0000899243-23-001705.txt : 20230112 0000899243-23-001705.hdr.sgml : 20230112 20230112200426 ACCESSION NUMBER: 0000899243-23-001705 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20230110 FILED AS OF DATE: 20230112 DATE AS OF CHANGE: 20230112 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: MAS JOSE RAMON CENTRAL INDEX KEY: 0001079760 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-08106 FILM NUMBER: 23526945 MAIL ADDRESS: STREET 1: 800 DOUGLAS ROAD, 12TH FLOOR CITY: CORAL GABLES STATE: FL ZIP: 33134 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: MASTEC INC CENTRAL INDEX KEY: 0000015615 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 650829355 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 800 S. DOUGLAS ROAD STREET 2: 12TH FLOOR CITY: CORAL GABLES STATE: FL ZIP: 33134 BUSINESS PHONE: 3055991800 MAIL ADDRESS: STREET 1: 800 S. DOUGLAS ROAD STREET 2: 12TH FLOOR CITY: CORAL GABLES STATE: FL ZIP: 33134 FORMER COMPANY: FORMER CONFORMED NAME: BURNUP & SIMS INC DATE OF NAME CHANGE: 19920703 4 1 doc4.xml FORM 4 SUBMISSION X0306 4 2023-01-10 0 0000015615 MASTEC INC MTZ 0001079760 MAS JOSE RAMON 800 S. DOUGLAS ROAD, 12TH FLOOR CORAL GABLES FL 33134 1 1 0 0 CEO Forward sale contract (potential obligation to sell) 2023-01-10 4 J 1 775000 D Common Stock 775000 775000 D Forward sale contract (potential obligation to sell) 2023-01-10 4 J 1 387500 A Common Stock 387500 387500 D Forward sale contract (potential obligation to sell) 2023-01-10 4 J 1 212500 D Common Stock 212500 0 I See Footnote As previously reported, on November 19, 2019, the reporting person and the Jose Ramon Mas Irrevocable Family Trust, one of the trustees of which is the reporting person's spouse (the "JR Trust"), entered into prepaid variable forward sale contracts (the "2019 Forward Sale Contracts") with an unaffiliated third party buyer. The reporting person pledged an aggregate of 775,000 shares and the JR Trust pledged an aggregate of 212,500 shares (the " Initially Pledged Shares") of MasTec, Inc. common stock to secure their obligations under the contracts, and retained ownership and voting rights in their respective portions of the Initially Pledged Shares during the term of the pledge. As more fully described below, the 2019 Forward Sale Contracts were amended, effectively eliminating any obligation of the JR Trust to deliver Initial Pledged Shares and reducing the reporting person's obligation to deliver shares of MasTec common stock to the amount of the Current Pledged Shares (defined below) On November 28, 2022, (i) the JR Trust and the buyer entered into an agreement to terminate the 2019 Forward Sale Contract to which it was a party with respect to all 212,500 shares covered thereby, with the JR Trust retaining ownership of all such shares, and (ii) the reporting person and the buyer entered into an amendment to the 2019 Forward Sale Contract (the "Amended Agreement") to which the reporting person is a party to reduce the number of shares covered thereby to 387,500 shares (the "Current Pledged Shares") of MasTec, Inc. common stock and to amend the Floor Price (as defined below) and the Cap Price (as defined below), which were determined based on the volume weighted average price of MasTec Inc.'s common stock for a specified period ended on January 10, 2023. The Amended Agreement provides for the settlement of the transaction, at the reporting person's option, in cash or shares of MasTec, Inc. common stock. (Continued from Footnote 2) Current Pledged Shares are divided into thirty components split into two tranches (each, a "Tranche") of fifteen components each. The number of shares of MasTec, Inc. common stock to be potentially delivered to the buyer on the settlement date of each component in the first ("Tranche 1") or second ("Tranche 2") Tranche, as applicable (or on which to base the amount of cash to be delivered to the buyer on such settlement date) is to be determined as follows: (a) if the volume-weighted average price of MasTec, Inc. common stock on the designated valuation date for the applicable component (each, a "Settlement Price") is less than or equal to $78.5147 (the "Floor Price"), the reporting person will deliver to the buyer all of the Current Pledged Shares for the applicable component; (Continued from Footnote 3) (b) if such Settlement Price is greater than the Floor Price but less than or equal to $124.7512 (the " Tranche 1 Cap Price") in the case of a component in Tranche 1, or $136.9646 (the "Tranche 2 Cap Price," and each of the Tranche 1 Cap Price and Tranche 2 Cap Price, a "Cap Price") in the case of a component in Tranche 2, the reporting person will deliver to the buyer the number of shares equal to one hundred percent (100%) of the Current Pledged Shares for the applicable component multiplied by a fraction, the numerator of which is the Floor Price and the denominator of which is such Settlement Price; and (Continued from Footnote 4) (c) if such Settlement Price is greater than the Tranche 1 Cap Price in the case of a component in Tranche 1 or greater than the Tranche 2 Cap Price in the case of a component in Tranche 2, the reporting person will deliver to the buyer the number of shares equal to one hundred percent (100%) of Current Pledged Shares for the applicable component multiplied by a fraction, the numerator of which is the Floor Price plus the excess of such Settlement Price over the applicable Cap Price, and the denominator of which is such Settlement Price. Each component is exercisable on the same date as it expires, which date for each component, occurs between August 19, 2024 and September 8, 2025. Shares held by the JR Trust. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purpose of Section 16 or for any other purpose. The reporting person currently retains ownership of all shares of MasTec common stock that are subject to the Amended Agreement and rights related thereto, including all voting rights. \s\ Albert de Cardenas For: Jose Mas 2023-01-12