Company: MTZ
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001140361-25-013277
Chunk: 43

Company: MASTEC INC
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 43
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550,000 |     |         $600,000 |
| Alberto de Cardenas, EVP, General Counsel and Secretary |     |         $525,000 |     |         $550,000 |

2024 Incentive Compensation Awards The objectives of the Company’s annual incentive program are:

| • | To provide incentive compensation linked to Company and individual NEO performance; |

| • | To incentivize annual and long- term performance; |

| • | To attract and retain executives of outstanding ability; |

| • | To align the interests of the NEOs with those of the Company’s shareholders; and |

| • | To incentivize management to build long-term shareholder value by paying a majority of earned incentives in the form of restricted stock that vests after a period of years. |

In establishing the annual incentive program for 2024, the Compensation Committee determined that annual incentive awards would not be payable unless the Company achieved a threshold of adjusted EBITDA of $750 million, which represents approximately 87% of 2023 adjusted EBITDA. In addition, the combined incentive awards for all NEOs were capped at 5% of actual adjusted EBITDA. See below table for details of the change to our maximum cap on NEO compensation. The Compensation Committee has determined adjusted EBITDA to be a consistent measure of operating performance.

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TABLE OF CONTENTS

| Year |     | Threshold          
 (Minimum Adjusted  
 EBITDA for payout) |     | Maximum Payout                 
 (CAP)                          |     | Adjusted         
 EBITDA1          |     | Maximum Payout   
 as % of Adjusted 
 EBITDA           |
| 2022 |     | $680 million       |     | $39 million total for all NEOs |     | $777.2 million   |     | 5%               |
| 2023 |     | $680 million       |     | $42 million total for all NEOs |     | $846.4 million   |     | 5%               |
| 2024 |     | $750 million       |     | $50 million total for all NEOs |     | $1,005.6 million |     | 5%               |

The Compensation Committee determined the size of each NEO’s annual incentive award, which in the aggregate, could not exceed the $50 million maximum payout, based on an evaluation of certain financial and operational metrics and tally sheets. The financial and operational metrics considered by the Compensation Committee in sizing each NEO