Skip to main content

GIBRALTAR INDUSTRIES, INC.

For the period ended Dec 31, 2025. Filed Apr 6, 2026.

View on SEC.gov

About this filing

What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

Dec 31, 2025 · Filed Apr 6, 2026

ROCK$32.47+2.5%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Elements of Our Executive Compensation Program

Base SalaryBase salary is annual fixed cash compensation and is the principal non-variable element of the Company's total compensation program. The Compensation and Human Capital Committee reviews and approves base salaries generally at its February meeting, with new salaries effective early March of the same year. Base salaries for our NEOs reflect the level, scope, and complexity of each executive officer's role and responsibility, performance over time and whether their salary is appropriately positioned relative to similarly situated executives in our peer group and survey data.

2026 PROXY STATEMENT33

Table of Contents

COMPENSATION DISCUSSION AND ANALYSIS

For fiscal year 2025, the Compensation and Human Capital Committee reviewed and approved the base salaries shown below. Also presented below is a comparison to the approved fiscal year 2024 base salaries.

Named Executive OfficerFiscal Year2025Fiscal Year2024% Change
William T. Bosway$915,000$880,0004.0%
Joseph A. Lovechio$496,800$480,0003.5%
Janet A. Catlett$416,416$400,4004.0%
Katherine E. Bolanowski$426,259$402,1316.0%
Jeffrey J. Watorek$278,512$267,8004.0%

Annual Management Incentive Compensation PlanThe Compensation and Human Capital Committee annually reviews and adjusts performance targets and weightings in consultation with the Company's executive team. To ensure focus on key metrics, the Compensation and Human Capital Committee adjusts weightings and targets as needed. For 2025, seventy-five percent (75%) of the MICP payout was based on the combination of results for two performance metrics (1) Adjusted Net Sales for MICP (as defined in Appendix A) and (2) Adjusted EPS for MICP (as defined in Appendix A). The results for the two performance metrics are plotted on a nine-by-nine matrix of step progression payouts that cross-references achieved Adjusted Net Sales for MICP and Adjusted EPS for MICP performance levels. Each intersection of the two metrics corresponds to a payout factor ranging from 35% to 200% of the target. A 35% payout is earned when both metrics meet their respective threshold performance levels of achievement, and a maximum 200% payout is earned when both metrics meet or exceed the 200% achievement levels. If either metric falls below its threshold performance level, the payout is zero. The Adjusted Net Sales for MICP and Adjusted EPS for MICP measures differ from financial results presented in the “Proxy Summary” on page 1 and the “Executive Summary” in this CD&A, as those sections reflect our 2025 financial performance. The remaining twenty-five percent (25%) of the MICP payout was based on days working capital ("DWC") (as defined in Appendix A), with payout factor ranges from 35% to 200% of the target. A 35% payout is earned when DWC meets the threshold level of achievement, and 200% is earned when DWC meets or exceeds the 200% achievement level. If actual DWC exceeds the threshold level of achievement, the payout is zero.The MICP metrics exclude contributions from businesses acquired after the Compensation and Human Capital Committee initially approved the 2025 MICP performance targets, which were based on the budgeted financial information presented by the executive management team in February 2025. In addition, following the decision and commitment to divest the Company’s Renewables business and its classification as discontinued operations, the discontinued operations were removed from the 2025 MICP targets and results. Accordingly, neither the targets nor actual achievements used for the 2025 MICP payout include the performance of discontinued operations.The Compensation and Human Capital Committee believes that incentivizing executives to improve earnings and efficiently use capital will provide value to stockholders. Higher profits and lower working capital requirements lead to increased cash flow, which can fund the Company's growth initiatives, including acquisitions. Additionally, the Compensation and Human Capital Committee believes that the combination of the three financial performance targets motivates our executives to maximize stockholder return on investment. The Compensation and Human Capital Committee concluded that these metrics effectively connect to the creation of stockholder value.The Compensation and Human Capital Committee uses adjusted financial information to determine the incentive compensation for NEOs under our performance-based compensation plans. This approach keeps our executives motivated to make difficult decisions that drive long-term value, such as restructuring, acquisitions, and divestitures, despite the short-term costs. These items are typically not part of the budgeting process and cannot necessarily be anticipated.See the detailed description and reconciliations of Adjusted Net Sales for MICP, Adjusted EPS for MICP and DWC in Appendix A. The following graphic illustrates the weighting and calculation of the 2025 annual MICP financial performance goals.

34G I B R A L T A R

Table of Contents

COMPENSATION DISCUSSION AND ANALYSIS

FiscalYear2025Designxx+
9-by-9 Matrix
BaseSalary($)Target AnnualIncentiveCompensationPercentage(%)AdjustedNet Salesfor MICPAdjusted EPSfor MICPDWC
Weighted 75%Weighted 25%

The targets and thresholds for the annual MICP awards for fiscal year 2025 compared to actual achievements and payout factors were as follows:

Level of Achievement · AdjustedNet Salesfor MICP(in millions) · Adjusted EPSfor MICP · DWC
Threshold$1,060$3.9354.1
100% Achievement$1,149$4.3851.0
200% Achievement$1,293$4.9348.0
Actual$1,070$3.7150.3
Payout Factor0%100%
Weighting75%25%
MICP Payout Percentage0%25%

For fiscal year 2025, the potential payout at target and actual payout for our NEOs were as follows:

Named Executive Officer · Targeted Annual Incentive Compensation as a Percentage of Base Salary · BaseSalary · TargetPayout · Actual
Payout Percentage · Payout Amount
William T. Bosway120%$915,000$1,098,00025%$274,500
Joseph A. Lovechio60%$496,800$298,08025%$74,520
Janet A. Catlett40%$416,416$166,56625%$41,642
Katherine E. Bolanowski40%$426,259$170,50425%$42,626
Jeffrey J. Watorek25%$278,512$69,62825%$17,407

Equity-based Incentive CompensationWe maintain an equity-based incentive compensation plan known as the Gibraltar Industries, Inc. Amended and Restated 2018 Equity Incentive Plan (the “Amended 2018 Plan”). Our Amended 2018 Plan is an integral component of our overall compensation structure and allows the Company to grant equity-based compensation awards to our named executive officers and other eligible management employees.

Long-Term Incentive Plan

The Compensation and Human Capital Committee annually approves grants of long-term equity-based awards to our named executive officers with a target value, at the time the award is made, equal to a percentage of the executive officer’s base salary. Equity awards consist of time-vested grants of RSUs and performance-based grants of PSUs. In all cases, the proportion of awards granted is more heavily weighted towards PSUs (at least 50%), with the CEO's award weighted 64% in the form of PSUs.Targeted annual incentive compensation under awards of RSUs and PSUs as a percentage of executive officer base salaries for 2025 are as follows:

2026 PROXY STATEMENT35

Table of Contents

COMPENSATION DISCUSSION AND ANALYSIS

Named Executive OfficerTarget AnnualIncentiveCompensation of2025 RSUsAnnual Awardof RSUs as aPercentage ofBase SalaryTarget AnnualIncentiveCompensation of2025 PSUsAnnual Awardof PSUs as aPercentage ofBase Salary
William T. Bosway$1,143,750125%$2,058,750225%
Joseph A. Lovechio$198,72040%$447,12090%
Janet A. Catlett$145,74635%$291,49170%
Katherine E. Bolanowski$149,19135%$213,13050%
Jeffrey J. Watorek$55,70220%$167,10760%

Restricted Stock UnitsUnder the terms of awards of RSUs, vesting occurs in equal installments over a four-year period commencing on the first anniversary of the grant date. The vesting conditions which apply to RSUs granted to the executive officers under the Company’s LTIP are designed to reward executives for continuing their employment with the Company and for implementing policies and practices with the goal of increasing the value of the Company’s common stock over a significant period of time.

Performance Stock UnitsUnder the terms of awards of PSUs, achievement is determined based on ROIC (as defined in the award) in the year of issuance and cliff-vest three years from date of grant. The number of PSUs earned was determined during the 2025 performance period based on the Company’s ROIC compared to the targeted ROIC. As portfolio management is a core pillar of the Company's strategy, and the Company has significant capital for acquisitions to expand its position and shape its market, the Company has set the performance period at one year given the challenge of forecasting in an acquisitive environment. The Compensation and Human Capital Committee selected ROIC as the performance goal for PSU payouts based on stockholder feedback and the recommendation of the executive management team. A detailed description of ROIC is included in Appendix A.Why ROIC is Important:•Investment Decisions: ROIC incentivizes our executives to carefully allocate capital for equipment, growth opportunities, acquisitions, and other growth initiatives.•Performance Measurement: ROIC measures profitability, cash flow generation, and asset management, which reflects the effectiveness of our executive management team.•Stockholder Interests: The Compensation and Human Capital Committee believes that incorporating ROIC aligns executive compensation with the interests of our stockholders.•Long-term Value Creation: The three-year vesting period incentivizes long-term value creation and promotes retention of the Company's executive management team.

2025 ROIC:•Target: 20.3%, approved by the Compensation and Human Capital Committee based on the budgeted financial information presented by the executive management team in February 2025 and excluding the three metal roofing business acquired in 2025. In addition, following the decision and commitment to divest the Company’s Renewables business and its classification as discontinued operations, the discontinued operations were removed from the 2025 ROIC target and result. Accordingly, neither the targets nor actual achievement used for the 2025 ROIC earn payout include the performance of discontinued operations.•Threshold Required to Earn Payout: 18.3% (0% of shares)•Maximum Payout: Limited to 200% of shares, requiring a ROIC of 22.3% or higher.

36G I B R A L T A R

Table of Contents

COMPENSATION DISCUSSION AND ANALYSIS

In 2025, no targeted PSUs were earned by the NEOs because the actual ROIC, as calculated in Appendix A, did not exceed the minimum 2025 PSU achievement threshold.The following table calculates the number of 2025 PSUs awarded and earned for fiscal year 2025:

William T.BoswayJoseph A.LovechioKatherine E.BolanowskiJanet A.CatlettJeffrey J.Watorek
Salary as of grant date$915,000$496,800$426,259$416,416$278,512
Annual award of PSUs as a percentage of base salary225%90%50%70%60%
Stock price as of grant date$64.79$64.79$64.79$64.79$64.79
PSUs awarded at target during 2025 (#)31,7756,9013,2894,4992,579
PSUs grant date fair value at target ($)$2,058,702$447,116$213,094$291,490$167,093
Percentage of PSUs earned0%0%0%0%0%
PSUs earned during 2025 (#)—————
PSUs grant date fair value earned during 2025 ($)$—$—$—$—$—

Non-qualified Deferred Compensation Plan

A feature of our Amended 2018 Plan, as described above, is the 2018 MSPP, a non-qualified deferred compensation arrangement. This plan allows our executive officers to defer up to 25% of their base salary and up to 100% of their bonus (i.e., annual incentive compensation earned under the MICP). The Compensation and Human Capital Committee approved the 2018 MSPP to attract, retain, and motivate executive officers.Key Features of the 2018 MSPP:•Deferral of Compensation: Executive officers can elect to defer receipt of a portion of their base salary or bonus. The deferred amount is credited to a deferral account (“Deferral Account”).•Investment Alternatives: Deferred amounts can achieve an investment return based on hypothetical investments chosen by the executive officer among investment alternatives. These options are substantially similar to the investment alternatives available to participants in the Company’s 401(k) Plan and include hypothetical units tracking the Company's common stock (“Deferral Units”). The Deferral Units are credited to the Deferral Account based on the deferred base salary and bonus amounts, multiplied by the value of the Company’s common stock, as calculated in accordance with the 2018 MSPP.•Deferral Account: Each executive officer’s Deferral Account reflects the deferred base salary and bonus, along with any earnings or losses from the chosen investment alternatives.•Matching Contributions: The Company matches up to 40% of the base salary deferred and up to 80% of the first 50% of the bonus deferred, plus up to 40% of any excess bonus deferred. These matches are credited to a deferred matching account ("Matching Account") with hypothetical units tracking the Company's common stock ("Matching Units") determined in accordance with the 2018 MSPP.

2026 PROXY STATEMENT37

Table of Contents

COMPENSATION DISCUSSION AND ANALYSIS

Payment of Deferred Amounts:•Upon Termination: Payments from the executive officer’s Deferral Account, including deferred amounts and investment returns that would have been realized had such amounts been invested in the investment alternatives selected by the executive officer, including the value of any Deferral Units, are made in cash upon a termination of employment. •Matching Account: The value of the Matching Account is paid in cash if the executive officer's employment is terminated after the fifth anniversary of the executive officer's vesting commencement date, or if the executive officer’s employment is terminated by the Company without "cause," by the executive officer for "good reason," or due to death or disability, before the executive officer reaches the fifth anniversary of the executive officer's vesting commencement date.•Forfeiture: Matching Units are forfeited if the executive officer’s employment is terminated, for any reason other than a change in control transaction, termination by the Company without cause, a resignation for good reason, or death or disability, before the executive officer reaches the fifth anniversary of the executive officer's vesting commencement date.Payment Options:•Lump Sum or Installments: Prior to the deferral, the executive officer elects whether to receive payment of the amounts determined above in either (a) a lump sum, (b) five substantially equal annual installments, or (c) ten substantially equal annual installments, in each case, beginning six months after the date of termination. During the period that the installment payments are being made, the undistributed value of the executive officer’s account earns interest at a rate equal to the average annualized rate of interest payable on ten-year US Treasury Notes plus 2%.The Compensation and Human Capital Committee believes the 2018 MSPP furthers our compensation objectives of aligning the interests of our executive officers with those of stockholders by providing the executive officers an opportunity to increase post-termination compensation as a result of increases in the value of the Company’s common stock over their careers.

The following table summarizes the amount each named executive officer deferred into the 2018 MSPP, the number of Deferral Units credited to their 2018 MSPP accounts, and the Matching Units credited to their 2018 MSPP accounts during 2025:

Named Executive Officer · DeferredCompensation($) · Credited to 2018 MSPP
DeferralUnits(#)MatchingUnits(#)
William T. Bosway$541,7287,9744,784
Joseph A. Lovechio$123,392—824
Janet A. Catlett$123,496—760
Katherine E. Bolanowski$177,608—1,342
Jeffrey J. Watorek$103,458—332

Retirement PlansOur executive officers are entitled to participate in our Gibraltar 401(k) Plan. The Company provides a 100% match of the first three percent of compensation deferred, and 50% match on the next two percent of compensation deferred. Participants are fully vested in all Company matching contributions. The Company does not provide any other retirement benefits aside from the 401(k) Plan.

Perquisites and Other BenefitsThe perquisites offered to our executive officers in 2025 include health-care benefits, including healthcare expense reimbursement, tax planning services and personal use of Company automobiles.

38G I B R A L T A R

Table of Contents

COMPENSATION DISCUSSION AND ANALYSIS

Change in Control BenefitsOur executive officers have been a key component in building our Company into the successful enterprise that it is today. We believe that it is important to protect our executive officers in the context of a change in control transaction to allow them to focus on the transaction. Further, it is our belief that the interests of our stockholders will be best served if the interests of our executive officers are aligned with the long-term success of the Company. We believe that change in control benefits should eliminate, or at least reduce, the reluctance of our executive officers to vigorously negotiate the optimal financial terms for our stockholders in the event of any potential, future change in control transactions. As a result, the Company has adopted the Gibraltar Industries, Inc. Change in Control Executive Severance Plan ("CiC Plan") to provide severance pay and benefits to our executive officers. The Company has entered into a CiC Plan Participation Agreement with each of our executive officers. Our CiC Plan benefits for our executive officers provide for the protection of previously granted equity-based incentive compensation and provide for a cash payment upon a "double trigger" event, which would be the consummation of the change in control transaction and subsequent termination of employment.For more information concerning amounts our executive officers are entitled to receive upon a termination of employment and change in control, see “Potential Payments Upon Termination or Change in Control” below.Generally Available Benefit ProgramsThe executive officers also participate in the Company’s other generally available benefit plans on the same terms as other employees at the Company’s headquarters. These plans include vacation, medical and dental insurance, life insurance, a salary continuation plan providing short-term disability benefits.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.