| Charles Collins IV | $7,377,838 | $4,713,404 | $2,447,723 | ↑ +2,664,434 |
| David Watson | 2,668,098 | 2,259,258 | 1,867,181 | ↑ +408,840 |
| Joshua Baugher | 1,351,218 | 678,708 | — | ↑ +672,510 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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Each company listed discloses AGX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named AGX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2026 total |
|---|---|---|
| Cynthia A. Flanders | Independent Director | $166,605 |
| James W. Quinn | Independent Director | $165,105 |
| John R. Jeffrey Jr | Independent Director | $181,105 |
| Karen A. Sweeney | Independent Director | $169,605 |
| Lisa L. Alexander | Independent Director | $255,966 |
| Peter W. Getsinger | Independent Director | $171,105 |
| William F. Griffin Jr | Director | — |
| William F. Leimkuhler | Chair of the Board | $230,105 |
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Joshua Baugher | PSU | 2025-04-16 | — | 3,750 | — | 7,500 | $278,850 |
| Charles Collins IV | PSU | 2025-04-16 | — | 500 | — | 1,000 | 65,780 |
| Charles Collins IV | PSU | 2025-04-16 | — | 3,000 | — | 6,000 | 223,080 |
| David Watson | PSU | 2025-04-16 | — | 3,000 | — | 6,000 | 394,680 |
| David Watson | RSU | 2025-04-16 | — | — | 4,000 | — | 594,880 |
| Charles Collins IV | PSU | 2025-04-16 | — | 2,500 | — | 2,500 | 148,720 |
| Joshua Baugher | RSU | 2025-04-16 | — | — | 2,000 | — | 297,440 |
| Joshua Baugher | PSU | 2025-04-16 | — | 1,500 | — | 3,000 | 197,340 |
| Charles Collins IV | RSU | 2025-04-16 | — | — | 2,000 | — | 297,440 |
| David Watson | PSU | 2025-04-16 | — | 7,500 | — | 15,000 | 557,700 |
| Joshua Baugher | OPTION | 2025-04-16 | — | — | 1,000 | — | 43,250 |
| Charles Collins IV | OPTION | 2025-04-16 | — | — | 1,000 | — | 43,250 |
| David Watson | OPTION | 2025-04-16 | — | — | 2,000 | — | 86,500 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Joshua Baugher | $297,440 | $476,190 | $43,250 | 58.3% |
| Charles Collins IV | 297,440 | 437,580 | 43,250 | 56.2% |
| David Watson | 594,880 | 952,380 | 86,500 | 58.3% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Joshua Baugher | Option | 1,000 | 61.22 | — |
| David Watson | Option | 1,666 | 39.47 | — |
| Charles Collins IV | Option | 1,000 | 148.72 | — |
| David Watson | Option | 2,000 | 61.22 | — |
| David Watson | Option | 2,000 | 148.72 | — |
| Joshua Baugher | Option | 1,000 | 148.72 | — |
| Charles Collins IV | Option | 834 | 39.47 | — |
| Charles Collins IV | Option | 1,000 | 61.22 | — |
The Company's executive compensation program is designed to attract, retain, and motivate high-performing executives by aligning their interests with those of stockholders through a mix of cash and equity-based compensation.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | — |
| Anti-pledging | — |
| Ratio (CEO : median employee) | 27 : 1 |
|---|---|
| CEO total compensation | $2,668,098 |
| Median employee compensation | $100,368 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Lisa L. AlexanderIndependent · Nominating/Corporate Governance · Responsible Business · Executive · Audit · Compensation · Human Capital | $37,500 | $218,466 | — | — | — | $255,966 |
| William F. LeimkuhlerIndependent · Board Chair · EXECUTIVE (Chair) | 115,000 | 115,105 | — | — | — | 230,105 |
| John R. Jeffrey JrIndependent · Audit · Responsible Business · Compensation · Nominating/Governance | 66,000 | 115,105 | — | — | — | 181,105 |
| Peter W. GetsingerIndependent · Audit · Compensation · Nominating/Governance | 56,000 | 115,105 | — | — | — | 171,105 |
| Karen A. SweeneyIndependent · Audit · Responsible Business (Chair) · Compensation · Nominating/Governance | 54,500 | 115,105 | — | — | — | 169,605 |
| Cynthia A. FlandersIndependent · NOMINATING/ CORPORATE GOVERNANCE (Chair) | 51,500 | 115,105 | — | — | — | 166,605 |
| James W. QuinnIndependent · COMPENSATION (Chair) | 50,000 | 115,105 | — | — | — | 165,105 |
| William F. Griffin JrEmployee director · Executive · Audit · Compensation · Nominating/Governance | — | — | — | — | — | 0 |
| David H. WatsonEmployee director · Responsible Business · Executive · Compensation · Nominating/Governance · Audit | — | — | — | — | — | 0 |
| Annual cash retainer | $50,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 10,000 |
| Stock ownership guideline | $400,000 |
| Component | FY2026 |
|---|---|
| Cash retainers and fees | $430,500 |
| Equity awards (grant-date value) | $909,096 |
| All other compensation | $0 |
| Total cost of the board | $1,339,596 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Argan names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Argan.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Granite Construction Incorporated | 2025 | Kyle Larkin | $1,000,000 | $7,178,777 | $0 | $1,612,935 | $9,861,425 |
| 2 | Sterling Construction Company, Inc. | 2025 | Joseph Cutillo | 1,100,000 | 4,675,000 | 0 | 2,530,000 | 8,414,685 |
| 3 | NPK International Inc. | 2025 | Matthew Lanigan | 754,000 | 4,058,537 | 0 | 3,339,632 | 8,196,160 |
| 4 | Matrix Service Company | 2026 | John Hewitt | 800,000 | 3,981,443 | 0 | 291,478 | 6,741,465 |
| 5 | MYR Group Inc. | 2025 | Richard Swartz | 941,461 | 3,837,846 | 0 | 1,572,514 | 6,387,221 |
| 6 | Limbach Holdings, Inc. | 2025 | Michael McCann | 800,000 | 1,192,150 | 0 | 741,306 | 2,759,456 |
| 7 | Argan | 2026 | David Watson | 500,000 | 1,547,260 | 86,500 | 0 | 2,668,098 |
| 8 | Primoris Services Corporation | 2025 | Koti Vadlamudi | 115,385 | 900,104 | 0 | 0 | 2,176,941 |
| 9 | Team, Inc. | 2025 | Keith Tucker | 750,000 | 0 | 0 | 495,119 | 1,265,655 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Argan | not disclosed | not disclosed | not disclosed | not disclosed |
| Granite Construction Incorporated | 134% | PSU 75 · RSU 25 | Yes — Relative TSR | FW Cook |
| Limbach Holdings, Inc. | not disclosed | PRSU 67 · RSU 33 | not disclosed | CAP |
| Matrix Service Company | not disclosed | RSU 50 · PSU 50 | No | Pay Governance |
| MYR Group Inc. | 165.5% | PSU 70 · RSU 30 | Yes — TSR | Mercer |
| NPK International Inc. | not disclosed | RSU 50 · PRSU 50 | not disclosed | Zayla Partners, LLC |
| Primoris Services Corporation | 190% | PSU 65 · RSU 35 | No | Meridian Compensation Partners |
| Sterling Construction Company, Inc. | not disclosed | PSU 60 · RSU 40 | Yes — Relative Total Shareholder Return (TSR) | Meridian Compensation Partners, LLC |
| Team, Inc. | not disclosed | PSU 70 · RSU 30 | No | Willis Towers Watson (WTW) |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Charles Collins IV | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Summary Compensation Table”. As printed: 7,377,838. View filing ↗ |
| 2 | Section 01, David Watson | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Summary Compensation Table”. As printed: 2,668,098. View filing ↗ |
| 3 | Section 01, Joshua Baugher | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Summary Compensation Table”. As printed: 1,351,218. View filing ↗ |
| 4 | Section 03, Joshua Baugher PSU | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 5 | Section 03, Charles Collins IV PSU | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 6 | Section 03, Charles Collins IV PSU | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 7 | Section 03, David Watson PSU | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 8 | Section 03, David Watson RSU | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 9 | Section 03, Charles Collins IV PSU | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 10 | Section 03, Joshua Baugher RSU | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 11 | Section 03, Joshua Baugher PSU | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 12 | Section 03, Charles Collins IV RSU | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 13 | Section 03, David Watson PSU | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 14 | Section 03, Joshua Baugher OPTION | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 15 | Section 03, Charles Collins IV OPTION | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 16 | Section 03, David Watson OPTION | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Grants of Plan-Based Awards Tables” · grants of plan-based awards table. View filing ↗ |
| 17 | Section 07, pay ratio | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “CEO Pay Ratio”. As printed: 27 : 1. View filing ↗ |
| 18 | Section 08, Lisa L. Alexander | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 255,966. View filing ↗ |
| 19 | Section 08, William F. Leimkuhler | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 230,105. View filing ↗ |
| 20 | Section 08, John R. Jeffrey Jr | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 181,105. View filing ↗ |
| 21 | Section 08, Peter W. Getsinger | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 171,105. View filing ↗ |
| 22 | Section 08, Karen A. Sweeney | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 169,605. View filing ↗ |
| 23 | Section 08, Cynthia A. Flanders | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 166,605. View filing ↗ |
| 24 | Section 08, James W. Quinn | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 165,105. View filing ↗ |
| 25 | Section 08, William F. Griffin Jr | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 0. View filing ↗ |
| 26 | Section 08, David H. Watson | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 0. View filing ↗ |
| 27 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer. |
| 28 | Section 03b vehicle mix (computed) | Computed | — | — | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options). |
| 29 | Section 09b board cost (computed) | Computed | — | — | Cash 430,500 + equity 909,096 + all other 0 = 1,339,596, summed across the director compensation table rows. |
| 30 | Granite Construction Incorporated, Section 10b CEO total | DEF 14A | 2026-04-23 | 0000861459-26-000012 | CEO total compensation as printed in Granite Construction Incorporated's own proxy. As printed: 9,861,425. View filing ↗ |
| 31 | Sterling Construction Company, Inc., Section 10b CEO total | DEF 14A | 2026-03-25 | 0000874238-26-000042 | CEO total compensation as printed in Sterling Construction Company, Inc.'s own proxy. As printed: 8,414,685. View filing ↗ |
| 32 | NPK International Inc., Section 10b CEO total | DEF 14A | 2026-04-09 | 0000071829-26-000017 | CEO total compensation as printed in NPK International Inc.'s own proxy. As printed: 8,196,160. View filing ↗ |
| 33 | Matrix Service Company, Section 10b CEO total | DEF 14A | 2026-09-23 | 0001140361-26-037426 | CEO total compensation as printed in Matrix Service Company's own proxy. As printed: 6,741,465. View filing ↗ |
| 34 | MYR Group Inc., Section 10b CEO total | DEF 14A | 2026-03-04 | 0000700923-26-000017 | CEO total compensation as printed in MYR Group Inc.'s own proxy. As printed: 6,387,221. View filing ↗ |
| 35 | Limbach Holdings, Inc., Section 10b CEO total | DEF 14A | 2026-04-23 | 0001628280-26-026892 | CEO total compensation as printed in Limbach Holdings, Inc.'s own proxy. As printed: 2,759,456. View filing ↗ |
| 36 | Argan (subject), Section 10b CEO total | DEF 14A | 2026-04-21 | 0001104659-26-045998 | CEO total compensation as printed in Argan's own proxy. As printed: 2,668,098. View filing ↗ |
| 37 | Primoris Services Corporation, Section 10b CEO total | DEF 14A | 2026-03-20 | 0001104659-26-032237 | CEO total compensation as printed in Primoris Services Corporation's own proxy. As printed: 2,176,941. View filing ↗ |
| 38 | Team, Inc., Section 10b CEO total | DEF 14A | 2026-04-28 | 0000318833-26-000014 | CEO total compensation as printed in Team, Inc.'s own proxy. As printed: 1,265,655. View filing ↗ |
| 39 | Section 10a, Primoris Services Corporation reciprocity | DEF 14A | — | 0001104659-26-032237 | Primoris Services Corporation's most recent proxy was read; its disclosed peer group does not include Argan. View filing ↗ |
| 40 | Section 10a, Limbach Holdings, Inc. reciprocity | DEF 14A | — | 0001628280-26-026892 | Limbach Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Argan. View filing ↗ |
| 41 | Section 10a, Matrix Service Company reciprocity | DEF 14A | — | 0001140361-26-037426 | Matrix Service Company names Argan in its own disclosed peer group (read from its most recent proxy). View filing ↗ |
| 42 | Section 10a, MYR Group Inc. reciprocity | DEF 14A | — | 0000700923-26-000017 | MYR Group Inc.'s most recent proxy was read; its disclosed peer group does not include Argan. View filing ↗ |
| 43 | Section 10a, Granite Construction Incorporated reciprocity | DEF 14A | — | 0000861459-26-000012 | Granite Construction Incorporated's most recent proxy was read; its disclosed peer group does not include Argan. View filing ↗ |
| 44 | Section 10a, Sterling Construction Company, Inc. reciprocity | DEF 14A | — | 0000874238-26-000042 | Sterling Construction Company, Inc.'s most recent proxy was read; its disclosed peer group does not include Argan. View filing ↗ |
| 45 | Section 10a, NPK International Inc. reciprocity | DEF 14A | — | 0000071829-26-000017 | NPK International Inc. names Argan in its own disclosed peer group (read from its most recent proxy). View filing ↗ |
| 46 | Section 10a, Team, Inc. reciprocity | DEF 14A | — | 0000318833-26-000014 | Team, Inc.'s most recent proxy was read; its disclosed peer group does not include Argan. View filing ↗ |