Form 4: Tutor Perini Director Raymond Oneglia Receives Shares as Compensation and Disclaims Beneficial Ownership of O&G Industries Shares

Raymond Oneglia, a director at Tutor Perini, acquired shares as compensation and disclaimed beneficial ownership of shares held by O&G Industries.

Summary

• Raymond R. Oneglia, a director of Tutor Perini Corporation, filed a Form 4 detailing changes in beneficial ownership.
• On May 22, 2024, Oneglia acquired 7,659 shares of common stock as partial compensation for his 2024 Board of Directors annual retainer fee at a price of $0.
• Following this transaction, Oneglia directly owns 190,470 shares of Tutor Perini common stock.
• Oneglia also indirectly owns 500 shares through the Raymond R. Oneglia Spray Trust and 500,000 shares through O&G Industries, Inc., where he serves as Vice Chairman and a director.
• He disclaims beneficial ownership of the O&G Industries shares except to the extent of his pecuniary interest.
• Oneglia has granted a Limited Power of Attorney to several individuals to execute and file Section 16(a) filings on his behalf.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing. The sentiment is neutral to slightly positive due to the director receiving stock as compensation, aligning interests with shareholders.

Positives

• The acquisition of shares as compensation aligns the director's interests with those of the shareholders.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, ensuring transparency and compliance with securities regulations.

Comparison to Industry Standards

• Director compensation in the form of stock is a common practice among publicly traded companies to align the interests of directors with those of shareholders.
• Disclaimer of beneficial ownership is also a standard procedure when an individual has influence over shares held by another entity but does not have direct control or pecuniary interest.

Stakeholder Impact

• The acquisition of shares by a director can be viewed positively by shareholders as it aligns management's interests with theirs.

Key Dates