Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-05

Mastec (MTZ)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$11,544,386
Jose Mas total, FY2025
36th
CEO pay percentile vs peers
144:1
CEO-to-median pay ratio
92.86%
Say-on-pay support, latest vote
Companies that benchmark against MTZ
9 companies name MTZ as a compensation peer

Each company listed discloses MTZ in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MTZ in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jose Mas$1,250,000$0$8,000,000$0$2,250,000$0$44,386$11,544,386
Chief Executive Officer
Robert Apple792,69203,500,00001,300,000080,1435,672,835
Chief Operating Officer
Paul DiMarco585,38502,750,00001,050,000070,3034,455,688
EVP and Chief Financial Officer
Alberto de Cardenas542,69201,900,0000675,000029,4253,147,117
EVP, General Counsel and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Jose Mas$11,544,386$10,797,857$9,603,683+746,529
Robert Apple5,672,8355,269,1744,672,682+403,661
Paul DiMarco4,455,6884,005,7413,366,070+449,947
Alberto de Cardenas3,147,1172,897,3022,640,144+249,815

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
C. Robert CampbellDirector2026-05-04D3,000$417$1,251,000CommonForm 4 ↗
Robert J. DwyerDirector2026-05-15D214359,130CommonForm 4 ↗
Julia L. JohnsonDirector2026-05-15A9500CommonForm 4 ↗
Ernst N. CsiszarDirector2026-05-15A10400CommonForm 4 ↗
Ava L. ParkerDirector2026-05-15A12100CommonForm 4 ↗
Javier PalomarezDirector2026-05-15A9500CommonForm 4 ↗
C. Robert CampbellDirector2026-05-15A9500CommonForm 4 ↗
Robert J. DwyerDirector2026-05-15A9500CommonForm 4 ↗
Ernst N. CsiszarDirector2026-05-15D2343510,000CommonForm 4 ↗
Ava L. ParkerDirector2026-05-15D144356,087CommonForm 4 ↗
Javier PalomarezDirector2026-05-15D214359,130CommonForm 4 ↗
Ernst N. CsiszarDirector2026-06-03D6,5003712,412,605CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Robert AppleRSU2026-03-1811,548$3,500,000
Alberto de CardenasRSU2026-03-186,2691,900,000
Paul DiMarcoRSU2026-03-189,0742,750,000
Jose R. MasRSU2026-03-1826,3978,000,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Robert Apple$3,500,000$0$00.0%
Alberto de Cardenas1,900,000000.0%
Paul DiMarco2,750,000000.0%
Jose R. Mas8,000,000000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Robert AppleRSU28,762$3,567,351
Paul DiMarcoRSU7,5001,575,675
MasRSU63,2777,848,246
Paul DiMarcoRSU18,5234,026,345
Robert AppleRSU27,1545,902,465
MasRSU81,03717,615,013
MasRSU72,90215,846,708
Paul DiMarcoRSU24,3115,284,482
Alberto de CardenasRSU11,5051,426,965
Paul DiMarcoRSU14,4003,130,128
Robert AppleRSU35,8887,800,975
Paul DiMarcoRSU13,5392,942,972
MasRSU61,71313,414,555
Robert AppleRSU32,2857,017,790
Paul DiMarcoRSU20,5714,471,518
05

Incentive-plan design — the Compensation Discussion & Analysis

MasTec's objectives for its executive compensation program are to attract, motivate and retain a talented, entrepreneurial and innovative team of executive officers who will provide leadership for MasTec's success in dynamic and highly competitive markets. MasTec seeks to accomplish these objectives in a way that rewards both company and individual performance and aligns our executives' interests with our shareholders' long-term interests.

CEO STI target (% of salary)820%
CEO LTI target (% of salary)
Independent consultantMeridian
Clawback policyTrue
Anti-hedgingFalse
Anti-pledgingFalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2149,678,3243,820,26391,24992.86%Passed
20252025-05-2250,348,26110,005,329538,93083.42%Passed
20242024-05-1452,140,37611,348,558155,83582.13%Passed
20232023-05-1652,338,5369,974,087119,49983.99%Passed
20222022-05-1954,716,1473,046,557116,85494.73%Passed
20212021-05-2054,642,4664,316,755262,13292.27%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2192.86%a
20252025-05-2283.42%b
20242024-05-1482.13%c

a. Approved under the standard stated in the filing — “however, abstentions will not be counted as votes cast "for" or "against" any proposal and will have no effect on the voting results for any proposal.”.

b. Approved under the standard stated in the filing — “however, abstentions will not be counted as votes cast "for" or "against" any proposal and will have no effect on the voting results for any proposal.”.

c. Approved under the standard stated in the filing — “however, abstentions will not be counted as votes cast "for" or "against" any proposal and will have no effect on the voting results for any proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)144 : 1
CEO total compensation$11,544,386
Median employee compensation$80,186
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Robert J. DwyerIndependent · Lead Independent Director · Compensation$179,725$165,275$0$0$345,000
C. Robert CampbellIndependent · Audit (Chair)164,725165,27500330,000
Julia L. JohnsonIndependent · Nominating, Sustainability and Corporate Governance (Chair) · Executive · Finance and Mergers & Acquisitions · Audit149,725165,27500315,000
Ernst N. CsiszarIndependent · Audit · Compensation (Chair)134,385180,61500315,000
Javier PalomarezIndependent · Nominating, Sustainability and Corporate Governance · Compensation134,725165,27500300,000
Ava L. ParkerIndependent · Nominating, Sustainability and Corporate Governance89,730210,27000300,000
Jorge MasEmployee director · Board Chair · Executive (Chair)00000
Jose R. MasEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$300,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 15,000 / 15,000
Stock ownership guideline$500,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$853,015
Equity awards (grant-date value)$1,051,985
All other compensation$0
Total cost of the board$1,905,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Mastec names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Mastec.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Textron Inc2024Scott Donnelly$1,413,461$11,586,840$3,946,683$1,641,000$19,643,978
2Quanta Services, Inc2025Earl Austin1,406,25011,050,34502,710,35015,699,684
3Leidos Holdings, Inc2025Thomas Bell1,360,3858,257,1721,915,0313,148,26014,736,385
4EMCOR Group, Inc.2025Anthony Guzzi1,325,0003,505,90309,375,00014,380,630
5Jacobs Solutions Inc.2025Robert Pragada1,350,00010,970,07101,676,59514,038,363
6Tetra Tech, Inc2025Dan L. Batrack1,245,6737,798,84102,506,50011,622,399
7KBR, Inc.2025Stuart Bradie1,310,3084,879,03405,227,13211,614,552
8Mastec2025Jose Mas1,250,0008,000,00002,250,00011,544,386
9Tutor Perini Corporation2025Gary Smalley1,200,0005,693,19602,777,61910,041,405
10Fluor Corporation2025James Breuer1,071,6892,744,569593,7621,330,3006,873,013
11Primoris Services Corporation2025Koti Vadlamudi115,385900,104002,176,941
Dycom Industries, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Mastecnot disclosedRSU 100not disclosedMeridian
Dycom Industries, Inc.226%PSU 50 · RSU 50NoNot disclosed
EMCOR Group, Inc.300%RSU 50 · Cash LTI 50NoMercer
Fluor Corporation93%Performance Awards 50 · RSU 35 · Option 15Yes — Relative TSRFrederic W. Cook & Co., Inc. (FW Cook)
Jacobs Solutions Inc.98.7%PSU 60 · RSU 40NoFarient Advisors
KBR, Inc.113.1%PSU 66 · RSU 33Yes — Relative Total Stockholder Return (TSR)Meridian Compensation Partners, LLC
Leidos Holdings, Inc153%PSU 50 · RSU 30 · Options 20NoFrederic W. Cook & Co.
Primoris Services Corporation190%PSU 65 · RSU 35NoMeridian Compensation Partners
Quanta Services, Inc126.8%PSU 70 · RSU 30NoFrederick W. Cook & Co., Inc. (FW Cook)
Tetra Tech, Inc134%PSU 60 · RSU 40Yes — Relative TSRMeridian Compensation Partners
Textron Inc128.6%PSU 50 · RSU 25 · Options 25NoPearl Meyer
Tutor Perini Corporation154.3%not disclosedNoMeridian Compensation Partners

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jose MasDEF 14A2026-04-090001140361-26-014022Section “SUMMARY COMPENSATION TABLE FOR 2025” · page 43. As printed: 11,544,386. Filing ↗machine: r2 · c19 · span 995699–995710
2Section 01, Robert AppleDEF 14A2026-04-090001140361-26-014022Section “SUMMARY COMPENSATION TABLE FOR 2025” · page 43. As printed: 5,672,835. Filing ↗machine: r5 · c19 · span 1006774–1006784
3Section 01, Paul DiMarcoDEF 14A2026-04-090001140361-26-014022Section “SUMMARY COMPENSATION TABLE FOR 2025” · page 43. As printed: 4,455,688. Filing ↗machine: r8 · c19 · span 1017849–1017859
4Section 01, Alberto de CardenasDEF 14A2026-04-090001140361-26-014022Section “SUMMARY COMPENSATION TABLE FOR 2025” · page 43. As printed: 3,147,117. Filing ↗machine: t208 · r11 · c19 · span 1028824–1028834
5Section 03, Robert Apple RSUDEF 14A2026-04-090001140361-26-014022Section “SUMMARY COMPENSATION TABLE FOR” · grants of plan-based awards table. Filing ↗machine: t208 · r5 · c10 · span 1005029–1005038
6Section 03, Alberto de Cardenas RSUDEF 14A2026-04-090001140361-26-014022Section “SUMMARY COMPENSATION TABLE FOR” · grants of plan-based awards table. Filing ↗machine: t208 · r11 · c10 · span 1027081–1027090
7Section 03, Paul DiMarco RSUDEF 14A2026-04-090001140361-26-014022Section “SUMMARY COMPENSATION TABLE FOR” · grants of plan-based awards table. Filing ↗machine: t208 · r8 · c10 · span 1016104–1016113
8Section 03, Jose R. Mas RSUDEF 14A2026-04-090001140361-26-014022Section “SUMMARY COMPENSATION TABLE FOR” · grants of plan-based awards table. Filing ↗machine: t208 · r2 · c10 · span 993957–993966
9Section 07, pay ratioDEF 14A2026-04-09000114036126014022Section “CEO Pay Ratio”. As printed: 144 : 1. Filing ↗machine: span 1376998–1377003
10Section 08, Robert J. DwyerDEF 14A2026-04-090001140361-26-014022Section “Director Compensation”. As printed: 345,000. Filing ↗machine: t141 · r4 · c10 · span 656245–656253
11Section 08, C. Robert CampbellDEF 14A2026-04-090001140361-26-014022Section “Director Compensation”. As printed: 330,000. Filing ↗machine: t141 · r2 · c10 · span 651582–651590
12Section 08, Julia L. JohnsonDEF 14A2026-04-090001140361-26-014022Section “Director Compensation”. As printed: 315,000. Filing ↗machine: t141 · r5 · c10 · span 658577–658585
13Section 08, Ernst N. CsiszarDEF 14A2026-04-090001140361-26-014022Section “Director Compensation”. As printed: 315,000. Filing ↗machine: t141 · r3 · c10 · span 653914–653922
14Section 08, Javier PalomarezDEF 14A2026-04-090001140361-26-014022Section “Director Compensation”. As printed: 300,000. Filing ↗machine: t141 · r6 · c10 · span 660909–660917
15Section 08, Ava L. ParkerDEF 14A2026-04-090001140361-26-014022Section “Director Compensation”. As printed: 300,000. Filing ↗machine: t141 · r7 · c10 · span 663299–663307
16Section 08, Jorge MasDEF 14A2026-04-090001140361-26-014022Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Jose R. MasDEF 14A2026-04-090001140361-26-014022Section “Director Compensation”. As printed: 0. Filing ↗
18Section 02, C. Robert Campbell 2026-05-04Form 42026-05-060000015615-26-000055Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Robert J. Dwyer 2026-05-15Form 42026-05-190000015615-26-000064Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Julia L. Johnson 2026-05-15Form 42026-05-190000015615-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Ernst N. Csiszar 2026-05-15Form 42026-05-190000015615-26-000065Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Ava L. Parker 2026-05-15Form 42026-05-190000015615-26-000063Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Javier Palomarez 2026-05-15Form 42026-05-190000015615-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, C. Robert Campbell 2026-05-15Form 42026-05-190000015615-26-000062Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Robert J. Dwyer 2026-05-15Form 42026-05-190000015615-26-000064Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Ernst N. Csiszar 2026-05-15Form 42026-05-190000015615-26-000065Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Ava L. Parker 2026-05-15Form 42026-05-190000015615-26-000063Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Javier Palomarez 2026-05-15Form 42026-05-190000015615-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Ernst N. Csiszar 2026-06-03Form 42026-06-050000015615-26-000067Insider equity transaction reported since the proxy statement. Filing ↗
30Section 06, 2026 voteForm 8-K2026-05-220001193125-26-236909Item 5.07 · say-on-pay result. As reported: 92.86% (votes for as printed: 49,678,324). Filing ↗
31Section 06, 2025 voteForm 8-K2025-05-270001193125-25-127576Item 5.07 · say-on-pay result. As reported: 83.42% (votes for as printed: 50,348,261). Filing ↗
32Section 06, 2024 voteForm 8-K2024-05-170001193125-24-141844Item 5.07 · say-on-pay result. As reported: 82.13% (votes for as printed: 52,140,376). Filing ↗
33Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
34Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
35Section 09b board cost (computed)ComputedcomputedCash 853,015 + equity 1,051,985 + all other 0 = 1,905,000, summed across the director compensation table rows.machine: formula: Σ = 1,905,000
36Textron Inc, Section 10b CEO totalDEF 14A2026-03-050001552781-26-000084CEO total compensation as printed in Textron Inc's own proxy. As printed: 19,643,978. Filing ↗machine: r7 · c18 · span 701332–701342
37Quanta Services, Inc, Section 10b CEO totalDEF 14A2026-04-100001193125-26-150293CEO total compensation as printed in Quanta Services, Inc's own proxy. As printed: 15,699,684. Filing ↗machine: t186 · r5 · c39 · span 987370–987380
38Leidos Holdings, Inc, Section 10b CEO totalDEF 14A2026-03-190001336920-26-000138CEO total compensation as printed in Leidos Holdings, Inc's own proxy. As printed: 14,736,385. Filing ↗machine: r2 · c24 · span 1564240–1564250
39EMCOR Group, Inc., Section 10b CEO totalDEF 14A2026-04-210001140361-26-015809CEO total compensation as printed in EMCOR Group, Inc.'s own proxy. As printed: 14,380,630. Filing ↗machine: t131 · r2 · c24 · span 391861–391872
40Jacobs Solutions Inc., Section 10b CEO totalDEF 14A2025-12-180001193125-25-325103CEO total compensation as printed in Jacobs Solutions Inc.'s own proxy. As printed: 14,038,363. Filing ↗machine: t268 · r3 · c29 · span 1161469–1161479
41Tetra Tech, Inc, Section 10b CEO totalDEF 14A2026-01-090001104659-26-002458CEO total compensation as printed in Tetra Tech, Inc's own proxy. As printed: 11,622,399. Filing ↗machine: t51 · r1 · c29 · span 1221310–1221320
42KBR, Inc., Section 10b CEO totalDEF 14A2026-03-300001104659-26-036847CEO total compensation as printed in KBR, Inc.'s own proxy. As printed: 11,614,552. Filing ↗machine: t266 · r7 · c14 · span 1965148–1965158
43Mastec (subject), Section 10b CEO totalDEF 14A2026-04-090001140361-26-014022CEO total compensation as printed in Mastec's own proxy. As printed: 11,544,386. Filing ↗machine: r2 · c19 · span 995699–995710
44Tutor Perini Corporation, Section 10b CEO totalDEF 14A2026-04-090000077543-26-000088CEO total compensation as printed in Tutor Perini Corporation's own proxy. As printed: 10,041,405. Filing ↗machine: r3 · c42 · span 637136–637146
45Fluor Corporation, Section 10b CEO totalDEF 14A2026-03-120001104659-26-027053CEO total compensation as printed in Fluor Corporation's own proxy. As printed: 6,873,013. Filing ↗machine: span 1033953–1033962
46Primoris Services Corporation, Section 10b CEO totalDEF 14A2026-03-200001104659-26-032237CEO total compensation as printed in Primoris Services Corporation's own proxy. As printed: 2,176,941. Filing ↗machine: span 1489439–1489448
47Section 10a, Tutor Perini Corporation reciprocityDEF 14A0000077543-26-000088Tutor Perini Corporation's most recent proxy was read; its disclosed peer group does not include Mastec. Filing ↗
48Section 10a, Quanta Services, Inc reciprocityDEF 14A0001193125-25-078453Quanta Services, Inc names Mastec in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, EMCOR Group, Inc. reciprocityDEF 14A0001140361-26-015809EMCOR Group, Inc. names Mastec in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Dycom Industries, Inc. reciprocityDEF 14A0000067215-26-000017Dycom Industries, Inc. names Mastec in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, Fluor Corporation reciprocityDEF 14A0001104659-26-027053Fluor Corporation's most recent proxy was read; its disclosed peer group does not include Mastec. Filing ↗
52Section 10a, Tetra Tech, Inc reciprocityDEF 14A0001104659-26-002458Tetra Tech, Inc's most recent proxy was read; its disclosed peer group does not include Mastec. Filing ↗
53Section 10a, Textron Inc reciprocityDEF 14A0001552781-26-000084Textron Inc's most recent proxy was read; its disclosed peer group does not include Mastec. Filing ↗
54Section 10a, KBR, Inc. reciprocityDEF 14A0001104659-26-036847KBR, Inc.'s most recent proxy was read; its disclosed peer group does not include Mastec. Filing ↗
55Section 10a, Primoris Services Corporation reciprocityDEF 14A0001104659-26-032237Primoris Services Corporation names Mastec in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, Leidos Holdings, Inc reciprocityDEF 14A0001336920-26-000138Leidos Holdings, Inc's most recent proxy was read; its disclosed peer group does not include Mastec. Filing ↗