Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1122

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1122
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9 – Stock-Based Compensation and Other Employee Benefit Plans

The Company’s stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance, include: the MasTec, Inc. Amended and Restated 2013 Incentive Compensation Plan (as amended from time to time, the “2013 Incentive Plan”), the MasTec, Inc. Amended and Restated Bargaining Units Employee Stock Purchase Plan (the “2013 Bargaining Units ESPP”) and the MasTec, Inc. Amended and Restated 2011 Employee Stock Purchase Plan (the “2011 ESPP,” and, together with the 2013 Bargaining Units ESPP, the “ESPPs”).  In May 2024, MasTec’s shareholders approved amendments to the 2013 Incentive Plan and the 2011 ESPP, which included the authorization to issue an additional 1,200,000 shares under the 2013 Incentive Plan and 1,000,000 shares under the 2011 ESPP.  The 2013 Incentive Plan permits a total of approximately 9,741,000 shares of the Company’s common stock to be issued.  Under the Company’s ESPPs, shares of the Company’s common stock are available for purchase by eligible participants, which collectively permit the issuance of up to 4,000,000 new shares of MasTec, Inc. common stock.  Under all stock-based compensation plans in effect as of December 31, 2024, there were approximately 4,416,000 shares available for future grant.Non-cash stock-based compensation expense under all plans totaled approximately $32.7 million, $33.3 million and $27.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.  Income tax benefits associated with stock-based compensation arrangements totaled $7.6 million, $17.3 million and $5.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, including net tax benefits related to the vesting of share-based payment awards totaling approximately $1.5 million, $11.0 million and $0.9 million, respectively.Restricted SharesMasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common