Form 4: Tutor Perini Executive Vests in Phantom Stock Units, Reports Transaction

Gary G. Smalley, President of Tutor Perini Corporation, vested in 41,459 phantom stock units, which are settled in cash, and reported the transaction as an acquisition and disposition of shares.

Summary

• Gary G. Smalley, President of Tutor Perini Corporation, vested in 41,459 phantom stock units on November 15, 2024.
• These phantom stock units are part of a grant of 124,379 units awarded on November 15, 2023.
• The remaining units vest in two equal tranches of 41,460 on November 15, 2025 and 2026, contingent on continued employment.
• The phantom stock units are settled in cash based on the closing price of Tutor Perini's common stock on the vesting date.
• Although no shares were actually bought or sold, the transaction is reported as an acquisition and disposition for SEC reporting purposes.
• The price of the common stock on the vesting date was $27.73.

Sentiment

Score: 7

Explanation: The document is a routine SEC filing related to executive compensation. It is neither particularly positive nor negative, but rather a standard reporting requirement. The vesting of the phantom stock units is a planned event, and the reporting is expected.

Future Outlook

The remaining phantom stock units will vest on November 15, 2025 and 2026, contingent upon the reporting person's continued employment.

Industry Context

This is a standard SEC Form 4 filing related to executive compensation, which is common practice for publicly traded companies.

Comparison to Industry Standards

• The use of phantom stock units as part of executive compensation is a common practice in the construction and engineering industry, similar to companies like Fluor Corporation (FLR) and Jacobs Engineering Group (J).
• The vesting schedule of the phantom stock units, with tranches vesting over multiple years, is also a typical approach to incentivize long-term performance and retention, similar to practices at AECOM (ACM).
• The reporting of the transaction as both an acquisition and disposition, despite no actual share purchase or sale, is standard procedure under SEC regulations for cash-settled phantom stock units, consistent with how other companies report similar transactions.

Stakeholder Impact

• The vesting of phantom stock units has a minor impact on shareholders as it is a form of compensation for the executive.
• The transaction does not directly impact employees, customers, suppliers, or creditors.

Next Steps

• The remaining phantom stock units will vest on November 15, 2025 and 2026, contingent upon continued employment.

Key Dates

Keywords

phantom stock units, vesting, insider trading, SEC Form 4, executive compensation, Tutor Perini Corporation, TPC, Gary G. Smalley