Page 148 - Martin Marietta - 2025 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
The weighted-average grant-date fairvalue pershare of service-based restrictedstock awards grantedduring2024, 2023 and 2022
was$553.17,$369.18 and$362.77, respectively. Theweighted-average grant-date fairvalue pershare of performance-based
restrictedstock awards grantedduring2024, 2023 and 2022was $595.00, $392.73and $406.99, respectively. The weighted-
average grant-date fair value pershare of incentivecompensationstock awards grantedduring2024, 2023 and 2022 was $548.68,
$362.08 and$369.05, respectively.

Theaggregate intrinsic values forunvestedservice-based and performance-based restricted stockawardsof $145 millionand
unvested incentive compensation stockawardsof $2 millionat December31, 2024 were basedonthe closingprice of the
Company’s commonstock at December 31, 2024, which was$516.50. Theaggregate intrinsic valuesof service-based and
performance-based restricted stockawardsdistributed during theyears ended December31, 2024,2023and 2022 were $76
million, $48 millionand $65 million, respectively. The aggregate intrinsic values of incentivecompensationstock awards distributed
duringthe yearsended December 31, 2024, 2023and 2022 were $4 million, $4 million and$3 million, respectively. Theaggregate
intrinsicvalues for distributed awards were basedonthe closingpricesof the Company’scommonstock on thedates of
distribution.
Priorto2016, underthe Plans, the Company grantedoptions to employees to purchase itscommonstock at aprice equaltothe
closing market valueatthe date of grant. Optionsbecomeexercisable in four annual installments beginning oneyearafter date of
grant.Outstanding optionsexpireten yearsafter the grant date.
The following table includessummary information for stockoptions as of December 31,2024:
Weighted-
Average
Weighted- Remaining
Average Contractual
Number of Exercise Life
Options Price (years)
Outstanding at January 1, 2024 6,103 $ 144.14
Exercised (2,480) $ 128.89
Outstanding at December 31,2024 3,623 $ 154.58 0.4

Exercisableat December31, 2024 3,623 $ 154.58 0.4
Theaggregate intrinsic values of optionsexercised during each of thethree yearsended December 31,2024, 2023 and 2022 were
immaterial. The aggregate intrinsic values foroptions outstanding andexercisable at December 31,2024were immaterialand
werebased on theclosing priceof the Company’scommonstock at December 31,2024, which was $516.50.

At December31, 2024, there wereapproximately 0.3 millionawardsavailable for grantunderthe Plans. In 2016, the Company’s
shareholdersapproved the issuanceof anadditional 0.8 millionsharesof commonstock underthe Plans.

In1996, the Company adoptedthe ShareholderValue AchievementPlantoaward shares of the Company’s commonstock to key
senioremployees basedoncertain common stockperformance criteria over along-term period.AsofDecember31, 2024, 0.2
millionsharesof commonstock remain reserved for issuance.Noawardshavebeen grantedunderthisplansince 2000.

The Company adoptedand theshareholdersapproved the CommonStock Purchase Plan for Directors in 1996, whichprovides
nonemployee members of the Board of Directorsthe election to receiveall or a portion of theirtotal fees in the formof the
Company’s commonstock. Beginning in 2016, membersof the Boardof Directors were not requiredtodefer any of their fees in
the form of the Company’s commonstock.Underthe termsof thisplan, 0.3 millionsharesof commonstock were reserved for
issuance.Nonemployee membersof the BoardofDirectors electedtodefer portions of their fees representing 834, 1,333 and
1,767 shares of the Company’s common stockunderthisplanduring2024, 2023 and 2022, respectively.

age40 ♦ 2024 Annual Report