Company: BWMN
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001193125-25-087211
Chunk: 34

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 34
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 (25% weight) and Growth in Overall Revenue (25% weight) as the performance measures. The compensation committee established the following levels of achievement at “Threshold”, “Target” and “Maximum” necessary for determining performance.

| Metric                         |     | Threshold |             |   |     | Target |             |   |     | Maximum |             |   |
|:-------------------------------|:----|:----------|------------:|:--|:----|:-------|------------:|:--|:----|:--------|------------:|:--|
| Adjusted EBITDA Margin, net(1) |     |           |        14.5 | % |     |        |        16.5 | % |     | $       |        18.5 | % |
| Growth in Organic Revenue      |     | $         | 361,000,000 |   |     | $      | 370,000,000 |   |     | $       | 377,000,000 |   |
| Growth in Overall Revenue      |     | $         | 386,000,000 |   |     | $      | 429,000,000 |   |     | $       | 472,000,000 |   |

| (1) | Adjusted EBITDA Margin, net is a non-GAAP measure defined by us as net income before interest expense, income taxes and depreciation and amortization, plus expenses associated with discontinued operations, legal settlements not related to our general course of business professional services, and other costs not in the ordinary course of business, non-cash stock-based compensation, and other adjustments such as costs associated with raising equity and other forms of capital, as a percentage of net service billings. Net service billing is defined by us as gross revenue less revenue derived from pass-through sub-consultant fees and reimbursable expenses, or that portion of our gross contract revenue attributable to services performed by our employees. See the reconciliation of Adjusted EBITDA Margin, net to net income on page 59 of our Annual Report on Form 10-K. |

For the year ended December 31, 2024, the Company achieved Adjusted EBITDA Margin, net of 15.70%, which was above Threshold and below Target. The Company, however, was below the threshold on both Growth in Organic Revenue and Growth in Overall Revenue, and as a result, no bonus was earned on these two measures. With respect to Adjusted