Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-06

Construction Partners (ROAD)

Fiscal year 2025 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.

$6,410,129
Fred J. (Jule) Smith, III total, FY2025
CEO pay percentile vs peers
130.8:1
CEO-to-median pay ratio
90.89%
Say-on-pay support, latest vote
Companies that benchmark against ROAD
7 companies name ROAD as a compensation peer

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

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Fred J. (Jule) Smith, III$837,308$1,769,665$2,870,328$0$875,000$0$57,828$6,410,129
President and Chief Executive Officer
Gregory Hoffman486,539850,6952,109,6480375,000034,8733,856,755
Senior Vice President and Chief Financial Officer
N. Nelson Fleming, IV361,539828,5751,974,3600187,500046,4193,398,393
Senior Vice President - Strategy and Business Development
J. Ryan Brooks365,577518,6311,526,1600187,500032,2272,630,095
Senior Vice President and General Counsel
John Harper510,000342,594595,4820386,250063,5291,897,855
Senior Vice President - Strategic Initiatives
M. Brett Armstrong516,250219,865650,0430354,375028,6641,769,197
Regional President - Central Region
Robert Baugnon362,885348,575779,1600187,500063,8901,742,010
Senior Vice President - Personnel and Administration

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 FY20242025
Fred J. (Jule) Smith, III$6,410,129$3,441,186$2,446,392+2,968,943
Gregory Hoffman3,856,7551,396,1481,019,564+2,460,607
N. Nelson Fleming, IV3,398,393
J. Ryan Brooks2,630,095
John Harper1,897,8551,527,3811,262,159+370,474
M. Brett Armstrong1,769,1971,479,9391,331,193+289,258
Robert Baugnon1,742,010

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

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Robert BaugnonSenior VP, Personnel and Admin2026-04-02A55$92$5,075CommonForm 4 ↗
Robert BaugnonSenior VP, Personnel and Admin2026-07-02A53965,086CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
M. Brett ArmstrongPRSU$650,043
J. Ryan BrooksPRSU1,526,160
John HarperPRSU595,482
Fred J. (Jule) Smith, IIIPRSU2,870,328
Gregory HoffmanPRSU2,109,648
N. Nelson Fleming, IVPRSU1,974,360
Robert BaugnonPRSU779,160
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% 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
John HarperPSU7,216$916,432
Gregory HoffmanRSU5,131651,637
J. Ryan BrooksPSU5,868745,236
John HarperRSU4,656591,312
Fred J. (Jule) Smith, IIIRSU9,7371,236,599
M. Brett ArmstrongRSU4,580581,660
Gregory HoffmanPSU7,798990,346
Fred J. (Jule) Smith, IIIPSU21,5252,733,675
N. Nelson Fleming, IVPSU5,742729,234
Robert BaugnonPSU5,784734,568
M. Brett ArmstrongPSU7,743983,361
N. Nelson Fleming, IVRSU3,393430,911
Robert BaugnonRSU3,411433,197
J. Ryan BrooksRSU3,592456,184
05

Incentive-plan design — the Compensation Discussion & Analysis

Provide competitive compensation... Promote a pay-for-performance culture... Alignment between management and stockholders: In order to align our executives' interests with those of our stockholders, we provide a significant portion of our NEOs' total compensation in the form of equity.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantDana Krieg (independent compensation consultant)
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-03-20110,739,43111,097,48723,40590.89%Passed
20222022-02-22145,691,9111,456,35921,81099.01%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
20252025-03-2090.89%a
20222022-02-2299.01%b

a. Voting standard not stated in the filing.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes are counted as present for the purpose of determining the presence of a quorum, but will have no effect on the outcome of the vote on the proposals to be presented at the Annual Meeting.”.

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)130.8 : 1
CEO total compensation$6,410,129
Median employee compensation$49,013
09

Board fee structure and ownership guideline

Annual cash retainer$0
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
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
1Construction Partners2025Fred J. (Jule) Smith, III$837,308$2,870,328$0$875,000$6,410,129

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.

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, Fred J. (Jule) Smith, IIIDEF 14A2026-01-270001628280-26-003572Section “Summary Compensation Table” · page 34. As printed: 6,410,129. Filing ↗machine: t35 · r3 · c19 · span 644451–644460
2Section 01, Gregory HoffmanDEF 14A2026-01-270001628280-26-003572Section “Summary Compensation Table” · page 34. As printed: 3,856,755. Filing ↗machine: r6 · c42 · span 653004–653013
3Section 01, N. Nelson Fleming, IVDEF 14A2026-01-270001628280-26-003572Section “Summary Compensation Table” · page 34. As printed: 3,398,393. Filing ↗machine: t35 · r15 · c19 · span 671154–671163
4Section 01, J. Ryan BrooksDEF 14A2026-01-270001628280-26-003572Section “Summary Compensation Table” · page 34. As printed: 2,630,095. Filing ↗machine: r12 · c42 · span 666113–666122
5Section 01, John HarperDEF 14A2026-01-270001628280-26-003572Section “Summary Compensation Table” · page 34. As printed: 1,897,855. Filing ↗machine: r18 · c42 · span 676232–676241
6Section 01, M. Brett ArmstrongDEF 14A2026-01-270001628280-26-003572Section “Summary Compensation Table” · page 34. As printed: 1,769,197. Filing ↗machine: r21 · c42 · span 684313–684322
7Section 01, Robert BaugnonDEF 14A2026-01-270001628280-26-003572Section “Summary Compensation Table” · page 34. As printed: 1,742,010. Filing ↗machine: r9 · c42 · span 660848–660857
8Section 03, M. Brett Armstrong PRSUDEF 14A2026-01-270001628280-26-003572Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t35 · r21 · c10 · span 682859–682866
9Section 03, J. Ryan Brooks PRSUDEF 14A2026-01-270001628280-26-003572Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t35 · r12 · c10 · span 664882–664891
10Section 03, John Harper PRSUDEF 14A2026-01-270001628280-26-003572Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t35 · r18 · c10 · span 675003–675010
11Section 03, Fred J. (Jule) Smith, III PRSUDEF 14A2026-01-270001628280-26-003572Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t35 · r3 · c10 · span 643073–643082
12Section 03, Gregory Hoffman PRSUDEF 14A2026-01-270001628280-26-003572Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t35 · r6 · c10 · span 651773–651782
13Section 03, N. Nelson Fleming, IV PRSUDEF 14A2026-01-270001628280-26-003572Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t35 · r15 · c10 · span 669698–669707
14Section 03, Robert Baugnon PRSUDEF 14A2026-01-270001628280-26-003572Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t35 · r9 · c10 · span 659394–659401
15Section 07, pay ratioDEF 14A2026-01-270001628280-26-003572Section “CEO Pay Ratio”. As printed: 130.8 : 1. Filing ↗
16Section 02, Robert Baugnon 2026-04-02Form 42026-04-060001628280-26-023952Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Robert Baugnon 2026-07-02Form 42026-07-060001628280-26-047311Insider equity transaction reported since the proxy statement. Filing ↗
18Section 06, 2025 voteForm 8-K2025-03-210001718227-25-000045Item 5.07 · say-on-pay result. As reported: 90.89% (votes for as printed: 110,739,431). Filing ↗
19Section 06, 2022 voteForm 8-K2022-02-230001718227-22-000040Item 5.07 · say-on-pay result. As reported: 99.01%. Filing ↗
20Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Construction Partners (subject), Section 10b CEO totalDEF 14A2026-01-270001628280-26-003572CEO total compensation as printed in Construction Partners's own proxy. As printed: 6,410,129. Filing ↗machine: t35 · r3 · c19 · span 644451–644460