Business Context and Reporting Period
This Form 8-K Current Report was filed by MasTec, Inc. on January 7, 2005, covering events occurring on January 3, 2005. The filing discloses the entry into a material definitive employment agreement and the appointment of a new principal officer.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Gregory S. Floerke as Chief Operations Officer, effective January 3, 2005. Mr. Floerke was previously Senior Vice President, Field Operations at MasTec North America, Inc., a position he held since October 2003.
Management Commentary and Compensation Details
- Role: Gregory S. Floerke appointed as Chief Operations Officer.
- Term: Two-year employment agreement.
- Base Salary: $300,000 for the first year and $350,000 for the second year.
- Equity Grant: Options to purchase 40,000 shares of common stock at the market price on the date of execution, vesting per the Company's Employee Stock Option Plan.
- Bonus: Eligible to participate in the senior management bonus plan.
- Background: Mr. Floerke previously held senior management roles at Williams Communications (1996-2002), most recently as Sr. Vice President & General Manager, Managed Services.
Investor Verification Checklist
- Verify the vesting schedule and exercise terms of the 40,000 stock options granted to Mr. Floerke in the attached Exhibit 10.29.
- Review the specific criteria for the senior management bonus plan referenced in the agreement.
- Confirm the impact of this executive appointment on the company's operational strategy and organizational structure.