STOCK TITAN

MasTec (MTZ) insider Jose Ramon Mas revises 7.7% stake and forward contract terms

(Moderate)
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

MasTec, Inc. insider Jose Ramon Mas and affiliated entities report beneficial ownership of 6,185,090 MasTec common shares, representing 7.7% of the class, based on 80,304,948 shares outstanding as of July 27, 2026. The holdings are spread across personal ownership, two Mas-branded holding LLCs, two irrevocable family trusts, Mas Equity Partners III, LLC, and the Mas Family Foundation. Mas disclaims beneficial ownership of shares held by the trusts and the foundation except to the extent of any pecuniary interest.

The amendment centers on a Prepaid Forward Contract first entered into in 2019 and now further amended on August 10, 2026 through a Fourth Amendment with Bank of America, N.A. Mas has pledged 340,794 shares as collateral under this contract but retains voting rights and beneficial ownership until settlement. The contract allows settlement in either shares or cash at Mas’s option on designated valuation dates in 2027 and 2028.

The amendment revises the floor and cap prices governing how many pledged shares, if any, may ultimately be delivered. For Tranche 1, the floor price is $246.5096 and the cap price is $350.5914; for Tranche 2, the floor price is $157.3441 and the cap price is $243.0093. The number of shares delivered for each component depends on the volume weighted average price of MasTec stock on each valuation date, with formulas that can require all pledged shares, a fraction of them, or a capped amount to be delivered, or the economic equivalent in cash.

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Beneficial Ownership 6,185,090 shares Shares of MasTec common stock beneficially owned by Jose Ramon Mas
Ownership Percentage 7.7% Percent of MasTec common stock class represented by 6,185,090 shares
Shares Outstanding 80,304,948 shares MasTec common shares outstanding as of July 27, 2026
Pledged Shares 340,794 shares MasTec shares pledged as collateral under the Prepaid Forward Contract
Tranche 1 Floor Price $246.5096 Floor price used to determine share delivery for Tranche 1 components
Tranche 1 Cap Price $350.5914 Cap price used to determine share delivery for Tranche 1 components
Tranche 2 Floor Price $157.3441 Floor price used to determine share delivery for Tranche 2 components
Tranche 2 Cap Price $243.0093 Cap price used to determine share delivery for Tranche 2 components
Prepaid Forward Contract financial
"The purpose of this filing to is report entry by Jose Ramon Mas on August 10, 2026 into an amendment (the "Fourth Amendment") to the previously reported prepaid variable forward sale contract"
volume weighted average price financial
"which were determined based on the volume weighted average price (the "VWAP") of MasTec, Inc.'s common stock"
The volume weighted average price (VWAP) is a way to measure the average price of a security, such as a stock, over a specific period, taking into account how many units were traded at each price. It’s similar to calculating the average cost of items bought when some are more frequently purchased than others. Investors use VWAP to assess whether a security is being bought or sold at a fair price during trading.
beneficial ownership regulatory
"due to the difference in how ownership of securities is reported for purposes of Section 13(d) of the Act (beneficial ownership)"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Floor Price financial
"is less than or equal to $246.5096 (the "Tranche 1 Floor Price") or $157.3441 (the "Tranche 2 Floor Price," and each of the Tranche 1 Floor Price and Tranche 2 Floor Price, a "Floor Price")"
The floor price is the minimum price at which a security, asset, or offering will be sold or accepted, acting like a seller’s “bottom line” or a reserve in an auction. For investors it matters because it sets a visible downside limit and can influence trading, valuation, and expectations of risk—like knowing there’s a safety net that a sale won’t go below a set level.
Cap Price financial
"less than or equal to $350.5914 (the "Tranche 1 Cap Price") or $243.0093 (the "Tranche 2 Cap Price," and each of the Tranche 1 Cap Price and Tranche 2 Cap Price, a "Cap Price")"
pledged as collateral financial
"340,794 Shares of Common Stock owned by Jose Ramon Mas individually are subject to the Prepaid Forward Contract and are pledged as collateral"

FAQ

How many MasTec (MTZ) shares does Jose Ramon Mas beneficially own under this 13D/A?

Jose Ramon Mas reports beneficial ownership of 6,185,090 MasTec common shares, representing 7.7% of the outstanding stock, based on 80,304,948 shares outstanding as of July 27, 2026. This total aggregates his direct and indirect holdings across several entities and trusts.

What portion of MasTec (MTZ) shares held by Jose Ramon Mas is pledged to the Prepaid Forward Contract?

340,794 MasTec common shares owned individually by Jose Ramon Mas are pledged as collateral under the Prepaid Forward Contract. He currently retains beneficial ownership and voting rights in these pledged shares during the term of the pledge, subject to the contract’s settlement terms.

What are the key floor and cap prices in the MasTec (MTZ) Prepaid Forward Contract?

For Tranche 1, the floor price is $246.5096 and the cap price is $350.5914. For Tranche 2, the floor price is $157.3441 and the cap price is $243.0093. These levels determine how many pledged shares or equivalent cash may be delivered at settlement.

When will the MasTec (MTZ) Prepaid Forward Contract potentially settle for Jose Ramon Mas?

Settlement under the Prepaid Forward Contract occurs on specified Valuation Dates in August or September 2027 or 2028, depending on each tranche component. On each such date, Mas may settle in MasTec shares or an equivalent amount of cash under the contract’s formulas.

How is beneficial ownership by Jose Ramon Mas in MasTec (MTZ) structured across entities?

The 6,185,090 shares include 3,254,461 shares held individually, 1,280,688 shares in JRM Holdings I, 848,941 in the JM Trust, 425,000 in the JR Trust, 276,000 in Mas Equity Partners III, and 100,000 in the Mas Family Foundation, each contributing to his reported beneficial ownership.

Why does this MasTec (MTZ) 13D/A say ownership differs from Jose Ramon Mas’s Forms 4?

The filing explains that Section 13(d) reports beneficial ownership while Section 16 Forms 4 report pecuniary interest. For shares held through trusts or other entities, this difference in reporting standards leads to ownership figures that do not match across the two regimes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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576323109

(CUSIP Number)
Paul DiMarco
800 S. Douglas Road, 12th Floor
Coral Gables, FL, 33134
305-599-1800

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
08/11/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




schemaVersion:


SCHEDULE 13D




Comment for Type of Reporting Person:
This Amendment No. 5 to Schedule 13D is filed jointly on behalf of Jose Ramon Mas, Jose Ramon Mas Holdings I, LLC ("JRM Holdings I"), Jose Ramon Mas Holdings, LLC ("JRM Holdings"), Jorge Mas Irrevocable Family Trust ("JM Trust"), Jose Ramon Mas Irrevocable Family Trust ("JR Trust"), Mas Equity Partners III, LLC ("Mas Partners III"), and Mas Family Foundation Inc. ("Family Foundation") (collectively, the "Reporting Persons"). This Amendment No. 5 to Schedule 13D amends and updates the statements on Schedule 13D previously filed on December 9, 2015, as amended on November 19, 2019, as further amended on January 13, 2023, as further amended on September 10, 2024, as further amended on August 21, 2025 with respect to the Common Stock, $.10 par value (the "Shares" or "Common Stock") of MasTec, Inc., a Florida corporation (the "Issuer"). Explanatory Note This Amendment No. 5 to Schedule 13D filed under Section 13(d) of the Act reflects ownership of Shares by Jose Ramonn Mas that is different from such ownership as reported in Jose Ramon Mas's Forms 4 filed under Section 16 of the Act due to the difference in how ownership of securities is reported for purposes of Section 13(d) of the Act (beneficial ownership) as compared to Section 16 of the Act (pecuniary interest), particularly for shares held indirectly through trusts or other entities.


SCHEDULE 13D




Comment for Type of Reporting Person:
See comments above.


SCHEDULE 13D




Comment for Type of Reporting Person:
See comments above.


SCHEDULE 13D




Comment for Type of Reporting Person:
See comments above.


SCHEDULE 13D




Comment for Type of Reporting Person:
See comments above.


SCHEDULE 13D




Comment for Type of Reporting Person:
See comments above.


SCHEDULE 13D




Comment for Type of Reporting Person:
See comments above.


SCHEDULE 13D


Jose Ramon Mas
Signature:/s/ Jose Ramon Mas
Name/Title:Jose Ramon Mas
Date:08/13/2026
Jose Ramon Mas Holdings I, LLC
Signature:/s/ Jose Ramon Mas
Name/Title:Jose Ramon Mas, Manager
Date:08/13/2026
Jose Ramon Mas Holdings, LLC
Signature:/s/ Jose Ramon Mas
Name/Title:Jose Ramon Mas, Manager
Date:08/13/2026
Jorge Mas Irrevocable Family Trust
Signature:/s Jose Ramon Mas
Name/Title:Jose Ramon Mas, Trustee
Date:08/13/2026
Jose Ramon Mas Irrevocable Family Trust
Signature:/s/ Jorge Mas
Name/Title:Jorge Mas, Trustee
Date:08/13/2026
Mas Equity Partners III, LLC
Signature:/s/ Jose Ramon Mas
Name/Title:Jose Ramon Mas, Member
Date:08/13/2026
Mas Family Foundation Inc.
Signature:/s/ Jose Ramon Mas
Name/Title:Jose Ramon Mas, Secretary
Date:08/13/2026