# EDGAR Filing Document

**Accession Number:** 0000077543
**File Stem:** 0000077543-25-000184
**Filing Date:** 2025-8
**Character Count:** 263847
**Document Hash:** 9f42e60da1a5c6aa5c5c810d4fefc6c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000077543-25-000184.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000077543-25-000184

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 99

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TUTOR PERINI CORP
- **CENTRAL INDEX KEY:** 0000077543
- **STANDARD INDUSTRIAL CLASSIFICATION:** GENERAL BUILDING CONTRACTORS - NONRESIDENTIAL BUILDINGS [1540]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 041717070
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06314
- **FILM NUMBER:** 251190593

**BUSINESS ADDRESS:**
- **STREET 1:** 15901 OLDEN STREET
- **CITY:** SYLMAR
- **STATE:** CA
- **ZIP:** 91342
- **BUSINESS PHONE:** 818-362-8391

**MAIL ADDRESS:**
- **STREET 1:** 15901 OLDEN STREET
- **CITY:** SYLMAR
- **STATE:** CA
- **ZIP:** 91342

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TUTOR PERINI Corp
- **DATE OF NAME CHANGE:** 20090529

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PERINI CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? tpc-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 10-Q**

**(Mark One)**

---

| | | |
|:---|:---|:---|
| ☒ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| | For the quarterly period ended | June 30, 2025 |
| or | or | or |
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| | For the transition period from ___________ to ___________ | For the transition period from ___________ to ___________ |

---

Commission File Number: 1-6314

**Tutor Perini Corporation**

(Exact Name of Registrant as Specified in its Charter)

**MASSACHUSETTS**

(State or Other Jurisdiction ofIncorporation or Organization)

**15901 OLDEN STREET, SYLMAR, CALIFORNIA**

(Address of Principal Executive Offices)

**04-1717070**

(I.R.S. Employer Identification No.)

**91342-1093**

(Zip Code)

**<u>(818)</u> <u>362-8391</u>**

(Registrant's Telephone Number, Including Area Code)

**<u>None</u>**

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $1.00 par value | TPC | The New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ | Accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| Non-accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | Smaller reporting company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| Emerging growth company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock, $1.00 par value per share, of the registrant outstanding at July 31, 2025 was 52,743,248.

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Page Numbers** |
| **<u>[Part I.](#i6f22c7127a364b659119ad232a6fb24c_10)</u>** | **<u>[Financial Information:](#i6f22c7127a364b659119ad232a6fb24c_10)</u>** | **<u>[Financial Information:](#i6f22c7127a364b659119ad232a6fb24c_10)</u>** | |
|  | <u>[Item 1.](#i6f22c7127a364b659119ad232a6fb24c_13)</u> | <u>[Financial Statements:](#i6f22c7127a364b659119ad232a6fb24c_13)</u> |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of](#i6f22c7127a364b659119ad232a6fb24c_16)[Income](#i6f22c7127a364b659119ad232a6fb24c_16)[for the Three](#i6f22c7127a364b659119ad232a6fb24c_16)[and Six](#i6f22c7127a364b659119ad232a6fb24c_16)[Months Ended](#i6f22c7127a364b659119ad232a6fb24c_16)[June 30](#i6f22c7127a364b659119ad232a6fb24c_16)[, 2025 and 2024 (Unaudited)](#i6f22c7127a364b659119ad232a6fb24c_16)</u> | [3](#i6f22c7127a364b659119ad232a6fb24c_16) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of](#i6f22c7127a364b659119ad232a6fb24c_19)[Comprehensive Income](#i6f22c7127a364b659119ad232a6fb24c_19)[for the Three](#i6f22c7127a364b659119ad232a6fb24c_19)[and Six](#i6f22c7127a364b659119ad232a6fb24c_19)[Months Ended](#i6f22c7127a364b659119ad232a6fb24c_19)[June 30](#i6f22c7127a364b659119ad232a6fb24c_19)[, 2025 and 2024 (Unaudited)](#i6f22c7127a364b659119ad232a6fb24c_19)</u> | [4](#i6f22c7127a364b659119ad232a6fb24c_19) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Balance Sheets as of](#i6f22c7127a364b659119ad232a6fb24c_22)[June 30](#i6f22c7127a364b659119ad232a6fb24c_22)[, 2025 and December 31, 2024 (Unaudited)](#i6f22c7127a364b659119ad232a6fb24c_22)</u> | [5](#i6f22c7127a364b659119ad232a6fb24c_22) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows for the](#i6f22c7127a364b659119ad232a6fb24c_25)[Six](#i6f22c7127a364b659119ad232a6fb24c_25)[Months Ended](#i6f22c7127a364b659119ad232a6fb24c_25)[June 30](#i6f22c7127a364b659119ad232a6fb24c_25)[, 2025 and 2024 (Unaudited)](#i6f22c7127a364b659119ad232a6fb24c_25)</u> | [6](#i6f22c7127a364b659119ad232a6fb24c_25) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Condensed Consolidated Financial Statements (Unaudited)](#i6f22c7127a364b659119ad232a6fb24c_28)</u> | [7](#i6f22c7127a364b659119ad232a6fb24c_28) |
|  | <u>[Item 2.](#i6f22c7127a364b659119ad232a6fb24c_88)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i6f22c7127a364b659119ad232a6fb24c_88)</u> | [32](#i6f22c7127a364b659119ad232a6fb24c_88) |
|  | <u>[Item 3.](#i6f22c7127a364b659119ad232a6fb24c_112)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i6f22c7127a364b659119ad232a6fb24c_112)</u> | [42](#i6f22c7127a364b659119ad232a6fb24c_112) |
|  | <u>[Item 4.](#i6f22c7127a364b659119ad232a6fb24c_115)</u> | <u>[Controls and Procedures](#i6f22c7127a364b659119ad232a6fb24c_115)</u> | [42](#i6f22c7127a364b659119ad232a6fb24c_115) |
| **<u>[Part II.](#i6f22c7127a364b659119ad232a6fb24c_118)</u>** | **<u>[Other Information:](#i6f22c7127a364b659119ad232a6fb24c_118)</u>** | **<u>[Other Information:](#i6f22c7127a364b659119ad232a6fb24c_118)</u>** |  |
|  | <u>[Item 1.](#i6f22c7127a364b659119ad232a6fb24c_121)</u> | <u>[Legal Proceedings](#i6f22c7127a364b659119ad232a6fb24c_121)</u> | [43](#i6f22c7127a364b659119ad232a6fb24c_121) |
|  | <u>[Item 1A.](#i6f22c7127a364b659119ad232a6fb24c_124)</u> | <u>[Risk Factors](#i6f22c7127a364b659119ad232a6fb24c_124)</u> | [43](#i6f22c7127a364b659119ad232a6fb24c_124) |
|  | <u>[Item 4.](#i6f22c7127a364b659119ad232a6fb24c_127)</u> | <u>[Mine Safety Disclosures](#i6f22c7127a364b659119ad232a6fb24c_127)</u> | [43](#i6f22c7127a364b659119ad232a6fb24c_127) |
|  | <u>[Item 5.](#i6f22c7127a364b659119ad232a6fb24c_130)</u> | <u>[Other Information](#i6f22c7127a364b659119ad232a6fb24c_130)</u> | [43](#i6f22c7127a364b659119ad232a6fb24c_130) |
|  | <u>[Item 6.](#i6f22c7127a364b659119ad232a6fb24c_133)</u> | <u>[Exhibits](#i6f22c7127a364b659119ad232a6fb24c_133)</u> | [43](#i6f22c7127a364b659119ad232a6fb24c_133) |
|  | <u>[Signature](#i6f22c7127a364b659119ad232a6fb24c_136)</u> | <u>[Signature](#i6f22c7127a364b659119ad232a6fb24c_136)</u> | [44](#i6f22c7127a364b659119ad232a6fb24c_136) |

---

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**<u>PART I. –</u> <u>FINANCIAL INFORMATION</u>**

**<u>Item 1. Financial Statements</u>**

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

UNAUDITED

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|<br>(in thousands, except per common share amounts) | **2025** | **2024** | **2025** | **2024** |
| **REVENUE** | $1373681 | $1127470 | $2620314 | $2176457 |
| **COST OF OPERATIONS** | (1177686) | (1010392) | (2289918) | (1944129) |
| **GROSS PROFIT** | 195995 | 117078 | 330396 | 232328 |
| General and administrative expenses | (119565) | (76585) | (188641) | (143029) |
| **INCOME FROM CONSTRUCTION OPERATIONS** | 76430 | 40493 | 141755 | 89299 |
| Other income, net | 6204 | 5838 | 10892 | 11149 |
| Interest expense | (13588) | (23084) | (27940) | (42391) |
| **INCOME BEFORE INCOME TAXES** | 69046 | 23247 | 124707 | 58057 |
| Income tax expense | (21960) | (7278) | (34872) | (14586) |
| **NET INCOME** | 47086 | 15969 | 89835 | 43471 |
| **LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS** | 27112 | 15157 | 41863 | 26899 |
| **NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION** | $19974 | $812 | $47972 | $16572 |
| **BASIC EARNINGS PER COMMON SHARE** | $0.38 | $0.02 | $0.91 | $0.32 |
| **DILUTED EARNINGS PER COMMON SHARE** | $0.38 | $0.02 | $0.90 | $0.31 |
| **WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;BASIC | 52724 | 52327 | 52631 | 52210 |
| &nbsp;&nbsp;DILUTED | 53194 | 52848 | 53102 | 52682 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

UNAUDITED

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|<br>(in thousands) | **2025** | **2024** | **2025** | **2024** |
| **NET INCOME** | $47086 | $15969 | $89835 | $43471 |
| **OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Defined benefit pension plan adjustments | 289 | 321 | 591 | 642 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 2144 | (703) | 2813 | (1630) |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) in fair value of investments | 829 | 125 | 2134 | (111) |
| **TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX** | 3262 | (257) | 5538 | (1099) |
| **COMPREHENSIVE INCOME** | 50348 | 15712 | 95373 | 42372 |
| **LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS** | 28428 | 14964 | 43657 | 26239 |
| **COMPREHENSIVE INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION** | $21920 | $748 | $51716 | $16133 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

UNAUDITED

---

| | | |
|:---|:---|:---|
| (in thousands, except share and per share amounts) | **As of June 30,<br>2025** | **As of December 31,<br>2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| **CURRENT ASSETS:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents ($198,873 and $131,738 related to variable interest entities ("VIEs")) | $526090 | $455084 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 20990 | 9104 |
| &nbsp;&nbsp;&nbsp;Restricted investments | 157373 | 139986 |
| &nbsp;&nbsp;Accounts receivable ($189,220 and $51,953 related to VIEs) | 1337652 | 986893 |
| &nbsp;&nbsp;Retention receivable ($198,276 and $171,704 related to VIEs) | 629735 | 560163 |
| &nbsp;&nbsp;Costs and estimated earnings in excess of billings ($117,234 and $95,219 related to VIEs) | 856379 | 942522 |
| &nbsp;&nbsp;Other current assets ($95,196 and $24,954 related to VIEs) | 370003 | 192915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3898222 | 3286667 |
| **PROPERTY AND EQUIPMENT ("P&E")**, net of accumulated depreciation of $559,970 and $566,308 (net P&E of $16,250 and $19,876 related to VIEs) | 454554 | 422988 |
| **GOODWILL** | 205143 | 205143 |
| **INTANGIBLE ASSETS, NET** | 64950 | 66069 |
| **DEFERRED INCOME TAXES** | 117173 | 143289 |
| **OTHER ASSETS** | 130035 | 118554 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $4870077 | $4242710 |
| **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** |
| **CURRENT LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt | $26120 | $24113 |
| &nbsp;&nbsp;Accounts payable ($60,841 and $22,845 related to VIEs) | 716428 | 631468 |
| &nbsp;&nbsp;Retention payable ($23,766 and $19,744 related to VIEs) | 254077 | 240971 |
| &nbsp;&nbsp;Billings in excess of costs and estimated earnings ($465,721 and $326,561 related to VIEs) | 1684397 | 1216623 |
| &nbsp;&nbsp;Accrued expenses and other current liabilities ($25,994 and $16,391 related to VIEs) | 274908 | 219525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2955930 | 2332700 |
| **LONG-TERM DEBT**, less current maturities, net of unamortized discount and debt issuance costs totaling $20,047 and $21,977 | 393298 | 510025 |
| **OTHER LONG-TERM LIABILITIES** | 281030 | 241379 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 3630258 | 3084104 |
| **COMMITMENTS AND CONTINGENCIES (NOTE 12)** |  |  |
| **EQUITY** |  |  |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;Preferred stock - authorized 1,000,000 shares ($1 par value), none issued |  |  |
| &nbsp;&nbsp;Common stock - authorized 112,500,000 shares ($1 par value), issued and outstanding 52,743,248 and 52,485,719 shares | 52743 | 52486 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1145283 | 1146800 |
| &nbsp;&nbsp;Retained earnings (deficit) | 17397 | (30575) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (30244) | (33988) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 1185179 | 1134723 |
| **Noncontrolling interests** | 54640 | 23883 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EQUITY** | 1239819 | 1158606 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND EQUITY** | $4870077 | $4242710 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

UNAUDITED

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>(in thousands) | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| &nbsp;&nbsp;Net income | $89835 | $43471 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 24356 | 26470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 1119 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 61970 | 22437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in debt discounts and deferred debt issuance costs | 2209 | 4366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 24903 | 5969 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of property and equipment | (2928) | 595 |
| &nbsp;&nbsp;&nbsp;Changes in other components of working capital | 83171 | 49150 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | (4128) | 1188 |
| &nbsp;&nbsp;&nbsp;Other, net | 4768 | (3351) |
| &nbsp;&nbsp;&nbsp;**NET CASH PROVIDED BY OPERATING ACTIVITIES** | 285275 | 151413 |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of property and equipment | (56940) | (21352) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment | 4235 | 1434 |
| &nbsp;&nbsp;&nbsp;Investments in securities | (33730) | (22073) |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities and sales of investments in securities | 18754 | 17979 |
| &nbsp;&nbsp;&nbsp;**NET CASH USED IN INVESTING ACTIVITIES** | (67681) | (24012) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from debt | 188215 | 597900 |
| &nbsp;&nbsp;&nbsp;Repayment of debt | (304865) | (800819) |
| &nbsp;&nbsp;&nbsp;Cash payments related to share-based compensation | (5152) | (2194) |
| &nbsp;&nbsp;&nbsp;Distributions paid to noncontrolling interests | (20400) | (12400) |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests | 7500 |  |
| &nbsp;&nbsp;&nbsp;Debt issuance, extinguishment and modification costs |  | (25079) |
| &nbsp;&nbsp;&nbsp;**NET CASH USED IN FINANCING ACTIVITIES** | (134702) | (242592) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | 82892 | (115191) |
| **Cash, cash equivalents and restricted cash at beginning of period** | 464188 | 394680 |
| **Cash, cash equivalents and restricted cash at end of period** | $547080 | $279489 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

UNAUDITED

**(1)<u>Basis of Presentation</u>**

The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under generally accepted accounting principles in the United States ("GAAP"). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation's (the "Company") Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the three and six months ended June 30, 2025 may not be indicative of the results that will be achieved for the full year ending December 31, 2025.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company's consolidated financial position as of June 30, 2025 and its consolidated statements of income and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements and notes thereto of prior years have been reclassified to conform to the current year presentation.

**(2)<u>Recent Accounting Pronouncements</u>**

In December 2023, the FASB issued ASU 2023-09, *Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures* ("ASU 2023-09"), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for annual reporting periods beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures ("Subtopic 220-40"): Disaggregation of Income Statement Expenses* ("ASU 2024-03"), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

**(3)<u>Revenue</u>**

***Disaggregation of Revenue***

The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|<br>(in thousands) | **2025** | **2024** | **2025** | **2024** |
| **Civil segment revenue by end market:** |  |  |  |  |
| Mass transit (includes certain transportation and tunneling projects) | $420683 | $289587 | $773868 | $542103 |
| Military facilities | 101559 | 117779 | 202687 | 222923 |
| Bridges | 104083 | 62308 | 155934 | 89980 |
| Detention facilities | 38726 | 4572 | 84713 | 4946 |
| Power and energy | 38057 | 35728 | 68668 | 61926 |
| Commercial and industrial sites | 24657 | 36630 | 47308 | 76120 |
| Other | 6422 | (116) | 11050 | 20655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Civil segment revenue | $734187 | $546488 | $1344228 | $1018653 |

---

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|<br>(in thousands) | **2025** | **2024** | **2025** | **2024** |
| **Building segment revenue by end market:** |  |  |  |  |
| Healthcare facilities | $233426 | $135954 | $447974 | $247941 |
| Detention facilities | 75911 | 26893 | 163915 | 58541 |
| Government | 63106 | 87225 | 123121 | 186188 |
| Education facilities | 36761 | 84190 | 84751 | 152349 |
| Mass transit (includes transportation projects) | 35718 | 57323 | 65228 | 118498 |
| Other | 17160 | 26281 | 36877 | 66291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Building segment revenue | $462082 | $417866 | $921866 | $829808 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|<br>(in thousands) | **2025** | **2024** | **2025** | **2024** |
| **Specialty Contractors segment revenue by end market:** |  |  |  |  |
| Mass transit (includes certain transportation and tunneling projects) | $56173 | $48826 | $98768 | $96952 |
| Commercial and industrial facilities | 33576 | 30213 | 65766 | 58423 |
| Government | 26098 | 18491 | 56194 | 41444 |
| Multi-unit residential | 22917 | 20298 | 48486 | 45024 |
| Healthcare facilities | 23883 | 14718 | 44457 | 31428 |
| Water | 5511 | 14702 | 16296 | 28918 |
| Other | 9254 | 15868 | 24253 | 25807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Specialty Contractors segment revenue | $177412 | $163116 | $354220 | $327996 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** |
|<br>(in thousands) | **Civil** | **Building** | **Specialty<br>Contractors** | **Total** | **Civil** | **Building** | **Specialty<br>Contractors** | **Total** |
| **Revenue by customer type:** | **Revenue by customer type:** | **Revenue by customer type:** | **Revenue by customer type:** | **Revenue by customer type:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State and local agencies | $546827 | $210780 | $91906 | $849513 | $345619 | $248117 | $83127 | $676863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal agencies | 123675 | 34821 | 2049 | 160545 | 119312 | 46085 | 339 | 165736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private owners | 63685 | 216481 | 83457 | 363623 | 81557 | 123664 | 79650 | 284871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $734187 | $462082 | $177412 | $1373681 | $546488 | $417866 | $163116 | $1127470 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** |
|<br>(in thousands) | **Civil** | **Building** | **Specialty<br>Contractors** | **Total** | **Civil** | **Building** | **Specialty<br>Contractors** | **Total** |
| **Revenue by customer type:** | **Revenue by customer type:** | **Revenue by customer type:** | **Revenue by customer type:** | **Revenue by customer type:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State and local agencies | $987937 | $431955 | $183089 | $1602981 | $629614 | $494636 | $160080 | $1284330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal agencies | 235754 | 71465 | 5166 | 312385 | 232766 | 92137 | 778 | 325681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private owners | 120537 | 418446 | 165965 | 704948 | 156273 | 243035 | 167138 | 566446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $1344228 | $921866 | $354220 | $2620314 | $1018653 | $829808 | $327996 | $2176457 |

---

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** |
|<br>(in thousands) | **Civil** | **Building** | **Specialty<br>Contractors** | **Total** | **Civil** | **Building** | **Specialty<br>Contractors** | **Total** |
| **Revenue by contract type:** | **Revenue by contract type:** | **Revenue by contract type:** | **Revenue by contract type:** | **Revenue by contract type:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed price | $628757 | $186184 | $135912 | $950853 | $452823 | $186050 | $136345 | $775218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guaranteed maximum price | 41 | 239460 | 7459 | 246960 | 88 | 190643 | 937 | 191668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit price | 91214 |  | 19864 | 111078 | 75313 |  | 20280 | 95593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost plus fee and other | 14175 | 36438 | 14177 | 64790 | 18264 | 41173 | 5554 | 64991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $734187 | $462082 | $177412 | $1373681 | $546488 | $417866 | $163116 | $1127470 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** |
|<br>(in thousands) | **Civil** | **Building** | **Specialty<br>Contractors** | **Total** | **Civil** | **Building** | **Specialty<br>Contractors** | **Total** |
| **Revenue by contract type:** | **Revenue by contract type:** | **Revenue by contract type:** | **Revenue by contract type:** | **Revenue by contract type:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed price | $1185134 | $378234 | $279157 | $1842525 | $875543 | $356196 | $275848 | $1507587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guaranteed maximum price | 222 | 475075 | 12818 | 488115 | 134 | 377943 | 1560 | 379637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit price | 129231 |  | 36554 | 165785 | 109167 |  | 40825 | 149992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost plus fee and other | 29641 | 68557 | 25691 | 123889 | 33809 | 95669 | 9763 | 139241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $1344228 | $921866 | $354220 | $2620314 | $1018653 | $829808 | $327996 | $2176457 |

---

***Changes in Contract Estimates that Impact Revenue***

Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management's initial estimates, are recognized in the period in which they are determined. Revenue was positively impacted by $20.4 million and $2.7 million during the three and six months ended June 30, 2025, respectively, due to performance obligations satisfied (or partially satisfied) in prior periods. Revenue was negatively impacted by $9.0 million and $15.6 million during the three and six months ended June 30, 2024, respectively, due to performance obligations satisfied (or partially satisfied) in prior periods. Refer to Note 19, *Business Segments*, for additional details on significant adjustments.

***Remaining Performance Obligations***

Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of June 30, 2025, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company's construction contracts were $9.0 billion, $5.0 billion and $2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. As of June 30, 2024, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company's construction contracts were $4.4 billion, $2.2 billion and $1.1 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years.

**(4)<u>Contract Assets and Liabilities</u>**

The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company's project operating cycle.

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

Contract assets and liabilities on the Condensed Consolidated Balance Sheets consisted of the following:

---

| | | |
|:---|:---|:---|
| (in thousands) | **As of June 30,<br>2025** | **As of December 31,<br>2024** |
| Contract Assets: |  |  |
| Costs and estimated earnings in excess of billings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Claims | $389752 | $451770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unapproved change orders | 403241 | 393803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other unbilled costs and profits | 63386 | 96949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and estimated earnings in excess of billings | 856379 | 942522 |
| Contract Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billings in excess of costs and estimated earnings | $1684397 | $1216623 |

---

Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with Accounting Standards Codification ("ASC") 606, *Revenue from Contracts with Customers* ("ASC 606"), but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 12, *Commitments and Contingencies*, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones.

Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the three and six months ended June 30, 2025 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $681.0 million and $752.4 million, respectively. Revenue recognized during the three and six months ended June 30, 2024 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $483.2 million and $726.3 million, respectively.

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

**(5)<u>Cash, Cash Equivalents and Restricted Cash</u>**

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows:

---

| | | |
|:---|:---|:---|
| (in thousands) | **As of June 30,<br>2025** | **As of December 31,<br>2024** |
| Cash and cash equivalents available for general corporate purposes | $231105 | $265647 |
| Joint venture cash and cash equivalents | 294985 | 189437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 526090 | 455084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 20990 | 9104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $547080 | $464188 |

---

Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company's general purposes, the Company's proportionate share of cash held by the Company's unconsolidated joint ventures and 100% of amounts held by the Company's consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners.

Restricted cash includes amounts primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.

**(6)<u>Other Current Assets</u>**

Other current assets consist of the following:

---

| | | |
|:---|:---|:---|
| (in thousands) | **As of June 30,<br>2025** | **As of December 31,<br>2024** |
| Capitalized contract costs  | $299504 | $100593 |
| Other | 70499 | 92322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other current assets | $370003 | $192915 |

---

Capitalized contract costs are included in other current assets and primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract. Capitalized contract costs, which are primarily comprised of prepaid insurance premiums, are generally expensed to the associated contract over the period of anticipated use on the project. During the three and six months ended June 30, 2025, $14.5 million and $32.4 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. During the three and six months ended June 30, 2024, $15.6 million and $31.9 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts.

**(7)<u>Earnings Per Common Share</u>**

Basic earnings per common share ("EPS") and diluted EPS are calculated by dividing net income attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units ("RSUs") and unexercised stock options. The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method.

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>(in thousands, except per common share data) | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to Tutor Perini Corporation | $19974 | $812 | $47972 | $16572 |
| Weighted-average common shares outstanding, basic | 52724 | 52327 | 52631 | 52210 |
| Effect of dilutive RSUs and stock options | 470 | 521 | 471 | 472 |
| Weighted-average common shares outstanding, diluted | 53194 | 52848 | 53102 | 52682 |
| Net income attributable to Tutor Perini Corporation per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.38 | $0.02 | $0.91 | $0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.38 | $0.02 | $0.90 | $0.31 |
| Anti-dilutive securities not included above | 98 | 925 | 250 | 1173 |

---

**(8)<u>Income Taxes</u>**

The Company recognized income tax expense of $22.0 million and $34.9 million for the three and six months ended June 30, 2025, respectively. The effective income tax rate was 31.8% and 28.0% for the three and six months ended June 30, 2025, respectively. The effective income tax rate for both the three and six months ended June 30, 2025 was higher than the 21.0% federal statutory income tax rate primarily due to non-deductible expenses and state income taxes (net of federal tax benefit), partially offset by earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and federal income tax credits.

The Company recognized income tax expense of $7.3 million and $14.6 million for the three and six months ended June 30, 2024, respectively. The effective income tax rate was 31.3% and 25.1% for the three and six months ended June 30, 2024, respectively. The effective income tax rate for both the three and six months ended June 30, 2024 was higher than the 21.0% federal statutory income tax rate primarily due to non-deductible expenses and state income taxes (net of the federal tax benefit), partially offset by the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company).

On July 4, 2025, H.R.1, commonly known as the One Big Beautiful Bill Act, was enacted, which includes a broad range of tax reform provisions. The legislation includes several provisions that may impact the timing and magnitude of certain tax deductions. Key provisions include the permanent extension of several business tax benefits originally introduced under the 2017 Tax Cuts and Jobs Act. The Company is evaluating the impact of the new legislation but does not expect it to have a material impact on its consolidated financial statements.

**(9)<u>Goodwill and Intangible Assets</u>**

***Goodwill***

The following table presents the changes in the carrying amount of goodwill since its inception through June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **Civil** | **Building** | **Specialty<br>Contractors** | **Total** |
| Gross goodwill as of December 31, 2024 | $492074 | $424724 | $156193 | $1072991 |
| Accumulated impairment as of December 31, 2024 | (286931) | (424724) | (156193) | (867848) |
| Goodwill as of December 31, 2024 | 205143 |  |  | 205143 |
| Current year activity |  |  |  |  |
| Goodwill as of June 30, 2025 | $205143 | $— | $— | $205143 |

---

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

The Company performed its annual impairment test in the fourth quarter of 2024 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount.

The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment.

***Intangible Assets***

Intangible assets consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **Weighted-Average Amortization Period** |
|<br>(in thousands) | **Cost** | **Accumulated<br>Amortization** | **Accumulated**<br> **Impairment Charge** | **Carrying Value** | **Weighted-Average Amortization Period** |
| Trade names (non-amortizable) | $117600 | $— | $(67190) | $50410 | Indefinite |
| Trade names (amortizable) | 69250 | (31478) | (23232) | 14540 | 20 years |
| Contractor license | 6000 |  | (6000) |  | N/A |
| Customer relationships | 39800 | (23155) | (16645) |  | N/A |
| Construction contract backlog | 149290 | (149290) |  |  | N/A |
| Total | $381940 | $(203923) | $(113067) | $64950 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **Weighted-Average Amortization Period** |
|<br>(in thousands) | **Cost** | **Accumulated<br>Amortization** | **Accumulated**<br> **Impairment Charge** | **Carrying Value** | **Weighted-Average Amortization Period** |
| Trade names (non-amortizable) | $117600 | $— | $(67190) | $50410 | Indefinite |
| Trade names (amortizable) | 69250 | (30359) | (23232) | 15659 | 20 years |
| Contractor license | 6000 |  | (6000) |  | N/A |
| Customer relationships | 39800 | (23155) | (16645) |  | N/A |
| Construction contract backlog | 149290 | (149290) |  |  | N/A |
| Total | $381940 | $(202804) | $(113067) | $66069 |  |

---

Amortization expense related to amortizable intangible assets for the three and six months ended June 30, 2025 was $0.5 million and $1.1 million, respectively. Amortization expense related to amortizable intangible assets for the three and six months ended June 30, 2024 was $0.6 million and $1.1 million, respectively. As of June 30, 2025, future amortization expense related to amortizable intangible assets will be approximately $1.1 million for the remainder of 2025, $2.2 million per year for the years 2026 through 2030 and $2.4 million thereafter.

The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2024. Based on this assessment, the Company concluded that its non-amortizable trade names were not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would indicate impairment of its non-amortizable trade names. Other amortizable intangible assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets' net carrying value. The Company had no impairment of intangible assets during the three and six months ended June 30, 2025 or 2024.

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

**(10)<u>Financial Commitments</u>**

***Long-Term Debt***

Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following:

---

| | | |
|:---|:---|:---|
| (in thousands) | **As of June 30,<br>2025** | **As of December 31,<br>2024** |
| 2024 Senior Notes | $379953 | $378023 |
| Term Loan B |  | 121863 |
| Revolver |  |  |
| Equipment financing and mortgages | 23912 | 25038 |
| Other indebtedness | 15553 | 9214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt | 419418 | 534138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Current maturities | 26120 | 24113 |
| Long-term debt, net | $393298 | $510025 |

---

The following table reconciles the outstanding debt balances to the reported debt balances as of June 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|<br>(in thousands) | **Outstanding Debt** | **Unamortized Discounts and Issuance Costs** | **Debt,<br>as reported** | **Outstanding Debt** | **Unamortized Discounts and Issuance Costs** | **Debt,<br>as reported** |
| 2024 Senior Notes | $400000 | $(20047) | $379953 | $400000 | $(21977) | $378023 |
| Term Loan B |  |  |  | 121863 |  | 121863 |

---

The unamortized issuance costs related to the Revolver were $1.2 million and $1.4 million as of June 30, 2025 and December 31, 2024, respectively, and are included in other assets on the Condensed Consolidated Balance Sheets.

*2024 Senior Notes* 

On April 22, 2024, the Company issued $400.0 million in aggregate principal amount of 11.875% Senior Notes due April 30, 2029 (the "2024 Senior Notes") in a private placement offering. Interest on the 2024 Senior Notes is payable in arrears semi-annually in April and October of each year, beginning in October 2024. The proceeds from the 2024 Senior Notes were used to redeem the 2017 Senior Notes (as discussed below).

Prior to April 30, 2026, the Company may redeem the 2024 Senior Notes at a redemption price equal to 100% of the principal amount plus a "make-whole" premium described in the indenture. In addition, prior to April 30, 2026, the Company may redeem up to 40% of the original aggregate principal amount of the 2024 Senior Notes at a redemption price of 111.875% of their principal amount with the "net cash proceeds" received by the Company from one or more equity offerings, as described in the indenture. On or after April 30, 2026, the Company may redeem the 2024 Senior Notes at specified redemption prices described in the indenture. If the Company experiences certain change of control events, holders of the 2024 Senior Notes may require the Company to repurchase all or part of the 2024 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

The 2024 Senior Notes are senior unsecured obligations of the Company and are guaranteed by the Company's existing and future subsidiaries that also guarantee obligations under the Company's 2020 Credit Agreement. In addition, the indenture for the 2024 Senior Notes provides for customary covenants, including restrictions on the payment of dividends and share repurchases, and includes customary events of default.

*Redemption of 2017 Senior Notes* 

On April 20, 2017, the Company issued $500.0 million in aggregate principal amount of 6.875% Senior Notes due May 1, 2025 (the "2017 Senior Notes") in a private placement offering.

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<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

The proceeds of the 2024 Senior Notes, together with cash on hand, were used to redeem in full, all of the outstanding obligations in respect of the 2017 Senior Notes. The redemption of the 2017 Senior Notes occurred on May 2, 2024 (the "2017 Senior Notes Redemption").

*2020 Credit Agreement*

On August 18, 2020, the Company entered into a credit agreement (as amended, the "2020 Credit Agreement") with BMO Bank N.A. (f/k/a BMO Harris Bank N.A.), as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement originally provided for a $425.0 million term loan B facility (the "Term Loan B") and a $175.0 million revolving credit facility (the "Revolver"), which was subsequently reduced to $170.0 million following the effectiveness of the 2024 Amendment (as defined and discussed below), with sub-limits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B will mature on August 18, 2027. Prior to the 2017 Senior Notes Redemption, if any of the 2017 Senior Notes had remained outstanding beyond certain dates, the maturities of the Term Loan B and the Revolver would have been subject to acceleration ("spring-forward maturity"). However, following the 2017 Senior Notes Redemption and the consummation of the 2024 Amendment, the spring-forward maturity of the Term Loan B is no longer in effect and the spring-forward maturity of the Revolver has been extended (as described below).

On April 15, 2024, the Company entered into an amendment in respect of the 2020 Credit Agreement (the "2024 Amendment") which, among other changes, (1) extends the existing Revolver maturity date from August 18, 2025 to (a) if any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof) remains outstanding, the earlier of (i) May 20, 2027 and (ii) the date that is ninety (90) days prior to the final maturity of any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof), as applicable, and (b) if no obligations are outstanding with respect to any tranche of the Term Loan B, any incremental term loan or any refinancing term loan, August 18, 2027 and (2) permanently reduces the aggregate commitments in respect of the Revolver by $5.0 million from $175.0 million to $170.0 million. The 2024 Amendment became effective on May 2, 2024 upon the completion of the 2017 Senior Notes Redemption.

The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty. The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). During the first quarter of 2025, the Company voluntarily repaid the remaining $121.9 million outstanding balance of the Term Loan B.

Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness, (x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00.

Borrowings under the 2020 Credit Agreement bear interest, at the Company's option, at a rate equal to (i) (A) in the case of the Term Loan B, following the amendment to the 2020 Credit Agreement on May 2, 2023 (as discussed below), (x) the Adjusted Term Secured Overnight Financing Rate ("Adjusted Term SOFR") (calculated with a 11.448 basis point, 26.161 basis point and 42.826 basis point credit spread adjustment for a 1, 3 and 6 month interest period, respectively) or (y) a base rate (determined by reference to the highest of (1) the administrative agent's prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) and (B) in case of the Revolver, following the amendment to the 2020 Credit Agreement on October 31, 2022 (as discussed below), (x) the Adjusted Term SOFR rate (calculated with a 10 basis point credit spread adjustment for all interest periods) or (y) a base rate (determined by reference to the highest of (1) the administrative agent's prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) plus, in each case, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for Adjusted Term SOFR and between 3.50% and 3.75% for base rate, and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to

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<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

the Revolver is between 4.25% and 4.75% for Adjusted Term SOFR and 3.25% and 3.75% for base rate, and, in each case, is based on the First Lien Net Leverage Ratio. Effective following the amendment to the 2020 Credit Agreement on October 31, 2022, the Company's original London Interbank Offered Rate ("LIBOR") option in respect of the Revolver was transitioned to Adjusted Term SOFR. Effective May 2, 2023, the 2020 Credit Agreement was further amended to transition the Company's original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The 2020 Credit Agreement includes customary provisions for the replacement of Adjusted Term SOFR with an alternative benchmark rate upon Adjusted Term SOFR being discontinued. The average borrowing rates on the Term Loan B and the Revolver for the six months ended June 30, 2025 were approximately 9.2% and 10.8%, respectively.

As amended, the 2020 Credit Agreement requires, solely with respect to the Revolver, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 3.50:1.00, effective the fiscal quarter ended December 31, 2022 and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company's existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations.

As of June 30, 2025, the entire $170.0 million was available under the Revolver. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended June 30, 2025.

***Interest Expense***

Interest expense as reported in the Condensed Consolidated Statements of Income consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|<br>(in thousands) | **2025** | **2024** | **2025** | **2024** |
| **Cash interest expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on Term Loan B | $— | $7084 | $876 | $15572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on 2024 Senior Notes | 11875 | 8708 | 23750 | 8708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on 2017 Senior Notes |  | 2960 |  | 11554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on Revolver | 72 | 973 | 193 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest | 520 | 799 | 912 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total cash interest expense** | 12467 | 20524 | 25731 | 38025 |
| **Non-cash interest expense:**<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount and debt issuance costs on Term Loan B |  | 473 |  | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs on Revolver | 139 | 158 | 279 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs on 2024 Senior Notes | 982 | 632 | 1930 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs on 2017 Senior Notes |  | 99 |  | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash portion of loss on extinguishment |  | 1198 |  | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-cash interest expense** | 1121 | 2560 | 2209 | 4366 |
| **Total interest expense** | $13588 | $23084 | $27940 | $42391 |

---

**____________________________________________________________________________________________________**

(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rate for the 2024 Senior Notes was 13.56% for the six months ended June 30, 2025.

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<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

**(11)<u>Leases</u>**

The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of June 30, 2025, the Company's operating leases have remaining lease terms ranging from less than one year to 13 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company's sole discretion. The Company's leases do not contain any material residual value guarantees or material restrictive covenants.

The following table presents components of lease expense for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|<br>(in thousands) | **2025** | **2024** | **2025** | **2024** |
| Operating lease expense | $3561 | $3202 | $6721 | $6522 |
| Short-term lease expense<sup>(a)</sup> | 14577 | 13545 | 28062 | 25868 |
|  | 18138 | 16747 | 34783 | 32390 |
| &nbsp;&nbsp;&nbsp;Less: Sublease income | 297 | 203 | 591 | 402 |
| &nbsp;&nbsp;&nbsp;Total lease expense | $17841 | $16544 | $34192 | $31988 |

---

**____________________________________________________________________________________________________**

(a)Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.

The following table presents supplemental balance sheet information related to operating leases:

---

| | | | |
|:---|:---|:---|:---|
| (dollars in thousands) | **Balance Sheet Line Item** | **As of June 30,<br>2025** | **As of December 31,<br>2024** |
| **Assets** |  |  |  |
| Right-of-use assets | Other assets | $55604 | $41695 |
| &nbsp;&nbsp;&nbsp;Total lease assets |  | $55604 | $41695 |
| **Liabilities** |  |  |  |
| Current lease liabilities | Accrued expenses and other current liabilities | $10367 | $7066 |
| Long-term lease liabilities | Other long-term liabilities | 49746 | 38630 |
| &nbsp;&nbsp;&nbsp;Total lease liabilities |  | $60113 | $45696 |
| Weighted-average remaining lease term |  | 6.8 years | 8.0 years |
| Weighted-average discount rate |  | 9.02% | 9.73% |

---

The following table presents supplemental cash flow information and non-cash activity related to operating leases:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|<br>(in thousands) | **2025** | **2024** |
| Operating cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for amounts included in the measurement of lease liabilities | $(6218) | $(6359) |
| Non-cash activity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange for lease liabilities | $18295 | $6147 |

---

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<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2025:

---

| | |
|:---|:---|
| **Year** (in thousands) | **Operating Leases** |
| 2025 (excluding the six months ended June 30, 2025) | $7751 |
| 2026 | 14056 |
| 2027 | 12559 |
| 2028 | 11879 |
| 2029 | 9410 |
| Thereafter | 26699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | 82354 |
| Less: Imputed interest | 22241 |
| Total | $60113 |

---

**(12)<u>Commitments and Contingencies</u>**

The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company's business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 4, *Contract Assets and Liabilities.* In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, *Contingencies*. Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company's assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management's assessment of those proceedings. Management believes that, based on current information and discussions with the Company's legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company's consolidated financial position, results of operations or cash flows.

A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business, is as follows:

**Alaskan Way Viaduct Matter**

In January 2011, Seattle Tunnel Partners ("STP"), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation ("WSDOT") for the construction of a large-diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45% interest in STP. The construction of the large-diameter bored tunnel required the use of a tunnel boring machine ("TBM"). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT did not accept that finding.

***Case Against WSDOT***

In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach of contract, seeking $57.2 million in delay-related damages and seeking declaratory relief. STP subsequently filed a counterclaim against WSDOT seeking damages in excess of $640 million. The jury trial between STP and WSDOT commenced on October 7, 2019 and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $57.2 million in damages. The

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<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $166.8 million, which included $25.7 million for the Company's 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT. The charge was for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. STP's petition for discretionary review by the Washington Supreme Court was denied on October 10, 2022. On October 18, 2022, STP paid the damages and associated interest from the judgment, which included the Company's proportionate share of $34.6 million. As a result, the lawsuit between STP and WSDOT has concluded.

***Case Against Insurers***

The TBM was insured under a Builder's Risk Insurance Policy (the "Policy") with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the "Insurers"). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief, as well as damages as a result of the Insurers' breach of their obligations under the terms of the Policy. On September 30, 2024, after several years of law and motion proceedings, a confidential settlement was reached resolving the case in full for a substantial sum. Payment was received in October 2024 and the case against the Insurers was dismissed. As a result of the settlement, STP resolved the claims of Hitachi Zosen (the manufacturer of the TBM) and the remaining subcontractor lawsuits pending on the project, including those with the Company's subsidiaries.

***Case Against Designer***

On April 13, 2023, STP filed a case in the Washington Superior Court against HNTB Corporation ("HNTB"), STP's design firm on the project, wherein STP alleges that HNTB is liable for providing design services that resulted in the TBM striking the steel pipe described above and for additional steel quantity costs associated with the project. Due to the resolution of the matter against the Insurers and WSDOT discussed above, and subject to any setoffs or contractual damages limitations, STP's current claim against HNTB is expected to be in excess of $300 million and includes HNTB's liability for providing design services, amounts paid by STP to WSDOT in liquidated damages and interest as well as certain subcontractor delay claims paid by STP to subcontractors in November 2024. The case is currently scheduled for trial to commence in April 2026. With respect to STP's claims against HNTB, management has included in receivables an estimate of the total anticipated recovery concluded to be probable. The case against HNTB is the final case related to the project.

**(13)<u>Share-Based Compensation</u>**

As of June 30, 2025, there were 3,676,245 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the six months ended June 30, 2025 and 2024, the Company granted the following share-based instruments: (1) service-based RSUs totaling 408,111 and 30,000, respectively, with weighted-average grant date fair values per unit of $36.50 and $12.68, respectively; (2) cash-settled restricted stock units ("CRSUs") with service-based vesting conditions and payouts indexed to shares of the Company's common stock totaling 381,410 and 673,855, respectively, with weighted-average grant date fair values per unit of $27.59 and $12.75, respectively; and (3) shares of unrestricted stock issued to its directors as part of their annual retainer totaling 40,710 and 73,716, respectively, with weighted-average grant date fair values per unit of $36.35 and $20.89, respectively. During the six months ended June 30, 2025, the Company granted 151,623 performance-based RSUs with a weighted-average grant date fair value per unit of $47.76. During the six months ended June 30, 2024, the Company also granted 645,180 cash-settled performance stock units ("CPSUs") with a weighted-average grant date fair value per unit of $19.17. The number of performance-based RSUs and CPSUs granted are shown at target-level performance.

As of June 30, 2025 and December 31, 2024, the Company recognized liabilities for CPSUs and CRSUs on the Condensed Consolidated Balance Sheets totaling approximately $81.8 million and $34.6 million, respectively. During the six months ended June 30, 2025 and 2024, the Company paid approximately $11.6 million and $2.9 million, respectively, to settle certain awards.

For the three and six months ended June 30, 2025, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $55.4 million and $62.0 million, respectively, and $16.9 million and $22.4 million for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, the balance of unamortized share-based compensation expense was $90.2 million, which is expected to be recognized over a weighted-average period of 1.7 years.

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<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

**(14)<u>Employee Pension Plans</u>**

The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company's plans.

The following table sets forth a summary of the net periodic benefit cost for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>(in thousands) | **2025** | **2024** | **2025** | **2024** |
| Interest cost | $933 | $910 | $1866 | $1821 |
| Service cost | 170 | 232 | 340 | 463 |
| Expected return on plan assets | (903) | (944) | (1805) | (1888) |
| Recognized net actuarial losses | 414 | 438 | 828 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic benefit cost | $614 | $636 | $1229 | $1271 |

---

The Company contributed $1.3 million to its defined benefit pension plan during both the six months ended June 30, 2025 and 2024, and expects to contribute an additional $1.2 million in cash by the end of 2025.

**(15)<u>Fair Value Measurements</u>**

The fair value hierarchy established by ASC 820, *Fair Value Measurement*, prioritizes the use of inputs used in valuation techniques into the following three levels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs are unobservable

The following fair value hierarchy table presents the Company's assets that are measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | |
|<br>(in thousands) | **Level 1** | **Level 2** | **Level 3** |<br>**Total** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| &nbsp;&nbsp;Cash and cash equivalents<sup>(a)</sup> | $526090 | $— | $— | $526090 | $455084 | $— | $— | $455084 |
| &nbsp;&nbsp;Restricted cash<sup>(a)</sup> | 20990 |  |  | 20990 | 9104 |  |  | 9104 |
| &nbsp;&nbsp;Restricted investments<sup>(b)</sup> |  | 157373 |  | 157373 |  | 139986 |  | 139986 |
| &nbsp;&nbsp;Investments in lieu of retention<sup>(c)</sup> | 37797 | 127195 |  | 164992 | 38359 | 106765 |  | 145124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $584877 | $284568 | $— | $869445 | $502547 | $246751 | $— | $749298 |

---

**____________________________________________________________________________________________________**

(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.

(b)Restricted investments, as of June 30, 2025 and December 31, 2024, consist of available-for-sale ("AFS") debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

(c)Investments in lieu of retention are included in retention receivable as of June 30, 2025 and December 31, 2024, and are composed of money market funds of $37.8 million and $38.4 million, respectively, and AFS debt securities of $127.2 million and $106.8 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

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<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

Investments in AFS debt securities consisted of the following as of June 30, 2025 and December 31, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|<br>(in thousands) | **Amortized Cost** | **Unrealized Gains** | **Unrealized Losses** | **Fair Value** | **Amortized Cost** | **Unrealized Gains** | **Unrealized Losses** | **Fair Value** |
| **Restricted investments:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Corporate debt securities | $137782 | $1611 | $(600) | $138793 | $118421 | $603 | $(1242) | $117782 |
| &nbsp;&nbsp;U.S. government agency securities | 12367 | 47 | (453) | 11961 | 16323 | 35 | (663) | 15695 |
| &nbsp;&nbsp;Municipal bonds | 7084 | 10 | (657) | 6437 | 7159 |  | (831) | 6328 |
| &nbsp;&nbsp;Corporate certificates of deposit | 199 |  | (17) | 182 | 200 |  | (19) | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total restricted investments** | 157432 | 1668 | (1727) | 157373 | 142103 | 638 | (2755) | 139986 |
| **Investments in lieu of retention:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Corporate debt securities | 118759 | 605 | (41) | 119323 | 106014 | 224 | (491) | 105747 |
| &nbsp;&nbsp;Municipal bonds | 7896 | 170 | (194) | 7872 | 830 | 188 |  | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investments in lieu of retention** | 126655 | 775 | (235) | 127195 | 106844 | 412 | (491) | 106765 |
| **Total AFS debt securities** | $284087 | $2443 | $(1962) | $284568 | $248947 | $1050 | $(3246) | $246751 |

---

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| | **Less than 12 Months** | **Less than 12 Months** | **12 Months or Greater** | **12 Months or Greater** | **Total** | **Total** |
|<br>(in thousands) | **Fair Value** | **Unrealized Losses** | **Fair Value** | **Unrealized Losses** | **Fair Value** | **Unrealized Losses** |
| **Restricted investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Corporate debt securities | $3192 | $(12) | $24301 | $(588) | $27493 | $(600) |
| &nbsp;&nbsp;U.S. government agency securities | 918 | (36) | 7076 | (417) | 7994 | (453) |
| &nbsp;&nbsp;Municipal bonds | 524 | (3) | 5299 | (654) | 5823 | (657) |
| &nbsp;&nbsp;Corporate certificates of deposit |  |  | 182 | (17) | 182 | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total restricted investments** | 4634 | (51) | 36858 | (1676) | 41492 | (1727) |
| **Investments in lieu of retention:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Corporate debt securities | 10631 | (41) |  |  | 10631 | (41) |
| &nbsp;&nbsp;Municipal bonds | 6869 | (194) |  |  | 6869 | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investments in lieu of retention** | 17500 | (235) |  |  | 17500 | (235) |
| **Total AFS debt securities** | $22134 | $(286) | $36858 | $(1676) | $58992 | $(1962) |

---

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Less than 12 Months** | **Less than 12 Months** | **12 Months or Greater** | **12 Months or Greater** | **Total** | **Total** |
|<br>(in thousands) | **Fair Value** | **Unrealized Losses** | **Fair Value** | **Unrealized Losses** | **Fair Value** | **Unrealized Losses** |
| **Restricted investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Corporate debt securities | $23985 | $(159) | $30384 | $(1083) | $54369 | $(1242) |
| &nbsp;&nbsp;U.S. government agency securities | 4371 | (43) | 10699 | (620) | 15070 | (663) |
| &nbsp;&nbsp;Municipal bonds | 704 | (13) | 5560 | (818) | 6264 | (831) |
| &nbsp;&nbsp;Corporate certificates of deposit |  |  | 181 | (19) | 181 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total restricted investments** | 29060 | (215) | 46824 | (2540) | 75884 | (2755) |
| **Investments in lieu of retention:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Corporate debt securities | 24470 | (149) | 37755 | (342) | 62225 | (491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investments in lieu of retention** | 24470 | (149) | 37755 | (342) | 62225 | (491) |
| **Total AFS debt securities** | $53530 | $(364) | $84579 | $(2882) | $138109 | $(3246) |

---

The unrealized losses in AFS debt securities as of June 30, 2025 and December 31, 2024 are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Management evaluated the unrealized losses in AFS debt securities considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of June 30, 2025 and December 31, 2024.

It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, consistent with the same period in 2024, the Company has not recognized any impairment losses in earnings during the six months ended June 30, 2025.

The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2025 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.

---

| | | |
|:---|:---|:---|
| (in thousands) | **Amortized Cost** | **Fair Value** |
| Due within one year | $48220 | $47953 |
| Due after one year through five years | 224643 | 226073 |
| Due after five years | 11224 | 10542 |
| Total | $284087 | $284568 |

---

The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retention, which may be settled beyond one year, are estimated to approximate fair value. Of the Company's long-term debt, the fair value of the 2024 Senior Notes was $451.2 million and $441.9 million as of June 30, 2025 and December 31, 2024, respectively. The fair values of the 2024 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $121.9 million as of December 31, 2024. The fair value of the Term Loan B was determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company's remaining borrowings approximates fair value as of June 30, 2025 and December 31, 2024.

**(16)<u>Variable Interest Entities (VIEs)</u>**

The Company may form joint ventures or partnerships with third parties for the execution of projects. In accordance with ASC 810, *Consolidation* ("ASC 810"), the Company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. The Company considers a joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether a joint venture is a VIE.

ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management's assessment of whether the Company is the primary beneficiary of a VIE is performed continuously.

As of June 30, 2025, the Company had unconsolidated VIE-related current assets and noncurrent assets of $45.8 million and $3.8 million, respectively, as well as current liabilities of $53.2 million included in the Company's Condensed Consolidated Balance Sheets. As of December 31, 2024, the Company had unconsolidated VIE-related current assets and liabilities of $26.7 million and $24.8 million, respectively, included in the Company's Condensed Consolidated Balance Sheets. The Company's maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of June 30, 2025.

As of June 30, 2025, the Company's Condensed Consolidated Balance Sheets included current and noncurrent assets of $798.8 million and $25.3 million, respectively, as well as current and noncurrent liabilities of $576.3 million and $7.0 million, respectively, related to the operations of its consolidated VIEs. As of December 31, 2024, the Company's Condensed Consolidated Balance Sheets included current and noncurrent assets of $475.6 million and $19.9 million, respectively, as well as current liabilities of $385.5 million related to the operations of its consolidated VIEs.

Below is a discussion of some of the Company's more significant or unique VIEs.

The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with an original combined value of approximately $2.8 billion. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G Industries, Inc. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.

The Company established a joint venture with O&G to construct the Manhattan Jail project, a $3.76 billion design-build construction project in New York. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

**(17)<u>Changes in Equity</u>**

A reconciliation of the changes in equity for the three and six months ended June 30, 2025 and 2024 is provided below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|<br>(in thousands) | **Common<br>Stock** | **Additional<br>Paid-in<br>Capital** | **Retained Earnings (Deficit)** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Noncontrolling<br>Interests** | **Total<br>Equity** |
| **Balance - March 31, 2025** | $52703 | $1142299 | $(2577) | $(32190) | $27362 | $1187597 |
| Net income |  |  | 19974 |  | 27112 | 47086 |
| Other comprehensive income |  |  |  | 1946 | 1316 | 3262 |
| Share-based compensation |  | 2984 |  |  |  | 2984 |
| Issuance of common stock, net | 40 |  |  |  |  | 40 |
| Contributions from noncontrolling interests |  |  |  |  | 7500 | 7500 |
| Distributions to noncontrolling interests |  |  |  |  | (8650) | (8650) |
| **Balance - June 30, 2025** | $52743 | $1145283 | $17397 | $(30244) | $54640 | $1239819 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|<br>(in thousands) | **Common<br>Stock** | **Additional<br>Paid-in<br>Capital** | **Retained Earnings (Deficit)** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Noncontrolling<br>Interests** | **Total<br>Equity** |
| **Balance - December 31, 2024** | $52486 | $1146800 | $(30575) | $(33988) | $23883 | $1158606 |
| Net income |  |  | 47972 |  | 41863 | 89835 |
| Other comprehensive income |  |  |  | 3744 | 1794 | 5538 |
| Share-based compensation |  | 3851 |  |  |  | 3851 |
| Issuance of common stock, net | 257 | (5368) |  |  |  | (5111) |
| Contributions from noncontrolling interests |  |  |  |  | 7500 | 7500 |
| Distributions to noncontrolling interests |  |  |  |  | (20400) | (20400) |
| **Balance - June 30, 2025** | $52743 | $1145283 | $17397 | $(30244) | $54640 | $1239819 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|<br>(in thousands) | **Common<br>Stock** | **Additional<br>Paid-in<br>Capital** | **Retained** <br>**Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Noncontrolling<br>Interests** | **Total<br>Equity** |
| **Balance - March 31, 2024** | $52284 | $1146008 | $148906 | $(40162) | $(3802) | $1303234 |
| Net income |  |  | 812 |  | 15157 | 15969 |
| Other comprehensive loss |  |  |  | (64) | (193) | (257) |
| Share-based compensation |  | 2852 |  |  |  | 2852 |
| Issuance of common stock, net | 105 | (786) |  |  |  | (681) |
| Distributions to noncontrolling interests |  |  |  |  | (5000) | (5000) |
| **Balance - June 30, 2024** | $52389 | $1148074 | $149718 | $(40226) | $6162 | $1316117 |

---

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|<br>(in thousands) | **Common<br>Stock** | **Additional<br>Paid-in<br>Capital** | **Retained** <br>**Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Noncontrolling<br>Interests** | **Total<br>Equity** |
| **Balance - December 31, 2023** | $52025 | $1146204 | $133146 | $(39787) | $(7677) | $1283911 |
| Net income |  |  | 16572 |  | 26899 | 43471 |
| Other comprehensive loss |  |  |  | (439) | (660) | (1099) |
| Share-based compensation |  | 4355 |  |  |  | 4355 |
| Issuance of common stock, net | 364 | (2485) |  |  |  | (2121) |
| Distributions to noncontrolling interests |  |  |  |  | (12400) | (12400) |
| **Balance - June 30, 2024** | $52389 | $1148074 | $149718 | $(40226) | $6162 | $1316117 |

---

**(18)<u>Other Comprehensive Income (Loss)</u>**

ASC 220, *Comprehensive Income*, establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation and the unrealized gain (loss) of investments as components of accumulated other comprehensive income (loss) ("AOCI").

The components of other comprehensive income (loss) and the related tax effects for the three and six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|<br>(in thousands) | **Before-Tax Amount** | **Tax Expense** | **Net-of-Tax Amount** | **Before-Tax Amount** | **Tax (Expense) Benefit** | **Net-of-Tax Amount** |
| Other comprehensive income (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Defined benefit pension plan adjustments | $395 | $(106) | $289 | $438 | $(117) | $321 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 2477 | (333) | 2144 | (869) | 166 | (703) |
| &nbsp;&nbsp;Unrealized gain in fair value of investments | 1033 | (204) | 829 | 153 | (28) | 125 |
| Total other comprehensive income (loss) | 3905 | (643) | 3262 | (278) | 21 | (257) |
| Less: Other comprehensive income (loss) attributable to noncontrolling interests | 1316 |  | 1316 | (193) |  | (193) |
| Total other comprehensive income (loss) attributable to Tutor Perini Corporation | $2589 | $(643) | $1946 | $(85) | $21 | $(64) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|<br>(in thousands) | **Before-Tax Amount** | **Tax Expense** | **Net-of-Tax Amount** | **Before-Tax Amount** | **Tax (Expense) Benefit** | **Net-of-Tax Amount** |
| Other comprehensive income (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Defined benefit pension plan adjustments | $808 | $(217) | $591 | $875 | $(233) | $642 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 3264 | (451) | 2813 | (1951) | 321 | (1630) |
| &nbsp;&nbsp;Unrealized gain (loss) in fair value of investments | 2677 | (543) | 2134 | (148) | 37 | (111) |
| Total other comprehensive income (loss) | 6749 | (1211) | 5538 | (1224) | 125 | (1099) |
| Less: Other comprehensive income (loss) attributable to noncontrolling interests | 1794 |  | 1794 | (660) |  | (660) |
| Total other comprehensive income (loss) attributable to Tutor Perini Corporation | $4955 | $(1211) | $3744 | $(564) | $125 | $(439) |

---

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|<br>(in thousands) | **Defined<br>Benefit<br>Pension<br>Plan** | **Foreign<br>Currency<br>Translation** | **Unrealized Gain (Loss) in Fair**<br>**Value of Investments, Net** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** |
| **Attributable to Tutor Perini Corporation:** |  |  |  |  |
| Balance as of March 31, 2025 | $(23270) | $(8344) | $(576) | $(32190) |
| &nbsp;&nbsp;Other comprehensive income before reclassifications |  | 914 | 743 | 1657 |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from AOCI | 289 |  |  | 289 |
| Total other comprehensive income | 289 | 914 | 743 | 1946 |
| Balance as of June 30, 2025 | $(22981) | $(7430) | $167 | $(30244) |
| **Attributable to Noncontrolling Interests:** |  |  |  |  |
| Balance as of March 31, 2025 | $— | $(2067) | $62 | $(2005) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income |  | 1230 | 86 | 1316 |
| Balance as of June 30, 2025 | $— | $(837) | $148 | $(689) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|<br>(in thousands) | **Defined<br>Benefit<br>Pension<br>Plan** | **Foreign<br>Currency<br>Translation** | **Unrealized Gain (Loss) in Fair**<br>**Value of Investments, Net** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** |
| **Attributable to Tutor Perini Corporation:** |  |  |  |  |
| Balance as of December 31, 2024 | $(23572) | $(8657) | $(1759) | $(33988) |
| &nbsp;&nbsp;Other comprehensive income before reclassifications |  | 1227 | 1944 | 3171 |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from AOCI | 591 |  | (18) | 573 |
| Total other comprehensive income | 591 | 1227 | 1926 | 3744 |
| Balance as of June 30, 2025 | $(22981) | $(7430) | $167 | $(30244) |
| **Attributable to Noncontrolling Interests:** |  |  |  |  |
| Balance as of December 31, 2024 | $— | $(2423) | $(60) | $(2483) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income |  | 1586 | 208 | 1794 |
| Balance as of June 30, 2025 | $— | $(837) | $148 | $(689) |

---

------

<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|<br>(in thousands) | **Defined<br>Benefit<br>Pension<br>Plan** | **Foreign<br>Currency<br>Translation** | **Unrealized Gain (Loss) in Fair**<br>**Value of Investments, Net** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** |
| **Attributable to Tutor Perini Corporation:** |  |  |  |  |
| Balance as of March 31, 2024 | $(29033) | $(7321) | $(3808) | $(40162) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications |  | (463) | 108 | (355) |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from AOCI | 321 |  | (30) | 291 |
| Total other comprehensive income (loss) | 321 | (463) | 78 | (64) |
| Balance as of June 30, 2024 | $(28712) | $(7784) | $(3730) | $(40226) |
| **Attributable to Noncontrolling Interests:** |  |  |  |  |
| Balance as of March 31, 2024 | $— | $(811) | $(387) | $(1198) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  | (240) | 47 | (193) |
| Balance as of June 30, 2024 | $— | $(1051) | $(340) | $(1391) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|<br>(in thousands) | **Defined<br>Benefit<br>Pension<br>Plan** | **Foreign<br>Currency<br>Translation** | **Unrealized Gain (Loss) in Fair**<br>**Value of Investments, Net** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** |
| **Attributable to Tutor Perini Corporation:** |  |  |  |  |
| Balance as of December 31, 2023 | $(29354) | $(6893) | $(3540) | $(39787) |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss before reclassifications |  | (891) | (205) | (1096) |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from AOCI | 642 |  | 15 | 657 |
| Total other comprehensive income (loss) | 642 | (891) | (190) | (439) |
| Balance as of June 30, 2024 | $(28712) | $(7784) | $(3730) | $(40226) |
| **Attributable to Noncontrolling Interests:** |  |  |  |  |
| Balance as of December 31, 2023 | $— | $(312) | $(419) | $(731) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  | (739) | 79 | (660) |
| Balance as of June 30, 2024 | $— | $(1051) | $(340) | $(1391) |

---

The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Income during the three and six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|<br>(in thousands) | **2025** | **2024** | **2025** | **2024** |
| **Component of AOCI:** |  |  |  |  |
| &nbsp;&nbsp;Defined benefit pension plan adjustments<sup>(a)</sup> | $395 | $438 | $808 | $875 |
| &nbsp;&nbsp;Income tax benefit<sup>(b)</sup> | (106) | (117) | (217) | (233) |
| &nbsp;&nbsp;Net of tax | $289 | $321 | $591 | $642 |
| &nbsp;&nbsp;Unrealized (gain) loss in fair value of investment adjustments<sup>(a)</sup> | $— | $(38) | $(23) | $19 |
| &nbsp;&nbsp;Income tax expense (benefit)<sup>(b)</sup> |  | 8 | 5 | (4) |
| &nbsp;&nbsp;Net of tax | $— | $(30) | $(18) | $15 |

---

**___________________________________________________________________________________________________**

(a)Amounts included in other income, net on the Condensed Consolidated Statements of Income.

(b)Amounts included in income tax expense on the Condensed Consolidated Statements of Income.

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<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

**(19)<u>Business Segments</u>**

The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company's business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how management aggregates its business units for making operating decisions and assessing performance, which takes into account certain qualitative and quantitative factors. The Company's Chief Executive Officer and President, who is the Company's chief operating decision maker ("CODM"), reviews information for each segment to evaluate performance and allocate resources. The CODM evaluates segment performance by comparing each segment's historical, actual and forecasted revenue and operating income on a regular basis.

The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military facilities, and water management and wastewater treatment facilities.

The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial and technology.

The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment is strategically important to the Company because various business units within the segment participate in many of the Company's larger Civil and Building segment projects, and the segment provides unique strengths and capabilities that allow the Company to position itself as a full-service contractor in key geographic markets with greater control over scheduled work, project delivery, and cost and risk management.

To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project.

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<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

The following tables set forth certain reportable segment information relating to the Company's operations for the three and six months ended June 30, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | | | |
| (in thousands) | **Civil** | **Building** | **Specialty<br>Contractors** | **Total** |  | **Corporate** | **Consolidated<br>Total** |
| **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |  |  |  |  |  |  |
| Total revenue | $784615 | $486035 | $177412 | $1448062 |  | $— | $1448062 |
| Elimination of intersegment revenue | (50428) | (23953) |  | (74381) |  |  | (74381) |
| Revenue from external customers | $734187 | $462082 | $177412 | $1373681 |  | $— | $1373681 |
| **Reconciliation of revenue to income (loss) from construction operations** |  |  |  |  |  |  |  |
| Less: |  |  |  |  |  |  |  |
| Cost of operations | $570117 | $426592 | $180942 | $1177651 |  | $35 | $1177686 |
| General and administrative expenses<sup>(a)</sup> | 23955 | 13040 | 14486 | 51481 |  | 68084 | 119565 |
| Income (loss) from construction operations | $140115 | $22450 | $(18016) | $144549 | <sup>(b)</sup> | $(68119) | $76430 |
| Capital expenditures | $24558 | $522 | $1260 | $26340 |  | $496 | $26836 |
| Depreciation and amortization<sup>(c)</sup> | $11078 | $543 | $671 | $12292 |  | $609 | $12901 |
| **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |  |  |  |  |  |  |
| Total revenue | $577519 | $433797 | $163066 | $1174382 |  | $— | $1174382 |
| Elimination of intersegment revenue | (31031) | (15931) | 50 | (46912) |  |  | (46912) |
| Revenue from external customers | $546488 | $417866 | $163116 | $1127470 |  | $— | $1127470 |
| **Reconciliation of revenue to income (loss) from construction operations** |  |  |  |  |  |  |  |
| Less: |  |  |  |  |  |  |  |
| Cost of operations | $450258 | $402934 | $156451 | $1009643 |  | $749 | $1010392 |
| General and administrative expenses<sup>(a)</sup> | 20643 | 9885 | 14511 | 45039 |  | 31546 | 76585 |
| Income (loss) from construction operations | $75587 | $5047 | $(7846) | $72788 |  | $(32295) | $40493 |
| Capital expenditures | $9479 | $68 | $(30) | $9517 |  | $1401 | $10918 |
| Depreciation and amortization<sup>(c)</sup> | $10727 | $585 | $574 | $11886 |  | $2120 | $14006 |

---

**____________________________________________________________________________________________________**

(a)General and administrative expenses for the three months ended June 30, 2025 and 2024 included share-based compensation expense of $55.4 million ($55.1 million after tax, or $1.04 per diluted share) and $16.9 million ($16.7 million after tax, or $0.32 per diluted share), respectively.

(b)During the three months ended June 30, 2025, the Company's income (loss) from construction operations was impacted by favorable adjustments totaling $28.0 million ($20.3 million after tax, or $0.38 per diluted share) due to the settlement of certain change orders, as well as changes in estimates due to improved performance on a Civil segment mass-transit project in the Midwest.

(c)Depreciation and amortization is included in income (loss) from construction operations.

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<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | | | |
| (in thousands) | **Civil** | **Building** | **Specialty<br>Contractors** | **Total** |  | **Corporate** | **Consolidated<br>Total** |
| **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |  |  |  |  |  |  |
| Total revenue | $1429618 | $974359 | $354220 | $2758197 |  | $— | $2758197 |
| Elimination of intersegment revenue | (85390) | (52493) |  | (137883) |  |  | (137883) |
| Revenue from external customers | $1344228 | $921866 | $354220 | $2620314 |  | $— | $2620314 |
| **Reconciliation of revenue to income (loss) from construction operations** |  |  |  |  |  |  |  |
| Less: |  |  |  |  |  |  |  |
| Cost of operations | $1078890 | $862880 | $348113 | $2289883 |  | $35 | $2289918 |
| General and administrative expenses<sup>(a)</sup> | 45623 | 26077 | 31234 | 102934 |  | 85707 | 188641 |
| Income (loss) from construction operations | $219715 | $32909 | $(25127) | $227497 | <sup>(b)</sup> | $(85742) | $141755 |
| Capital expenditures | $51408 | $1538 | $2100 | $55046 |  | $1894 | $56940 |
| Depreciation and amortization<sup>(c)</sup> | $21768 | $1070 | $1275 | $24113 |  | $1362 | $25475 |
| **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |  |  |  |  |  |  |
| Total revenue | $1080341 | $855973 | $327946 | $2264260 |  | $— | $2264260 |
| Elimination of intersegment revenue | (61688) | (26165) | 50 | (87803) |  |  | (87803) |
| Revenue from external customers | $1018653 | $829808 | $327996 | $2176457 |  | $— | $2176457 |
| **Reconciliation of revenue to income (loss) from construction operations** |  |  |  |  |  |  |  |
| Less: |  |  |  |  |  |  |  |
| Cost of operations | $831882 | $786930 | $324567 | $1943379 |  | $750 | $1944129 |
| General and administrative expenses<sup>(a)</sup> | 40441 | 21711 | 29587 | 91739 |  | 51290 | 143029 |
| Income (loss) from construction operations | $146330 | $21167 | $(26158) | $141339 |  | $(52040) | $89299 |
| Capital expenditures | $17610 | $285 | $273 | $18168 |  | $3184 | $21352 |
| Depreciation and amortization<sup>(c)</sup> | $20981 | $1170 | $1172 | $23323 |  | $4265 | $27588 |

---

**____________________________________________________________________________________________________**

(a)General and administrative expenses for the six months ended June 30, 2025 and 2024 included share-based compensation expense of $62.0 million ($61.5 million after tax, or $1.16 per diluted share) and $22.4 million ($22.1 million after tax, or $0.42 per diluted share), respectively.

(b)During the six months ended June 30, 2025, the Company's income (loss) from construction operations was impacted by favorable adjustments totaling $28.0 million ($20.3 million after tax, or $0.38 per diluted share) due to the settlement of certain change orders, as well as changes in estimates due to improved performance on a Civil segment mass-transit project in the Midwest.

(c)Depreciation and amortization is included in income (loss) from construction operations.

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<u>[**Table of Contents**](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

UNAUDITED

Total assets by segment were as follows:

---

| | | |
|:---|:---|:---|
| (in thousands) | **As of June 30,<br>2025** | **As of December 31,<br>2024** |
| Civil | $4063249 | $3636825 |
| Building | 1375154 | 1085998 |
| Specialty Contractors | 217113 | 198952 |
| Corporate and other<sup>(a)</sup> | (785439) | (679065) |
| Total assets | $4870077 | $4242710 |

---

**____________________________________________________________________________________________________**

(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

**Geographic Information**

Information concerning principal geographic areas is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>(in thousands) | **2025** | **2024** | **2025** | **2024** |
| **Revenue:** |  |  |  |  |
| United States | $1233387 | $972392 | $2341093 | $1877744 |
| Foreign and U.S. territories | 140294 | 155078 | 279221 | 298713 |
| Total revenue | $1373681 | $1127470 | $2620314 | $2176457 |

---

---

| | | |
|:---|:---|:---|
| (in thousands) | **As of June 30,<br>2025** | **As of December 31,<br>2024** |
| **Assets:** |  |  |
| United States | $4322725 | $3759874 |
| Foreign and U.S. territories | 547352 | 482836 |
| Total assets | $4870077 | $4242710 |

---

**Major Customers**

Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 15.3% and 15.4% of the Company's consolidated revenue for the three and six months ended June 30, 2025, respectively, and 19.0% and 18.9% of the Company's consolidated revenue for the three and six months ended June 30, 2024, respectively. Revenue from an additional customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 10.2% of the Company's consolidated revenue for the six months ended June 30, 2025.

**Reconciliation of Segment Information to Consolidated Amounts**

A reconciliation of segment results to the consolidated income before income taxes is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>(in thousands) | **2025** | **2024** | **2025** | **2024** |
| Income from construction operations | $76430 | $40493 | $141755 | $89299 |
| Other income, net | 6204 | 5838 | 10892 | 11149 |
| Interest expense | (13588) | (23084) | (27940) | (42391) |
| Income before income taxes | $69046 | $23247 | $124707 | $58057 |

---

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<u>[Table of](#i6f22c7127a364b659119ad232a6fb24c_7)[Contents](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

**TUTOR PERINI CORPORATION AND SUBSIDIARIES**

**<u>Item 2.</u> <u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>**

The following discussion and analysis of our financial position as of June 30, 2025 and the results of our operations for the three and six months ended June 30, 2025 should be read in conjunction with other information, including the unaudited Condensed Consolidated Financial Statements and notes included in Part I, Item 1, Financial Information, of this Quarterly Report on Form 10-Q, the audited consolidated financial statements and accompanying notes to our Annual Report on Form 10-K for the year ended December 31, 2024, and the information contained under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 and in Part II, Item 1A below.

**<u>Forward-Looking Statements</u>**

This Quarterly Report on Form 10-Q, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements regarding future events and our future results, which are intended to be covered by the safe harbor provision for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. Words such as "achieve," "anticipate," "assumes," "believes," "continue," "could," "estimate," "expects," "forecast," "hope," "intend," "may," "plan," "potential," "predict," "should," "will," "would," variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statement that refers to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events, outcomes or circumstances, or the timing of those events, outcomes or circumstances, are forward-looking statements. Although such statements are based on currently available financial and economic data, as well as management's estimates and expectations, forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause our actual results to differ materially from what may be inferred from the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable security laws. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors potentially contributing to such differences include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revisions of estimates of contract risks, revenue or costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic factors, such as inflation, tariffs, the timing of new awards, or the pace of project execution, which have resulted and may continue to result in losses or lower than anticipated profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An inability to obtain bonding could have a negative impact on our operations and results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant slowdown or decline in economic conditions, such as those presented during a recession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decreases in the level of federal, state and local government spending for infrastructure and other public projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Possible systems and information technology interruptions and breaches in data security and/or privacy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of inclement weather conditions, disasters and other catastrophic events outside of our control on projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks related to our international operations, such as uncertainty of U.S. government funding, as well as economic, political, regulatory and other risks, including risks of loss due to acts of war, labor conditions and other unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Client cancellations of, delays in, or reductions in scope under contracts reported in our backlog, as well as prospective project opportunities, including as a result of potential impacts from recently implemented tariffs or other government-related mandates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased competition and failure to secure new contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks related to government contracts and related procurement regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm;

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<u>[Table of](#i6f22c7127a364b659119ad232a6fb24c_7)[Contents](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant fluctuations in the market price of our common stock, which could result in substantial losses for stockholders and potentially subject us to securities litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to meet our obligations under our debt agreements (especially in a high interest rate environment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Downgrades in our credit ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Public health crises, such as COVID-19, have adversely impacted, and could in the future adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Physical and regulatory risks related to climate change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impairment of our goodwill or other indefinite-lived intangible assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The exertion of influence over the Company by our executive chairman due to his position and significant ownership interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other factors described in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in this Quarterly Report on Form 10-Q, our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC").

**<u>Executive Overview</u>**

***Operating Results***

Consolidated revenue for the three and six months ended June 30, 2025 was $1.4 billion and $2.6 billion, up 21.8% and 20.4% respectively, compared to $1.1 billion and $2.2 billion for the same periods in 2024. The Company experienced strong year-over-year growth in all three segments, primarily driven by increased project execution activities on certain newer, higher-margin projects, all of which have significant scope of work remaining. These projects included a detention facility in New York, which contributed to the revenue growth across all three segments, a Civil segment mass-transit project in Hawaii and increased project execution activities on certain other Civil segment mass-transit projects in California and the Northeast.

Income from construction operations for the three and six months ended June 30, 2025 was $76.4 million and $141.8 million, up 88.7% and 58.7% respectively, compared to $40.5 million and $89.3 million for the same periods in 2024. For both periods of 2025, the increase was primarily driven by contributions related to the increased project execution activities discussed above and by current-period favorable adjustments totaling $28.0 million due to the settlement of certain change orders, as well as changes in estimates due to improved performance on a Civil segment mass-transit project in the Midwest. Both periods of 2025 were negatively impacted by a significant increase in share-based compensation expense of $38.5 million and $39.5 million, respectively, as compared to the same periods in 2024. The increase in share-based compensation expense was primarily due to a substantial increase in the Company's stock price for both periods of 2025 as compared to the same periods of 2024, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings.

Income tax expense was $22.0 million and $34.9 million for the three and six months ended June 30, 2025, respectively, compared to $7.3 million and $14.6 million for the same periods in 2024. See *Corporate, Tax and Other Matters* below for a discussion of the changes in the effective tax rate.

Diluted earnings per common share for the three and six months ended June 30, 2025 was $0.38 and $0.90, respectively, compared to diluted earnings per common share of $0.02 and $0.31 for the same periods in 2024. Adjusted diluted earnings per common share, which is a non-GAAP financial measure and excludes share-based compensation expense (and the associated tax benefit) for the three and six months ended June 30, 2025 was $1.41 and $2.06, respectively. The improvement for both periods in 2025 was primarily due to the factors discussed above that resulted in the positive change in income from construction operations for such periods. Refer to the *Non-GAAP Financial Measures* section below for further information and a reconciliation of the Company's financial results reported under generally accepted accounting principles in the United States ("GAAP") to the reported adjusted results.

Consolidated new awards for the three and six months ended June 30, 2025 totaled $3.1 billion and $5.0 billion, respectively, compared to $1.6 billion and $2.4 billion for the same periods in 2024. The Civil segment was the primary contributor to the new awards activity in the second quarter of 2025. The most significant new awards and contract adjustments in the second quarter of 2025 included the $1.87 billion Midtown Bus Terminal Replacement - Phase 1 project in New York, a $538 million healthcare project in California; two civil works projects in the Midwest collectively valued at $127 million; $90 million of additional funding for a mass-transit project in California; and $54 million of additional funding for another healthcare project in California. The Company has been successful in winning its share of major new project opportunities due to a combination of its strategic bidding approach and favorable market dynamics, including limited competition in select markets for some of the larger projects. This environment, which is supported by strong public funding and demand, has allowed the Company to

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<u>[Table of](#i6f22c7127a364b659119ad232a6fb24c_7)[Contents](#i6f22c7127a364b659119ad232a6fb24c_7)</u>

differentiate itself and deliver compelling proposals that align with the customer's goals and expectations. The Company expects that this environment will continue for the foreseeable future.

Consolidated backlog as of June 30, 2025 was a record $21.1 billion, up 9% over the previous record backlog of $19.4 billion at the end of the first quarter of 2025. As of June 30, 2025, the mix of backlog by segment was approximately 53% for Civil, 33% for Building and 14% for Specialty Contractors. Backlog for the Civil and Specialty Contractors segments as of June 30, 2025 also set new records.

The following table presents the Company's backlog by business segment, reflecting changes from December 31, 2024 to June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Backlog at**<br>**December 31, 2024** | **New**<br> **Awards**<sup>(a)</sup> | **Revenue<br> Recognized** | **Backlog at**<br>**June 30, 2025**<sup>(b)</sup> |
| Civil | $8835.6 | $3675.9 | $(1344.2) | $11167.3 |
| Building | 7026.9 | 806.1 | (921.9) | 6911.1 |
| Specialty Contractors | 2811.4 | 547.7 | (354.2) | 3004.9 |
| Total | $18673.9 | $5029.7 | $(2620.3) | $21083.3 |

---

**____________________________________________________________________________________________________**

(a)New awards consist of the original contract price of projects added to backlog plus or minus subsequent changes to the estimated total contract price of existing contracts.

(b)Backlog may differ from the transaction prices allocated to the remaining performance obligations as disclosed in Note 3 of the Notes to Condensed Consolidated Financial Statements. Such differences relate to the timing of executing a formal contract or receiving a notice to proceed. More specifically, backlog may include awards for which a contract has not yet been executed or a notice to proceed has not yet been issued, but for which there are no remaining major uncertainties that we will proceed with our work on the project (e.g., adequate funding is in place, we have received a notice of intent to award a contract, etc.).

With respect to potential concerns regarding the U.S. government's increased scrutiny and curtailment of various federal spending programs, as well as varying new tariff policies that have recently been implemented, the Company does not currently anticipate any significant impacts to its business related to these factors. From a project funding perspective, the Company does not currently foresee the risk of any of its major projects in backlog being cancelled, delayed or defunded. Most of the Company's major projects are funded at the state or local level, or with some combination of federal, state and local funding. For projects that are wholly or partially funded with federal dollars, the funding for those projects has already been committed and/or those projects are strategically important to the United States.

Specifically related to potential tariff impacts, the Company utilizes a pre-award and post-award strategy. As part of its pre-award strategy, the Company's detailed estimating process includes consideration of anticipated cost increases over the performance period of the contract, as well as additional contingencies to address other potential incremental costs related to unforeseen risks. Prior to its bid or proposal submission, the Company also works to negotiate favorable contract provisions that provide entitlement for certain compensable events, which may include price escalations and allowances. Once the project is awarded, the Company's strategy shifts to entering into purchase orders or "buy-outs" of materials, such as steel and concrete, as well as large pieces of equipment at the onset of projects, which mitigate the risk of future equipment and commodity price increases. Also at that time, the Company enters into fixed-price contracts with its key project subcontractors whereby the risk of unforeseen escalation is transferred to the subcontractor. The Company benefits from its long-term relationships with key suppliers, vendors and subcontractors, which minimize supply chain disruptions that could arise as a result of tariffs. While the Company believes this strategy appropriately mitigates the current risk of potential tariff impacts, there could be other unforeseen future developments. The Company will continue to monitor and assess its exposure to the economic environment.

The outlook for the Company's revenue growth over the next several years remains highly favorable due to strong new award bookings of large, long-duration projects over the past two years, as well as other significant new awards that are expected to be booked over the remainder of 2025. For example, the Company has various building projects in California, mostly in the healthcare sector, that are in the preconstruction phase. These projects are expected to move from preconstruction to construction later this year or in 2026, and they include a large healthcare project that is anticipated to be awarded the construction phase later in 2025 at a value of nearly $1 billion. Many of the Company's newer projects are design-build projects that have an initial design phase over the first six to eighteen months during which smaller revenue and earnings are generated prior to the start of a multi-year construction phase that generates substantially larger revenue and earnings. We anticipate that we will continue to win our share of significant new project awards resulting from long-term, well-funded capital spending plans by state, local and federal customers, as well as limited competition for many of the larger project opportunities.

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Nationally, support for transportation-related ballot measures has remained high over the last decade. Since 2014, voters in 43 states approved 84 percent of nearly 3,000 state and local measures on general election ballots. The largest of these was in Los Angeles County, where in 2016 Measure M, a half-cent sales tax increase, was approved and is expected to generate $120 billion of funding over 40 years. Funding from this measure is supporting, and is expected to continue to support, several of the Company's current and prospective projects. More recently, in the November 2024 elections, voters approved 77 percent of 370 transportation funding measures on state and local ballots throughout the country. These measures are expected to generate an estimated $41.4 billion in new and renewed funding for roads, bridges, rail and other infrastructure. Additionally, interest rates were lowered in the fall of 2024, and some economists expect further rate reductions in 2025, though the actual timing and extent of any future rate reductions remains uncertain. Lower interest rates could support additional demand for continued infrastructure spending. In contrast, should interest rates rise, they could reach levels that may negatively impact demand, especially for certain types of Building segment projects that have already been experiencing such impacts, such as commercial offices and tenant improvement projects, which tend to be more economically sensitive than projects handled by our Civil segment.

The bipartisan Infrastructure Investment and Jobs Act (enacted in 2021) provides for $1.2 trillion of federal infrastructure funding, including $550 billion in new spending for improvements to the country's surface-transportation network and enhancements to core infrastructure. The law initiated the largest federal investment in public transit ever, the single largest dedicated bridge investment since the construction of the interstate highway system and the largest federal investment in passenger rail since the creation of Amtrak, all in addition to providing for regular annual spending for numerous infrastructure projects. The Company anticipates that this significant incremental funding will continue to be allocated through the end of 2026 with the funds spent over the 10 years from the law's enactment (through 2031), and much of the funding is allocated for investments in end markets that are directly aligned with the Company's market focus. Accordingly, the Company believes that this significant level of sustained, incremental funding has benefited, and will continue to favorably impact, the Company's current work and prospective opportunities over the next decade.

For a more detailed discussion of the operating performance of each business segment, corporate general and administrative expenses and other items, see *Results of Segment Operations*, *Corporate, Tax and Other Matters* and *Liquidity and Capital Resources* below.

**<u>Non-GAAP Financial Measures</u>**

To supplement our unaudited condensed consolidated financial statements presented under GAAP, we are presenting certain non-GAAP financial measures. These non-GAAP financial measures are intended to provide additional insights that facilitate the comparison of our past and present performance, and they are among the indicators management uses to assess the Company's financial performance and to forecast future performance. By including these non-GAAP financial measures, we aim to provide investors and stakeholders a clearer understanding of our operating results and enhance transparency with respect to the key financial metrics used by our management in its financial and operational decision-making.

These non-GAAP financial measures, which exclude share-based compensation expense for the three and six months ended June 30, 2025 and 2024 (as well as the tax benefit associated with the expense), include adjusted net income attributable to the Company and adjusted earnings per share. We exclude share-based compensation expense because this expense could result in significant volatility in our reported earnings, driven primarily by fluctuations in the expense recognized for certain long-term incentive compensation awards with payouts that are indexed to the Company's common stock. By adjusting for share-based compensation, our non-GAAP measures present a supplemental depiction of our operational performance and financial health. This approach allows stakeholders to focus on our core operational efficiency and profitability without the variable impact to earnings caused by significant changes in our stock price. Our non-GAAP measures are intended to offer a consistent basis for evaluating the Company's performance, which management believes is meaningful to stakeholders.

The non-GAAP financial measures included in this Quarterly Report on Form 10-Q as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the most directly comparable measures prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis.

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Reconciliations of these non-GAAP financial measures are found in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(in millions, except per common share amounts)* | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to Tutor Perini Corporation, as reported | $20 | $0.8 | $48 | $16.6 |
| Plus: Share-based compensation expense<sup>(a)</sup> | 55.4 | 16.9 | 62.0 | 22.4 |
| Less: Tax benefit provided on share-based compensation expense | (0.3) | (0.2) | (0.5) | (0.3) |
| Adjusted net income attributable to Tutor Perini Corporation | $75.1 | $17.5 | $109.5 | $38.7 |
| Diluted earnings per common share, as reported | $0.38 | $0.02 | $0.90 | $0.31 |
| Plus: Share-based compensation expense impact per diluted share | 1.04 | 0.32 | 1.17 | 0.43 |
| Less: Tax benefit provided on share-based compensation expense per diluted share | (0.01) | (0.00) | (0.01) | (0.01) |
| Adjusted diluted earnings per common share | $1.41 | $0.34 | $2.06 | $0.73 |

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**___________________________________________________________________________________________________**

(a)The amount represents share-based compensation expense recorded during the three and six months ended June 30, 2025 and 2024. This includes expense associated with certain long-term incentive compensation awards that have payouts indexed to the Company's common stock. As such, significant fluctuations in the price of the Company's common stock during any reporting period have caused and could continue to cause significant fluctuations in the reported expense. The increase in the expense for the three and six months ended June 30, 2025 as compared to the prior-year periods was driven by the substantial increase in the price of the Company's stock during the 2025 period.

**<u>Results of Segment Operations</u>**

The results of our Civil, Building and Specialty Contractors segments are discussed below.

***Civil Segment***

Revenue and income from construction operations for the Civil segment are summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>(in millions) | **2025** | **2024** | **2025** | **2024** |
| Revenue | $734.2 | $546.5 | $1344.2 | $1018.7 |
| Income from construction operations | 140.1 | 75.6 | 219.7 | 146.3 |

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Revenue for the three and six months ended June 30, 2025 increased 34.3% and 32.0%, respectively, compared to the same periods in 2024. For both periods of 2025, the substantial growth was primarily due to increased project execution activities on certain large mass-transit projects in California and Hawaii, the Civil segment's share of a detention facility project in New York and two mass-transit projects in the Northeast, all of which have substantial scope of work remaining.

Income from construction operations for the three and six months ended June 30, 2025 was $140.1 million and $219.7 million, up 85.4% and 50.2%, respectively, compared to $75.6 million and $146.3 million for the same periods in 2024. The significant increase for both periods was primarily due to contributions related to the increased project execution activities discussed above and current-period favorable adjustments totaling $28.0 million due to the settlement of certain change orders, as well as changes in estimates due to improved performance on a mass-transit project in the Midwest.

Operating margin was 19.1% and 16.3% for the three and six months ended June 30, 2025, respectively, compared to 13.8% and 14.4% for the same periods in 2024. The increased operating margins were principally due to the above-mentioned factors that drove the increases in revenue and income from construction operations.

New awards in the Civil segment totaled $2.2 billion and $3.7 billion for the three and six months ended June 30, 2025 compared to $814.5 million and $1.1 billion for the same periods in 2024. The most significant new awards and contract adjustments in the second quarter of 2025 included the $1.87 billion Midtown Bus Terminal Replacement - Phase 1 project in

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New York; two civil works projects in the Midwest collectively valued at $127 million; and $90 million of additional funding for a mass-transit project in California.

Backlog for the Civil segment was $11.2 billion as of June 30, 2025, up 156% compared to $4.4 billion as of June 30, 2024, and set a new all-time record for the segment. The segment continues to experience strong demand reflected in a large, multi-year pipeline of prospective projects, supported by substantial anticipated funding from various voter-approved transportation measures, the bipartisan Infrastructure Investment and Jobs Act, and by public agencies' long-term spending plans. We believe that the Civil segment is well-positioned to continue capturing its share of these prospective projects, with the majority of near-term opportunities on the West Coast, in the Midwest, and in the Indo-Pacific region.

***Building Segment***

Revenue and income from construction operations for the Building segment are summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>(in millions) | **2025** | **2024** | **2025** | **2024** |
| Revenue | $462.1 | $417.9 | $921.9 | $829.8 |
| Income from construction operations | 22.5 | 5.0 | 32.9 | 21.2 |

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Revenue for the three and six months ended June 30, 2025 increased 10.6% and 11.1%, respectively, compared to the same periods in 2024, primarily due to increased project execution activities on a detention facility project in New York and a healthcare facility project in California, both of which have substantial scope of work remaining, partially offset by reduced project execution activities on a mass-transit project in California that is nearing completion.

Income from construction operations for the three and six months ended June 30, 2025 was $22.5 million and $32.9 million, up 344.8% and 55.5%, respectively, compared to $5.0 million and $21.2 million for the same periods in 2024. The increase for both periods was primarily due to contributions related to the increased project execution activities discussed above.

Operating margin was 4.9% and 3.6% for the three and six months ended June 30, 2025 compared to 1.2% and 2.6% for the same periods in 2024. The increased operating margins were principally due to the above-mentioned factors that drove the increases in revenue and income from construction operations.

New awards in the Building segment totaled $664.0 million and $806.1 million for the three and six months ended June 30, 2025 compared to $436.7 million and $841.0 million for the same periods in 2024. The most significant new awards and contract adjustments in the second quarter of 2025 included a $538 million healthcare project in California and $54 million of additional funding for another healthcare project in California.

Certain Building segment end markets, such as healthcare, education, industrial/manufacturing, and hospitality and gaming, continue to show strong demand for new and renovated facilities. However, continued elevated interest rates and potential increases in materials and equipment costs due to recently implemented tariff policies could negatively impact this demand.

Backlog for the Building segment was $6.9 billion as of June 30, 2025 up 65% compared to $4.2 billion as of June 30, 2024. The Building segment continues to experience strong customer demand as reflected by a large volume of prospective projects across various end markets and geographic locations. In addition, there are various healthcare and education projects underway in California that are in the preconstruction phase, with only a portion of their full anticipated value included in our reported backlog. These projects are expected to soon advance to the construction phase — most of them later this year and a few in 2026, and consequently we anticipate that we will book significant additional backlog for these projects in 2025 and 2026.

***Specialty Contractors Segment***

Revenue and loss from construction operations for the Specialty Contractors segment are summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>(in millions) | **2025** | **2024** | **2025** | **2024** |
| Revenue | $177.4 | $163.1 | $354.2 | $328.0 |
| Loss from construction operations | (18.0) | (7.8) | (25.1) | (26.2) |

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Revenue for the three and six months ended June 30, 2025 increased 8.8% and 8.0%, respectively, compared to the same periods in 2024, primarily due to increased project execution activities on the electrical and mechanical components of certain newer projects in the Northeast, California and Florida, all of which have substantial scope of work remaining.

Loss from construction operations for the three months ended June 30, 2025 was $18.0 million compared to $7.8 million for the same period of 2024. For the second quarter of 2025, the increased loss was primarily due to unfavorable adjustments totaling $14.6 million related to the settlement of certain legacy claims in the Northeast, none of which were individually material, partially offset by contributions related to the increased project execution activities discussed above. Loss from construction operations for the six months ended June 30, 2025 was $25.1 million compared to $26.2 million for the same period of 2024. For the first six months of 2025, the impact of the above-mentioned adjustments was largely offset by the absence of an immaterial prior-year unfavorable adjustment on a completed electrical project in New York. Both periods of 2025 were favorably impacted by early-stage contributions of certain newer projects that are expected to ramp up substantially over the next several years.

Operating margin was (10.2)% and (7.1)% for the three and six months ended June 30, 2025 compared to (4.8)% and (8.0)% for the same periods in 2024. The changes in operating margin were principally due to the aforementioned factors that drove the changes in revenue and loss from construction operations.

New awards in the Specialty Contractors segment totaled $181.0 million and $547.7 million for the three and six months ended June 30, 2025 compared to $313.0 million and $453.3 million for the same periods in 2024. The most significant new awards and contract adjustments in the second quarter of 2025 included $43 million of additional funding on a detention facility project in New York.

Backlog for the Specialty Contractors segment was $3.0 billion as of June 30, 2025, up 61% compared to $1.9 billion as of June 30, 2024, and set a new all-time record for the segment. The Specialty Contractors segment continues to be primarily focused on servicing the Company's current and prospective large Civil and Building segment projects, particularly in the Northeast and California. We believe that the segment remains well-positioned to continue capturing its share of other new projects, leveraging the strong reputation held by the business units in this segment for high-quality work on large, complex projects.

**<u>Corporate, Tax and Other Matters</u>**

***Corporate General and Administrative Expenses***

Corporate general and administrative expenses were $68.1 million and $85.7 million during the three and six months ended June 30, 2025, respectively, compared to $31.5 million and $51.3 million for the same periods in 2024. The increase in corporate general and administrative expenses in 2025 compared to 2024 was primarily due to a substantial increase in share-based compensation expense that resulted from a higher stock price, which impacted the fair value of certain liability-classified awards. The Company expects share-based compensation expense to be higher than previously anticipated for the full year of 2025, but it is projected to decrease considerably in 2026 and further in 2027 once certain awards have vested.

***Other Income, Net, Interest Expense and Income Tax Expense***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>(in millions) | **2025** | **2024** | **2025** | **2024** |
| Other income, net | $6.2 | $5.8 | $10.9 | $11.1 |
| Interest expense | (13.6) | (23.1) | (27.9) | (42.4) |
| Income tax expense | (22.0) | (7.3) | (34.9) | (14.6) |

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Interest expense for the three and six months ended June 30, 2025 decreased $9.5 million and $14.5 million compared to the same periods in 2024 primarily due to lower outstanding debt driven by the payoff of the Term Loan B in the first quarter of 2025, as discussed further in *Liquidity and Capital Resources.*

The Company recognized income tax expense of $22.0 million and $34.9 million for the three and six months ended June 30, 2025 resulting in an effective income tax rate was 31.8% and 28.0%, respectively. The effective income tax rate for the three and six months ended June 30, 2025 was higher than the 21.0% federal statutory income tax rate primarily due to non-deductible expenses and state income taxes (net of the federal tax benefit), partially offset by earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and federal income tax credits.

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The Company recognized income tax expense of $7.3 million and $14.6 million for the three and six months ended June 30, 2024, respectively. The effective income tax rate was 31.3% and 25.1% for the three and six months ended June 30, 2024, respectively. The effective income tax rate for both the three and six months ended June 30, 2024 was higher than the 21.0% federal statutory rate primarily due to non-deductible expenses and state income taxes (net of the federal tax benefit), partially offset by the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company).

**<u>Liquidity and Capital Resources</u>**

Liquidity is provided by available cash and cash equivalents, cash generated from operations, credit facilities and access to capital markets. We have a committed line of credit totaling $170.0 million, which may be used for revolving loans, letters of credit and/or general purposes. We believe that cash generated from operations, along with our unused credit capacity and available cash balances as of June 30, 2025, will be sufficient to fund working capital needs and debt maturities for the next 12 months and beyond, as discussed further below in *Debt* below. During the first quarter of 2025, we voluntarily repaid the remaining $121.9 million outstanding balance of the Term Loan B. We generated a record amount of operating cash in the first six months of 2025, as discussed below in *Cash and Working Capital*. We expect strong operating cash flow to continue for the remainder of 2025 based on projected cash collections, both from project execution activities and the resolution of outstanding claims and change orders. In addition, we expect to benefit from the utilization of available net operating loss carryforwards to reduce our cash outflows for income taxes.

***Cash and Working Capital***

Cash and cash equivalents were $526.1 million as of June 30, 2025 compared to $455.1 million as of December 31, 2024. Cash immediately available for general corporate purposes was $231.1 million and $265.6 million as of June 30, 2025 and December 31, 2024, respectively, with the remainder being amounts held by our consolidated joint ventures and also our proportionate share of cash held by our unconsolidated joint ventures. Cash held by our joint ventures is available only for joint venture-related uses, including distributions to joint venture partners. In addition, our restricted cash and restricted investments totaled $178.4 million as of June 30, 2025 compared to $149.1 million as of December 31, 2024. Restricted cash and restricted investments at June 30, 2025 were primarily held to secure insurance-related contingent obligations and deposits.

During the six months ended June 30, 2025, net cash provided by operating activities was $285.3 million, the largest result for the first six months of any year. The net cash provided by operating activities for the 2025 period was primarily due to cash generated by earnings sources and a decrease in net project working capital. The decrease in net project working capital was primarily due to an increase in billings in excess of costs and estimated earnings ("BIE") largely due to advanced payments on newer projects for mobilization and other initial project costs, partially offset by an increase in accounts receivable. In addition, the Company's balance of costs and estimated earnings in excess of billings ("CIE") was $856.4 million as of June 30, 2025, down $86.1 million (or 9%) compared to the balance at the end of 2024 and at the lowest level it has been since the second quarter of 2017. This reduction in CIE was primarily driven by the resolution and billing of various previously disputed matters. As of June 30, 2025, BIE of $1.7 billion exceeded CIE of $856.4 million resulting in a net BIE position. During the six months ended June 30, 2024, net cash provided by operating activities was $151.4 million. The net cash provided by operating activities for the 2024 period was primarily due to cash generated by earnings sources and a reduction in net project working capital. The reduction in net project working capital was primarily due to an increase in accounts payable, as a result of the timing of payments to subcontractors and vendors, partially offset by a decrease in BIE.

Cash flow from operating activities for the first six months of 2025 increased $133.9 million compared to the same period in 2024. The increase in cash flow from operating activities for the first six months of 2025 compared to 2024 primarily reflects higher cash generated by earning sources in the current period compared to the prior-year period, as well as a larger decrease in net project working capital in the current period compared to the prior-year period. The decrease in net project working capital in the 2025 period was primarily due to a current-year increase in BIE compared to a decrease last year, partially offset by a larger current-year increase in accounts receivable compared to last year, and a current-year increase in other current assets compared to a decrease last year. While both periods were positively impacted by collections associated with previously disputed matters as mentioned above, such collections in the 2024 period were significant whereas such collections in 2025 were lower relative to total operating cash flow.

Net cash used in investing activities during the first six months of 2025 was $67.7 million primarily due to the acquisition of property and equipment for projects (i.e., capital expenditures) totaling $56.9 million and other net cash used in investment transactions of $15.0 million. Net cash used in investing activities during the first six months of 2024 was $24.0 million primarily due to the acquisition of property and equipment for projects totaling $21.4 million.

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Net cash used in financing activities was $134.7 million for the first six months of 2025, which was primarily driven by a $116.7 million net repayment of debt (including the $121.9 million repayment of the remaining balance on the Term Loan B discussed below in *Debt*). Net cash used in financing activities was $242.6 million for the first six months of 2024, which was primarily driven by a $202.9 million net repayment of debt and $25.1 million of payments for debt issuance costs related to debt transactions during the period.

At June 30, 2025, we had working capital of $0.9 billion, a ratio of current assets to current liabilities of 1.32 and a ratio of debt to equity of 0.34, compared to working capital of $1.0 billion, a ratio of current assets to current liabilities of 1.41 and a ratio of debt to equity of 0.46 at December 31, 2024.

***Debt***

*2024 Senior Notes Issuance and 2017 Senior Notes Redemption*

On April 22, 2024, the Company issued $400.0 million in aggregate principal amount of 11.875% Senior Notes due April 30, 2029 (the "2024 Senior Notes") in a private placement offering. Interest on the 2024 Senior Notes is payable in arrears semi-annually in April and October of each year, beginning in October 2024.

Prior to April 30, 2026, the Company may redeem the 2024 Senior Notes at a redemption price equal to 100% of the principal amount plus a "make-whole" premium described in the indenture. In addition, prior to April 30, 2026, the Company may redeem up to 40% of the original aggregate principal amount of the 2024 Senior Notes at a redemption price of 111.875% of their principal amount with the "net cash proceeds" received by the Company from one or more equity offerings, as described in the indenture. On or after April 30, 2026, the Company may redeem the 2024 Senior Notes at specified redemption prices described in the indenture. If the Company experiences certain change of control events, holders of the 2024 Senior Notes may require the Company to repurchase all or part of the 2024 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

The 2024 Senior Notes are senior unsecured obligations of the Company and are guaranteed by the Company's existing and future subsidiaries that also guarantee obligations under the Company's 2020 Credit Agreement. In addition, the indenture for the 2024 Senior Notes provides for customary covenants and includes customary events of default.

The proceeds of the 2024 Senior Notes, together with cash on hand, were used to redeem in full, all of the outstanding obligations in respect of the 2017 Senior Notes. The redemption of the 2017 Senior Notes occurred on May 2, 2024 (the "2017 Senior Notes Redemption").

*2020 Credit Agreement*

On August 18, 2020, the Company entered into a credit agreement (as amended, the "2020 Credit Agreement") with BMO Bank N.A. (f/k/a BMO Harris Bank N.A.), as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement originally provided for a $425.0 million term loan B facility (the "Term Loan B") and a $175.0 million revolving credit facility (the "Revolver"), which was subsequently reduced to $170.0 million following the effectiveness of the 2024 Amendment (as defined and discussed below), with sub-limits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. Prior to the 2017 Senior Notes Redemption, if any of the 2017 Senior Notes had remained outstanding beyond certain dates, the maturities of the Term Loan B and the Revolver would have been subject to acceleration ("spring-forward maturity"). However, following the 2017 Senior Notes Redemption and the consummation of the 2024 Amendment, the spring-forward maturity of the Term Loan B is no longer in effect and the spring-forward maturity of the Revolver has been extended (as described below).

On April 15, 2024, the Company entered into an amendment in respect of the 2020 Credit Agreement (the "2024 Amendment") which, among other changes, (1) extends the existing Revolver maturity date from August 18, 2025 to (a) if any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof) remains outstanding, the earlier of (i) May 20, 2027 and (ii) the date that is ninety (90) days prior to the final maturity of any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof), as applicable, and (b) if no obligations are outstanding with respect to any tranche of the Term Loan B, any incremental term loan or any refinancing term loan, August 18, 2027 and (2) permanently reduces the aggregate commitments in respect of the Revolver by $5.0 million from $175.0 million to $170.0 million. The 2024 Amendment became effective on May 2, 2024 upon the completion of the 2017 Senior Notes Redemption.

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Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio, as defined in the 2020 Credit Agreement, does not exceed 3.50:1.00, and (C) in the case of unsecured indebtedness, (x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00. The balances of indebtedness used in the calculations of the First Lien Net Leverage Ratio and the Total Net Leverage Ratio include offsets for cash and cash equivalents available for general corporate purposes.

As of June 30, 2025, the Revolver had unused available borrowing capacity of $170.0 million, and the outstanding balance of the 2024 Senior Notes was $400.0 million. During the first quarter of 2025, the Company voluntarily repaid the remaining $121.9 million outstanding balance of the Term Loan B.

Borrowings under the 2020 Credit Agreement bear interest at variable rates, which have increased since the latter part of 2022 due to changes in market conditions that resulted in increases in the Secured Overnight Financing Rate ("SOFR") (and the London Interbank Offered Rate ("LIBOR") prior to the transition to SOFR), in the case of the Term Loan B, and the administrative agent's prime lending rate, in the case of the Revolver. Effective May 2, 2023, the 2020 Credit Agreement was amended to transition the Company's original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. The average borrowing rates on the Term Loan B and the Revolver for the six months ended June 30, 2025 were approximately 9.2% and 10.8%, respectively. At June 30, 2025, the borrowing rate on the Revolver was 10.8%. For more information regarding the terms of our 2020 Credit Agreement, refer to Note 10 of the Notes to Condensed Consolidated Financial Statements.

The table below presents our actual and required First Lien Net Leverage ratio under the 2020 Credit Agreement for the period, which is calculated on a rolling four-quarter basis:

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| | | |
|:---|:---|:---|
| | **Trailing Four Fiscal Quarters Ended** | **Trailing Four Fiscal Quarters Ended** |
| | **June 30, 2025** | **June 30, 2025** |
| | **Actual** | **Required** |
| First lien net leverage ratio | (0.78) to 1.00<sup>(a)</sup> | ≤ 2.25 : 1.00 |

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**____________________________________________________________________________________________________**

(a) The ratio was negative because the Company's cash and cash equivalents available for general corporate purposes exceeded secured Indebtedness, resulting in negative First Lien Net Indebtedness, both as defined in the 2020 Credit Agreement.

As amended, the 2020 Credit Agreement requires, solely with respect to the Revolver, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 3.50:1.00, effective the fiscal quarter ended December 31, 2022 and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. As of June 30, 2025, we were in compliance and expect to continue to be in compliance with the covenants under the 2020 Credit Agreement.

***Contractual Obligations***

There have been no material changes in our contractual obligations from those described in our Annual Report on Form 10-K for the year ended December 31, 2024.

**<u>Critical Accounting Policies and Estimates</u>**

There has been no material change in our significant accounting policies and estimates disclosed in Note 1 of the Notes to Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024 and in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

**<u>Recently Issued Accounting Pronouncements</u>**

See Note 2 of the Notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

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**<u>Item 3.</u> <u>Quantitative and Qualitative Disclosures About Market Risk</u>**

There has been no material change in our exposure to market risk from that described in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024.

**<u>Item 4.</u> <u>Controls and Procedures</u>**

**Disclosure Controls and Procedures**

An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined by Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act"), as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures (a) were effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

**Changes in Internal Control Over Financial Reporting**

There were no changes in our internal control over financial reporting during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**<u>PART II. –</u> <u>OTHER INFORMATION</u>**

**<u>Item 1.</u> <u>Legal Proceedings</u>**

In the ordinary course of our business, we are involved in various legal proceedings. We disclose information about certain pending legal proceedings pursuant to SEC rules and as we otherwise determine to be appropriate. For information on such pending matters, see Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2024, updated by Note 12 of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

**<u>Item 1A.</u> <u>Risk Factors</u>**

There have been no material changes to our risk factors as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

**<u>Item 4.</u> <u>Mine Safety Disclosures</u>**

Section 1503 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires domestic mine operators to disclose violations and orders issued under the Federal Mine Safety and Health Act of 1977 (the "Mine Act") by the federal Mine Safety and Health Administration. We do not own or operate any mines; however, we may be considered a mine operator as defined under the Mine Act because we provide construction services to customers in the mining industry. For the quarter ended June 30, 2025, we do not have any mine safety violations or other regulatory matters to disclose pursuant to Section 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K.

**<u>Item 5.</u> <u>Other Information</u>**

**(c) Trading Plans**

During the quarter ended June 30, 2025, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

**<u>Item 6. Exhibits</u>**

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| | |
|:---|:---|
| **Exhibits** | **Description** |
| &nbsp;&nbsp;10.1\* | <u>[Tutor Perini Corporation Omnibus Incentive Plan, as amended and restated.](tpc-20250630x10qexx101.htm)</u> |
| &nbsp;&nbsp;10.2\* | <u>[Form of Employment Letter Agreement.](tpc-20250630x10qex102.htm)</u> |
| &nbsp;&nbsp;31.1 | <u>[Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](tpc-20250630x10qexx311.htm)</u> |
| &nbsp;&nbsp;31.2 | <u>[Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](tpc-20250630x10qexx312.htm)</u> |
| &nbsp;&nbsp;32.1 | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](tpc-20250630x10qexx321.htm)</u> |
| &nbsp;&nbsp;32.2 | <u>[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](tpc-20250630x10qexx322.htm)</u> |
| &nbsp;&nbsp;101.INS | XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| &nbsp;&nbsp;101.SCH | XBRL Taxonomy Extension Schema Document. |
| &nbsp;&nbsp;101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
| &nbsp;&nbsp;101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
| &nbsp;&nbsp;101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
| &nbsp;&nbsp;101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
| &nbsp;&nbsp;104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL (included as Exhibit 101). |

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_____________________________________________________________________________________________________________

\*&nbsp;&nbsp;&nbsp;&nbsp;Management contract or compensatory plan or arrangement

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | ***Tutor Perini Corporation*** | ***Tutor Perini Corporation*** |
| Dated: August 6, 2025 | By: | */s/ Ryan J. Soroka* |
|  | Ryan J. Soroka | Ryan J. Soroka |
|  | Executive Vice President and Chief Financial Officer | Executive Vice President and Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**TUTOR PERINI CORPORATION**

**OMNIBUS INCENTIVE PLAN**

**(amended and restated as of March 12, 2025)**

SECTION 1.<u>GENERAL PURPOSE OF THE PLAN; DEFINITIONS</u>

The name of the plan is the Tutor Perini Corporation Omnibus Incentive Plan, which was adopted on April 10, 2018, amended on March 10, 2021, and amended and restated as of March 12, 2025 (hereinafter, as amended and restated, the "*Plan*"). The purpose of the Plan is to encourage and enable the officers, employees, non-employee directors and other key persons (including consultants and prospective employees) of Tutor Perini Corporation (the "*Company*") and its Subsidiaries upon whose judgment, initiative and efforts the Company largely depends for the successful conduct of its business to acquire a proprietary interest in the Company, and to enable the Company to offer cash and stock-based incentives to such individuals. It is anticipated that providing such persons with a direct stake in the Company's welfare and/or with cash and stock-based incentives based, in whole or in part, on the performance of the Company will assure a closer alignment of their interests with those of the Company, thereby stimulating their efforts on the Company's behalf and strengthening their desire to remain with the Company.

The following terms shall be defined as set forth below:

*"2014 Plan"* means the Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan, as adopted on October 2, 2014.

*"2017 Plan"* means the Tutor Perini Corporation Incentive Compensation Plan, as adopted on April 3, 2017.

*"Act"* means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

*"Administrator"* is defined in Section 2(a).

*"Award"* or *"Awards,"* except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Deferred Stock Awards, Restricted Stock Awards, Unrestricted Stock Awards, Dividend Equivalent Rights, Performance Awards or Other Cash-Based Awards.

*"Board"* means the Board of Directors of the Company.

*"Code"* means the Internal Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

*"Committee"* means the Compensation Committee of the Board of Directors referred to in Section 2.

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 *"Deferred Stock Award"* means Awards granted pursuant to Section 8.

*"Dividend Equivalent Right"* means Awards granted pursuant to Section 12.

*"Effective Date"* has the meaning set forth in Section 19.

*"Exchange Act"* means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

*"Fair Market Value"* of the Stock on any given date means the fair market value of the Stock determined by its closing price on the New York Stock Exchange. If there are no market quotations for such date, the determination shall be made by reference to the last date preceding such date for which there are market quotations.

*"Incentive Stock Option"* means any Stock Option designated and qualified as an "incentive stock option" as defined in Section 422 of the Code.

*"Legacy Plans"* means the 2014 Plan and the 2017 Plan.

*"Non-Qualified Stock Option"* means any Stock Option that is not an Incentive Stock Option.

*"Option"* or *"Stock Option"* means any option to purchase shares of Stock granted pursuant to Section 5.

*"Other Cash-Based Awards"* means an Award granted pursuant to Section 11 of the Plan and payable in cash at such time or times and subject to such terms and conditions as determined by the Administrator in its sole discretion.

*"Performance Award"* means an Award granted pursuant to Section 10 of the Plan contingent upon achieving certain Performance Goals.

*"Performance Cycle"* means one or more periods of time, which may be of varying and overlapping durations, as the Administrator may select, over which the attainment of one or more performance criteria will be measured for the purpose of determining a grantee's right to and the payment of a Restricted Stock Award, Deferred Stock Award or a Performance Award.

*"Performance Goals"* means goals established by the Administrator as contingencies for Awards to vest and/or become exercisable or distributable which may include, but are not limited to, one or more of the performance goals set forth in Appendix 1 hereto.

*"Restricted Stock Award"* means Awards granted pursuant to Section 7.

*"Stock"* means the Common Stock, par value $1.00 per share, of the Company.

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*"Stock Appreciation Right"* means any Award granted pursuant to Section 6.

*"Subsidiary"* means any corporation or other entity (other than the Company) in which the Company has a controlling interest, either directly or indirectly.

*"Unrestricted Stock Award"* means any Award granted pursuant to Section 9.

SECTION 2.<u>ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Committee</u>. The Plan shall be administered by the Compensation Committee of the Board of Directors (the "*Administrator*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Powers of Administrator</u>. The Administrator shall have the power and authority to grant Awards consistent with the terms of the Plan, including the power and authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to select the individuals to whom Awards may from time to time be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to determine the time or times of grant, and the extent, if any, of Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Deferred Stock Awards, Unrestricted Stock Awards, Other Cash-Based Awards and Dividend Equivalent Rights, or any combination of the foregoing, granted to any one or more grantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to determine the number of shares of Stock or the amount of cash to be covered by any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the form of written instruments evidencing the Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)to accelerate at any time the exercisability or vesting of all or any portion of any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)subject to the provisions of Section 5(a)(ii), to extend at any time the period in which Stock Options may be exercised;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)to determine at any time whether, to what extent, and under what circumstances distribution or the receipt of Stock and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the grantee and whether and to what extent the Company shall pay or credit amounts constituting interest (at rates determined by the Administrator) or dividends or deemed dividends on such deferrals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)at any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including related written instruments); to make all determinations it deems advisable for the administration of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the Plan. All decisions and interpretations of the Administrator shall be binding on all persons, including the Company and Plan grantees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Delegation of Authority to Grant Awards</u>. The Administrator, in its discretion, may delegate to the Chief Executive Officer of the Company all or part of the Administrator's authority and duties with respect to the granting of Awards to individuals who are not subject to the reporting and other provisions of Section 16 of the Exchange Act. Any such delegation by the Administrator shall include a limitation as to the amount of Awards that may be granted during the period of the delegation and shall contain guidelines as to the determination of the exercise price of any Stock Option or Stock Appreciation Right, the conversion ratio or price of other Awards and the vesting criteria. The Administrator may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Administrator's delegate or delegates that were consistent with the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Indemnification</u>. To the extent allowable pursuant to applicable law and the Company's certificate of incorporation and bylaws, neither the Board nor the Committee, nor any member of either or any delegatee thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and any delegatee thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys' fees) arising or resulting therefrom to the fullest extent permitted under any directors' and officers' liability insurance coverage which may be in effect from time to time.

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SECTION 3.<u>STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Stock Issuable</u>. The maximum number of shares of Stock reserved and available for issuance under the Plan shall be 7,782,386 shares, subject to adjustment as provided in Section 3(b). Such number is inclusive of shares available for issuance under the 2017 Plan, as well as previously authorized shares subject to outstanding awards under the Legacy Plans that may be or were forfeited and/or recycled. For purposes of this limitation, the shares of Stock underlying any Awards (including any Awards granted pursuant to the Legacy Plans) which are forfeited, canceled, held back upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, settled in cash or otherwise satisfied without the issuance of Stock or otherwise terminated (other than by exercise) shall be added back to the shares of Stock available for issuance under the Plan. Subject to such overall limitations, shares of Stock may be issued up to such maximum number pursuant to any type or types of Award; provided, however, that (i) Stock Options or Stock Appreciation Rights with respect to no more than 800,000 shares of Stock (subject to adjustment as provided in Section 3(b)) may be granted to any one individual grantee during any one calendar year period and (ii) the maximum number of shares of Stock that may be granted to any one individual grantee during any one calendar year with respect to any type of Award other than Stock Options or Stock Appreciation Rights is 500,000 shares of Stock (subject to adjustment as provided in Section 3(b) hereof) (it being understood that for a Performance Award, such limit shall apply to the number of shares of Stock that can be issued at target performance pursuant to such Award).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Changes in Stock</u>. If, as a result of any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company's capital stock, the outstanding shares of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for a different number or kind of securities of the Company or any successor entity (or a parent or subsidiary thereof), the Administrator shall make an appropriate or proportionate adjustment in: (i) the maximum number of shares reserved for issuance under the Plan; (ii) the number of Stock Options or Stock Appreciation Rights that can be granted to any one individual grantee and the maximum number of shares that may be granted under any other Award; (iii) the number and kind of shares or other securities subject to any then outstanding Awards under the Plan; (iv) the repurchase price, if any, per share subject to each outstanding Restricted Stock Award; and (v) the price for each share subject to any then outstanding Stock Options and Stock Appreciation Rights under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of Stock Options and Stock Appreciation Rights) as to which such Stock Options and Stock Appreciation Rights remain exercisable. The adjustment by the Administrator shall be final, binding and conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment, but the Administrator in its discretion may make a cash payment in lieu of fractional shares.

The Administrator may also adjust the number of shares subject to outstanding Awards and the exercise price and the terms of outstanding Awards to take into consideration material changes in accounting practices or principles, unusual or non-recurring events, extraordinary dividends, acquisitions or dispositions of stock or property or any other event if it is determined by the Administrator that such adjustment is appropriate to avoid distortion in the operation of the Plan, provided that no such adjustment shall be made in the case of an Incentive Stock Option, without the consent of the grantee, if it would constitute a modification, extension or renewal of the Option within the meaning of Section 424(h) of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Substitute Awards</u>. The Administrator may grant Awards under the Plan in substitution for stock and stock based awards held by employees, directors or other key persons of another corporation in connection with the merger or consolidation of the employing corporation with the Company or a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock of the employing corporation. The Administrator may direct that the substitute awards be granted on such terms and conditions as the Administrator considers appropriate in the circumstances. Any substitute Awards granted under the Plan shall not count against the share limitation set forth in Section 3(a).

SECTION 4.<u>ELIGIBILITY</u>

Grantees under the Plan will be such full or part-time officers and other employees, non-employee directors and key persons (including consultants and prospective employees) of the Company and its Subsidiaries, in each case to the extent the individual qualifies under the applicable rules of Form S-8 Registration Statement, as are selected from time to time by the Administrator in its sole discretion.

SECTION 5.<u>STOCK OPTIONS</u>

Any Stock Option granted under the Plan shall be in such form as the Administrator may from time to time approve. The grant of a Stock Option is contingent on the grantee executing the Stock Option agreement. The terms and conditions of each such agreement shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees.

Stock Options granted under the Plan may be either Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be granted only to employees of the Company or any Subsidiary that is a "subsidiary corporation" within the meaning of Section 424(f) of the Code. To the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Grant of Stock Options</u>. The Administrator in its discretion may grant Stock Options to eligible employees, non-employee directors and key persons of the Company or any Subsidiary. Stock Options granted pursuant to this Section 5(a) shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable. If the Administrator so determines, Stock Options may be granted in lieu of cash compensation at the optionee's election, subject to such terms and conditions as the Administrator may establish and subject to the limitations of Section 409A of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Exercise Price</u>. The exercise price per share for the Stock covered by a Stock Option granted pursuant to this Section 5(a) shall be determined by the Administrator at the time of grant but shall not be less than 100 percent of the Fair Market Value on the date of grant. For Incentive Stock Options, if an employee owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation the option price of the Incentive Stock Option granted to such employee shall be not less than 110 percent of the Fair Market Value on the grant date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Option Term</u>. The term of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be exercisable more than 10 years after the date the Stock Option is granted. For Incentive Stock Options, if an employee owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation, and an Incentive Stock Option is granted to such employee, the term of such Stock Option granted to such employee shall be no more than five years from the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Exercisability; Rights of a Stockholder</u>. Stock Options shall become exercisable at such time or times, whether or not in installments, as shall be determined by the Administrator at or after the grant date. The Administrator may at any time accelerate the exercisability of all or any portion of any Stock Option. An optionee shall have the rights of a stockholder only as to shares acquired upon the exercise of a Stock Option and not as to unexercised Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Method of Exercise</u>. Stock Options may be exercised in whole or in part, by giving written notice of exercise to the Company, specifying the number of shares to be purchased. Payment of the purchase price may be made by one or more of the following methods to the extent provided in the Option Award agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)In cash, by certified or bank check or other instrument acceptable to the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Through the delivery (or attestation to the ownership) of shares of Stock that are not then subject to restrictions under any Company plan. Such surrendered shares shall be valued at Fair Market Value on the exercise date; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)By the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure.

Payment instruments will be received subject to collection. The delivery of certificates representing the shares of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from the optionee (or a purchaser acting in his stead in accordance with the provisions of the Stock Option) by the Company of the full purchase price for such shares and the fulfillment of any other requirements contained in the Option Award agreement or applicable provisions of laws. In the event an optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the optionee upon the exercise of the Stock Option shall be net of the number of shares attested to.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Annual Limit on Incentive Stock Options</u>. To the extent required for "incentive stock option" treatment under Section 422 of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the shares of Stock with respect to which Incentive Stock Options granted under this Plan and any other plan of the Company or its parent and subsidiary corporations become exercisable for the first time by an optionee during any calendar year shall not exceed $100,000. To the extent that any Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Non-transferability of Options</u>. No Stock Option shall be transferable by the optionee otherwise than by will or by the laws of descent and distribution and all Stock Options shall be exercisable, during the optionee's lifetime, only by the optionee, or by the optionee's legal representative or guardian in the event of the optionee's incapacity. Notwithstanding the foregoing, the Administrator, in its sole discretion and subject to applicable law, may provide in the Award agreement regarding a given Option that the optionee may transfer his Non-Qualified Stock Options to members of his immediate family, to trusts for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the transferee agrees in writing with the Company to be bound by all of the terms and conditions of this Plan and the applicable Option.

SECTION 6.STOCK APPRECIATION RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Nature of Stock Appreciation Rights</u>. A Stock Appreciation Right is an Award entitling the recipient to receive an amount in cash or shares of Stock or a combination thereof having a value equal to the excess of the Fair Market Value of the Stock on the date of exercise over the exercise price of the Stock Appreciation Right, which price shall not be less than 100 percent of the Fair Market Value of the Stock on the date of grant multiplied by the number of shares of Stock with respect to which the Stock Appreciation Right shall have been exercised, with the Administrator having the right to determine the form of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Grant and Exercise of Stock Appreciation Rights</u>. Stock Appreciation Rights may be granted by the Administrator in tandem with, or independently of, any Stock Option granted pursuant to Section 5 of the Plan. In the case of a Stock Appreciation Right granted in tandem with a Non-Qualified Stock Option, such Stock Appreciation Right may be granted either at or after the time of the grant of such Option. In the case of a Stock Appreciation Right granted in tandem with an Incentive Stock Option, such Stock Appreciation Right may be granted only at the time of the grant of the Option. The grant of a Stock Appreciation Right is contingent on the grantee executing the Stock Appreciation Right agreement. The terms and conditions of each such agreement shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees.

A Stock Appreciation Right or applicable portion thereof granted in tandem with a Stock Option shall terminate and no longer be exercisable upon the termination or exercise of the related Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Terms and Conditions of Stock Appreciation Rights</u>. Stock Appreciation Rights shall be subject to such terms and conditions as shall be determined from time to time by the Administrator, subject to the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Stock Appreciation Rights granted in tandem with Options shall be exercisable at such time or times and to the extent that the related Stock Options shall be exercisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Stock Appreciation Rights granted independently of any Stock Options shall be exercisable at such time or times but shall not be exercisable more than 10 years after the date the Stock Appreciation Rights are granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Upon exercise of a Stock Appreciation Right, the applicable portion of any related Option shall be surrendered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)All Stock Appreciation Rights shall be exercisable during the grantee's lifetime only by the grantee or the grantee's legal representative.

SECTION 7.<u>RESTRICTED STOCK AWARDS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Nature of Restricted Stock Awards</u>. A Restricted Stock Award is an Award entitling the recipient to acquire, at such purchase price (which may be zero) as determined by the Administrator, shares of Stock subject to such restrictions and conditions as the Administrator may determine at the time of grant ("*Restricted Stock*"). Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. The grant of a Restricted Stock Award is contingent on the grantee executing the Restricted Stock Award agreement. The terms and conditions of each such agreement shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Rights as a Stockholder</u>. Upon execution of a written instrument setting forth the Restricted Stock Award and payment of any applicable purchase price, a grantee shall have the rights of a stockholder with respect to the voting of the Restricted Stock, subject to such conditions contained in the written instrument evidencing the Restricted Stock Award. Unless the Administrator shall otherwise determine, (i) uncertificated Restricted Stock shall be accompanied by a notation on the records of the Company or the transfer agent to the effect that they are subject to forfeiture until such Restricted Stock are vested as provided in Section 7(d) below, and (ii) certificated Restricted Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided in Section 7(d) below, and the grantee shall be required, as a condition of the grant, to deliver to the Company such instruments of transfer as the Administrator may prescribe.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Restrictions</u>. Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided herein or in the Restricted Stock Award agreement. Except as may otherwise be provided by the Administrator either in the Award agreement or, subject to Section 16 below, in writing after the Award agreement is issued, if any, if a grantee's employment (or other service relationship) with the Company and its Subsidiaries terminates for any reason, any Restricted Stock that has not vested at the time of termination shall automatically and without any requirement of notice to such grantee from or other action by or on behalf of, the Company be deemed to have been reacquired by the Company at its original purchase price from such grantee or such grantee's legal representative simultaneously with such termination of employment (or other service relationship), and thereafter shall cease to represent any ownership of the Company by the grantee or rights of the grantee as a shareholder. Following such deemed reacquisition of unvested Restricted Stock that are represented by physical certificates, grantee shall surrender such certificates to the Company upon request without consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Vesting of Restricted Stock</u>. The Administrator at the time of grant shall specify the date or dates and/or the attainment of pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted Stock and the Company's right of repurchase or forfeiture shall lapse. Notwithstanding the foregoing, in the event that any such Restricted Stock shall have a performance-based goal, the restriction period with respect to such shares shall not be less than one year, and in the event any such Restricted Stock shall have a time-based restriction, the restriction period with respect to such shares shall not be less than three years, provided that the Restricted Stock may vest ratably during such period. Subsequent to such date or dates and/or the attainment of such pre-established performance goals, objectives and other conditions, the shares on which all restrictions have lapsed shall no longer be Restricted Stock and shall be deemed "vested." Except as may otherwise be provided by the Administrator either in the Award agreement or, subject to Section 16 below, in writing after the Award agreement is issued, a grantee's rights in any shares of Restricted Stock that have not vested shall automatically terminate upon the grantee's termination of employment (or other service relationship) with the Company and its Subsidiaries and such shares shall be subject to the provisions of Section 7(c) above.

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SECTION 8.<u>DEFERRED STOCK AWARDS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Nature of Deferred Stock Awards</u>. A Deferred Stock Award is an Award of phantom stock units or restricted stock units to a grantee, subject to restrictions and conditions as the Administrator may determine at the time of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. The grant of a Deferred Stock Award is contingent on the grantee executing the Deferred Stock Award agreement. The terms and conditions of each such agreement shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees. Notwithstanding the foregoing, in the event that any such Deferred Stock Award shall have a performance-based goal, the restriction period with respect to such award shall not be less than one year, and in the event any such Deferred Stock Award shall have a time-based restriction, the restriction period with respect to such award shall not be less than three years, provided that the Deferred Stock Award may vest ratably during such period. At the end of the deferral period, the Deferred Stock Award, to the extent vested, may be paid to the grantee in cash and/or stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Election to Receive Deferred Stock Awards in Lieu of Compensation</u>. The Administrator may, in its sole discretion, permit a grantee to elect to receive a portion of the cash compensation or Restricted Stock Award otherwise due to such grantee in the form of a Deferred Stock Award. Any such election shall be made in writing and shall be delivered to the Company no later than the date specified by the Administrator and in accordance with rules and procedures established by the Administrator. The Administrator shall have the sole right to determine whether and under what circumstances to permit such elections and to impose such limitations and other terms and conditions thereon as the Administrator deems appropriate, in all cases, consistent with the requirements of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Rights as a Stockholder</u>. During the deferral period, a grantee shall have no rights as a stockholder; provided, however, that the grantee may be credited with Dividend Equivalent Rights with respect to the phantom stock units underlying his Deferred Stock Award, subject to such terms and conditions as the Administrator may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Restrictions</u>. A Deferred Stock Award may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of during the deferral period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Termination</u>. Except as may otherwise be provided by the Administrator either in the Award agreement or, subject to Section 16 below, in writing after the Award agreement is issued, a grantee's right in all Deferred Stock Awards that have not vested shall automatically terminate upon the grantee's termination of employment (or cessation of service relationship) with the Company and its Subsidiaries for any reason.

SECTION 9.<u>UNRESTRICTED STOCK AWARDS</u>

The Administrator may, in its sole discretion, grant (or sell at par value or such higher purchase price determined by the Administrator) an Unrestricted Stock Award to any grantee pursuant to which such grantee may receive shares of Stock free of any restrictions ("*Unrestricted Stock*") under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash compensation due to such grantee.

SECTION 10.<u>PERFORMANCE AWARDS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Performance Awards</u>. The Administrator may grant a Performance Award to a participant payable upon the attainment of specific Performance Goals. If the Performance Award is payable in cash, it may be paid upon the attainment of the relevant Performance Goals either in cash or in shares of Unrestricted Stock (based on the then current Fair Market Value of such shares), as determined by the Administrator, in its sole and absolute discretion. The grant of a Performance Award is contingent on the grantee executing the Performance Award agreement. The terms and conditions of each such agreement shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Performance Criteria</u>. The applicable performance criteria shall be based on one or more performance goals determined by the Administrator, which may include the Performance Goals set forth in Appendix 1 hereto. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Grant; Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Subject to the provisions of the Plan, the Administrator shall, in its sole discretion, have authority to determine the eligible participants to whom, and the time or times at which, Performance Awards shall be made, the vesting and payment provisions applicable to such awards, and all other terms and conditions of such awards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)For each participant, the Administrator may specify a targeted Performance Award. The individual target award may be expressed, at the Administrator's discretion, as a fixed dollar amount, a percentage of base pay or total pay (excluding payments made under the Plan), or an amount determined pursuant to an objective formula or standard. Establishment of an individual target award for a participant for a calendar year shall not imply or require that the same level individual target award (if any such award is established by the Administrator for the relevant participant) be set for any subsequent calendar year. At the time the Performance Goals are established, the Administrator shall prescribe a formula to determine the percentages (which may be greater than 100%) of the individual target

award which may be payable based upon the degree of attainment of the Performance Goals during the Performance Cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The measurements used in Performance Goals set under the Plan shall be determined in accordance with generally accepted accounting principles, except, to the extent that any objective Performance Goals are used, if any measurements require deviation from generally accepted accounting principles, such deviation shall be at the discretion of the Administrator at the time the Performance Goals are set or at such later time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Payment</u>. At the expiration of the applicable Performance Cycle, the Administrator shall determine and certify in writing the extent to which the Performance Goals established pursuant to this Section 10 have been achieved and the percentage of the participant's individual target award that has been vested and earned. Following the Administrator's determination and certification in accordance with the foregoing, the Performance Award shall become vested and payable (or deferred, in the case of deferred stock units) in accordance with the terms and conditions of the applicable award agreement. The Administrator may, in its sole discretion, award an amount less than the earned Performance Awards and/or subject the payment of all or part of any Performance Award to additional vesting, forfeiture and deferral conditions as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Termination</u>. Subject to the applicable provisions of the Award agreement and the Plan, upon a participant's termination of employment or service for any reason during the Performance Cycle for a given Performance Award, the Performance Award in question will vest or be forfeited in accordance with the terms and conditions established by the Administrator at grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Accelerated Vesting</u>. Based on service, performance and/or such other factors or criteria, if any, as the Administrator may determine, the Administrator may, at or after grant, accelerate the vesting of all or any part of any Performance Award.

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SECTION 11.<u>OTHER CASH-BASED AWARDS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Other Cash-Based Awards</u>. The Administrator may from time to time grant Other Cash-Based Awards to grantees in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by applicable law, as it shall determine in its sole discretion. Other Cash-Based Awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Administrator may accelerate the vesting of such Awards at any time in its sole discretion. The grant of an Other Cash-Based Award shall not require a segregation of any of the Company's assets for satisfaction of the Company's payment obligation thereunder.

SECTION 12.<u>DIVIDEND EQUIVALENT RIGHTS; DIVIDENDS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Dividend Equivalent Rights; Dividends</u>. A Dividend Equivalent Right is an Award entitling the grantee to receive credits based on cash dividends that would have been paid on the shares of Stock specified in the Dividend Equivalent Right (or other award to which it relates) if such shares had been issued to and held by the grantee. A Dividend Equivalent Right may be granted hereunder to any grantee as a component of another Award or as a freestanding award except with respect to an Award of a Stock Option or Stock Appreciation Right. The terms and conditions of Dividend Equivalent Rights shall be specified in the Award agreement. Cash dividend equivalents credited to the holder of a Dividend Equivalent Right shall be credited to a dividend book entry account on behalf of the holder, provided that such cash dividend equivalents shall not be deemed to be reinvested in shares of Stock and shall be held uninvested and without interest and paid in cash at the same time that the Dividend Equivalent Rights are vested. Stock dividend equivalents shall be credited to a dividend book entry account on behalf of the holder, provided that such stock dividend equivalents shall be paid in shares of Stock at the same time that the Dividend Equivalent Rights are vested. Dividend Equivalent Rights may be settled in cash or shares of Stock or a combination thereof, in a single installment or installments.

Neither dividends nor Dividend Equivalents shall be payable in respect of any unvested Awards prior to the vesting of such Award. In furtherance of the foregoing, a Dividend Equivalent Right granted as a component of another Award shall be settled upon settlement, or payment of, or lapse of restrictions on, such other award, and such Dividend Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other award. A Dividend Equivalent Right granted as a component of another Award may also contain terms and conditions different from such other award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Interest Equivalents</u>. Any Award under this Plan that is settled in whole or in part in cash on a deferred basis may provide in the grant for interest equivalents to be credited with respect to such cash payment. Interest equivalents may be compounded and shall be paid upon such terms and conditions as may be specified by the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination</u>. Except as may otherwise be provided by the Administrator either in the Award agreement or, subject to Section 16 below, in writing after the Award agreement is issued, a grantee's rights in all dividends or Dividend Equivalent Rights or interest equivalents granted as a component of another Award that has not vested shall automatically terminate upon the grantee's termination of employment (or cessation of service relationship) with the Company and its Subsidiaries for any reason.

SECTION 13.<u>LIMITATIONS ON VESTING</u>

No Award granted under the Plan shall vest earlier than the first anniversary of its date of grant, unless such Award is granted in lieu of salary, bonus or other compensation otherwise earned by or payable to a grantee. The foregoing sentence shall not apply to (i) Awards granted to non-employee directors of the Company, (ii) in addition to any Awards granted to non-employee directors, an aggregate of up to 5% of the maximum number of authorized shares set forth in Section 3(a), subject to adjustment as provided in Section 3(b), of this Plan and (iii) Awards vesting in connection with a termination of employment or a change in control, as may be provided in an Award agreement or employment agreement.

SECTION 14.<u>TAX WITHHOLDING</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Payment by Grantee</u>. Each grantee shall, no later than the date as of which the value of an Award or of any Stock or other amounts received thereunder first becomes includable in the gross income of the grantee for Federal income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld with respect to such income. The Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee. The Company's obligation to deliver stock certificates to any grantee is subject to and conditioned on tax obligations being satisfied by the grantee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Payment in Stock</u>. Subject to approval by the Administrator, a grantee may satisfy their potential tax withholding obligation associated with any Award (equal to the income to be recognized by the grantee associated with the vesting, settlement and/or exercise of an Award and based on the maximum statutory tax rate applicable to the grantee), in whole or in part, by (i) authorizing the Company to withhold from shares of Stock to be issued pursuant to any Award a number of shares with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding amount due, or (ii) transferring to the Company shares of Stock owned by the grantee with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding amount due.

SECTION 15.<u>TRANSFER, LEAVE OF ABSENCE, ETC.</u>

For purposes of the Plan, the following events shall not be deemed a termination of employment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a transfer to the employment of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the employee's right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise so provides in writing.

SECTION 16.<u>AMENDMENTS AND TERMINATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Board may, at any time, amend or discontinue the Plan and the Administrator may, at any time, amend or cancel any outstanding Award, but no such action shall adversely affect rights under any outstanding Award without the holder's consent subject to paragraph (b) below. Except as provided in Section 3(b), in no event may the Administrator exercise its discretion to: (i) reduce the exercise price per share of an outstanding Stock Option or an outstanding Stock Appreciation Right; (ii) cancel outstanding Stock Options or outstanding Stock Appreciation Rights in exchange for other Stock Options or other Stock Appreciation Rights with an exercise price per share that is less than the exercise price per share of the cancelled Stock Options or cancelled Stock Appreciation Rights, as applicable, or (iii) cancel an outstanding Stock Option or an outstanding Stock Appreciation Right with an exercise price that is less than the Fair Market Value of a share of Stock on the date of cancellation in exchange for cash or another Award, in any case, without the approval of the stockholders of the Company.

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Any Plan amendments that: (i) increase the number of shares reserved for issuance under the Plan; (ii) expand the type of Awards available, materially expand the eligibility to participate or materially extend the term of the Plan; (iii) materially change the method of determining Fair Market Value; or (iv) any other amendment that constitutes a material revision of the Plan under applicable stock exchange laws, rules or regulations, shall be subject to approval by the Company stockholders entitled to vote at a meeting of stockholders. In addition, to the extent determined by the Administrator to be required by the Code to ensure that Incentive Stock Options granted under the Plan are qualified under Section 422 of the Code, Plan amendments shall be subject to approval by the Company stockholders entitled to vote at a meeting of stockholders. Nothing in this Section 16 shall limit the Administrator's authority to take any action permitted pursuant to Sections 3(b) and 3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of this Plan to the contrary, the Administrator may amend the Plan or an Award Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or an outstanding Award to any law relating to plans of this or similar nature, and to the administrative regulations and rulings promulgated thereunder. By accepting an Award under this Plan, a grantee agrees to any amendment made pursuant to this Section 16(b) to the Plan and any Award without further consideration or action.

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SECTION 17.<u>STATUS OF PLAN</u>

With respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by a grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the Administrator shall otherwise expressly determine in connection with any Award or Awards. In its sole discretion, the Administrator may authorize the creation of trusts or other arrangements to meet the Company's obligations to deliver Stock or make payments with respect to Awards hereunder, provided that the existence of such trusts or other arrangements is consistent with the foregoing sentence.

SECTION 18.<u>GENERAL PROVISIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>No Distribution; Compliance with Legal Requirements</u>. The Administrator may require each person acquiring Stock pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof.

No shares of Stock shall be issued pursuant to an Award until all applicable securities law and other legal and stock exchange or similar requirements have been satisfied. The Administrator may require the placing of such stop-orders and restrictive legends on certificates for Stock and Awards as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Delivery of Stock Certificates</u>. Stock certificates to grantees under this Plan shall be deemed delivered for all purposes when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee's last known address on file with the Company. Uncertificated Stock shall be deemed delivered for all purposes when the Company or a Stock transfer agent of the Company shall have given to the grantee by United States mail, addressed to the grantee, at the grantee's last known address on file with the Company, notice of issuance and recorded the issuance in its records (which may include electronic "book entry" records).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Other Compensation Arrangements; No Employment Rights</u>. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of this Plan and the grant of Awards do not confer upon any employee any right to continued employment with the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Trading Policy Restrictions</u>. Option exercises and other Awards under the Plan shall be subject to such Company's insider trading policy and procedures, as in effect from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Designation of Beneficiary</u>. Each grantee to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries to exercise any Award or receive any payment under any Award payable on or after the grantee's death. Any such designation shall be on a form provided for that purpose by the Administrator and shall not be effective until received by the Administrator. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the beneficiary shall be the grantee's estate.

SECTION 19.<u>EFFECTIVE DATE OF PLAN; PRIOR AWARDS</u>

This Plan shall become effective upon approval by the holders of a majority of the votes cast at a meeting of stockholders at which a quorum is present (the "*Effective Date*"). Subject to such approval by the stockholders and to the requirement that no Stock may be issued hereunder prior to such approval, Stock Options and other Awards may be granted hereunder on and after adoption of this Plan by the Board. No Award shall be granted pursuant to the Plan on or after April 10, 2030, but Awards granted prior to that date may extend beyond that date. Outstanding Awards granted prior to the Effective Date pursuant to the Legacy Plans shall remain subject to the terms and conditions of the 2014 Plan or 2017 Plan, as applicable.

SECTION 20.<u>GOVERNING LAW</u>

This Plan and all Awards and actions taken thereunder shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts, applied without regard to conflict of law principles.

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**APPENDIX 1**

**Performance Criteria**

Performance Awards may be subject to one or more Performance Goals that shall be based on the attainment (on an annual and/or cumulative basis) of a certain target level of, or a specified increase or decrease in criteria selected by the Administrator, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net income (before or after taxes)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating cash flow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross profit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross profit return on investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross margin return on investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross margin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating margin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• working capital

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings before interest and taxes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings before interest, tax, depreciation and amortization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• return on equity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• return on assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• return on capital

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• return on invested capital

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revenue growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recurring revenues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales or market share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• total shareholder return

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic value added

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• safety

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OSHA Recordable Incident Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lost Time Case Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lost Workday Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Days Away/Restricted or Job Transfer Rate (DART Rate)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Experience Modification Rate (EMR)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• specified objectives with regard to limiting the level of increase in all or a portion of Tutor Perini's bank debt or other long-term or short-term public or private debt or other similar financial obligations of Tutor Perini, which may be calculated net of cash balances and/or other offsets and adjustments as may be established by the Administrator in its sole discretion

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fair market value of the shares of Tutor Perini's Common Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the growth in the value of an investment in Tutor Perini's Common Stock assuming the reinvestment of dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduction in operating expenses

The Administrator, in its sole discretion, may include or exclude the impact, if any, on reported financial results of any of the following events that occurs during a Performance Period: (a) asset write-downs; (b) litigation or claim judgments or settlements; (c) changes in tax laws, accounting principles or other laws or provisions; (d) reorganization or restructuring programs; (e) acquisitions or divestitures; (f) discontinued operations; (g) foreign exchange gains and losses; or (h) an event either not directly related to the operations of Tutor Perini or not within the reasonable control of Tutor Perini's management.

The Administrator retains the discretion to adjust otherwise payable Awards downward or upward, either on a formula or discretionary basis or any combination, as the Administrator determines, in its sole discretion. Performance goals may also be based on an individual participant's performance goals, as determined by the Administrator, in its sole discretion.

Any Performance Goal may, as the Administrator, in its sole discretion deems appropriate, (i) relate to the performance of Tutor Perini or any Subsidiary as a whole or any business unit or division of Tutor Perini or any Subsidiary or any combination thereof; (ii) be compared to the performance of a group of peer companies, or published or special index; (iii) be based on change in the applicable performance criteria over a specified period of time and such change may be measured based on an arithmetic change over the specified period (e.g., cumulative change or average change), or percentage change over the specified period (e.g., cumulative percentage change, average percentage change or compounded percentage change); (iv) relate to or be compared to one or more other performance criteria; or (v) any combination of the foregoing.

To maintain flexibility in compensating our executives, the Administrator reserves the right to use its judgment to grant or approve Awards or compensation that is non-deductible when the Administrator believes such Awards or compensation is appropriate.

## Exhibit 10.2

**Exhibit 10.2**

![image_0.jpg](image_0.jpg)

[Date]

Dear [Executive Name]:

This letter agreement ("<u>Agreement</u>"), as supplemented by your Separation Benefits Agreement effective as of [insert date] ("Separation Benefits Agreement"), [replaces and supersedes our prior letter agreement, dated __________, and] outlines the agreed upon terms and conditions of your [continued] employment as [Title] with Tutor Perini Corporation ("<u>Company</u>") effective as of [insert date] ("Effective Date").

1. The term of employment under this Agreement will begin on the Effective Date and shall be through [Date] ("Employment Term") during which time you will continue to report directly to the Chief Executive Officer of the Company. Upon expiration of the Employment Term, this Agreement will automatically terminate unless it is renewed in writing by the parties.

2. During the Employment Term, your annual base salary will be $[annual base salary] per year, subject to periodic review and recommendation by the Chief Executive Officer, and such periodic increases as the Compensation Committee (the "<u>Committee</u>") of the Company's Board of Directors may deem appropriate.

3. During the Employment Term, you will be eligible to receive bonus compensation under the annual incentive compensation program in which the Company's other Executive Officers participate, which provides annual cash awards for meeting certain financial and other performance targets, thresholds and maximums established by the Committee. Your annual target bonus opportunity will be no less than [target bonus opportunity]% of your annual base salary, with a threshold bonus opportunity equal to [XX]% of your annual base salary and a maximum bonus opportunity equal to [XX]% of your annual base salary (the "<u>Annual Bonus</u>"). If the applicable performance metrics in respect of the Annual Bonus for any given fiscal year are achieved at a level below the threshold level, no Annual Bonus will be paid in respect of such fiscal year. The earned Annual Bonus for each fiscal year, if any, will be paid as and when determined by the Committee, and, in any event, on or prior to March 15 of the year following the calendar year to which such Annual Bonus relates, subject to you remaining employed through December 31 of such calendar year.

4. During the Employment Term, you will be eligible to participate in the Company's long-term incentive program and receive awards thereunder as and when approved by the Committee. Subject to approval by the Committee, the Company will grant you [annual] equity awards [on or about *Specify Date*], having a grant date fair value (as determined by the Committee in good faith) of no less than $[fair value] in a combination of (A) time-based restricted stock units that vest ratably over three years (50% of the value of each aggregate award), and (B) performance-vesting equity incentive awards with three-year performance periods (50% of the value of each aggregate award)[, as well as *insert Description of any Additional Equity Grants*]. Such awards shall be payable at the Committee's discretion in the Company's common stock or cash. Any equity awards granted to you will be subject to the terms and conditions of the Tutor Perini Corporation Omnibus Incentive Plan, as amended, or its successor plan and the applicable grant agreement, which will be provided to you as soon as administratively practicable after any grant is approved by the Committee. [The Company acknowledges that the Committee has approved the value of the equity awards and the vesting schedules set forth in this paragraph.] [From time to time, as business conditions dictate, the Company may revise the types of equity granted and other award terms under the long-term incentive program.]

------

5. For the avoidance of doubt, you have been, and you remain an "at will" employee of the Company. Either you or the Company may terminate your employment at any time for any lawful reason. The compensation payable to you upon termination of your employment is set forth in the Separation Benefits Agreement.

6. You will be eligible to continue to participate in the Company's various benefit programs (including but not limited to welfare, retirement, vacation and sick time, life insurance and disability programs) on the same terms and conditions as other senior Company executives, as such programs and benefits are in effect from time to time. Additionally, during the Employment Term, the Company will continue to provide you with an automobile benefit on the same terms and conditions applicable to automobile arrangements with other senior Company executives [and *insert Other Benefit*].

7. Notwithstanding any other provision herein to the contrary, any "incentive-based compensation" within the meaning of Rule 10D-1 under the Securities Exchange Act of 1934, as amended ("<u>Rule 10D-1</u>") shall be subject to clawback by the Company in the manner required by the Company's recoupment policy as in effect from time to time and in the manner required by Listing Standard 303A.14 adopted by the New York Stock Exchange to implement Rule 10D-1.

8. This Agreement, along with the Separation Benefits Agreement, constitutes the entire agreement between the parties respecting your employment with the Company and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to such subject matter [(including, without limitation, your [date] letter agreement)]. This Agreement may not be modified or amended except by a written agreement, signed by the Company and by you. This Agreement will be construed and enforced under and be governed in all respects by the laws of the State of California, without regard to the conflict of laws principles thereof. With respect to any claim or dispute related to or arising under this Agreement, the parties hereto hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Los Angeles, California; provided, however, that any existing arbitration agreement between you and the Company will continue to govern any disputes hereunder to the fullest extent permitted by law. EACH PARTY HERETO WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision of this Agreement will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.

If you should have any questions regarding the above or need any additional information, please feel free to contact me.

------

Sincerely,

**TUTOR PERINI CORPORATION**

---

| | | |
|:---|:---|:---|
| By: |  |  |
| Name: | Gary G. Smalley | Date: |
| Title: | Chief Executive Officer and President |  |
| **Acknowledged and Agreed:** | **Acknowledged and Agreed:** |  |
| [Executive's Name] | [Executive's Name] | Date: |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Gary G. Smalley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Tutor Perini Corporation (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 6, 2025 | /s/ Gary G. Smalley |
| | Gary G. Smalley |
| | Chief Executive Officer and President |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Ryan J. Soroka, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Tutor Perini Corporation (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 6, 2025 | /s/ Ryan J. Soroka |
| | Ryan J. Soroka |
| | Executive Vice President and Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Tutor Perini Corporation (the "Company") on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Gary G. Smalley, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: August 6, 2025 | /s/ Gary G. Smalley |
| | Gary G. Smalley |
| | Chief Executive Officer and President |

---

A signed original of this written statement required by Section 906 has been provided to Tutor Perini Corporation and will be retained by Tutor Perini Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Tutor Perini Corporation (the "Company") on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ryan J. Soroka, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: August 6, 2025 | /s/ Ryan J. Soroka |
| | Ryan J. Soroka |
| | Executive Vice President and Chief Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to Tutor Perini Corporation and will be retained by Tutor Perini Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

<br>