Form 4: Tutor Perini Corp Senior VP & CFO Ryan Joseph Soroka Reports Acquisition of Phantom Stock Units

Ryan Joseph Soroka, Senior VP & CFO of Tutor Perini Corp, reports the acquisition of 14,337 cash-settled phantom stock units on March 13, 2024.

Summary

• Ryan Joseph Soroka, the Senior VP & CFO of Tutor Perini Corporation, filed a Form 4 on March 15, 2024, reporting a transaction.
• On March 13, 2024, Soroka was granted 14,337 cash-settled phantom stock units.
• These units vest in three equal installments of 4,779 units each on March 13, 2025, 2026, and 2027, contingent upon continued employment.
• The phantom stock units are settled in cash based on the closing price of Tutor Perini Corporation's common stock on the vesting date.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, indicating a positive alignment of interests between management and shareholders. The sentiment is neutral to slightly positive.

Positives

• The granting of phantom stock units aligns the executive's interests with the company's long-term performance.
• The vesting schedule incentivizes continued employment and commitment to the company's success.

Risks

• The value of the phantom stock units is tied to the performance of Tutor Perini Corporation's common stock, which can be subject to market fluctuations.
• The executive must remain employed with the company through each vesting date to receive the corresponding units.

Future Outlook

The executive's compensation is tied to the future performance of the company's stock, incentivizing efforts to improve shareholder value.

Industry Context

Granting phantom stock units is a common practice in executive compensation to align management's interests with those of shareholders, particularly in publicly traded companies.

Comparison to Industry Standards

• Many companies in the construction and engineering industry, such as Fluor Corporation and Jacobs Engineering Group, utilize similar equity-based compensation plans for their executives.
• These plans often include stock options, restricted stock units, or performance-based awards to incentivize performance and retention.
• The specific terms and conditions of these plans, such as vesting schedules and performance metrics, can vary depending on the company's size, industry, and strategic goals.

Stakeholder Impact

• Shareholders may view the granting of phantom stock units as a positive sign, as it aligns management's interests with the company's long-term success.
• Employees may be motivated by the fact that executives are incentivized to improve the company's performance.

Key Dates