MASTEC INC - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by MASTEC, INC. on October 14, 2004. The filing discloses the entry into a material definitive agreement and the appointment of a new principal officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation terms:
- Annual Base Salary: $350,000
- Initial Bonus: $75,000
- Minimum Annual Performance Bonus: $50,000
- Stock Options: 100,000 shares (vesting 50% on the first anniversary and 50% on the second anniversary of the hire date).
Material Changes
The primary material change is the appointment of C. Robert Campbell as Executive Vice President and Chief Financial Officer, effective October 18, 2004. This follows the execution of a 27-month employment agreement on October 12, 2004.
Management Commentary and Risks
Mr. Campbell brings over 25 years of senior financial management experience, including roles as CFO for TIMCO Aviation Services, Inc. (2002-2004) and CEO of BAX Global Inc. (1998-2000). He is a Certified Public Accountant with degrees from the University of North Carolina, Columbia University, and Florida International University. The filing does not disclose specific risks, contingencies, or unusual items beyond the standard terms of the employment agreement.
Key Facts for Investor Verification
- Verify the effective date of the CFO appointment (October 18, 2004) and the start of the 27-month contract term.
- Confirm the vesting schedule for the 100,000 stock options granted to the new CFO.
- Review the full text of Exhibit 10.27 (Employment Agreement) for additional clauses regarding termination, severance, or non-compete restrictions not summarized here.