Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-15

Knife River (KNF)

CEO Brian Gray was paid $5,820,868 in fiscal year 2025, ↓ down 16.1% from fiscal year 2024, the 7th percentile of its disclosed peer group (SEC filing 0001628280-26-023783 ↗): 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.

$5,820,868 ↓
Brian Gray total, FY2025
7th
CEO pay percentile vs peers
64:1
CEO-to-median pay ratio
96.01%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Brian Gray (President and Chief Executive Officer), FY2025 total compensation $5,820,868 (base salary $1,000,000) [exec_comp, SEC accession 0001628280-26-023783, filed 2026-04-06]

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KNF's next annual pay disclosure, estimated April 5, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Brian Gray$1,000,000$0$3,785,841$0$1,006,253$0$28,774$5,820,868
President and Chief Executive Officer
Trevor Hastings545,0000935,4260342,75561,03094,2741,978,485
Vice President and Chief Operating Officer
Nathan Ring545,0000935,4260342,755083,2741,906,455
Vice President and Chief Financial Officer
Karl Liepitz485,0000832,3710305,0213,35884,2511,710,001
Vice President, Chief Legal Officer and Secretary
Glenn Pladsen425,0000536,3850267,286071,1581,299,829
Vice President and Chief Excellence Officer

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.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Brian Gray$5,820,868$6,941,573$4,991,482↓ −1,120,705
Trevor Hastings1,978,4852,444,1082,227,879↓ −465,623
Nathan Ring1,906,4552,430,3081,739,152↓ −523,853
Karl Liepitz1,710,0012,208,4582,185,495↓ −498,457
Glenn Pladsen1,299,829———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against KNF
2 companies name KNF as a compensation peer

Each company listed discloses KNF 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 KNF in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
German Carmona AlvarezIndependent Director—
Karen B. FaggChair of the Board—
Patricia ChiodoIndependent Director—
Patricia L. MossIndependent Director—
Thomas EveristIndependent Director—
Thomas W. HillIndependent Director—
William J. SandbrookIndependent Director—
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Glenn PladsenPSU2025-02-271,6573,314—6,628$370,091
Nathan RingRSU2025-02-27——3,114—289,945
Glenn PladsenRSU2025-02-27——1,786—166,294
Trevor HastingsPSU2025-02-272,8905,780—11,560645,482
Brian GrayRSU2025-02-27——12,599—1,173,093
Karl LiepitzRSU2025-02-27——2,770—257,915
Brian GrayPSU2025-02-2711,69823,396—46,7922,612,748
Karl LiepitzPSU2025-02-272,5725,144—10,288574,456
Trevor HastingsRSU2025-02-27——3,114—289,945
Nathan RingPSU2025-02-272,8905,780—11,560645,482
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Glenn Pladsen$166,294$370,091$069.0%
Nathan Ring289,945645,482069.0%
Trevor Hastings289,945645,482069.0%
Brian Gray1,173,0932,612,748069.0%
Karl Liepitz257,915574,456069.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Glenn PladsenPSU7,314—$514,540
Karl LiepitzRSU7,118—500,751
Nathan RingRSU7,919—557,102
Karl LiepitzPSU13,219—929,957
Brian GrayPSU56,396—3,967,458
Brian GrayRSU30,368—2,136,389
Trevor HastingsPSU14,705—1,034,497
Trevor HastingsRSU7,919—557,102
Nathan RingPSU14,705—1,034,497
Glenn PladsenRSU3,939—277,109
05

Incentive-plan design — the Compensation Discussion & Analysis

To ensure management's interests are aligned with those of our stockholders and the performance of the company, the majority of the CEO's and the other named executive officers' compensation is dependent on the achievement of company performance targets and long-term incentives.

CEO STI target (% of salary)120%
CEO LTI target (% of salary)—
Independent consultantMeridian
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2045,322,0441,777,385103,74196.01%Passed
20252025-05-2243,551,8032,233,830145,38994.82%Passed
20242024-05-1441,673,1051,440,727131,13496.37%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2096.01%a
20252025-05-2294.82%b
20242024-05-1496.37%c

a. Approved under the standard stated in the filing — “Abstentions will count as votes against this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions will count as votes against this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions will count as votes against this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)64 : 1
CEO total compensation—
Median employee compensation$90,710
09

Board fee structure and ownership guideline

Annual cash retainer$110,000
Annual equity retainer$150,000
Per board meeting fee$0
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 15,000
Stock ownership guideline$550,000
10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Knife River 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 Knife River.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Vulcan Materials Company2025J. Thomas Hill$1,235,000$7,906,513$1,976,288$3,043,000$14,699,497
2Martin Marietta Materials, Inc.2025C. Howard Nye1,368,3339,428,72602,835,71914,264,065
3Eagle Materials Inc.2026Michael Haack1,119,4565,457,2701,657,8341,948,98710,302,728
4Granite Construction Incorporated2025Kyle Larkin1,000,0007,178,77701,612,9359,861,425
5Allegion plc2025John Stone1,066,1154,562,2261,450,0321,940,9269,155,073
6Armstrong World Industries, Inc.2025Victor Grizzle1,000,0005,599,53201,584,0008,537,000
7Sterling Infrastructure, Inc.2025Joseph Cutillo1,100,0004,675,00002,530,0008,414,685
8Arcosa, Inc.2025Antonio Carrillo1,000,0005,127,74101,937,5008,092,216
9Dycom Industries, Inc.2026Daniel Peyovich1,176,2593,762,64203,058,2738,011,338
10Simpson Manufacturing Co., Inc.2025Michael Olosky950,0005,383,38401,389,7137,768,355
11Minerals Technologies Inc.2025Douglas Dietrich1,050,0002,310,022768,8032,891,1607,405,693
12Construction Partners, Inc.2025Fred J. (Jule) Smith, III837,3082,870,3280875,0006,410,129
13Compass Minerals International, Inc.2025Edward Dowling Jr.1,000,0003,500,01901,645,2806,343,575
14Knife River2025Brian Gray1,000,0003,785,84101,006,2535,820,868
15Gibraltar Industries, Inc.2025William Bosway908,2693,202,4400274,5004,731,001
—Summit Materials, Inc.——————not in coverage universe
—The AZEK Company Inc.——————not in coverage universe

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Knife River83.9%PSU 65 · RSU 35Yes — Total Stockholder Return (TSR) relative to that of peer companiesMeridian
Allegion plc131.31%PSU 50 · Options 25 · RSU 25Yes — Relative TSRFW Cook
Arcosa, Inc.not disclosednot disclosedYes — rTSRPay Governance LLC
Armstrong World Industries, Inc.not disclosedRSU 50 · PRSU 50not disclosedAon
Compass Minerals International, Inc.not disclosedRSU 50 · PSU 50not disclosedFW Cook
Construction Partners, Inc.100%PSU 73 · RSU 27NoDana Krieg (independent compensation consultant)
Dycom Industries, Inc.226%PSU 50 · RSU 50NoNot disclosed
Eagle Materials Inc.not disclosedOptions 50 · PSU 25 · RSU 25Yes — Average Absolute Total Stockholder Return (Avg. A-TSR)Meridian Compensation Partners
Gibraltar Industries, Inc.25%PSU 64 · RSU 36NoWTW
Granite Construction Incorporated134%PSU 75 · RSU 25Yes — Relative TSRFW Cook
Martin Marietta Materials, Inc.185%PSU 55 · RSU 45Yes — Relative TSRPay Governance
Minerals Technologies Inc.not disclosednot disclosednot disclosedFW Cook
Simpson Manufacturing Co., Inc.not disclosednot disclosednot disclosednot disclosed
Sterling Infrastructure, Inc.not disclosedPSU 60 · RSU 40Yes — Relative Total Shareholder Return (TSR)Meridian Compensation Partners, LLC
Summit Materials, Inc.not disclosednot disclosednot disclosednot disclosed
The AZEK Company Inc.not disclosednot disclosednot disclosednot disclosed
Vulcan Materials Companynot disclosedPSU 60 · RSU 20 · SOSAR 20Yes — Total Shareholder Return (TSR) percentile rank relative to S&P 500 IndexMeridian Compensation Partners, LLC

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.

10d

Frequently asked questions

Who was the highest-paid executive at Knife River in fiscal 2025?
As disclosed, Brian Gray (President and Chief Executive Officer) was the highest-paid executive at Knife River in fiscal 2025, with total compensation of $5,820,868.
How does Knife River's chief executive pay compare to its disclosed peer group?
As disclosed, Brian Gray's total compensation ranked at the 7th percentile of Knife River's disclosed peer group.
What is Knife River's CEO-to-median employee pay ratio?
As disclosed, Knife River's CEO-to-median employee pay ratio was 64:1.
How did shareholders vote on Knife River's executive compensation?
As disclosed, 96.01% of shareholders supported Knife River's executive compensation in the latest say-on-pay vote.

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.

11

Source register

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.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Brian GrayDEF 14A2026-04-060001628280-26-023783Section “Summary Compensation Table for 2025”. As printed: 5,820,868. Filing ↗machine: t200 · r3 · c14 · span 1008506–1008515
2Section 01, Trevor HastingsDEF 14A2026-04-060001628280-26-023783Section “Summary Compensation Table for 2025”. As printed: 1,978,485. Filing ↗machine: t200 · r9 · c14 · span 1024931–1024940
3Section 01, Nathan RingDEF 14A2026-04-060001628280-26-023783Section “Summary Compensation Table for 2025”. As printed: 1,906,455. Filing ↗machine: t200 · r6 · c14 · span 1016984–1016993
4Section 01, Karl LiepitzDEF 14A2026-04-060001628280-26-023783Section “Summary Compensation Table for 2025”. As printed: 1,710,001. Filing ↗machine: t200 · r12 · c14 · span 1033355–1033364
5Section 01, Glenn PladsenDEF 14A2026-04-060001628280-26-023783Section “Summary Compensation Table for 2025”. As printed: 1,299,829. Filing ↗machine: t200 · r18 · c14 · span 1042895–1042904
6Section 03, Glenn Pladsen PSUDEF 14A2026-04-060001628280-26-023783Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r6 · c5 · span 900897–900902
7Section 03, Nathan Ring RSUDEF 14A2026-04-060001628280-26-023783Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r3 · c6 · span 895781–895786
8Section 03, Glenn Pladsen RSUDEF 14A2026-04-060001628280-26-023783Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r6 · c6 · span 901160–901165
9Section 03, Trevor Hastings PSUDEF 14A2026-04-060001628280-26-023783Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r4 · c5 · span 897274–897279
10Section 03, Brian Gray RSUDEF 14A2026-04-060001628280-26-023783Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r2 · c6 · span 894031–894037
11Section 03, Karl Liepitz RSUDEF 14A2026-04-060001628280-26-023783Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r5 · c6 · span 899232–899237
12Section 03, Brian Gray PSUDEF 14A2026-04-060001628280-26-023783Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r2 · c5 · span 893770–893776
13Section 03, Karl Liepitz PSUDEF 14A2026-04-060001628280-26-023783Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r5 · c5 · span 898998–899003
14Section 03, Trevor Hastings RSUDEF 14A2026-04-060001628280-26-023783Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r4 · c6 · span 897508–897513
15Section 03, Nathan Ring PSUDEF 14A2026-04-060001628280-26-023783Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r3 · c5 · span 895547–895552
16Section 07, pay ratioDEF 14A2026-04-060001628280-26-023783Section “CEO Pay Ratio”. As printed: 64 : 1. Filing ↗machine: span 1364959–1364966
17Section 06, 2026 voteForm 8-K2026-05-210001628280-26-037338Item 5.07 · say-on-pay result. As reported: 96.01% (votes for as printed: 45,322,044). Filing ↗
18Section 06, 2025 voteForm 8-K2025-05-280001955520-25-000043Item 5.07 · say-on-pay result. As reported: 94.82% (votes for as printed: 43,551,803). Filing ↗
19Section 06, 2024 voteForm 8-K2024-05-170001955520-24-000028Item 5.07 · say-on-pay result. As reported: 96.37% (votes for as printed: 41,673,105). Filing ↗
20Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Section 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).machine: formula: sums + PSU ratio
22Vulcan Materials Company, Section 10b CEO totalDEF 14A2026-03-240001628280-26-020812CEO total compensation as printed in Vulcan Materials Company's own proxy. As printed: 14,699,497. Filing ↗machine: r4 · c27 · span 1010456–1010466
23Martin Marietta Materials, Inc., Section 10b CEO totalDEF 14A2026-04-150001193125-26-157039CEO total compensation as printed in Martin Marietta Materials, Inc.'s own proxy. As printed: 14,264,065. Filing ↗machine: r4 · c44 · span 1436786–1436796
24Eagle Materials Inc., Section 10b CEO totalDEF 14A2026-06-150001193125-26-271073CEO total compensation as printed in Eagle Materials Inc.'s own proxy. As printed: 10,302,728. Filing ↗machine: t143 · r4 · c26 · span 1818301–1818311
25Granite Construction Incorporated, Section 10b CEO totalDEF 14A2026-04-230000861459-26-000012CEO total compensation as printed in Granite Construction Incorporated's own proxy. As printed: 9,861,425. Filing ↗machine: t43 · r4 · c18 · span 618853–618862
26Allegion plc, Section 10b CEO totalDEF 14A2026-04-170001104659-26-044597CEO total compensation as printed in Allegion plc's own proxy. As printed: 9,155,073. Filing ↗machine: t220 · r9 · c18 · span 1257755–1257764
27Armstrong World Industries, Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-193741CEO total compensation as printed in Armstrong World Industries, Inc.'s own proxy. As printed: 8,537,000. Filing ↗machine: r2 · c31 · span 849008–849017
28Sterling Infrastructure, Inc., Section 10b CEO totalDEF 14A2026-03-250000874238-26-000042CEO total compensation as printed in Sterling Infrastructure, Inc.'s own proxy. As printed: 8,414,685. Filing ↗machine: span 669281–669290
29Arcosa, Inc., Section 10b CEO totalDEF 14A2026-03-310001739445-26-000050CEO total compensation as printed in Arcosa, Inc.'s own proxy. As printed: 8,092,216. Filing ↗machine: r4 · c24 · span 1027065–1027074
30Dycom Industries, Inc., Section 10b CEO totalDEF 14A2026-04-160000067215-26-000017CEO total compensation as printed in Dycom Industries, Inc.'s own proxy. As printed: 8,011,338. Filing ↗machine: r2 · c46 · span 870397–870406
31Simpson Manufacturing Co., Inc., Section 10b CEO totalDEF 14A2026-03-240001628280-26-020810CEO total compensation as printed in Simpson Manufacturing Co., Inc.'s own proxy. As printed: 7,768,355. Filing ↗machine: r2 · c21 · span 924542–924551
32Minerals Technologies Inc., Section 10b CEO totalDEF 14A2026-04-020001104659-26-039205CEO total compensation as printed in Minerals Technologies Inc.'s own proxy. As printed: 7,405,693. Filing ↗machine: r2 · c48 · span 1633829–1633838
33Construction Partners, Inc., Section 10b CEO totalDEF 14A2026-01-270001628280-26-003572CEO total compensation as printed in Construction Partners, Inc.'s own proxy. As printed: 6,410,129. Filing ↗machine: t35 · r3 · c19 · span 644451–644460
34Compass Minerals International, Inc., Section 10b CEO totalDEF 14A2026-01-230001308179-26-000019CEO total compensation as printed in Compass Minerals International, Inc.'s own proxy. As printed: 6,343,575. Filing ↗machine: r1 · c14 · span 810548–810557
35Knife River (subject), Section 10b CEO totalDEF 14A2026-04-060001628280-26-023783CEO total compensation as printed in Knife River's own proxy. As printed: 5,820,868. Filing ↗machine: t200 · r3 · c14 · span 1008506–1008515
36Gibraltar Industries, Inc., Section 10b CEO totalDEF 14A2026-04-060000912562-26-000083CEO total compensation as printed in Gibraltar Industries, Inc.'s own proxy. As printed: 4,731,001. Filing ↗machine: t256 · r4 · c11 · span 854722–854731
37Section 10a, Granite Construction Incorporated reciprocityDEF 14A—0000861459-26-000012Granite Construction Incorporated's most recent proxy was read; its disclosed peer group does not include Knife River. Filing ↗
38Section 10a, Martin Marietta Materials, Inc. reciprocityDEF 14A—0001193125-26-157039Martin Marietta Materials, Inc.'s most recent proxy was read; its disclosed peer group does not include Knife River. Filing ↗
39Section 10a, Allegion plc reciprocityDEF 14A—0001104659-26-044597Allegion plc's most recent proxy was read; its disclosed peer group does not include Knife River. Filing ↗
40Section 10a, Arcosa, Inc. reciprocityDEF 14A—0001739445-26-000050Arcosa, Inc. names Knife River in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Armstrong World Industries, Inc. reciprocityDEF 14A—0001193125-26-193741Armstrong World Industries, Inc. names Knife River in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, Compass Minerals International, Inc. reciprocityDEF 14A—0001308179-26-000019Compass Minerals International, Inc.'s most recent proxy was read; its disclosed peer group does not include Knife River. Filing ↗
43Section 10a, Dycom Industries, Inc. reciprocityDEF 14A—0000067215-26-000017Dycom Industries, Inc.'s most recent proxy was read; its disclosed peer group does not include Knife River. Filing ↗
44Section 10a, Eagle Materials Inc. reciprocityDEF 14A—0001193125-26-271073Eagle Materials Inc.'s most recent proxy was read; its disclosed peer group does not include Knife River. Filing ↗
45Section 10a, Sterling Infrastructure, Inc. reciprocityDEF 14A—0000874238-26-000042Sterling Infrastructure, Inc.'s most recent proxy was read; its disclosed peer group does not include Knife River. Filing ↗
46Section 10a, Vulcan Materials Company reciprocityDEF 14A—0001628280-26-020812Vulcan Materials Company's most recent proxy was read; its disclosed peer group does not include Knife River. Filing ↗
47Section 10a, Simpson Manufacturing Co., Inc. reciprocityDEF 14A—0001628280-26-020810Simpson Manufacturing Co., Inc.'s most recent proxy was read; its disclosed peer group does not include Knife River. Filing ↗
48Section 10a, Gibraltar Industries, Inc. reciprocityDEF 14A—0000912562-26-000083Gibraltar Industries, Inc.'s most recent proxy was read; its disclosed peer group does not include Knife River. Filing ↗
49Section 10a, Minerals Technologies Inc. reciprocityDEF 14A—0001104659-26-039205Minerals Technologies Inc.'s most recent proxy was read; its disclosed peer group does not include Knife River. Filing ↗

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