Everus Construction Group, Inc.

Note 9 –Stock-Based Compensation

The Company is currently authorized to issue 2.5 million restricted stock units (“RSUs”) and other stock-based awards under the Everus Construction Group, Inc. Long-Term Performance-Based Incentive Plan (“Everus LTIP”). As of March 31, 2025, there were 2.3 million shares available for grant under the Everus LTIP. The Company either purchases shares on the open market or issues new shares of common stock to satisfy the vesting of stock-based awards.

The Company’s compensation committee has the authority to select recipients of awards, determine the type and size of awards, and establish certain terms and conditions of award grants.

Total stock-based compensation expense, including Company participants and non-employee directors, was$1.7 million and$0.3 million for the three months ended March 31, 2025 and 2024, respectively, and was included in Selling, general and administrative expenses in the unaudited condensed consolidated statements of income.

Restricted Stock Units

During the three months ended March 31, 2025, the Company’s compensation committee granted 34,251 time-vesting RSUs to key employees under the Everus LTIP at a weighted average grant date fair value of $46.54. The time-vesting RSUs vest ratably in equal installments over three years, contingent on continued employment. Upon vesting, participants may receive dividends, if any, that accumulate during the vesting period.

During the three months ended March 31, 2025,18,304 shares of common stock were issued, on a net settlement basis, in connection with vested RSUs.

Performance Share Awards

During the three months ended March 31, 2025, the Company’s compensation committee granted 51,373 performance share awards at target under the Everus LTIP. These performance share awards are generally earned over athree-year vesting period and tied to specific financial and market metrics. Upon vesting, participants may receive dividends, if any, that accumulate during the vesting period.

Under the performance conditions for these performance share awards, participants can earn from 0% to 200% of the apportioned target grant of shares. The performance conditions are tied to specific financial metrics. The weighted average grant-date fair value per share for the performance shares applicable to these performance conditions issued in 2025 was $46.54.

Under the market condition for these performance share awards, participants can earn from 0% to 200% of the apportioned target grant of shares based on the Company’s total shareholder return relative to that of a selected peer group. The weighted average grant-date fair value per share for the performance shares applicable to the market condition issued in 2025 was $55.82, which was determined by a Monte Carlo simulation.