Company: MTZ
Filing Date: 2025-06-26
Form Type: 11-K
Source: 0000015615-25-000062
Chunk: 10

Company: MASTEC INC
Filing Date: 2025-06-26
Form: 11-K
Chunk 10
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 related to changes in the value of investment securities, it is at least reasonably possible that these risks in the near term would materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits.

NOTE G — RELATED-PARTY TRANSACTIONS AND PARTY-IN-INTEREST TRANSACTIONS

Certain Plan investments are managed by Merrill Lynch. Merrill Lynch is the trustee and recordkeeper for the Plan and, therefore these transactions qualify as party-in-interest transactions. Fees paid by the plan for the investment management services amounted to $1,102,900 for the year ended December 31, 2024.

The Plan holds shares of MasTec, Inc. common stock, 1,134,486 and 1,123,209 shares as of December 31, 2024 and 2023, respectively, and recorded net realized gains on sales, $5,334,259 and $569,088 during 2024 and 2023, respectively, and net unrealized appreciation/(depreciation) in value of these securities, $65,162,850 and $(9,718,193) during 2024 and 2023, respectively. During the year ended December 31, 2024 purchases and sales of MasTec, Inc. commons stock were $21,801,256 and $16,284,426, respectively. During the year ended December 31, 2023 purchases and sales of MasTec, Inc. commons stock were $25,605,131 and $14,018,578, respectively.

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The Plan invests in the common stock of MasTec, Inc., the plan sponsor. The fair market value of the MasTec, Inc. common stock at December 31, 2024 and 2023 was $154,448,893 and $85,049,368, respectively.

Notes receivable from participants also qualify as exempt party-in-interest transactions.

NOTE H — PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would become 100 percent vested in their employer contributions.

NOTE I — NON-EXEMPT TRANSACTIONS

During the Plan years ended December 31, 2024 and 2023, employee withholdings in the amounts of $173,839