Company: MTZ
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001140361-25-013277
Chunk: 45

Company: MASTEC INC
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 45
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” under the 2013 ICP. |

The shares of restricted stock granted to each NEO will vest 100% on the third anniversary of the grant date (i.e., March 18, 2025). Subject to certain limited exceptions, a NEO’s grant of restricted stock will be forfeited if the NEO terminates employment prior to such third anniversary. See the Summary Compensation Table for details.

1 For a reconciliation of net income to adjusted EBITDA, please see the Non-GAAP Reconciliations.

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TABLE OF CONTENTS TERMINATION OF EMPLOYMENT AND CHANGE IN CONTROL AGREEMENTS We maintain employment agreements with each of our NEOs. The objective of these arrangements is to secure qualified executive officers for leadership positions in our organization as well as to protect our business and intellectual property by restrictive covenants, including non-competition covenants, contained in the agreements. See “ Employment and Other Agreements” below. Our employment agreements provide for the payment of certain compensation and benefits in the event of a change in control of MasTec, as well as in the event of the termination of an executive’s employment. The amount payable varies depending upon the reason for the payment. Providing payments upon a change in control helps preserve MasTec’s value by reducing any incentive for key executive officers to seek employment elsewhere if a change in control of MasTec is proposed or becomes likely. Moreover, on an ongoing basis, these arrangements help maintain the continuity of our management team, which we view as a driver of shareholder value. See the “ Potential Payments upon Change in Control and Termination of Employment as of December 31, 2024” section below for a description of these provisions and a calculation of the amounts that would be payable thereunder if a change in control of MasTec had occurred on December 31, 2024. The Compensation Committee has publicly committed to not including change in control related excise tax gross ups in future executive employment agreements. The Compensation Committee has also committed to not including single trigger provisions in future executive employment agreements. DEFERRED COMPENSATION PLAN We maintain the MasTec Non-Qualified Deferred Compensation Plan under which eligible employees, including our NEOs, have the opportunity to elect to defer (on a pre-tax basis) up to 50% of their base salary and overtime and 100% of their bonus in any given year (which is fully vested at time of deferral). We may make discretionary matching contributions on behalf of plan participants, the amounts of which