Fiscal year 2026 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.
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.
| 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 | $0 | $305,208 | $7,377,838 |
| Chief Executive Officer, Gemma | ||||||||
| David Watson | 500,000 | 500,000 | 1,547,260 | 86,500 | 0 | 0 | 34,338 | 2,668,098 |
| President and Chief Executive Officer | ||||||||
| Joshua Baugher | 250,000 | 250,000 | 773,630 | 43,250 | 0 | 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.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Joshua Baugher | RSU | 2025-04-16 | — | — | 2,000 | — | $297,440 |
| Joshua Baugher | OPTION | 2025-04-16 | — | — | 1,000 | — | 43,250 |
| Joshua Baugher | PSU | 2025-04-16 | — | 1,500 | — | 3,000 | 197,340 |
| Joshua Baugher | PSU | 2025-04-16 | — | 3,750 | — | 7,500 | 278,850 |
| Charles Collins IV | PSU | 2025-04-16 | — | 2,500 | — | 2,500 | 148,720 |
| Charles Collins IV | RSU | 2025-04-16 | — | — | 2,000 | — | 297,440 |
| Charles Collins IV | OPTION | 2025-04-16 | — | — | 1,000 | — | 43,250 |
| 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 | PSU | 2025-04-16 | — | 7,500 | — | 15,000 | 557,700 |
| David Watson | OPTION | 2025-04-16 | — | — | 2,000 | — | 86,500 |
| David Watson | RSU | 2025-04-16 | — | — | 4,000 | — | 594,880 |
| 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 |
|---|---|---|---|---|
| David Watson | Option | 1,666 | 39.47 | — |
| David Watson | Option | 2,000 | 61.22 | — |
| David Watson | Option | 2,000 | 148.72 | — |
| Joshua Baugher | Option | 1,000 | 61.22 | — |
| Joshua Baugher | Option | 1,000 | 148.72 | — |
| Charles Collins IV | Option | 834 | 39.47 | — |
| Charles Collins IV | Option | 1,000 | 61.22 | — |
| Charles Collins IV | Option | 1,000 | 148.72 | — |
Our executive compensation program is designed to reward and retain executives who contribute to our consistent favorable performance and to the successful attainment of operating plan objectives and strategic goals with total compensation that is comparable to those companies with which we compete for executive talent. The program aims to align the interests of the NEOs with the long-term interests of our stockholders and promote ownership of the Company’s Common Stock.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Ratio (CEO : median employee) | 27 : 1 |
|---|---|
| CEO total compensation | — |
| Median employee compensation | $100,368 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Lisa L. AlexanderIndependent · Executive · Responsible Business | $37,500 | $218,466 | — | — | — | $255,966 |
| William F. LeimkuhlerIndependent · Board Chair · EXECUTIVE (Chair) | 115,000 | 115,105 | — | — | — | 230,105 |
| John R. Jeffrey JrIndependent · Audit (Chair) · Responsible Business | 66,000 | 115,105 | — | — | — | 181,105 |
| Peter W. GetsingerIndependent · Audit | 56,000 | 115,105 | — | — | — | 171,105 |
| Karen A. SweeneyIndependent · Audit · Responsible Business (Chair) | 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 |
| David H. WatsonEmployee director · Responsible Business · Executive | — | — | — | — | — | 0 |
| William F. Griffin JrNot independent · Executive | — | — | — | — | — | — |
| 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 | MYR Group Inc. | 2025 | Richard Swartz | 941,461 | 3,837,846 | 0 | 1,572,514 | 6,387,221 |
| 5 | Matrix Service Company | 2025 | John Hewitt | 800,000 | 2,236,270 | 0 | 0 | 3,069,459 |
| 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 | PSU 60 · RSU 40 | No | Meridian Compensation Partners |
| 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. | 200% | PSU 60 · RSU 40 | Yes — Relative Total Shareholder Return (TSR) | Meridian Compensation Partners |
| 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.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). 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. Filing ↗ |
| 2 | Section 01, David Watson | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Summary Compensation Table”. As printed: 2,668,098. Filing ↗ |
| 3 | Section 01, Joshua Baugher | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Summary Compensation Table”. As printed: 1,351,218. Filing ↗ |
| 4 | 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. Filing ↗machine: span 1206579–1206586 |
| 5 | 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. Filing ↗machine: span 1212423–1212429 |
| 6 | 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. Filing ↗machine: span 1200734–1200741 |
| 7 | 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. Filing ↗machine: span 1195001–1195008 |
| 8 | 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. Filing ↗machine: span 1235898–1235905 |
| 9 | 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. Filing ↗machine: span 1241743–1241750 |
| 10 | 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. Filing ↗machine: span 1248259–1248265 |
| 11 | 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. Filing ↗machine: span 1230111–1230117 |
| 12 | 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. Filing ↗machine: span 1224490–1224497 |
| 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. Filing ↗machine: span 1171249–1171256 |
| 14 | 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. Filing ↗machine: span 1165571–1165578 |
| 15 | 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. Filing ↗machine: span 1182938–1182944 |
| 16 | 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. Filing ↗machine: span 1177094–1177101 |
| 17 | Section 07, pay ratio | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “CEO Pay Ratio”. As printed: 27 : 1. Filing ↗ |
| 18 | Section 08, Lisa L. Alexander | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 255,966. Filing ↗ |
| 19 | Section 08, William F. Leimkuhler | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 230,105. Filing ↗ |
| 20 | Section 08, John R. Jeffrey Jr | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 181,105. Filing ↗ |
| 21 | Section 08, Peter W. Getsinger | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 171,105. Filing ↗ |
| 22 | Section 08, Karen A. Sweeney | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 169,605. Filing ↗ |
| 23 | Section 08, Cynthia A. Flanders | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 166,605. Filing ↗ |
| 24 | Section 08, James W. Quinn | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 165,105. Filing ↗ |
| 25 | Section 08, David H. Watson | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 26 | Section 08, William F. Griffin Jr | DEF 14A | 2026-04-21 | 0001104659-26-045998 | Section “Director Compensation”. As printed: —. Filing ↗ |
| 27 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 28 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 29 | Section 09b board cost (computed) | Computed | — | computed | Cash 430,500 + equity 909,096 + all other 0 = 1,339,596, summed across the director compensation table rows.machine: formula: Σ = 1,339,596 |
| 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. Filing ↗machine: t43 · r4 · c18 · span 618853–618862 |
| 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. Filing ↗machine: span 669281–669290 |
| 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. Filing ↗machine: span 593230–593239 |
| 33 | 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. Filing ↗machine: r2 · c24 · span 728070–728079 |
| 34 | Matrix Service Company, Section 10b CEO total | DEF 14A | 2025-09-24 | 0001140361-25-036001 | CEO total compensation as printed in Matrix Service Company's own proxy. As printed: 3,069,459. Filing ↗machine: r2 · c21 · span 521326–521335 |
| 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. Filing ↗machine: span 551364–551373 |
| 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. 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. Filing ↗machine: span 1489439–1489448 |
| 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. Filing ↗machine: span 527601–527610 |
| 39 | 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. Filing ↗ |
| 40 | 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. Filing ↗ |
| 41 | Section 10a, Matrix Service Company reciprocity | DEF 14A | — | 0001140361-25-036001 | Matrix Service Company names Argan in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 42 | 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). Filing ↗ |
| 43 | 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. Filing ↗ |
| 44 | 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. Filing ↗ |
| 45 | 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. Filing ↗ |
| 46 | 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. Filing ↗ |