<SEC-DOCUMENT>0001214659-24-009388.txt : 20240516
<SEC-HEADER>0001214659-24-009388.hdr.sgml : 20240516
<ACCEPTANCE-DATETIME>20240516121653
ACCESSION NUMBER:		0001214659-24-009388
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240516
DATE AS OF CHANGE:		20240516
EFFECTIVENESS DATE:		20240516

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRANITE CONSTRUCTION INC
		CENTRAL INDEX KEY:			0000861459
		STANDARD INDUSTRIAL CLASSIFICATION:	HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				770239383
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12911
		FILM NUMBER:		24954230

	BUSINESS ADDRESS:	
		STREET 1:		585 WEST BEACH ST
		CITY:			WATSONVILLE
		STATE:			CA
		ZIP:			95076
		BUSINESS PHONE:		8317241011

	MAIL ADDRESS:	
		STREET 1:		585 WEST BEACH ST
		CITY:			WATSONVILLE
		STATE:			CA
		ZIP:			95076

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
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<FILENAME>g516240px14a6g.htm
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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D"><B>Main Post Office,
    P.O. Box 751&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>Berkeley,
                                    CA 94704</B></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Name of the Registrant: Granite Construction Inc (GVA)<BR>
Name of persons relying on exemption:&nbsp;As You Sow&reg;<BR>
Address of persons relying on exemption: Main Post Office, P.O. Box 751, Berkeley, CA 94704</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the
Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule, but is made voluntarily in
the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: bold 16pt Times New Roman; margin: 0pt 0; text-align: center">Granite Construction Inc (GVA)<BR>
Vote Yes: Item #5 &ndash; Report on Misalignment with Company Policies and Objectives</P>

<P STYLE="font: bold 12pt Times New Roman; margin: 0pt 0; text-align: center"><B>Annual Meeting: June 5, 2024</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">CONTACT: Elizabeth Levy | elevy@asyousow.org</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Granite Construction&rsquo;s materiality assessment defines the issues of air quality,
environmental compliance, water use, ecological biodiversity, and community engagement as critical to the Company&rsquo;s business and
its stakeholders. More specifically, Granite has disclosed to shareholders that upholding the Company&rsquo;s environmental commitments
&ldquo;provides a direct benefit to our clients&rdquo; and &ldquo;is just good business.&rdquo;<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">However, based on recent actions at its I-80 South Quarry project in Utah (&ldquo;Project&rdquo;)
it appears that the Company&rsquo;s disclosed environmental and social commitments are not necessarily upheld in practice, to the detriment
of the Company and shareholders. In contrast to conserving natural resources and protecting water, air, land, and wildlife, the Project
is attempting to install a major industrial operation in a protected recreational and watershed area.<SUP>2</SUP> Despite the Company&rsquo;s
stated goal of meeting or exceeding requirements of applicable environmental laws, Granite&rsquo;s partner on the Project has filed a
lawsuit to weaken Salt Lake County&rsquo;s mining ban, which currently prevents mining in the proposed site of the Project.<SUP>3</SUP>
Granite has also submitted funding to an organization that has supported the passing of a state law weakening local land use authority,<SUP>4</SUP>
raising significant concern from local regulators and citizens statewide.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>1</SUP> https://www.graniteconstruction.com/sites/default/files/inline-files/Keeping_Granite_Green-Environmental_Program_3.pdf</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>2</SUP> https://www.slcwatershedmanagementplan.com/watersheds/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>3</SUP> https://www.sltrib.com/news/environment/2022/05/17/salt-lake-county-mining/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>4</SUP> https://disclosures.utah.gov/Search/PublicSearch/FolderDetails/1411814,
<I>see 2019; </I>https://www.flourinourcake.com/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Granite Corporation | Report on Misalignment with Company Policies and Objectives</FONT></P>
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<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">The Project would also expose nearby communities to toxic fugitive dust. While Granite
states that it complies with all air quality laws in its materials about the Project, it fails to mention that under heavy winds, it has
limited to no responsibility for fugitive dust,<SUP>5</SUP> a situation that is likely to occur routinely in the area of the Proposed
mine. Despite deep community concern, the Company has done extremely minimal outreach to communities. In contrast to its acknowledgement
of the importance of engaging with impacted communities on environmental issues, Granite&rsquo;s observable local engagements are extremely
minimal and include a website accusing the local community of &ldquo;alarmist . . . outrageous claims.&rdquo;<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Shareholders are concerned that Granite is not, in practice, aligning its actions
with its stated commitments and objectives. Public backlash including articles covering controversies related to the Project are harming
Granite&rsquo;s reputation. This may make it harder for the Company to obtain permits in Utah and other States as its credibility decreases
with both communities and regulators. For these reasons, investors ask that Granite assess the risks posed by the South Quarry Project&rsquo;s
misalignment with its stated commitments and practices, and that any misalignment be addressed by the Company.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman; margin: 0pt 0; text-indent: 9.35pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><B>BE IT RESOLVED:&nbsp; </B>Shareholders request that the Board issue a report,
at reasonable cost and excluding proprietary information, assessing the risks posed by the [I-80 South Quarry] Project&rsquo;s apparent
misalignment with the Company&rsquo;s disclosed environmental and community engagement commitments.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE FOR A YES VOTE</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Granite is building a poor reputation by attempting to override local protections and not meaningfully engaging with the community.
</B>This could limit future opportunities for the Company to successfully promote its projects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Assessing the environmental, community, regulatory, and legal risks posed by the Project as currently configured, and meaningfully
addressing them, can reduce current and future harm to the Company and to shareholders.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-indent: 0in">Granite Construction Corporation&rsquo;s I-80 South Quarry project
in Utah (&ldquo;Project&rdquo;) reveals actions inconsistent with our Company&rsquo;s environmental and community commitments, including
the siting of a proposed project in a forestry and recreation area in which mining is prohibited; working with a partner that attempts
to change local land use laws to allow such mining; the substantial risk that the Project will cause air quality harms to nearby downwind
communities; and the failure to meet with concerned citizens, among others. The community and regulatory backlash appear to indicate that
Granite&rsquo;s actions are in direct conflict with the Company&rsquo;s stated commitments, including conservation of resources, protection
of the environment, engagement with affected communities, and compliance with environmental laws.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>5</SUP> https://adminrules.utah.gov/public/rule/R307-309/Current%20Rules?searchText=307</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>6</SUP> https://parleyssq.com/what-you-should-know</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Granite Corporation | Report on Misalignment with Company Policies and Objectives</FONT></P>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Granite is building a poor reputation by attempting to override local protections and not meaningfully engaging with the community.
</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">In response to investor engagement led by <I>As You Sow, </I>Granite released a five-page
sustainable development report concerning the Project.<SUP>7</SUP> The report only facially addresses the concerns of the proposal &ndash;
namely misalignment with environmental commitments and lack of community engagement. To the extent the &ldquo;report&rdquo; could even
be said to addresses the Project&rsquo;s consistency with these commitments, it does so in an extraordinarily perfunctory manner, ignoring
entirely the concerns that prompted the Proposal and merely reiterating its own stated policies. Granite has a history of environmental
related fines at its projects, including a number of fines for air quality violations.<SUP>8,9</SUP> Given this background, an adequate
report should provide more than simple statements like the Company &ldquo;intends&rdquo; to develop the project &ldquo;in full alignment
with its stewardship commitments&rdquo;<SUP>10</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-indent: 0in"><FONT STYLE="color: #212121">In Granite&rsquo;s I-80 South Quarry
Sustainable Development Report, the Company states that it will &ldquo;work closely with <I>state and federal agencies</I> to ensure that
all legal requirements associated with the development of the [Parley&rsquo;s Canyon] Project are fully satisfied.&quot;<SUP>11</SUP>
Significantly, local authorities are absent from this commitment. In Utah, land use zoning is in the hands of local municipalities.<SUP>12</SUP>
The report fails to address the conflict between Tree Farm&rsquo;s (Granite&rsquo;s land partner) attempts to undermine a local land use
law to allow the Project to move forward, including a lawsuit.<SUP>13</SUP> The case </FONT>is likely to be appealed to the Utah Supreme
Court by the losing party, drawing the decision process out for several years. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-indent: 0in">Closely following the release of Granite&rsquo;s <FONT STYLE="color: #212121">I-80
South Quarry Sustainable Development Report in January, two bills were introduced to Utah&rsquo;s legislative session. The bills S.B.
172<SUP>14</SUP> and H.B. 502<SUP>15</SUP>, both formally opposed by Salt Lake County, several municipalities, and the Utah Association
of Counties, would place onerous restrictions on local governments&rsquo; ability to control or deny mining operations. Interestingly,
the Critical Infrastructure Materials Coalition (CIMC), that created a website to support these bills in the 2024 Utah Legislative session,<SUP>16</SUP>
received a $20,000 donation from Granite in 2019<SUP>17</SUP> &ndash; the year CIMC was created. </FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-indent: 0in; color: #212121">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">The legislative bills limiting local land use authority would change the statutes
applicable to Granite&rsquo;s land partner&rsquo;s case.&nbsp;Granite&rsquo;s land partner Tree Farm is now attempting to secure permits
to begin building an industrial frontage road across Utah Department of Transportation (UDOT) right-of-way to a quarry that <I>may never
be approved or developed</I>.<SUP>18</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>7</SUP> https://www.graniteconstruction.com/sites/default/files/Sustainable-Development-Report.pdf</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>8</SUP> https://ecology.wa.gov/About-us/Who-we-are/News/2022/Granite-Construction-fined</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>9</SUP> https://violationtracker.goodjobsfirst.org/parent/granite-construction</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>10</SUP> https://www.graniteconstruction.com/sites/default/files/Sustainable-Development-Report.pdf</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>11</SUP> https://www.graniteconstruction.com/sites/default/files/Sustainable-Development-Report.pdf</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>12</SUP> https://le.utah.gov/xcode/Title10/Chapter9a/C10-9a_1800010118000101.pdf</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>13</SUP> https://www.sltrib.com/news/environment/2022/05/17/salt-lake-county-mining/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>14</SUP> https://le.utah.gov/~2024/bills/static/SB0172.html</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>15</SUP> https://le.utah.gov/~2024/bills/static/HB0502.html</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>16</SUP> https://www.flourinourcake.com/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>17</SUP> https://disclosures.utah.gov/Search/PublicSearch/FolderDetails/1411814</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>18</SUP> https://www.kpcw.org/summit-county/2024-04-09/construction-on-i-80-in-parleys-canyon-begins-friday</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Granite Corporation | Report on Misalignment with Company Policies and Objectives</FONT></P>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Assessing the environmental, community, regulatory, and legal risks posed by the Project as currently configured, and meaningfully
addressing them, can reduce current and future harm to the Company and to shareholders.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Through its regular sustainability reporting, Granite has made numerous commitments
and objectives to</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">investors concerning its environmental and community engagement practices. However,
Granite&rsquo;s actions related to the Project are demonstrably out of alignment with these claims. In an attempt to reduce the significant
controversy the Project has generated, Granite released a Sustainable Development Report specific to the Project.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">With respect to community engagement, the company has committed to &ldquo;[e]ngage
meaningfully in the communities where [the Company] work[s].&rdquo; In its &ldquo;report,&rdquo; the Company&rsquo;s discussion of the
Project&rsquo;s alignment with this commitment states, in its entirety:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0 0pt 0.5in">Granite has engaged in the following outreach with the Salt Lake Valley
community:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman">&ldquo;Granite has participated in the regulatory permitting and environmental review processes,
including the public notice and comment periods and various opportunities for public participation. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman">Granite has developed a website (https://parleyssq.com/) that provides detailed information
about the proposed project.&rdquo;<SUP>19</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; color: #212121">The Project has been under local consideration for over two&nbsp;years,
but Granite fails to mention that it did not provide comments during three public hearings held by Salt Lake County, and it&nbsp;refused
a request to meet with local non-profit organizations.&nbsp;Granite has not responded to public statements&nbsp;opposing the project by
Millcreek City,<SUP>20</SUP> Salt Lake County Council and Mayor,<SUP>21</SUP>&nbsp;the Central Wasatch Commission,<SUP>22</SUP> the&nbsp;President
of Salt Lake City-Utah Committee for the [Olympic] Games,<SUP>23</SUP> two in-house editorials in the Deseret News,<SUP>24,25</SUP> and
an editorial from the Salt Lake Tribune.<SUP>26</SUP> The Project continues to generate media attention, harming Granite&rsquo;s reputation.<SUP>27,28</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">The Company also does not address the fact that it and its partner submitted, with
no notice to affected communities, two applications for mining permits, which local officials became aware of only after being asked about
the applications by a reporter who uncovered them.<SUP>29</SUP> The Company and its partner also appeared to have intentionally split
their request into a &ldquo;small&rdquo; 20-acre permit, which <I>avoids </I>public notice and comment requirements under Utah law, allowing
the Company to begin mining while the permit for the remainder of the operation is going through a highly contentious permit process.<SUP>30</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>19</SUP> https://www.graniteconstruction.com/sites/default/files/Sustainable-Development-Report.pdf,
p.4</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>20</SUP> https://www.millcreekut.gov/DocumentCenter/View/3732/Comments-of-Millcreek_Intent-to-Approve-DAQE-IN161200001-23</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>21</SUP> https://slco.legistar.com/View.ashx?M=M&amp;ID=937510&amp;GUID=B58C2DBB-A30F-47CE-9D54-7FA182F49AD9</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>22</SUP> https://www.utah.gov/pmn/files/1029671.docx</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>23</SUP> https://kutv.com/news/local/parleys-canyon-quarry-granite-construction-company-mount-aire-gravel-pit-fraser-bullock-olympic-games-bid-save-environment-erin-<BR>
kuhlman-public-comment</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>24</SUP> https://www.deseret.com/opinion/2023/6/18/23753185/parleys-limestone-quarry-environmental-risks/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>25</SUP> https://www.deseret.com/2023/6/1/23742736/parleys-limestone-quarry-winter-olympics-fraser-bullock-mining-utah/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>26</SUP> https://www.sltrib.com/opinion/editorial/2024/04/21/tribune-editorial-salt-lake-city/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>27</SUP> https://kslnewsradio.com/2083167/parleys-canyon-mine-and-the-salt-lake-valley/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>28</SUP> https://www.sltrib.com/news/environment/2024/04/15/california-construction-company/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>29</SUP> https://www.sltrib.com/news/environment/2021/11/24/major-limestone-quarry/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>30</SUP> https://www.ksl.com/article/50294012/proposed-mine-in-parleys-canyon-draws-concern-from-residents</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Although Granite states that it will comply with air quality requirements, its 2023
air permit application has raised community objections due to use of air modeling information alleged to ignore the unique &ldquo;wind
funnel&rdquo; situation at the Parley&rsquo;s Canyon site. The Company can take advantage of a loophole in Utah air regulations that limits
quarries responsibility to control fugitive dust emissions when wind speeds exceed 25 MPH.<SUP>31</SUP> High winds routinely occur at
Parley&rsquo;s Canyon site, creating a situation likely to create significant air pollution in the Salt Lake City area.<SUP>32</SUP> Importantly,
the main methods required for fugitive dust control during high winds are water intensive,<SUP>33</SUP> which is particularly concerning
seeing that region is under high water stress.<SUP>34</SUP> Rather than implementing industry-leading practices, Granite makes no provision
for product silos or waste pile containment which could reduce fugitive emissions even under high wind conditions, creating the likelihood
of ongoing conflict with impacted communities.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Granite further &ldquo;applied for an approval order permitting &lsquo;temporary&rsquo;
operations,&rdquo; which was rejected &ldquo;because the proposed operations are not temporary.&rdquo;<SUP>35</SUP> &ldquo;Meaningful
engagement&rdquo; with the community remains elusive; on February 23, 2024, a local mayor reported that he had &ldquo;ask[ed] to meet
with [Granite] and [its] environmental committee,&rdquo; but that Granite has &ldquo;so far not agreed to meet.&rdquo;<SUP>36</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">One would not know it from the Company&rsquo;s report, but the Company&rsquo;s &ldquo;engagement&rdquo;
with the local community has evidently not gone well. Local press describes &ldquo;intense opposition&rdquo; from the local community.<SUP>37</SUP>
This includes a petition opposing the mine with 27,000 signatures; a protest of &ldquo;dozens&rdquo; outside of a Department of Environmental
Quality hearing;<SUP>38</SUP> and 1,400 public comments in opposition to issuing an air quality permit for the mine.<SUP>39</SUP> The
editorial board of the <I>Deseret News</I>, Utah&rsquo;s largest newspaper, came out in opposition to the Project.<SUP>40</SUP> Salt Lake
County passed an ordinance to prohibit the mine, which, in turn, prompted a lawsuit from the Company&rsquo;s partner and efforts in the
state legislature to preempt the ordinance.<SUP>41</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>31</SUP> https://adminrules.utah.gov/public/rule/R307-309/Current%20Rules?searchText=307</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>32</SUP> https://www.saveparleys.org/wp-content/uploads/2024/05/REVISED-FINAL-Sahu-Report-Parleys-I-80-Mine-Comments-Sahu-7.26.23.pdf,
p.27</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>33</SUP> https://casetext.com/regulation/utah-administrative-code/environmental-quality/title-r307-air-quality/rule-r307-309-nonattainment-and-maintenance-areas-for-pm10-<BR>
and-pm25-fugitive-emissions-and-fugitive-dust/section-r307-309-5-general-requirements-for-fugitive-dust</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>34</SUP> https://www.wri.org/applications/aqueduct/water-risk-atlas/#/?advanced=false&amp;basemap=hydro&amp;geoStore=38e8f58c5a35c108de7f2d040745a367&amp;<BR>
indicator=w_awr_def_qan_cat&amp;lat=40.13301911595354&amp;lng=-111.28701925277711&amp;mapMode=analysis&amp;month=1&amp;opacity=0.5&amp;ponderation=<BR>
DEF&amp;predefined=false&amp;projection=absolute&amp;scenario=
optimistic&amp;scope=baseline&amp;timeScale=annual&amp;year=baseline&amp;zoom=8</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>35</SUP> https://www.sltrib.com/news/environment/2022/07/02/under-pressure-lawmakers-utah/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>36</SUP> https://kslnewsradio.com/2083167/parleys-canyon-mine-and-the-salt-lake-valley/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>37</SUP> https://www.sltrib.com/news/environment/2022/07/02/under-pressure-lawmakers-utah/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>38</SUP> https://www.fox13now.com/news/local-news/dozens-rally-outside-daq-in-opposition-of-parleys-canyon-mine</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>39</SUP> https://www.millcreekut.gov/442/Parleys-Canyon-Mine-Updates#:~:text=It%20has%20been%20reported%20that,of%20technical%20air%20quality%20considerations.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>40</SUP> https://www.deseret.com/opinion/2023/6/18/23753185/parleys-limestone-quarry-environmental-risks/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>41</SUP> https://www.sltrib.com/news/environment/2022/05/17/salt-lake-county-mining/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">There has been little apparent effort by the Company to address this range of concerns.
The Company&rsquo;s acknowledgment of the problems consists primarily of the following:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0 0pt 0.5in">&ldquo;While Project opponents have raised concerns about impacts to air
and water, Granite is committed to implementing industry-leading practices to control dust emissions from the I-80 Project. Further, there
are no harmful chemicals involved in the production of aggregates and the geological formation to be mined at the I-80 Project does not
have the types of acid-forming compounds that could pose a risk to water in the area.&rdquo; <SUP>42</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">By failing to meaningfully assess the controversy around the Project beyond a perfunctory
statement that the project has &ldquo;raised concerns,&rdquo; the Board appears to be either unaware of the extent of controversy or is
intentionally downplaying it in the face of investor concern. Shareholders may reasonably conclude that Granite is not working effectively
with local communities on this Project as stated in its policies. As a result, the Company is likely to find that its reputation precedes
it when seeking new projects, creating challenges with moving future projects forward. Granite may also be creating the potential to lose
business to less controversial companies.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Environmentally, the Company has committed to &ldquo;operate responsibly by managing
the environmental impacts of [its] operations,&rdquo; including by &ldquo;protecting water resources,&rdquo; &ldquo;minimizing air emissions,&rdquo;
and &ldquo;minimizing waste.&rdquo;<SUP>43</SUP> The Company has also committed to &ldquo;Protect and enhance biodiversity within [its]
sphere of influence.&rdquo;<SUP>44</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">On this point, the Company&rsquo;s &ldquo;report&rdquo; is circular; it purports
to find no misalignment between the Project and its commitments by asserting that it intends to develop the Project in alignment with
its commitments:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0 0pt 0.25in">Granite intends to develop the I-80 Project in full alignment with its
environmental stewardship commitments by:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>protecting water resources in all areas of its influence;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>utilizing industry-leading practices to minimize air emissions at the site; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>minimizing waste.<SUP>45</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">The Project, however, would install a major industrial operation in a watershed area,
expose nearby communities to toxic fugitive dust, excavate up to 634 acres of forested land designated as recreational,<SUP>46</SUP> and
displace the known presence of elk, moose, black bear, mountain lion, golden eagle, and other species. Wildlife is so abundant in the
area that the I-80 has to be closed periodically for elk herd crossings.<SUP>47,48</SUP> The Company&rsquo;s &ldquo;report&rdquo; does
not address impacts to local wildlife or biodiversity at all, despite its commitment to protect and enhance biodiversity and the apparent
misalignment of the Project with that commitment.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>42</SUP> https://www.graniteconstruction.com/sites/default/files/Sustainable-Development-Report.pdf,
p.3</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>43</SUP> https://www.graniteconstruction.com/sites/default/files/Sustainable-Development-Report.pdf</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>44</SUP> https://www.graniteconstruction.com/sites/default/files/inline-files/Granite-2022-Sustainability-Report.pdf
p.21</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>45</SUP> https://www.graniteconstruction.com/sites/default/files/Sustainable-Development-Report.pdf</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>46</SUP> https://casetext.com/case/carrier-v-salt-lake-county</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>47</SUP> https://www.abc4.com/news/wasatch-front/i-80-at-parleys-canyon-will-close-on-sunday-for-elk-relocation/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>48</SUP> https://ksltv.com/520000/herd-of-elk-causes-delays-on-roads-near-parleys-canyon-2-hit-killed-by-vehicles/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Granite justifies the mine&rsquo;s location by suggesting that aggregate will need
to be imported from Nevada if the Parley&rsquo;s Canyon project is not approved. Yet, in addition to extensive undeveloped Northern Utah
aggregate resources and its competitor&rsquo;s aggregate reserves, the claim of Nevada imports is inconsistent with Granite ownership
of over 99 million tons of aggregate in Grantsville, Utah, just west of Salt Lake City and significantly closer to the Salt Lake Valley
than Nevada.<SUP>49</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">The Company also argues in its I-80 South Quarry Sustainable Development Report that:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0 0pt 0.5in">&ldquo;failing to utilize the resources available at the I-80 Project would
require that materials be transported further distances. That, in turn, would increase air emissions, road wear, and fuel consumption.
In that regard, failing to develop new, local aggregate sources could have serious adverse consequences on Utah&rsquo;s environment and
economy. The long-term importation of aggregates to service the increasing needs of Salt Lake City is not a sustainable practice.&rdquo;<SUP>50</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Granite implies that sourcing materials from Parleys Canyon is more sustainable than
sourcing elsewhere. The Company&rsquo;s attempt to compare vehicle emissions, road wear, and fuel consumption to the exposure of nearby
communities and a protected recreational and watershed to toxic fugitive dust, forest land excavation, and biodiversity loss is less than
persuasive, raising questions for investors about the Company&rsquo;s business judgment.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Finally, Granite does not demonstrate through any documentation or reports what &ldquo;industry-leading
practices&rdquo; it is using to address community concerns about emissions travelling up a narrow corridor to a highly populated urban
area. It also fails to adequately address how the extreme water-related issues the area is experiencing will affect its operations.<SUP>51</SUP>
Significantly, Granite provides insufficient information on how it is addressing community concerns proactively to reduce the risk of
reputational damage, something that can negatively impact the Company on future projects.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO GRANITE BOARD OF DIRECTORS&rsquo;
STATEMENT IN OPPOSITION</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Board Statement: </I>Granite has substantially implemented the asks of the proposal.</B> <I>&ldquo;</I>In response to this shareholder
proposal, the Board of Directors reviewed the implementation of its environmental and community engagement commitments in the context
of the I-80 South Quarry project. The Board&rsquo;s analysis can be found in the Board&rsquo;s Sustainable Development Report: I-80 South
Quarry, which was published on Granite&rsquo;s website in January 2024.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>49</SUP> https://www.nasdaq.com/press-release/granite-to-develop-new-aggregate-operation-in-grantsville-utah-2022-06-06</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>50</SUP> https://www.graniteconstruction.com/sites/default/files/Sustainable-Development-Report.pdf,
p.2</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>51</SUP> https://www.bloomberg.com/news/features/2022-07-08/drought-leaves-salt-lake-city-with-a-looming-water-crisis</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Granite Corporation | Report on Misalignment with Company Policies and Objectives</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><B>Proponent Response:</B> After the proponent filed the Proposal in December 2023,
and prior to filing its unsuccessful no-action letter, Granite added to its website a <I>five-page </I>document, which it calls a &ldquo;Sustainable
Development Report.&rdquo; The Company concluded that the Project &ldquo;is in alignment with Granite&rsquo;s previously disclosed environmental
and community engagement commitments,&rdquo; and therefore has substantially implemented the Proposal, based solely on this document.
The Company&rsquo;s five-page brief consists primarily of conclusive affirmations that the Project is consistent with its commitments.
Such conclusions under the guise of &ldquo;analysis&rdquo; does not compare favorably with the report requested by the Proposal. The document,
which appears to have been created for the sole purpose of making a substantial implementation argument in its no-action letter, provides
a perfunctory discussion of Granite&rsquo;s various statements about its general environmental and community commitments. It does not
in any meaningful way assess the risks posed by the Project&rsquo;s apparent misalignment with the Company&rsquo;s disclosed environmental
and community engagement commitments. Accordingly, the &ldquo;report&rdquo; does not satisfy the Proposal&rsquo;s essential objective
and underlying concern of assuring the Company&rsquo;s investors that the Board is appropriately managing the risks associated with the
Project.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Board Statement:</I></B> &ldquo;Granite takes its environmental and community engagement commitments seriously and, therefore,
monitors the alignment between its commitments and its operations, including the I-80 South Quarry project.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><B>Proponent Response: </B>By ignoring a pattern of non-engagement with the community,
resulting in the undeniable existence of significant local opposition to the Project, the &ldquo;report&rdquo; fundamentally fails to
<I>assess</I> the risks of misalignment with its community engagement policies. It may be the Company&rsquo;s position that the significant
local opposition to the Project poses no risk to the Company. Investors cannot determine if that is the Board&rsquo;s position because
the &ldquo;report&rdquo; generally ignores the existence of that opposition and the company actions that have contributed to that opposition.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Board Statement: </I></B>&ldquo;Granite&rsquo;s sustainability efforts prioritize sustainable development, which aims to meet
current human development efforts without impacting the ability of future generations to meet their needs.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><B>Proponent Response: </B>Granite proposes a false narrative of material shortage
and impending crisis to state development needs. However, Utah has large amounts of aggregate materials supply as demonstrated by Utah
Geological Survey research, Utah State Trust Lands data, and Salt Lake County&rsquo;s Industrial Mineral Supply &amp; Transportation survey
(currently underway).<SUP>52,53,54</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Granite, like any business, seeks to compete with well-established, local competitors
(with extensive aggregate resources that can be expanded to meet future Utah construction material needs), but should consider the extent
to which doing so with this particular Project creates reputational risk for the company that far outweighs its gains.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Granite claims that it has &ldquo;sustainable business solutions&rdquo; to meet future
Utah needs for construction materials. Granite&rsquo;s sustainability report highlights&nbsp;the opportunity to recycle concrete construction
demolition debris, specifically at a pilot operation in Illinois.<SUP>55</SUP> This is a positive industry innovation that would reduce
the need for additional gravel production and its associated air and water pollution and environmental harm.&nbsp;However, there is no
indication that Granite is pursuing this option in Utah.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>52</SUP> https://geology.utah.gov/map-pub/survey-notes/glad-you-asked/wasatch-front-sand-gravel/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>53</SUP> https://ugspub.nr.utah.gov/publications/special_studies/SS-116.pdf</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>54</SUP> https://trustlands.utah.gov/work-with-us/energy-minerals/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>55</SUP> https://www.graniteconstruction.com/sites/default/files/inline-files/Granite-2022-Sustainability-Report.pdf,
p.64-67</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Granite Corporation | Report on Misalignment with Company Policies and Objectives</FONT></P>
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</TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal. </B>This proposal asks that
Granite assess the risks posed by the South Quarry Project&rsquo;s misalignment with its stated commitments and practices, and that any
misalignment be addressed by the Company</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><I>For questions, please contact Elizabeth Levy, As You Sow, </I><I>elevy@asyousow.org</I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE, U.S.
MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman; margin: 0pt 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
